Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 33.8, representing a potential upside of 32.7% from the current price of HKD 24.45 [1][4][12]. Core Insights - The company's revenue for the first half of the year reached RMB 4.191 billion, a year-on-year increase of 28%, exceeding previous growth expectations. Operating profit and net profit also saw significant growth, increasing by 46% and 34% respectively [4][7]. - The copyright business has emerged as the main driver of growth, with revenue from copyright operations and other businesses increasing by 73.3% year-on-year, while online business revenue declined by 2.2% [4][10]. - The company is focusing on optimizing its cost and expense structure to enhance operational efficiency in 2024 [4][7]. Summary by Sections Revenue Performance - The company reported a revenue of RMB 4.191 billion in the first half of the year, with a 28% year-on-year growth, surpassing previous expectations. Operating profit and net profit increased by 46% and 34% respectively [4][7]. - Online business revenue decreased by 2.2%, while copyright operations and other businesses saw a 73.3% increase, becoming the main growth driver [4][10]. Market Position and Strategy - The company continues to invest in its online reading business, enhancing the efficiency and quantity of quality content. It maintains a competitive advantage in the industry due to its IP portfolio and AI technology [8][9]. - The internationalization of content is progressing positively, with AI translation technology facilitating rapid growth in translated works on overseas platforms [9][10]. IP Development and Future Prospects - The company has made significant progress in its IP visualization strategy, launching several successful projects. It plans to accelerate its development in the short drama sector, with over 100 short drama projects expected to be launched in the year [10][11]. - The report highlights the potential for maximizing commercial value through cross-product collaboration, indicating a strong growth momentum for the company [11][12].

Investment Rating - The report maintains a "Buy" rating for China Power (2380.HK) and raises the target price to HKD 4.50, indicating a potential upside of 26% from the current price of HKD 3.58 [1][7]. Core Insights - The report highlights strong growth in wind and solar electricity sales, with total sales for the first eight months of 2024 reaching 87,773,648 MWh, a year-on-year increase of 31.24%. Wind and solar sales grew by 70.22% and 78.13% respectively [4][9]. - The thermal power segment also showed positive growth in August, benefiting from declining coal prices, with net profit for thermal power reaching RMB 1.108 billion, a year-on-year increase of 97.23% [5][10]. - Hydropower generation is expected to grow by approximately 80% for the full year, despite a slight decline in August sales [6][11]. - The report projects significant profit growth for the company, with net profit expected to reach RMB 4.944 billion in 2024, reflecting an 85.9% year-on-year increase [8][15]. Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of RMB 51.673 billion, a 16.7% increase from the previous year, and net profit of RMB 4.944 billion, an 85.9% increase [8][15]. - The report indicates an EBITDA margin improvement, with expectations of 39% in 2024 [15]. Shareholder Information - Major shareholders include China Power International Co., Ltd. (22.91%), China Power Development Co., Ltd. (21.52%), and China Power (Renewable Energy) Holdings Ltd. (14.85%) [3]. Market Position - The company is positioned favorably within the industry, with a current market capitalization of HKD 443 billion and a total share capital of 12.4 billion shares [2][4].

Investment Rating - Buy rating with a target price of HKD 3.20, representing a 35% upside from the current price of HKD 2.37 [2][5] Core Views - The company's energy equipment business has shown a recovery in profitability, with strong growth momentum expected in the future [2] - Revenue in H1 2024 increased by 25.6% YoY to RMB 17.04 billion, while net profit surged by 515.7% YoY to RMB 523 million [3] - Gross profit rose by 34.0% YoY to RMB 1.95 billion, with gross margin improving by 0.7 pct to 11.4% [3] - New power equipment orders increased by 2.84% YoY to RMB 26.03 billion, with coal/hydro/nuclear power equipment orders at RMB 10.83/4.47/3.06 billion respectively [3] - The company's order backlog is sufficient to support growth in the energy equipment business, with potential for further margin improvement [4] - Hydropower equipment and thermal power flexibility transformation are expected to provide new growth drivers [4] - Operating efficiency has improved, with the combined expense ratio decreasing by 1.2 pct to 8.6% and the debt-to-asset ratio dropping by 2.8 pct to 79.6% [4] Financial Performance - Revenue for 2024E/2025E/2026E is projected at RMB 37.31/43.29/46.12 billion, with YoY growth of 27.6%/16.0%/6.5% [6] - Net profit for 2024E/2025E/2026E is forecasted at RMB 950 million/1.39 billion/1.68 billion, with a 3-year CAGR of 42.5% [5][6] - Gross margin is expected to improve to 15.5%/16.2%/16.3% in 2024E/2025E/2026E, up from 12.1% in 2023 [15] - Net margin is projected to increase to 3.0%/3.9%/4.3% in 2024E/2025E/2026E, compared to 2.1% in 2023 [15] Valuation - The company is trading at a 2024E PE of 7.0x and a TTM PB of 0.5x, which is lower than industry peers [5][13] - Industry peers such as Dongfang Electric and Shanghai Electric are trading at higher PE multiples of 6.4x and 34.2x respectively [13] Growth Drivers - The company is expected to benefit from the development of the energy equipment market, particularly in hydropower and thermal power flexibility transformation [4][5] - The rapid development of pumped storage and the transformation of thermal power flexibility are key growth areas [4] - The company's order backlog and improved order quality are expected to support future revenue growth and margin expansion [4]

证 券 研 究 报 告 威胜控股（3393.HK） 2024-09-24 星期二 | --- | --- | |------------|-------------| | | | | 目标价： | 7.6 港元 | | 现 价： | 5.67 港元 | | 预计升幅 : | 34% | | --- | --- | |------------------------------------------|------------| | | | | 日期 | 2024-09-24 | | 收盘价 ( 港元 ) | 5.67 | | 总股本 ( 亿股 ) | 9.96 | | 总市值 ( 亿港元 ) | 56 | | 净资产 ( 百万港元 ) | 6,852 | | 总资产 ( 百万港元 ) | 14,338 | | 52 周高低(港元 ) | 7.59/2.53 | | 每股净资产 (港元) | 5.77 | | 数据来源： Wind 、国元证券经纪（香港）整 | | 理 主要股东 星宝投資控股有限公司(53.59%) 相关报告 首发深度报告-20240124 更新报告-20240318 更新报告 买入 在手订单增 ...

Investment Rating - The report provides a positive outlook on Xin Ao Energy, indicating that the stock buyback and equity incentive plans are likely to boost market confidence [1]. Core Viewpoints - The implementation of stock buyback and equity incentive plans is expected to enhance investor sentiment and support the company's stock price [1]. Summary by Relevant Sections - The report highlights that Xin Ao Energy's recent initiatives, including stock buybacks, are strategic moves aimed at reinforcing market confidence and potentially increasing shareholder value [1].

事件： 北京时间 9 月 19 日凌晨，美联储公开市场委员会（FOMC）公布最新 利率决议，宣布降息 50 基点，并公布最新点阵图和经济数据预测。 决议公布后鲍威尔召开记者会答记者问。 点评观点： 1、决议整体偏鸽，文本内容显示美联储更关心就业 本次决议文本是今年以来修改幅度最大的一次，主要的修改内容在以 下两个方面：首先是通胀方面，本次决议的表述是"通胀朝着委员会 2%的目标进一步迈进，但仍有些偏高"而非"取得进一步进展"，同时 决议表述"美联储对通胀持续向 2%迈进的信息增强，并判断实现就业 和通胀目标的风险大致处于平衡"而非此前的"趋于更好的平衡"。二 者，本次决议在强调"注意到其双重任务方面面临的风险"的同时，新 增"委员会坚定致力于支持最大限度就业"这一表述。我们认为本次 决议内容整体偏鸽，虽然仍然提及通胀，但显然就业已经是当前美联 储需要关注的重心。从近期非农就业数据和失业率情况看，美联储出 现这一转变并不奇怪，这可能也是本次美联储首次降息以 50 基点起步 而非传统的 25 基点的重要原因。 2、点阵图显示年内或还降息 50 基点，首次的 50 基点或为补足 7 月份 未降部分 本次点阵图较 6 ...

证 券 研 究 报 告 华润电力（0836.HK） 2024-09-16 星期一 | --- | --- | |------------|--------------| | | | | 目标价： | 24 港元 | | 现 价： | 18.52 港元 | | 预计升幅 : | 30% | | --- | --- | |---------------------|--------------------------| | | | | 日期 | 2024-09-13 | | 收盘价（港元） | 18.52 | | 总股本（百万股） | 4,810 | | 总市值（亿港元） | 891 | | 净资产（百万港元） | 110,617 | | 总资产（百万港元） | 346,778 | | 52 周高低（港元） | 24.88/12.91 | | 每股净资产（港元） | 18.81 | | 数据来源： Wind | 、国元证券经纪（香港）整 | 理 主要股东 华润集团（电力）有限公司（62.93%） 相关报告 深度报告-20210608 更新报告-20220124 更新报告-20220322 投资要点 ➢ 煤价下行， ...

| --- | --- | --- | |-------|---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 即时点评 | N 型棒状硅小幅上涨，但短期价格上涨动力仍不足 | | | 多晶硅行业 | 2024-09-12 星期四 | | | | 事件： | | | | 硅业分会最新报价显示： | | | | 本周多晶硅 N 型棒状硅价 ...

即时点评 销气毛差持续修复，中期派息大幅增长 华润燃气（1193 HK） 2024-09-02 星期一 事件： 截至 2024 年 6 月 30 日止六个月，公司实现营业收入 520.8 亿港元， 同比增加 7.7%。股东应占净利润为 34.57 亿港元，同比减少 2.5%，剔 除去上半年同期重庆燃气并表产生的一次性收益影响后，公司核心利 润为 34.6 亿港元，同比增长 21.2%；上半年公司经营现金流 42.5 亿港 元，公司拟派中期股息 25 港仙/股（2023 上半年：10 港仙/股）。 相关报告 点评观点： ➢ 上半年总销气量同比增长 5.3%，销气毛差持续修复： 上半年，公司总销气量 209.0 亿立方米，同比增长 5.3%，其中工业气 量增长 3.7%，商业气量增长 8.1%，居民气量增长 7.0%；期内增加年 度合同指标量 7.5 亿方，新年度气源合同覆盖率增至 99.7%，统筹气 量 17.5 亿方，同比增长 30%，并补充非常规资源超 2 亿方，公司多元 化气源结构有利进一步优化上游采购成本；上半年公司销气毛差 0.54 元/方，同比增加 4 分/方，公司全年销气毛差指引为 0.53-0. ...

证 券 研 究 报 告 请务必阅读免责条款 | --- | --- | --- | |---------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...