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].

Investment Rating - The report maintains a "BUY" rating for Hansoh Pharma, with a target price of HK$24.11, reflecting a 17.0% upside from the current price of HK$20.60 [2][3]. Core Insights - Hansoh Pharma demonstrated strong sales growth in innovative drugs, reporting RMB6.51 billion in revenue for 1H24, with RMB5.10 billion from product sales, marking a 13.8% year-over-year increase [2]. - The company continues to expand its innovative drug pipeline, particularly with aumolertinib, which is expected to drive significant revenue growth [2]. - Cost efficiency has improved, as indicated by a decrease in selling and administrative expense ratios [2]. Revenue and Profitability - For FY24E, total revenue is expected to increase by 21% year-over-year to RMB12.23 billion, with organic revenue growth projected at 14.3% [2][3]. - Net profit is anticipated to rise by 33.3% to RMB4.37 billion in FY24E, before decreasing by 25.1% in FY25E [2][3]. - The gross profit margin is projected to remain strong at 90.16% for FY24E [9]. Product Sales and Pipeline - Innovative drugs accounted for 77% of total revenue in 1H24, with a 31.6% year-over-year growth in sales from these products [2]. - Aumolertinib is set to expand its indications, with expected approvals by mid-2025, potentially becoming the first domestic EGFR-TKI for new indications [2]. - The company is also advancing other innovative drugs, including HS-20093 and HS-20089, with ongoing clinical trials [2]. Financial Metrics - The report outlines a significant increase in R&D expenses, which rose by 29% year-over-year to RMB1.20 billion, representing 23.4% of product sales [2]. - The earnings summary indicates a projected EPS of RMB0.74 for FY24E, with a P/E ratio of 25.6 [3][8]. - The company's market capitalization is reported at HK$122.27 billion, with an average turnover of HK$66.3 million over the past three months [4].

Investment Rating - The report maintains a "BUY" rating for Shengyi Tech with a target price of RMB26.41, implying a potential upside of approximately 49.2% from the current price of RMB17.70 [5][3]. Core Insights - Shengyi Tech reported solid earnings for 1H24, with revenue increasing by 22.2% year-on-year (YoY) to RMB9.6 billion, driven by strong demand in AI servers and automotive orders [3][4]. - The gross profit margin (GPM) improved to 21.6%, benefiting from better utilization and a favorable product mix [3]. - Net profit surged by 68.0% YoY to RMB932 million, accounting for 47% of the full-year forecast [3][4]. - The report highlights that both the CCL and PCB segments experienced double-digit growth and margin expansion [3]. Financial Performance Summary - Revenue for FY24E is projected at RMB20.85 billion, reflecting a 25.7% YoY growth, with net profit expected to reach RMB2.17 billion, an 86.7% increase YoY [4][12]. - Gross margin is anticipated to improve to 21.8% in FY24E and further to 23.9% by FY26E [4][15]. - The report indicates that the PCB revenue from the server market accounted for 38% of segment sales in 1H24, marking a 20% increase from 1H23 [3]. Segment Performance - CCL and Prepreg sales rose by 20.7% YoY, with GPM improving by 2.0 percentage points [3]. - PCB revenue increased by 23.5% YoY, with GPM improving by 1.6 percentage points [3]. - The report notes ongoing challenges in the telecom segment due to soft investments [3]. Market Conditions - The report discusses the impact of copper prices on Shengyi's CCL business, noting that prices peaked above US$10,000 per ton before retreating to US$9,300 per ton [3]. - It is expected that if copper prices stabilize, Shengyi's CCL average selling price (ASP) will likely increase, contributing to overall GPM improvements [3].

Investment Rating - The report maintains a target price of RMB 64.00 for Jiangsu Hengli, representing a 33% upside from the previous price of RMB 48.12 [1]. Core Views - Jiangsu Hengli's EBIT grew by 58% year-on-year to RMB 644 million in Q2 2024, driven by a 22% increase in revenue and a 6.3 percentage point expansion in gross profit margin [1]. - The net profit increased by only 5% to RMB 686 million, primarily due to a high base effect from Q2 2023, which included significant foreign exchange gains [1]. - The report highlights three positive trends: (1) Continuous revenue contribution from non-excavator components; (2) Deliveries of electric cylinders and ball screws (key components for robots) starting in July, leading to rapid production increases; (3) The hydraulic component production base in Mexico is expected to commence operations in December, with a designed annual output value of USD 4.5 billion [1]. Financial Summary - For the first half of 2024, non-excavator cylinder sales increased by 21.5% year-on-year to 139,000 units, driven by demand from tunnel boring machines, cranes, and aerial work platforms [1]. - Revenue from non-excavator cylinders grew approximately 20% to RMB 1.3 billion, while revenue from excavator cylinders decreased by 13.5% to RMB 1.1 billion [1]. - The report projects revenue growth for Jiangsu Hengli, with total revenue expected to reach RMB 10,033 million in 2024, representing an 11.7% year-on-year increase [8]. Key Ratios - The gross profit margin for Q2 2024 improved to 43.1%, up 6.3 percentage points year-on-year and 3 percentage points quarter-on-quarter [1]. - The report indicates a projected P/E ratio of 31 times for 2024, aligning with historical averages [1]. - The net profit margin is expected to stabilize, with adjusted net profit forecasted to reach RMB 2,757 million in 2024, reflecting a 10.3% year-on-year growth [8].

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 ...

Investment Rating - Maintain BUY with an unchanged target price of RMB75, representing a 61.3% upside from the current price of RMB46.50 [4]. Core Insights - Zhejiang Dingli's EBIT in 2Q24 increased by 72% YoY to RMB612 million, driven by a revenue growth of 34% YoY and a gross margin expansion of 2.6 percentage points YoY [2]. - The company reported a net profit growth of only 2% YoY to RMB522 million, primarily due to a reduction in net finance income from the absence of foreign exchange gains [2]. - Management maintains a positive outlook for the US market, with a full-year sales target for boom lifts set at 2,000 units [2]. Financial Performance - Revenue for 2Q24 reached RMB2.4 billion, marking a 34% YoY increase, while gross margin expanded to 31.8% [2]. - In 1H24, revenue from boom lifts surged 58% YoY to RMB1.8 billion, accounting for 49% of total revenue from main operations [2]. - Overseas revenue grew by 50% YoY in 1H24, with North America showing the highest growth at 100% [2]. Earnings Forecast - The earnings forecast remains unchanged, with projected revenues of RMB7.569 billion for FY24, RMB8.810 billion for FY25, and RMB10.409 billion for FY26 [3]. - Net profit is expected to grow to RMB2.105 billion in FY24, RMB2.425 billion in FY25, and RMB2.870 billion in FY26 [3]. Valuation Metrics - The projected P/E ratio for FY24 is 11.2x, decreasing to 9.7x in FY25 and 8.2x in FY26 [3]. - The projected dividend yield is expected to increase from 2.5% in FY24 to 3.4% in FY26 [3]. Market Dynamics - The boom lift segment remains the key growth driver, with significant contributions from both domestic and overseas markets [2]. - Management anticipates that potential tariff increases post-US presidential election will be manageable due to the reduction of anti-dumping duties [2].

28 Aug 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Greentown Management (9979 HK) Weakening demand + intensifying competition, what is next? Greentown Mgmt's stock price plunged 32% post-1H24 earnings, partly due to the uncertainty on strategy execution among investors following the resignation of former CEO Mr. Li Jun. More importantly, the pullback was due to revenue/net profit deceleration (8%/6% YoY vs. guidance of 20%/30%), constrained by declining client p ...

28 Aug 2024 CMB 国际全球市场 | 股票研究 | 公司更新 绿城管理(9979 HK) 需求减弱 + 竞争加剧 ， 下一步是什么 ？ 绿地集团的股价在2024年第一季度财报公布后下跌了32%，部分原因是前CE O李先生离职后投资者对战略执行的不确定性。更为重要的是，这次回调主要 源于 收入 / 净利润 收入增速放缓（8%年对年/6%年对年，低于指导预期的20 %年对年/30%年对年），受到客户支付能力下滑和竞争加剧的限制。年对年收 入下降19%。 新合同价值 反映 土地供应减少 销售复苏缓慢 ， 挫伤了客户 的发展信心 ， 以及 由于资金不足无法启动项目。我们短期内看到房产销售快 速恢复的能见度较低，并将2024-26年的收入预期下调17%-27%，至年增长率 5%/9%/7%，利润预测下调20%-38%，至年增长率3%/9%/8%。然而，我们认 为PJM的长期需求仍然稳固，考虑到房产销售的复苏。我们将买入评级保持不 变，目标价下调41%至港币5.56元，相当于2024年市盈率的10倍。风险：应收 账款减值。 1) , 2) 3) 库存数据 Bella LI (852) 3757 6202 b ...