Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HK$1.40 from HK$1.50 [2][4]. Core Insights - The company is transitioning towards becoming a first-tier supplier in the automotive parts sector, which is expected to enhance revenue from OEM orders in FY25 [1]. - Despite a cautious approach to maintain gross profit margins (GPM), revenue and net profit forecasts for FY24 have been reduced by 3% and 9% respectively, but the earnings outlook for FY25 appears more promising [1]. - The company anticipates a 15% year-on-year growth in automotive parts revenue for FY25, reaching HK$2.34 billion [1]. - The office automation (OA) segment's gross profit margin expanded by approximately 1 percentage point in the first half of 2024, with a projected continued improvement in the second half [1]. Financial Summary - Revenue projections for FY24 are lowered to HK$6.38 billion, with net profit estimates adjusted to HK$260 million [1][7]. - For FY25, revenue is expected to grow to HK$6.86 billion, with net profit forecasted at HK$301 million, reflecting a 15% increase in operating profit [1][8]. - The company maintains a dividend payout ratio of 30%, resulting in a projected dividend yield of 7% [1][2]. Valuation Metrics - The estimated price-to-earnings (P/E) ratio for FY25 is set at 11 times, with a valuation of HK$0.50 per share for the automotive components segment and HK$0.90 per share for the OA segment [2][9]. - The overall sum-of-the-parts (SOTP) valuation suggests a target price of HK$1.40, indicating a potential upside of 118.8% from the current price of HK$0.64 [4][9]. Revenue and Profitability Forecasts - Revenue is projected to grow from HK$6.38 billion in FY24 to HK$6.86 billion in FY25, and further to HK$7.23 billion in FY26 [3][7]. - Net profit is expected to increase from HK$260 million in FY24 to HK$301 million in FY25, and HK$327 million in FY26 [3][7]. - The gross profit margin is forecasted to stabilize around 21% for FY24 to FY26 [7][8]. Market Performance - The stock has shown a decline of 4.5% over the past month and 9.9% over the past three months, indicating a challenging market environment [4].

13 Sep 2024 CMB International Global Markets | Equity Research | Company Update EVA Holdings (838 HK) On track to tier-1 supplier transformation We believe that EVA's auto parts business is on track to transform into a tier-1 supplier with more orders from OEMs to lift FY25E revenue, based on our recent meeting with management. Although we cut our FY24E revenue and NP by 3% and 9%, respectively, amid its cautious approach to maintain GPM, we see higher earnings visibility in FY25E. We estimate its dividend ...

12 Sep 2024 CMB International Global Markets | Equity Research | Company Update Topsports (6110 HK) Grim outlook but dividend is attractive What is new? Topsports reported a profit warning for 1H25E (ending Aug 2024). The Company is now expecting an around 35% YoY net profit drop in 1H25E (vs RMB 1.3bn in 1H24), due to: 1) worse-than-expected offline traffic, hence a meaningful SSS drop and significant operating deleverage and 2) decline in GP margin as a result of higher retail discounts and greater sales ...

2024 年 9 月 12 日 招银国际环球市场 | 睿智投资 | 公司更新 无锡药明康德 (603259 CH) 《生物安全法案》靴子基本落地，业务有望保持稳健 美国众议院在当地时间 9 月 9 号投票通过了《生物安全法案》（以下简称"法 案"，法案编号 H.R.8333），该法案旨在限制美国政府机构以及接受美国政府补 贴或者贷款的实体从相关中国公司（包括药明康德）采购商品或者服务的能力。 该法案仍需美国参议院通过并经美国总统签署才能最终成为法律。目前来看，即 使法案通过，可能仅影响极少部分政府资助的项目，公司的美国业务有望维持基 本稳健。基于公司快速增长的在手订单，我们认为公司盈利有望复苏。我们的分 析表明目前股价可能已反映美国业务极度悲观预期（见图 3），看好估值反弹。 美国众议院投票通过《生物安全法案》，靴子基本落地。美国众议院版本的 《生物安全法案》自今年 1 月份提出后，经历过两次修订。今年 5 月份的第 一次修订版本中增加了允许现有合同执行至 2032 年的"祖父条款"。此次获 得众议院通过的法案在文本内容上与 5 月份的修订版几乎没有变化。该法案 仍需等待美国参议院通过并经美国总统签署才能最终 ...

2024 年 9 月 11 日 招银国际环球市场 | 策略报告 | 宏观策略 全球经济 美元降息周期：前景与影响 美国经济从过热明显降温，未来趋冷但有望避免衰退。美联储将开启降息周 期，明年底之前累计降息可能达到 175 个基点。美元降息将增加国际流动性供 应，降低全球资金成本，推动收益率曲线陡峭化。美股在初期可能反应负面， 因盈利下调风险抵消降息作用，后期将对降息做出正面反应。随着美欧和美日 经济增速差收窄，美元降息周期将带动美元指数温和回落，利好新兴市场货币 与股市，但利好程度仍要看新兴市场自身经济基本面和投资回报率前景。美元 降息周期将提振人民币汇率，减轻汇率对中国利率政策制约，改善港股市场流 动性。 美国经济趋势。美国经济将延续降温进入偏冷状态，因就业放缓、收入增速 下降和消费信贷紧缩。但有望避免衰退发生，因家庭资产负债表稳健，各经 济部门周期不同步，滚动式收缩或扩张降低同步叠加带来衰退风险。 美元降息周期。美联储将在 9 月开启降息周期，初期可能采用渐进方式。在 经济温和放缓但无衰退的基准情景下，美联储或在今年和明年分别降息 50 和 125 个基点。降息路径取决于通胀率降速和失业率升速。中期内政策 ...

2024 年 9 月 10 日 招银国际环球市场 | 睿智投资 | 行业研究 半导体 博通第三季度业绩回顾：业绩符合一致预期，未给市场带来惊喜 博通（AVGO US, 未评级）发布了 2024 财年第三季度业绩。公司收入同/环比增 长 47%/5%至 131 亿美元，符合彭博一致预期的 130 亿美元。按主营业务划分， 半导体和基础设施软件收入贡献分别为 56%/44%，去年同期为 78%/22%。半导 体销售额为 73 亿美元，同/环比增长 5%/1%。基础设施软件销售额为 58 亿美 元，同/环比增长 200%/10%，其中 VMware 贡献了 38 亿美元。 Non-GAAP 毛利率为 77.4%，略高于彭博一致预期 0.9 个百分点。公司本季度 录得 19 亿美元净亏损（去年同期、上季度净利润分别为 33 亿美元、21 亿美 元），主要由于知识产权迁移产生了一项 45 亿美元的一次性非现金税项。扣非 调整后，non-GAAP 每股收益为 1.24 美元，同/环比增长 18.1%/13.5%。 公司预计第四季度收入为 140 亿美元，同/环比增长 51%/7%。2024 财年收入预 计增至 515 亿 ...

Investment Rating - The report maintains a BUY rating for Binjiang Services with a target price (TP) trimmed by 4% to HK$32.94, representing a 15x 2024E P/E [2][4]. Core Insights - Binjiang Services reported solid 1H24 results with revenue and net profit (NP) growing 39% and 15% year-over-year (YoY) respectively. The gross profit margin (GPM) narrowed by 1.2 percentage points due to a higher proportion of lower-margin furnishing services in revenue [2][5]. - The company has balanced sources of growth, with managed gross floor area (GFA) expanding by 30% YoY in 1H24, driven by both parent company and third-party contributions [2][5]. - The sustainability of growth in furnishing services is supported by RMB 1.27 billion in contract liabilities, although this may continue to exert pressure on margins [2][5]. Financial Performance Summary - Revenue for 1H24 reached RMB 1.65 billion, with property management services growing by 26% YoY and the Owner Value-Added Services (VAS) segment increasing by 159% YoY [2][5]. - The net profit margin contracted by 3.3 percentage points to 16.1% due to a 6 percentage point increase in the tax rate, resulting in a 15% YoY increase in NP [2][5]. - Total receivables increased by 44% YoY, slightly outpacing revenue growth, which is considered normal given the seasonal nature of property management fee collections [2][5]. Growth Projections - The company expects to deliver 20-30% growth in managed GFA for 2024E, indicating a positive outlook despite a challenging environment [2][5]. - Forecasts for net profit have been lowered by 7-13% for 2024-25E to reflect the challenging environment and intensifying competition [2][6]. Valuation Metrics - The report provides a valuation of 15x 2024E P/E, with a target price of HK$32.94, indicating a significant upside potential from the current price of HK$17.00 [4][6]. - The earnings summary shows a consistent growth trajectory with revenue projected to reach RMB 3.485 billion in FY24E, reflecting a 24.1% YoY growth [3][8].

2024 年 9 月 9 日 招银国际环球市场 | 睿智投资 | 行业研究 中国医药 1H24 业绩回顾：整体增长疲弱，创新药表现强劲 我们统计了 A 股和港股上市的 309 家医药公司上半年业绩情况，行业整体增长疲 弱，平均收入增长 2.6%，平均净利润增长 2.7%，毛利率和净利率同比基本持平。 由于医保控费的影响，企业回款周期拉长，行业平均应收天数大幅增加，平均增加 7.0 天，经营现金流同比下降 8.5%。为了更好地回报股东，多家医药公司宣布将进 行中期分红。在我们统计的 309 家医药上市公司当中，共有 65 家宣派中期股息， 占比达到 21%，多家企业首次宣布中期派息等。 创新药板块收入增长强劲。分板块来看，表现最好的是创新药（Biotech），收 入平均增长 25.3%，主要由于创新药享受较为积极的医保支付环境，以及部分创 新药企业实现了品种出海授权，获得授权收入。大部分 Biotech 企业仍处于亏损 状态。但是由于快速增长的商业化收入，多家 Biotech 企业大幅减亏甚至盈利大 幅增长。制药（Pharma）板块的业绩稳健，1H24 平均收入增长 1.6%，平均净 利润增长 7.4%。创新药 ...

9 Sep 2024 CMB International Global Markets | Equity Research | Company Update JNBY Design (3306 HK) Prudent guidance and generous dividends FY24 results were roughly inline with CMBI/BBG est.. Some investors could be concerned about the softened performance in 2H24, but this should be partially expected. The conservative tone for FY25E is not surprising and guidance should likely be achieved, thanks to further upgrades in member management and customer services, resilient GP margin and a better channel mix ...

2024 年 9 月 9 日 招银国际环球市场 | 睿智投资 | 公司更新 腾讯控股 (700 HK) 腾讯 2024 全球数字生态大会：AI 助力企业增长 我们于 9 月 5 日参加了 2024 年腾讯全球数字生态大会，会议要点包括：1）腾 讯云"自研+被集成"战略取得良好进展，服务客户数量超 200 万，订单超百万 的合作伙伴数量实现双位数增长，SaaS合作伙伴收入增长超 100%；2）发布混 元 Turbo 大模型，对比前代模型推理效率提升 100%、推理成本降低 20%，输出 /输入价格降至 0.05 元/0.015 元每千 tokens；3）发布腾讯云智算 AI Infra，千卡 单日故障数降至 0.16（业界平均 0.48），万卡 checkpoint 写入时长降至 1 分钟 （业界平均 10 分钟）。展望未来，腾讯云将继续坚持健康可持续增长战略，强 化自研产品能力，发挥行业+生态+区域三位一体策略，助力企业打造智能化、 融合创新、国际化三大增长引擎。基于完善的 AI 产品生态、国内领先的大模型 及算力基础设施，我们看好腾讯云持续受益于企业客户对于大模型及 AI 应用的 强劲需求，实现企业服务收入 ...