Investment Rating - The report maintains an "Outperform" rating for the company [3][8][13] Core Insights - The company achieved a revenue growth of 13.5% in the first half of 2024, with significant contributions from recycled products [2][10] - The gross margin for the first half of 2024 was reported at 94.9%, with a net profit margin of 67.7%, reflecting improved efficiency in sales and management expenses [11][12] - The company has a robust pipeline of products under development, including various medical and aesthetic solutions, which are expected to drive future growth [12][13] Financial Performance - For the first half of 2024, the company reported a revenue of 1.66 billion yuan, with net profit attributable to the parent company reaching 1.12 billion yuan, marking a 16.4% increase [11][12] - The projected revenues for 2024 and 2025 are estimated at 3.50 billion yuan and 4.36 billion yuan, respectively, with year-on-year growth rates of 21.9% and 24.6% [13] - The net profit for 2024 and 2025 is expected to be 2.29 billion yuan and 2.88 billion yuan, reflecting growth rates of 23.4% and 23.6% [13] Market Position and Valuation - The company is recognized as an industry leader with strong brand and channel advantages, justifying a target price of HKD 341.34 per share based on a 36x PE for 2025 [13] - The current market capitalization is approximately 41.03 billion yuan (5.77 billion USD) [3][8] Product Development - The company is advancing several key products, including Type A botulinum toxin and modified hyaluronic acid gel, which are in various stages of regulatory approval [12][13] - The investment in the "Beautiful Health Industrialization Innovation Construction Project" aims to enhance production capacity and product offerings [11][12]

[Table_MainInfo] Amber Zhou amber.lh.zhou@htisec.com 宏观研究 证券研究报告 宏观快报点评 2024-09-10 CPI 回升：食品扰动较大 ——8 月物价数据点评 [Table_Summary] 投资要点： 2024 年 9 月 9 日，国家统计局公布 2024 年 8 月物价数据，CPI 同比上涨 0.6%， PPI 同比下降 1.8%，较前一月降幅扩大。 8 月 CPI 同比主要受到食品价格的支撑，除了食品以外的各分项表现均较为 平淡。而食品涨价主要受极端天气影响，可持续性不强。PPI 方面，地产基 建链条上的黑色系商品和非金属建材价格持续低迷，叠加海外"衰退交易"升 温带动能化金属价格普遍走弱，共同对 8 月工业品价格形成拖累。 近期消费促进政策正在加码，尤其是消费品以旧换新的实施方案已在多城出 台落地。如果存量房贷利率迎来二次下调，同样有助于释放居民消费潜力。 不过我们认为，当前的政策对价格的拉动作用还有待进一步观察，实体部门 的中长期预期修复可能还需依赖更多政策的实施。 风险提示：房地产走势；外部环境的不确定性。 请务必阅读正文之后的信息披露和法 ...

Economic Overview - Vietnam's GDP reached $419.7 billion in 2023, accounting for 11% of ASEAN's total economy[3] - The country has maintained a high GDP growth rate, with a CAGR of 8.7% over the past 30 years, and is projected to grow at 5.8% in 2024[3] - The industrial sector's contribution to GDP has increased from 18.8% in 2005 to 24.8% in 2022, with manufacturing as a core component[5] Consumption Trends - Total consumer spending in Vietnam grew from $136.7 billion in 2015 to $218.7 billion in 2023, with a CAGR of 6.1%[13] - Household consumption accounts for approximately 85-86% of total consumption, significantly higher than China's 70%[13] - The share of essential consumption is higher than discretionary spending, with food and non-alcoholic beverages making up about 31% of household expenditures in 2023[19] Demographic Insights - Vietnam's population reached 100.3 million in 2023, with a median age of 34 years, indicating a young demographic profile[23] - The proportion of the population aged 20-34 years is 23%, which is favorable for economic growth[23] - The total fertility rate is declining, projected to reach 1.96 in 2023, raising concerns about future aging[23] Income and Spending Power - Per capita disposable income increased from $1,594 in 2015 to $2,566 in 2023, with a CAGR of 6.1%[17] - The average consumer spending per capita rose from $1,483 to $2,212 during the same period, reflecting a CAGR of 5.1%[17] - Despite lower absolute income levels compared to other ASEAN countries, Vietnam's growth rate in disposable income is the highest in the region[17] Market Opportunities - The retail market in Vietnam is projected to grow at a CAGR of 10.4% from 2023 to 2028, reaching $126.3 billion[1] - E-commerce is rapidly expanding, with significant growth in online shopping driven by younger consumers seeking value[29] - The healthcare sector is experiencing growth, with private healthcare facilities increasing from 102 in 2010 to over 300 by 2021[28]

[Table_Title] 研究报告 Research Report 9 Sep 2024 博思格钢铁 BlueScope Steel (BSL AU) 东南亚市场利润率显著提高，转型高端产品+控制成本 Significant Improvement in South East Asia Market Margins, Transformation to High-end Products + Cost Control 吴旖婕 Yijie Wu 王曼琪 Manqi Wang lisa.yj.wu@htisec.com mq.wang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 澳大利亚龙头钢铁生产商 BlueScope 是一家钢铁制造和加工公司，拥有卓越的资产和钢铁生产、涂层制造、建筑解决能力，业务组合多样化。 公司在北美、澳大利亚、新西兰、太平洋岛屿和亚洲都有业务分布，主要为建筑行业提供服务。BlueScope 涉及上 游、中游、下游三大业务 ...

研究报告 Research Report 9 Sep 2024 海吉亚 Hygeia Healthcare (6078 HK) 外延医院并表增厚业绩，内生收入和利润增长承压 Acquired Hospitals Boosted Earnings, whilst Organic Business Under Pressure [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | |----------------------------------------------------------------|------------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$16.00 | | 目标价 | HK$35.17 | | HTI ESG | 4.0-5.0-5.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | 市值 ...

[Table_MainInfo] 公司研究/公用事业 证券研究报告 龙源电力（001289）公司半年报点评 Jie Wu j.wu@htisec.com Yifan Fu yf.fu@htisec.com Haofei Chen haofei.chen@htisec.com [Table_InvestInfo]风电业绩承压，资产整合推进 [Table_Summary] 投资要点： 公司 发 布 24 年 半年报： 24H1 实 现营收 /归母净 利 189/38.3 亿元， YOY-4.9%/-22.9%。Q2 实现营收/归母净利 90/14.3 亿元，YOY-10%/-45.4%。 资源扰动，风电量价承压。测算公司 24H1 度电净利 0.098 元，同比-0.031 元。 （1）电价：24H1 风电平均电价 0.441 元/度，同比-0.028 元/度；光伏平均电 价 0.283 元/度，同比-0.031 元/度，主要仍系市场电比例、平价项目增加所致； 火电电价（位于江苏）0.415 元/度，同比持平。（2）利用小时：测算公司 24H1 度电折旧 0.133 元，同比+0.006 元，主要系风资源影响，2 ...

Investment Rating - The report maintains an "OUTPERFORM" rating for Dongfang Electric [2][6] Core Views - Revenue has shown steady growth, with a year-on-year increase of 11.8% in 1H2024, reaching 33.46 billion yuan, while net profit decreased by 15.52% to 1.691 billion yuan [8] - The gross profit margin (GPM) is under temporary pressure, recorded at 16.26% in 1H2024, down 2.30 percentage points year-on-year, but profitability is expected to improve in the second half of the year [8] - The company added new orders amounting to 560.73 billion yuan in 1H2024, reflecting a robust growth momentum with a year-on-year increase of 14.77% [8] Financial Summary - Revenue projections for 2024, 2025, and 2026 are adjusted to 69.69 billion yuan, 77.68 billion yuan, and 82.71 billion yuan respectively, while net profit attributable to the parent company is revised to 3.69 billion yuan, 4.85 billion yuan, and 5.38 billion yuan for the same years [8] - The comprehensive gross profit margin for 2024 is expected to be 17.7%, with a gradual recovery anticipated in subsequent years [8] - R&D expenses increased by 25.88% year-on-year in 1H2024, indicating a commitment to innovation and market expansion [8] Market Position and Strategy - The company is actively expanding both domestic and international markets, achieving a domestic revenue of 30.52 billion yuan in 1H2024, up 13.15% year-on-year, while overseas revenue slightly decreased by 0.19% to 2.94 billion yuan [8] - Significant breakthroughs in key projects include the assembly of a self-developed 15 MW heavy-duty gas turbine and the acceptance of the world's largest single-unit capacity 500MW impulse turbine [8]

研究报告 Research Report 8 Sep 2024 中国海洋石油 China National Offshore Oil Corporation (883 HK) 上半年净利润同比增长 25% [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | |----------------------------------------------------------------|---------------------------| | 1H24 net income up 25% y/y [Table_Info] 首次覆盖优于大市 | Initiate with OUTPERFORM | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$19.84 | | 目标价 | HK$24.19 | | HTI ESG | 5.0-5.0-5.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | 市值 | HK$966.93bn / US$124. ...

Investment Rating - The report initiates coverage with an "Outperform" rating for China Petroleum & Chemical Corporation (386 HK) at a current price of HK$4.65 and a target price of HK$6.09 [2][19]. Core Insights - The company aims to enhance identification and promote enterprise valuation through share buy-backs and high dividend yields, with a planned annual cash dividend payout ratio of no less than 65% over the next three years [4][24]. - In the first half of 2024, the company reported revenue of RMB 1,576.1 billion, a decrease of 1.1% year-on-year, while net profit attributable to shareholders was RMB 35.7 billion, an increase of 1.7% year-on-year [4][24]. - The exploration and production segment benefited from rising oil prices, with Brent crude averaging USD 83.42 per barrel, up 4.38% year-on-year, and a 2.97% increase in oil and gas equivalent production [4][9]. - The refining segment saw a revenue increase of 2.8% year-on-year but a significant profit decline of 37.6% [12]. - The chemical segment reported a revenue increase of 5.3% year-on-year but incurred an operating loss of RMB 3.164 billion, indicating ongoing challenges in this area [15][17]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are RMB 3,218.0 billion, RMB 3,298.7 billion, and RMB 3,331.7 billion respectively, with net profit estimates of RMB 72.7 billion, RMB 74.4 billion, and RMB 76.5 billion [3][19]. - The diluted EPS is forecasted to be RMB 0.60, RMB 0.61, and RMB 0.62 for 2024-2026 [19]. Business Segment Performance - The exploration and production segment's operating profit increased by 14.7% year-on-year, driven by higher oil prices and production levels [9][10]. - The refining segment's operating income was RMB 749.67 billion, but profits fell due to decreased margins on diesel products [12][13]. - The chemical segment continues to struggle, with a reported loss and declining production of key products like ethylene [15][17]. Market Position and Valuation - The company has a market capitalization of HK$812.11 billion (approximately USD 104.16 billion) and a P/E ratio projected to decrease from 9 in 2024 to 7 in 2026 [2][19]. - The report suggests a reasonable valuation of HK$5.54 to HK$6.09 based on a P/B multiple of 0.8 times the 2024 BPS [19].

Economic Overview - Major global stock markets declined last week, with the Nikkei 225 index experiencing the largest drop of 5.8%[6] - The IPE Brent crude oil futures fell by 9.3%[6] - The 10-year U.S. Treasury yield decreased by 19 basis points to 3.72%[6] - The U.S. dollar index dropped by 0.5% to 101.2[6] Employment and Inflation - In August, the U.S. added 142,000 non-farm jobs, but previous months' data were significantly revised downwards, with a three-month average of 116,000 jobs added[8] - The unemployment rate slightly decreased by 0.1 percentage points to 4.2%[8] - The 5-year inflation expectations fell by 15 basis points to 1.86%, while the 10-year expectations decreased by 12 basis points to 2.0%[9] Monetary Policy Expectations - Market expectations for a Federal Reserve rate cut in September remain at 100%, with a 70% probability of a 25 basis point cut[9] - The anticipated total rate cut for the year has increased from 100 basis points to 125 basis points, with expectations of 50 basis points cuts in both November and December[12] - The European Central Bank (ECB) is also expected to cut rates in September, while the Bank of Japan may continue to raise rates[16] European Economic Indicators - In July, the Eurozone's retail sales index showed a year-on-year decline of 0.1%, a narrowing of the previous month's decline by 0.3 percentage points[14] - The Eurozone PPI year-on-year decline was -2.1%, an improvement of 1.2 percentage points from the previous month[14]