Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 6.20, reflecting a potential downside of 14% from the current stock price [4][10]. Core Insights - The company reported a revenue of RMB 5.186 billion for 1H24, representing a year-on-year growth of 3.67%, and a net profit attributable to shareholders of RMB 267 million, up 3.81% YoY [10]. - The company is focusing on store optimization, including adjusting product structures and upgrading store decor, with 202 old stores upgraded and 16 new stores opened in 1H24 [2][10]. - The report highlights a decrease in the overall gross profit margin (GPM) by 0.37 percentage points to 28.98% in 1H24, with a further decline in 2Q24 GPM to 28.12% [2][10]. Financial Performance Summary - 1H24 revenue was RMB 5.186 billion, up 3.67% YoY; net profit attributable to shareholders was RMB 267 million, up 3.81% YoY; diluted EPS was RMB 0.20; and ROE was 6.32% [10]. - The company’s core business net profit grew by 6.14% YoY, with a core business net profit margin of 4% [2][10]. - The investment profit from XWBank was RMB 59.90 million, while Gansu Hongqi Investment incurred a loss of RMB 0.54 million, leading to a total investment profit of RMB 59.36 million, down 4% YoY [2][10]. Revenue Breakdown - By category, revenue growth was noted in food (1.66%), tobacco and alcohol (9.02%), and daily necessities (1.33%), while other business revenues fell by 3.19% [2][10]. - By region, revenue growth was 4.11% in Chengdu urban areas, 4.69% in suburban counties, and 2.64% in secondary cities, with respective revenue contributions of 51.07%, 37.29%, and 4.05% [2][10]. Future Earnings Forecast - The company is projected to achieve net profits of RMB 578 million, RMB 545 million, and RMB 726 million for 2024-2026, with respective year-on-year growth rates of 3.1%, 11.6%, and 12.4% [4][10]. - The core business net profit is expected to be RMB 427 million, RMB 486 million, and RMB 559 million for the same period, with growth rates of 4.2%, 13.9%, and 14.9% YoY [4][10].

研究报告 Research Report 6 Aug 2024 中国食品饮料 China (A-share) Food & Beverage HTI 中国消费行业 8 月投资报告：用贪婪逆接"恐惧时刻" Embrace the 'moment of fear' with greed 观点聚焦 Investment Focus | --- | --- | --- | |----------|-------|------------| | 既予名称 | 洋级 | | | 贵州亲台 | | | | 贵州亲谷 | | | | 五根液 | | | | 五根液 | | Outperform | | 山西沙海 | | | | 海天水平 | | | | 泸州老客 | | Outperform | 泸州老名Outperform金谷酒业 洋河股份Outperform水井坊 辛河股份Outperform老白千 东崎饮村Outperform中 近场 外 东崎饮村Outperform汤臣 伶健 古并页语Neutral海区倍佳 青岛平海Outperform全な追 수栏绕Outperform 千禾禾业 这这项Outperform 酒鬼酒 ...

备注：净利润为归属母公司所有者的净利润 600729 CH Chongqing Department Store Rating: OUTPERFORM Target Price: Rmb29.71 Hongke Li hongke.li@htisec.com Liting Wang liting.wang@htisec.com Rebecca Hu, CFA rebecca.jl.hu@htisec.com 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 贡声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 公司研究/商业贸易/百货 重庆百货（600729）公司公告点评 证券研究报告 2024-08-06 高基数下业绩承压,1H24 扣非主业净: 降 4.5% 投资要点: 重庆百货 ...

Equity — Asia Research 6 Aug 2024 | --- | --- | --- | --- | --- | --- | |--------------------------------|---------------------------------------|---------------------|-------------|-----------------------------------------------------------------------------------------------------------------------|-------| | 06 Aug 2024 | | | | Ajinomoto/ Sumitomo Bakelite/ 卫材株式会社/ 东莞农商行/ 光大银行; 康普化学首次覆盖; NVDA Blackwell | | | MSCI China | Last 54.4 | 1D (%) | YTD (%) | China Overseas . | | | Hang Seng | 16,698 | -0.78 -1. ...

Equity — Asia Research r康普化学（834033 CH） : 首次覆盖:全球特种化学品定制服务商, 致力于多品种金属苹取剂及其他特种表活剂 Global specialty chemical customization service provider, committed to providing a variety of metal extractants and other specialty surfactants: Initiation 庄怀超 Huaichao Zhuang, hc.zhuang@htisec.com 2024年8月6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，重要被骗声明和 免责声明，请参阅附录。(Please see appendix for English translation of the disclaimer) 目录 公司概况 1. 行 ...

Investment Rating - The report recommends a positive outlook on the jewelry industry, particularly for leading companies such as Lao Feng Xiang, Cai Bai Co., China Gold, Zhou Da Sheng, and Chao Hong Ji, while also suggesting to pay attention to Lao Pu Gold and Chow Tai Fook [2]. Core Insights - The jewelry market has experienced alternating growth and cyclical impacts, with store openings serving as a key internal growth driver. From 2007 to 2013, the market size grew at a CAGR of 21%, while from 2013 to 2016, it faced a consolidation period with a CAGR of only 3% [2][4]. - The demand for gold jewelry is stabilizing, with gold price fluctuations having a more significant impact on gold bars and coins than on jewelry. Moderate price fluctuations are beneficial for demand recovery [2][9]. - The introduction of traditional craftsmanship, such as ancient gold, has led to increased profit margins per gram for gold jewelry. In 2022, traditional gold, hard gold, and ancient gold accounted for 61%, 10%, and 29% of consumption, respectively [2][8]. Summary by Sections Market Dynamics - The jewelry market size has shown varying growth rates influenced by economic conditions and consumer income levels. The CAGR from 2016 to 2019 was 5%, while from 2019 to 2023, it was 4% due to rising gold prices and expansion by leading brands [2][4]. Company Performance Analysis - **Cai Bai Co.**: The company benefits from a pricing model based on target profit margins, allowing for better profit elasticity during rising gold prices. Their hedging strategy includes purchasing gold through T+D contracts to mitigate price fluctuations [11][14]. - **Lao Feng Xiang**: The company maintains stable wholesale profit margins through a cost-plus pricing mechanism and strong brand power. Their wholesale profit margins have remained between 8.4% and 9.4% from 2018 to 2023 [3][20]. - **China Gold**: The company employs a fixed markup pricing model, which results in relatively stable profit margins during price fluctuations. Their hedging strategy combines gold leasing and sales-based procurement to reduce the impact of gold price volatility [26][29]. Future Outlook - The report anticipates that from 2024 onwards, the competitive landscape will shift from channel strength to product innovation, with companies like Zhou Da Sheng focusing on product development and high-end branding initiatives [2][3].

研究报告 Research Report 5 Aug 2024 卫材株式会社 Eisai (4523 JP) 24 财年 Q1 业绩整体符合预期，将对 CHMP 的负面监管意见提出重新审查 The Overall Performance for 24Q1 Met Expectations, and the Company will Request a Re-examination of the CHMP's Nagative Regulatory Opinion 观点聚焦 Investment Focus | --- | --- | --- | --- | --- | |----------------------------------------------|---------------|---------|-------------------------|------------------| | 维持优于大市 Maintain OUTPERFORM \n评级 | | | 优于大市 OUTPERFORM | | | 现价 | | | | ￥5,473 | | 日 标价 | | | | ¥ 7,927 ...

Investment Rating - The investment rating for China Everbright Bank is not explicitly stated in the provided documents, but the analysis indicates a steady growth in business scale and operating efficiency, suggesting a positive outlook for the bank's performance. Core Insights - In Q1 2024, the net profit attributable to the parent company grew by 0.39% year-on-year, while revenues declined by 9.61%. The total assets reached RMB 6.90 trillion, an increase of 1.84% from the end of 2023. The balance of loans to technology-based enterprises and green loans increased by 23.90% and 18.97%, respectively, from the end of 2023 [2][5][6]. Summary by Relevant Sections Business Scale and Performance - As of Q1 2024, the total assets of China Everbright Bank amounted to RMB 6,897.528 billion, reflecting a growth of 1.84% from the end of 2023. The total principal amount of loans and advances was RMB 3,906.197 billion, up 3.15% from the end of 2023. Total liabilities reached RMB 6,329.733 billion, increasing by 1.80%, with a deposit balance of RMB 4,124.619 billion, which grew by 0.73% [2][5]. Key Performance Indicators - The bank's retail finance business focuses on Assets Under Management (AUM), with retail AUM reaching RMB 2.80 trillion as of Q1 2024. The corporate finance business, guided by the Financial Product Amount (FPA), totaled RMB 5.04 trillion, while the interbank financial turnover (GMV) amounted to RMB 749.6 billion [6][7]. Financial Technology and Support - China Everbright Bank has enhanced its financial technology service capabilities, focusing on strategic emerging industries such as new energy and advanced manufacturing. The balance of loans to technology-based enterprises was RMB 331.013 billion, marking a growth of 23.90% from the end of 2023 [7][8]. Green and Inclusive Finance - The bank has developed a comprehensive service system for green finance, with green loans totaling RMB 373.290 billion, an increase of 18.97% from the end of 2023. In terms of inclusive finance, the balance of inclusive loans reached RMB 412.506 billion, growing by 8.80% [8].

Equity – Asia Research 大药的诞生系列报告——K药临近专利到期， 全球PD-(L)1相关市场可能出现哪些机会？ Upon Keytruda LOE, Blockbuster Opportunities In the Evolving Global PD-(L)1 Market 孟科舍 Kehan Meng kh.meng@htisec.com 麦艺琳 Yilin Yuan yl.yuan@htisec.com 2024年8月5日 由海通国际分析，海通国际是由海通国际研究有限公司，海通国际株式会社和海通国际征务集团共他各成员举位的征 组成的全球品牌，海通国际证券集团各级复分到在非许可的引法客籍区内从事证券活动。关于海通国际的分析师证明，查委提露占明和免查占明， ase see appendix for English translation of the disclain "药王" 临近专利到期，全球PD-(L)1市场可能发生哪些新变化？ • 会创认为，大半未未将党派长长肯定的表宣会关主，未监核合作同统PD-{L}1辛格修进令刘刘涛的党争文化规定伴简介大半未未会， • 以Opdivo利Ke ...

Investment Rating - Maintain NEUTRAL rating with a target price of HK$10.10 [3] Core Views - H1 revenue declined by 4.3% YoY, primarily due to weak Q2 sales in China [4] - Volume and revenue per hl in South Korea and India showed growth, contributing to margin expansion [4] - Cost reductions and premiumization strategies are expected to sustain margin improvements [4] Financial Performance - H1 sales volume decreased by 6.2% YoY to 46.6 million hl, with revenue down 7.3% YoY to $3.39bn [4] - Normalized EBITDA fell by 6.2% YoY to $1.10bn, with a margin improvement of 1.1pct to 32.4% [4] - Q2 sales volume dropped by 7.0% YoY to 25.5 million hl, with revenue down 10.6% YoY to $1.76bn [4] Regional Performance - APAC West (China): Q2 sales volume and revenue per hl declined by 10.3% and 5.4% YoY, respectively, due to industry weakness and adverse weather conditions [4] - APAC East (South Korea): Q2 revenue and profit grew by double digits, with market share recovering to 2018 levels [4] - India: Premium and above products achieved double-digit growth, capturing 2/3 of the premium market share [4] Cost and Margin Trends - Cost per hl decreased by 0.6% YoY, driven by lower commodity prices, contributing to a gross margin increase of 0.6pct to 51.5% [4] - SG&A expense ratio rose by 1.2pct YoY to 30.3%, due to declining revenue [4] Earnings Forecast - EPS forecasts for 2024-26 were revised downward to HK$0.53, HK$0.56, and HK$0.60, respectively [4] - The company is expected to benefit from continued premiumization in the Asia-Pacific region [4] Valuation - The target price of HK$10.10 is based on a 19x PE multiple for 2024, down from the previous 22x [4]