Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 44.00, indicating a potential upside of 110.0% from the current price of HKD 20.95 [6]. Core Insights - The company has exceeded sales expectations in 1H24, particularly for its products Yijia and Naifukang, leading to an upward revision of revenue forecasts for 2024-25 and an increase in the target price [1]. - The upcoming 18 months are expected to be rich in catalysts, including the commercialization of new drugs and ongoing clinical studies [1][2]. - The company has demonstrated an efficient commercialization model for Naifukang, achieving significant market penetration with a limited sales force [1]. Financial Performance Summary - 1H24 product sales surged by 158% to RMB 302 million, surpassing market expectations [1]. - Naifukang generated sales of RMB 167 million within a month and a half of its launch in mainland China, with further approvals anticipated [1]. - Yijia sales reached RMB 134 million, driven by positive real-world study results and deeper market coverage [1]. - Adjusted non-IFRS net loss narrowed to RMB 213 million in 1H24 from RMB 327 million in 1H23, with a gross margin of 83% [1]. - The company expects product sales revenue of RMB 700 million in 2024 and aims for cash flow breakeven in 2025 [1]. Revenue Forecast Changes - Revenue forecasts for 2024E and 2025E have been adjusted to RMB 744 million (up 5.5%) and RMB 1,504 million (up 0.8%), respectively [3]. - Gross profit estimates for 2024E and 2025E have been revised to RMB 573 million (up 8.3%) and RMB 1,173 million (up 2.1%) [3]. - The gross margin is projected to improve to 77.0% in 2024E and 78.0% in 2025E [3]. Key Upcoming Events - Important upcoming events include the results of the medical insurance negotiations for Naifukang, the submission of NDA for Yikumo in mainland China, and the anticipated launch of additional innovative drugs [2]. - Clinical data readouts for various ongoing studies are expected to provide further insights into the company's product pipeline [2].

Investment Rating - The report assigns a Neutral rating to the company with a target price of HKD 20.40, indicating a potential upside of 12% from the current price of HKD 18.22 [1][6]. Core Insights - The company's 1H24 revenue and profit exceeded market expectations, leading to an upward revision of the 2024-26 profit forecasts by 12-17% [1]. - The strong performance was driven by a 44% year-on-year revenue growth and a 111% increase in net profit, primarily due to the sales growth of the innovative drug Ameluz [1][2]. - The report highlights that the innovative drug revenue grew by 81%, increasing its share of total revenue from 61.8% in 1H23 to 77.4% in 1H24 [1]. - The company maintains guidance for double-digit growth in non-BD operating revenue for the full year [1]. Financial Forecast Changes - Revenue forecasts for 2024, 2025, and 2026 have been adjusted to RMB 12,637 million, RMB 13,265 million, and RMB 14,630 million respectively, reflecting increases of 2.7%, 2.7%, and 4.3% compared to previous estimates [3]. - Net profit forecasts for the same years have been revised to RMB 4,451 million, RMB 4,040 million, and RMB 4,690 million, showing increases of 11.5%, 15.6%, and 16.7% respectively [3]. - The gross profit margin is expected to remain stable at around 90.5% for 2024, with slight variations in subsequent years [3]. Sales Performance - The oncology line revenue (excluding BD) grew by 24%, with the core product Ameluz expected to achieve over 20% sales growth for the year [2]. - The anti-infection and neurology lines saw revenue increases of 17% and 5% respectively, while the generic drug segment faced a decline of approximately 15% due to competitive pressures [2]. - The company anticipates the launch of several new products in the coming years, including Chitosan and additional indications for Ameluz and other innovative drugs [2].

Investment Rating - The investment rating for the company is downgraded to "Neutral" with a target price of HKD 11.09, reflecting a potential upside of 5.6% from the current price of HKD 10.50 [1][2][7]. Core Insights - The company's gross margin exceeded expectations, but the price of photovoltaic glass continues to hit new lows, leading to the downgrade of the rating to neutral [1]. - In Q2, the company reported revenues and net profit of RMB 4.97 billion and RMB 739 million, respectively, representing year-on-year growth of 15% and 29% [1]. - The average price of photovoltaic glass saw a slight increase quarter-on-quarter, while the decline in prices of soda ash and natural gas contributed to a decrease in costs, pushing the gross margin up by 5.0 percentage points to 26.5%, the highest since Q4 2021 [1]. - The company’s production capacity decreased by 200 tons to 20,400 tons compared to the beginning of the year, leading to a decline in market share [1]. - The photovoltaic glass price has been continuously decreasing, with a significant oversupply in the market, resulting in a 10% and 7% drop in prices in July and August, respectively [1]. - The report anticipates a slight rebound in prices in October and November due to seasonal demand, but warns of a potential decline again in Q1 next year as production ramps up [1]. Financial Summary - Revenue for 2023 is projected at RMB 21.524 billion, with a year-on-year growth of 39.2%, followed by a decline of 10.1% in 2024 [2][8]. - Net profit for 2023 is estimated at RMB 2.76 billion, with a projected decline to RMB 1.979 billion in 2024 [2][8]. - The earnings per share (EPS) for 2023 is expected to be RMB 1.17, decreasing to RMB 0.84 in 2024 [2][8]. - The price-to-earnings (P/E) ratio is projected to be 8.2 for 2023 and 11.4 for 2024 [2][8]. - The gross margin is expected to decline from 22.4% in 2023 to 18.5% in 2024 [5][8].

| --- | --- | |--------------------------------------------------|------------------------------| | 交银国际研究 \n消息快报 | | | | | | 数据中心 | 2024 年 8 月 29 日 | | 世纪互联 (VNET US) | | | 2 季度业绩符合预期； AI 算力驱动基地型 IDC | 业务增长 | 2 季度业绩符合预期，全年指引保持不变。2024 年 2 季度，公司收入 19.9 亿元（人民币，下同），同比增长 9.4%；经调整 EBITDA 为 5.74 亿元，同 比提高7.3%，约为我们2024 财年预测（23.3 亿元）的24.7%，基本符合预 期。公司维持全年业绩指引不变，预计全年收入在 78-80 亿元之间，同比 增速在 5.2%-7.9%；预计调整后 EBITDA 在 22.2-22.8 亿元之间，同比增速在 8.9%-11.8%之间。 AI 算力驱动基地型 IDC 业务增长，全年资本开支指引上调。2024 年 2 季 度，公司基地型 IDC 业务实现收入 4.0 亿元，环比增长 ...

交银国际研究 财务模型更新 互联网 2024 年 8 月 28 日 收盘价 目标价 潜在涨幅 美元 33.57 美元 33.00 -1.7% 欢聚集团 (YY US) 2 季度利润超预期；非核心业务调整拖累下半年收入预期 欢聚2季度利润超预期，主要因费用控制好于预期。海外核心产品收入维持同 比增长趋势，短期部分区域内容政策优化及非核心语音业务调整或拖累下半 年收入增长，我们小幅下调 2024 年收入预测，基于好于预期的费用控制，微 调 2024/25 年经调整净利润预期。基于 10 年 DCF，维持 33 美元目标价及中性 评级。 费用优化带动 2 季度利润超预期。欢聚 2024 年 2 季度收入为 5.7 亿美元， 同比+3%/环比持平，略超我们预期2%。BIGO收入同比+8%，直播同比-1%， 核心产品维持同比增长，主要受 MPU 增长驱动。非直播收入中，广告收 入维持快速增长，2 季度 BIGO 收入占比提升至 13.4%。经调整运营利润 3000 万美元，好于我们预期的 2100 万美元，主要因费用控制好于预期。 展望及估值：我们预计 2024 年 BIGO 收入同比+5%，受广告业务拉动延续 增长趋 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted down from HKD 18 to HKD 15, indicating a potential upside of 44.0% from the current price of HKD 10.42 [1][2][8]. Core Insights - The company's profitability has been impacted by a year-on-year decline in underwriting profit, with a reported net profit of RMB 0.55 billion for the first half of 2024, down from RMB 2.2 billion in the same period last year. The underwriting profit decreased by 41%, and total investment income fell by 14% [1][2]. - Premium income grew by 5.4% year-on-year, primarily driven by the digital life and automotive ecosystems, contributing 10.9 and 1.9 percentage points to the growth, respectively. However, health insurance premiums declined by 9.6%, and consumer finance premiums dropped by 21.6% due to external factors and a strategic business contraction [2][5]. - The combined ratio increased to 97.9%, up 2.1 percentage points year-on-year, with significant increases in the consumer finance and health ecosystems. The technology and banking segments showed a notable reduction in net losses, with technology output revenue increasing by 65.5% [2][3]. - Total investment income decreased to RMB 6.2 billion from RMB 7.23 billion year-on-year, with an annualized net investment return rate of 2.3%, remaining stable, while the annualized total investment return rate fell by 0.7 percentage points to 3.3% [2][3]. Financial Summary - The company reported insurance service revenue of RMB 27.535 billion in 2023, with projected growth to RMB 30.912 billion in 2024, reflecting a year-on-year growth rate of 12.3% [3][9]. - Adjusted net profit attributable to shareholders is forecasted to be RMB 283 million in 2024, down from RMB 294 million in 2023, indicating a decline of 3.8% [3][6]. - The price-to-earnings ratio is projected to be 49.5 times in 2024, while the price-to-book ratio is expected to be 0.69 [3][9].

Investment Rating - The report maintains a "Buy" rating for China Resources Land (1109 HK) with a target price adjusted to HKD 24.94, indicating a potential upside of 19.3% from the current price of HKD 20.90 [2][8]. Core Insights - The company's operational real estate business shows stable growth, with property development revenue increasing by 8.3% year-on-year to RMB 59.1 billion in the first half of 2024, contributing to an overall revenue rise of 8.4% to RMB 79.1 billion [1][6]. - Despite a decline in gross profit margin by 3.4 percentage points to 22.3%, the company has maintained its dividend level, suggesting a commitment to shareholder returns [1][6]. - The leverage remains low with a net debt ratio of 33.6% as of June 2024, and the average financing cost has decreased to 3.24%, the lowest in the industry [1][6]. Financial Performance Summary - For the first half of 2024, the company reported a net profit of RMB 13.7 billion, a 25.4% decrease year-on-year, while core net profit fell by 4.7% to RMB 11.3 billion [1][6]. - The company plans to distribute an interim dividend of RMB 0.20 per share, reflecting a 1.0% increase year-on-year, with a payout ratio around 13% [1][6]. - The total asset management scale increased by 5.1% to RMB 449.1 billion compared to the end of 2023, indicating growth in its asset management segment [1][6]. Market Position and Outlook - The company’s contract sales for the first half of 2024 were RMB 124.7 billion, a decline of 26.7% year-on-year, with an average selling price of RMB 23,930 per square meter, down 1.4% [1][6]. - The company expects to have available resources of RMB 368.7 billion in the second half of 2024, estimating a sales conversion rate of 40-50% for the year [1][6]. - The operational real estate business is projected to maintain an annual growth rate of over 10% in the next three years, supported by the expansion of shopping centers from 82 to 110 by the end of 2027 [1][6].

Investment Rating - The report maintains a neutral rating for 大唐新能源 (1798 HK) with a target price adjusted to HKD 1.92, indicating a potential downside of 5.4% from the current price of HKD 2.03 [2][10]. Core Views - The company's first interim dividend declaration of HKD 0.03 per share, with a payout ratio of 14%, was a pleasant surprise despite a 13.8% year-on-year decline in net profit to RMB 1.54 billion, which was slightly below expectations [1][2]. - The company aims to maintain its annual new installed capacity target of 2 GW, with 133 MW of wind and 3 MW of solar capacity added in the first half of the year [1][2]. - The management highlighted that the wind power utilization hours were affected by wind speed and power restrictions, with significant curtailment rates observed in regions like Inner Mongolia and Gansu [1][2]. Summary by Sections Financial Performance - The company's revenue for the first half of 2023 was RMB 6.976 billion, with a slight decrease in net profit compared to the previous year [6][11]. - The average on-grid electricity price decreased by RMB 0.2524 per kWh, although it was still above expectations by approximately 1% [1][2]. Installed Capacity and Development - The total installed capacity is projected to reach 17,218 MW by 2024, with significant contributions from both wind and solar energy [7][11]. - The management reported ongoing projects totaling 3.09 GW, with a focus on large-scale projects in regions such as Xinjiang and Gansu [1][2]. Dividend Policy and Financial Ratios - The net debt-to-equity ratio improved by 13 percentage points year-on-year to 126%, with expectations for further reduction in the coming year [1][2]. - The report indicates that while there is financial capacity for increased dividends or accelerated installation plans, management has not committed to a higher payout ratio [1][2].

Investment Rating - The report maintains a "Buy" rating for Anta Sports (2020 HK) with a target price of HKD 135.00, indicating a potential upside of 80.4% from the current price of HKD 74.85 [1][2][3]. Core Insights - Anta Sports achieved a notable sales growth of 13.8% year-on-year in the first half of 2024, reaching RMB 33.7 billion. The growth was driven by the performance of Anta, FILA, and other brands, with respective growth rates of 13.5%, 6.8%, and 41.8% [2]. - The company's gross margin improved by 0.8 percentage points to 64.1%, supported by higher gross margins in footwear products and an increased proportion of new products [2]. - The multi-brand management strategy is beginning to yield high-quality growth, with the Champion series under Anta seeing over 20% growth in the first half of the year [2]. - The report anticipates continued growth for Anta's main brand and other brands, with a focus on differentiated store layouts and maintaining double-digit growth guidance [2]. Financial Overview - For the fiscal year ending December 31, 2024, the projected revenue is RMB 71.15 billion, reflecting a year-on-year growth of 14.1% [5]. - The net profit for 2024 is estimated at RMB 13.57 billion, with a significant growth of 36.2% compared to the previous year [5]. - The earnings per share (EPS) for 2024 is projected to be RMB 4.86, with a dividend yield of 3.7% [5][9]. - The company’s market capitalization is approximately HKD 210.44 billion, with a 52-week high of HKD 94.25 and a low of HKD 64.15 [4]. Market Position and Strategy - Anta Sports is focusing on global multi-brand strategies, enhancing competitiveness in niche markets such as golf, urban sports, and tennis through the FILA brand [2]. - The company plans to accelerate the expansion of Descente and Kolon brands in first-tier and new first-tier cities, maintaining sales growth targets of over 20% and 30% respectively [2]. - The report highlights that Anta's main brand has shown resilience with mid-single-digit growth despite high base pressure, and the second quarter has seen an acceleration in growth [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.20, indicating a potential upside of 21.2% from the current price of HKD 2.64 [2][7]. Core Insights - The company's total revenue for the first half of 2024 decreased by 8.8% year-on-year to RMB 7.02 billion, primarily due to declines in both external value-added services and owner value-added services, which fell by 60.7% and 33.9% respectively [1][6]. - Despite the revenue decline, the company proposed an interim dividend of RMB 0.03 per share, a 20% increase from the previous year's interim dividend of RMB 0.025 [1][6]. - The gross profit margin is expected to stabilize, with a slight decline of 3.4 percentage points to 17.0%, which is better than the anticipated 16% [1][6]. Summary by Sections Financial Performance - Total revenue for the first half of 2024 was RMB 7.02 billion, down from RMB 7.69 billion in the same period of 2023 [6]. - Core profit for the first half of 2024 was RMB 716 million, a decrease of 28.8% year-on-year, but an increase of 31% compared to the second half of 2023 [1][6]. - The company reported a net loss of RMB 16.3 billion for the first half of 2024, influenced by a significant impairment provision for trade receivables [1][6]. Business Segments - Property management revenue remained stable, with a slight increase of 2.0% to RMB 5.37 billion, while urban services revenue decreased by 4.0% to RMB 647 million [1][6]. - The company is focusing on optimizing its portfolio and ensuring the conversion of contracted area into managed area to maintain operational scale [1][6]. Market Position - The company's reliance on the real estate market is decreasing, with revenue and gross profit from external value-added services dropping to 3% each in the first half of 2024, down from 8% and 7% respectively in the first half of 2023 [1][6]. - The company is expected to benefit from a lower dependency on the real estate cycle compared to its peers, which may help the gross margin to bottom out in 2024-2025 [1][6].