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].

Investment Rating - The report maintains an "Outperform" rating for the company, expecting a total return exceeding the relevant market benchmark over the next 12-18 months [3][8]. Core Insights - The company achieved a 66% increase in net profit, with a 7.5% year-on-year revenue growth to USD 770 million in the first half of 2024. Gross profit margin improved by 2.7 percentage points to 25.8% [2][8]. - The company plans to return an additional USD 180 million in cash to shareholders over three years through special dividends or buybacks, with a total return rate of 13.7% [3][8]. - The company will be included in the Hang Seng Composite Index and Hong Kong Stock Connect, effective September 9, which is expected to enhance stock liquidity and attention [3][8]. Financial Performance - In the first half of 2024, the company reported a net profit of USD 91.5 million, with a net profit margin of 11.9%, up 4.2 percentage points year-on-year [2][8]. - Shipment volume reached 26.5 million pairs, a 12.3% increase year-on-year, while the average selling price (ASP) decreased by 4.4% to USD 28.3 [2][8]. - The company anticipates net profits of USD 166 million, USD 186 million, and USD 205 million for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 17.4%, 12.1%, and 10.2% [3][8]. Product and Market Strategy - The company is focusing on optimizing its product mix and increasing capacity utilization, particularly in sports and fashion segments, which saw revenue growth of 13% and 10%, respectively [2][8]. - New customer acquisitions in the fashion and luxury segments, including Stuart Weitzman and Miu Miu, contributed to revenue growth [2][8]. - The company plans to expand its manufacturing capacity in Bangladesh and Indonesia, targeting a non-China and non-Vietnam capacity of 25% by 2024 [2][8].

Investment Rating - The report initiates coverage with an "Outperform" rating for Sinofert Holdings, expecting a relative performance exceeding the market benchmark over the next 12-18 months [3][20]. Core Viewpoints - Sinofert Holdings is the largest comprehensive fertilizer enterprise in China, engaged in the integrated operation of production, supply, and marketing of fertilizer products. The company has been actively developing its "Bio+" strategy, which has led to the segmentation of its business into Basic Business, Growth Business, and Production [2][16]. - The company's recurring net profit for the first half of 2024 increased by 4.68% year-on-year, with total operating income showing a slight recovery after a decline in 2023 [3][17]. - The Growth Business segment has shown rapid growth, with revenue and profit increasing significantly due to the introduction of new products and a focus on bio-fertilizers and soil health [18][19]. Financial Performance - For the first half of 2024, the company reported total operating income of 21.776 billion yuan, with a year-on-year growth of 3.23%. The recurring net profit was 1.051 billion yuan, reflecting a 4.68% increase compared to the previous year [3][17]. - The gross sales margin for 2024H1 increased by 0.34 percentage points to 12.15% year-on-year [3][17]. - The forecast for net profit from 2024 to 2026 is projected to be 1.271 billion yuan, 1.450 billion yuan, and 1.592 billion yuan, respectively, with corresponding EPS of 0.18, 0.21, and 0.23 yuan per share [20]. Business Segmentation - The Basic Business segment focuses on sourcing and selling potash, phosphate fertilizers, and sulfur, while the Growth Business is dedicated to bio-compound fertilizers, specialty fertilizers, plant protection, and seeds [2][16]. - Revenue from the Growth Business for 2022, 2023, and the first half of 2024 was 7.441 billion yuan, 7.845 billion yuan, and 5.555 billion yuan, respectively, with a year-on-year growth of 5% [18][19]. Synergistic Effects - The company leverages its relationship with Syngenta Group to enhance product competitiveness, achieving significant revenue from plant protection and seed synergy projects [19][20].

[Table_MainInfo] 公司研究/商业贸易/专营零售 证券研究报告 赛维时代（301381）公司研究报告 Liting Wang liting.wang@htisec.com Hongke Li hongke.li@htisec.com Rebecca Hu, CFA rebecca.jl.hu@htisec.com [Table_InvestInfo] 首次覆盖：价值链重构， 技术驱动品牌出海 [Table_Summary] 投资要点： 由"性价比铺货"转向"品牌矩阵式孵化"。赛维时代是一家技术驱动的品牌出 海企业，①2012-15 年创立初期：主营高性价比产品，重视底层架构搭建， 通过技术投入优化流程成本。②2016 年至今推进品牌化转型，2023 年外部 扰动渐退，收入、净利润各 65.6、3.36 亿元，同比增 33.7%、81.6%；1Q24 收入、净利润各 18.0、0.86 亿元，同比增 44.7%、65.6%。 财务：产品结构持续优化，营运能力显著提升。①经营模式：聚焦 Amazon 平台，其次是 Walmart 和自营网站，2023 年收入占比各 88.3%、4.1%和 2.8%。 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 33.70, reflecting a 6-month outlook [5][10]. Core Insights - The company's B-end business is experiencing steady growth, with a notable increase in net profit margin (NPM) to 26.5% in 2024H1, up from 22.62% at the end of 2023 [5][9]. - The intelligent financial and tax service cloud business generated RMB 555 million in revenue, marking a 10.4% year-on-year increase, while net profit reached RMB 147 million, up 11.0% [5][9]. - The company is actively investing in AI and compliance technologies, enhancing its service offerings and aiming to lower the digitalization threshold for enterprises [2][5]. Summary by Sections Financial Performance - In 2024H1, total revenue was RMB 814 million, a 7.45% increase year-on-year, with a net profit attributable to shareholders of RMB 88.24 million, up 0.86% [5][9]. - The recurring net profit attributable to shareholders was RMB 82.88 million, reflecting a 17.81% increase [5][9]. - The company forecasts revenue growth to RMB 2.11 billion in 2024, with a projected net profit of RMB 172 million, and EPS expected to rise to RMB 0.42 [3][7]. Business Segments - The B-end business is highlighted for its robust growth, with the intelligent financial and tax service cloud platform serving 9 million active enterprise users, an increase of 9.8% [5][9]. - The G-end business, focusing on digital government services, achieved revenue of RMB 257 million in 2024H1, a 2.1% increase year-on-year [5][9]. Technological Advancements - The company has developed the "Xiyou" foundation model algorithm, which has passed regulatory approval, enhancing its capabilities in financial and tax services [5][10]. - Investments in vertical large language models are aimed at improving service efficiency and quality across various financial and tax business scenarios [2][5]. Market Position and Future Outlook - The company is positioned as a leader in the tax data application field in China, with a comprehensive product line and successful case studies across multiple industries [4][9]. - The ongoing financial and tax system reforms are expected to create new opportunities for the company, particularly in enhancing digital governance and tax management [4][10].

Investment Rating - The report maintains an "OUTPERFORM" rating for AIA Group with a target price of HKD 74.74, based on a valuation of 1.5x 2024E PEV, which corresponds to a fair value of USD 9.58 [10][38]. Core Insights - AIA Group reported a New Business Value (NBV) of USD 2.46 billion, representing a year-on-year increase of 25% [35]. - The Annualized New Premium (ANP) reached USD 4.55 billion, up 17% year-on-year, with a quarterly growth of 5.6% in Q2 2024 [35]. - The after-tax operating profit was USD 3.39 billion, a 7% increase year-on-year, while net profit surged by 53% to USD 3.31 billion [35]. - The embedded value stood at USD 68.2 billion, reflecting a 3% increase since the beginning of the year, with an operating profit of USD 5.35 billion, up 24% year-on-year [35]. Summary by Sections Financial Performance - AIA Group's insurance revenue for 2023 is projected to be USD 17.51 billion, a 7.32% increase from 2022, with net profit expected to reach USD 3.76 billion, marking a 13% growth [37]. - The company aims for a compound annual growth rate (CAGR) of 9%-11% in after-tax operating profit per share from 2023 to 2026 [35]. Distribution Channels - The agent channel saw a 19% increase in NBV, accounting for 71% of total NBV, while the partner distribution channel experienced a remarkable 43% growth [36]. - The number of agents increased by 22% year-on-year, with active agents rising by 6% [36]. Regional Performance - Hong Kong remains the largest contributor to AIA's NBV, accounting for 33% of total NBV with a 26% year-on-year increase [40]. - The mainland China market reported a 36% increase in NBV, with a 20% growth in the agent channel [40]. - The "New Malaysia Thailand" region also showed positive growth, with NBV increases of 27%, 14%, and 16% respectively [40]. Investment Strategy - AIA Group is shifting its investment strategy by reducing fixed income allocations while increasing equity investments [41]. - The annualized net investment return for the first half of 2024 was 1.8%, remaining stable year-on-year [41].

[Table_MainInfo] 公司研究/金融/综合金融服务 证券研究报告 香港交易所（388.HK）公司半年报点评 [Table_InvestInfo] 沪股通日均交易额创历史新高，上半年归 母净利润同比小幅下滑 [Table_Summary] 投资要点： 【事件】香港交易所发布 2024 年中期业绩：2024 年上半年实现收入及其他 收益 106.21 亿港元，同比+0.4%，归母净利润 61.25 亿港元，同比-3.0%。上 半年 ROE（未年化） 11.8%，同比-0.7pct。2024Q2 实现收入及其他收益 54.2 亿港元，同比+8.0%，归母净利润 31.55 亿港元，同比+8.6%；二季度 ROE（未 年化）为 6.2%，同比+0.3pct。 二季度交投大幅回升。2024 年上半年现货分部实现收入及其他收益 41.29 亿 港元，同比-1.8%，收入占比 39%。上半年现货市场日均交易额同比-4%至 1104 亿港元。Q2 交投大幅回升，日均成交金额为 1216 亿港元，同比+18%，环比 +22%。沪深港通北向及南向每日平均成交额分别为 1302 亿元和 375 亿港元， 分别+19.1 ...

研究报告 Research Report [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb5.00 目标价 Rmb7.92 HTI ESG 4.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb8.31bn / US$1.16bn 日交易额 (3 个月均值) US$35.72mn 发行股票数目 1,661mn 自由流通股 (%) 52% 1 年股价最高最低值 Rmb8.18-Rmb3.53 注：现价 Rmb5.00 为 2024 年 08 月 26 日收盘价 1mth 3mth 12mth 绝对值 -3.5% -23.5% 2.9% 绝对值（美元） -1.6% -22.4% 5.1% 相对 MSCI China -6.3% -16.9% 5.5% [Table_Profit] Rmb mn Dec-23A Dec-24E Dec-25E Dec-26E Revenue 17,374 17,753 18,765 19,703 Re ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 11.88 per share, reflecting a reasonable market capitalization of HKD 42.60 billion based on a 6x PS for 2024 [3][10]. Core Insights - The company reported a revenue of RMB 2.87 billion for the first half of 2024, representing a year-on-year growth of 11.9%, while the net profit attributable to shareholders showed a loss of RMB 218 million, which is a narrowing of 23.2% year-on-year [2][10]. - The cloud services segment continues to grow, with revenue reaching RMB 2.39 billion, up 17.2% year-on-year, and accounting for 83.2% of total group revenue [2][10]. - The large enterprise business is experiencing significant growth, with revenues from Kingdee Cloud·Cangqiong and Kingdee Cloud·Xinghan increasing by 38.9% year-on-year to RMB 546 million, and contract signing amounts growing approximately 63% year-on-year [2][10]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of RMB 2.87 billion, with a year-on-year growth of 11.9% and a net loss of RMB 218 million, which is a 23.2% improvement from the previous year [2][10]. - The sales, management, and R&D expense ratios were 42.7%, 8.7%, and 28.1%, respectively, showing a decrease of 1.9, 0.6, and 0.9 percentage points year-on-year [2][10]. Cloud Services and Subscription Growth - The cloud services revenue for the first half of 2024 was RMB 2.39 billion, marking a 17.2% increase year-on-year, and the annual recurring revenue (ARR) from cloud subscription services was approximately RMB 3.15 billion, up 24.2% year-on-year [2][10]. - Contractual liabilities related to cloud subscription services grew by 28.2% year-on-year [2][10]. Large Enterprise Business - The large enterprise segment saw revenues of RMB 546 million, a 38.9% increase year-on-year, with a net renewal rate of 97% and a subscription ARR growth of 29% [2][10]. - The medium enterprise business generated RMB 1.054 billion in revenue, up 14.3% year-on-year, with a customer count reaching 42,000 [2][10]. - The small and micro enterprise segment reported revenues of RMB 588 million, a 17.3% increase year-on-year, with a notable 70.8% growth in Kingdee Cloud·Xingchen revenue [2][10]. AI Platform Development - The company upgraded its Kingdee Cloud·Cangqiong to a new generation enterprise-level AI platform, launching the AI management assistant "Cosmic" [3][10]. - The AI applications have been validated in large enterprises, and the company is collaborating with major tech firms like Baidu and Microsoft to explore new intelligent applications [3][10].

Investment Rating - The report maintains an "Outperform" rating for the company with a target price of RMB 14.13 per share [2][11][12]. Core Insights - Despite significant market volatility and low new fund issuance in 2024, the company's fund distribution income has declined, while its securities business remains stable with an increase in margin financing market share and substantial growth in investment profits [2][11]. - The company has introduced a new equity incentive plan, reflecting confidence in its future development [2][11]. - The report projects a net profit of RMB 7.779 billion for 2024, representing a year-on-year decrease of 5.1% [3][11]. Financial Performance Summary - For the first half of 2024, total revenue was RMB 4.94 billion, down 14.0% year-on-year, with a net profit attributable to shareholders of RMB 4.06 billion, down 4.0% year-on-year [2][11]. - The fund distribution business saw a revenue decline of 29.7% year-on-year, with total fund sales volume at RMB 851.4 billion, an increase of 4.4% year-on-year [2][11]. - The securities business reported a stable brokerage market share, with total trading volume of RMB 9.21 trillion, down 6.4% year-on-year [2][11]. Business Segment Analysis - The fund distribution segment experienced a decline in income, with new fund issuance at 660.7 billion units, up 26.1% year-on-year, but equity fund issuance down 33.9% [2][11]. - The securities segment's commission income was RMB 2.39 billion, down 4.0% year-on-year, while margin financing net interest income was RMB 1.03 billion, down 8.0% year-on-year [2][11]. - Proprietary business revenue grew significantly, with net investment income of RMB 1.63 billion, up 42.5% year-on-year, primarily driven by fixed income securities [2][11]. Valuation and Market Capitalization - The report estimates a reasonable market capitalization of RMB 223 billion based on a sum-of-the-parts valuation method, with a target price of RMB 14.13 per share [3][11].