5 Sep 2024 CMB 国际全球市场 | 股票研究 | 公司更新 CPIC(2601 香港) 蒸蒸日上 ， 第二季度净利润翻了一番 ， NBV 上升趋势强劲 ； 修正 TP 中国太平洋保险（CPIC）交付了强劲的上半年业绩。集团净利润同比增长37.1% ，达到人民币251亿元，第二季度净利润达到了人民币133亿元，再次成为行业领 头羊，此前第一季度净利润首次实现正增长，成为国内保险公司中为数不多的实现 增长的企业之一。人寿和财产险净利分别增长43.0%和18.6%，达到人民币200亿 元和48亿元，得益于稳健的承保和超出预期的投资收益。第二季度人寿新业务价值 保持强劲态势，同比增长13.5%，达到人民币38亿元，基于坚实的比较基数。我们 看到了代理业务（+2.6百分点）和银保渠道（+5.6百分点）持续的利润率扩张，这 推动了新业务价值的增长，在结构优化的背景下。合同服务边际（CSM），即未 来未赚利润的库存，从年初上升了2.7%，比2023年上半年的增长率高1.9个百分点 ，表明保险公司的新业务贡献（+0.5百分点）和运营效率变化（+1.3百分点）对保 险合同的金融风险变化（根据VFA）产生了累积的正面 ...

4 Sep 2024 CMB 国际全球市场 | 股票研究 | 公司更新 海底捞(6862 香港) 等待新的举措发光 ， 收益率 海底捞2024年半年度业绩大致符合预期，但利润率较为温和，考虑到显著的同 店销售增长率。展望2024财年下半年，我们仍能看到宏观经济环境压力、同店 销售增长率的高基数以及员工成本通胀等多方面压力。我们认为，潜在的额外 上行空间可能来自于新门店扩张速度的加速、提升效率的进一步计划和新品牌 的开发。鉴于其较低的估值和吸引人的股息政策，我们维持对该公司的"买入" 评级。 对于2H24E持谨慎乐观态度，额外的增长潜力可能来自于新开设的门店或 新任CEO推行的提升利润率和多品牌策略。 我们不得不给海底捞（Haidilao） 以赞誉，因为其同店销售恢复率在餐饮行业中的表现显著优于平均水平，这得 益于其在客户服务、会员管理、新品推出、社交媒体营销与广告等方面的卓越 表现。然而，进入2024年第二季度后，我们面临若干挑战，例如较高的基准值 问题（2024年7月的桌位周转率实际上与上年同期持平，而平均售价应保持稳 定，因此我们预测2024年第二季度的同店销售增长率在0%到5%之间，这限制 了经营杠杆的 ...

4 Sep 2024 市值上限(百万港元) 平均 3 个月 t / o(百万港元) 52w 高 / 低(港元) 已发行股份总数(百万) 2,323.8 0.7 3.07/1.44 904.2 来源 ： FactSet 股权结构 中国金茂集团 中化香港集团 来源 ： 港交所 67.3% 7.5% 份额业绩 相对 NM NM NM 绝对 1-mth 3-mth 6-mth 3.2% -4.1% 11.7% CMB 国际全球市场 | 股票研究 | 公司更新 金茂物业服务(816 香港) 通过恢复的中央国有企业作为母公司 ， 提高 了独立性 ； 升级购买 公司盈利与彭博共识相符，得益于有效的成本控制，在2024年上半年实现了净 利润同比增长18.9%。我们相信，考虑到收购公司的整合、持续的成本控制以 及下半年较低的基数，2024年的净利润增长目标超过20%并非难以达成。我们 发现，公司的独立性已显著提升，母公司风险也已基本缓解。考虑到其在第三 方扩张竞争加剧背景下强大的中央国有企业背景，我们将评级从持有上调至买 入，并设定目标价为港币4.91元，对应2024年预测市盈率为10倍。目标价下调 10%，因为我们调整了所应 ...

4 Sep 2024 CMB International Global Markets | Equity Research | Company Update Jinmao Property Services (816 HK) | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

4 Sep 2024 CMB International Global Markets | Equity Research | Company Update Haidilao (6862 HK) Waiting for new initiatives to shine, with yields Haidilao's 1H24 results were roughly inline, but the margin was soft, given the meaningful SSSG. Going into 2H24E, we can still see certain pressure like drags from macro environment, high base for SSSG and staff costs inflation etc. In our view, the extra upside could be from the acceleration in new stores opening, further plans to boost efficiency and new bran ...

2 Sep 2024 CMB International Global Markets | Equity Research | Company Update Maxscend (300782 CH) Revenue grew while GPM deteriorated due to intense competition and capacity ramp-up Maxscend reported 1H24 results. Revenue grew 37% YoY to RMB2.3bn from a low base in 1H23, driven by clients' restocking behavior. GPM declined to 42.1%, down 6.9ppt from 1H23. Margin erosion was mainly due to 1) an unfavorable revenue mix towards higher module sales, 2) ramp up in fab production and 3) intensified competition. ...

2 Sep 2024 CMB International Global Markets | Equity Research | Company Update Mindray (300760 CH) Robust performance in a challenging industry environment Mindray achieved a revenue of RMB20.5bn in 1H24, marking an 11.1% increase YoY, and reported an attributable net profit of RMB7.6bn, up 17.4% YoY. Despite the ongoing regulatory adjustments in the healthcare industry and the delay in medical equipment renewals projects, which have led to a cautious approach towards bidding and procurement activities in p ...

2 Sep 2024 CMB International Global Markets | Equity Research | Company Update Wingtech (600745 CH) 1H24 results review: Challenging 1H; looking for recovery in 2H Wingtech 1H24 sales were up 15% YoY to RMB33.6bn, driven by strong ODM sales (up 27% YoY), partially offset by weaker semiconductor sales (down 8% YoY). NP declined 89% YoY to RMB140mn, as GPM deteriorated to 9.5% in 1H24 (vs. 17.6%/14.7% in 1H23/2H23). Semi. GPM showed signs of recovery (up 7.7ppt in 2Q). We expect ODM GPM to improve in 2H24 to ...

2 Sep 2024 CMB International Global Markets | Equity Research | Company Update United Imaging (688271 CH) Resilient 1H24 performance amid market headwinds United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn. Despite facing a challenging domestic market environment characterized by stringent industry regulations and delays in equipment renewal projects, United Imaging delivered resilient performance thanks to the rapid growth of overse ...

2 Sep 2024 CMB International Global Markets | Equity Research | Company Update Atour Lifestyle (ATAT US) Guidance raised again plus massive dividends The hotel sector continues to be under pressure in 3Q24E and we are still cautious about a potential improvement in 4Q24E. However, Atour's retail sales business and better-than-expected sales of hotel supplies can still more than offset the drags from its hotel segment. Moreover, the new dividend payout policy is a big positive surprise and could raise its FY ...