Investment Rating - The report maintains a BUY rating for Xtep, with a target price of HK$7.32, reflecting a potential upside of 46.5% from the current price of HK$5.00 [2][4]. Core Views - Xtep is expected to mildly outperform the sportswear industry in 2H24E due to successful new product launches, robust e-commerce sales growth, and limited operating deleverage from its wholesale business model [2][7]. - The company anticipates retail sales growth of 10%+ for FY24E, with adjustments to the listed company level sales growth projected at high single digits to low teens due to the sale of K&P [2][8]. - The strong performance of Saucony, with retail sales growth exceeding 50% in 1H24, is expected to continue driving net profit margins above expectations [2][8]. Financial Summary - Revenue for FY24E is projected at RMB 15,322 million, with a year-on-year growth of 6.8% [3][12]. - Operating profit is estimated at RMB 1,920 million, with a net profit of RMB 1,266 million, reflecting a net profit margin of 8.3% [3][12]. - The earnings per share (EPS) for FY24E is projected at RMB 0.463, with a year-on-year growth of 18.6% [3][12]. Sales and Growth Drivers - Successful new product launches, particularly the 360X running shoes, have significantly contributed to sales momentum, with over 800,000 pairs sold since launch [2][7]. - E-commerce sales have shown robust growth, particularly on platforms like Douyin, with online sales increasing by more than 25% in 2Q24 [2][7]. - The company has improved its inventory to sales ratio, reducing it to four months, which is the lowest level since 2Q22, leading to improved retail discounts [2][7]. Margin Outlook - Gross profit margin is expected to remain stable at around 42.3% for FY24E, while operating profit margin is projected to improve due to reduced losses from the sale of K&P and a decrease in advertising and promotion expenses [2][8]. - The report anticipates a net profit margin of 8.3% for FY24E, with potential for further improvement in subsequent years [3][12].

Investment Rating - The report maintains a "Buy" rating for Xtep, with a target price adjusted to HKD 7.32, based on a FY24E price-to-earnings ratio of 14 times [1][2]. Core Views - Despite significant pressure in the sportswear industry, Xtep is expected to perform moderately better in the second half of 2024 due to successful product launches, strong e-commerce sales growth, and limited operational leverage from its wholesale business [1]. - The company has maintained its retail sales growth guidance for FY24E at over 10%, although adjustments have been made to the sales growth forecast due to the sale of K&P [1]. - The report highlights the strong performance of the Saucony brand, with retail sales growth exceeding 50% in 1H24, significantly outperforming many other overseas brands [1]. Financial Summary - Revenue (in million RMB): FY22A 12,930, FY23A 14,346, FY24E 15,322, FY25E 15,979, FY26E 17,494 [2]. - Year-over-Year Growth Rate (%): FY24E 6.8%, FY25E 4.3%, FY26E 9.5% [2]. - Net Profit (in million RMB): FY22A 912.3, FY23A 1,033.0, FY24E 1,275.3, FY25E 1,499.6, FY26E 1,756.7 [2]. - Earnings Per Share (in RMB): FY24E 0.46, FY25E 0.54, FY26E 0.64 [2]. - Price-to-Earnings Ratio (x): FY24E 9.6, FY25E 8.1, FY26E 6.9 [2]. - Dividend Yield (%): FY24E 14.1, FY25E 5.8, FY26E 6.8 [2]. Sales Performance - Xtep's retail sales growth in 2Q24 was reported at 10%, consistent with estimates and better than market expectations [6]. - Online sales surged over 25% in 2Q24, while offline sales showed modest growth [6]. - The inventory-to-sales ratio improved, indicating better inventory management and reduced retail discounts [6]. Brand Performance - Saucony's retail sales growth in 1H24 was over 50%, with expectations for continued strong performance in 2H24 due to new product launches and brand ambassador signings [1]. - The report notes that Xtep's strong e-commerce sales are supported by an increase in value products [1]. Adjustments and Forecasts - FY24E net profit estimates have been adjusted by -1%, +1%, and -1% for FY24E, FY25E, and FY26E respectively [1]. - The report indicates that the gross profit margin is expected to stabilize, while operating profit margin may improve due to reduced losses from the sale of K&P and lower advertising and promotion expenses [1].

Investment Rating - The report maintains a "Buy" rating for Q-Tech with a target price (TP) raised to HKD 6.47, reflecting a potential upside of 29.6% from the current price of HKD 4.99 [1][2][9]. Core Insights - Q-Tech has announced a positive profit warning for 1H24, projecting a net profit increase of 400-500% year-on-year, reaching between RMB 1.09 billion and RMB 1.3 billion. This aligns with the firm's and market's FY24E estimates of 29-34% and 40-47% growth, respectively [1][9]. - The optimistic outlook is driven by several factors, including increased market share in high-end Camera Module (CCM), growth in automotive and IoT CCM, improved utilization rates (UTR), and better profitability from joint ventures like Newmax [1][9]. - For 2H24E, the report anticipates further growth from the launch of flagship Android models, high-end specification upgrades, and recovery in automotive and IoT CCM segments, which are expected to enhance profitability [1][9]. Financial Summary - Revenue projections for FY24E are set at RMB 17.025 billion, with a year-on-year growth of 35.9%. For FY25E and FY26E, revenues are expected to reach RMB 17.593 billion and RMB 19.503 billion, respectively [2][5][7]. - The net profit for FY24E is projected at RMB 386 million, with significant increases expected in subsequent years, reaching RMB 536 million in FY25E and RMB 657 million in FY26E [2][5][7]. - Earnings per share (EPS) estimates have been revised upward by 2-12% for FY25-26E, reflecting stronger profitability and growth expectations [1][9]. Market Performance - Q-Tech's stock has shown strong performance, with a 1-month return of 41.8% and a 3-month return of 44.6%, indicating positive market sentiment [3]. - The stock's price-to-earnings (P/E) ratio is projected at 14.3x for FY24E and 10.3x for FY25E, suggesting that the stock is attractively valued compared to its earnings growth potential [2][9]. Outlook - The report highlights that the upcoming catalysts for Q-Tech include a recovery in shipment volumes, new product launches, and winning orders in non-smartphone CCM segments, which are expected to drive long-term revenue growth [1][9].

Investment Rating - The report maintains a "BUY" rating for Q-Tech with a new target price (TP) of HK$6.47, up from the previous TP of HK$3.93, indicating a potential upside of 29.6% from the current price of HK$4.99 [5][14]. Core Insights - Q-Tech announced a positive profit alert for 1H24, projecting a net profit growth of 400-500% year-on-year, reaching RMB109-130 million, which aligns with 29-34% and 40-47% of the firm's and consensus FY24 estimates respectively [3][12]. - The growth is attributed to several factors including an increased share of high-end CCM, growth in auto/IoT CCM, rising UTR, and improved profitability from the associate Newmax [3][14]. - The outlook for 2H24 remains positive, driven by flagship model launches, high-end specification upgrades, and recovery in FPM, which are expected to enhance profitability [3][14]. Financial Summary - Revenue for FY24E is projected at RMB17,025 million, with a year-on-year growth of 35.9% [4][12]. - Net profit for FY24E is expected to be RMB386 million, reflecting a significant recovery from previous years [12][19]. - The report anticipates EPS growth of 372.7% for FY24E, with further increases in FY25E and FY26E [4][12]. Earnings Forecasts - The report raises FY25-26E EPS by 2-12% to account for stronger 1H24 earnings and improved gross profit margins [3][14]. - The gross profit margin is expected to recover to 7.5% in FY25E and 7.2% in FY26E, indicating a positive trend in profitability [12][19]. Market Position - Q-Tech is trading at attractive multiples of 14.3x and 10.3x FY24/25E P/E, suggesting a favorable valuation compared to its peers [3][14]. - The company is positioned to benefit from the recovery in the global smartphone market and increasing demand for non-mobile CCM applications, particularly in automotive and IoT sectors [3][14].

Investment Rating - The report maintains a "BUY" rating for JD.com with an unchanged DCF-based target price of US$51.9, indicating a potential upside of 93.9% from the current price of US$26.76 [10][22]. Core Insights - JD.com is expected to report 2Q24 revenue of RMB290.9 billion, reflecting a 1.0% year-over-year increase, and a non-GAAP net income of RMB9.9 billion, which is 16% better than Bloomberg consensus estimates [2][12]. - The company is focusing on return on investment (ROI) and quality growth strategies, which may lead to better-than-expected earnings despite challenges in the electronic and home appliance sectors [2][12]. - JD Retail's revenue is projected to be RMB254.2 billion in 2Q24, up 0.3% year-over-year, with a non-GAAP operating profit of RMB9.2 billion, representing a 12% increase year-over-year [2][12]. Revenue and Earnings Forecast - The revenue forecast for 2024-2026 has been revised down by 0.6-0.9% due to a lower expectation for electronic and home appliance revenue, while the non-GAAP net income forecast has been lifted by 4-5% due to more efficient spending [2][12]. - JD's projected revenue for 2024 is RMB1,150.6 billion, with a gross profit of RMB173.6 billion and a non-GAAP net profit of RMB38.5 billion [4][19]. - The non-GAAP net margin is expected to improve to 3.6% in 2024, up from 3.2% in 2023 [4][21]. Valuation Metrics - JD's current valuation is at 8/7x 2024/2025E non-GAAP PE, which is considered not demanding compared to an 11% non-GAAP earnings CAGR over 2023-2026 [2][12]. - The target price of US$51.9 translates into a 15x 2024E PE (non-GAAP) [12][22]. Key Catalysts - Potential catalysts for JD's valuation include further enhancement of shareholder returns and a recovery in consumer spending, which could improve revenue and earnings growth outlook [2][12].

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng with a target price of HK$ 4.24, indicating a potential upside of 14.0% from the current price of HK$ 3.72 [5][14]. Core Insights - The acquisition of Auto-Kabel Group for EUR 72.5 million is viewed positively, as it is expected to enhance FIT's product portfolio and client base in the automotive connector market, particularly in electromobility [3]. - The deal is anticipated to close by the end of 2024, pending regulatory approval, and is expected to add 8% to FIT's revenue in FY25E [3]. - The financial metrics of Auto-Kabel, including a gross profit margin (GPM) of 34% and a revenue of EUR 430 million in FY24, suggest potential margin support for FIT [3][9]. - The report highlights the long-term synergies expected from the integration of Auto-Kabel and FIT Voltaria, which will strengthen FIT's global automotive client base and expand its presence [3]. Financial Summary - Revenue for FIT is projected to grow from US$ 4,531 million in FY22 to US$ 7,497 million in FY26, reflecting a compound annual growth rate (CAGR) of approximately 18.4% [17]. - Net profit is expected to increase from US$ 170.1 million in FY22 to US$ 373.4 million in FY26, with a notable growth rate of 25.2% in FY25E [17]. - The report indicates a significant improvement in gross profit margin, expected to rise from 19.2% in FY23 to 20.6% in FY25E [19]. Valuation Metrics - The report notes that FIT is trading at a P/E ratio of 17.4x for FY24E and 11.4x for FY25E, which is considered attractive compared to its peers [14]. - The P/B ratio is projected to decrease from 1.3x in FY24E to 1.0x in FY26E, indicating a potential undervaluation [19]. - The report emphasizes the attractive risk-reward profile of FIT, particularly with upcoming catalysts such as AirPods progress and AI server product updates [14].

2024 年 7 月 12 日 CMB 国际全球市场 | 股票研究 | 公司更新 FIT Hon Teng ( 6088 香港 ) 积极收购 Auto - Kabel 集团 ; 重申买入 FIT 宣布,其全资子公司 FIT Voltia 将以 7250 万欧元的总对价收购德国汽车电子产品供应商 Ato - Kabel Grop ( 意味着 0.5 倍 P / B,低于 FIT 的 1.3 倍和全球同行的 3.4 倍 ) 。该交易 预计将在监管部门批准后在 2024 年底完成。Ato - Kabel 是电动汽车领域的全球领导者,拥有 9 个全球生产基地,专注于汽车系统和功耗组件 ( 充电插座、驱动电缆和电池连接器 ) 。我 们预计 Ato - Kabel 的产品组合和已建立的客户群将增强 FIT 在汽车连接器市场的领导地位, 并加快其在 F25 / 26E 的 "3 + 3 战略 " 计划。维持买入。 Auto - Kabel 将为 Voltaira 汽车业务提供长期协同效应。两家总部都设在德国,我们相 信 Ato - Kabel 和 Voltaira 的整合将加强 FIT 的全球汽车客户群,并在全球范围内拥有 ...

CMB 国际全球市场 | 股票研究 | 公司更新 尽管空调类别的高基数和 PC 类别的全行业软表现可能会拖累京东在 2Q24E 的电子和家用电 器 （ E ＆ HA ） 收入增长，但其专注于 ROI 和质量增长的策略可能会推动收益。我们预测京 东第二季度收入为 299 亿元人民币 （ 同比增长 1.0% ），非 GAAP 净收入为 99 亿元人民币 ，转换为非 GAAP 净利润率为 3.4%，比彭博社预期高出 16% 。随着 E & HA 和平台业务的 收入增长正常化，我们预计京东在 3Q24E 的收入同比增长将重新加速，京东零售 （ JDR ） 的 GMV 增长仍可能超过 2024E 的零售总额。在激烈的行业竞争中，稳健的盈利能力和股东 回报的提升可以为京东的估值提供支撑，而进一步的重评级可能取决于消费复苏，京东有能力 向市场证明其核心品类可以在中长期保持稳定的市场份额。维持买入，基于 DCF 的 TP 为 51.9 美元。 京东零售 ： 仍然致力于推动用户增长。我们估计京东零售 （ JDR ） 在第 2 季度的收入 为 2542 亿元人民币，同比增长 0.3 ％，比彭博社的预期低 5.8 ％，这是由于 E ...

6月30日北京经信局发布关于对《北京市自动驾驶汽车条例(征求意见稿)》公开征集意见的公告,推动市场 对自动驾驶相关标的的投资情绪提升。我们对百度的萝卜快跑(Apollo Go)业务的单位经济模型(UE)进行 情景分析,同时对百度萝卜快跑业务在武汉地区的运营情况进行情景分析,认为全无人自动驾驶业务的持续渗 透或有望推动业务UE显著提升,未来单车硬件成本进一步下探、单均打车距离提升及补贴优化、云代驾驾驶人 员覆盖车辆范围提升及成本优化均有望助推UE进一步提升。在2024年4月武汉萝卜快跑业务超过70%的订单 已由全无人车辆完成的情况下,管理层既定的2024年年末盈亏平衡的目标有望达成。我们认为,尽管自动驾驶 的商业化落地受一城一策影响,推进步调有所差异,但城市维度的监管指引陆续明晰有助推动自动驾驶行业发 展进一步提速,而具备技术和有效数据积累的公司有望持续受益。我们维持对于百度基于分部估值法183.0美 元的目标价和"买入"评级。 监管法规陆续落地或助推自动驾驶行业发展进一步提速。 6月30日北京市经信局发布关于对《北京市自动驾驶 汽车条例(征求意见稿)》公开征集意见的公告,提及拟支持自动驾驶汽车用于城市公共电汽 ...

2024 年 7 月 11 日 招银国际环球市场 | 睿智投资 | 公司更新 百度 (BIDU US) 全无人自动驾驶持续推进或有望显著推动 UE 提升 6 月 30 日北京经信局发布关于对《北京市自动驾驶汽车条例(征求意见稿)》 公开征集意见的公告,推动市场对自动驾驶相关标的的投资情绪提升。我们对 百度的萝卜快跑(Apollo Go)业务的单位经济模型(UE)进行情景分析,同时 对百度萝卜快跑业务在武汉地区的运营情况进行情景分析,认为全无人自动驾 驶业务的持续渗透或有望推动业务 UE 显著提升,未来单车硬件成本进一步下 探、单均打车距离提升及补贴优化、云代驾驾驶人员覆盖车辆范围提升及成本 优化均有望助推 UE 进一步提升。在 2024 年 4 月武汉萝卜快跑业务超过 70%的 订单已由全无人车辆完成的情况下,管理层既定的 2024 年年末盈亏平衡的目标 有望达成。我们认为,尽管自动驾驶的商业化落地受一城一策影响,推进步调 有所差异,但城市维度的监管指引陆续明晰有助推动自动驾驶行业发展进一步 提速,而具备技术和有效数据积累的公司有望持续受益。我们维持对于百度基 于分部估值法 183.0 美元的目标价和"买入" ...