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2024 年 8 月 20 日 招银国际环球市场 | 睿智投资 | 公司更新 中兴通讯 (763 HK) 上半年业绩喜忧参半 中兴通讯公布了 2024 年上半年业绩，收入同比增长 2.9%至 625 亿元人民币； 净利润同比增长 4.8%至 57 亿元人民币。由于国内电信资本开支缩减，中兴通讯 的运营商业务收入有所下降，但非运营商业务则实现了双位数增长（消费者、政 企业务同比增长 14.3% 和 56.1%）。按季度看，2024 年第二季度收入同、环比 增长 1.1%、4.4%，净利润同、环比增长 5.7%、9.1%。毛利率环比下降至 39%，主要受产品结构变化的影响（高毛利的运营商业务收入占比有所下降）。 得益于公司运营效率的提升，2024 年第二季度净利率环比上升至 9.4%（2024 年第一季度为 9.0%，23 财年为 7.5%）。展望未来，我们认为非运营商业务将 继续保持双位数增长，缓解来自运营商业务的压力。维持"买入"评级，目标价 调整至 22.17 港元。 中国 5G 网络建设已取得重大进展，国内运营商相继缩减资本支出，这给中 兴通讯运营商业务带来挑战。2024 年，中国电信运营商的资本支出预算 ...

16 Aug 2024 CMB International Global Markets | Equity Research | Company Update BaTeLab (2149 HK) Strong 1H24 results signal brighter days ahead BaTeLab posted strong 1H24 earnings. Revenue grew by 42.1% YoY to RMB291mn driven by 1) continued launch of new industrial products (SKUs reached over 500 in 1H24 from ~400 in FY23), 2) strengthened partnership with key customers (new energy revenue contributed 30% of total revenue in 1H24, and 3) an expanded distribution network (partnership with several new distr ...

21 Aug 2024 CMB International Global Markets | Equity Research | Company Update Giant Biogene (2367 HK) Sales of Comfy brand surpass expectations 1H24 earnings beat, fueled by the rapid growth of Comfy brand. Giant Biogene reported 1H24 revenue of RMB2,540mn, up 58% YoY and 12% above Bloomberg consensus estimates, accounting for 55% of our full-year estimate. Attributable net profit increased by 48% YoY to RMB983mn, which was 13% ahead of Bloomberg consensus estimates, accounting for 57% of our full-year es ...

12 Aug 2024 CMB International Global Markets | Equity Research | Company Update Hua Hong Semi (1347 HK) Slowly but surely, gradual recovery is in play Hua Hong Semi announced 2Q24 results. Revenue was down 24.2% YoY but up 4.0% QoQ to US$479mn, slightly missing Bloomberg consensus by 2.0% and our estimates by 1.6%. The moderate sequential growth was a result of growing wafer shipments (+8.4% QoQ) partially offset by continued downward ASP (-3.5% QoQ). GPM increased QoQ to 10.5% (vs. 6.4%/27.7% in 1Q24/2Q23) ...

21 Aug 2024 CMB International Global Markets | Equity Research | Company Update J&T Express (1519 HK) More visible path to achieve profitability; U/G to BUY J&T achieved net profit of US$31mn in 1H24, a substantial improvement from a loss of US$264mn / US$168mn in 1H/2H23. On the back of on-track cost reduction trend in both SEA and China, we now see a more visible path to achieve sustainable profitability. We revise up our 2024E/25E recurring after tax profit forecast by 12%/7%. While our SOTP-based TP is ...

16 Aug 2024 CMB International Global Markets | Equity Research | Company Update Samsonite (1910 HK) 2Q24 results slowed by soft demand, guidance revised downward The company reported 2Q24 results below market expectations, with net sales down 1.7% YoY (+1.6% in constant currency) given softened consumer demand in China and North America, and increased competition in India. The GPM remained high at 60.0%, supported by channel and product mix optimization, Adjusted net profit declined by 3.4% YoY. The company ...

2024 年 8 月 16 日 招银国际环球市场 | 宏观研究 | 宏观视角 美国经济 零售超预期缓解衰退担忧 7月零售环比增速大幅反弹并超预期，首次领取失业金人数降至 7月以来低位， 某零售超市龙头公司上调全年业绩指引，显示美国消费和就业仍有韧性。市场 对美国衰退风险担忧大幅缓解，美债收益率、美元指数和美股均显著回升。美 国经济从过去两年过热状态逐步放缓，但仍稳健扩张，上半年经济增速趋近潜 在增速，非农就业稳步增长，通胀大幅下降但仍高于目标水平，尤其是服务通 胀仍超过4%。考虑到实际利率升至历史高位、失业率升至自然均衡水平和货币 政策时滞，美联储将很快在 9 月开启降息。但由于经济和通胀仍未大幅冷却， 我们认为美联储实施非常规紧急降息或大幅降息的可能性较小。我们维持今年 两次降息合计 50 个基点和明年 4 次降息合计 100 个基点的预测。 零售增速大超预期，汽车销售低位反弹。7 月零售和食品服务销售季调后环 比增速从 6 月的-0.2 反弹至 1%，大幅超出市场预期的 0.4%。6 月环比增速 从初值的 0%下调至-0.2%，连续 2 月初值下修。分品类来看，汽车及零部件 销售从 6 月的-3.4%大幅 ...

19 Aug 2024 CMB International Global Markets | Equity Research | Company Update ZTE (000063 CH) Mixed 1H24 results ZTE's announced 1H24 results. Revenue increased by 2.9% YoY to RMB62.5bn, while net profit grew by 4.8% YoY to RMB5.7bn in 1H24. Despite the headwinds from declining capex of domestic telcos for ZTE's carrier business, non-carrier businesses managed to grew double-digits (14.3% and 56.1% YoY growth in consumer and gov't/enterprise segments). On a quarterly basis, Q2 revenue increased by 1.1% Yo ...

19 Aug 2024 CMB International Global Markets | Equity Research | Company Update Li Ning (2331 HK) We see long-term value but short-term risks In the short run, we are still quite cautious about Li Ning in 2H24E, because of: 1) risks of greater retail discounts or promotion, 2) risks of trade fair orders adjustments, 3) unfavorable channel mix and operating deleverage and 4) relatively fixed opex. However, from the long run prospective, we can still see the value in Li Ning, esp. when we consider its ex-cash ...