1H24 运营稳健、新院扩张有序落地，未来股份回购加速，下调目标价 1H24 整体经营稳健，业务量强劲增长：1H24 公司收入和经调整净利润分 别同比增长 35.4%/15.5%，利润增速低于管理层此前的全年指引，主要受 到医保坏账以及其他一次性损益的影响；剔除该影响后的经营收入、经营 毛利和经调整经营净利润分别增长 37.6%/39.4%/38.2%，得益于原有医院 稳健增长、新收购长安和宜兴医院的贡献以及利润率改善。门诊服务和住 院服务收入分别增长 49.6%/31.3%；肿瘤业务增长 31%，在总收入中占 44%，与 2023 全年水平基本持平。顺应医保支付改革大趋势，公司提升高 定价项目服务能力，1H24 手术量和手术收入分别增长 29%/39%。此外， 公司不断拓展创新模式，并已在永鼎、长安、单县、重庆医院开展互联网 医院服务，1H24 互联网医院挂号数量接近 10 万人次。 新增产能有序落地，未来更多资金用于回购：拥有 1,000 张床位的德州海 吉亚医院已正式投用，无锡（800-1,000 张）和常熟（800-1,200 张）海吉 亚有望于明年交付使用；广济二期、长安三期、永鼎二期已启动筹备，开 ...

高端系列带动利润率提升，但未来利润增长空间或有限；维持中性 上半年收入利润均获提升。飞鹤于 2024 上半年实现了远好于行业的表 现。上半年收入 100.9 亿元（人民币，下同），同比增 3.7%，而其主营业 务行业—婴幼儿配方奶粉行业，则呈双位数下降；受产品结构优化以及高 端系列的持续增长，毛利率提升 2.6 个百分点至 67.9%。经营利润 30.6 亿 元，经营利润率同比提升近 5 个百分点至 30.3%。在 2022 年和 2023 年连 续下跌后，飞鹤 2024 上半年净利润重返增长，同比增 18.1%至 19.1 亿 元，对应净利润率 18.9%。飞鹤拟派发中期股息每股 0.1632 港元，同比增 长 21%，对应派息率 72%（去年同期为 66%），股东回报持续提升。 高端系列推动收入增长和利润率提升；收入端未来增长动力逐渐清晰。飞 鹤一直进行产品结构的改造和升级，去除大量低端产品线并大力发展高端 和超高端系列（如星飞帆、臻稚有机）。受益于高端产品的持续升级，以 及在消费者购买力较强的沿海省份及高线级城市的渠道渗透和营销力度的 加强，飞鹤上半年毛利率显著提升至 67.9%（去年同期为 65.3% ...

Investment Rating - The report maintains a "Buy" rating for China Life Insurance (2628 HK) with a target price of HKD 14.00, indicating a potential upside of 18.4% from the current closing price of HKD 11.82 [1][8]. Core Insights - The company's net profit attributable to shareholders increased by 10.6% year-on-year in the first half of 2024, with a significant recovery in Q2, where profits doubled compared to the same period last year [1]. - Premium income rose by 4.1% year-on-year, primarily driven by renewal premiums, while the structure of premiums improved, with a notable increase in 10-year and above regular premiums [1]. - The new business value grew by 18.6% year-on-year, although this growth rate is relatively lower compared to peers in the industry [1]. - Total investment income saw a substantial increase of 50% year-on-year, with an annualized net investment return of 3.03% [1]. Financial Overview - For the fiscal year ending December 31, 2022, the company reported total revenue of RMB 388.895 billion, with a projected revenue of RMB 454.408 billion for 2024, reflecting a year-on-year growth of 32.0% [4]. - The net profit for 2022 was RMB 66.680 billion, with an expected increase to RMB 54.795 billion in 2024, representing a year-on-year growth of 18.7% [4]. - The company's earnings per share (EPS) is projected to rise from RMB 1.63 in 2023 to RMB 1.94 in 2024 [4]. - The price-to-earnings (P/E) ratio is expected to be 5.5 in 2024, indicating a favorable valuation compared to historical levels [4]. Business Metrics - The report highlights that the 14-month persistency rate improved to 91.5%, up by 2.3 percentage points year-on-year, indicating better customer retention [1]. - The number of individual insurance agents remained stable at 629,000, suggesting a solid distribution network [1]. - The proportion of new business value from the individual insurance channel increased to 30.6%, up by 5.4 percentage points year-on-year [1].

上半年售气毛差改善幅度较大，期内核心利润超预期。公司上半年核心盈 利上升 21%至 34.6 亿港元，高于我们预期 8%。当中盈利增长贡献较多的 是零售气分部，期内零售气量同比增长 5.3%，售气毛差上升 4 分至每立方 0.54 元（人民币，下同），对比我们预期的 0.50 元。同时综合服务收入/ 分部经营利润维持较快增长（同比+20%/+22%），部分抵销接驳工程分部 利润同比下跌29%的影响。期内公司居民接驳量同比减少30 万户至134 万 户。另外，销售及分销/行政开支均比我们预期低 5-6%，推动整体经营利 润高于我们预期22%。另外，相比今年3 月公司在2023 年度只维持派息比 率持平，中期股息同比提升 67%至每股 0.25 港元，是一个惊喜。 2024-26 年盈利预测有较大幅度的提升。我们预测 2024/25 全年零售气量 同比増长 5.3%/5.1%，售气毛差分别为每立方 0.53/0.54 元。至于接驳工 程，我们预期公司在 2024/25 年的居民新增接驳量为 280/240 万户（同比 下降 17%/14%），管理层表示目前约 280-290 万户的指引是参考 2023 年度 的新 ...

盈利显著回升，新业务价值增速在同业中领先 2 季度盈利在投资收益带动下显著回升。上半年新华实现归母净利润同比 增长 11.1%，分季度来看，1 季度盈利同比下降 29%，2 季度同比上升 101%。公司归母净资产较年初下降14%，主要由于金融资产分类上以摊余 成本计量资产占比超过 40%，显著高于同业。 保费结构优化，业务品质改善。上半年保费收入同比下降 8.4%，降幅主 要来自银保趸交保费。上半年 10 年期以上期交同比增长 16.3%，占新单期 交保费比重 13.2%，同比上升 2.5 个百分点。个人寿险业务 13 个月/25 个 月继续率为95.0%/85.6% ，同比提升5.8/6.6 个百分点。个险代理人13.9 万 人，较上年末下降 10.3%。 新业务价值增速在同业中领先。上半年新业务价值同比增长 57.7%，增速 仅低于太平，其中个险渠道和银保渠道分别贡献增速 32 和 27 个百分点。 银保渠道占新业务价值比重 35.3%，同比提高 7 个百分点。首年保费口径 新业务价值率 18.8%，同比上升 12 个百分点。 投资收益显著增长。上半年投资资产较年初增长 7%，总投资收益同比增 长 43. ...

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors (2333 HK) with a target price of HKD 16.30, indicating a potential upside of 55.8% from the current price of HKD 10.46 [1][2][7]. Core Insights - Great Wall Motors has shown significant improvement in net profit and gross margin in Q2 2024, with a year-on-year increase in net profit of 224.4% to RMB 3.85 billion and a gross margin of 21%, up 4 percentage points year-on-year [1]. - The company is leveraging exports and product structure improvements to outperform its peers, with a 7% increase in sales volume in the first half of 2024, including a 62.1% increase in overseas sales [1][2]. - The introduction of new models and expansion in overseas markets are expected to further enhance sales and profitability [2]. Financial Performance Summary - For the first half of 2024, Great Wall Motors reported revenue of RMB 91.4 billion, a 30.7% increase year-on-year, and a net profit of RMB 7.1 billion, up 420% year-on-year [1][5]. - The company’s average selling price per vehicle increased by 22% year-on-year to RMB 165,000, with a gross profit per vehicle of RMB 34,000, reflecting a 50.4% increase year-on-year [1][5]. - Financial projections indicate continued revenue growth, with expected revenues of RMB 183.6 billion in 2024, representing a 6% year-on-year increase [8]. Market Position and Strategy - Great Wall Motors is focusing on increasing its export capabilities, having established production capacity in Russia, Thailand, and Brazil, and aims to achieve annual overseas sales of one million vehicles by 2030 [2]. - The company is also enhancing its product lineup with new models such as the Tank 700 Hi4-T and updated versions of the H6 and H9, which are expected to optimize its product mix [2]. Stock Performance - The stock has shown a year-to-date change of 3.16%, with a 52-week high of HKD 14.94 and a low of HKD 7.68, indicating volatility in its market performance [3].

交银国际研究 消息快报 优必选 (9880 HK) 人形机器人技术再突破，应用场景拓展初见成效 收入持续增长，亏损微缩。1H24 优必选（未评级）实现营业收入 4.87 亿元 （人民币，下同），同比增长 86.6%；毛利 1.85 亿元，同比增长 213.8%；毛 利率提升 15.4 个百分点至 38.0%。费用率方面，销售/管理/研发费用率分别下 降 23.1/25.9/39.2 个百分点至 47.9%/44.1%/46.7%。净亏损较去年同期减少 810 万元至 5.4 亿元。 其它产业定制智能机器人业务持续高增，行业拓展初见成效。1H24 教育机器 人/消费级机器人收入同比增长 113.0%/105.4%至 1.61 亿/1.75 亿元，毛利率同 比增加14.9/13.8 个百分点至50.7%/30.3%。物流机器人收入同比下降22.4%至 5956 万元，营收占比下降 17.2 个百分点至 12.2%，毛利率下降 6.3 个百分点至 6.1%。其他产业定制智能机器人收入大增 308.5%至 9088 万元，收入占比同比 提升10.1个百分点至18.7%，表明公司正在加速推进商用服务机器人在各行业 中的 ...

Investment Rating - The report maintains a Neutral rating for the company, with a target price adjusted to HKD 21.00 from HKD 30.00, indicating a potential upside of 3.7% [1][3]. Core Insights - The company's performance in the first half of 2024 was under pressure due to organizational restructuring and strategic adjustments, leading to a projected 14% year-on-year decline in revenue for the full year [1][2]. - Despite the short-term challenges, the company is expected to recover in 2025, with revenue and profit projected to increase by 17% and 53% year-on-year, respectively, reaching historical highs [1][2]. - The gross margin is expected to improve, with a forecasted gross margin of 3.5% for 2024, up 0.5 percentage points year-on-year, driven by optimization of product categories and reduction of low-efficiency businesses [2][5]. Financial Performance Summary - For the first half of 2024, the company reported revenue of RMB 32.856 billion, a decrease of 24% year-on-year, primarily due to a contraction in market demand and strategic adjustments [2][5]. - The adjusted net profit for the first half of 2024 was RMB 1.3 billion, corresponding to a net profit margin of 0.4% [2][5]. - The company’s trading business saw a revenue decline of 25%, while service business revenue increased by 12% [2][5]. - The forecast for 2024 includes total revenue of RMB 71.218 billion, a decrease of 16.5% from previous estimates, with a projected operating profit of RMB 603 million [3][9]. Revenue Breakdown - The trading business is expected to generate RMB 70.381 billion in 2024, down 16.7% from previous forecasts, while service business revenue is projected at RMB 737 million [3][9]. - The company aims to focus on deepening brand partnerships and expanding into new categories such as cleaning and new energy products [2][5].

交银国际研究 公司更新 协鑫科技 (3800 HK) 业绩低于预期，产线优化完成后成本将大幅下降 业绩低于预期，产线优化完成后成本将大幅下降：公司上半年归母净亏损 14.8 亿元，略超业绩预告的 14.5 亿元，其中 2 季度 15.1 亿元，低于我们预 期。上半年颗粒硅产量/出货量 13.6/12.6 万吨（2 季度 7.1/6.1 万吨，环比 +8%/-6%），吨销售均价 4.03 万元（我们测算 2 季度 3.1-3.2 万元），生产 成本则由于开工率较低而偏高，同时硅片业务也由于售价大跌而毛利亏 损，导致光伏材料分部毛利率-6.6%，并计提 8.2 亿元存货减值。公司 5 月 启动对颗粒硅产线的系统优化工程，尽管导致开工率短期下降但生产指标 实现了大幅优化，随着优化完成，9 月将开始增产，年底前将满产，届时 吨现金成本将降至 3 万元以下，远低于棒状硅龙头的约 4 万元。颗粒硅质 量继续提升，N 型（901A 及以上）比例 7 月已超 96%，并受到客户高度认 可，目前库存低于两周，为行业最低。公司硅烷气产能位居全球第一，外 售量目前占全国 1/3，且拥有碾压性的成本优势，随着需求快速增长，将 成为新 ...

Investment Rating - The investment rating for the company is Neutral [2][7]. Core Insights - The company reported a revenue of 1.6 billion RMB in the first half of 2024, a year-on-year decrease of 29%, primarily due to a decline in payment transaction scale [1]. - Payment transaction volume remained stable year-on-year, but the transaction scale was impacted by a decrease in average transaction amount [1]. - The company is focusing on enhancing its one-stop merchant services based on payment solutions and leveraging AI technology for service improvement and overseas expansion [1]. Financial Performance Summary - In the first half of 2024, the company's revenue was 1.578 billion RMB, down 23% from the previous half [4]. - The adjusted net profit for the same period was 159 million RMB, reflecting a 29% year-on-year decline [4]. - The gross payment volume (GPV) for the first half of 2024 was 1.166 trillion RMB, a decrease of 18% year-on-year [4]. - The company expects a recovery in payment scale in the second half of 2024, with projected GPV and revenue of 2.4 trillion RMB and 28 billion RMB, respectively [1][5]. Valuation - The target price has been adjusted to 13 HKD from 14 HKD, based on a 14x P/E ratio for comparable payment and SaaS companies in 2025 [1]. - The potential upside from the current share price is estimated at 21.5% [1][7]. Business Segment Performance - Merchant solutions revenue increased by 21% year-on-year, with active merchant numbers rising by 5.8% [1]. - The gross margin for merchant solutions improved by 3 percentage points to 91% [1]. - The company is focusing on profitable merchants in its in-store e-commerce segment, which has led to a reduction in losses [1]. Financial Forecast - Revenue is expected to decline by 15.8% in 2024, followed by a recovery of 14.3% in 2025 [2]. - The net profit forecast for 2024 is 126 million RMB, with significant growth anticipated in subsequent years [2][5]. - The company aims to maintain a high gross margin for merchant solutions, driven by merchant expansion and increased average payments [1].