Investment Rating - The report maintains an "Outperform" rating for Global New Material International Holdings (6616 HK) with an expected relative benchmark increase of over 10% in the next 12-18 months [3][41]. Core Insights - The company intends to acquire Merck's global surface solutions business for 665 million euros, with the transaction expected to enhance its market coverage, product system, and technological capabilities [1][3]. - The acquisition is based on a valuation of 10.6x the target company's pre-tax profit of 62.7 million euros for the year ending December 31, 2023 [1][3]. - The company has achieved significant results in collaborative integration with CQV, becoming its largest shareholder with a 42.45% stake, which is expected to enhance product synergy and market expansion [1][3]. - The second phase of the pearl material factory has commenced production, with a designed annual capacity of 30,000 tons, focusing on high-end applications [2][3]. - The company invested 75 million RMB in R&D in the fiscal year 2023, representing 7.1% of its operating revenue, and has made advancements in new energy projects in collaboration with Zhejiang University [1][3]. Summary by Sections Acquisition Details - The company announced the acquisition of Merck's global surface solutions business for 665 million euros, with the target company generating 405 million euros in revenue and 62.7 million euros in pre-tax profit for 2023 [1][3]. Collaborative Integration - The integration with CQV has led to improved product collaboration, sales channel synergy, and enhanced R&D capabilities, positioning the company as a leader in the global pearlescent pigment market [1][3]. Production Capacity - The second phase of the pearl material factory is operational, designed to produce high-end automotive and cosmetic-grade materials, utilizing advanced intelligent production systems [2][3]. Research and Development - The company has increased its R&D investment, resulting in new patents and breakthroughs in energy-related projects, contributing to its growth strategy [1][3].

盟浪义利（FIN-ESG）数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明： 第一条 义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称"本公司"）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司 的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表 述的评估结果造成的任何直接或间接损失负责。 第二条 盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判 断，盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业 绩表现不作为日后回报的预测。 第三条 本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修 改、复制、 ...

26 Jul 2024 二季度业绩短期承压， FSD 有望年底入华 2Q24 Performance Faces Short-Term Pressure, FSD Expected to Enter China by Year-End [Table_yemei 观点聚焦 1] Investment Focus FSD 有望年底入华，无监督版本预计与 Robotaxi 同步实现商业落地。 由于一些重要调整，公司将原计划 8 月 8 日举行的 Robotaxi 发布会延 至 10 月 10 日，预计今年年底或最迟明年投入使用。Robotaxi 车辆可 全天候运行，公司预计几年内车队规模将达 700 万辆，远期规划超过 2,000 万辆。Robotaxi 实现商业落地的时点完全取决于 FSD 何时能达到 无监督水平。目前，FSD 迭代稳步推进，最新的 12.5 版本参数提升至 12.4 的 5 倍，合并了高速公路和城市技术栈，驾驶流畅度进一步提 升。公司表示年底前 FSD 的无干预驾驶里程将超过人类司机，明年有 信心实现无监督 L5 级智驾水平。另外，公司宣布 FSD 有望今年年底前 在中国、欧洲及其他国家获得监管 ...

[Table_Title] 研究报告 Research Report 26 Jul 2024 陶氏化工 Dow (DOW US) 陶氏化工 Dow (DOW US): 盈利势头环比增长；受维护影响净收入略低于预期 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com [Table_yemei1] 热点速评 Flash Analysis Title （本报告为 2024 年 7 月 25 日发布的英文报告的翻译版，以原版为准。） 事件 Source: HTI [Table_summary] 我们预计陶氏化工（海通国际未覆盖）2024 年第二季度的业绩将受到市场中性的评价，该公司公布的调整后净收 入为 4.82 亿美元，低于市场预期，但环比增长 22%，其原因是"计划维护活动和股权损失增加，以及销量下降" 导致的工业中间体和基础设施部门表现不佳。该公司基本达到了 2024 年第二季度的预期，净销售额为 109 亿美 元，而预期为 110 亿美元。对于 2024 年第三季度的预期，该公司预计净销售额为 111 亿美元，而共识为 ...

[Table_Title] 研究报告 Research Report 陶氏化工 Dow (DOW US) Scott Darling Axel Leven [Table_yemei1] 热点速评 Flash Analysis 事件 我们预计陶氏化工（海通国际未覆盖）2024 年第二季度的业绩将受到市场中性的评价，该公司公布的调整后净收 入为 4.82 亿美元，低于市场预期，但环比增长 22%，其原因是"计划维护活动和股权损失增加，以及销量下降" 导致的工业中间体和基础设施部门表现不佳。该公司基本达到了 2024 年第二季度的预期，净销售额为 109 亿美 元，而预期为 110 亿美元。对于 2024 年第三季度的预期，该公司预计净销售额为 111 亿美元，而共识为 114 亿美 元。该公司还重申了 2024 财年资本支出约为 30 亿美元的预期。 受维护影响净收入略低于预期：陶氏化工公布 2024 年第二季度调整后净收入为 4.82 亿美元（2024 年第一季度为 3.94 亿美元，2023 年第二季度为 5.37 亿美元），而市场普遍预期为 5.03 亿美元，原因是由于"计划维护活动和股 权损失增加，以及销 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating for Ganfeng Lithium Group [2][42]. Core Insights - Ganfeng Lithium is a leading global producer of lithium compounds and lithium metal, with a comprehensive product line and a vertically integrated business model that enhances operational efficiency and profitability [4][48]. - The company is expanding its lithium resource capacity in various countries, including Australia, Argentina, and Mexico, while also stabilizing its upstream raw material supply [3][49]. - Despite short-term oversupply issues in the lithium market, the long-term demand for lithium is expected to grow significantly due to the rise of electric vehicles and energy storage systems [3][50]. Summary by Sections Company Overview - Ganfeng Lithium is the largest domestic and a leading global producer of lithium compounds and lithium metal, with over 40 types of lithium products [4][48]. - The company employs a unique vertically integrated business model that spans from upstream resource development to downstream product manufacturing, improving operational efficiency [4][48]. Competitive Advantages - The company has diversified competitive advantages and is continuously exploring new growth points, including solid-state lithium batteries and lithium recycling [3][49]. - Ganfeng Lithium has established a stable and diversified raw material supply system through global resource layout, ensuring high-quality lithium raw materials [8][49]. Financial Forecast - The report forecasts Ganfeng Lithium's operating income for 2024-2026 to be 26.213 billion yuan, 30.042 billion yuan, and 39.522 billion yuan, respectively, with net profits of 3.098 billion yuan, 4.703 billion yuan, and 6.136 billion yuan [42][51]. - The corresponding EPS for the same period is projected to be 1.54 yuan, 2.33 yuan, and 3.04 yuan [42][51]. Market Context - The lithium market is currently experiencing a supply-demand imbalance, but the long-term outlook remains positive due to increasing demand from the electric vehicle sector [3][50]. - The report highlights that lithium prices are expected to stabilize as suppliers accelerate capacity adjustments to restore balance in the market [3][50].

Investment Rating - The report maintains an "Outperform" rating for Xinte Energy (1799 HK) with a target price adjusted to HK$13.56 from HK$18.80, reflecting a 28% decrease [3][11]. Core Insights - In 2023, Xinte Energy reported operating revenue of RMB 30.75 billion, a year-on-year decrease of 16.5%, and a net profit attributable to shareholders of RMB 4.35 billion, down 67.4% from the previous year [8][11]. - The company's gross profit margin fell to 33.45%, a decline of 21.84 percentage points, primarily due to a significant drop in polysilicon prices [8][11]. - The production and sales volume of polysilicon reached 191,300 tons and 202,900 tons respectively, marking increases of 52% and 90% year-on-year, which helped reduce unit costs to RMB 62,000 [9][11]. - The company anticipates an annual polysilicon production of 280,000-300,000 tons in 2024, with the proportion of N-type materials expected to exceed 80% [9][11]. Summary by Sections Financial Performance - The polysilicon business generated revenue of RMB 19.5 billion in 2023, a decrease of 23.9% year-on-year [9]. - The gross profit margin for polysilicon was 36%, down 35 percentage points from the previous year [9]. - The company recorded asset impairments totaling RMB 1.53 billion, mainly due to inventory and fixed asset write-downs [10]. Business Development - In power station construction, revenue was RMB 6.3 billion, down 18% year-on-year, with a confirmed project scale of 2.2 GW [10]. - Power station operation revenue increased by 8% to RMB 2.2 billion, with a cumulative installed capacity of 3.2 GW by the end of 2023 [10]. - The company expects the cumulative installed capacity to reach 4-5 GW by the end of 2024 [10]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 1.703 billion (-70%), RMB 2.11 billion (-77%), and RMB 2.454 billion [11]. - The report assigns a 2024 P/E ratio of 10x, reflecting an increase from the previous year's 3.5x [11].

Investment Rating - The report maintains an **OUTPERFORM** rating for Towngas (3 HK) with a target price of HK$6.39 [3] - The current price is HK$6.30 as of July 25, 2024 [3] - The market capitalization is HK$117.56 billion (US$15.05 billion) [3] Core Views - Towngas has a clear future development strategy with significant breakthroughs in green energy transformation [2] - The company's diversification strategy has been effective, particularly in the mainland urban gas business, which saw an 8% year-on-year growth in 2023 [4] - The green energy transformation has achieved a breakthrough, with the production of SAF and HVO reaching 150,000 tons and 115,000 tons respectively in 2023 [9] - The company's financial performance remains stable, with a 16% year-on-year increase in net profit attributable to shareholders in 2023 [10] Business Growth and Market Expansion - Towngas increased its gas projects in mainland China by 5 to 320 in 2023, with the number of users growing by 2.9 million to 40.19 million [4] - The company's water affairs and environmental businesses have shown stable growth, with innovative attempts such as converting kitchen waste into biogas [4] - The company's green methanol production capacity is expected to reach 120,000 tons, contributing approximately HK$100 million in cash net profit [12] Financial Performance - Despite a 7% year-on-year decrease in total revenue in 2023, Towngas achieved an 11% year-on-year increase in core profit [10] - The company's total assets reached HK$162 billion, with net assets of HK$71.1 billion and cash and bank deposits of HK$9 billion [10] - The company plans to reduce debt by HK$10 billion over the next five years, reflecting its focus on optimizing asset structure and improving capital efficiency [11] Capital Expenditure and Investment Strategy - In 2023, Towngas's capital expenditure was HK$10.2 billion, primarily focused on renewable energy projects, especially photovoltaic investments [11] - The company expects to adjust its capital expenditure to HK$7.1 billion in 2024, with a significant reduction in capital expenditure for Hong Kong China Gas Smart Energy to HK$3.3 billion [11] - The company is actively exploring emerging energy fields such as hydrogen energy, including strategic cooperation with Citybus Group to provide hydrogen refueling station services [12] Profit Forecast and Investment Recommendation - The report forecasts Towngas's main business revenue for FY24-26 to be HK$59.777 billion, HK$62.446 billion, and HK$64.947 billion respectively [13] - The net profit attributable to the parent company is expected to be HK$6.298 billion, HK$6.513 billion, and HK$6.713 billion for the same periods [13] - Based on the DCF model, the target price is expected to be HK$6.39 per share, maintaining the OUTPERFORM rating [13]

[Table_Title] 研究报告 Research Report 25 Jul 2024 ENERGY & ESG 国际能源与 ESG 周报 (7/15-7/21)：中国电网投资景气度持续，印度电力需 求上半年同增 8.3% Global Energy and ESG Updates: China's Grid Investment Boom Continues, India's Power Demand Rises 8.3% in H1 bin.yang@htisec.com olivia.qp.mao@htisec.com karen.hy.he@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 核心观点： 中国：1）天然气：本周期中国 LNG 到岸价及市场价较上周上涨。2）电力：6 月规上工业发电量增速保持稳定，火 电、核电降幅扩大，水电增速加快，太阳能发电增速回落，风电由降转增。3）储能锂电：碳酸锂现货市场成交价格 重心持续下移。4）光伏 ...

[Table_Main] 研究报告 Research Report 25 Jul 2024 日本可选消费& 必需消费Japan Discretionary & Staples 关于《HTI 日本消费行业 6 月跟踪报告：通胀再次升温，入境游拉动可选消费》的错误修订 Corrections on Inflation Accelerated in June, Foreign Tourists Visiting Japan Continued to Boost Discretionary Consumption Errors [Table_yemei1] 观点聚焦Investment Focus [Table_Info] | --- | --- | --- | --- | --- | |---------------|------------|--------|-----------|-----------| | | | | 市盈率 | P/E | | 股票名称 | 评级 | 目标价 | PE(2025E) | PE(2026E) | | 迅销集团 | Outperform | 45,000 | n.a. | n. ...