研究报告 Research Report 15 Jul 2024 中际旭创 Zhongji Innolight (300308 CH) 业绩符合预期,800G 需求强劲 Rev in line, strong demand for 800G [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 Rmb150.12 目标价 Rmb190.00 HTI ESG 4.0-4.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb168.31bn / US$23.15bn 日交易额 (3 个月均值) US$496.92mn 发行股票数目 1,121mn 自由流通股 (%) 64% 1 年股价最高最低值 Rmb157.53-Rmb60.87 注:现价 Rmb150.12 为 2024 年 7 月 12 日收盘价 50 75 100 125 150 Price Return MSCI Chi ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or company discussed Core Insights - Baidu's "Luobo Kuaipao" has gained significant attention due to traffic incidents and resistance from local taxi drivers, particularly in Wuhan where 500 autonomous vehicles have been deployed, over 300 of which are fully unmanned [1][2][3] - The current operational performance of Robotaxi is characterized as safe but not sufficiently human-like, with a conservative driving strategy that may lead to slower speeds and potential traffic congestion [1][2][8] - The report indicates that the Robotaxi service is primarily focused on consumer experience rather than significantly impacting the existing ride-hailing market, although it enhances public awareness and acceptance of smart driving technologies [2][19] Summary by Sections 1. Baidu Luobo Kuaipao Experience - The service has completed approximately 826,000 autonomous driving orders in Q1 2024, a 25% year-on-year increase [3] - The operational area is mainly in non-core regions of Wuhan, with limitations on point-to-point service and reliance on pre-set pick-up and drop-off points [6][10] - The driving performance is described as smooth, with decisive control but a conservative approach that may lead to longer trip durations compared to human drivers [8][10] 2. Robotaxi Development Status - The current technology relies on a modular solution based on high-precision maps, which limits flexibility and human-like adaptability [10] - Profitability remains a challenge due to low revenue per trip and high operational costs, including vehicle depreciation and personnel expenses [10][12] - The report suggests that the business model is not yet sustainable, with significant gaps in achieving a fully autonomous and commercially viable Robotaxi service [10][12] 3. Future Directions for Robotaxi - The report highlights a shift towards end-to-end solutions in autonomous driving, which may change the competitive landscape significantly [15][20] - It emphasizes the potential for leading OEMs and Huawei to dominate the market due to their data capabilities and financial resources [16][20] - The transition from rule-driven to data-driven algorithms is seen as a critical factor for future advancements in autonomous driving technology [15][20]

研究报告 Research Report 14 Jul 2024 上海电气 Shanghai Electric Group Company Limited (2727 HK) 火电和核电订单高增,业绩不断修复 Retrieving from high growth of thermal and nuclear power orders [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$1.50 目标价 HK$2.02 HTI ESG 4.0-3.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$53.86bn / US$6.90bn 日交易额 (3 个月均值) US$1.21mn 发行股票数目 2,924mn 自由流通股 (%) 89% 1 年股价最高最低值 HK$1.90-HK$1.38 注:现价 HK$1.50 为 2024 年 7 月 12 日收盘价 Titl ...

研究报告 Research Report [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$1.95 目标价 HK$3.10 HTI ESG 2.7-3.8-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$3.47bn / US$0.44bn 日交易额 (3 个月均值) US$0.23mn 发行股票数目 1,780mn 自由流通股 (%) 17% 1 年股价最高最低值 HK$3.66-HK$1.92 注:现价 HK$1.95 为 2024 年 07 月 12 日收盘价 40 60 80 100 120 Price Return MSCI China Jul-23 Nov-23 Mar-24 Volume 资料来源: Factset 1mth 3mth 12mth 绝对值 -14.1% -15.2% -45.0% 绝对值(美元) -14.1% -14.9% -44.8% 相对 MSCI China -15.1% -24.3% -42.6% [ ...

Investment Rating - The report assigns a positive outlook on J.P. Morgan (JPM.US) with a strong performance in revenue and profit, indicating an outperform rating relative to market benchmarks [5]. Core Insights - J.P. Morgan's Q2 2024 revenue grew by 21.5% year-over-year, significantly exceeding Bloomberg's consensus forecast of 8.9%. Net profit attributable to common stockholders increased by 26.5% year-over-year, also surpassing the forecast of -0.4% [2][5]. - The bank's net interest margin (NIM) decreased by 9 basis points quarter-over-quarter to 2.62%, which was lower than the expected 2.65% [2][5]. - The Common Equity Tier 1 (CET1) capital ratio improved by 1.5 percentage points year-over-year to 15.3%, exceeding the forecast of 13.8% [2][5]. Summary by Sections Revenue and Profit Performance - Total revenue for Q2 2024 was $50.2 billion, with a year-over-year increase of 21.5%, outperforming the consensus estimate of $45.0 billion [4]. - Net interest income rose by 4.4% year-over-year to $22.7 billion, slightly below the expected 4.7% growth [4]. - Non-interest income surged by 40.6% year-over-year to $27.5 billion, significantly higher than the forecast of 24.1% [4]. Business Segment Performance - Consumer & Community Banking revenue grew by 2.7% year-over-year, below the expected 3.0% [2]. - Commercial & Investment Banking revenue saw a remarkable increase of 172.2% year-over-year, driven by a low base effect, outperforming the forecast of 5.4% [2]. - Asset & Wealth Management revenue increased by 6.3% year-over-year, exceeding the expected 4.6% [2]. Asset Quality and Capital Ratios - Total provisions for credit losses amounted to $3.052 billion, which was higher than the expected $2.810 billion [4]. - Non-performing loans increased to $7.791 billion, with a non-performing loan ratio of 0.59%, slightly above the expected 0.58% [4]. - Return on Assets (ROA) improved to 1.79%, exceeding the forecast of 1.51% [4]. - Return on Equity (ROE) rose to 23.00%, surpassing the expected 20.0% [4].

Investment Rating - The report does not explicitly state an investment rating for Wells Fargo & Co (WFC US) [1]. Core Insights - Wells Fargo reported Q2 2024 earnings with revenue growth of +0.8% year-over-year, surpassing Bloomberg consensus forecast of -1.2% [2][5]. - Net interest income (NII) decreased by -9.4% year-over-year, which was better than the consensus estimate of -7.9% [2][4]. - Non-interest income increased by +18.9% year-over-year, exceeding the consensus estimate of +10.7% [2][4]. - The net profit attributable to common stockholders decreased by -0.4% year-over-year, which was better than the consensus estimate of -1.5% [2][4]. - The efficiency ratio improved to 64.0%, better than the consensus estimate of 64.3% [2][4]. Summary by Relevant Sections Revenue and Profit - Total revenue for Q2 2024 was $20,689 million, beating the estimate of $20,281 million [4]. - Consumer Banking and Lending revenue decreased by -4.7% year-over-year, while Corporate and Investment Banking revenue increased by +4.5% [2][4]. - Wealth and Investment Management revenue grew by +5.8% year-over-year, outperforming the consensus [2][4]. Net Interest Income and Non-Performing Loans - NIM (Net Interest Margin) decreased by 6 basis points to 2.75%, below the consensus estimate of 2.77% [2][4]. - Total loans decreased by -3.2% year-over-year, better than the consensus estimate of -13.3% [2][4]. - The non-performing loan (NPL) ratio increased to 0.94%, higher than the consensus estimate of 0.90% [2][4]. Capital Ratios and Returns - The CET1 (Common Equity Tier 1) ratio increased by 0.3 percentage points to 11.0%, exceeding the consensus estimate of 10.7% [2][4]. - ROTCE (Return on Tangible Common Equity) remained stable at 13.7%, better than the consensus estimate of 13.2% [2][4]. - ROA (Return on Assets) decreased slightly to 1.03%, outperforming the consensus estimate of 1.00% [2][4]. - ROE (Return on Equity) increased by 0.10 percentage points to 11.5%, better than the consensus estimate of 11.2% [2][4].

Investment Rating - The report does not explicitly state an investment rating for Citigroup (C.US) but indicates a positive outlook based on performance metrics [1][5]. Core Insights - Citigroup's Q2 2024 revenue growth was 3.6% year-over-year, aligning closely with Bloomberg's consensus forecast of 3.5% [2][5]. - Net profit attributable to common stockholders increased by 10.4% year-over-year, surpassing the Bloomberg consensus forecast of 3.7% [2][5]. - The CET1 ratio improved to 13.6%, up by 0.2 percentage points year-over-year, indicating strong capital adequacy [2][5]. Summary by Sections Revenue and Profitability - Revenue for Q2 2024 was reported at $20.139 billion, slightly above the estimated $20.123 billion, with a year-over-year growth of 3.6% [4]. - Net interest income decreased by 2.9% year-over-year, better than the expected decline of 4.9% [2][4]. - Non-interest income saw a significant increase of 20.1% year-over-year, matching the consensus forecast [2][4]. Cost Management - The cost-to-income ratio improved by 3.5 percentage points year-over-year to 66.3%, outperforming the expected 66.9% [2][4]. Asset Quality - Total credit provisions amounted to $2.476 billion, lower than the expected $2.616 billion, reflecting better asset quality [2][4]. - The non-accrual loan rate decreased to 0.33%, down 8 basis points from the previous quarter, outperforming the expected 0.45% [2][4]. Return Metrics - Return on Assets (ROA) increased by 0.06 percentage points year-over-year to 0.53%, exceeding the expected 0.49% [2][4]. - Return on Equity (ROE) rose by 0.7 percentage points to 6.3%, better than the anticipated 5.8% [2][4]. - Return on Tangible Common Equity (ROTCE) improved to 7.2%, surpassing the expected 6.5% [2][4].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of RMB 105.41, reflecting a 40% upside potential from the current price [4][11]. Core Insights - The company has launched a 2024 equity incentive plan to motivate employees, granting 950,000 shares at RMB 55.52 per share, with performance targets set for revenue growth of at least 11% in 2024 and 25% in 2025 based on 2023 revenue [3][11]. - The company is focusing on AI by introducing the Jinghong series of high-performance intelligent computing modules, which support various precision operations and aim to enhance its product line in AI training and inference [3][11]. - The company reported a significant revenue increase of 66% year-on-year in Q1 2024, with total revenue reaching RMB 108 million, although it still reported a net loss of RMB 12 million [3][11]. Financial Performance Summary - In 2023, the company generated revenue of RMB 713 million, a decrease of 38% year-on-year, and a net profit of RMB 60 million, down 79% year-on-year [3][4]. - Revenue projections for 2024-2026 are RMB 1.21 billion, RMB 1.58 billion, and RMB 1.97 billion, with net profits expected to be RMB 225 million, RMB 336 million, and RMB 471 million respectively [4][11]. - The report forecasts revenue growth rates of 50%, 20%, and 20% for the graphics display control field, and 80%, 40%, and 30% for the specialized radar field over the next three years [4][11]. Business Segment Analysis - The graphics display control segment is expected to recover with revenue growth of 50% in 2024, while the specialized radar segment is projected to grow by 80% in the same year [6][11]. - Other main business segments are anticipated to see a revenue increase of 135% in 2024, indicating a strong recovery trajectory [6][11]. Valuation Metrics - The report provides a price-to-sales (PS) ratio of 40 times for 2024, with earnings per share (EPS) projected at RMB 0.49, RMB 0.73, and RMB 1.03 for 2024, 2025, and 2026 respectively [4][11]. - The company’s financial metrics indicate a gross margin of 59% for 2024, with a gradual improvement expected in subsequent years [5][8].

Investment Rating - The report initiates coverage with an "Outperform" rating for the company, indicating a positive outlook for its performance in the market [10]. Core Viewpoints - The company operates in a rapidly growing market for light bottle liquor, which is projected to exceed 150 billion yuan by 2024, with a compound annual growth rate (CAGR) of 14.3% from 2016 to 2021 [5][26]. - The company is recognized as a leader in the low-end liquor sector, with a strong focus on product upgrades and market expansion [10][44]. - The company has a comprehensive meat industry chain, which helps mitigate the impact of price fluctuations in the pork market [10][44]. Summary by Sections Light Bottle Liquor Market - The light bottle liquor market reached 98.8 billion yuan in 2021, growing by 9.3% year-on-year, with future growth expected to be between 15% and 30% [5][26]. - The market is characterized by a fragmented competitive landscape, with the company holding a 14% market share in 2020, making it the absolute leader [5][33]. - The implementation of new national standards in June 2022 is anticipated to accelerate industry consolidation [5][34]. Product Strategy and Upgrades - The company's flagship product, "Bai Niu Er," achieved sales of 246,400 kiloliters in 2023, accounting for 67.2% of total sales [10][58]. - The company plans to launch new products and increase prices for existing ones, which is expected to enhance profit margins [5][44]. - The company aims to position its new product, "Jin Biao Chen Nian," as the leading light bottle liquor in the 30-40 yuan price range, targeting sales of 15 million boxes by 2025 [5][44]. Market Expansion - The company is focusing on deepening its market presence in Beijing while expanding into other provinces through a strong distribution network [5][44]. - The proportion of revenue from outside Beijing has increased from 32.4% in 2015 to 59.2% in 2023, indicating successful market penetration [5][44]. Financial Performance and Forecast - The company forecasts revenues of 10.83 billion yuan, 11.92 billion yuan, and 12.99 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 2.3%, 10.0%, and 9.0% [10][11]. - The projected net profit for 2024 is 521 million yuan, with earnings per share (EPS) expected to reach 0.70 yuan [10][11]. - The company is valued at a price-to-earnings (PE) ratio of 22 times for its liquor business, leading to a target price of 23.39 yuan for 2024 [10][11].

Equity – Asia Research Presentation:美股服装企业财报深度梳理 An In-Depth Look at the Earnings Reports of U.S. Apparel Companies 盛开Kai Sheng k.sheng@htisec.com 梁希Xi Liang xi.liang@htisec.com 丁贝渝Beiyu Ding by.ding@htisec.com 10 Jul 2024 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) 核心结论 我们选取了美股27家主要服装上市企业,涵盖休闲、运动、女装、童装、内衣和渠道商领域,通过深度梳理近年 市场表现、估值变化、基本面和运营展望更新,我 ...