22 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 小米 （ 1810 HK ） 第二季度在 EV GPM 和弹性核心收益方面表现突 出 ； 重申买入 小米在2024年第二季度实现了强劲的收入/调整后净利润增长，同比增长32%/20%。调整后 净利润比我们的预测高出21%/27%，主要是由于电动汽车（EV）/互联网业务的毛利率更强 以及运营效率的提升所驱动。小米首次公布了其电动汽车业务的财务数据，季度毛利率为 15.7%，远高于市场预期的5%-10%，管理层预计下一季度的毛利率将实现环比增长。展望未 来，我们对小米在全球智能手机市场份额的增长、新零售战略的执行、AIoT业务的增长势头 以及电动汽车出货量的交付以推动FY24E-25E的盈利增长持乐观态度。我们将FY24-26E的每 股收益上调6-8%，以反映强劲的第二季度结果和更佳的电动汽车盈利能力，并将基于SOTP的 股价目标上调至港币24.4元，相当于FY24E的市盈率23.9倍。即将到来的催化剂包括每月出货 量SU7和智能手机市场份额的增加。 2Q24 盈利超过强劲的物联网 / 互联网 / 电动汽车利润率。小米2024年第二季度全球 ...

22 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 阳光光学 （ 2382 香港 ） 为新的增长周期做好准备 ； 将 TP 提高到 HK$72.52 (上一个 TP HK$72.52 HK$67.88) 47.3% Sunny 的 1H24 收入 / NP 同比增长 32% / 145% ， 与之前的基本持平 积极的利润警报 ， 由智能手机的 HLS / HCM ASP / GPM 复苏和快速推动 汽车 / XR 增长。管理。将 HLS / VLS 的 2024 年装运指导同比提高至 5 - 10% / 同比增长 10 - 15% （ 与之前的同比增长 5% / 10% ） ， 并引导 ASP / GPM 提高到 2H24E 和 2025 年。对于 2025 年 ， 我们对苹果的份额增长持积极态度 ， AI 智能手机 升级、汽车产品提升和 XR 客户订单获胜。我们上调了 FY24 - 26E 估计将影响 1H24 业绩和更好的 ASP / GPM 前景。维持买入 并将基于 SOTP 的 TP 提高至 72.52 港元 ， 这意味着 FY25E 市盈率为 24.9 倍。即将到来 催化剂包括 ...

22 Aug 2024 CMB International Global Markets | Equity Research | Company Update Sunny Optical (2382 HK) Gearing up for new growth cycle; Raise TP to HK$72.52 Sunny's 1H24 revenue/NP growth of 32%/145% YoY is largely in-line with prior positive profit alert, driven by smartphone's HLS/HCM ASP/GPM recovery and rapid auto/XR growth. Mgmt. raised 2024 shipment guidance for HLS/VLS to 5-10% YoY /10-15% YoY (vs prior +5%/10% YoY), and guided ASP/GPM improvement into 2H24E and 2025. For 2025, we are positive on Ap ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 67.87, indicating a potential upside of 74.9% from the current price of HKD 38.80 [3][16]. Core Insights - The company reported a revenue increase of 38.4% year-on-year to RMB 1.37 billion, with adjusted net profit rising 45.3% to RMB 150 million for the first half of 2024 [1]. - The management has raised the annual store expansion target from 10-15 to 18-25 new stores, reflecting a faster-than-expected pace of growth [1]. - The company continues to strengthen its competitive advantage in doctor resources, with a total of 26 medical alliance units established, enhancing its reputation and quality of service [1]. Financial Performance - Revenue for FY24E is projected at RMB 3.112 billion, with a year-on-year growth of 33.9%, and adjusted net profit expected to reach RMB 417 million, reflecting a growth of 36.9% [2][11]. - The adjusted earnings per share for FY24E is forecasted to be RMB 1.70, with a decreasing adjusted P/E ratio from 27.8 in FY23A to 21.0 in FY24E [2][14]. Store Expansion and Market Position - As of July 2024, the company has added 16 new stores, bringing the total to 74, with a focus on high-potential regions such as the Yangtze River Delta and major cities [1]. - The management aims to increase store density in cities where it already operates, leveraging economies of scale [1]. Shareholder Returns - The company plans to increase the proportion of dividends and buybacks to 30-50% of net profit over the next 3-5 years, with an interim dividend of approximately HKD 31.54 million announced [1].

22 Aug 2024 CMB International Global Markets | Equity Research | Company Update Xiaomi (1810 HK) 2Q24 beat on EV GPM and resilient core earnings; Reiterate BUY Xiaomi delivered strong 2Q24 revenue/adj.net profit growth of 32%/20% YoY. Adj. net profit is 21%/27% ahead of our/consensus estimates, mainly driven by stronger EV/internet GPM and improving efficiency. Xiaomi reported its first EV business financials with a quarterly GPM at 15.7%, well above market expectation of 5-10%, and mgmt. guided QoQ GPM exp ...

22 Aug 2024 CMB International Global Markets | Equity Research | Company Update Geely Automobile (175 HK) Solid 1H24 earnings, better NEV outlook Maintain BUY. Geely's 1H24 core earnings beat our prior forecast by 18% even with a lower R&D capitalization ratio. We are of the view that the Galaxy E5 BEV based on the GEA platform could be a sales volume driver with better margins than previous Galaxy models. Zeekr's plan to roll out hybrid models could also make it more competitive. We also think Geely's curr ...

Investment Rating - The report maintains a "BUY" rating for Goertek with a new target price (TP) of RMB 25.9, reflecting a 27% upside from the current price of RMB 20.39 [4][12]. Core Insights - Goertek's 1H24 revenue and net profit growth were reported at -11% and +190% year-on-year (YoY), respectively, aligning with earlier profit alerts [2]. - The gross profit margin (GPM) improved to 13.6% in 2Q24, up 4.4 percentage points quarter-on-quarter (QoQ) and 5.9 percentage points YoY, driven by enhanced efficiency and profitability in acoustics and smart products [2][7]. - The outlook for 2H24 and FY25E is positive, with expectations of continued GPM recovery and increased demand for augmented reality (AR) and virtual reality (VR) products, particularly with new launches from major players [2][12]. - Earnings per share (EPS) estimates for FY24-26E have been raised by 19-38% to reflect the strong performance in 1H24 and improved operating leverage [2][8]. Financial Performance Summary - 1H24 revenue was RMB 98,561 million, with a net profit of RMB 1,088.1 million, showing a significant recovery from previous quarters [3][11]. - The company expects net profit growth of +164% and +23% YoY for FY24 and FY25E, respectively [2][12]. - The report highlights strong revenue growth in precision components and acoustic products segments, with increases of +21% and +38% YoY, although smart products saw a decline of -32% YoY due to product cycle delays [2][10]. Earnings Revisions - Revenue estimates for FY24E have been adjusted to RMB 98,561 million, with net profit revised to RMB 2,876 million, reflecting a 19% increase from previous estimates [8][9]. - The gross profit margin is expected to stabilize around 11.4% for FY24E, with operating profit margins projected to improve to 3.3% [8][9]. Market Position and Future Outlook - Goertek is well-positioned to capitalize on the upcoming AR/VR product cycle, with anticipated launches from companies like Meta and Sony [2][12]. - The report emphasizes Goertek's leadership in the XR, acoustics, and gaming segments, which are expected to drive market share gains and profitability recovery in FY24 and FY25E [12][15].

21 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 Xpeng Inc. (XPEV US) Mona M03 可能不会改变游戏规则 保持持有。小鹏集团2024年第二季度的盈利表现基本符合我们的预测。尽管我们假设其2024 年下半年的销售量将较上年同期增长超过一倍，但我们预计下半年的亏损情况不会出现环比下 降。我们认为，小鹏汽车的车辆毛利率可能受到较低价格的Mona系列车型的影响而受限，因 为公司目前依赖这些车型来提升销量。我们认为，这种策略背后的基本理由是小鹏品牌的形象 正在减弱，尤其是在自动驾驶（AD）技术方面，竞争对手正在缩小差距。 第二季度收益基本持平。小鹏汽车2024年第二季度的收入约为我们先前预测的2%更高， 主要归功于大众（VW GR, NR）提供的研发服务。其2024年第二季度的车辆利润率为 6.4%，略高于我们的预测和2024年第一季度的5.5%，尽管季度内折扣有所增加。我们归 因于供应商的价格削减导致了这一超预期的表现。研发与销售、管理及一般费用（SG&A ）支出略高于预期，导致净亏损为人民币13亿，与预期相符。 毛利率困境。我们将FY24E的销售量预测下调10%，至 ...

2024 年 8 月 20 日 招银国际环球市场 | 睿智投资 | 行业研究 中国医药 海外 CXO/生命科学上游 2Q24 业绩剖析：生命科学上游继 续预期需求复苏 我们总结了海外主要 CXO 和生命科学上游公司的 2Q24 业绩情况，所关注的公 司涉及临床 CRO、临床前 CRO、C(D)MO以及生命科学上游。我们发现，2023 年各子板块业绩出现分化，后期阶段 CXO 业绩好于早期阶段 CXO，非生产类 CXO 的业绩好于生产类 CXO。但 1Q24 各子板块业绩差异减小，2Q24 业绩差 异继续缩窄，同时生命科学上游和 C(D)MO 公司的业绩表现较好。值得注意的 是，2Q24 仅有生命科学上游公司管理层继续预计 24 年下半年需求将复苏。 生命科学上游和 C(D)MO 公司的 2Q24 业绩表现较好。我们认为药企将更多 资源用于推进重点临床后期临床项目、新冠药物需求造成 C(D)MO 业绩基数 高、以及疫情后 C(D)MO 产能利用率相对较低导致了 2023 年子板块业绩分 化。从 1Q24 开始各子板块业绩差异持续减小，我们认为有三个原因：1） 临床 CRO 公司 2023 年业绩基数高；2）临床 ...

16 Aug 2024 JD.com (JD US) better-than-expected 2Q earnings growth | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------|----------------------------------|---------------------------------------| | Target Price Up/Downside Current Price | | US$51.90 100.4% US$25.90 | | China Internet | | | | Saiyi HE, CFA (852) 3916 1739 hesaiyi@cmbi.com.hk | | | | Ye TAO franktao@cmbi.com.hk | | | | Wentao LU, CFA luwen ...