研究报告 Research Report 28 Aug 2024 京东物流 JD Logistics (2618 HK) 24Q2 降本增效成果显著，利润率提升超预期 Q2 2024 Cost Reduction and Efficiency Gains Boost Profit Margins Beyond Expectations [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | --- | --- | |--------------------------------|---------------|------------------------|------------------| | [Table_Info] 维持优于大市 | | | | | 评级 | | 优于大市 | OUTPERFORM | | 现价 | | | HK$9.37 | | 目标价 | | | HK$14.61 | | HTI ESG | | | 5.0-5.0-5.0 | | | | | | | 市值 | | HK$62.09bn / US$7.96bn | | | 日交易 ...

研究报告 Research Report 28 Aug 2024 京东物流 JD Logistics (2618 HK) 24Q2 降本增效成果显著，利润率提升超预期 Q2 2024 Cost Reduction and Efficiency Gains Boost Profit Margins Beyond Expectations [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | --- | --- | |--------------------------------|---------------|------------------------|------------------| | [Table_Info] 维持优于大市 | | | | | 评级 | | 优于大市 | OUTPERFORM | | 现价 | | | HK$9.37 | | 目标价 | | | HK$14.61 | | HTI ESG | | | 5.0-5.0-5.0 | | | | | | | 市值 | | HK$62.09bn / US$7.96bn | | | 日交易 ...

Investment Rating - The report does not explicitly state the investment rating for Angelalign (6699 HK) Core Insights - The company reported a robust revenue growth of CNY 0.86 billion for H1 2024, representing a year-over-year increase of 39.8%, driven primarily by international operations [4][5] - Domestic revenue reached CNY 0.63 billion, reflecting a 10.1% increase, while international revenue surged to CNY 0.23 billion, marking a staggering 452.5% increase and accounting for 26.5% of total revenue [4][5] - The number of international cases in invisible orthodontics grew significantly, with overseas cases constituting 37.7% of the total case volume in H1 2024 [5] - The company achieved 153,000 cases in invisible orthodontics, a 60.3% increase, with domestic cases at 95,000 (up 10.8%) and international cases at approximately 58,000 (up 512.8%) [5] - The gross profit margin for H1 2024 was 62.4%, an increase of 3.1 percentage points, while the sales expense ratio rose to 39.8% [6] - The adjusted net profit for H1 2024 was CNY 71.65 million, a 95.8% increase, while the net profit was CNY 14.726 million, a decrease of 49.7% [7] Summary by Sections Revenue Performance - The company achieved total revenue of CNY 0.86 billion in H1 2024, with domestic revenue at CNY 0.63 billion and international revenue at CNY 0.23 billion [4][5] Case Volume - The total number of invisible orthodontics cases reached 153,000, with domestic cases at 95,000 and international cases at approximately 58,000 [5] Profitability - The adjusted operating profit for the domestic market was CNY 110 million, with an adjusted operating profit margin of 17.7% [7] - The company incurred a foreign exchange loss of CNY 7.841 million in H1 2024, impacting net profit [7]

Investment Rating - The report maintains an "Outperform" rating for Haitian International Holdings [3][6][15] Core Views - The company experienced rapid growth in revenue and profit in 1H24, with revenue reaching 8 billion yuan, a year-on-year increase of 25.7% and a sequential increase of 19.9%. The net profit attributable to the parent company was 1.52 billion yuan, up 23.5% year-on-year and 20.7% sequentially [11][12] - The company has a positive outlook for the second half of the year, driven by global industrial chain restructuring and domestic demand expansion policies [13][14] Revenue and Profit Growth - 1H24 revenue was 8 billion yuan, with a year-on-year increase of 25.7% and a sequential increase of 19.9%. Net profit was 1.52 billion yuan, up 23.5% year-on-year and 20.7% sequentially [11][12] - The gross margin for 1H24 was 32.3%, up 0.3 percentage points year-on-year, while the operating profit margin was 21.8%, up 0.5 percentage points year-on-year [11][12] Market Performance - Domestic revenue in 1H24 was 5.18 billion yuan, up 33.7% year-on-year, while overseas revenue was 2.84 billion yuan, up 13.2% year-on-year [12][4] - The company has increased its market share through product strategy and the promotion of energy-efficient models [4][12] Product and Market Strategy - The company plans to enhance product diversity and expand its global presence by increasing R&D efforts and introducing more targeted products [14][15] - The company will continue to implement its "Five Five" strategy to deepen its overseas market layout [14][15] Financial Forecasts - Revenue forecasts for 2024 and 2025 have been increased to 16.4 billion yuan and 17.9 billion yuan, respectively, with net profit forecasts raised to 3.1 billion yuan and 3.5 billion yuan [15][6] - The target price has been raised to 28.6 HKD, corresponding to a 12x PE valuation for 2025 [15][6]

Investment Rating - The report suggests a long-term investment potential for Masan Group due to its leading position in the Vietnamese market, strong brand portfolio, and diversified business footprint [2][35]. Core Insights - Masan Group is committed to building a comprehensive consumer ecosystem, redefining its target market from 100 million Vietnamese consumers to 8 billion global consumers, which presents significant growth potential [1][4]. - The company maintains a leading market share of 30% in the condiment industry, with well-known brands like Chin-su and Nam Ngu, and has established a distribution network covering 98% of household consumers in Vietnam [2][32]. - The management team possesses local market familiarity and international experience, enabling the company to respond swiftly to market changes and seize growth opportunities [2][34]. Summary by Sections Business Overview - Masan Group focuses on creating a consumer ecosystem that adapts to changing consumer needs, expanding from daily necessities to customized products and services [1][4]. - The company has diversified its operations into various sectors, including consumer-retail, high-tech materials, and financial services, with significant revenue contributions from food and beverage (35.1%) and retail (38.2%) [5][12]. Retail Operations - The company has implemented various store models to cater to different consumer needs, achieving a Like-for-Like (LFL) growth from -4.8% to +4.9% in urban areas and from -13.4% to +4.9% in rural areas within the same year [2][21]. - WinCommerce, the largest retail chain in Vietnam, has adapted its operations to enhance customer experience and meet diverse consumer demands [20][21]. Financial Performance - Masan Group has demonstrated robust revenue growth, with a CAGR of 15.4% from 2018 to 2023, and an improvement in gross margin from 23.2% in 2020 to 28.3% in 2023 [27][28]. - The company is focused on cost reduction and efficiency improvements to maintain profitability amid rising sales expenses [28][29]. Management and Governance - The management team is highly professional, with experience in leading global platforms, ensuring effective governance and strategic decision-making [24][34]. - Transparent governance structures have attracted significant interest from global investors, further solidifying the company's market position [24][35].

Investment Rating - The report suggests a long-term investment potential for Masan Group due to its leading position in the Vietnamese market, strong brand portfolio, and diversified business footprint [2][35]. Core Insights - Masan Group is committed to building a comprehensive consumer ecosystem, redefining its target market from 100 million Vietnamese consumers to 8 billion global consumers, which presents significant growth potential [1][4]. - The company maintains a leading market share of 30% in the condiment industry, with well-known brands like Chin-su and Nam Ngu, and has established a distribution network covering 98% of household consumers in Vietnam [2][32]. - The management team possesses local market familiarity and international experience, enabling the company to respond swiftly to market changes and seize growth opportunities [2][34]. Summary by Sections Business Overview - Masan Group focuses on creating a comprehensive consumer ecosystem, adapting to changing consumer demands and expanding from essential goods to customized products and services [4][31]. - The company has diversified its operations into various sectors, including consumer retail, high-tech materials, and financial services, with significant revenue contributions from food and beverage (35.1%) and retail (38.2%) [5][27]. Retail Strategy - The company has implemented various store models to cater to different consumer needs, achieving a Like-for-Like (LFL) growth from -4.8% to +4.9% in urban areas and from -13.4% to +4.9% in rural areas within the same year [2][21]. - WinCommerce, the largest retail chain in Vietnam, has adapted its operations to enhance customer experience and improve efficiency through digital transformation [20][33]. Financial Performance - Masan Group has demonstrated robust revenue growth, with a CAGR of 15.4% from 2018 to 2023, and has improved its gross margin from 23.2% in 2020 to 28.3% in 2023 [27][28]. - The company is focused on optimizing its cost structure and enhancing operational efficiency to maintain EBITDA growth amid rising competition and costs [28][29]. Market Position - Masan Group's brands dominate the Vietnamese condiment market, with significant shares in fish sauce (50%), soy sauce (over 50%), and chili sauce (30%) [14][19]. - The company is actively pursuing international expansion, with a strategic focus on exporting products to Southeast Asia and beyond, achieving a CAGR of 31% in export revenue from 2020 to 2023 [19][20].

Investment Rating - The report maintains an "OUTPERFORM" rating for Sichuan Development Lomon, with a target price of RMB 8.32, indicating a potential upside from the current price of RMB 6.50 [1][3][9]. Core Insights - The company's recurring net profit increased by 47.93% year-on-year in H1 2024, driven by both volume and price increases of main products. Operating income reached RMB 4.025 billion, a 10.10% year-on-year growth, while net profit was RMB 294 million, up 26.68% year-on-year [2][5][6]. - The company is focusing on the integrated development model of mining and chemistry, enhancing its upstream resource supply capabilities with significant phosphorus ore reserves [7][8]. - New energy material projects are being developed to create a second growth curve, with ongoing projects in De'a and Panzhihua expected to contribute to future profit growth [8][9]. Financial Summary - For 2024, the company is projected to achieve a net profit of RMB 609 million, with EPS of RMB 0.32, followed by RMB 702 million and RMB 0.37 in 2025, and RMB 819 million with EPS of RMB 0.43 in 2026 [4][9]. - Revenue is expected to grow from RMB 7.708 billion in 2023 to RMB 10.226 billion by 2026, reflecting a compound annual growth rate [4][9]. - The gross profit margin is anticipated to improve from 13.1% in 2023 to 17.0% by 2026, indicating enhanced operational efficiency [4][9].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 13.48 based on a 2024 PE of 28x [2][10]. Core Insights - In Q2 2024, the company reported revenue of RMB 528 million, a year-on-year growth of 7.94%, and a net profit attributable to shareholders of RMB 51 million, a decrease of 3.66% [8][9]. - For H1 2024, the company achieved revenue of RMB 997 million, reflecting a 7.18% year-on-year increase, with a net profit of RMB 78 million, up 3.86% [8][9]. - The company continues to expand its global presence, having opened a new laboratory in Munich, Germany, as part of its localization strategy [9]. Financial Performance Summary - The company’s revenue for H1 2024 from Mainland China was RMB 496 million, a 6.27% increase, while revenue from Hong Kong, Macau, Taiwan, and overseas regions was RMB 501 million, growing by 8.09% [8][9]. - The gross profit margin (GPM) for H1 2024 was 41.71%, an increase of 0.14 percentage points, while the net profit margin (NPM) was 8.25%, a decrease of 0.20 percentage points [8][9]. - The company’s cash flow from operating activities for H1 2024 was negative RMB 82.34 million, compared to negative RMB 4.51 million in the same period last year [9]. Earnings Forecast - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are RMB 0.48, RMB 0.57, and RMB 0.68, respectively, with net profit growth rates projected at 12.5%, 19.2%, and 19.0% [2][10]. - The company’s revenue is expected to grow from RMB 2,333 million in 2024 to RMB 3,276 million in 2026, with a year-on-year growth rate of 16.5% in 2024 [3][6]. Business Segments - The revenue breakdown for 2024E includes RMB 635.64 million from life sciences basic research services, RMB 269.25 million from medical research and technology services, and RMB 952.58 million from library sequencing platform services [4].

Equity – Asia Research 海通有色-周报-20240826 Haitong Nonferrous Metals - Weekly Report - 20240826 | --- | --- | |---------------|---------------------------------------------------------------| | | | | 陈先龙 甘嘉尧 | Xianlong Chen xl.chen@htisec.com Jiayao Gan jy.gan@htisec.com | | 吴旖婕 | Yijie Wu lisa.yj.wu@htisec.com | | | 27 Aug 2024 | 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券 研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请 参阅附录。(Please see appendix for English tr ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 17.25 per share, reflecting a 25 times PE valuation for 2024 [4][14]. Core Insights - The company reported a revenue of RMB 1.13 billion in the first half of 2024, representing a year-over-year growth of 22.17%, and a net profit attributable to shareholders of RMB 143 million, up 72.41% year-over-year [8][9]. - The growth in revenue is attributed to the continuous development and optimization of distributors, terminal market construction, new product promotion, and increased revenue from new media platforms [9][11]. - The gross profit margin improved by 4.14 percentage points year-over-year due to lower raw material prices, while the net profit margin increased by 3.70 percentage points year-over-year [9][10]. Revenue Breakdown - Fish products generated RMB 703 million in revenue, a 16.64% increase year-over-year, with a gross profit margin of 32.29% [12]. - Poultry products, driven by quail egg sales, saw a significant revenue increase of 51.10% year-over-year, totaling RMB 258 million, with a gross profit margin of 22.24% [12][11]. - Bean products and vegetable products also showed growth, with revenues of RMB 111 million (up 9.53%) and RMB 38 million (up 15.61%) respectively [12]. Channel Performance - The number of distributors increased from 3057 to 3166, indicating a steady growth in distribution channels [13]. - Offline sales achieved RMB 930.63 million, a 29.45% increase year-over-year, while online sales decreased by 3.28% to RMB 198.92 million [13]. - The direct sales model saw a revenue increase of 45.96% year-over-year, primarily due to growth in offline snack specialty channels [13]. Financial Forecast - Projected revenues for 2024, 2025, and 2026 are RMB 2.53 billion, RMB 3.08 billion, and RMB 3.69 billion respectively, with net profits expected to be RMB 313 million, RMB 389 million, and RMB 476 million [4][14]. - Corresponding EPS for these years are forecasted at RMB 0.69, RMB 0.86, and RMB 1.06 [4][14].