研究报告 Research Report 9 Aug 2024 新洋丰 Xinyangfeng Agricultural Technology (000902 CH) 2024H1 扣非后净利润同比增长 5.52%，新型肥料占比提升 1H24 net profit up 5.52% YoY with increased contribution from new fertilizers 观点聚焦 Investment Focus (Please see APPENDIX 1 for English summary) · 2024H1 扣非后净利润同比增长 5.52%。公司发布 2024 年半年 | --- | --- | --- | --- | --- | |-------------------------------------------------------------|----------------------------------|---------|-------------|------------------------| | | 维持优于大市 Maintain OUTPERFORM ...

Investment Rating - Bloom Energy maintains an **Outperform** rating with a target price of $25 [43] Core Views - Bloom Energy's Q2 2024 performance exceeded market expectations, reporting revenue of $335.8 million, surpassing the consensus estimate of $307.9 million [2] - The company reaffirmed its 2024 fiscal year revenue guidance of $1.4-1.6 billion, representing a 5-20% year-over-year growth, with a non-GAAP gross margin target of 28% [2] - Bloom Energy highlighted its strong execution capabilities and expects a larger share of business in the second half of 2024 [2] Financial Performance - Adjusted net loss for Q2 2024 was $14 million, better than the market consensus of $16.5 million [2] - Non-GAAP gross margin improved to 21.8% in Q2 2024, up from 17.5% in Q1 2024, though still below the full-year target of 28% [3] - Product segment gross margin increased significantly from 25.7% in Q1 2024 to 29.8% in Q2 2024 [3] - Adjusted EBITDA for Q2 2024 was $10.2 million, below the market consensus of $13.1 million [3] Market and Operational Highlights - Bloom Energy has signed and deployed over 300MW of data center-related power capacity agreements, with future transactions expected to range from 1MW to 100MW [2] - The company secured approval from Silicon Valley Power to use its fuel cells for a 20MW AWS data center in California [3] - Bloom Energy emphasized its leadership in hydrogen fuel cell technology, achieving 60% electrical efficiency and 90% thermal efficiency when using 100% hydrogen [3] - The company expects strong demand growth driven by global electrification trends across industries, particularly as utilities struggle to expand grid connectivity [3] Geographic and Segment Focus - Domestic sales accounted for 83% of Q2 2024 revenue, a significant shift from 40% in Q1 2024, indicating a stronger focus on the US market [3] - Bloom Energy continues to build its customer base across the data center value chain, including its recent transaction with Quanta [3] Future Outlook - The company anticipates announcing greenfield AI data center deals by the end of 2024, with an initial opportunity estimated at 0.5GW [3] - Bloom Energy expects robust business performance in the second half of 2024, with positive CFO anticipated [2]

[Table_Title] 研究报告 Research Report 9 Aug 2024 阵列技术 Array Technologies (ARRY US) 项目延误导致 2024 财年指引大幅下调 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] 事件 尽管由于收入强于预期且运营费用下降， Array 公布的 GAAP 净收入为 1200 万美元，而普遍预期的亏损为 180 万美 元，但我们预计市场对其 2024 年第二季度业绩持负面态度。原因是由于客户项目延迟，该公司已大幅下调了 2024 财年预期，并预计第三季度收入远低于普遍预期。虽然我们对 Array 持乐观态度，但我们对项目延迟不会持续到明 年和 2026 年的信心越来越有限。 点评 2024 财年指引下调约 30-40%：该公司已大幅下调其 2024 财年收入指引至 9 亿至 10 亿美元（之前为 12.5-14 亿美 元，而市场普遍预期为约 13 亿 ...

研究报告 Research Report 9 Aug 2024 布鲁姆能源 Bloom Energy (BE US) 执行力强;对 2024 财年指引充满信心 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com 热点速评 Flash Analysis 事件 我们预计 Bloom Energy 2024 年第二季度的业绩将受到市场的积极评价，该公司报告的收入为 3.358 亿美元，高于市 场预期,这得益于其产品、服务和电力部门的稳健表现,调整后的净亏损为 1400万美元,比市场预期高出约 15%。该公司重申了英 2024 财年的毛利率和收入指引，并预计 2024 年下半年的业务份额将更大。该公司强调，它 已签订并部署了超过 300MW 的数据中心相关电力容量协议,并预计未来几年数据中心交易的规模将从１兆瓦到 100 兆瓦不等，规模更大的交易更具粘性。我们依然认为该公司的技术差异化将在中期内维持利润率，并保持优于 大盘的评级。 点评 2024 财年收入排引不变：该公司重申英 2024 财年收入指引为 14-16 亿美元，同 ...

研究报告 Research Report 9 Aug 2024 降列技术 Array Technologies (ARRY US) 项目延误导致 2024 财年指引大幅下调 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com 热点速评 Flash Analysis 事件 尽管由于收入强于预期且运营费用下降， Array 公布的 GAAP 净收入为 1200 万美元，而普遍预期的亏损为 180 万美 元,但我们预计市场对英 2024年第二季度业绩持负面态度。原因是由于客户项目延迟，该公司已大幅下调了 2024 财年预期，并预计第三季度收入远低于普遍预期。虽然我们对 Array 持乐观态度，但我们对项目延迟不会持续到明 年和 2026年的信心越来越有限。 点评 2024 财年指引下调的 30-40%: 该公司已大幅下调英 2024 财年收入指引至 9 亿至 10 亿美元（之前为 12.5-14 亿美 元，而市场普遍预期为约 13 亿美元），调整后的 EBITDA 至 1.85-2.1 亿美元（之前为 2.85-3.15 亿 ...

Investment Rating - The report does not explicitly state an investment rating for Plug Power, but it indicates that the company's performance is expected to be negatively viewed by the market due to underperformance in revenue and higher-than-expected losses [2][3]. Core Insights - Plug Power reported a net loss of $262.3 million for Q2 2024, significantly worse than the market expectation of a $211.2 million loss, attributed to "market dynamics" leading to declining revenues and $86 million in non-cash expenses [2][3]. - Revenue for Q2 2024 was $143.4 million, falling short of the market consensus of $186 million, representing a 23% miss [3]. - The company's EBITDA loss was $222 million, compared to the market expectation of a $184 million loss, indicating ongoing operational challenges [3]. - The gross margin for Q2 2024 was reported at -92%, significantly worse than the forecast of -55% [3]. - For the fiscal year 2024, Plug Power provided revenue guidance of $825 million to $925 million, which is below the market consensus of $912 million [3]. - The company has made progress in securing funding from the U.S. Department of Energy, having received up to $163 million for clean hydrogen projects and is awaiting approval for a $1.6 billion loan application [3]. Financial Summary - Q2 2024 net revenue was $143.4 million, a 45% decrease year-over-year from $260.2 million in Q2 2023 [4]. - Operating costs for Q2 2024 were $274.6 million, down 19% from the previous quarter [4]. - The reported net income for Q2 2024 was a loss of $262.3 million, compared to a loss of $236.4 million in Q2 2023, reflecting an 11% increase in losses year-over-year [4]. - The GAAP earnings per share for Q2 2024 was -$0.36, which is a 22% improvement from the expected -$0.30 [4].

研究报告 Research Report 8 Aug 2024 统一企业中国 Uni-President China Holdings (220 HK) 高股息仍为股价提供支撑，盈利能力稳步提升 High Dividends Continue to Support the Share Price, and Profitability has Steadily Improved [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$6.25 | | 目标价 | HK$8.90 | | HTI ESG | 3.7-4.0-4.5 | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | --- | ...

Investment Rating - The report maintains a **Neutral** rating for SolarEdge Technologies (SEDG US) with a target price of $100 [40] Core Views - SolarEdge's Q3 2024 revenue guidance of $260-290 million is significantly below the market consensus of $356 million, indicating a weaker-than-expected performance [1][2] - The company expects US channel inventory to normalize by the end of Q3 2024, while European inventory normalization is delayed until early 2025 [1][2] - SolarEdge anticipates a return to higher revenue levels by Q2 2025, with quarterly revenue expected to reach $550 million and a gross margin of 23% [2] Financial Performance - Q2 2024 revenue was $265.4 million, in line with consensus, driven by the solar segment, which contributed $241.1 million [2] - Non-GAAP gross margin for Q2 2024 was 0.2%, slightly better than the consensus of -1.1% [2] - The company reported a non-GAAP net loss of $101 million in Q2 2024, worse than the consensus loss of $91 million [1][2] - SolarEdge shipped 0.9GW of inverters in Q2 2024, down 8% quarter-over-quarter, while optimizer shipments increased by 100% to 2 million units [2] Inventory and Cash Flow - Inventory levels stood at $1.5 billion in Q2 2024, down from $1.55 billion in Q1 2024, with expectations to reduce to $1.3 billion by the end of 2024 [3] - The company expects cash burn of $70-90 million in Q3 2024, with positive cash flow anticipated by the first half of 2025 [3] Stock Repurchase and Impairment - SolarEdge repurchased 247,000 shares in Q2 2024, valued at $17 million, as part of a $300 million share repurchase program [2] - The company plans to conduct an impairment test on its assets in Q3 2024 [2] Market and Operational Challenges - European residential solar demand remained weak in Q2 2024, particularly in the Netherlands, with no acceleration expected in the commercial and industrial markets in the second half of the year [2] - The company faces challenges in managing inventory levels and achieving revenue growth amid market headwinds [1][2]

Equity – Asia Research 中国新能源车 总量&盈利能力探讨 Exploring the Total Volume & Profitability of NEVs in China 王沈昱 Oscar Wang, CFA sy.wang@htisec.com 王凯 Kai Wang, CFA k.wang@htisec.com 2024年8月7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) 1. 中国乘用车总量发展历程 2. 发展历程中的结构性特征 3. 盈利能力对标与展望 • 参考家电：竞争格局视角 • 格局清晰的行业，龙头决定利润率 • 参考智能手机：产品升级视角 • 占据消费趋势、产品力绝对优势的企业，利润率有望逆 ...

研究报告 Research Report Axel Leven 8 Aug 2024 台湾所乐太阳能 SolarEdge Technologies (SEDG US) 第三季度指引低于预期;欧洲库存将在 2025 财年恢复正常 Scott Darling scott.darling@htisec.com axel.leven@htisec.com 热点速评 Flash Analysis 事件 我们预计 SolarEdge 2024 年第二季度的业绩将受到市场的负面评价，该公司报告的非 GAAP 净亏损为 1.01 亿美元 (市场共识亏损为 9100 万美元)。该公司预计 2024年第三季度的收入为 2.6 亿至 2.9 亿美元，而市场共识收入为 3.56 亿美元，并预计美国渠道库存将在第三季度未恢复正常，但欧洲库存要到 2025 年初才会恢复正常。该公司目 前预计 2025年第二季度每季度收入为 5.5 亿美元,并将在第三季度进行资产减值测试。 点评 2024 年第三季度的指引远低于预期: 该公司预计 2024 年第三李度的收入为 2.6 亿至 2.9 亿美元（市场普遍预期为 3.56 亿美元），非 GAAP ...