Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [2][6][9] Core Views - The company reported a revenue of 2.027 billion yuan for H1 2024, representing a year-on-year increase of 19.4%. However, the net profit attributable to shareholders was a loss of 333 million yuan, which is a larger loss compared to the previous year [3][4] - In Q2 2024, the company achieved a revenue of 1.138 billion yuan, with a year-on-year growth of 18.7%, but the net profit attributable to shareholders was a loss of 142 million yuan, also reflecting an expanded loss [3][4] - The company is actively enhancing its product matrix in the automotive electronics sector, focusing on key technology areas such as intelligent driving, body domain control, and self-developed software [4][6] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 2.027 billion yuan, up 19.4% year-on-year, while the net profit attributable to shareholders was a loss of 333 million yuan, which is a deterioration compared to the previous year [3][4] - The company expects to achieve total revenues of 5.657 billion, 6.891 billion, and 7.897 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 21%, 22%, and 15% [6][7] Profitability Forecast - The forecasted net profit attributable to shareholders for 2024, 2025, and 2026 is -291 million, 229 million, and 398 million yuan respectively, with growth rates of -34%, +179%, and +73% [6][7][9] - The projected P/S ratios for the next three years are 1.26, 1.03, and 0.90 [6][7] Market Position and Strategy - The company is focusing on the integration of electronic products in the context of the electric and intelligent vehicle trend, enhancing its competitive edge by continuously updating its distributed automotive electronic products [4][6] - The company has completed the layout of its vehicle electronic control products and is implementing a product model that combines distributed control units, domain control products, and L4 integration platforms [4][6]

Investment Rating - Buy (maintained) [1] Core Views - Strong profit growth driven by order recovery in H1 2024 [2] - Revenue increased by 12.2% YoY to RMB 12.976 billion, with net profit attributable to shareholders rising by 37.8% YoY to RMB 2.931 billion [2] - Sales net margin improved to 22.6%, up 4.2 percentage points YoY, and gross margin increased to 29.0%, up 6.6 percentage points YoY [2] - Significant growth in domestic and Japanese markets, with domestic revenue up 20.0% and Japanese revenue up 27.0% [2] - The company's market share among major clients has further increased, particularly in the domestic and Japanese markets [2] Business Breakdown By Product Category - Sportswear: RMB 9.213 billion, up 7.6%, accounting for 71.0% of total revenue [2] - Casualwear: RMB 2.761 billion, up 20.0%, accounting for 19.9% of total revenue [2] - Underwear: RMB 903 million, up 47.4%, accounting for 7.0% of total revenue [2] - Other knitwear: RMB 99.5 million, up 12.2%, accounting for 0.7% of total revenue [2] By Region - Europe: RMB 2.527 billion, up 4.4%, accounting for 19.5% of total revenue [2] - USA: RMB 1.881 billion, up 2.7%, accounting for 14.5% of total revenue [2] - Japan: RMB 2.116 billion, up 27.0%, accounting for 16.3% of total revenue [2] - Other markets: RMB 2.728 billion, up 7.4%, accounting for 21.0% of total revenue [2] - Domestic market: RMB 3.724 billion, up 20.0%, accounting for 28.7% of total revenue [2] Operational Highlights - Improved capacity utilization and increased efficiency in overseas factories contributed to the significant improvement in gross margin [3] - Sales/management/financial expense ratios were 0.7%/7.3%/1.5%, with management expenses decreasing by 0.6 percentage points YoY [3] - Operating cash flow was RMB 2.310 billion, down 14.6% YoY, with cash and cash equivalents at RMB 10.082 billion, down RMB 1.514 billion from the end of 2023 [3] Future Outlook - Revenue is expected to grow by 11%/12%/12% in 2024/2025/2026, reaching RMB 27.641 billion, RMB 31.045 billion, and RMB 34.701 billion respectively [5] - Net profit attributable to shareholders is projected to grow by 29%/14%/12% in 2024/2025/2026, reaching RMB 5.863 billion, RMB 6.672 billion, and RMB 7.444 billion respectively [5] - The company plans to expand overseas production capacity, particularly in Vietnam, and enhance employee incentives and talent development programs [5] Valuation - As of August 30, 2024, the stock price was HKD 64.40, with a P/E ratio of 15/13/12X for 2024/2025/2026 [5] - The company's ROE is expected to be 15.4%/15.1%/14.6% in 2024/2025/2026, with a gross margin of 29.2%/29.5%/30.2% [6]

2024 年 09 月 02 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 最近一年走势 | --- | --- | --- | --- | |------------------------|-------|-------|--------------| | 相对恒生指数表现 | | | 2024/08/30 | | | | | | | | | | | | 市场数据 | | | 2024/08/30 | | 当前价格（港元） | | | 78.85 | | 52 周价格区间（港元） | | | 68.65-182.90 | | 总市值（百万港元） | | | 157,053.13 | | 流通市值（百万港元） | | | 157,053.13 | | 总股本（万股） | | | 199,179.62 | | 流通股本（万股） | | | 199,179.62 | | 日均成交额（百万港元） | | | 1,869.45 | | 近一月换手（ | %） | | 0.56 | 表现 1M 3M 12M 2024Q2 营收同环比增长 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4][6] Core Insights - The company achieved significant growth in Q2 2024, driven by AI and its proprietary brand, with a revenue of 332.91 billion yuan, representing a year-on-year increase of 16.87% [2] - The company's self-owned brand products saw a robust revenue growth of 45.5% in H1 2024, reaching 2.66 billion yuan [3] - The company is expanding its presence in the Xinchuang (信创) industry, with revenue from this segment growing by 73.3% to 2.19 billion yuan in H1 2024 [3] Financial Performance Summary - In H1 2024, the company reported total revenue of 625.62 billion yuan, a year-on-year increase of 12.52%, and a net profit attributable to shareholders of 5.09 billion yuan, up 17.52% [1][2] - The gross profit margin for self-owned brand products improved to 10.5%, an increase of 1.7 percentage points [3] - The company's R&D expenditure reached 190 million yuan, a 25% increase year-on-year, focusing on AI applications and server performance [2][4] Market Position and Strategy - The company has successfully established a three-product line in the Xinchuang industry, covering servers, network products, and security products [3] - The company won a 10.53% share in the procurement bid for China Mobile's new intelligent computing center, amounting to approximately 2 billion yuan [3] - The IT distribution and value-added services segment maintained a growth trend, with revenue of 598.3 billion yuan in H1 2024, a year-on-year increase of 9.8% [4] Earnings Forecast - The company is projected to achieve revenues of 1,295.82 billion yuan, 1,397.73 billion yuan, and 1,498.02 billion yuan for the years 2024, 2025, and 2026 respectively, with net profits of 14.37 billion yuan, 17.30 billion yuan, and 20.34 billion yuan [4][5][6]

Investment Rating - The report maintains a "Buy" rating for the company [1][5][7] Core Insights - The company's revenue for H1 2024 was 694 million yuan, a slight decrease of 0.29% year-on-year, while the net profit attributable to shareholders dropped by 43.88% to 76 million yuan [1][2] - New orders signed in H1 2024 reached 1.219 billion yuan, reflecting a robust year-on-year growth of approximately 30%, with significant increases in orders for advanced packaging and new products in the Chiplet field [2][5] - The company’s gross margin for H1 2024 was 40.54%, down 3.22 percentage points year-on-year, while the net profit margin was 10.77%, a decrease of 8.73 percentage points [2][3] Financial Performance Summary - For Q2 2024, the company reported revenue of 449 million yuan, a year-on-year increase of 10.31% and a quarter-on-quarter increase of 84.02% [2] - The company’s gross margin for Q2 2024 was 40.18%, with a net profit margin of 13.15% [2][3] - The company’s operating expenses increased, with R&D expenses rising by 52% year-on-year to 117 million yuan [2][3] Order and Product Development - The company has successfully upgraded its coating and developing equipment, receiving bulk repeat orders from downstream customers [3][5] - The company has established deep cooperation with several domestic 2.5D and HBM customers, with over ten units of mass production or verification orders in hand [5][6] Earnings Forecast - The company is expected to achieve revenues of 2.275 billion, 2.993 billion, and 3.842 billion yuan for 2024, 2025, and 2026 respectively, with net profits projected at 322 million, 445 million, and 607 million yuan [5][6][7] - The current price corresponds to a P/E ratio of 36, 26, and 19 for the years 2024, 2025, and 2026 respectively [5][6]

Investment Rating - The investment rating for the company is upgraded to "Accumulate" [1][7]. Core Views - The company's revenue for H1 2024 was CNY 4.217 billion, a year-on-year decrease of 39.62%, with a net profit attributable to shareholders of -CNY 70 million, compared to CNY 526 million in the same period last year [2]. - The decline in revenue is primarily due to the impact of the anti-counterfeiting tax control business and intensified competition in the smart industry and internet security sectors [2][3]. - The traditional anti-counterfeiting tax control business is believed to have bottomed out, indicating that the impact of industry adjustments may be over, and the company is expected to return to growth with the advancement of its "New Aisino" strategy [2][5]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of CNY 2.7 billion, a year-on-year decrease of 22.4%, while the net profit attributable to shareholders was CNY 228 million, down 18.88% year-on-year [2]. - The company's revenue from various segments in H1 2024 included: CNY 1.854 billion from enterprise tax services, CNY 1.151 billion from smart business, CNY 1.051 billion from internet security, and CNY 103 million from anti-counterfeiting tax control, with declines of 21%, 31.9%, 35.5%, and 87.8% respectively [2]. Market Position and Strategy - The company is focusing on expanding its revenue sources and enhancing its marketing capabilities, with a more complete product system under the "Ai", "Xin", and "Nuo" brands [2][3]. - Significant projects include the construction of key digital government systems and contracts worth over CNY 3 billion in the Guangdong-Hong Kong-Macao Greater Bay Area [3][4]. Future Outlook - The new round of fiscal and tax reforms is expected to accelerate the development of the digital fiscal and tax industry, driving demand for system upgrades [5]. - Revenue forecasts for 2024-2026 are CNY 10.636 billion, CNY 12.053 billion, and CNY 13.903 billion respectively, with net profits projected at CNY 425 million, CNY 647 million, and CNY 846 million [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [2][6][21] Core Insights - The company achieved a revenue of 3.068 billion yuan in H1 2024, representing a year-on-year increase of 36.91% [3] - The net profit attributable to shareholders reached 287 million yuan, up 393.32% year-on-year, while the net profit after deducting non-recurring gains and losses was 276 million yuan, an increase of 514.84% [3] - The company continues to expand its international presence with the successful launch of the second phase of its Cambodia project, which is expected to generate significant revenue [5][6] Financial Performance Summary - In Q2 2024, the company reported a revenue of 1.625 billion yuan, a year-on-year increase of 36.32% and a quarter-on-quarter increase of 12.56% [3] - The gross profit margin for Q2 2024 was 17.37%, up 2.88 percentage points year-on-year, while the net profit margin was 8.26%, an increase of 4.33 percentage points year-on-year [3][8] - The company’s tire production volume in Q2 2024 was 4.6843 million units, a year-on-year increase of 57.95%, and the sales volume was 4.3322 million units, up 50.86% year-on-year [3][8] Future Projections - The company is projected to achieve revenues of 6.730 billion yuan, 9.568 billion yuan, and 11.104 billion yuan for the years 2024, 2025, and 2026, respectively [6][21] - The net profit attributable to shareholders is expected to be 627 million yuan, 937 million yuan, and 1.180 billion yuan for the same years [6][21] - The report anticipates a PE ratio of 11, 7, and 6 for the years 2024, 2025, and 2026, respectively, indicating strong growth potential [6][21]

Investment Rating - Buy (maintained) [1] Core Views - China Tobacco Hong Kong (06055) reported strong H1 2024 results with total revenue of HKD 8.7 billion, up 12.4% YoY, and net profit attributable to shareholders of HKD 640 million, up 40.8% YoY [2] - The company announced an interim dividend of HKD 0.15 per share starting from 2024 [2] - Cigarette export revenue surged 127.9% YoY to HKD 550 million, driven by recovery in duty-free market traffic [3] - Tobacco leaf import revenue increased 5.5% YoY to HKD 6.8 billion, while tobacco leaf export revenue rose 23.0% YoY to HKD 920 million [3] - New tobacco product export revenue grew 28.4% YoY to HKD 44 million, and Brazil operations revenue increased 42.8% YoY to HKD 390 million [3] - Gross margin improved to 11.1%, up 1.5 percentage points YoY, with cigarette export gross margin rising significantly to 22.2%, up 6.5 percentage points YoY [3] Financial Performance Summary - Revenue breakdown: Tobacco leaf import (HKD 6.8 billion, +5.5% YoY), tobacco leaf export (HKD 920 million, +23.0% YoY), cigarette export (HKD 550 million, +127.9% YoY), new tobacco product export (HKD 44 million, +28.4% YoY), Brazil operations (HKD 390 million, +42.8% YoY) [3] - Gross margin improvement driven by higher-margin cigarette exports and optimized product mix [3] - Net profit margin increased to 7.4%, up 1.5 percentage points YoY [3] Market Data - Current price: HKD 16.72 [4] - 52-week price range: HKD 8.61-17.88 [4] - Market capitalization: HKD 11.56 billion [4] - Average daily turnover: HKD 53.35 million [4] Forecast and Valuation - Revenue forecast for 2024E-2026E: HKD 13.4 billion (+13% YoY), HKD 14.7 billion (+10% YoY), HKD 15.9 billion (+8% YoY) [5] - Net profit forecast for 2024E-2026E: HKD 848 million (+42% YoY), HKD 969 million (+14% YoY), HKD 1.07 billion (+10% YoY) [5] - 2024E-2026E P/E ratios: 13.6x, 11.9x, 10.8x [5] - ROE expected to remain strong at around 30% from 2024E to 2026E [6] Key Drivers - Recovery in duty-free market traffic driving cigarette export growth [3] - Optimization of product mix and expansion of self-operated business scale improving margins [3] - Strong demand for tobacco leaf in international markets supporting export growth [3] - Focus on key brand cultivation and marketing efforts boosting new tobacco product sales [3]

Investment Rating - The investment rating for Yanzhou Coal Mining Company (兖矿能源) is "Buy" (maintained) [1][5][7] Core Views - The report highlights an increase in coal production and sales, with a mid-term dividend return to investors [1][4] - The company has shown resilience in its operations despite a decline in coal prices, with a focus on maintaining profitability through cost management [4][5] Financial Performance Summary - For the first half of 2024, the company achieved operating revenue of 723.12 billion yuan, a decrease of 24.1% year-on-year; net profit attributable to shareholders was 75.68 billion yuan, down 31.6% year-on-year [3][4] - The average selling price of coal in the first half of 2024 was 697.6 yuan/ton, a decrease of 24% year-on-year, while the average sales cost was 406.0 yuan/ton, down 14% year-on-year [4][5] - The company plans to distribute a cash dividend of 2.30 yuan per 10 shares, totaling 23.1 billion yuan, which represents 30.51% of the net profit for the period [5][6] Production and Sales Summary - In the first half of 2024, the company produced 69.08 million tons of commercial coal, an increase of 8.2% year-on-year, with sales reaching 67.88 million tons, up 2.93% year-on-year [4][5] - The production growth was attributed to the removal of geological constraints at Tianchi Energy and Inner Mongolia Mining, as well as increased output from Yancoal Australia [4][5] Future Growth Potential - The company has significant growth potential, with plans to produce approximately 140 million tons of commercial coal in 2024, an increase of nearly 10 million tons compared to 2023 [5][6] - The report anticipates revenue for 2024-2026 to be 1466.2 billion yuan, 1567.1 billion yuan, and 1647.9 billion yuan respectively, with net profit projections of 156.1 billion yuan, 181.3 billion yuan, and 203.8 billion yuan [5][6]

Key Insights - The report highlights significant growth in various sectors, including film, semiconductor, and healthcare, indicating a robust recovery and expansion in these industries [5][9][16] - Companies such as Light Media and Lixun Precision are expected to benefit from strong market demand and technological advancements, particularly in AI and digital transformation [9][13][18] - The overall sentiment in the tourism sector is positive, with Ctrip Group showing impressive revenue growth driven by increased travel demand and effective cost management [19][20] Group 1: Light Media - In H1 2024, Light Media reported revenue of 1.334 billion yuan, a year-on-year increase of 120.43%, and a net profit of 473 million yuan, up 133.14% [9] - The company’s film and related businesses generated 974 million yuan in revenue, with a gross margin of 47.36% [10] - Light Media is focusing on expanding its animation production capabilities and has a rich pipeline of projects in development [11] Group 2: Semiconductor and Quartz Products - Kaide Quartz, a leading domestic quartz glass product manufacturer, achieved revenues of 260 million yuan in 2023, with a net profit of 38 million yuan [12] - The global semiconductor market is projected to grow from $440.4 billion in 2020 to $526.9 billion in 2023, with a compound annual growth rate of 6% [12] - Kaide Quartz is expected to see revenue growth of 15% to 25% from 2024 to 2026, driven by increasing demand in the semiconductor and photovoltaic sectors [13] Group 3: Lixun Precision - Lixun Precision reported H1 2024 revenue of 103.6 billion yuan, a year-on-year increase of 5.74%, and a net profit of 5.396 billion yuan, up 23.89% [13] - The company anticipates a strong Q3 2024, with projected net profit growth of 20% to 25% [13] - Lixun is focusing on AI technology integration, which is expected to drive a wave of new product demand [14] Group 4: Healthcare Sector - Weining Health achieved H1 2024 revenue of 1.224 billion yuan, a 2.68% increase, with a net profit of 30 million yuan, up 81.83% [16] - The company’s internet healthcare segment grew by 44.25%, indicating strong market demand for digital health solutions [18] - Weining is enhancing its product offerings with AI-driven solutions, which are expected to improve operational efficiency and market competitiveness [18] Group 5: Ctrip Group - Ctrip Group reported Q2 2024 net revenue of 12.8 billion yuan, a 14% increase, and a net profit of 3.8 billion yuan, up 507% [19] - The company’s domestic hotel bookings grew by approximately 20%, outperforming the industry average [19] - Ctrip's international travel bookings have fully recovered to pre-pandemic levels, showcasing strong market resilience [20]