研究报告 Research Report 29 Aug 2024 泰格医药 Hangzhou Tigermed Consulting (300347 CH) 点评： 24Q2 业绩环比恢复趋势明显，针对性业务策略推动长期增长 Review: Obvious Recovery Trend of 24Q2 , Targeted Business Strategies to Promote Long-term Growth | --- | --- | --- | --- | |---------------------------|---------------|------------------------|-------------| | [Table_Info] 维持优于大市 | | | | | 评级 | | 优于大市 | OUTPERFORM | | 现价 | | | Rmb48.68 | | 目标价 | | | Rmb58.46 | | HTI ESG | | | 4.0-3.2-4.5 | | E-S-G: 0-5, | | | | | 义利评级 | | | | | 来源: 盟浪 | | | | | ...

Equity – Asia Research 印度大宗原料药的"China+1"策略 ——印度PLI计划原料药产业研究 India's Bulk Drug "China+1" Strategy: A Study of India's PLI Scheme 孟科含Kehan Meng, kh.meng@htisec.com 聂照亿John Nie, john.zy.nie@htisec.com 2024年8月28日 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 translation of the disclaimer) 印度PLI计划：短期效果并不显著，关注长期产能提升 •中国是印度维生素、抗生素最大的进口国。2020年印度提出PLI计划前，印度进口的前50大产品中（按进口金额），有20个品种 印度的 ...

研究报告 Research Report 29 Aug 2024 泰格医药 Hangzhou Tigermed Consulting (300347 CH) 点评： 24Q2 业绩环比恢复趋势明显，针对性业务策略推动长期增长 Review: Obvious Recovery Trend of 24Q2 , Targeted Business Strategies to Promote Long-term Growth | --- | --- | --- | --- | |---------------------------|---------------|------------------------|-------------| | [Table_Info] 维持优于大市 | | | | | 评级 | | 优于大市 | OUTPERFORM | | 现价 | | | Rmb48.68 | | 目标价 | | | Rmb58.46 | | HTI ESG | | | 4.0-3.2-4.5 | | E-S-G: 0-5, | | | | | 义利评级 | | | | | 来源: 盟浪 | | | | | ...

Investment Rating - The report maintains an "OUTPERFORM" rating for JD Logistics [3][5] Core Insights - In H1 2024, JD Logistics recorded a revenue of RMB 86.3 billion, an increase of 11.0%, with a Non-IFRS net profit of RMB 3.1 billion, reflecting a significant increase of 2631% [6] - The company achieved a Non-IFRS net profit margin of 3.6%, up 3.5 percentage points from 0.1% in 2023 [6] - For Q2 2024, revenue was RMB 44.2 billion, a 7.7% increase, and Non-IFRS net profit was RMB 2.456 billion, up 197.4% [6] - The profitability improved significantly in Q2, with a Non-IFRS net profit margin of 5.6%, an increase of 3.5 percentage points from 2.0% in the same period of 2023 [6] - The company expects total revenue in 2024 to reach RMB 180.98 billion, an increase of 8.6%, with a Non-IFRS net profit margin of 2.6% [6] - The valuation method is shifting from PS to PE, with an estimated net profit of RMB 4.755 billion for 2024, suggesting a target price of HKD 14.61 based on a reasonable valuation of 18X [6] Financial Performance Summary - Revenue for 2024 is projected at RMB 180.98 billion, with a growth rate of 8.6% [5] - Non-IFRS net profit is expected to be RMB 4.755 billion, with a Non-IFRS net profit margin of 2.6% [5] - The company’s gross margin is forecasted to improve from 7.6% in 2023 to 9.4% in 2024, reaching 12.0% by 2026 [5] - The return on equity (ROE) is expected to rise from 5.8% in 2023 to 9.5% in 2024, and further to 16.0% by 2026 [5] - The price-to-earnings (P/E) ratio is projected to decrease from 19 in 2023 to 12 in 2024, and further down to 6 by 2026 [5]

Investment Rating - The report maintains an "Outperform" rating for JD Logistics with a target price of HKD 14.61, compared to the current price of HKD 9.37 [3][6]. Core Insights - In the first half of 2024, JD Logistics recorded a revenue of RMB 86.3 billion, an increase of 11.0%, and a Non-IFRS net profit of RMB 3.1 billion, a significant increase of 2631% [6][4]. - The company's Non-IFRS net profit margin improved to 3.6%, up 3.5 percentage points from 0.1% in 2023 [6][4]. - For Q2 2024, revenue was RMB 44.2 billion, up 7.7%, with a Non-IFRS net profit of RMB 2.456 billion, an increase of 197.4% [6][4]. - The report forecasts total revenue for 2024 to reach RMB 180.98 billion, an increase of 8.6%, with a Non-IFRS net profit margin of 2.6% [6][4]. Financial Performance Summary - Revenue growth for 2024 is projected at 8.6%, with net profit expected to be RMB 4.755 billion [5][6]. - The gross margin is expected to improve from 7.6% in 2023 to 9.4% in 2024, reaching 12.0% by 2026 [5][6]. - The report indicates a significant improvement in profitability, with Non-IFRS net profit margins expected to rise to 4.4% by 2026 [5][6]. Operational Metrics - The integrated supply chain business generated RMB 418 billion in revenue in H1 2024, with external clients contributing RMB 154 billion [4][6]. - The number of external integrated supply chain clients reached 64,379, a year-on-year increase of nearly 6% [4][6]. - The company achieved a gross margin of 11.9% in Q2 2024, an increase of 3.6 percentage points from the same period in 2023 [4][6].

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].