Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 14.00, indicating a potential upside of 32.8% from the current price of HKD 10.54 [1][3]. Core Views - The company is expected to see a recovery in game revenue in the second half of 2024, driven by new game launches, particularly a reboot of its flagship IP, "Magic Domain," in 2025. The first half of 2024 experienced a revenue decline due to product launch cycles and external factors, but profitability is expected to improve through cost reduction and efficiency measures [2][3]. - The adjusted net profit forecast for 2024 is set at RMB 1 billion, with a downward revision of the target price from HKD 15 to HKD 14 [2][3]. Financial Performance Summary - In the first half of 2024, total revenue decreased by 10% year-on-year to RMB 3.3 billion, with adjusted net profit at RMB 558 million, down 5% year-on-year. Game and Mynd.ai revenues fell by 1% and 23% respectively [2][6]. - The company’s game revenue is projected to recover in the second half of 2024, with anticipated positive growth driven by 2-3 new game releases [2][6]. - The financial forecasts for 2024E to 2026E show a decline in revenue estimates, with total revenue expected to be RMB 6.545 billion in 2024, down 13% from previous estimates [3][9]. Key Financial Metrics - The company reported a gross profit margin of 66.6% for 2024E, reflecting an increase from 61.9% in 2023 [3][9]. - The adjusted operating profit margin is projected to be 17.8% for 2024E, up from 16.7% in 2023 [3][9]. - The forecasted net profit for 2024 is RMB 1.007 billion, with a net profit margin of 15.9% [9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected total return over the next 12 months that exceeds the relevant industry [3][9]. Core Views - The market may be underestimating the value of the company's power station and inverter segments, with a target price adjusted to HKD 9.93, reflecting a potential upside of 41.7% from the current price of HKD 7.01 [2][9]. - The company reported a net loss of RMB 889 million in the first half of 2023, with a significant loss of RMB 1.25 billion in the second quarter, primarily due to a sharp decline in polysilicon prices [1][2]. - The polysilicon price has stabilized and rebounded slightly since July, with expectations for further short-term price increases as supply and demand balance out [1][2]. Financial Summary - Revenue for 2023 is projected at RMB 30.75 billion, down 18.1% year-on-year, with a net profit forecast of RMB 4.35 billion, a decrease of 67.6% [3][10]. - The company expects to incur losses in 2024 and 2025, with net profits projected to be RMB -1.66 billion and RMB -742 million, respectively, before recovering to RMB 2.05 billion in 2026 [3][10]. - The estimated earnings per share (EPS) for 2024 is projected at RMB -1.16, improving to RMB 1.43 by 2026 [3][10]. Segment Performance - The polysilicon segment is expected to contribute significantly to losses, with a valuation of RMB 42 billion based on a capacity valuation of RMB 1.5 billion per ton, reflecting a 90% discount compared to peers [2][8]. - The power station and inverter segments are projected to generate profits of RMB 11 billion in 2024, contributing to a total valuation of RMB 88 billion based on a 5.5x price-to-earnings ratio [2][8]. Market Position - The company has achieved a significant increase in inverter sales, with a year-on-year growth of over 100% in both domestic and international markets, positioning it as a leader in the Chinese market [1][2]. - The company’s polysilicon production capacity is expected to reach 27.7 million tons by the end of 2024, with a sales volume of 20.3 million tons anticipated for the same year [7][10].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 42.50, indicating a potential upside of 35.4% from the current price of RMB 31.40 [3][7]. Core Insights - The report highlights strong performance in the raw material drug business for 1H24, while the large-volume infusion segment faced pressure but is stabilizing. The target price has been raised to RMB 42.50 due to these developments [1][3]. - The company is focusing on innovation and commercialization, with two indications of SKB264 in the domestic approval stage and a commercial team being established [2]. - The report anticipates a revenue decline of less than 5% for the infusion segment for the full year, while the raw material and intermediate business is expected to maintain high growth rates [1][3]. Financial Performance Summary - Revenue for 2024E is projected at RMB 23,308 million, with a slight increase of 0.5% from the previous forecast. The gross profit is expected to be RMB 12,185 million, reflecting a 0.9% increase [3][8]. - The net profit attributable to shareholders for 2024E is estimated at RMB 2,874 million, a 0.7% increase from the prior forecast [3][8]. - The gross margin is projected to be 52.3% for 2024E, slightly improving from 52.1% in the previous forecast [3][8]. Business Segment Performance - The large-volume infusion segment experienced a revenue decline of 7% in 2Q24, while the raw material drug segment saw a significant revenue increase of 38% due to improved demand and production efficiency [1][2]. - Non-infusion generic drugs showed resilience with a revenue growth of 6%, particularly in categories like plastic water needles and men's health products [1][2]. - The company is enhancing its product development and marketing efforts, with expectations of significant sales growth in new product categories [1][2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 12.00, indicating a potential upside of 19.0% from the current price of HKD 10.08 [1][6]. Core Insights - The company's profit performance is in line with expectations, with a year-on-year decline in net profit of 8.7% for the first half of the year, but a recovery is anticipated in the second half due to a low comparative base [1]. - Insurance service revenue increased by 5% year-on-year, primarily driven by a 5% growth in auto insurance, while agricultural insurance saw a decline of 7% [1]. - The combined cost ratio (COR) improved for auto and agricultural insurance, with the overall COR at 96.2%, up 0.4 percentage points year-on-year [1]. - Total investment income decreased by 7.8% year-on-year, but a more stable performance is expected in the second half due to adjustments in asset allocation [1]. - The company announced an interim dividend of HKD 0.208 per share, with a payout ratio of 25% [1]. Financial Overview - For the first half of 2023, the company reported a net profit of RMB 24,585 million, down 8.7% year-on-year, with total investment income of RMB 20,807 million [5][8]. - The projected net profit for 2024 is expected to grow by 7% year-on-year, with earnings per share (EPS) forecasted at RMB 1.19 [4][8]. - The company’s total assets are projected to grow at a rate of 5.2% annually, with insurance service revenue expected to increase by 7.0% in 2024 [9].

收盘价 目标价 潜在涨幅 港元 27.05 港元 33.74↓ +24.7% 农夫山泉 (9633 HK) 如何看待绿瓶水和红瓶水的格局？公司于今年 4 月份上市纯净水产品（即 绿瓶水），目前仍处于消费者宣传和终端促销的过程。由于上市时间较短 且产品仅有一种规格（550ml），因此带给公司整体业绩影响有限。同时， 天然水和纯净水有不同的使用目的和场景，因此在各自对应的消费需求领 域存在各自的增长空间。公司计划通过品类差异化的宣传和渠道的建设推 广，以保证两个产品的健康增长。 2024 上半年收入利润均实现高个位数增长。2024 年上半年农夫山泉销售 额同比增长 8.44%至 221.7 亿元（人民币，下同）。毛利率同比下降 1.4 个 百分点至 58.8%，主因 1）纯净水产品新品上市促销的影响，2）上半年包 装饮用水产品销量下降带来固定成本分摊费用的上升，3）果汁原料价格 上升，各因素影响程度较为均衡。净利润同比增长 8.0%至 62.4 亿元，对 应净利润率为 28.1%，仍处高位（2023 年上/下半年分别为 28.2%/ 28.4%）。 包装饮用水业务受舆论影响而显著下滑；茶饮和果汁业务表现亮眼。尽管 ...

Investment Rating - The investment rating for the company is "Buy" with a target price raised to HKD 60.00, indicating a potential upside of 36.0% from the current price of HKD 44.10 [3][5]. Core Insights - The company reported a better-than-expected adjusted net loss in 1H24, with strong product sales growth and improved operational efficiency. Total revenue increased by 46% year-on-year to RMB 39.5 billion, driven by a 50% increase in PD-1 sales to over RMB 1.7 billion and a growing portfolio of biosimilar products [1][2]. - The company expects to achieve EBITDA breakeven by 2025, with a cash reserve of RMB 10.1 billion as of the end of 1H24. The guidance for product revenue is set to reach RMB 20 billion by 2027, supported by at least seven products expected to launch between 2H24 and 2027 [1][2]. Summary by Sections Financial Performance - In 1H24, the adjusted gross margin improved by 1.8 percentage points, while adjusted selling and administrative expenses decreased by 5.9 and 4.9 percentage points, respectively. The adjusted net loss narrowed to RMB 160 million from RMB 190 million in 1H23, outperforming market expectations [1]. - The company anticipates a 57% increase in R&D expenses for the year, with total R&D spending expected to be nearly USD 400 million [1]. Pipeline Strategy - The company maintains a clear pipeline strategy with a focus on oncology, utilizing an "IO+ADC" approach. The lifecycle management of PD-1 will explore major indications such as colorectal cancer and perioperative lung cancer. The next-generation IO candidate IBI363 has shown promising preliminary data [2]. - The company plans to launch the weight loss and diabetes indication for its product Masitide in 2025, with several other products also expected to be approved in the coming years [2]. Financial Projections - Revenue projections for 2024-2026 have been raised by 2-8%, with expected revenues of RMB 8.06 billion in 2024, RMB 10.94 billion in 2025, and RMB 13.20 billion in 2026 [7]. - The DCF valuation model estimates a share value of HKD 60.00, based on projected free cash flows and a perpetual growth rate of 2% [4].

Investment Rating - The report maintains a **Buy** rating for SF Intra-City (9699 HK) with a target price of HKD 13.50, implying a potential upside of **+24.3%** [1] Core Views - Revenue growth momentum is expected to continue, driven by an expanding merchant and consumer base, deeper penetration into county-level markets, and broader service scenarios [1] - Full-year revenue is projected to grow **20% YoY to RMB 14.9 billion**, with adjusted net profit revised upward by **9.2% to RMB 156 million**, reflecting a net margin of **1.0%** [1] - The company is set to be included in the Hang Seng Index on September 9 and is expected to be added to the Stock Connect program in September [1] 2024 H1 Performance - Revenue reached **RMB 6.9 billion**, up **20% YoY**, slightly below the expected **22%** [1] - Net profit doubled YoY to **RMB 67 million**, with a net margin of **1%**, driven by strong order volume growth (**+30% YoY**), improved business structure, and operational efficiency gains [1] - Gross profit increased **23% YoY**, with gross margin slightly improving to **6.9%** [1] Business Highlights Intra-City Business - Revenue grew **19% YoY**, with merchant and consumer segments increasing by **19%** and **20%**, respectively [1] - Expansion into retail scenarios, including partnerships with KA clients (adding **6,000+ stores**), and growth in active merchants (**+45% YoY**) and consumers (**+18% YoY**) [1] - County-level revenue surged **50%+ YoY**, with non-meal revenue (e.g., beverages, supermarkets, baked goods, pharmaceuticals, and cosmetics) growing **32%**, now accounting for **58%** of total revenue (vs. **52%** last year) [1] Last-Mile Delivery - Revenue increased **20% YoY**, with further penetration into SF Express's order volume [1] - E-commerce parcels continue to drive demand, with same-day and half-day delivery scenarios seeing revenue double YoY [1] Financial Forecasts - Revenue for 2024E is revised down by **-1.6% to RMB 14.9 billion**, while 2025E and 2026E forecasts remain unchanged at **RMB 17.97 billion** and **RMB 21.11 billion**, respectively [3] - Gross margin for 2024E is adjusted to **6.8%** (from **7.1%**), with 2025E and 2026E margins stable at **7.3%** and **8.1%**, respectively [3] - Adjusted net profit for 2024E is raised by **9.2% to RMB 156 million**, with net margins of **1.0%**, **2.0%**, and **3.3%** for 2024E, 2025E, and 2026E, respectively [3] Industry Coverage - The report covers multiple companies in the internet and education sectors, with **Buy** ratings for companies like Baidu (BIDU US), Bilibili (BILI US), and Tencent Music (TME US) [6] - SF Intra-City is categorized under the logistics sector, with a **Buy** rating and a target price of HKD 13.50 [6] Financial Ratios and Metrics - Gross margin is expected to improve from **6.4% in 2023** to **8.1% in 2026E** [7] - ROE is projected to increase from **1.7% in 2023** to **17.0% in 2026E**, reflecting improved profitability [7] - The company's liquidity remains strong, with a current ratio of **2.7** in 2024E, improving to **2.9** by 2026E [7]

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted target price of HKD 11.60, indicating a potential upside of 18.1% from the current price of HKD 9.82 [2][9]. Core Insights - The company's performance on both asset and liability fronts has significantly exceeded expectations, with a projected profit growth of over 40% for the year due to a low base in the second half of 2023 [2][9]. - The new business value has shown rapid growth, increasing by 85.5% year-on-year, driven primarily by individual insurance and bancassurance channels [1][5]. - Investment income has performed strongly, with net investment income rising by 10.8% and total investment income increasing by 57.1% year-on-year, attributed to optimized equity investment structures [1][5]. Financial Performance Summary - For the first half of 2024, the company's net profit attributable to shareholders reached HKD 6,027 million, reflecting a 15.4% year-on-year increase [1][5]. - The new business value for the first half of 2024 was HKD 7,335 million, with a year-on-year growth of 85.5% [5][6]. - The company's total investment income for the first half of 2024 was HKD 37,242 million, marking a 57.1% increase compared to the previous year [5][10]. Business Segments Performance - Life insurance operating profit increased by 4.9% year-on-year, while the reinsurance segment turned profitable with a significant recovery [1][5]. - The domestic property and casualty insurance segment saw a remarkable 100.3% increase in operating profit, while the overseas property and casualty insurance segment's operating profit grew by 74.5% [5][6]. - The company plans to enhance its focus on dividend insurance sales in the second half of the year, anticipating a new business value growth of over 50% in 2024 [1][5].

2 季度业绩大致符合预期，但指引保守 交银国际研究 公司更新 汽车 2024 年 8 月 29 日 理想汽车 (2015 HK) 收盘价 目标价 潜在涨幅 港元 81.05 港元 120.34 +48.5% 2024 年 2 季度业绩大致符合预期。2 季度理想汽车营收 316.8 亿元人民币 （下同），略高于市场/我们预期，同比增长 10.6%，环比增长 23.6%。销 量在 L6 上量的支持下环比增长 35.1%至 10.9 万辆。2 季度单车均价 27.9 万 元，环比减少 2.2 万元，主要是较低价的 L6 上量 。2 季度汽车毛利率环比 微跌0.6个百分点至 18.7%，综合毛利率由1季度的20.6%下跌至19.5%。2 季度研发/SG&A 费用环比分别下跌 0.7%/5.5%，占收入比例从 1 季度的 11.9%/11.6%下跌至 9.6%/8.9%，反映了成本控制和人员优化的成果。2 季 度净利润11亿元，符合市场/我们预期。2 季度现金和等价物达973亿元， 自由现金流为-19 亿元，较 1 季度-51 亿元环比收窄。 3 季度指引单价继续下滑：公司指引 3 季度交付量为 14.5-15.5 万 ...

Investment Rating - The report maintains a "Buy" rating for the company, Yuexiu Property (123 HK), with a target price of HKD 6.60, indicating a potential upside of 72.8% from the current price of HKD 3.82 [2][6]. Core Insights - The company's performance for the first half of 2024 met expectations, with revenue increasing by 10.1% year-on-year to RMB 35.34 billion. The real estate development and management segments saw revenue growth of 10.2% and 45.2%, respectively [2][5]. - The gross profit margin declined by 4.1 percentage points to 13.7%, primarily due to a decrease in development margins. Core net profit fell by 18.8% to RMB 1.74 billion, aligning with forecasts [2][5]. - The company expects sales to improve in the August to October period, although achieving the full-year sales target of RMB 1.47 trillion may be challenging under current market conditions [2][5]. - The average financing cost decreased by 41 basis points to 3.57%, with expectations for further reductions in a more liquid environment [2][5]. Financial Overview - For the first half of 2024, the company reported a revenue of RMB 35.34 billion, with a gross profit of RMB 4.85 billion, reflecting a gross margin of 13.7% [5][7]. - The company has a stable net debt ratio of approximately 58.6%, with cash levels increasing to RMB 48.14 billion [2][5]. - The projected revenue for 2024 is RMB 86.79 billion, with a core profit forecast of RMB 3.27 billion, indicating a decline of 15.2% year-on-year [4][7]. Market Position - The company holds a land bank of 25.03 million square meters, with about 40% located in the Greater Bay Area, and approximately 44% of its projects are in first-tier cities [2][5]. - The management remains optimistic about capturing market demand when conditions improve, supported by a solid financial position and favorable government policies for state-owned enterprises [2][5].