2 Sep 2024 CMB International Global Markets | Equity Research | Company Update China Life (2628 HK) Strong lift in banca NBV margin; investment income may continue to rebound in 2H24 China Life reported strong 1H results with NBV +18.6% YoY on a like-for-like basis to RMB32.3bn, and EV back to double-digit growth by 11.4% to RMB 1.4tn from year start. Investment income soared 1.4x YoY to RMB56.7bn after the insurer fully adopted IFRS 9 for both A/H share reporting, driving the pre-tax profit to rise 27.6% Y ...

30 Aug 2024 CMB International Global Markets | Equity Research | Company Update Akeso (9926 HK) Eyes on the detailed head-to-head data of AK112 at WCLC in Sep In 1H24, Akeso recorded RMB1.03bn in revenue, including RMB939mn from product sales. Cadonilimab/AK104 (PD-1/CTLA-4) recorded RMB706mn in sales in 1H24, +16% YoY or -6% HoH, accounting for 39% of our previous full-year estimate. We attribute the weaker-than-expected sales performance to the preparation for NRDL inclusion. Recall that Akeso reduced the ...

2 Sep 2024 CMB International Global Markets | Equity Research | Company Update SANY Heavy (600031 CH) Expect a better 2H24E but consensus remains high; Maintain HOLD During the post-results call, SANY Heavy (SANY) remained positive on the overseas outlook despite the recent weakness of excavators in Europe and the US. SANY expects the sales in the US to see potential stabilisation in 2025E, while the growth in emerging countries will continue to be strong. For 2H24E, SANY expects China's sales to stabilize ...

30 Aug 2024 CMB International Global Markets | Equity Research | Company Update Salesforce (CRM US) cRPO growth reaccelerates; eyes on new AI product launch Salesforce reported 2QFY25 financial results: total revenue grew by 8% YoY to US$9.33bn, in line with consensus estimate; non-GAAP operating income was up by 16% YoY to US$3.14bn, 6% ahead of consensus estimate thanks to the disciplined expense control. cRPO growth reaccelerated to +11% YoY on a constant currency basis in 2QFY25 (1QFY25: +10% YoY), prim ...

Baozun (BZUN US) 2Q loss reduction trend better than expectation Baozun delivered better-than-feared 2Q24 results: total revenue was RMB2.4bn, up 3% YoY, driven by a 9% YoY increase in services revenue, and was 2% better than consensus; non-GAAP net loss attributable to ordinary shareholders of Baozun came in at RMB3.9mn, narrowed from RMB4.4mn in 2Q23, and was better than consensus of RMB16.6mn in loss. Baozun E-commerce's (BEC) top line growth has turned around to YoY positive growth after 10 consecutive ...

29 Aug 2024 CMB International Global Markets | Equity Research | Company Update Li Auto Inc. (LI US) Proven resilience gives us confidence in BEVs Li Auto's 2Q24 operating expenses beat our forecast and such cost control could extend into 2H24. We are of the view that Li Auto has made a comeback on sales volume with resilient pricing and margins. Although some investors may wait for more details of its new BEVs, we think it could be oversold now. 2Q24 beat on tightened operating expenses. Li Auto's revenue ...

2024 年 8 月 29 日 招银国际环球市场 | 睿智投资 | 行业研究 半导体 英伟达 2QFY25 业绩回顾：重点关注 Blackwell 出货和利润率 英伟达（NVDA US， 未评级）于 29 日公布了 2QFY25 业绩。公司季度收入为 300 亿美元，同比增长 122.4%，环比增长 15.3%（1QFY25 和 4QFY24 分别 为 17.8%/22.0%），超过管理层指引（280 亿美元）7.3%，超过彭博一致预期 （289 亿美元）4.1%。Non-GAAP 毛利率为 75.7%（环比下降 3.2 个百分 点），略高于公司指引（75.5%）和彭博预测（75.5%）。按业务部门划分， 数据中心业务（263 亿美元，占二季度销售额的 87.5%）受益于下游市场的强 劲需求，依旧是公司收入增长的主要驱动力，环比增长达到 16.4%，游戏/专业 可视化/汽车业务分别环比增长 8.8%/6.3%/5.2%。数据中心收入中，算力收入 （226 亿美元）环比增长 16.6%，占部门收入的 75%。同时，受益于供应链的 改善，网络收入环比增长 15.7%，符合指引（环比增速转正）。公司管理层预 计三季 ...

Proya 化妆品 (603605 CH) 同行中的最佳收益 ， 强劲势头持续 普雅（Proya）在2024年第二季度的业绩超出市场预期，收入和净利润分别同比增 长41%和37%，上半年整体收入和净利润分别同比增长37.9%和40.5%，主要得益于 核心品牌的销售加速增长，达到37.7%的年同比增速。其盈利排名同行业之首。202 4年上半年的毛利率下降了0.7个百分点，稳定在69.8%，同时销售费用比率增加了3 个百分点至47%，这是由于618促销周期的延长、单个直播营销成本持续上升以及高 电子商务退货率等因素的影响。全年指引方面，公司计划维持毛利率在约70%的水 平，并保持净利润率略为上升的趋势。维持"买入"评级，目标价调整至人民币133.86 元，基于2024年预测市盈率为35倍。 英雄 SKU 的表现优于持续受益的收益。 Proya 继续 目标价格 RMB133.86 (上一个 TP RMB135.57) 上 / 下 55.8% 当前价格 RMB85 .90 中国消费必需品 张苗族 (852) 3761 8910 张庙 @ cmbi. com. hk Bella LI (852) 3757 6202 b ...

CMB 国际全球市场 | 股票研究 | 公司更新 深南电路(002916 CH) 上半年业绩强劲 ， 各部门实现两位数增长 ， 利润率大幅 扩张 SCC发布了2024年上半财年（1H24）的业绩。营收同比增长38%，达到人民币8 3亿元，各业务板块均实现了两位数的增长（PCB/Substrate/PCBA分别增长了25 %/94%/42%）。净利润同比增长108%，达到9.87亿元，主要得益于毛利率的提 升（2024年上半财年为26.2%，相比2023年的22.9%和23.8%有所增长）以及成 本优化措施。SCC在2024年上半财年的业绩表现强劲，主要驱动因素包括1）旺 盛的人工智能需求、2）鹰流（Eagle Stream）的升级、3）稳健的汽车订单、4 ）消费电子市场库存补货以及5）利润率的扩大。然而，我们预计消费电子产品 市场的市场需求在下半年会有所减弱，并预估2024年上半财年的收入与净利润将 分别占全年预测的52%和56%（相比之下，2023年上半财年分别为45%和34%） 。从估值角度看，SCC当前股价约为2024年预期市盈率的30倍，我们认为这一 水平是合理的。 维持持有 ， TP 维持在 106 ...

MN Proya Cosmetics (603605 CH) Best earnings among peers, strong momentum sustained Proya's 2Q24 results beat consensus with revenue/net profit +41%/37% YoY (1H24 revenue/net profit +37.9/40.5% YoY), mostly contributed by the accelerated sales growth of main brand to 37.7% YoY. The earnings ranked the top among peers. 1H24 GPM dropped by 0.7 ppt. and steadied at 69.8%, accompanied by the 3 ppt. increase in selling expense ratio to 47%, due to the prolonged 618 promotion cycle, continuous rise in unit cost o ...