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新东方:持续关注教育业务主线,等待利润率修复
Hua Yuan Zheng Quan· 2024-08-22 23:39
Investment Rating - The report assigns an "Outperform" rating to New Oriental (EDU N) for the first time [2][3] Core Views - New Oriental maintains its leading position in the education industry with strong brand recognition and sustained growth momentum in FY24Q4, achieving revenue of $1 14 billion, a 32 1% YoY increase Full-year revenue reached $4 31 billion, up 43 9% YoY [2] - The education business shows robust growth, with adult and college exam preparation revenue increasing by 16 4% YoY and new education business revenue surging by 50 3% YoY in FY24Q4 The company expanded its offline presence, adding 114 new schools and learning centers in the quarter, bringing the total to 1,025, a 27% YoY increase [2] - Overseas study preparation and consulting businesses continue to grow strongly, with YoY increases of 17 7% and 17 3% respectively in FY24Q4 Post-pandemic recovery is expected to drive significant rebound in overseas study demand [2] - East Buy (formerly New Oriental Online) faces profit pressure due to personnel changes, with its contribution to New Oriental's revenue expected to gradually weaken [2] Financial Forecasts and Valuation - Revenue for FY2025 and FY2026 is projected at $5 34 billion and $6 50 billion respectively, with Non-GAAP net income attributable to shareholders estimated at $500 million and $640 million [3] - The company's PE ratio for FY2025 and FY2026 is forecasted at 22X and 18X respectively, compared to an average PE of 15X and 11X for peer companies [3] - Gross margin is expected to remain stable, ranging between 53 0% and 53 8% from FY2025 to FY2027 [4] - ROE is projected to improve from 10 09% in FY2024 to 13 67% in FY2026 before slightly declining to 11 79% in FY2027 [4] Business Performance - The company's total assets stood at $7 53 billion as of May 31, 2024, with net assets of $4 05 billion and net asset per share of $2 28 [1] - Operating cash flow is expected to remain strong, with projections of $561 million, $643 million, and $784 million for FY2025 to FY2027 respectively [5] - Capital expenditures are forecasted at $170 million annually from FY2025 to FY2027 [5] Market Position - New Oriental's market capitalization is $11 3 billion as of August 22, 2024, with a PB ratio of 3 0 [1] - The company's active paying users reached 188,000 in FY24Q4, with its smart learning systems and devices adopted in approximately 60 cities [2]
中广核新能源:限电拖累业绩 期待新能源机制理顺
Hua Yuan Zheng Quan· 2024-08-22 15:08
Investment Rating - The report maintains a "Buy" rating for the company [3][4]. Core Views - The company reported a mid-year revenue of USD 1.002 billion (RMB 7.144 billion), a year-on-year decline of 18.7%, and a net profit of USD 183 million (RMB 1.307 billion), down 7.3% year-on-year, slightly better than market expectations [3]. - Wind power curtailment has negatively impacted performance, although reduced fuel costs have mitigated some of the effects. The company's power generation decreased by 5.6% year-on-year to 5,289 GWh, primarily due to curtailment [3]. - The company has a total installed capacity of 9,666 MW as of June 30, 2024, with clean energy accounting for 8,107 MW, an increase of 688 MW year-on-year, mainly from solar power [3][4]. - The company benefits from its affiliation with China General Nuclear Power Group, which provides advantages in project development and management [4]. - The long-term demand for renewable energy remains promising due to the dual carbon strategy and supportive government policies [4]. Summary by Sections Financial Performance - The company’s total revenue for 2024 is projected to be RMB 13.720 billion, with a year-on-year decline of 11.84%. The net profit is expected to be RMB 1.947 billion, reflecting a slight increase of 2.67% [5]. - The earnings per share (EPS) for 2024 is estimated at RMB 0.45, with a projected price-to-earnings (PE) ratio of 4.8 [5]. Installed Capacity and Pricing - As of June 30, 2024, the company’s clean energy capacity includes 4,436 MW of wind power and 1,759 MW of solar power, with an average domestic wind and solar electricity price of RMB 0.57 and RMB 0.58 per kWh, respectively [3][4]. Market Outlook - The report anticipates that the operating return rates in the renewable energy sector will stabilize, aligning more closely with utility-like returns due to various supportive policies [4].
中国广核:业绩符合预期 新增核准6台机组保障公司长期成长
Hua Yuan Zheng Quan· 2024-08-22 15:00
Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (CGN) [3][5] Core Views - The company's 2024 interim report shows revenue of 39.38 billion yuan, a year-on-year increase of 0.26%, and a net profit attributable to shareholders of 7.11 billion yuan, up 2.16%, which aligns with expectations [3] - The company has received approval for 6 new nuclear units, ensuring long-term growth [4][5] - Cost reduction and efficiency improvements have positively impacted the company's financial performance despite a decline in average electricity prices [3][4] Summary by Sections Financial Performance - In the first half of 2024, CGN achieved an on-grid electricity generation of 106 billion kWh, a slight increase of 0.09% year-on-year, while electricity sales revenue decreased by 1.78% due to lower market prices [3] - The company's operating costs rose by 7.51%, leading to a decline in gross profit margin by 4.5 percentage points [3] - R&D expenses decreased by 370 million yuan, and financial expenses fell by 450 million yuan, contributing to a slight increase in net profit [3] Growth Prospects - As of June 30, 2024, CGN has 10 nuclear units under construction, with a stable growth forecast for nuclear power capacity from 2024 to 2030 [4] - The approval of 11 new nuclear units by the State Council, with CGN receiving the most at 6 units, further supports the company's growth trajectory [4] Profit Forecast and Valuation - The report forecasts net profits for 2024, 2025, and 2026 to be 11.87 billion yuan, 12.4 billion yuan, and 13.07 billion yuan, respectively, with growth rates of 10.7%, 4.4%, and 5.4% [5][7] - The current price-to-earnings ratios for 2024, 2025, and 2026 are projected to be 21, 20, and 19 times, respectively [5][7] - The dividend yield for 2024-2026 is expected to be 2.2%, 2.3%, and 2.4% [5]
科伦博泰生物-B:业绩扭亏为盈,双抗ADC新合作,核心管线加速推进
Hua Yuan Zheng Quan· 2024-08-22 02:23
Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Insights - The company has turned a profit in the first half of 2024, with revenue of 1.38 billion yuan, a 32.2% increase from 1.046 billion yuan in the same period of 2023. The net profit reached 310 million yuan, compared to a loss of 31.13 million yuan in the previous year [3][4]. - The revenue composition includes 1.378 billion yuan from licensing and collaboration agreements, and 4.813 million yuan from research services, with significant growth driven by collaboration with Merck [3][4]. - The company has established a new collaboration with Merck for SKB571, receiving a prepayment of 37.5 million USD, and has had the NDA for SKB264 accepted for a new indication [3][4]. Revenue and Financial Performance - The company reported a total revenue of 1.378 billion yuan in 24H1, with a year-on-year growth of 32.2% [3][4]. - The adjusted net profit for the same period was 386 million yuan, indicating a significant turnaround from the previous year's loss [3][4]. - Cash and financial assets stood at 2.89 billion yuan, indicating a strong financial position [3]. Research and Development Progress - The core pipeline SKB264 is progressing well globally, with multiple NDAs accepted and ongoing clinical trials for various indications [4]. - The company is pursuing both large and small molecule research, with several NDAs expected to be approved soon, indicating a balanced approach to short-term and long-term growth [4]. - Merck has initiated 10 Phase III studies covering major indications, which may lead to further expansion of the company's pipeline [4]. Earnings Forecast and Valuation - The company is expected to generate total revenues of 1.739 billion yuan, 1.479 billion yuan, and 2.715 billion yuan for the years 2024, 2025, and 2026 respectively [4]. - The company maintains a rich pipeline of innovative products and is progressing well globally, justifying the "Buy" rating [4].
润本股份:驱蚊&婴童赛道优质国货 多维实力共筑品牌护城河
Hua Yuan Zheng Quan· 2024-08-21 10:09
证券研究报告 美容护理 首次覆盖报告 证券分析师 丁一 S1350524040003 dingyi@huayuanstock.com 研究支持 联系人 丁一 S1350524040003 dingyi@huayuanstock.com 市场表现: 相关研究 | --- | --- | |-----------------------|------------------------------| | 股票数据: 2024 | 年 8 月 19 日 | | 收盘价(元) | 17.60 | | 一年内最高/最低(元) | 26.68/11.92 | | 总市值(亿元) | 71.21 | | 基础数据: | 2024 年 6 月 30 日 | | 总股本 (亿股 ) | 4.05 | | 总资产(亿元) | 22.34 | | 净资产(亿元) | 20.33 | | 每股净资产(元) | 5.02 | | 市净率 PB | 3.80 | 2024 年 08 月 21 日 润本股份 (603193.SH) 买入(首次覆盖) ——驱蚊&婴童赛道优质国货 多维实力共筑品牌护城河 投资要点: ➢ 公司定位国内知名婴童护 ...
上半年业绩符合预期 期待机制进一步理顺:天富能源
Hua Yuan Zheng Quan· 2024-08-21 10:00
证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 研究支持 联系人 市场表现: 相关研究 | --- | --- | |-----------------------|------------------------------| | 股票数据: 2024 | 年 8 月 20 日 | | 收盘价(元) | 4.88 | | 一年内最高/最低(元) | 6.97/4.13 | | 总市值(百万元) | 6730 | | 市净率 PB | 0.88 | | 基础数据: | 2024 年 6 月 30 日 | | 总股本(百万股) | 1379 | | 总资产(百万元) | 25395 | | 净资产(百万元) | 8140 | | 每股净资产(元) | 5.62 | | 资料来源:公司公告, | wind | | | | 请务必仔细阅读正文之后的免责 ...
安能物流:全网零担加盟龙头,服务品质提升下成长可期
Hua Yuan Zheng Quan· 2024-08-21 08:40
Investment Rating - The report initiates coverage on Aneng Logistics (9956 HK) with a "Buy" rating, citing its position as a leading player in the franchised LTL (Less-than-Truckload) express market and its potential for growth driven by service quality improvements [3][5] Core Views - The LTL express market is expected to grow steadily, with the franchised LTL express market projected to reach RMB 97 3 billion by 2027, growing at a CAGR of 9 1% from 2022 to 2027 [3] - Aneng Logistics, as the leader in the franchised LTL express market, has shown significant profit improvement under its strategic transformation, with gross margin increasing from 8% in 2022 to 16% in Q1 2024 [3] - The company's strategic focus on quality and profit-driven growth has led to enhanced franchisee loyalty and improved unit revenue and cost efficiency [3] Industry Overview - The LTL market is segmented into full-network, regional, and dedicated line models, with the full-network model expected to account for 10% of the LTL market by 2027, up from 7 2% in 2022 [15] - The franchised model, which allows for rapid network expansion, is expected to dominate the full-network LTL market, with the top 5 players increasing their market share from 2 6% in 2018 to 5 6% in 2022 [17] Company Strategy and Performance - Aneng Logistics has undergone a strategic transformation since 2022, focusing on quality and profit-driven growth, which has resulted in improved operational efficiency and cost optimization [21][29] - The company's unit LTL revenue increased to RMB 818/ton in 2023, up 6 6% YoY, and further improved to RMB 827/ton in Q1 2024 [29] - Aneng Logistics has optimized its cost structure through route planning, fleet management, and hub layout adjustments, leading to a reduction in unit transportation and hub costs [30] Financial Projections - The report forecasts Aneng Logistics' adjusted net profit to be RMB 848 million, RMB 1 027 billion, and RMB 1 179 billion for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 9 3x, 7 7x, and 6 7x [3][5] - Revenue is expected to grow at a CAGR of 12 5% from 2023 to 2026, driven by volume growth, pricing improvements, and cost optimization [36] Key Assumptions - The company's business volume is expected to grow steadily, benefiting from industry consolidation and optimized franchisee ecosystems [6] - Pricing improvements are anticipated due to the company's focus on the LTL express market, with enhanced service capabilities driving unit revenue growth [6] - Cost optimization is expected to continue, with unit costs projected to decline as the company benefits from economies of scale and operational efficiency improvements [6]
思考乐教育:业绩表现亮眼,分校规模扩大、合约负债高增
Hua Yuan Zheng Quan· 2024-08-21 02:23
Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook compared to the market benchmark [2][3]. Core Insights - The company has shown significant growth in its non-academic education products, with a revenue of 399 million RMB in H1 2024, representing a year-on-year increase of 58.8% [2]. - The adjusted net profit for the same period reached 94 million RMB, reflecting a 101.1% increase year-on-year, driven by effective cost management and expansion of its school network [2][3]. - The company opened 35 new branches in H1 2024, bringing the total to 145, which supports its growth strategy in the education sector [2]. - The contract liabilities increased by 93.2% year-on-year to 249 million RMB, indicating strong future revenue potential [2]. - The company has initiated new business lines in educational tourism and international courses, which are expected to contribute to future revenue growth [2]. Financial Summary - For the fiscal years 2024 to 2026, the company is projected to achieve revenues of 843 million RMB, 1.15 billion RMB, and 1.54 billion RMB, respectively, with corresponding adjusted net profits of 174 million RMB, 238 million RMB, and 324 million RMB [3][5]. - The gross margin is expected to improve from 41.8% in 2023 to 44.5% by 2026, reflecting enhanced operational efficiency [5]. - The company's net profit margin is projected to increase from 15.1% in 2023 to 19.7% in 2026, indicating a positive trend in profitability [5].
嘉泽新能:Q2利润略有下滑 期待未来绿电收益率趋于稳定
Hua Yuan Zheng Quan· 2024-08-21 02:00
证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 蔡思 S1350524070005 caisi@huayuanstock.com 联系人 蔡思 S1350524070005 caisi@huayuanstock.com 市场表现: -0.4 -0.2 0 0.2 2023-03-062023-04-062023-05-062023-06-062023-07-062023-08-062023-09-062023-10-062023-11-062023-12-062024-01-062024-02-062024-03-062024-04-062024-05-062024-06-062024-07-062024-08-06 嘉泽新能 沪深300 相关研究 公司点评 2024 年 08 月 20 日 嘉泽新能 (601619.SH ) 买入(维持) ——Q2 利润略有下滑 期待未来绿电收益率趋于稳定 投资要点: ➢ 事件:公司发布 2024 年半 ...
国电电力:减值与风况不佳拖累Q2业绩,集团核心平台资产优质
Hua Yuan Zheng Quan· 2024-08-21 02:00
证券研究报告 公用事业|电力 证券分析师 查浩 S1350524060004 zhahao@huayuanstock.com 刘晓宁 S1350523120003 liuxiaoning@huayuanstock.com 邓思平 S1350524070003 dengsiping@huayuanstock.com 研究支持 联系人 市场表现: 相关研究 | --- | --- | |-----------------------|---------------| | 收盘价(元) | 5.53 | | 一年内最高/最低(元) | 6.09/3.22 | | 总市值(百万元) | 98631 | | 市净率 PB | 1.99 | | 基础数据: 2024 | 年 6 月 30 日 | | 总股本(百万股) | 17836 | | 总资产(百万元) | 468804 | | 净资产(百万元) | 127171 | | 每股净资产(元) | 3.06 | 资料来源:公司公告,wind 公司点评 2024 年 08 月 20 日 国电电力 (600795.SH) 增持(维持) ——减值与风况不佳拖累 Q2 业绩 集 ...