Investment Rating - The report maintains an "Outperform" rating for Haidilao International Holding, with a target price of RMB 15.6 per share, corresponding to HKD 17.0 per share [4][9]. Core Insights - Haidilao reported a revenue of RMB 21.49 billion for 1H24, representing a year-on-year increase of 13.8%. However, the net profit attributable to shareholders decreased by 9.7% to RMB 2.04 billion, primarily due to changes in net exchange gains and losses and the cancellation of VAT deduction policy in Mainland China. The core operating profit increased by 13.0% to RMB 2.80 billion [2][9]. - The company plans to distribute RMB 1.94 billion in dividends, resulting in a payout ratio of 95% and a dividend yield of approximately 3.1% [2][9]. - The revenue breakdown shows that restaurant revenue was RMB 20.41 billion, with significant growth in Tier-3 and below cities, while takeaway revenue grew by 23.3% to RMB 0.58 billion [2][9]. Revenue and Profit Analysis - For 1H24, the total revenue was RMB 21.49 billion, with restaurant revenue contributing RMB 20.41 billion, up 13.8% year-on-year. Revenue from Tier-1, Tier-2, Tier-3 cities, and Hong Kong, Macau, and Taiwan were RMB 3.59 billion, RMB 8.00 billion, RMB 8.16 billion, and RMB 0.70 billion, respectively [2][9]. - The average customer transaction value decreased by 5.3% to RMB 97.4, while the average seat turnover rate increased by 27.3% to 4.2 times per day [2][9]. Cost Structure and Management - Raw materials and consumables costs increased by 9.1% to RMB 8.39 billion, accounting for 39.0% of revenue, while employee costs rose by 24.0% to RMB 7.16 billion, making up 33.3% of revenue [2][9]. - The report highlights a decrease in depreciation and amortization costs by 11.1% to RMB 1.33 billion, which accounted for 6.2% of revenue [2][9]. Future Outlook - The company anticipates a significant increase in store openings, introducing a franchise model and implementing the "Pomegranate Plan" to incubate new restaurant brands [2][4]. - Revenue projections for 2024-2026 are expected to be RMB 45.433 billion, RMB 49.094 billion, and RMB 53.178 billion, with year-on-year growth rates of 9.6%, 8.1%, and 8.3%, respectively [4][9].

Nicole Zhou nicole.q.zhou@htisec.com [Table_MainInfo] 公司研究/金融/券商 证券研究报告 兴业证券（601377）公司半年报点评 [Table_InvestInfo] 二季度自营表现出色，单季净利润环比增 长 [Table_Summary] 投资要点：公司二季度自营表现出色，财富管理业务方面持续赋能投 顾业务，母公司资管规模持续提升。合理目标价 6.68 元/股，维持"优 于大市"。 【事件】兴业证券发布 2024 年上半年业绩：实现营业收入 53.9 亿元，同比-22.3%； 归母净利润 9.4 亿元，同比-47.6%；对应 EPS 0.10 元，ROE 1.7%，同比-1.7pct。第 二季度季度实现营业收入 30.1 亿元，同比+8.9%，环比+26.8%；归母净利润 6.1 亿元，同比-36.6%，环比+86.9%。 2024 年上半年经纪业务收入承压，赋能投顾业务。2024 年半年度全市场日均股 基交易额 9616 亿元，同比-6.4%，两融余额 14809 亿元，较年初-10.3%。在此背 景下，2024 年上半年公司经纪业务收入 9.3 亿元 ...

[Table_MainInfo] 公司研究/金融/券商 证券研究报告 国元证券（000728）公司半年报点评 [Table_InvestInfo] 二季度自营大幅增长，上半年净利润同比 +9.4% [Table_Summary] 投资要点：公司区域优势与政策优势叠加，精耕细作安徽市场并扩展 省外业务。2024 年上半年自营表现亮眼驱动业绩增长。我们认为合理 目标价 8.20 元，维持"优于大市"评级。 【事件】国元证券发布 2024 年上半年业绩：2024 年上半年公司实现营业收入 30.8 亿元，同比-0.8%；归母净利润 10.0 亿元，同比+9.4%；对应 EPS 0.23 元，ROE 2.8%， 同比+0.1pct。第二季度季度实现营业收入 16.8 亿元，同比+7.7%，环比+19.7%； 归母净利润 5.4 亿元，同比+36.4%，环比+16.1%。 经纪业务保持稳健，业务排名有所提升。2024 年上半年全市场日均股基交易额 9616 亿元，同比-6.4%，两融余额 14809 亿元，较年初-10.3%。在此背景下，公司 2024 年上半年经纪业务收入 4.4 亿元，同比-8.5%，占营业收入比重 ...

Core Insights - The report indicates a significant increase in net capital inflow, with a total of 22.5 billion yuan last week compared to 9.6 billion yuan the previous week [1][2]. Capital Inflow Summary - The net inflow from equity funds was 2.3 billion yuan, down from 3.6 billion yuan the previous week [2]. - The net inflow from ETFs was 22.2 billion yuan, slightly down from 23.7 billion yuan the previous week [2]. - The estimated net inflow from Shanghai and Shenzhen Stock Connect was 4.7 billion yuan, up from 1.7 billion yuan the previous week [2]. - The total IPO issuance was 0.4 billion yuan, down from 1.8 billion yuan the previous week [14]. Market Sentiment Indicators - The weekly turnover rate was 239%, placing it in the 38th percentile historically over the past five years [3]. - The proportion of financing transactions was 7.49%, which is in the 25th percentile historically since 2013 [3]. - The risk premium rate was 4.34, indicating a 3% historical percentile [3]. Fund Positioning - The stock fund's position was 86.0%, an increase from 85.4% the previous week [27]. - The mixed fund's position was 62.4%, up from 61.4% the previous week [27]. - The equity-mixed fund's position was 76.8%, an increase from 76.1% the previous week [27].

[Table_Title] 研究报告 Research Report 3 Sep 2024 中国互联网电子商务 China (Overseas) Internet E-Commerce Sea Limited 近期最被关注的 4 个问题 Most frequently asked questions on Sea Limited 白玉 Jasmine Bai y.bai@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 东南亚电商平台 Sea Limited （年初至今股价+93.4%），第二季度业绩当日涨幅 12%，年初至今的叙事围绕：1）电 商竞争趋势放缓，增速强，第三季度开始电商将释放利润；2）游戏流水恢复正增长；3）估值不贵，年初 230 亿美 金市值对应 24E 0.24x P/GMV。我们近期在香港和内地的路演中依然把这只票放在下半年电商板块首推之一，但在 路演中有几个被问及较多的问题，以下是对这几个问题我们目前的理解。 点评 1. ...

[Table_MainInfo] 策略研究 证券研究报告 策略月报 2024 年 09 月 04 日 [Table_Title] [Table_AuthorInfo]港股盈利增速持续回升 [Table_Summary] 投资要点： 核心结论：①8 月港股涨幅居前，主要源于海外流动性改善、龙头业绩强劲 以及国内宏观政策发力。②24H1 港股归母净利累计同比继续回升，未来稳 增长政策发力下宏微观基本面或逐步修复，预计下半年港股盈利增速有望继 续回升。③分行业看，24H1 港股材料、信息技术和能源板块盈利改善明显， 医药和地产板块盈利恶化。 市场回顾：8 月全球主要股指多数上涨，港股、美股涨幅居前。A 股方面沪深 300 指数 8 月累计跌幅/最大跌幅为-3.5%/-5.2%，创业板指为-6.4%/-10.8%；港 股方面恒生指数为 3.7%/10.7%，恒生科技指数为 1.2%/10.5%；美股方面标普 500 指数为 2.3%/10.4%，纳斯达克指数为 0.6%/14.7%；其他市场，德国 DAX 为 2.2%/11.4%，英国富时 100 为 0.1%/6.3%，法国 CAC40 为 1.3%/9.4%，日 ...

Economic Development and Manufacturing Upgrading - Japan's economic development and manufacturing upgrading have undergone three stages: high growth led by heavy industry (1945-1973), a slowdown with a shift to knowledge-intensive industries (1974-1991), and a focus on high value-added creative industries (1992-present) [1] - The GDP growth rate averaged 9.3% from 1957 to 1973, while it dropped to 4.1% from 1974 to 1991, and further declined to 0.8% from 1992 to 2023 [12][24] Technological Content and Industry Structure - Japan's manufacturing technology content has seen two significant upgrades, driven by capacity reduction, deleveraging, and resource allocation efficiency [1] - The share of medium-high technology manufacturing output rose significantly from 0.1% in 1970 to 16.0% in 1990, but began to decline after 2007 [28] - The increase in value-added from medium-high technology manufacturing has been slower post-1991, averaging only 0.2 percentage points annually from 1991 to 2022 [29] Policy and Internationalization - Government-led industrial policies have been crucial for Japan's manufacturing upgrades, adapting to macroeconomic changes and international demand [2] - Japan's overseas production ratio has been increasing, with direct investment stock as a percentage of GDP rising from 3.1% in 1985 to 6.5% in 1991 [20] Challenges and Lessons - Japan faces challenges such as manufacturing hollowing out and a decline in the rationality of its industrial structure since 2005 [2] - The government’s strong intervention has sometimes suppressed market mechanisms, which are essential for innovation [2]

Investment Rating - The report maintains an "Outperform" rating for Guolian Securities with a target price of RMB 13.38 per share [3][4][13]. Core Views - Guolian Securities, a state-owned brokerage, is expected to benefit from its pioneering role in fund advisory, which will enhance its wealth management capabilities. The management team is experienced and trusted by shareholders, positioning the company for growth in asset management and wealth management through synergies [3][4][13]. Financial Performance Summary - For H1 2024, Guolian Securities reported revenue of RMB 1.09 billion, a decrease of 39.9% year-on-year, and a net profit attributable to shareholders of RMB 87.71 million, down 85.4% year-on-year. The earnings per share (EPS) was RMB 0.03, with a return on equity (ROE) of 0.5%, reflecting a decline of 3.0 percentage points year-on-year [3][4][13]. - In Q2 2024, the company achieved revenue of RMB 0.91 billion, a year-on-year decrease of 19.2%, but a quarter-on-quarter increase of 426.2%. The net profit attributable to shareholders was RMB 31 million, down 22.0% year-on-year, but showing a recovery from previous losses [3][4][13]. Business Segment Performance - Brokerage revenue for H1 2024 was RMB 0.28 billion, an increase of 6.9% year-on-year, accounting for 26% of total revenue. The average daily trading volume in the market was RMB 961.6 billion, down 6.4% year-on-year [3][4][13]. - Investment banking revenue was RMB 0.17 billion, a decline of 39.8% year-on-year, with equity underwriting down 83.5% and bond underwriting down 0.3% [3][4][13]. - Asset management revenue surged to RMB 0.31 billion, up 273.8% year-on-year, with total assets under management (AUM) reaching RMB 124.8 billion, a 6.4% increase year-on-year [3][4][13]. Investment Outlook - The expected EPS for 2024-2026 is projected to be RMB 0.06, 0.07, and 0.07 respectively, with book value per share (BVPS) estimated at RMB 6.37, 6.45, and 6.52 [4][13]. - The report suggests a price-to-book (P/B) ratio of 2.1x for 2024E, aligning with comparable company valuations [4][13].

Investment Rating - Maintains an "Outperform" rating with a target price adjusted to HKD 6.94 [5][14] Core Views - The company achieved sales of CNY 128.6 billion in 1H24, representing a 4.7% year-over-year (y-y) growth [3][9] - The pharmaceutical manufacturing, distribution, and retail segments contributed 16.5%, 79.6%, and 3.8% to total revenue, respectively [3][9] - Gross profit margin (GPM) improved to 16.3% (+0.2 ppts y-y), driven by higher margins in the pharmaceutical manufacturing segment [3][9] - Net profit reached CNY 5.5 billion (+10.2% y-y), while attributable net profit was CNY 2.6 billion (-2.9% y-y) [3][9] - The company has over 350 projects under research, including approximately 100 new drug projects [3][9] Business Segment Analysis Pharmaceutical Manufacturing - Sales reached CNY 23.8 billion (+5.8% y-y) in 1H24 [3][10] - Traditional Chinese medicine (TCM) sales grew by 12.0% y-y, contributing 50.3% of the segment's revenue [3][10] - The segment's GPM improved to 60.1% (+1.2 ppts y-y) due to product mix changes and process efficiency enhancements [3][10] - The company produced 792 drugs, with 430 included in the National Reimbursement Drug List and 203 in the basic drug list [3][10] Distribution - Sales were CNY 105.9 billion (+4.9% y-y), with medical device distribution contributing CNY 16.7 billion (+3.1% y-y) [3][11] - The segment's GPM slightly declined to 5.9% (-0.2 ppts y-y) [3][11] - The distribution network covers 28 provinces, serving approximately 210,000 clients, including over 10,000 second- and third-tier hospitals [3][11] - The company operates more than 220 logistics centers with nationwide temperature-controlled storage and distribution capabilities [3][11] Retail - Sales grew by 9.3% y-y to CNY 4.9 billion, driven by the high-value drug direct-to-patient (DTP) business, which grew by 19% y-y [3][12] - The segment's GPM decreased to 6.5% (-1.4 ppts y-y) due to the increased proportion of lower-margin DTP business [3][12] - The company operates 760 self-owned retail pharmacies, including 275 DTP pharmacies (162 dual-channel pharmacies) [3][12] Financial Forecasts - Revenue forecasts for 2024/2025/2026 were slightly revised to CNY 263.6 billion, CNY 291.1 billion, and CNY 320.7 billion, respectively [5][13] - Attributable net profit forecasts for 2024/2025/2026 were adjusted to CNY 4.1 billion, CNY 4.5 billion, and CNY 5.0 billion, respectively [5][13] - The adjustments reflect challenges in the pharmaceutical distribution industry and the impact of equity restructuring on attributable net profit [5][13] Valuation - The target price was revised to HKD 6.94, based on a 9.5X PE for 2024, down from HKD 8.12 (previously based on 11X PER) [5][14] - The valuation reflects uncertainties in the distribution industry, including extended reimbursement cycles for medical insurance funds [5][14]

Investment Rating - The report does not explicitly state an investment rating for the company [1]. Core Insights - The company reported a recurring net profit increase of 3.06% year-on-year for the first half of 2024, despite a 16.29% decline in operating income to 1.658 billion yuan [1][4]. - The company intends to acquire a 68.59% equity interest in Hongyi, with total issue proceeds not exceeding 708.96 million yuan, aimed at completing a restructuring process initiated in 2021 [2][4]. - The company is participating in the bankruptcy reorganization of three salt-related companies to expand its industrial layout, which is crucial for its soda ash production [2][4]. - The company is focused on cost reduction and efficiency improvement, including the construction of a 600,000-ton energy-saving technology upgrade and the development of high value-added battery-grade sodium carbonate [3][4]. Summary by Sections Financial Performance - In 2024H1, the company achieved an operating income of 1.658 billion yuan, a year-on-year decline of 16.29%, while the net profit was 308 million yuan, up 3.18% year-on-year [1][4]. - The gross margin for the company's allied alkali and chemicals was 23.56%, down 0.28 percentage points year-on-year [1][4]. Acquisition Plans - The company plans to raise funds for acquiring 68.59% of Hongyi, which is part of a broader restructuring effort that includes reducing financial debt and injecting new assets into the company [2][4]. Industrial Expansion - The company is involved in the bankruptcy reorganization of three salt companies, which will enhance its access to essential salt resources for soda ash production [2][4]. Cost Management and Product Development - The company is implementing projects to reduce production costs and is extending its product line to include battery-grade sodium carbonate, with the first phase expected to be operational by Q3 2024 [3][4].