Investment Rating - The report maintains an "Outperform" rating for Innovent Biologics with a target price adjusted to HKD 67.8 per share [9][17]. Core Insights - Innovent Biologics reported strong revenue growth in H1 2024, with total revenue reaching RMB 39.5 billion, a 46.3% increase year-on-year, and product revenue of RMB 38.1 billion, up 55.1% [3][14]. - The company's gross margin improved to 82.9%, reflecting operational efficiency enhancements, while R&D expenses increased by 51.6% to RMB 14.0 billion, accounting for 35.4% of revenue [3][14]. - The report highlights the successful sales performance of key products, including Tyvyt (PD-1 inhibitor) and several biosimilars, contributing to the revenue growth [4][14]. Financial Performance - For H1 2024, the company reported a net loss of RMB 3.9 billion, compared to a loss of RMB 1.4 billion in the same period last year [3][14]. - Adjusted LBITDA for the period was RMB 1.6 billion, a decrease of 39.9% from RMB 2.7 billion in the previous year [3][14]. - As of June 30, 2024, the company had cash and short-term financial assets totaling RMB 101.1 billion [3][14]. Product Pipeline and Growth Potential - The oncology pipeline is rich with catalysts, including the recent NMPA approval of Fulzerasib (KRAS G12C) and expected approval of IBI344 (ROS1) in H2 2024 [5][15]. - Upcoming clinical data updates for several early-stage products are anticipated, including IBI363 (PD-1/IL-2 α-bias) and IBI343 (CLDN18.2 ADC) [5][15]. - The non-oncology field is also progressing, with NDA submissions for Mazdutide (GLP-1R/GCGR) and Teprotumumab (IGF-1R) expected to bolster future revenue [5][16]. Revenue Forecast - Revenue forecasts for 2024-2026 have been adjusted to RMB 78.6 billion, RMB 102.5 billion, and RMB 133.9 billion, respectively, reflecting year-on-year growth rates of 26.7%, 30.3%, and 30.7% [9][17]. - The company is projected to achieve profitability by 2026, with a net profit attributable to shareholders of RMB 760 million [9][17].

Market Observation - Japan's stock market showed resilience this week, with the Nikkei 225 closing at 38,647.75, up 0.7% week-over-week, and the TOPIX closing at 2,712.63, up 1.04% [1][14] - After a sharp sell-off at the beginning of the month due to rapid unwinding of carry trades, both major indices have recovered most of their losses by the end of August [1][14] - The Bank of Japan's Governor Ueda expressed confidence in achieving a sustainable 2% inflation rate, indicating that the central bank will continue its normalization of monetary policy as long as economic and inflation data meet expectations [1][2] Economic Indicators - Tokyo's core CPI for August was 2.4%, an increase of 0.2% from the previous month [2] - Nationwide retail sales in July rose by 2.6% year-on-year, marking the 29th consecutive month of positive growth [2] - The recent appreciation of the yen is expected to alleviate the burden on domestic consumers caused by previous currency depreciation, alongside rising overall household income, indicating a gradual recovery in domestic consumption [2] Company Updates - **Toyota** announced a plan to repurchase its own shares worth 806.8 billion yen, equivalent to 2% of its outstanding shares, as part of a broader trend among Japanese companies to reduce cross-shareholdings [8] - **Rakuten** reported significant improvements in its wireless operations, with a net addition of 300,000 users in the first half of the year, leading to a strong stock performance [10] - **Sony** will increase the price of its PS5 console in Japan by 19% due to rising component and manufacturing costs, which is expected to improve overseas revenue and reduce resale activities by tourists [11] - **Seven & i** is evaluating a takeover bid from Alimentation Couche-Tard, which could become one of the largest acquisitions of a Japanese company by a foreign entity, potentially boosting the yen's value [12] - **SBI Holdings** plans to invest 10 billion yen in AI startup Preferred, aiming to collaborate on the commercialization of next-generation AI semiconductors [13] Sector Performance - The overall TOPIX index returned 1.0% this week, with notable sector performances including Industrials at 2.2% and Consumer Discretionary also at 2.2% [7] - The Information Technology sector showed a modest return of 0.3%, while Financials experienced a decline of 0.4% [7]

Investment Rating - The report maintains an "OUTPERFORM" rating for MINISO Group (MNSO US) with a target price of USD 25.40, down from a previous target of USD 31.30 [2][6]. Core Insights - MINISO reported solid performance in Q2 2024, with revenue reaching RMB 4.04 billion, a year-on-year increase of 24%. The gross profit margin (GPM) hit a record high of 43.9%, up 4.1 percentage points year-on-year [10]. - The company plans to implement a share repurchase program with a maximum limit of HKD 2 billion over the next 12 months and declared an interim dividend of RMB 620 million, approximately 50% of the adjusted net profit for the first half of the year [4][10]. - Domestic revenue was RMB 2.53 billion, up 18% year-on-year, while overseas revenue reached RMB 1.51 billion, up 35% year-on-year [10]. Financial Performance Summary - Revenue projections for 2024-2026 are RMB 17.3 billion, RMB 21.2 billion, and RMB 25.4 billion, respectively, with adjusted net profits expected to be RMB 2.82 billion, RMB 3.47 billion, and RMB 4.14 billion [6][10]. - The adjusted net profit for Q2 2024 was RMB 625 million, a 9% increase year-on-year, with an adjusted net profit margin of 15.5% [10]. - The company’s operating expenses ratio increased to 20.5%, up 5.8 percentage points year-on-year, while the general and administrative expense ratio was 5.6%, up 0.5 percentage points year-on-year [10]. Store Expansion and Market Dynamics - As of June 30, 2024, MINISO had 4,115 domestic stores, with a net increase of 81 stores in the quarter. The overseas store count reached 2,753, with a net increase of 157 stores [4][10]. - The company’s O2O (Online to Offline) business grew nearly 80% year-on-year, supporting same-store sales recovery to 98.3% of the previous year's levels [4][10]. - The report highlights that the direct sales market remains a key growth driver, with a 79% year-on-year increase in gross merchandise value (GMV) for direct sales [10].

Investment Rating - The report maintains an "OUTPERFORM" rating for China Hongqiao Group [3][4][10] Core Views - Rising prices of aluminum products and decreasing costs of major raw materials have significantly improved the company's profitability [8][9] - The company has a fully integrated industrial chain, which provides substantial cost advantages [9] - The global economic outlook is positive, with expectations for continued growth in aluminum demand driven by industries such as photovoltaics and new energy vehicles [9][10] Financial Performance Summary - For the first half of 2024, the company achieved operating income of RMB 73.59 billion, a year-on-year increase of 12.0% [7] - Gross profit reached RMB 17.80 billion, up 202.1% year-on-year, with a gross profit margin of 24.2%, an increase of 15.2 percentage points [7] - Net profit attributable to the parent company was RMB 9.155 billion, a year-on-year increase of 272.7% [7] - The company plans to distribute an interim dividend of HK$0.59 per share, a 73.5% increase year-on-year [7] Revenue and Profit Forecast - The forecast for operating income from 2024 to 2026 is RMB 1497.7 billion, RMB 1569.9 billion, and RMB 165.24 billion respectively [10] - Expected EPS for the same period is RMB 1.99, RMB 2.03, and RMB 2.20 per share [10] - The target price is set at HK$15.12, based on a valuation of 8x PER for 2024 [10] Segment Performance - Electrolytic aluminum segment reported revenue of RMB 49.31 billion, a 7.2% increase year-on-year, with a gross profit margin of 24.6% [8] - Alumina segment achieved revenue of RMB 16.20 billion, a 19.7% increase year-on-year, with a gross profit margin of 25.4% [8] - Aluminum processing segment saw revenue of RMB 7.58 billion, a 34.3% increase year-on-year, with a gross profit margin of 21.0% [8]

Investment Rating - The investment rating for the industry is "Outperform" for most tracked companies, with a few rated as "Neutral" [2][3]. Core Insights - In August 2024, 5 out of 8 tracked industries maintained positive growth, while 3 experienced negative growth. The only industry achieving double-digit growth is high-end liquor, primarily driven by Kweichow Moutai. Industries with single-digit growth include food and beverage, frozen food, soft drinks, and condiments, while general liquor, dairy products, and beer saw negative growth. Compared to the previous month, 3 industries showed accelerated growth or narrowed declines, while 5 industries experienced a slowdown [3][23]. Summary by Category Liquor - **High-end and Above Liquor**: In August, revenue reached 22.9 billion yuan, a year-on-year increase of 10.1%. Cumulative revenue from January to August was 268.9 billion yuan, up 13.5% year-on-year. The industry is in a consumption off-season, focusing on maintaining channel relationships and product pricing [5][6]. - **General and Below Liquor**: Revenue in August was 17 billion yuan, down 9.1% year-on-year, with cumulative revenue from January to August at 151.2 billion yuan, a decrease of 2.8%. The market remains fragmented, with many small enterprises facing declines, while regional leaders gain market share [7]. Beer - The beer industry generated 17.5 billion yuan in August, a decline of 2.0% year-on-year, with cumulative revenue of 131.2 billion yuan, down 1.9%. The industry is expected to see a low single-digit decline in annual sales, with a shift towards premium products [8][9]. Condiments - Revenue for the condiment industry in August was 36.8 billion yuan, an increase of 3.1% year-on-year, with cumulative revenue of 294.2 billion yuan, up 4.1%. Demand remains limited post-summer peak, with increased competition in the market [10][11]. Dairy Products - The dairy industry reported revenue of 42.5 billion yuan in August, down 4.3% year-on-year, with cumulative revenue of 311.3 billion yuan, a decline of 7.6%. There are signs of improvement in channel stocking ahead of the Mid-Autumn Festival and National Day [12]. Frozen Food - August revenue for the frozen food industry was 8.4 billion yuan, up 5.0% year-on-year, with cumulative revenue of 74.2 billion yuan, an increase of 7.6%. The market is stable, with promotional activities boosting sales [15]. Soft Drinks - The soft drink industry generated 70.1 billion yuan in August, a year-on-year increase of 3.7%, with cumulative revenue of 484.6 billion yuan, up 4.6%. Demand is expected to decline as the summer season ends [17]. Dining - The dining sector's revenue totaled 17 billion yuan in August, a 7.0% year-on-year increase, with cumulative revenue of 120.5 billion yuan, up 5.4%. Increased promotional activities have led to a decrease in average spending per customer [19][20].

Investment Rating - The report maintains an "Outperform" rating for ANE (Cayman) (9956 HK) with a target price of HKD 11.55, up from the previous target of HKD 8.95 [4][7] Core Views - ANE Logistics demonstrated strong growth in 24Q2, with revenue increasing by 16.2% YoY to RMB 5.289 billion and adjusted net profit surging by 82.4% YoY to RMB 430 million [3][7] - The company's profitability improved significantly, with gross margin reaching 16.6% in 24Q2, a 4.5 percentage point increase from 12.1% in 23Q2 [3][7] - ANE Logistics is expected to achieve total revenue of RMB 12.35 billion in 2024, representing a 24.6% YoY growth, with an adjusted net profit margin of 6.8% and net profit of RMB 840 million [4][7] Financial Performance - In 24H1, ANE Logistics' total freight volume reached 6.42 million tons, up 20.5% YoY, with 24Q2 volume at 3.55 million tons, a 19.7% YoY increase [3] - The company optimized its freight structure, increasing the proportion of high-margin goods and reducing the average weight per ticket by 5.3% [3] - Unit operating costs decreased by 8.4% YoY in 24Q2, with trunk line transportation costs down 6.4% and sorting center costs down 23.4% [3] Network and Infrastructure - As of 24H1, ANE Logistics operated 83 self-owned sorting centers, optimizing its network by focusing on main hubs and eliminating inefficient small sorting centers [3] - The company's increased network density improved coverage and service quality [3] Valuation and Forecast - The report values ANE Logistics at 10X based on current market value, but suggests a fair valuation of 15X, corresponding to the target price of HKD 11.55 [4][7] - Gross margin is expected to improve further, reaching 14.0% in 2024E, 15.3% in 2025E, and 16.2% in 2026E [6] - Adjusted EBIT margin is projected to grow from 7.3% in 2023 to 11.5% in 2026E, while net margin (non-HKFRS) is expected to increase from 5.1% in 2023 to 8.6% in 2026E [6]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 15.16, reflecting a significant adjustment from the previous target of RMB 97.07 after a stock split [5]. Core Insights - The company reported a revenue of RMB 2.96 billion for H1 2024, a decrease of 3.61% year-on-year, while the net profit attributable to shareholders was RMB 192 million, down 22.70% year-on-year. However, Q2 showed a recovery with a net profit of RMB 186 million, up 44.66% year-on-year, driven by effective cost control measures [2][12]. - The digital cost business demonstrated resilience with a revenue of RMB 2.46 billion, an increase of 4.23% year-on-year, attributed to enhanced product value and increased renewal rates. Conversely, the digital construction business faced a decline of 37.46% year-on-year, prompting a strategic shift towards quality over scale [3][12]. - The company launched an AI platform, AecGPT, aimed at transforming the construction industry through automation and decision-making capabilities across various sectors [3][12]. Summary by Sections Financial Performance - H1 2024 revenue was RMB 2.96 billion, down 3.61% YoY; net profit was RMB 192 million, down 22.70% YoY; Q2 revenue was RMB 1.66 billion, down 5.61% YoY, but net profit increased to RMB 186 million, up 44.66% YoY [2][12]. - The company expects revenue growth for 2024-2026 to be RMB 6.81 billion, RMB 7.25 billion, and RMB 7.79 billion, respectively, with net profits projected at RMB 614 million, RMB 860 million, and RMB 1.09 billion [5][12]. Business Segments - Digital cost business revenue was RMB 2.46 billion, up 4.23% YoY, while digital construction revenue was RMB 288 million, down 37.46% YoY. The digital design segment saw a revenue of RMB 35 million, down 22.03% YoY, and overseas business revenue was RMB 106 million, up 11.29% YoY [3][12]. - The company is focusing on enhancing its product structure and increasing the share of self-developed software and hardware in its construction business [3][12]. Future Outlook - The report anticipates a significant recovery in net profit for 2024, projecting a growth of 429.6% year-on-year, followed by 40.2% and 26.7% in the subsequent years [5][12]. - The introduction of AI-driven solutions is expected to enhance operational efficiency and market competitiveness, positioning the company favorably for future growth [3][12].

Investment Rating - The report maintains an "Outperform" rating for Yongan Futures, indicating expected growth above the market benchmark over the next 12-18 months [18]. Core Insights - Yongan Futures reported a significant improvement in Q2 net profit, with a revenue of RMB 12.11 billion for H1 2024, a year-on-year increase of 1.2%, and a net profit attributable to shareholders of RMB 0.31 billion, down 25.4% year-on-year [15][18]. - The company experienced a notable recovery in Q2, with revenue reaching RMB 7.77 billion, up 17.7% year-on-year, and net profit of RMB 0.23 billion, up 12.7% compared to a drastic decline of 62.6% in Q1 [15][18]. - Investment income showed a significant increase, with total investment profit and fair value changes amounting to RMB 0.43 billion, a 70% increase year-on-year [15][18]. Financial Performance Summary - For H1 2024, the company's revenue from futures brokerage was RMB 0.49 billion, down 21% year-on-year, while net transaction fee income was RMB 0.20 billion, down 36% [16]. - The risk management business saw a revenue of RMB 11.3 billion, reflecting a 1.5% year-on-year increase, with significant growth in OTC derivatives and market-making activities [16][17]. - The overseas business reported a revenue of RMB 0.3 billion, a substantial increase of 68% year-on-year, driven by a 75% rise in overseas futures brokerage trading volume [17]. Business Segment Analysis - The asset management segment rebounded with revenue of RMB 0.11 billion, up 74% year-on-year, while fund sales revenue decreased by 24% to RMB 0.24 billion [17]. - The futures brokerage segment faced challenges with a trading volume decline of 13.5% year-on-year, leading to a decrease in client equity by 24.7% from the beginning of the year [16][18]. - The report highlights the company's strong position in the domestic futures industry, projecting EPS for 2024 and 2025 at RMB 0.46 and RMB 0.49 respectively, with a target price of RMB 13.42 based on a 29x PE ratio for 2024 [18].

研究报告 Research Report 29 Aug 2024 川恒股份 Guizhou Chanhen Chemical (002895 CH) 2024H1 扣非后净利润同比增长 28%，公司拟收购黔进矿业 58.5%股权 Recurring Net Profit up 28% in 2024H1, the Company Intends to Acquire 58.5% Stake in Qianjin Mining Industry | --- | --- | --- | --- | --- | |-------------------------------------------------------------|---------------------|---------------|--------------------------------|-----------------------| | [Table_Info] 维持优于大市 \n评级 | | | Maintain OUTPERFORM \n优于大市 | OUTPERFORM | | 现价 | | | | Rmb16.83 ...

研究报告 Research Report 29 Aug 2024 云图控股 Chengdu Wintrue Holding (002539 CH) 2024H1 扣非后净利润同比增长 17.10%，复合肥海外销量稳步增长 Recurring Net Profit up 17.10% YOY in 2024H1; the Sales Volume of Compound Fertilizer Grows Steadily [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | --- | --- | --- | |-------------------------------------------------------------|--------------------------|----------|---------------------|-----------------------| | [Table_Info] 维持优于大市 | | | Maintain OUTPERFORM | | | 评级 | | | 优于大市 | OUTPERFORM | ...