Investment Rating - The report maintains a "Buy" rating for BYD Electronics with a target price of HKD 34.2, indicating a potential upside of 19% from the current price of HKD 28.7 [6][8]. Core Views - BYD Electronics is expected to see further profit release in the second half of the year, driven by growth in high-end Android phone demand, profit contributions from Jabil's consolidation, growth in international client business, and contributions from automotive electronics [6]. - The company is projected to achieve net profits of RMB 4.06 billion and RMB 4.70 billion in 2024 and 2025, respectively, with corresponding target price earnings ratios of 17.3x and 14.9x, suggesting attractive valuation [6][15]. - The AI server business is anticipated to ramp up in the next two years, enhancing asset utilization during the upcycle of demand in smartphones and new energy vehicles [6]. Financial Performance Overview - In Q2, BYD Electronics reported revenue of RMB 42.1 billion, a year-on-year increase of 41% and a quarter-on-quarter increase of 15%. The gross margin was 6.8%, down 1.2 percentage points year-on-year [6][13]. - For the first half of 2024, the company’s revenue reached RMB 78.6 billion, with a 40% year-on-year growth, driven by a 54% increase in mobile and laptop assembly and a 206% increase in components [13]. - The automotive electronics segment grew by 26%, closely aligning with BYD's vehicle sales growth [6]. Earnings Forecast and Valuation - The report employs a sum-of-the-parts valuation method, assigning target price earnings ratios of 10x for international client assembly, 16x for international client components, 8x for Android assembly, 15x for Android components, 10x for new smart products, and 35x for automotive intelligent systems [7]. - The estimated revenue for 2024 is RMB 171.5 billion, with a gross profit of RMB 12.6 billion, reflecting a gross margin of 7.4% [15]. - The report highlights a projected net profit growth of 1% for 2024, with a target price of HKD 34.2 based on the valuation analysis [15].

Investment Rating - The report assigns a "Buy" rating for Tehai International (9658.HK/HDL.US) with a target price of HKD 16.6 for the Hong Kong stock and USD 21.3 for the US stock, reflecting a potential upside of 30.7% and 37.4% respectively [1][3][4]. Core Insights - Tehai International's management has a long-term vision to enhance customer dining experiences, expand restaurant networks, improve operational performance, and explore new business formats, aiming to become a leading global integrated dining group [1]. - The company has seen a significant improvement in table turnover rates, with a year-on-year increase of 0.5 to 3.8 times in 1H24, attributed to enhanced employee KPI assessments and optimized business processes [1]. - The company plans to accelerate store openings starting in 2025, with a focus on Southeast Asia and North America, where there is still considerable room for growth [1]. - The management aims to enhance profitability through supply chain optimization, despite an increase in employee costs due to a focus on service quality [1]. - Tehai International is pursuing a multi-brand strategy to drive long-term growth, which may provide additional revenue streams and operational synergies [1]. Financial Summary - Revenue is projected to grow from USD 686 million in 2023 to USD 797 million in 2024, with a year-on-year growth rate of 16.2% [5][7]. - The net profit is expected to stabilize at USD 24 million in 2024, with a significant increase to USD 67 million in 2025, reflecting a growth rate of 181.3% [5][8]. - The company's gross margin is forecasted to remain stable around 65.9% through 2026, while the operating profit margin is expected to improve from 4.2% in 2023 to 10.6% in 2026 [5][6][7]. - The average table turnover rate in Southeast Asia is currently at 3.7, indicating that the market is not yet saturated [1]. Market Positioning - Tehai International's current market capitalization is approximately HKD 8.233 billion and USD 1.018 billion, with a trading range of HKD 8.0-18.3 and USD 13.9-30.0 over the past year [3][4]. - The company is positioned favorably compared to its peers, with a projected PE ratio of 21.6x for H shares in 2024 and 15.7x in 2025 [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to RMB 350 [1][2][16]. Core Views - The company's revenue growth in 1H24 is slightly weak, primarily due to domestic business being impacted by industry restructuring, while overseas business continues to grow steadily [1]. - The company announced an interim dividend of RMB 4.06 per share, with a dividend payout ratio of 65%, indicating an intention to gradually increase the cash dividend ratio [1][2]. - The performance in 2H24 is expected to depend significantly on the progress of policy implementation regarding equipment updates, with a forecasted revenue growth of 17% for 2024 [1][2]. Summary by Sections Financial Performance - 1H24 revenue increased by 11% year-on-year, with domestic revenue growing by 7% and overseas revenue by 18% [1]. - The gross profit margin for 1H24 improved by 0.7 percentage points year-on-year, while net profit attributable to shareholders increased by 17% year-on-year [1][6]. - The company expects a revenue increase in 2H24 due to a low base from the previous year, despite the ongoing impact of industry restructuring [1][2]. Business Segments - In 1H24, revenue from life information and support decreased by 8%, while in vitro diagnostics and medical imaging revenues increased by 28% and 16%, respectively [1][6]. - The trend observed in 2Q24 continued from 1Q24, with overseas performance outpacing domestic results, and consumables performing better than equipment sales [1][6]. Dividend and Shareholder Commitment - The company has committed to not reducing shareholdings by major shareholders for the next six months, reinforcing confidence in its dividend policy [1][2]. - The interim dividend reflects a commitment to returning value to shareholders, with a current dividend yield of 1.8% based on the announcement date's closing price [1][2]. Future Outlook - The revenue growth for the full year is expected to be heavily influenced by the approval process for equipment update projects, with a more significant impact anticipated in 2025 [1][2]. - The company is projected to achieve a revenue of RMB 40.77 billion in 2024, with a year-on-year growth rate of 16.7% [6][7].

Investment Rating - The report maintains a "Buy" rating for BYD [11][12][13] Core Views - BYD's second-quarter sales of new energy vehicles reached 987,000 units, showing significant growth both year-on-year and quarter-on-quarter. The scale effect helps offset domestic price cuts, leading to a substantial increase in per-vehicle profit [12][15] - The report slightly raises the profit forecasts for 2024 and 2025, reflecting BYD's strong capability to defend market share and increase sales [12][13] - The target price for BYD shares is set at HKD 280.5, representing a potential upside of 16%, while the target price for the A-shares is set at RMB 297.5, indicating a potential upside of 19% [11][12][13] Financial Performance Summary - In Q2 2024, BYD's revenue reached RMB 176.2 billion, a year-on-year increase of 26% and a quarter-on-quarter increase of 41%. The automotive-related revenue growth closely matched the overall revenue growth [12][15] - The gross profit margin for Q2 2024 was 18.7%, remaining stable year-on-year but down 3.2 percentage points quarter-on-quarter. Operating profit increased by 39% year-on-year and 103% quarter-on-quarter, leading to a net profit of RMB 9.1 billion, up 33% year-on-year and 98% quarter-on-quarter [12][15] - The average profit per vehicle in Q2 2024 was RMB 8,522, which was stable year-on-year but significantly improved quarter-on-quarter [15] Revenue and Profit Forecasts - Revenue forecasts for BYD are adjusted to RMB 692.99 billion for 2024, RMB 822.90 billion for 2025, and RMB 949.33 billion for 2026, with year-on-year growth rates of 15% for 2024 and 19% for 2025 [11][16] - Net profit forecasts are raised to RMB 32.99 billion for 2024, RMB 41.38 billion for 2025, and RMB 53.23 billion for 2026, with growth rates of 10% for 2024 and 25% for 2025 [11][16] Valuation - The valuation is based on a sum-of-the-parts approach, assigning price-to-earnings ratios of 27x for new energy vehicles, 18x for mobile phone-related businesses, and 13x for other businesses, resulting in target prices of HKD 280.5 and RMB 297.5, corresponding to P/E ratios of 22.5x and 26.2x respectively [13][17]

2024-08-30 8 浦银国际研究 浦银国际 公司研究 USD 90.0 USD 200.0 USD 117.6 USD 147.6 英伟达 （NVDA.US） 公司研究 | 科技行业 英伟达（NVDA.US）：二季度业绩超预 期，四季度 Blackwell 产品出货 维持目标价 147.6 美元，潜在升幅 25%，重申"买入"评级。 重申英伟达的"买入"评级：首先，英伟核心的数据中心业务依然增 长强劲。Hopper 平台的 GPU 需求还是较为强劲，公司 2025 下半年财 年需求高于上半年。同时，Blackwell 平台的 GPU 将在 FY4Q25，也就 是今年四季度正式出货，收入规模预计达到数十亿美元。Blackwell 的 产能供应偏紧，并且明年维持偏紧状态。其次，英伟达在汽车智驾、 游戏、笔电、PC 等下游的芯片需求强劲推动下，过去几个季度相关业 务收入恢复增长。综合来看，虽然公司数据中心业务逐步回归供需平 衡导致业绩超预期空间减少，但是高确定性的高增长依然是公司利润 的助推器。因此，随着今年四季度 Blackwell 产品正式出货，市场对于公 司基本面的预期有望在三季度基础上再次抬头，股价有 ...

Investment Rating - The report maintains a "Buy" rating for Atour Group (ATAT.US) and raises the target price to $24.0, indicating a potential upside of 28.3% from the current price of $18.7 [4][12]. Core Insights - Atour Group recorded revenue of RMB 1.8 billion in Q2 2024, representing a year-on-year growth of 64.5%, slightly exceeding expectations. This growth is attributed to the rapid expansion of franchise stores and retail business revenue [3][4]. - The company has raised its full-year store opening and revenue guidance, reflecting confidence in achieving performance targets amid increasing competition [3][4]. - The retail business saw a remarkable growth of 153.6% in Q2 2024, with quarterly revenue surpassing RMB 500 million, driven by an improved online platform and brand marketing efforts [3][4]. Revenue and Store Expansion - As of the end of Q2 2024, Atour Group had 1,412 operating stores, with 123 new stores opened in Q2 2024, marking the highest quarterly opening since its listing. The company aims to reach 2,000 stores by 2025 [3][4]. - The full-year store opening guidance for 2024 has been increased to 400 stores from the previous 360, and the revenue growth target has been raised to 48%-52% from 40% [3][4]. Financial Performance - The report projects significant revenue growth for Atour Group, with expected revenues of RMB 7.1 billion in 2024, RMB 9.1 billion in 2025, and RMB 10.6 billion in 2026, reflecting year-on-year growth rates of 52.6%, 28.2%, and 16.2% respectively [7][10]. - Core net profit is forecasted to reach RMB 1.3 billion in 2024, RMB 1.6 billion in 2025, and RMB 1.9 billion in 2026, with year-on-year growth rates of 39.3%, 28.8%, and 19.2% respectively [7][10]. Shareholder Return Plan - Atour Group announced a three-year shareholder return plan starting in 2024, committing to distribute dividends amounting to no less than 50% of the previous year's net profit. A dividend of $0.15 per share has been declared, totaling $62 million [4][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 60 [2][4]. Core Insights - The company's revenue for 1H24 reached RMB 39.5 billion, representing a year-on-year increase of 46.3% and a quarter-on-quarter increase of 12.8%. Product revenue specifically was RMB 38.1 billion, up 55.1% year-on-year and 16.5% quarter-on-quarter, aligning with previous announcements [3]. - The adjusted non-IFRS net loss for 1H24 was RMB 1.6 billion, a reduction of 15.9% year-on-year and 50.6% quarter-on-quarter, which was better than both the report's and market's expectations [3]. - The strong growth in product revenue is attributed to the robust performance of Tyvyt and three biosimilars, as well as the successful launch of new products like Sapitinib and Huiranzhuo [3]. - The company aims for EBITDA breakeven by 2025 and projects a revenue target of RMB 20 billion by 2027, with an expected revenue growth of approximately 30% in the second half of 2024 [3]. Financial Performance Summary - For 2022, the company reported revenue of RMB 4.56 billion, which increased to RMB 6.21 billion in 2023, and is projected to reach RMB 8.58 billion in 2024, reflecting a year-on-year growth of 36.2% [7]. - The adjusted net loss is expected to narrow from RMB 515 million in 2023 to RMB 328 million in 2024, with a return to profitability projected in 2025 with a net profit of RMB 1.7 billion [7]. - The gross margin is expected to improve to 83.0% by 2024, up from 81.7% in 2023 [9]. Research and Development Pipeline - The company is advancing its R&D pipeline, with key updates expected at upcoming conferences regarding IBI363 and other assets [3]. - The management has indicated that the sales efficiency of the oncology pipeline will improve, leading to a decrease in sales and administrative expenses in the second half of 2024 and beyond [3].

Investment Rating - The report maintains a "Buy" rating for 康方生物 (9926.HK) with a target price of 63 HKD, indicating a potential upside of 28% from the current price of 49.1 HKD [2][3]. Core Insights - The company's 1H24 performance is largely in line with market expectations, achieving revenue of 1.02 billion RMB, with product revenue of 939 million RMB, reflecting a year-on-year growth of 24% [2][3]. - The report highlights the upcoming WCLC conference, where interim analysis data for the K drug head-to-head study in lung cancer is expected to be announced, serving as a key catalyst for the company's stock [2][3]. - The company has initiated seven new Phase III clinical trials in the first half of 2024, focusing on its core assets, 卡度尼利 and 依沃西, with a projected total R&D expenditure of 1.3 to 1.4 billion RMB for the year [2][3]. Financial Performance Summary - For 1H24, 康方生物 reported a gross margin of 91.3%, with a net loss attributable to shareholders of 239 million RMB, compared to a net profit of 253 million RMB in 1H23 [2][3]. - The company’s cash and cash equivalents stood at 5.69 billion RMB as of the end of the first half of 2024 [2][3]. - Revenue projections for the upcoming years are as follows: 2024E at 2.39 billion RMB, 2025E at 3.45 billion RMB, and 2026E at 5.41 billion RMB, with significant year-on-year growth anticipated [3][4]. Clinical Development and Upcoming Catalysts - The report outlines several key data readouts expected in the second half of 2024, including interim analysis data for 依沃西 in the AK112-303 trial and data for 卡度尼利 in the 1L CC trial [2][3]. - The company is also preparing for potential inclusion in the 2024 medical insurance negotiations, which could significantly boost the sales volume of its drugs [2][3]. Valuation and Financial Estimates - The report adjusts the net loss estimates for 2024E to 540 million RMB, with slight adjustments to future profit estimates for 2025E and 2026E [2][3]. - The valuation is based on a DCF model with a WACC of 9.4% and a perpetual growth rate of 3% [2][3].

Investment Rating - The investment rating for the company is downgraded to "Hold" due to concerns over limited profit growth potential in the slowing dairy market [1]. Core Views - The company is a leading player in the Chinese dairy industry with strong brand power and solid fundamentals. However, the slowing market demand raises concerns about future profit growth [1]. - The company's revenue growth is expected to remain in the mid-single digits over the next 2-3 years, with profit growth projected in the mid to high single digits. The current valuation lacks sufficient cost-effectiveness [1]. - The future revenue growth is contingent on the recovery of end-demand, with a cautious approach to shipment schedules in the second half of 2024 [1]. - The company aims to increase shareholder returns, transitioning from a growth stock to a value stock, with a dividend payout ratio not less than 70% [1]. Financial Summary - Revenue for 2022 was 123,171 million RMB, with a projected decline to 121,203 million RMB in 2024, reflecting a year-on-year change of -3.9% [2]. - Net profit for 2022 was 9,431 million RMB, expected to rise to 12,319 million RMB by 2024, indicating a year-on-year growth of 18.1% [2]. - The company's price-to-earnings ratio (P/E) is projected to be 12.9x for 2024 and 12.2x for 2026 [2]. - The return on equity (ROE) is expected to increase from 18.1% in 2022 to 20.9% in 2024 [2]. Operational Performance - In the first half of 2024, the company's liquid milk revenue declined by 13% year-on-year, while excluding inventory clearance effects, a single-digit decline is anticipated [1][5]. - The company reported a 7.3% year-on-year increase in milk powder revenue in the first half of 2024, outperforming most peers [1]. - The gross profit margin for the first half of 2024 was 34.4%, showing an improvement from 32.8% in the first half of 2023 [5][6]. Market Outlook - The company faces challenges in enhancing profitability due to limited cost reduction opportunities, with management targeting a stable profit margin for 2024 [1]. - The overall industry outlook remains uncertain, impacting the company's long-term revenue growth prospects [1].

Group 1: Economic Performance - July economic data indicates continued weakness in economic momentum, with retail sales and CPI showing improvement but sustainability is in doubt[2] - Fixed asset investment, credit, and export data were weaker than expected, impacting industrial production and manufacturing investment growth, which slowed to 5.1% in July[4] - The annual economic growth forecast is 4.9%, facing downward risks, with a projected growth of 4.7%-4.8% in the second half of the year[2] Group 2: Policy Support - August saw a quiet period for policy support, but further measures are expected to stabilize the economy, including a potential 25-50 basis points reserve requirement ratio cut[2] - Fiscal policy is shifting focus towards promoting consumption and mitigating risks, with expectations for more reserve projects to prevent a rapid decline in infrastructure investment growth[2] - Real estate policies are aimed at helping companies reduce inventory, but progress has been slow, indicating a need for expanded support measures[2] Group 3: Currency and Trade - The USD/CNY exchange rate is expected to fluctuate between 7.1 and 7.2 in the short term, influenced by the anticipated mild recovery of the USD index[2] - The appreciation of the RMB in August was primarily due to the depreciation of the USD index, which fell by 3.3% during the month[14] - The outcome of the upcoming US presidential election may impact the RMB exchange rate, with potential depreciation if Trump is elected[14]