Investment Rating - Maintain "Buy" rating [4] Core Views - The company achieved significant growth in revenue and net profit in H1 2024, driven by new game launches and rapid user growth on the TapTap platform [2][3] - The company's self-developed games, such as "Let's Go Muffin" and "Sword of Linlan," contributed to the revenue growth, while TapTap's user base expanded significantly [3] - The company is focusing on cost reduction and efficiency improvement, with plans to further enhance commercialization and expand its game portfolio [4] Financial Performance - Revenue in H1 2024 reached RMB 2,221 million, a YoY increase of 26.7% [2] - Net profit attributable to shareholders was RMB 205 million, a YoY increase of 127.4% [2] - Gross profit was RMB 1,497 million, with a gross margin of 67.4%, up 8.2 percentage points YoY [2] - Sales and R&D expense ratios were 31.31% and 18.89%, respectively, with sales expenses increasing due to marketing and advertising costs for new games and TapTap [2] Business Segments - Game business revenue reached RMB 1,486 million, a YoY increase of 29.3%, driven by online game revenue growth of 32.0% [3] - Information services revenue was RMB 734 million, a YoY increase of 21.7%, supported by TapTap's user growth [3] - TapTap China's average MAU grew by 27.3% YoY to 43.2 million, benefiting from the launch of "Let's Go Muffin" and other games [3] Future Outlook - The company plans to launch "Let's Go Muffin" in multiple overseas markets in H2 2024 [3] - Three games are currently in development, with "Let's Go Muffin" and "Sword of Linlan" expected to drive future growth [3] - The company is preparing to launch AIGC service TapSight to enhance customer service capabilities [3] Valuation and Forecast - Estimated net profit for 2024-2026 is RMB 608 million, RMB 768 million, and RMB 938 million, respectively [4] - EPS for 2024-2026 is projected to be RMB 1.26, RMB 1.60, and RMB 1.95 per share, with P/E ratios of 14x, 11x, and 9x, respectively [4] Market Data - 52-week high/low price: HKD 23.80/7.47 [6] - Total market capitalization: HKD 9,469.14 million [6]

资料来源：Wind [Table_Title] 每日复盘 证券研究报告 20240903 市场复盘：市场小幅回升，成长风格修复显著 报告要点： 2024 年 9 月 3 日市场小幅回升，成长风格修复显著。上证指数下跌 0.29%，深证成指上涨 1.17%，创业板指上涨 1.26%。市场成交额 5826.39 亿元，较上一交易日减少 1256.36 亿元。全市场 3921 只个股上涨，1162 只 个股下跌。 风格上看，周期、消费和成长风格上涨，稳定和金融风格出现下跌；非 基金重仓股指数表现略优于基金重仓股；成长股表现优于价值股。 分行业看，30 个中信一级行业普遍上涨；表现相对靠前的是：电力设 备及新能源（1.95%），计算机（1.93%），家电（1.87%）；表现相对靠后的 是：石油石化（-1.79%），银行（-1.78%），电力及公用事业（-1.53%）。概 念板块方面，多数概念板块上涨，中船系、华鲲振宇、华为鲲鹏等大幅上 涨；央企银行、汇金持股、央企煤炭等板块走低。 资金筹码方面，主力资金 9 月 3 日净流出 29.11 亿元。其中超大单净流 入 5.75 亿元，大单净流出 34.87 亿元，中单资金 ...

Investment Rating - The report recommends a "Buy" rating for the semiconductor and semiconductor equipment industry, indicating an expected stock price increase of over 15% compared to the benchmark index [4]. Core Insights - The semiconductor industry is entering a new growth phase driven by artificial intelligence (AI) demand, with significant increases in AI server requirements and hardware upgrades in automotive, PC, and smartphone sectors [2][10]. - AI is reshaping the semiconductor product structure, with high-performance computing and storage chips experiencing faster growth than other chip types, leading to an increase in their share of global semiconductor sales [2][16]. - The report highlights the rapid development of the integrated circuit industry in Anhui Province, supported by leading companies and a collaborative industrial ecosystem, which is contributing to the province's economic growth [3][45]. Summary by Sections 1. Global Semiconductor Industry Trends - AI is identified as the new driving force for semiconductor growth, transitioning the industry from traditional performance enhancements to AI-centric developments [10][12]. - Geopolitical tensions are creating both challenges and opportunities for China's semiconductor industry, pushing for greater self-sufficiency in chip manufacturing [11][31]. 2. Anhui Province Integrated Circuit Industry Overview - Anhui's integrated circuit industry has seen rapid growth, with over 40 listed companies and significant production increases, achieving a CAGR of 88.83% from 2020 to 2023 [45][46]. - The province is home to major players like BOE and Changxin Storage, which are pivotal in driving the local semiconductor ecosystem [3][45]. - The government has implemented policies and established a substantial investment fund to support the development of the integrated circuit sector [52][55]. 3. Storage Industry Developments - Changxin Storage is leading the domestic DRAM market, with production capabilities reaching 85,000 wafers per month and advancements in DDR4, DDR5, and HBM technologies [59][66]. - The demand for high-performance storage solutions like HBM is expected to surge due to AI applications, with HBM's market share projected to grow significantly [25][27]. 4. Display Panel Industry Insights - The display panel industry in Anhui is evolving with major companies like BOE and Visionox, focusing on OLED and Mini LED technologies to meet rising consumer demands [67][74]. - The province is positioned to benefit from the global shift towards new display technologies, with significant investments in AMOLED production lines [84][85]. 5. Automotive Electronics Sector - Anhui is a key player in China's automotive industry, with a strong focus on electric and intelligent vehicles, driving demand for automotive electronics [85][92]. - The province is developing its automotive chip sector, with companies like Jinghe Integrated Circuit and Changxin Storage contributing to the supply chain [91][92].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company's performance in the first half of 2024 met expectations, with revenue of 12.22 billion yuan, a year-on-year increase of 33.42%, and a net profit attributable to shareholders of 1.456 billion yuan, also up 33.11% year-on-year [2] - The international market strategy is accelerating, with the North American Mexico industrial park progressing smoothly, and the first factory of the first phase has been put into production [2] - The product platform strategy is continuously advancing, enhancing the overall competitiveness of various business lines [2] Summary by Relevant Sections Financial Performance - In Q2 2024, the company achieved revenue of 6.534 billion yuan, a year-on-year increase of 39.25% and a quarter-on-quarter increase of 14.86% [2] - The net profit attributable to shareholders for Q2 2024 was 811 million yuan, up 25.94% year-on-year and 25.63% quarter-on-quarter [2] - The company expects revenues of 27.005 billion yuan, 34.302 billion yuan, and 42.574 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 2.895 billion yuan, 3.714 billion yuan, and 4.771 billion yuan for the same years [2][3] International Expansion - The company has established manufacturing plants in the USA, Brazil, Malaysia, Poland, and Mexico, facilitating faster and more efficient service to customers [2] - The company has secured a global project order for BMW's lightweight chassis core component, indicating successful progress in the European market [2] Product Development - The company has developed integrated R&D capabilities across mechanical, electronic control, and software domains, supporting its product platform strategy [2] - Key projects such as air suspension and intelligent cockpit are beginning mass production, with the air suspension project showing rapid growth [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of more than 15% compared to the benchmark index [7]. Core Insights - The company reported a revenue of 1.752 billion yuan for the first half of 2024, reflecting a year-on-year growth of 1.01%. The net profit attributable to shareholders was 75 million yuan, down 9.64%, while the net profit excluding non-recurring items increased by 6.74% to 72 million yuan [2]. - The performance of the wind power roller segment was below expectations, while the thermal management system components contributed significantly to revenue growth [2]. - The company has successfully developed a full range of bearing products for the new energy vehicle sector and has achieved import substitution for specialized steel pipes used in automotive airbag gas generators, becoming the sole domestic producer [2]. - The report forecasts revenues of 3.331 billion yuan, 4.085 billion yuan, and 4.720 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 173 million yuan, 222 million yuan, and 266 million yuan [2][3]. Financial Summary - For the first half of 2024, the company achieved a gross margin of 16.57% and a net profit margin of 4.28%, with a year-on-year change of +1.22% and -0.50 percentage points respectively [2]. - The company’s R&D expense ratio increased to 2.95%, supporting its core competitiveness [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.47 yuan, 0.60 yuan, and 0.73 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 28.53, 22.28, and 18.59 [3][6].

Investment Rating - The report maintains a "Buy" rating for BYD, indicating an expectation of stock price appreciation above the benchmark index by more than 15% within the next six months [4][11]. Core Views - The report highlights that BYD's performance in the first half of 2024 aligns with expectations, showing a revenue increase of 15.76% year-on-year to CNY 301.13 billion and a net profit growth of 24.44% to CNY 13.63 billion [2][4]. - The company is expected to benefit from the ongoing global penetration of new energy vehicles, with anticipated market share growth both domestically and internationally [4]. - The successful pre-sale of the Tengshi Z9 is seen as a pivotal moment for BYD's strategy in the mid-to-high-end market segment [4]. Summary by Sections Financial Performance - In Q2 2024, BYD achieved revenue of CNY 176.18 billion, a year-on-year increase of 25.89% and a quarter-on-quarter increase of 41.01%. The net profit for the same period was CNY 9.06 billion, reflecting a year-on-year growth of 32.80% and a significant quarter-on-quarter increase of 98.36% [2][3]. - The report notes a decrease in single-vehicle revenue and gross margin, with estimated single-vehicle revenue at approximately CNY 135,000, down by CNY 19,000 from the previous quarter, and a gross margin of 22.3%, down by 3.9 percentage points [3]. Profitability Outlook - The single-vehicle net profit (excluding non-recurring items) for Q2 2024 was CNY 870, with a quarter-on-quarter increase of CNY 270, attributed to scale effects and a reduction in R&D expenses by CNY 1.601 billion [3]. - The report anticipates continued improvement in single-vehicle net profit metrics due to decreasing fixed asset depreciation and ongoing scale effects [3]. Earnings Forecast - The projected net profits for BYD from 2024 to 2026 are CNY 36.55 billion, CNY 52.64 billion, and CNY 71.49 billion, respectively. The corresponding earnings per share are expected to be CNY 12.56, CNY 18.08, and CNY 24.56, with price-to-earnings ratios of 19.20, 13.33, and 9.82 [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company reported a revenue of 629 million yuan in the first half of 2024, a year-on-year decline of 29.02%, with a net loss attributable to shareholders of 107 million yuan [3]. - The performance was impacted by ongoing orders in the new energy battery intelligent equipment sector, particularly in the second quarter, where revenue was 386 million yuan, down 27.03% year-on-year [3]. - The company is expected to benefit from the domestic substitution trend in high-end CNC systems, with projected revenues of 2.55 billion yuan, 3.15 billion yuan, and 3.76 billion yuan for 2024, 2025, and 2026 respectively [3]. Financial Performance - The company's CNC systems and machine tools generated revenue of 383 million yuan, a year-on-year increase of 3.89%, while the robotics and intelligent production line segment saw a significant decline of 57.82% [3]. - The gross margin for the first half of 2024 was 34.75%, an increase of 4.43 percentage points year-on-year, indicating improved profitability in CNC systems and machine tools [3]. - R&D expenses accounted for 21.26% of revenue, reflecting a 2.23 percentage point increase year-on-year, underscoring the company's commitment to maintaining its core competitiveness [3]. Product Development and Market Opportunities - The company launched a "Five-Axis Flagship Product Package" during the CCMT2024 Shanghai exhibition, enhancing its product matrix and aiming to meet international standards in processing precision and efficiency [3]. - A significant contract worth 500 million yuan was signed with Huashu Jinming for projects in the UK and Japan, indicating strong demand in overseas markets [3]. - The company is focused on delivering ongoing projects, with the first soft-pack battery module line successfully shipped to France, which is expected to contribute to revenue recognition in the near future [3].

Investment Rating - The report assigns a rating of "Accumulate" to the company [6]. Core Views - The company achieved a revenue of 3.922 billion yuan in the first half of 2024, a year-on-year decrease of 7.18%, while the net profit attributable to shareholders increased by 78.69% to 280 million yuan, primarily due to the disposal of a 14% stake in Antai Environment, resulting in an investment income of 130 million yuan [2][3]. - The company is recognized as a leading enterprise in the advanced metal new materials sector in China, with strong capabilities in technology research and innovation [9]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 39.22 billion yuan, down 7.18% year-on-year, and a net profit of 2.80 billion yuan, up 78.69% year-on-year. The non-recurring net profit was 1.41 billion yuan, down 6.89% year-on-year [2][3]. - The revenue from special powder metallurgy materials and products was 15.24 billion yuan, up 0.94% year-on-year, with a gross margin of 20.29%, an increase of 4.20 percentage points [3]. Business Segments - The company has two core industries: refractory tungsten and molybdenum, and magnetic materials. In the semiconductor sector, new contracts signed amounted to 367 million yuan, a year-on-year increase of 49% [4]. - The revenue from advanced functional materials and devices was 14.21 billion yuan, down 9.06% year-on-year, while the gross margin improved by 3.04 percentage points to 16.85% [3][4]. New Product Development - The company has seen significant growth in new contracts for amorphous and nanocrystalline materials, with a total of 580 million yuan in new contracts signed, up 22% year-on-year [4]. - The high-performance steel segment reported new contracts of 890 million yuan, a year-on-year increase of 24.7%, indicating a stable growth trajectory [4]. Profitability and Margins - The company's gross margin for the first half of 2024 was 17.60%, a slight decrease of 0.10 percentage points year-on-year, while the net margin increased to 8.12%, up 3.36 percentage points [8]. - The report forecasts net profits for 2024, 2025, and 2026 to be 369 million yuan, 395 million yuan, and 462 million yuan, respectively, with corresponding P/E ratios of 24.25, 22.68, and 19.41 [9][10].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on projected earnings growth and market performance [4][11]. Core Insights - The company reported steady growth in revenue and net profit for the first half of 2024, with total revenue reaching 2.689 billion yuan, a year-on-year increase of 6.21%, and a net profit attributable to shareholders of 152 million yuan, up 1.14% [2]. - The medical aesthetics segment showed robust growth, generating 1.194 billion yuan in revenue, a 6.02% increase year-on-year, with a gross margin of 54.23% [3]. - The women's clothing segment achieved a double-digit growth rate, with revenue of 1.012 billion yuan, reflecting an 11.41% year-on-year increase [3]. - The company is actively expanding its medical aesthetics business through acquisitions, including the purchase of 100% of Beijing Lido and 70% of Hunan Yamei, with respective valuations of 330 million yuan and 360 million yuan [3]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 2.689 billion yuan, with a net profit of 152 million yuan, and a non-recurring net profit of 140 million yuan, marking an 11.49% increase year-on-year [2]. - The forecasted earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.72 yuan, 0.84 yuan, and 0.98 yuan respectively, with corresponding price-to-earnings ratios (PE) of 18, 15, and 13 times [4]. - The company’s total revenue is expected to grow from 5.902 billion yuan in 2024 to 7.212 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 7.84% [5][10]. Business Segments Overview - The medical aesthetics segment is expanding with a focus on community-based services, having established 38 medical beauty institutions by the end of the reporting period [3]. - The women's clothing segment continues to perform well, contributing significantly to overall revenue growth [3]. - The infant and child segment experienced a decline in revenue, amounting to 450 million yuan, a decrease of 4.13% year-on-year [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3]. Core Views - The company reported a total revenue of 599.15 billion yuan for H1 2024, a decrease of 9.49% year-on-year, while the net profit attributable to the parent company was 75.31 billion yuan, an increase of 19.44% [3]. - The liquid milk and cold drink segments faced short-term pressure, but the growth of milk powder and dairy products accelerated [3]. - The company expects net profits attributable to the parent company to be 116.72 billion yuan, 115.57 billion yuan, and 125.91 billion yuan for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 12, 12, and 11 times [3]. Summary by Sections Financial Performance - In H1 2024, the company's revenue from liquid milk, milk powder and dairy products, cold drinks, and other products was 368.87 billion yuan (-13.05%), 145.09 billion yuan (+7.31%), 73.22 billion yuan (-20.04%), and 4.06 billion yuan (+26.59%) respectively [3]. - The company’s gross profit margin for H1 2024 was 34.78%, an increase of 1.63 percentage points year-on-year, primarily due to the decline in milk prices [3]. - The net profit margin for H1 2024 was 12.57%, up 3.04 percentage points year-on-year, benefiting from the increase in gross margin and investment income [3]. Sales and Distribution - The number of distributors decreased by 909 in H1 2024 but saw a net increase of 157 in Q2 2024, indicating a recovery in distributor numbers [3]. - Revenue from the North China, South China, Central China, East China, and other regions in H1 2024 was 167.98 billion yuan, 147.06 billion yuan, 109.98 billion yuan, 90.84 billion yuan, and 75.39 billion yuan, respectively, with year-on-year declines of 6.05%, 11.93%, 11.11%, 13.77%, and 5.05% [3]. Investment Outlook - The company is expected to maintain a stable growth trajectory with projected net profits showing a year-on-year growth of 11.92% in 2024, a slight decline of 0.98% in 2025, and a rebound of 8.95% in 2026 [3]. - The report emphasizes the potential for recovery in the company's performance, particularly in the milk powder and dairy product segments, despite current challenges in the liquid milk and cold drink markets [3].