证券研究报告·海外公司点评·专业零售(HS) 周大福（01929.HK） FY2025Q2 经营数据点评：公司内地零售额 同比下滑 19.4%，金价急涨令消费承压 2024 年 10 月 23 日 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|---------|---------| | [Table_EPS] 盈利预测与估值 | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | 营业总收入（百万元） | 94684 | 108713 | 95940 | 99314 | 104863 | | 同比 (%) | (4.30) | 14.82 | (11.75) | 3.52 | 5.59 | | 归母净利润（百万元） | 5384 | 6499 | 4608 | 6749 | 7829 | | 同比 (%) | (19.78) | 20.71 | (29.10) | 46.44 | 16.00 | | EP ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 63.1 HKD [1] Core Views - The company has shown strong growth in overseas business and continues to expand its domestic sales channels [1] - In H1 2024, the company achieved revenue of 862 million RMB, a year-on-year increase of 39.8%, while the net profit attributable to shareholders was 22.48 million RMB, a year-on-year decrease of 30.4% [1] - The revenue from the Chinese market was 633 million RMB, up 10.1% year-on-year, while the international market revenue reached 228 million RMB, a significant increase of 452.5% [1] Summary by Sections Financial Performance - In H1 2024, the company reported a gross margin of 62.4%, an increase of 3.1 percentage points year-on-year, and a net profit margin of 1.7%, a decrease of 3.1 percentage points year-on-year [1] - The company’s total cases achieved in H1 2024 were approximately 152,900, a year-on-year increase of 60.3% [1] Business Segments - The corrective solutions segment performed steadily with revenue of 600 million RMB, a year-on-year increase of 8.47% [1] - The sales product segment generated revenue of 252 million RMB, a year-on-year increase of 363.1% [1] - International business cases reached 57,600, accounting for 37.7% of total cases, reflecting a strong growth trajectory [1] Market Strategy - The company is focused on a "global organization + localized operation" strategy, expanding its reach in strategic markets such as Europe, North America, Asia-Pacific, and Brazil [1] - The company has successfully reached thousands of dental professionals across over 50 countries and regions [1] Future Outlook - Revenue forecasts for 2024-2026 are projected at 1.776 billion, 2.184 billion, and 2.685 billion RMB respectively, with net profits expected to be 70 million, 156 million, and 269 million RMB [1]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 28.75, indicating a potential upside of 123.2% from the current closing price of HKD 12.88 [1][4]. Core Insights - The recent decision to deconsolidate Legend Biotech and treat it as an associate company is expected to have a positive one-time profit impact, clarifying the company's profit trajectory [1]. - The accounting treatment change will result in a non-cash tax-exempt gain estimated between USD 2 billion to USD 3 billion, reflecting the fair market value of the investment in Legend Biotech [1]. - The company anticipates achieving profitability starting in 2024, driven by a clearer reflection of its non-cell therapy business performance and a recovery in revenue growth [1]. Financial Forecasts - Revenue projections for 2024-2026 have been adjusted to USD 1.056 billion, USD 709 million, and USD 842 million, respectively, with a significant increase in net profit forecasted for 2024 at USD 2.293 billion [2][3][6]. - The gross profit for 2024 is expected to be USD 567 million, with a gross margin of 53.7% [3][6]. - The net profit margin is projected to improve significantly, reaching 217.2% in 2024, indicating a strong recovery from previous losses [6]. Market Performance - The company's stock has experienced a year-to-date decline of 35.15%, with a 52-week high of HKD 24.45 and a low of HKD 8.23 [2][4]. - The market capitalization stands at approximately HKD 27,050.70 million, with an average daily trading volume of 27.76 million shares [2][4]. Valuation Metrics - The price-to-earnings (P/E) ratio for 2024 is projected at 1.5, indicating a low valuation relative to expected earnings [2][6]. - The book value per share is expected to rise to USD 1.70 by 2024, with a price-to-book (P/B) ratio of 0.98 [2][6]. Conclusion - The report highlights a significant turnaround potential for the company following the deconsolidation of Legend Biotech, with expectations of improved financial performance and a clear path to profitability starting in 2024 [1][3][6].

干源证券 纺织服饰/服装家纺 Q3 动态调控折扣保库存健康，引红衫中国组 JV 发展海外 李宁（02331.HK） 2024 年 10 月 23 日 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/10/22 | | 当前股价 ( 港元 ) | 16.060 | | 一年最高最低 ( 港元 ) | 31.650/12.560 | | 总市值 ( 亿港元 ) | 415.07 | | 流通市值 ( 亿港元 ) | 415.07 | | 总股本 ( 亿股 ) | 25.84 | | 流通港股 ( 亿股 ) | 25.84 | | 近 3 个月换手率 (%) | 84.78 | 股价走势图 -90% -60% -30% 0% 30% 60% 2023-10 2024-02 2024-06 李宁 恒生指数 数据来源：聚源 相关研究报告 《2024H1 跑步核心大单品表现亮眼， 派息率提升 —港股公司信息更新报 告》-2024.8.18 《2024Q1 流水符合预期，零售折扣低 单改善—港股公司信息更新报 ...

证券研究报告 | 公司点评 gszqdatemark 2024 10 23 年 月 日 李宁（02331.HK） Q3 销售仍较为波动，全年预计公司业绩持平 事件：李宁发布 2024Q3 经营情况公告，成人流水同比下降中单位数，短期由于 消费环境波动，公司终端销售有所承压。 李宁成人：客流波动+ASP 降低导致线下流水承压，电商表现优于线下。2024Q3 李宁成人全渠道流水同比下降中单位数，其中线下渠道流水高单位数下滑（直营 流水同比下降中单位数，批发渠道流水同比下降高单位数），电商流水增长中单位 数。分渠道来看： ➢ 线下渠道优化持续推进，客流波动叠加 ASP 降低对单店销售造成压力。2024 年以来我们预计公司一方面加速提升高线城市直营门店盈利能力，关闭低效 店铺；另一方面针对消费下沉的现象，公司增加低线城市门店拓展力度，2024 年以来直营门店净减少 14 家，批发门店净增 55 家。从单店层面来讲，年初 以来国内消费环境整体处于波动中，李宁品牌终端门店客流相对较弱；另外 2024Q3 出于渠道库存管控的需求（我们预计 Q3 末全渠道库销比或在 5 左 右，到年底预计恢复到 4-5 之间），我们预计线下 ...

证券研究报告|港股公司点评研究报告 [Table_Date] 2024 年 10 月 23 日 [Table_Title] 主品牌中单位数增长，索康尼超 50% | --- | --- | --- | --- | |-------------------------|-------|------------------------------|-----------| | | | | | | [Table_DataInfo] 评级： | 买入 | 股票代码： | 1368 | | 上次评级： 买入 | | 52 周最高价/最低价(港元 )： | 7.41/3.61 | | | | 目标价格： 总市值(亿港元 ) | 151.00 | | 最新收盘价： | 5.71 | 自由流通市值 (亿港元) | 151.00 | | | | 自由流通股数 (百万) | 2,644.52 | [Table_Summary] 事件概述 公司公告 2024Q3 运营数据：Q3 主品牌零售流水同比中单位数增长，折扣为七五折，渠道库存周转约四个 月，环比持平；24Q3 索康尼零售销售实现超过 50%同比增长。 分析判断: 24Q3 ...

公司研究·海外公司快评 纺织服饰·服装家纺 投资评级：优于大市（维持） 证券分析师： 丁诗洁 0755-81981391 dingshijie@guosen.com.cn 执证编码：S0980520040004 证券分析师： 刘佳琪 010-88005446 liujiaqi@guosen.com.cn 执证编码：S0980523070003 优于大市 李宁（02331.HK） 第三季度流水下滑中单位数，四季度增长有望改善 事项： 公司公告：1、零售表现：截至 2024 年 9 月 30 日止第三季度，李宁销售点（不包括李宁 YOUNG）于整个平 台之零售流水按年录得中单位数下降。就渠道而言，线下渠道（包括零售及批发）录得高单位数下降，其 中零售（直接经营）渠道录得中单位数下降，批发（特许经销商）渠道录得高单位数下降；电子商务虚拟 店铺业务录得中单位数增长。2、销售点数量：截至 2024 年 9 月 30 日，于中国，李宁销售点数量（不包 括李宁 YOUNG）共计 6281 个，较上一季末净增加 42 个，本年迄今净增加 41 个。在净增加的 41 个销点售 中，零售业务净减少 14 个，批发业务净增加 55 ...

Investment Rating - The investment rating for Lenovo Group is "Buy," with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4]. Core Insights - Lenovo's TechWorld 2024 showcased significant advancements in AI, including the launch of AI Now, a personal AI assistant for PC platforms developed in collaboration with Meta, which enhances local processing capabilities [1]. - The introduction of AIPC products, specifically the Aura Edition PC, targets the mid-to-high-end market and features Smart Modes for dynamic performance adjustments based on user activity [1]. - The Neptune liquid cooling system was launched, demonstrating a 40% reduction in energy consumption compared to traditional air cooling systems, with significant revenue growth reported for the Neptune liquid-cooled servers [1]. Summary by Sections Company Overview - Lenovo hosted the TechWorld 2024 event in Seattle, featuring key industry leaders from Intel, NVIDIA, and AMD [1]. AI Developments - The AI Now product, based on Meta's Llama3 model, offers enhanced local AI capabilities, allowing users to operate without relying on cloud services [1]. Product Innovations - The Aura Edition PC, developed with Intel, includes features aimed at improving data security and user experience through intelligent performance adjustments [1]. - The Neptune liquid cooling system has shown impressive revenue growth, with a 50% increase in Q1 and a 55% increase in Q2 of FY25 [1].

18 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update DPC Dash (1405 HK) Our view on placement by Domino's Pizza What is new? Sales of shares by the 2nd largest shareholder of DPC Dash (1405 HK). Domino's Pizza (DPZ US), the 2nd largest shareholder of DPC Dash (1405 HK), has sold 10mn shares (about 7.66% of total shares issued), at the price of HK$ 65.0 per share, with a 12.8% discount to last closing price of HK$ 74.55. After this trade, Domino's Pizza's ownership ...

优于大市 周大福（01929.HK） 同店销售跌幅收窄，高毛利产品销售占比提升 公司研究·公司快评 商贸零售·专业连锁Ⅱ 投资评级：优于大市（维持） 证券分析师： 张峻豪 021-60933168 zhangjh@guosen.com.cn 执证编码：S0980517070001 证券分析师： 柳旭 0755-81981311 liuxu1@guosen.com.cn 执证编码：S0980522120001 事项： 公司发布 2024 年 7-9 月未经审核的主要经营数据，整体零售值同比下降 21%，其中中国（不含港澳台）市 场零售值同比下降 19.4%，中国香港、中国澳门及其他市场同比下降 31%。 国信零售观点：1）同店方面，中国（不含港澳台）市场同店销售下降 24.3%，降幅较 4-6 月下降 26.4%有 所收窄；中国香港、中国澳门及其他市场同店销售下降 30.8%，与 4-6 月一致。2）产品销售结构方面，中 国（不含港澳台）市场黄金首饰产品中，毛利率较高的定价产品销售占比自去年同期的 5%上升至 12.8%， 支撑公司毛利率保持韧性。3）门店方面，公司继续贯彻强化单店效益的规划，季内对低效门店进行 ...