16 Jul 2024 Earnings Summary CMB International Global Markets | Equity Research | Initiation Minth Group (425 HK) Overseas foundation to withstand trade risks Initiate with BUY and TP of HK$21.00. Minth Group (Minth) has been transforming from an exterior decorative parts maker to a more diversified tier1 supplier with manufacturing capabilities in different materials. We are of the view that investors have probably underestimated Minth's solid overseas foundation which is crucial for the upcoming trade ris ...

招银国际环球市场 | 市场策略 | 招财日报 宏观经济 中国经济 - 中国更需要需求侧刺激 | --- | --- | --- | --- | |----------------------|--------|---------------|-------------| | 环球主要股市上日表现 | 收市价 | 升跌（ \n单日 | % ） \n年内 | | 恒生指数 | 18,016 | -1.52 | 5.68 | | 恒生国企 | 6,422 | -1.70 | 11.32 | | 恒生科技 | 3,673 | -2.90 | -2.44 | | 上证综指 | 2,974 | 0.09 | -0.03 | | 深证综指 | 1,604 | -0.83 | -12.72 | | 深圳创业板 | 1,673 | -0.63 | -11.55 | | | | | | | 美国道琼斯 | 40,212 | 0.53 | 6.69 | | 美国标普 500 | 5,631 | 0.28 | 18.06 | | 美国纳斯达克 | 18,473 | 0.40 | 23.06 | | 德国 DAX | 18,591 | ...

CMBIGM 不是美国的注册经纪交易商。因此，CMBIGM 不受 U.S.关于研究报告准备和研究分析师独立性的规则。主要负责本研究报告内容的研究分析师未在金融业监管局 （ "FINRA " ） 注册或获得研究分析师资格。分析师不受 FINRA 规则的适用限制，旨在确保分析师不会受到可能影响研究报告可靠性的潜在利益冲突的影响。本报告仅在美国发布给 "美国主要机 构投资者 "，如美国《 1934 年证券交易法》第 15a - 6 条所述，不得提供给美国的任何其他人。收到本报告副本并接受本报告的每个主要美国机构投资者均表示并同意其不得向任何其 他人分发或提供本报告。任何 U.S.本报告的收件人希望根据本报告中提供的信息进行任何买卖证券的交易，只能通过美国S.- 注册经纪交易商。 本文件在新加坡的收件人 本报告由 CMBI (新加坡) Pte 在新加坡分发。有限公司 （ CMBISG ） （ 公司注册。不。201731928D)，《财务顾问法》 (第110) 由新加坡金融管理局监管。CMBISG 可以根据《财务 顾问条例》第 32C 条的安排分发其各自的外国实体、附属公司或其他外国研究机构制作的报告。如果报告在新加坡 ...

15 Jul 2024 CMB International Global Markets | Equity Research | Company Update Earnings growth stability continues | --- | --- | --- | --- | --- | --- | |------------------------------|-----------|-----------|-----------|-----------|-----------| | (YE 31 Dec) | FY22A | FY23A | FY24E | FY25E | FY26E | | Revenue (RMB mn) | 554,552 | 609,015 | 658,280 | 712,260 | 764,432 | | Gross margin (%) | 43.1 | 48.1 | 53.1 | 53.8 | 54.3 | | Adjusted net profit (RMB mn) | 115,649.0 | 157,688.0 | 198,794.6 | 218,584.6 | 2 ...

Investment Rating - The report maintains a **Buy** rating for Bilibili (BILI US) with a target price of **$20.50**, implying a potential upside of **22.7%** from the current price of **$16.71** [1][3] Core Views - Bilibili's **community ecosystem** and **commercialization** are showing healthy growth, with **user stickiness** and **commercial value** improving due to the expansion of diversified content categories such as knowledge and consumer-related content [1] - The company's **commercial infrastructure** has been enhanced, leading to a **50% YoY increase** in the number of advertisers and a **100% YoY growth** in GMV from live-streaming e-commerce in 1H24 [1] - The **gaming business** has entered its third "five-year plan," focusing on both self-developed and agency games, with plans to launch at least two new long-term vertical games in the next five years [1] - The short-term catalyst for the stock is the **better-than-expected performance** of the mobile game *San Mou*, while the long-term outlook is positive due to the company's improving **commercialization capabilities** and **profitability** [1] Content Ecosystem - Bilibili has expanded its content categories beyond traditional strengths, with **knowledge and consumer-related content** growing rapidly, contributing to a **5 percentage point increase** in the share of diversified content video views [1][7] - In 1H24, video views (VV) for **automotive/travel/home improvement** categories grew by **48%/40%/43% YoY**, respectively, driving higher **creator revenue** and **user spending** on the platform [1][7] - **Creator revenue** increased by **32% YoY** in 1H24, with income from **Hua Huo orders/charging/classroom projects** growing by **31%/371%/52% YoY**, respectively [7] - The number of users with **spending behavior** on the platform grew by **71% YoY** in 1H24 [7] Commercialization Infrastructure - Bilibili has improved its **advertising infrastructure** through: 1) enhanced ad distribution by optimizing user experience and ad load rates, 2) better ad creatives using AIGC technology, 3) integrated ad tools like *Bi Huo Mobile*, which saw **300% YoY growth** in ad revenue in 1H24, and 4) improved data insights for advertisers via *B-Data* and *Z-Index* [1][8] - The number of advertisers on the platform increased by **50% YoY** in 1H24, with **game industry ad revenue** growing over **30% YoY** and **internet services/education/finance ad revenue** growing over **100% YoY** [8] - During the **618 shopping festival**, platform GMV grew by **146% YoY**, and ad revenue increased by over **30% YoY**, with new customer acquisition rates exceeding **50%** for e-commerce platforms [8] Gaming Business - The success of *San Mou* is attributed to its **differentiated positioning**, **reduced user burden** (shorter playtime and lower in-game item prices), and **innovative content** tailored for young users [9] - Bilibili's gaming strategy focuses on: 1) developing games that appeal to young users, 2) a dual approach of **self-development and agency**, 3) maintaining leadership in content-driven games, and 4) launching at least two new **long-term vertical games** in the next five years [1][9] - The company expects the gaming business to become a **major profit driver** in the long term, supported by the **long lifecycle** of SLG games and the team's commitment to **user experience** and **content quality** [9] Financial Performance - Revenue is expected to grow from **RMB 25.5 billion in FY24E** to **RMB 29.3 billion in FY26E**, with **gross margins** improving from **30.0% in FY24E** to **34.3% in FY26E** [2] - Adjusted net profit is projected to turn positive in **FY25E** at **RMB 1.16 billion**, increasing to **RMB 1.44 billion in FY26E** [2] - The company's **P/S ratio** is expected to decline from **2.0x in FY24E** to **1.7x in FY26E**, reflecting improving profitability [2] Valuation and Market Performance - Bilibili's stock has shown strong performance, with **1-month/3-month/6-month absolute returns** of **16.1%/45.6%/56.9%**, outperforming the market in relative terms [5] - The company's **market cap** stands at **$6.91 billion**, with **52-week high/low prices** of **$19.07/$8.94** [4]

12 Jul 2024 CMB International Global Markets | Equity Research | Company Update Naura Technology (002371 CH) 1H24 profit alert points to solid 2Q results Naura announced a 1H24 profit alert. 1H revenue is expected to be within the range of RMB11.4-13.1bn, representing 35.4% to 55.9% YoY growth, respectively. Net profit is estimated to be RMB2.6-3.0bn (YoY growth of 42.8% to 64.5%). This implies that 2Q24 revenue (mid-point) could be RMB6.4bn (40.8% YoY and 9.5% QoQ growth), 5% below consensus estimate. 2Q24 ...

买入 : 股价于未来 12 个月的潜在涨幅超过 15% 持有 : 股价于未来 12 个月的潜在变幅在-10%至+15%之间 卖出 : 股价于未来 12 个月的潜在跌幅超过 10% 未评级 : 招银国际环球市场并未给予投资评级 本报告内所提及的任何投资都可能涉及相当大的风险。报告所载数据可能不适合所有投资者。招银国际环球市场不提供任何针对个人的投资建议。本报告没有把任何人的 投资目标、财务状况和特殊需求考虑进去。而过去的表现亦不代表未来的表现，实际情况可能和报告中所载的大不相同。本报告中所提及的投资价值或回报存在不确定性 及难以保证，并可能会受目标资产表现以及其他市场因素影响。招银国际环球市场建议投资者应该独立评估投资和策略，并鼓励投资者咨询专业财务顾问以便作出投资决 定。 本报告包含的任何信息由招银国际环球市场编写，仅为本公司及其关联机构的特定客户和其他专业人士提供的参考数据。报告中的信息或所表达的意见皆不可作为或被视 为证券出售要约或证券买卖的邀请，亦不构成任何投资、法律、会计或税务方面的最终操作建议，本公司及其雇员不就报告中的内容对最终操作建议作出任何担保。我们 不对因依赖本报告所载资料采取任何行动而引致 ...

12 Jul 2024 CMB International Global Markets | Equity Research | Company Update Xtep (1368 HK) Cautiously optimistic after a resilient 2Q24 The sportswear industry remains under great pressure, but we believe Xtep is still one of a few brands that can mildly outperform and improve sequentially in 2H24E, because of: 1) successful new product launches such as the 360X, 2) robust e-commerce sales growth (esp. the Douyin platform), 3) wholesale business nature (therefore drags from operating deleverage is limit ...

2024 年 7 月 12 日 CMB 国际全球市场 | 股票研究 | 公司更新 Xtep ( 1368 香港 ) 在经历了 2Q24 的弹性之后 , 谨慎乐观 运动服装行业仍面临巨大压力,但我们认为 Xtep 仍是少数能够在下半年温和跑赢并连续提升 的品牌之一,原因是 : 1 ) 成功推出 360X 等新产品,2 ) 强劲的电子商务销售增长 ( 尤 其是。抖音平台 ),3 ) 批发业务性质 ( 因此运营去杠杆的拖累是有限的 ),4 ) Sacoy 的销售增长和利润率扩张表现强劲,5 ) 出售 K & P 后亏损减少。加上有吸引力的估值 ( 10 倍 FY24E 市盈率和 15% 收益率 ),我们维持买入。 2H24E 前景仍然谨慎乐观。Xtep 在 FY24E 的零售销售增长的指导意见保持不变,为 10 % 以上 ; 但是,由于出售 K & P ( 一定数量的销售和净亏损将不再合并 ),列表科级 别的销售增长将调整为 HSD 至低 10 ( 从以前的 10 % 以上 ) 。一方面,管理层对不 利的天气和宏观环境非常谨慎,但另一方面,他们仍预计下半年销售增长可能会加快。我 们认为,这可能受到以下因素的支持 : ...

2024 年 7 月 12 日 CMB 国际全球市场 | 股票研究 | 公司更新 Q - Tech ( 1478 香港 ) 盈利复苏刚刚开始 ; 将 TP 提高至 6.47 港元 Q - tech ( 7 月 11 日 ) 宣布了积极的 1H24 利润预警,称净利润同比增长 400 - 500% ( 至 1.09 - 1.3 亿元人民币 ),与我们和普遍的 FY24E 估计的 29 - 34% 和 40 - 47% 持平。乐观 的结果主要是由 1 ) 高端 CCM 份额上升,2 ) 汽车 / 物联网 CCM 增长,3 ) UTR 上升, 以及 4 ) 联营公司 ( Newmax ) 更好的盈利能力。对于 2H24E,我们对 Adroid 旗舰机型 的发布,高端规格升级,汽车 / 物联网 CCM 和 FPM 恢复保持乐观,以提高盈利能力。我们 将 FY25 - 26E 每股收益提高 2 - 12%,以计入 1H24 收益、更强的 GPM 和 Newmax 更好的 盈利能力。FY24 / 25E 市盈率为 14.3 倍 / 10.3 倍,我们认为该股具有吸引力。维持买入,新 的 TP 为 6.47 港元,基于 2 ...