Investment Rating - The report maintains a "Buy" rating with a target price of HKD 460, reflecting an optimistic outlook for the company's profitability improvement and share buyback support [50]. Core Insights - The company reported 2Q24 revenue of RMB 161.1 billion, a year-on-year increase of 8.0%, meeting market expectations. The gross margin improved by 5.8 percentage points to 53.3%, with adjusted net profit rising 52.6% year-on-year to RMB 57.3 billion, exceeding market expectations by 17.8% [2]. - Advertising revenue for 2Q24 reached RMB 29.9 billion, growing 19% year-on-year, driven by significant growth in video accounts and long video revenues, with video account advertising revenue increasing by over 80% [27]. - Domestic game revenue grew by 9% year-on-year to RMB 34.6 billion, with strong contributions from titles like "Valorant" and "Dungeon & Fighter: Origin" [34]. Financial Performance Summary - The company’s revenue for FY22 was RMB 554.6 billion, projected to grow to RMB 656.1 billion in FY24E and RMB 768.0 billion in FY26E [35]. - Adjusted net profit for FY22 was RMB 115.6 billion, expected to rise to RMB 209.3 billion in FY24E and RMB 252.1 billion in FY26E [35]. - The gross profit margin is projected to improve from 43.1% in FY22 to 53.6% in FY26E, indicating a positive trend in profitability [35].

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浦银国际研究 财务模型更新 | 互联网行业 虎牙（HUYA.US）：收入环比转正， 派发特别股息 收入环比转正，宣派特别股息。公司 2Q24 收入为人民币 15.4 亿元， 同比下降 16%，环比增长 2.5%，略高于市场预期 0.6%。其中，直播收 入为 12.3 亿元，同比下降 28%，主要是行业疲软以及公司战略调整所 致；平台移动MAU增长至8,350万，主要得益于电竞赛事活动的成功； 季度付费用户为 450 万。由于自制内容增多导致内容成本提升，公司 毛利率同比下降 1.1pp 至 13.9%。但与此同时，自制内容有效提升了用 户活跃度从而节约了营销费用。二季度销售费用同比大幅下降 48%， 经营亏损收窄至 0.26 亿元，调整后净利润为 0.97 亿元，高于市场预期 20.9%；调整后净利率为 6.3%。此外，公司宣布派发 USD1.08/ADS 特 别股息，合计约 2.5 亿美元，对应当前股息率为 21%。截至二季度末， 回购计划额度剩余约 0.43 亿美元。 游戏相关服务增长保持强劲。2Q24 游戏相关服务、广告及其他收入为 3.1 亿元，同比增长 153%，环比增长 26.6%，收入贡献占比达 ...

Investment Rating - The report maintains a "Buy" rating for Sea (SE.US) and raises the target price to $87, reflecting strong growth across all business segments [3][5]. Core Insights - Sea's Q2 2024 performance exceeded market expectations, with revenue of $3.81 billion, a year-on-year increase of 23.0%, and adjusted EBITDA of $450 million, surpassing market forecasts by 12.9% [2]. - The e-commerce segment showed robust growth, with revenue of $2.82 billion, up 33.7% year-on-year, and a GMV increase of 29.1% to $23.3 billion [2]. - Digital financial services also demonstrated stable growth, with revenue of $520 million, a 21.4% increase year-on-year, driven by consumer and SME lending [2]. Financial Performance Summary - For FY24E, the projected revenue is $15.646 billion, with an adjusted net profit of $1.114 billion, reflecting a significant recovery from previous losses [4][6]. - The adjusted EBITDA for the e-commerce segment is expected to turn positive in Q3 2024, with an annual GMV growth rate projected at around 25% [2][3]. - The digital entertainment segment reported a revenue of $440 million, with a notable recovery in game revenue driven by the strong performance of Free Fire [2][4]. Market Position and Outlook - The competitive landscape in Southeast Asia's e-commerce market remains stable, with improving monetization rates and a forecasted positive EBITDA for the e-commerce business in the upcoming quarter [2][3]. - The report anticipates continued double-digit growth in game revenue for the second half of the year, supported by ongoing content updates for Free Fire [2][3].

Investment Rating - The report maintains a "Buy" rating for the company, with an updated target price of RMB 38.7, indicating a potential upside of 22% [1][3]. Core Insights - The company's products are in high demand due to a recovery in downstream sectors such as consumer electronics and industrial applications, as well as growth in automotive electronics and AI servers. The company is expected to benefit from product structure optimization, price increases, and cost reductions in the second half of the year [1][6]. - The second quarter performance exceeded expectations, with revenue growth of 35% quarter-on-quarter and 30% year-on-year, leading to a net profit of RMB 118 million, a 42% increase year-on-year [1][6]. - The company is positioned for a supply-demand imbalance, with expectations for further capacity expansion in the coming year [1][7]. Financial Performance Summary - **Revenue Forecast**: Projected revenues for 2024 are RMB 1,923 million, with a year-on-year growth rate of 30% [2][7]. - **Gross Margin**: Expected gross margin for 2024 is 36.4%, improving from 30.8% in 2023 [2][7]. - **Net Profit**: Forecasted net profit for 2024 is RMB 466 million, reflecting a 44% increase compared to 2023 [2][7]. - **Earnings Per Share**: Basic earnings per share are projected to be RMB 1.12 for 2024, up from RMB 0.84 in the previous forecast [7]. Valuation and Estimates - The report employs a DCF valuation method, assuming a WACC of 9.0% and a perpetual growth rate of 3%. The target price of RMB 38.7 is derived from these assumptions [1][8]. - The company’s current P/E ratio is 28x for 2024, which is considered attractive compared to historical averages [1][11]. Market Outlook - The company is expected to see strong demand in industrial applications, with significant recovery in consumer electronics and automotive sectors. The AI computing segment is also anticipated to grow substantially in the coming years [1][6]. - The report highlights the potential for further growth in the company's automotive electronics and AI server businesses, maintaining a positive long-term outlook [1][6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 0.73, indicating a potential upside of 15.9% from the current price of HKD 0.63 [2][4]. Core Insights - The company reported a significant improvement in profitability despite a 9% decline in revenue for 1H24, achieving a 10% year-on-year increase in net profit attributable to shareholders. This performance is attributed to cost reduction and efficiency improvements that countered the negative impact of operating leverage [2][10]. - The second quarter of 2024 saw a remarkable 89% year-on-year increase in net profit, despite a 10.5% drop in revenue, primarily due to a substantial rise in gross margin and a significant reduction in operating expenses [2][10]. - The company is expected to continue focusing on maintaining healthy inventory levels and improving retail discounts in the second half of 2024, with ongoing efforts to enhance operational efficiency and reduce costs [2][10]. Financial Performance Summary - For 1H24, the company reported revenue of RMB 9,983 million, a decrease of 8.9% year-on-year, while gross profit was RMB 3,416 million, reflecting a gross margin of 34.2% [10][11]. - The operating profit for 1H24 was RMB 483 million, with an operating margin of 4.8%, indicating a slight improvement from the previous year [10][11]. - The forecast for 2024 estimates total revenue of RMB 18,514 million, with a projected net profit of RMB 516 million, representing a 5.1% increase year-on-year [12]

Investment Rating - The report maintains a "Buy" rating for the company and raises the target price to HKD 5.5 [1][2]. Core Insights - The company's 1H24 performance exceeded expectations, with total revenue reaching RMB 15.87 billion, representing an 11.1% year-over-year increase and a 33.2% quarter-over-quarter increase. The growth was primarily driven by innovative drug sales, which hit a record high of RMB 6.13 billion, up 14.8% year-over-year and 34.7% quarter-over-quarter [1]. - The report indicates that the company is expected to maintain a double-digit revenue and profit growth guidance for 2024, supported by cost reduction and efficiency enhancement measures that are anticipated to accelerate in the coming years [1][2]. - The innovative drug segment is projected to contribute significantly to revenue, with expectations of reaching RMB 12 billion in sales for the year, accounting for over 40% of total revenue [1]. Financial Performance Summary - For 1H24, the adjusted net profit was RMB 1.54 billion, reflecting a 14% year-over-year increase and a 23.6% quarter-over-quarter increase, driven by higher-than-expected revenue and improved gross margins [1]. - The company expects to maintain a double-digit growth trajectory for both revenue and profit over the next three years, with innovative drug revenue expected to grow at a high double-digit rate [1][4]. - The report highlights a slight decrease in the overall R&D expense ratio to 16.2%, indicating improved efficiency in the use of R&D funds [1][4]. Revenue and Profit Forecast - The projected revenues for the company are as follows: - 2024E: RMB 29.77 billion (up 13.6% year-over-year) - 2025E: RMB 33.45 billion (up 12.4% year-over-year) - 2026E: RMB 37.46 billion (up 12% year-over-year) [3][4]. - The forecasted net profit for the company is expected to be: - 2024E: RMB 2.96 billion - 2025E: RMB 3.42 billion - 2026E: RMB 3.97 billion [3][4]. Market Position and Growth Potential - The innovative drug sales are expected to continue driving growth, with the company anticipating the approval of five new innovative drugs by 2025, which could increase the innovative drug revenue to approximately 45% of total revenue [1]. - The report emphasizes the company's strong commercialization capabilities, which are expected to enhance market share for its innovative drugs [1].

科技行业 | 行业追踪 浦银国际 行业追踪 全球智能手机 2Q24 出货动能强劲， 大体维持 2024 年出货量预测 全球智能手机 2Q24 出货动能强劲，大体 维持 2024 年出货量预测 全球智能手机 2Q24 出货动能依然强劲，维持全年出货量同比增 长 4%-5%预测大体不变。根据 IDC 最新公布的数据，2Q24 全球智 能手机出货量 2.9 亿部，季节性环比下降 3%，同比增长 9%。同比 增速连续三个季度维持在高单位数及以上的高水位。除印度地区 出货量低于我们预测外，其他地区的出货均高于我们此前预测。 从地区来看，中东非和拉丁美洲表现比较亮眼，中东非 2Q24 出 货 4,193 万部，同比增长 19%。拉丁美洲 2Q24 出货 3,345 万部， 同比增长 11%。印度和北美地区出货量相对弱一些，分别同比增 长 3%和 1%，但仍然取得了正增长。 由于去年下半年相对高的基数，我们预期今年下半年全球智能手 机出货量同比增速将从今年一二季度的高点向下回落。我们大体维 持2024 年全球智能手机出货量预测，为12.1亿部，同比增长4.3%。 中国智能手机今年二季度出货量达到 7,175 万部，环比增长 ...

Investment Rating - The report maintains a "Buy" rating for Unity (U.US) with a target price adjusted to $20, reflecting a potential upside of 29% from the current price of $15.54 [3][5]. Core Insights - Unity's Q2 2024 revenue reached $449 million, aligning with expectations, while strategic segment revenue was $426 million, and adjusted EBITDA was $113 million, both exceeding prior guidance. However, the company has lowered its full-year guidance for 2024 due to cautious outlook on the recovery of its Grow business and increased investments [2][3]. - The Create Solutions segment showed stable growth with Q2 revenue of $129 million, a 4% year-over-year increase, driven by a 14% rise in subscription revenue. The upcoming release of Unity 6 is anticipated to be a growth driver for the company [2][3]. - The Grow Solutions segment continues to face challenges, with Q2 revenue of $296 million, a 9% year-over-year decline. The company is enhancing its advertising technology capabilities and has appointed a new Chief Product Officer to revitalize its advertising business [2][3]. Financial Summary - For FY 2024, Unity's projected revenue is $1.763 billion, down from previous guidance of $1.760-$1.800 billion, reflecting a year-over-year decline of 2%-3%. Adjusted EBITDA is expected to be between $340 million and $350 million, down from earlier estimates of $400 million to $425 million [3][4]. - The forecasted financial metrics include a revenue increase from $1.391 billion in FY 2022 to $1.763 billion in FY 2024, with adjusted EBITDA improving from a loss of $71 million in FY 2022 to a projected $405 million in FY 2025 [4][8]. - The report highlights a significant decline in net profit projections, with expected losses of $737 million in FY 2024 and $474 million in FY 2025, indicating ongoing challenges in profitability [8][9].