Investment Rating - The report maintains a "BUY" rating for BYDE with a target price of HK$45.28, indicating a potential upside of 53% from the current price of HK$29.50 [4][14][20]. Core Insights - BYDE reported a strong revenue growth of 40% year-on-year for 1H24, driven by increased market share in the Apple segment, recovery in the Android market, integration with Jabil, and robust performance in the New Energy Vehicle (NEV) sector [2][3]. - Despite the strong revenue growth, net profit only increased by 0.1% year-on-year, falling short of expectations due to a 1 percentage point decline in gross profit margin and a significant increase in sales expenses by 211% [2][3]. - The outlook for 2H24 remains positive, with expectations of strong revenue growth driven by the iPhone/iPad upgrade cycle, solid Android demand, and contributions from AI server products [3][14]. Financial Summary - For FY24E, revenue is projected to reach RMB 171.96 billion, with a year-on-year growth of 32.3%. Net profit is expected to be RMB 5.06 billion, reflecting a growth of 25.3% [6][16]. - The report highlights a decrease in gross profit margin to 6.8% in 1H24, down from the previous year, while sales expenses surged to RMB 902 million [3][6]. - The company is expected to see a recovery in gross profit margin in 2H24, with interest expenses projected to decrease significantly as BYDE transitions from USD loans to RMB loans [3][14]. Revenue Breakdown - Revenue from assembly, components, and new smart products showed significant year-on-year growth, with assembly and components growing by 36% and 206% respectively, while new smart products experienced a decline of 16% [6][16]. - The NEV segment is anticipated to continue driving growth, supported by new product launches and increasing market demand [3][14]. Valuation Metrics - The report assigns a P/E ratio of 18.3x for the target price calculation, with assembly and components businesses valued at 15x, reflecting their recovery potential and market positioning [14][20]. - The report also notes a projected P/B ratio of 2.5x for FY24E, indicating a favorable valuation relative to peers [14][20].

BYDE (285 HK) 1H24 first take: strong revenue growth dragged by GPM and selling expenses BYDE reported 1H24 revenue growth of 40% YoY, largely in-line with estimates, driven by Apple share gains, Android recovery, Jabil consolidation and strong NEV segment. Net profit growth of 0.1% YoY is below our/consensus estimate by 21%/15% YoY, mainly dragged by weaker GPM (-1ppt YoY) and higher selling expenses (+211% YoY). Mgmt. will host an analyst briefing at 9:30am HKT today (29 Aug), and we will look for details ...

Nongfu Spring (9633 HK) 1H24 missed, tea became top profit contributor Nongfu's 1H24 revenue missed company's guidance given its market share loss in the packaged water segment. We expect low single digit revenue growth for the segment since market share recovery takes time. Tea beverage revenue grew 59% YoY and delivered revenue share close to water of 38%, with a 10ppt higher in OPM than water segment. The tea beverage replaced the packaged water and became the company's top profit driver. We think that i ...

Investment Rating - The report maintains a "BUY" rating for Intron Tech [15][16]. Core Insights - Intron Tech reported 1H24 revenue of RMB 2.84 billion, an 8% year-over-year increase, but net profit fell to RMB 97.7 million, a 37% decline year-over-year, primarily due to a gross profit margin (GPM) decline to 15.9% [1][19]. - The company expects a recovery in net profit margin in 2H24E driven by new order wins in new energy and ADAS, as well as expansion into overseas markets [1][15]. - The target price has been adjusted to HK$ 2.35, based on a lowered 10x FY24E P/E, reflecting near-term industry headwinds [1][15]. Financial Performance - 1H24 revenue growth was driven by strong performance in the new energy segment, which grew 16% year-over-year, while other segments like body control and powertrain saw declines [1][12]. - The GPM for 1H24 was 15.9%, down from 20.6% in 1H23, indicating pricing pressures along the auto supply chain [1][19]. - The report projects FY24E revenue to be RMB 6.32 billion, with a net profit of RMB 225 million, reflecting a 29% decline year-over-year [10][19]. Segment Analysis - The new energy segment is expected to continue its growth trajectory, with revenue projected to reach RMB 3.26 billion in FY24E, reflecting a year-over-year growth of 17.1% [12][19]. - The body control segment is projected to grow modestly, with revenue expected to reach RMB 951 million in FY25E, reflecting a 5% year-over-year increase [12][19]. - The powertrain segment is anticipated to face challenges, with a projected revenue decline of 23.1% in FY24E [12][19]. Valuation Metrics - Intron Tech is currently trading at 5.4x FY24E P/E and 3.2x FY25E P/E, which is considered attractive compared to peers in the automobile components sector [15][16]. - The report highlights that Intron's high return on equity (ROE) levels further support its undervaluation [15][16]. Upcoming Catalysts - Key catalysts for future growth include increased penetration of ADAS technologies and gaining market share among new energy vehicle clients [1][15].

Hansoh Pharma (3692 HK) Strong sales growth of innovative drugs Strong sales growth of innovative drugs in 1H24. Hansoh reported RMB6.51bn revenue in 1H24, including US$185mn upfront payment from GSK regarding the out-licensing of HS-20093 (B7-H3 ADC). In 1H24, Hansoh recorded RMB5.10bn (+13.8% YoY) revenue from product sales, representing 48% of our previous FY24 estimate, in line with our expectations. In 1H24, 77% of the total revenue came from innovative drugs. Excluding collaboration revenue, the sales ...

Shengyi Tech (600183 CH) Solid 1H24 earnings; high copper price to have modest impact in near term Shengyi Tech released its 1H24 earnings. Revenue improved by 22.2% YoY/10.6% HoH to RMB9.6bn, driven by solid demand of AI servers, growing auto orders and inventory restocking. During the same period, GPM improved to 21.6% (vs. 19.3%/19.2% in 1H/2H23), benefiting from improving utilization and a favorable product mix towards high-margin products. Consequently, NP increased by 68.0% YoY/53.1% HoH to RMB932mn. ...

资料来源 ： 公司数据 ， 彭博社 ， CMBIGM 估计 64,520.3 231.6 67.27/42.14 1340.8 库存数据 市值上限(百万元人民币) 平均 3 个月 t / o(百万元人民币) 52w 高 / 低(人民币) 已发行股份总数(百万) 来源 ： FactSet 股权结构 王家 中央结算系统 (香港) 来源 ： 上交所 | --- | |--------| | 66.7% | | 12.1% | | | | 相对 | | 9.8% | | 2.6% | | -11.6% | 来源 ： FactSet ) ) ) 8,197 8,985 10,033 11,261 12,540 (12.0) 9.6 11.7 12.2 11.4 2,342.7 2,498.7 2,756.5 3,076.2 3,495.7 1.79 1.86 2.06 2.29 2.61 (13.0) 3.8 10.3 11.6 13.6 2.00 2.36 2.82 26.8 25.8 23.4 21.0 18.5 5.1 4.5 4.0 3.5 3.1 1.3 1.5 1.6 1.8 2.1 (51.9) (55. ...

Investment Rating - The investment rating for Jiangsu Hengli is maintained at a target price of RMB 64.00, representing a 33.0% upside from the current price of RMB 48.12 [2]. Core Insights - Jiangsu Hengli reported a revenue growth of 22% year-on-year in 2Q24, with EBIT surging 58% year-on-year to RMB 644 million, driven by a surprising gross margin expansion of 6.3 percentage points year-on-year [2][3]. - The company is experiencing positive developments, with increasing contributions from non-excavator components and a fast production ramp-up in key products such as ball screws and electric cylinders [2][3]. - The hydraulic components production base in Mexico is expected to commence operations in December, with a designed annual output value of US$450 million [2]. Financial Performance Summary - Revenue for FY24E is projected to reach RMB 10,033 million, reflecting an 11.7% year-on-year growth, while adjusted net profit is expected to be RMB 2,757 million, a 10.3% increase [11][14]. - The gross profit margin is anticipated to improve to 42.2% in FY24E, up from 41.9% in FY23A [14]. - The company’s net profit margin is projected to be 27.5% in FY24E, slightly down from 27.8% in FY23A [13][14]. Revenue Breakdown - Non-excavator cylinders sales volume increased by 21.5% year-on-year to 139,000 units in 1H24, driven by demand for tunnel boring machines, cranes, and aerial work platforms [2]. - Revenue from non-excavator cylinders grew approximately 20% to RMB 1.3 billion, while revenue from excavator cylinders decreased by 13.5% year-on-year to RMB 1.1 billion [2]. Key Ratios and Valuation - The P/E ratio is projected to decrease from 25.8 in FY23A to 23.4 in FY24E, indicating a more attractive valuation [11][14]. - The P/B ratio is expected to decline from 4.5 in FY23A to 4.0 in FY24E, reflecting a strengthening balance sheet [11][14]. - The dividend yield is projected to increase from 1.5% in FY23A to 1.6% in FY24E, indicating a commitment to returning value to shareholders [11][14].

Investment Rating - The report maintains a BUY rating for Naura Technology with a target price of RMB405, implying a potential upside of 34.7% from the current price of RMB300.64 [2][3]. Core Insights - Naura Technology reported robust earnings for 1H24, with revenue growing 46.4% YoY to RMB12.3 billion and net profit increasing 54.5% YoY to RMB2.8 billion, aligning with the company's earnings pre-announcement [2]. - The company's gross profit margin (GPM) improved to 45.5% in 1H24, up from 41% in FY23, while net profit margin (NPM) expanded to 22.5% from 17.7% in FY23, indicating strong operational efficiency [2]. - Future growth is expected to be driven by the semiconductor localization trend, product coverage expansion, market share gains, and economies of scale [2]. Financial Performance Summary - 1H24 revenue accounted for 40% of the FY24E forecast, consistent with historical seasonality [2]. - The semiconductor equipment revenue increased by 55.1% YoY, constituting 92% of total revenue in 1H24 [2]. - The report projects total revenue of RMB30.9 billion for FY24E, reflecting a 39.7% YoY growth, and RMB39.0 billion for FY25E, indicating a 26.5% growth [2][3]. Earnings Revision - The report revises up the FY24E net profit forecast by 9% to RMB6.01 billion and maintains revenue projections at RMB30.86 billion for FY24E [6]. - Gross margin estimates for FY24E have been increased by 5.2 percentage points to 45.0% [6]. - The net profit margin is expected to reach 19.5% in FY24E, up from 17.9% in the previous estimates [6]. Valuation Metrics - The target price of RMB405 implies a valuation of 35.77x FY24E P/E, which is justified given Naura's leading position in the domestic semiconductor equipment market [2]. - The report highlights a significant improvement in return on equity (ROE), projected to reach 22.0% in FY24E, up from 17.7% in FY23 [3][9].

浙江鼎力 (603338 CH) 繁荣升降机和美国市场仍然是关键驱动因素 浙江鼎力（Dingli）在2024年第二季度的息税前利润（EBIT）增长了72%，达 到人民币612百万元，主要由收入增长34%和毛利率扩张2.6个百分点驱动。报 告净利润仅增长2%至522百万元，这主要是由于缺乏外汇收益导致的净财务收 入减少。在财报电话会议上，管理层重申了对美国市场的乐观展望，保持全年 提升式起重机销售目标为2000台不变。此外，管理层预计美国总统选举后可能 增加的关税影响是可以管理的，因为反倾销关税的减少可以减轻这一影响。我 们维持我们的盈利预测不变。保持当前评级。 BUY TP 不变 ， 为 75 元人民币(18 倍 2024E P / E ， 低于 31 倍的历史平均水平 1 SD) 。 . . 第二季度强劲的收入增长和利润率。 收入同比增长 34% ， 达到 2 元人民 币 40 亿。毛利率扩大 2 同比增6个百分点至31.8%。管理费用比率相对稳 定，保持在2.5%。净金融费用同比减少96%，降至1000万元人民币，原因 是未产生外汇收益。 景气提升仍然是增长动力。 在2024年上半年（1H24），直臂式提 ...