研究报告 Research Report [Table_Info] 2 Aug 2024 中国必需消费 & 食品饮料 China (A-share) Staples & Food & Beverage HTI 中国消费品 7 月需求报告：啤酒增速改善较为明显 The growth rate of beer has improved significantly [Table_yemei1] Investment Focus 股票名称 评级 股票名称 评级 贵州茅台 Outperform 青岛啤酒 Outperform 贵州茅台 Outperform 今世缘 Outperform 五粮液 Outperform 迎驾贡酒 Outperform 五粮液 Outperform 重庆啤酒 Outperform 山西汾酒 Outperform 重庆啤酒 Outperform 海天味业 Outperform 燕京啤酒 Outperform 海天味业 Outperform 安琪酵母 Outperform 泸州老窖 Outperform 口子窖 Outperform 泸州老窖 Outperform 安井食品 Outperform ...

Investment Rating - Maintains an "Outperform" rating with a target price of $288 [1][2][6] Core Views - Adjusted EBITDA has been positive for six consecutive quarters, indicating a promising outlook [6] - Revenue for 2024-2026 is forecasted at $6.75 billion, $9.233 billion, and $6.055 billion, respectively, with EBITDA estimated at $4.184 billion, $5.892 billion, and $3.947 billion [6][15] - The EV/Revenue multiple for 2024 is 11x, supporting the target price of $288 [6][15] Financial Performance - 24Q2 revenue was $1.45 billion, up 105% YoY but down 11% QoQ [7] - Adjusted EBITDA for 24Q2 was $596 million, up 216% YoY but down 41% QoQ [7] - Net profit for 24Q2 was $36 million, a significant turnaround from a loss in the previous year but down 97% QoQ [7] - Trading revenue for 24Q2 was $781 million, up 139% YoY but down 27% QoQ, with trading volume at $226 billion, down 28% QoQ [8] - Subscription and service revenue grew 79% YoY and 17% QoQ, driven by stablecoin and blockchain rewards [8] Market Position and Strategy - Coinbase's market share in the cryptocurrency spot market was 5.8% in 24Q2, down from 6.5% in 24Q1 [8] - The company plans to acquire a European MiFID license, enabling it to trade derivatives in over 20 European markets [8] - Operating expenses accounted for 80% of major business revenue in 24Q2, with marketing expenses expected to increase in 24Q3 [10] Valuation and Metrics - The current price is $212.64, with a 1-month, 3-month, and 12-month absolute return of -4.3%, 4.3%, and 115.6%, respectively [3] - The P/E ratio for 2024E is 24x, with a GPM of 34.2% and ROE of 38.4% [5] - The company's market cap is $52.22 billion, with a 3-month average daily trading volume of $1.972 billion [9]

研究报告 Research Report 2 Aug 2024 密尔克卫 Milkyway Chemical Supply Chain Service (603713 CH) 2024H1 扣非后净利润同比增长 19.55%，项目建设有序推进 Recurring net profit up 19.55% YOY in 2024H1, projects construction advances smoothly. [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 | Rmb49.17 | | 目标价 | Rmb80.52 | | HTI ESG | 4.5-4.8-5.0 | | E-S-G: 0-5, (Please refer ...

研究模會 Research Report 2 Aug 2024 中国必需消费 & 食品饮料 China (A-share) Staples & Food & Beverage HTI 中国消费品 7 月需求报告：啤酒增速改善较为明显 The growth rate of beer has improved significantly Investment Focus 民多名林 贵州亲谷 贵州子公 玉桃冰 五桃液 北部治海 海天水平 海天外空 *开奖 *开奖 是利良份 가가로份 가河區份 外.购公社 东殿众村 す弁賓酒 欢汇发热 | --- | --- | |-------|------------| | 评览 | | | | | | | Outperform | | | | | | | | | Outperform | | | Outperform | | | Outperform | | | | Outperform Outperform 免共余恶 Outperform居 आ良 份 Outperform Outperform 金祥鸿率 Outperform 水井珍 Neutralを白千 Outperform ...

Vietnam Dairy Industry Overview - Vietnam's dairy industry reached $4.24 billion in 2023, growing 6.4% YoY, with sales volume at 1.949 million tons, up 1.5% YoY[1] - Drinking milk accounts for 62% of industry sales, with long-life milk dominating, while pasteurized and low-temperature yogurt penetration remains low[1] - The industry is highly concentrated, with Vinamilk maintaining over 50% market share[1] Vinamilk's Market Position and Strategy - Vinamilk generated 60.4 trillion VND in revenue in 2023, with 16.2% from overseas markets[1] - The company operates over 250 SKUs across liquid milk, yogurt, condensed milk, and milk powder categories[2] - Vinamilk has 15 farms in Vietnam, with 38,000 self-raised cows and over 100,000 cows through partnerships, producing over 400,000 tons of raw milk annually[2] Vietnam's Dairy Consumption and Production - Vietnam's per capita dairy consumption is low at 13.83 kg, similar to China's level in 2007[4] - Vietnam relies on imports for 60% of its fresh milk supply, with 2022 dairy imports totaling $1.25 billion, up 6.4% YoY[5] - The country has 37.9 million dairy cows, producing 1.86 billion liters of fresh milk in 2023, meeting 40% of domestic demand[5] Vinamilk's Financial Performance - Vinamilk's PE ratio is at the 28.7th percentile over the past 10 years, indicating reasonable valuation[2] - The company's ROE of 25.8% in 2023 is significantly higher than peers like Meiji (6.9%), Yili (20.2%), and Mengniu (11.4%)[50] - Vinamilk's gross margin was 40.7% in 2023, with domestic business contributing 41.3% and overseas 37.4%[50] Risks and Challenges - Key risks include exchange rate fluctuations, local policy changes, inflation, market competition, and food safety concerns[53] - Vietnam's dairy industry faces challenges in production technology, feed quality, and professional talent shortages[8] - The market is dominated by a few large players, with Vinamilk, TH True Milk, and international brands like Nestlé and Abbott competing[10]

[Table_MainInfo] 行业研究/医药与健康护理 证券研究报告 行业深度报告 [Table_InvestInfo] AI+制药：AI 技术蓬勃发展， AI+制药行业潜力巨大 [Table_Summary] 投资要点： AI 技术蓬勃发展，AI+制药有望成为下一个黄金赛道。AI 技术通过机器学习和深 度学习等手段，已经在药物发现、临床前研究和临床试验等全流程中发挥重要 作用。从 2007 年的早期探索至今，AI 制药技术经历了技术积累、验证和快速发 展期，目前正处于一个技术创新活跃、政策扶持明显、市场前景广阔的阶段。 AI 制药投融资市场活跃，根据 Deep Pharma Intelligence 官网数据，截止 2023Q1 累积投资额达 60.2 亿美元，市场规模持续增长，预计到 2026 年全球市场规模将 达到 29.94 亿美元。 AI+制药受到国家政策支持，产业链上下游投资机会多元，应用端百花齐放。AI 制药行业得到国家层面的政策支持，如《"十四五"医药工业发展规划》和《"十 四五"生物经济发展规划》等，旨在推动云计算、大数据、人工智能等技术在新 药研发中的应用。AI 技术在新药研发领域中的 ...

Investment Rating - The report indicates that the AI + pharmaceutical industry is expected to become the next golden track for investment, supported by rapid technological advancements and favorable policies [3][10]. Core Insights - AI technology is rapidly developing and is playing a crucial role in drug discovery, preclinical research, and clinical trials, significantly enhancing the efficiency and success rates of drug development [3][10]. - The AI pharmaceutical market is projected to grow substantially, with the global market size expected to reach $2.994 billion by 2026, up from $1.04 billion in 2022, reflecting a growth rate of approximately 31.31% year-on-year [21][24]. - The report highlights the active investment landscape in AI pharmaceuticals, with cumulative investments reaching $60.2 billion by Q1 2023, marking a nearly 27-fold increase over the past nine years [21][22]. Summary by Sections 1. AI Pharmaceutical Industry Development - The AI pharmaceutical sector is experiencing rapid growth, driven by technological innovations and supportive government policies [3][10]. - AI technologies are being integrated into various stages of drug development, including target discovery, protein structure prediction, and clinical trial design, which helps reduce development time and costs [3][10]. 2. Investment Landscape - The AI pharmaceutical investment market is vibrant, with significant capital inflow, particularly since 2015, leading to a total investment of $60.2 billion by early 2023 [21][22]. - The report notes that the annual investment in AI-driven pharmaceutical companies reached $9.66 billion in 2021, with a slight decline in 2022 due to global economic conditions [21][22]. 3. Policy Support and Market Potential - National policies, such as the "14th Five-Year Plan" for the pharmaceutical industry, emphasize the integration of AI technologies in drug development, fostering a conducive environment for growth [17][18]. - Local governments are also setting clear development goals and providing substantial support for AI pharmaceutical technologies, enhancing the competitiveness of the Chinese pharmaceutical market [20][21]. 4. AI Technology Applications - AI technologies are being applied across the pharmaceutical value chain, from drug discovery to clinical trials, significantly improving the efficiency and success rates of drug development processes [3][10][31]. - The report discusses various AI applications, including virtual screening, which enhances the novelty of compound structures and reduces experimental costs [44][43]. 5. Industry Chain Analysis - The AI pharmaceutical industry chain consists of upstream AI technology providers, midstream biotech and CRO companies, and downstream traditional pharmaceutical companies [25][29]. - The report outlines the business models prevalent in the AI pharmaceutical sector, including AI SaaS, AI CRO, and AI biotech, with a focus on collaborative approaches to reduce risks [29][30].

Investment Rating - The report does not explicitly state the investment rating for Coinbase, but it provides detailed financial performance metrics that can be used to infer the company's current standing in the market [2][3]. Core Insights - Coinbase reported operating revenue of $1.397 billion for Q2 2024, representing a 105% year-over-year increase but a 12% decrease quarter-over-quarter [2][3]. - The pre-tax loss was $60 million, a 23.4% decrease year-over-year, indicating a shift from profit to loss on a quarter-over-quarter basis [2][3]. - Trading revenue increased by 139% year-over-year but decreased by 27% quarter-over-quarter, while subscription and service revenue grew by 79% year-over-year and 17% quarter-over-quarter [2][3]. - The trading volume for Q2 2024 was $226 billion, down 28% from the previous quarter, with retail trading volume decreasing by 34% to $37 million and institutional trading volume down 26% to $189 million [2][3]. - The adjusted EBITDA was $596 million, up 215% year-over-year, significantly influenced by tax benefits related to stock compensation and fair value changes [2][3]. Financial Performance Summary - Operating expenses were $1.107 billion, up 42% year-over-year and 26% quarter-over-quarter, accounting for 83% of total revenue [2][3]. - The operating profit was $343 million, turning profitable year-over-year but down 55% quarter-over-quarter [2][3]. - The final net profit recorded was $36 million, aided by tax benefits related to stock compensation amounting to $96 million [2][3]. - The number of employees increased to 3,486, up by 70 from the previous quarter [4]. Trading Metrics - The overall trading fee rate remained stable at 35 basis points, with retail trading fees increasing by 13 basis points to 1.8% and institutional fees remaining stable at 3 basis points [2][3]. - The proportion of non-trading revenue increased to 41%, driven by stablecoin income and blockchain earnings [2][3]. - Bitcoin and Ethereum's trading volume shares increased by 2 percentage points to 35% and 15%, respectively, while their shares in trading revenue rose by 1 percentage point and 2 percentage points to 31% and 17% [2][3].

[Table_Title] 研究报告 Research Report 2 Aug 2024 Nextracker Nextracker (NXT US) 收入超出预期；2025 财年业绩再次确认；订单量强劲分原因来自美国； 24 财年指导目标上调约 50-100 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] 事件 我们预计 Nextracker 2025 年第一季度的业绩将受到市场的积极评价，该公司报告的 GAAP 净收入远高于预期，这得益 于强劲的执行力、持续的获客、产品创新以及通胀削减法案带来的税收优惠。该公司基本上重申了其 2025 财年的指 导方针，并预计 80% 的积压订单将在未来 8 个季度内实现。Nextracker 一直是我们今年的重点选择之一，这些结果再 次证实了这一观点。 点评 强劲的营收增长：Nextracker 报告 2025 年第一季度收入为 7.199 亿美元（美国占 71%，世界其他 ...

Investment Rating - The report rates the Vietnam Food & Beverage industry positively, highlighting Vinamilk as a leading enterprise with a strong market position and growth potential [1]. Core Insights - The Vietnamese dairy industry is experiencing growth in both volume and price, with a market size of approximately $4.24 billion in 2023, reflecting a year-on-year growth of 6.4% [1][25]. - Vinamilk holds a market share of over 50% in the Vietnamese dairy sector, benefiting from a well-established distribution network and product portfolio [1][8]. - The report emphasizes the importance of structural upgrades in driving long-term growth in the dairy industry, with drinking milk accounting for 62% of total sales [1][28]. Summary by Sections Industry Overview - The Vietnamese dairy industry has a low per capita consumption of dairy products, indicating significant growth potential as the economy develops [3]. - In 2023, the per capita GDP of Vietnam was $4,347, similar to China's in 2007, suggesting a correlation between economic growth and dairy consumption [3]. - The industry is characterized by high concentration, with major players like Vinamilk dominating the market [8]. Vinamilk's Market Position - Vinamilk has a diverse product matrix with over 250 SKUs, catering to various consumer needs across different price segments [2][36]. - The company operates 15 farms in Vietnam and has partnerships with external farms, producing over 400,000 tons of raw milk annually [2]. - Vinamilk's revenue in 2023 reached 60.4 trillion VND, with 16.2% coming from overseas markets [1]. Growth Drivers - The report identifies structural upgrades and increasing health awareness among consumers as key drivers for the dairy industry's growth [1][28]. - The company has been proactive in expanding its distribution channels, with nearly 200,000 retail endpoints in Vietnam [36]. - Vinamilk's participation in the School Milk Program has significantly increased dairy consumption among students, enhancing brand recognition and market penetration [27]. Competitive Landscape - The Vietnamese dairy market is primarily driven by traditional retail channels, which accounted for 97% of sales in 2023 [9]. - Vinamilk's main competitors include TH Food Chain JSC, Royal FrieslandCampina NV, and Nestlé SA, but it maintains a strong competitive edge [8]. Future Outlook - The report suggests that as competition strengthens and consumer preferences evolve, Vinamilk's long-term investment value will become more apparent [2]. - The company is expected to continue innovating and expanding its product offerings, particularly in functional dairy products [29].