Investment Rating - The investment rating for the company is "Buy" with a target price of 38 RMB [1]. Core Views - The report highlights that the company is experiencing a high growth rate in the diabetes care segment despite a high base effect impacting overall growth [1]. - The company achieved a revenue of 4.31 billion RMB in H1 2024, a year-over-year decrease of 13.5%, with a net profit of 1.12 billion RMB, down 25.0% year-over-year [1]. - The report anticipates a recovery in performance starting from Q4 2024 as the high base effect from the previous year diminishes [1]. Financial Summary - For H1 2024, the company recorded a revenue of 4.31 billion RMB, with a net profit of 1.12 billion RMB, and a net profit attributable to the parent company of 960 million RMB, down 23.2% year-over-year [1]. - The Q2 2024 revenue was 2.08 billion RMB, a decrease of 8.8% year-over-year, with a net profit of 460 million RMB, down 41% year-over-year [1]. - The report projects net profits of 2.21 billion RMB, 2.48 billion RMB, and 2.81 billion RMB for 2024, 2025, and 2026 respectively, with year-over-year growth rates of -7.7%, +12.5%, and +13.0% [2][4]. Segment Performance - The diabetes care segment achieved a revenue of 560 million RMB, growing 55.0% year-over-year, driven by product innovation and market expansion [1]. - The respiratory treatment solutions segment saw a revenue of 1.1 billion RMB, up 34.7% year-over-year, while the rehabilitation and clinical equipment segment generated 730 million RMB, a 3.1% increase year-over-year [1]. - The report notes that the company’s overseas sales are growing rapidly, with a year-over-year increase of 30.2% in H1 2024 [1]. Valuation Metrics - The current price-to-earnings (P/E) ratios for the projected years are 14 times for 2024, 12.85 times for 2025, and 11 times for 2026, indicating a reasonable valuation [2][4]. - The report suggests that the company maintains a strong brand value and is expected to benefit from new product launches and market expansion in the long term [1].

| --- | --- | --- | --- | --- | |-------------------------------------|---------------|----------------------|--------------------------------------------------------------------|--------------------------| | | | | | | | 2024 年 08 月 28 日 王睿哲 | | | 海尔智家(600690.SH/6690.HK) Buy | 买进 | | C0062@capital.com.tw目标价(元/港币) | | 31/28 | 24H1 净利 YOY+16%,符合预期 | | | 公司基本资讯 | | | 结论及建议： | | | 产业别 A 股价(2024/8/27) | | 家用电器24.08 | ◼ 公司业绩：公司24H1实现营收1356.2亿元，YOY+3.0% | ，录得归母净利润 | | 上证指数(2024/8/27) | | 2848.73 | 104.2亿元,YOY+16.3 ...

2024 年 8 月 28 日 朱吉翔 C0044@capital.com.tw 目标价 360 元 公司基本资讯 | --- | --- | --- | |---------------------|----------|--------------| | 产业别 | | 电子 | | A 股价(2024/8/27) | | 300.64 | | 深证成指(2024/8/27) | | 8103.76 | | 股价 12 个月高/低 | | 359.1/212.9 | | 总发行股数(百万) | | 531.02 | | A 股数(百万) | | 530.56 | | A 市值(亿元) | | 1595.07 | | 主要股东 | | 北京七星华电 | | | | 科技集团有限 | | | | 责任公司 | | | | (33.55%) | | 每股净值(元) | | 50.91 | | 股价/账面净值 | | 5.91 | | | 一个月 | 一年 | | 股价涨跌(%) | | | | 近期评等 | | | | 出刊日期 | 前日收盘 | 评等 | | 2024-04-15 | 290.00 | 买进 ...

Investment Rating - The report assigns a "BUY" rating for the company Perlay (603605.SH) with a target price of 100 CNY [1]. Core Insights - The company achieved impressive operating results in H1 2024, with revenue of 5 billion CNY, a year-on-year increase of 38%, and a net profit of 700 million CNY, reflecting a year-on-year growth of 40.5% [1]. - The report highlights strong growth across various brands, with the main brand Perlay generating revenue of 3.98 billion CNY, up 37.8% year-on-year, and the makeup brand Caitang achieving revenue of 580 million CNY, up 40.6% year-on-year [1]. - The company is expected to maintain high-quality growth throughout the year, supported by its "6*N" strategy and enhanced brand influence [1]. Financial Summary - For H1 2024, the company reported a gross margin of 69.82%, a slight decrease of 0.69 percentage points year-on-year, primarily due to the impact of promotional activities [1]. - The report projects net profits for 2024, 2025, and 2026 to be 1.55 billion CNY, 1.93 billion CNY, and 2.37 billion CNY, respectively, with year-on-year growth rates of 29.6%, 24.7%, and 22.7% [2]. - The earnings per share (EPS) are forecasted to be 3.90 CNY, 4.86 CNY, and 5.97 CNY for the same years, with corresponding price-to-earnings (P/E) ratios of 22x, 17x, and 14x [2].

C o m p a n y U p d a t e m 2024 年 08 月 27 日 沈嘉婕 H70455@capital.com.tw 目标价(元) RMB 27 公司基本资讯 | --- | --- | --- | |---------------------|--------|--------------| | 产业别 | | 汽车 | | A 股价(2024/8/26) | | 21.13 | | 上证指数(2024/8/26) | | 2855.52 | | 股价 12 个月高/低 | | 28.47/11.42 | | 总发行股数(百万) | | 2213.94 | | A 股数(百万) | | 2213.94 | | A 市值(亿元) | | 467.81 | | 主要股东 | | 郑州宇通集团 | | | | 有限公司 | | | | (37.70%) | | 每股净值(元) | | 5.51 | | 股价/账面净值 | | 3.84 | | | 一个月 | 一年 | | 股价涨跌(%) | | | 近期评等 | --- | --- | --- | |-----------|------- ...

C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 2024 年 08 月 27 日 赵旭东 H70556@capital.com.tw 目标价(元) 46 公司基本信息 | --- | --- | --- | |---------------------|--------|--------------| | 产业别 | | 电气设备 | | A 股价(2024/8/26) | | 40.53 | | 深证成指(2024/8/26) | | 8194.65 | | 股价 12 个月高/低 | | 70.02/39.17 | | 总发行股数(百万) | | 2678.14 | | A 股数(百万) | | 2267.10 | | A 市值(亿元) | | 918.86 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (21.23%) | | 每股净值(元) | | 9.51 | | 股价/账面净值 | | 4.26 | | | 一个月 | 一年 | | 股价涨跌(%) | | | 近期评等 | --- | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [2][4]. Core Insights - The company achieved a revenue of 2.75 billion RMB in H1 2024, representing a year-over-year increase of 26.8%, with a net profit of 740 million RMB, up 39% year-over-year [2]. - The company initiated a mid-year dividend, proposing a distribution of 11.44 RMB per 10 shares (including tax), reflecting a nearly 100% payout ratio, which enhances its investment appeal [2]. - Revenue from the company's main product line, Ejiao and its series, reached 2.55 billion RMB in H1 2024, marking a 32.5% increase year-over-year, with a gross margin improvement of 2.5 percentage points to 75.4% [2]. - The overall gross margin for H1 2024 increased by 3.2 percentage points to 73.5%, with Q2 gross margin at 75.5%, up 5.6 percentage points year-over-year [2]. - The company forecasts net profits of 1.4 billion RMB, 1.64 billion RMB, and 1.88 billion RMB for 2024, 2025, and 2026, respectively, with year-over-year growth rates of 22%, 17%, and 14% [2]. Financial Summary - The company reported a net profit of 780 million RMB in 2022, with projections of 1.15 billion RMB in 2023 and 1.4 billion RMB in 2024, reflecting a year-over-year growth of 77.1%, 47.6%, and 21.9% respectively [3]. - Earnings per share (EPS) are projected to be 2.18 RMB in 2024, 2.55 RMB in 2025, and 2.91 RMB in 2026, with corresponding price-to-earnings (P/E) ratios of 22X, 19X, and 17X [3]. - The company’s total revenue is expected to grow from 4.04 billion RMB in 2022 to 6.54 billion RMB in 2026 [5].

2024 年 08 月 22 日 费倩然 H70507@capital.com.tw 目标价(元) 19.9 公司基本资讯 | --- | --- | --- | --- | |---------------------|--------|--------|--------------| | 产业别 | | | 化工 | | A 股价(2024/8/22) | | | 17.95 | | 上证指数(2024/8/22) | | | 2848.77 | | 股价 12 个月高/低 | | | 24.11/13.9 | | 总发行股数(百万) | | | 1103.25 | | A 股数(百万) | | | 1103.25 | | A 市值(亿元) | | | 198.03 | | 主要股东 | | | 宜昌兴发集团 | | | | | 有限责任公司 | | | | | (20.05%) | | 每股净值(元) | | | 18.68 | | 股价/账面净值 | | | 0.96 | | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | | | | 近期评等 | --- | --- | --- | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of 15% to 35% [2][5]. Core Insights - The company reported a revenue of 624.87 billion RMB for the first half of 2024, a year-over-year increase of 2.94%, with a net profit of 57.32 billion RMB, up 4.76% year-over-year [2]. - The operator network revenue decreased by 8.61% to 372.96 billion RMB, while the government enterprise business saw a significant growth of 56.09% to 91.72 billion RMB, driven by demand in various sectors [2]. - The consumer business revenue increased by 14.28% to 160.19 billion RMB, supported by growth in home terminal and mobile product sales [2]. - The company is focusing on cost reduction and efficiency improvements, leading to a slight increase in net profit margin to 9.14% [2]. - The chairman emphasized that growth remains the company's top priority for 2024, with a focus on emerging fields such as 5G-A and AI [3]. Financial Summary - The company is projected to achieve net profits of 104.93 billion RMB, 119.54 billion RMB, and 135.37 billion RMB for the years 2024, 2025, and 2026, respectively, with year-over-year growth rates of 12.51%, 13.93%, and 13.24% [4]. - Earnings per share (EPS) are expected to be 2.19 RMB, 2.50 RMB, and 2.83 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 12, 10, and 9 [4]. - The company’s dividend per share (DPS) is projected to increase to 0.80 RMB, 0.90 RMB, and 1.00 RMB over the next three years, with dividend yields of 3.12%, 3.51%, and 3.90% [4].

C o m p a n y U p d a t e 2024 年 8 月 23 日 费倩然 H70507@capital.com.tw 目标价(元) 29.50 公司基本资讯 | --- | --- | --- | --- | |---------------------|--------|--------|--------------| | 产业别 | | | 化工 | | A 股价(2024/8/22) | | | 21.93 | | 上证指数(2024/8/22) | | | 2848.77 | | 股价 12 个月高/低 | | | 34.28/21.7 | | 总发行股数(百万) | | | 2123.32 | | A 股数(百万) | | | 2115.41 | | A 市值(亿元) | | | 463.91 | | 主要股东 | | | 山东华鲁恒升 | | | | | 集团有限公司 | | | | | (32.06%) | | 每股净值(元) | | | 14.09 | | 股价/账面净值 | | | 1.56 | | | 一个月 | 三个月 | 一年 | | 股价涨跌(%) | | | | ...