研究报告 Research Report 19 Aug 2024 中石化炼化工程 Sinopec Engineering (Group) (2386 HK) 1H24 新签合同额创历史同期最好成绩，中期派息比例 50% Total amount of new contracts reached a historic high, with a 50% mid-term dividend payout ratio in 1H24 [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 | | 现价 | HK$5.57 | | 目标价 | HK$6.81 | | HTI ESG | 5.0-5.0-5.0 | E-S-G: 0-5, (Please refer to the Appendix ...

Investment Rating - The report maintains an "Outperform" rating for Weilong [2][10]. Core Insights - In the first half of 2024, Weilong achieved revenue of 2.94 billion yuan, a year-on-year increase of 26.3%, and a profit of 620 million yuan, a year-on-year increase of 38.9% [6][10]. - Vegetable products have become the largest category, with significant growth in seasoned noodle products, which resumed growth for the first time since early 2022 [7][10]. - The gross profit margin improved to 49.8%, up 2.3 percentage points year-on-year, driven by increased capacity utilization and a decline in raw material prices [8][10]. - The company declared an interim dividend of 0.16 yuan per share for 2024H1, totaling 376 million yuan, which is approximately 60% of the net profit for the period [9][10]. Revenue and Profitability - Revenue from vegetable products, seasoned noodle products, and soy products in 2024H1 was 1.35 billion, 1.46 billion, and 120 million yuan respectively, with year-on-year growth rates of 5.0%, 56.6%, and 17.5% [7][10]. - The net profit margin for 2024H1 was 21.1%, an increase of 1.9 percentage points year-on-year [8][10]. Financial Forecasts - The revenue forecasts for 2024 to 2026 are 5.83 billion, 6.69 billion, and 7.56 billion yuan, with corresponding net profits of 1.05 billion, 1.21 billion, and 1.39 billion yuan [10]. - The expected EPS for 2024 to 2026 is 0.45, 0.52, and 0.57 yuan respectively [10]. Valuation - Based on comparable company valuations, Weilong is assigned a target price of HK$9.77, reflecting a 20 times PE ratio for 2024 [10].

Equity – Asia Research 日本医药行业比较研究系列二 ——日本医药企业的共性和启示 The Commonalities and Enlightenment of the Japanese Pharmaceutical Industry 孟科含 Kehan Meng, kh.meng@htisec.com 孙旭东 Xudong Sun, xd.sun@htisec.com 2024年8月19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) 主要观点 1、综合来看，当前日本医药企业存在三方面共性，1）定位清晰，深耕优势疾病领域；2）出海企业普遍为学 习型企业，与跨国药企合作研发提升技术；3）重视股东回报，长期稳定分红。 2、 ...

[Table_MainInfo] Amber Zhou amber.lh.zhou@htisec.com 宏观研究 证券研究报告 宏观专题报告 2024-08-19 短期有扰动，长期有潜力 ——2024 年 7 月经济数据点评 [Table_Summary] 投资要点： 7 月，国内需求有待进一步提振，但经济中仍有表现积极的板块。出口的小 幅扰动、极端天气影响、地产优化政策的效果减弱，使得生产、服务消费、 地产和制造业投资都面临小幅调整的压力。且随着毕业季临近，失业率再度 回升，重点地区和人群的就业问题仍需关注。不过我们也注意到，商品消费、 电力投资等板块仍表现亮眼，对经济有一定支撑。下一阶段，我们认为政策 或将更关注稳增长，适时发力以应对多变的外部环境，加大力度扩大内需、 提振信心，促进经济高质量发展。 风险提示：外需超预期回落，各项稳增长政策效果不及预期。 请务必阅读正文之后的信息披露和法律声明 宏观研究—宏观专题报告 2 日 录 1. 2. 3. | --- | --- | |-------|--------------------------------| | | | | | 7月经济：有待提拆，长期 ...

宏观研究 证券研究报告 [Table_MainInfo] Amber Zhou amber.lh.zhou@htisec.com 宏观周报 2024-08-18 食品涨价，建材跌价 ——国内高频指标跟踪（2024 年第 31 期） [Table_Summary] 投资要点： 地产销售低位震荡，地产相关板块表现偏弱。消费方面，服务消费整体弱于 往年，耐用品消费中汽车销量虽有回落但绝对值仍高，非耐用品消费如纺织 服装需求回升。投资领域，基建资金面和项目面均有压力，地产销售持续边 际走低，土地市场承压。进出口方面，韩国进出口和我国港口数据显示，出 口增速或有减缓。生产领域，钢铁和煤电行业走弱，但石化和汽车行业显示 出一定的需求支撑。库存方面，煤炭库存回升，建材库存下降。物价方面， 食品价格持续上涨，支撑 CPI 走强，而建材价格整体走弱，或因下游需求不 足。流动性方面，R007 小幅回落，美元指数震荡下行，人民币相对走强。 风险提示：外需超预期回落，稳增长政策不及预期。 请务必阅读正文之后的信息披露和法律声明 宏观研究—'宏观周报 2 图目录 | --- | --- | --- | |-------|------- ...

Group 1: Federal Reserve Rate Cuts - The Federal Reserve's rate cuts can be categorized into two types: crisis relief cuts and preventive cuts, with the former typically having larger and longer-lasting reductions[1] - Since 1982, the Federal Reserve has implemented 4 crisis relief cuts and 5 preventive cuts, with the key distinction being whether the U.S. economy is in recession at the time of the cut[7] - Crisis relief cuts are often triggered by significant economic crises, while preventive cuts occur in response to signs of economic slowdown[23] Group 2: Asset Performance During Rate Cuts - Equity assets tend to perform better during preventive rate cut periods, while they are more likely to decline during crisis relief cuts[2] - Bond yields generally decrease and prices increase during both types of rate cuts, with U.S. Treasury yields typically declining post-cut[5] - The U.S. dollar usually weakens following rate cuts, while commodity prices show a weaker correlation, with gold prices rising more significantly during crisis relief cuts[2] Group 3: Historical Context and Future Outlook - The 1989 rate cut cycle, initiated to address the savings and loan crisis, saw a total reduction of 681 basis points over 40 months[15] - The 2001 rate cuts, aimed at countering the dot-com bubble burst, resulted in a cumulative reduction of 550 basis points over 30 months[16] - Current expectations suggest that the Federal Reserve is likely to enter a rate-cutting cycle, which, combined with improving domestic fundamentals, may elevate market levels[6]

[Table_Title] 研究报告 Research Report 19 Aug 2024 美国非银行金融 US Non-Bank Financials 虚拟资产周报：预计比特币价格短期仍受压制，上周 ETF 交易量缩减 Crypto Weekly: BTC Price Still Under Pressure, ETF Volume Shrank Last Week 周琦 Nicole Zhou, CFA 杨林 Lin Yang nicole.q.zhou@htisec.com lin.yang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 涨跌幅回顾 8/12-8/16，BTC -1.6%，ETH 涨幅 +1.2%，SOL 跌幅 -8.2%。标普 500+3.9%、纳斯达克综合指数+5.3%、上证综指 +0.6%，恒生指数+2.0%，黄金+3.2%。 重点关注事件 卖压可能源自于美国政府曾经没收的比特币。根据 Arkham，1 万个比特币（ ...

Investment Rating - The report maintains an "Outperform" rating for RoboSense (2498 HK) [1][10][4] Core Views - In the first half of 2024, RoboSense achieved revenue of Rmb727 million, representing a year-on-year increase of 121%. The gross profit was Rmb99 million, with a significant year-on-year increase of 672.8%, resulting in a gross profit margin of 13.6%, up by 9.68 percentage points year-on-year [1][10] - The company recorded a net loss attributable to shareholders of Rmb269 million, which is a 65.1% reduction in losses compared to the previous year, with a net profit margin of -37% [1][10] - In the second quarter of 2024, revenue reached Rmb366 million, reflecting a year-on-year increase of 98.8% and a quarter-on-quarter increase of 1.4%. The gross profit was Rmb54 million, with a year-on-year increase of 190.3% and a quarter-on-quarter increase of 21.6%, leading to a gross profit margin of 14.8% [1][10] - Shipments in the first half of 2024 were close to the total shipments for the entire previous year, with scale effects offsetting the impact of annual price declines [1][10] - The company expects to launch its Rmb1,000-level MX model in the first quarter of 2025, with overseas business development anticipated to enhance mid-to-long-term growth potential [1][10] Financial Summary - The projected revenue for RoboSense for 2024-2026 is Rmb2.145 billion, Rmb3.700 billion, and Rmb5.800 billion respectively, with estimated EPS of Rmb-1.05, Rmb-0.52, and Rmb0.18 [1][10] - The gross profit margin is expected to improve from 8.4% in 2023 to 19.7% by 2026 [2][9] - The company’s operating expenses are projected to decrease, with significant improvements in the expense ratio noted in the first half of 2024 [1][10] Market Position - RoboSense's LiDAR products are expected to see increased sales, with projected sales volumes of 24,000 units in 2024, rising to 200,000 units by 2026 [2][9] - The average selling price (ASP) for ADAS LiDAR is expected to decrease from Rmb3,238 in 2024 to Rmb2,600 in 2026, while the ASP for robotics LiDAR is projected to remain stable at Rmb8,000 [2][9]

[Table_Title] 研究报告 Research Report 16 Aug 2024 中国能源 China (Overseas) Energy 国际能源与 ESG 周报 (8/05-8/11): 欧美天然气期货价格大幅上涨，美国电 网投资不断获得财政支持 Global Energy and ESG Updates: Natural gas futures prices in Europe and the United States have risen sharply, and United States grid investment continues to receive financial support 杨斌 Bin Yang 余小龙 Bruce Yu 毛琼佩 Olivia Mao bin.yang@htisec.com bruce.xl.yu@htisec.com olivia.qp.mao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English sum ...

Investment Rating - The report does not explicitly provide an overall investment rating for the industry, but it highlights the strengths and opportunities in various regions, including the US, Europe, and Japan [1][2][3] Core Views - The US investment banking industry has developed through the alternation of mixed and separate operations, with a mature and diversified market structure [1] - Europe remains the second-largest region for investment banking, with the UK, Germany, and Switzerland each having unique market characteristics and regulatory frameworks [2] - Japan's securities industry has transitioned from strict regulation to market liberalization, with a high concentration of institutional and foreign investors [3] US Market - The US securities market is the largest globally, with a total market capitalization 4.6 times that of China, and a multi-tiered system that fosters a survival-of-the-fittest mechanism [1] - The US has the world's largest derivatives market, with over 70% of global trading volume in futures and options occurring on North American exchanges in 2022 [1] - Financial innovation is vibrant, with diversified revenue sources expanding from traditional stocks to bonds, futures, forex, and more, catering to various client needs [1] European Market - The UK has transitioned from separate to mixed operations through two major financial "Big Bangs," leading to the establishment of the FSA and unified regulatory standards [2] - Germany's securities market is stable, with a universal banking model, but its transformation has been less pronounced compared to other developed nations [2] - Switzerland is the world's largest wealth management hub, with a universal banking model and a significant presence of foreign issuers [2] Japanese Market - Japan's securities market is dominated by institutional and foreign investors, with the latter accounting for about 30% and domestic institutions about 52% [3] - The Japanese securities industry has a high concentration of large integrated dealers, which dominate institutional and primary market services [3] - The industry has adapted to market changes, with a significant and stable share of proprietary trading revenue, particularly due to the preference of individual investors for fixed-price transactions [3]