Investment Rating - The report assigns a "Recommend" rating for the company, marking it as the first coverage [1] Core Views - The company is a leading domestic ERP provider, accelerating its cloud transformation and narrowing losses, with breakeven expected soon [1] - The company's cloud transformation has shown initial results, with revenue growth stabilizing and losses narrowing [9] - The company is leveraging AI and domestic substitution trends to drive ERP upgrades, accelerating the transition to the EBC era [17] - The company's cloud-native products and services are well-positioned to capture new opportunities in overseas markets [34] Company Overview - The company is a leading ERP provider in China, transitioning from financial software to ERP and now to SaaS cloud services [1] - Revenue grew from RMB 1.547 billion in 2014 to RMB 5.679 billion in 2023, with a 9-year CAGR of 15.5% [1] - The company's cloud business accounted for 79.33% of total revenue in 2023, up from 56.72% in 2020 [11] - The company's cloud subscription ARR grew from RMB 630 million in 2019 to RMB 2.86 billion in 2023, with a 5-year CAGR of 45.97% [12] Cloud Transformation - The company's cloud transformation began in 2014, with cloud revenue surpassing traditional ERP revenue in 2020 [11] - Cloud revenue reached RMB 4.505 billion in 2023, accounting for 79.33% of total revenue, with a 7-year CAGR of 35.6% [11] - The company's cloud subscription ARR reached RMB 3.15 billion in H1 2024, up 24.2% YoY [12] - The company's core cloud products, such as Kingdee Cloud·Star and Kingdee Cloud·Star River, have renewal rates above 90% [12] AI and EBC Era - The company is leveraging AI to upgrade traditional ERP systems, accelerating the transition to the EBC era [17] - The company's EBC platform, built on cloud-native and modular architectures, supports enterprise digital transformation [28] - The company's self-developed AI model, Cosmic, enhances ERP systems with better integration, automation, and security [32] Market Opportunities - The company is well-positioned to benefit from domestic substitution trends and the growing demand for industrial software [21] - The company's cloud products are gaining traction in overseas markets, with revenue from international operations growing 8.2% YoY in H1 2024 [43] - The company has established a presence in Southeast Asia, with new offices in Singapore, Vietnam, and Thailand [43] Financial Projections - The company's revenue is expected to grow from RMB 6.642 billion in 2024 to RMB 9.418 billion in 2026, with a CAGR of 18.07% [2] - Net profit is expected to turn positive in 2025, reaching RMB 276 million in 2026, with a YoY growth of 408.9% [2] - Cloud revenue is projected to grow from RMB 5.455 billion in 2024 to RMB 8.218 billion in 2026, with a CAGR of 22.16% [45] Product Portfolio - The company offers a diverse range of cloud products, including Kingdee Cloud·Star River for large enterprises, Kingdee Cloud·Star for mid-sized enterprises, and Kingdee Cloud·Star Light for small businesses [34] - Kingdee Cloud·Star River, the company's flagship product for large enterprises, achieved revenue of RMB 546 million in H1 2024, up 38.9% YoY [35] - Kingdee Cloud·Star, targeting mid-sized enterprises, generated revenue of RMB 1.054 billion in H1 2024, up 14.3% YoY [35] - Kingdee Cloud·Star Light, aimed at small businesses, saw revenue grow 70.8% YoY in H1 2024 [35]

交银国际研究 | --- | --- | --- | --- | --- | --- | |----------|-------------|--------------|-------|----------|-------------------------------| | 公司更新 | | | | | | | 新能源 | 收盘价 | 目标价 | | 潜在涨幅 | | | | 港元 6.29 | 港元 8.35↑ | | +32.8% | 2024 年 10 月 17 日 | | 龙源电力 | (916 HK) | | | | | | | | | | | | 预期 3 季报纯利偏弱，期待运营改善及收购进展的突破 9 月份风力发电量有较大反弹。公司 9 月份风力发电量扭转近六个月的弱 势，从去年低基数出现较大反弹（同比上升 29%），主要受益于沿海地区 风速回升。3 季度总体发电量同比上升 6%，其中风力发电同比上升 6%， 光伏发电则同比上升 42%，唯火力发电因出售项目影响同比下跌 14%。整 体 1-9 月份，公司仍面临限电上升及年内大部份时间风速同比下降，风电 发电量同比下跌 1.8%，整体发电量微 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 3.38 [4] Core Views - The company is in the final stage of its capacity expansion phase, with capital expenditures expected to slow down significantly by FY2026 [4] - The company's total designed capacity is projected to increase by 370 million tons to 25.37 million tons by FY2025, driven by expansions in Guangxi and Hubei [4] - The company's cost pressure is expected to ease due to the decline in overseas hardwood pulp prices, and paper prices are anticipated to stabilize and rise in the second half of the year [4] - The company's revenue is forecasted to grow by 9.1%, 6.9%, and 6.6% in FY2025, FY2026, and FY2027, respectively, with net profit expected to increase by 66.7%, 30.4%, and 24.6% over the same period [4] Financial Performance - FY2024 revenue increased by 4.9% YoY to RMB 59.5 billion, with net profit turning positive to RMB 751 million [5] - Sales volume for FY2024 grew by 18.3% YoY to 19.6 million tons, driven by strong performance in cardboard sales [5] - Average selling price in H2 FY2024 decreased by RMB 64/ton to RMB 2,997/ton, with mixed performance across product categories [5] - The company's fiber raw material capacity increased by 520,000 tons to 5.14 million tons, with further expansions expected in Guangxi and Hubei [5] - FY2024 operating cash flow was negative RMB 794 million, primarily due to a significant increase in bank acceptance bills [5] Financial Projections - Revenue is projected to reach RMB 64.9 billion, RMB 69.3 billion, and RMB 73.9 billion in FY2025, FY2026, and FY2027, respectively [6] - Net profit is expected to grow to RMB 1.26 billion, RMB 1.66 billion, and RMB 2.08 billion over the same period [6] - Gross margin is forecasted to improve from 9.6% in FY2024 to 10.6% by FY2027, with net margin increasing from 1.3% to 2.9% [6] - ROE is expected to rise from 1.5% in FY2024 to 4.0% by FY2027 [6] Balance Sheet and Cash Flow - Total assets are projected to grow from RMB 138.4 billion in FY2024 to RMB 166.7 billion by FY2027 [8] - Cash and cash equivalents are expected to increase from RMB 10.7 billion in FY2024 to RMB 20.6 billion by FY2027 [8] - Operating cash flow is forecasted to turn positive in FY2025, reaching RMB 9.35 billion, and continue to grow in subsequent years [11] - Capital expenditures are expected to decline significantly from FY2026 onwards, supporting debt repayment [4]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1][2]. Core Views - The company has shown steady revenue growth in 2024H1, with a revenue of 1.32 billion RMB, representing a year-on-year increase of 6%. Gross profit reached 967 million RMB, up 8% year-on-year, primarily driven by successful applications of artificial intelligence (AI) technology [1]. - However, net profit for 2024H1 was 143 million RMB, down 31% year-on-year, mainly due to a significant increase in sales and marketing expenses, which rose from 461 million RMB in the same period last year to 507 million RMB [1]. - The company is expected to benefit from its investments in brand promotion and quality traffic acquisition, leading to anticipated revenue and net profit growth in the second half of the year [1]. - The BaaS financial industry cloud segment has shown impressive performance, with revenue of 589 million RMB in 2024H1, a year-on-year increase of 20%, driven by a 23% increase in asset transaction volume to 26.15 billion RMB [1]. - Continuous technological updates, including the integration of intelligent voice applications with large models, are expected to maintain the company's competitive edge and support steady revenue growth in the future [1]. Summary by Sections Financial Performance - 2024H1 revenue: 1.32 billion RMB, +6% YoY - 2024H1 gross profit: 967 million RMB, +8% YoY - 2024H1 net profit: 143 million RMB, -31% YoY - Sales and marketing expenses: 507 million RMB, up from 461 million RMB [1]. Business Segments - BaaS financial industry cloud revenue: 589 million RMB, +20% YoY - Asset transaction volume: 26.15 billion RMB, +23% YoY [1]. Technological Advancements - Successful integration of intelligent voice applications with large models, achieving interaction latency under 500 milliseconds - Development of the first commercial version of intelligent voice interaction hardware for diverse applications [1].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company announced a strategic investment in the international luxury down jacket brand Moose Knuckles, expanding its international business and enhancing its brand portfolio [4] - Recent seasonal sales have been strong, with product innovations such as "Light Warm Goose Down" and "Stack Change" series receiving positive feedback [4] - The company is optimizing its store structure and expanding into incremental markets, particularly focusing on strategic cities with low store penetration [4] - A strategic cooperation agreement with Harbin has been signed to jointly promote the creation of a winter apparel brand IP [4] - The company has over 40 years of experience in the down jacket industry, with a solid foundation and strong consumer recognition, and is expanding into outdoor and functional apparel sectors [4] Financial Performance - FY24 revenue is projected at 232.1 billion yuan, a 38.4% year-on-year increase [7] - FY24 net profit attributable to the parent company is expected to be 3.07 billion yuan, a 43.7% year-on-year increase [7] - Gross margin for FY24 is 59.6%, slightly up by 0.1 percentage points [8] - Net profit margin for FY24 is 13.2%, up by 0.5 percentage points [8] Strategic Investments and Innovations - The strategic investment in Moose Knuckles aims to fill the gap in the luxury trendy down jacket market [4] - Product innovations include the "Stack Change" series, which offers multi-functional designs for different scenarios, and the VERTEX series, which enhances the high-end outdoor product line [4] - The company has upgraded its Puff series in collaboration with the Italian brand MSGM, improving both warmth and fashion appeal [4] Market Expansion and Channel Optimization - The company is deepening channel stratification and focusing on top-tier stores as experimental hubs [4] - Strategic incremental markets, such as Jiamusi in Heilongjiang, are being targeted for new store openings and upgrades [4] - The cooperation with Harbin aims to leverage the city's winter tourism boom to boost sales and brand visibility [4] Future Outlook - The company is expected to maintain steady growth, with projected net profits of 3.63 billion, 4.19 billion, and 4.78 billion yuan for FY24-26, respectively [4] - The PE ratios for FY24-26 are estimated at 13x, 11x, and 10x, respectively [4]

[Table_Page] 跟踪研究|资本货物 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------|--------------------------------------------------------------------------------------------------------------|--------------------|---------------------------------------------------------------------------|---------------------------------------|--------------|-----------------------------------|-------------------------------------------------------------| | [Table_Title] 【广发建筑 | & | | 海外】中国建筑国际 ...

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company reported total revenue of 910 million RMB for the second quarter of 2024, representing a year-on-year growth of 43.3%. However, total display module shipments decreased by 25.5% to 8.949 million units, partially offset by a 92.2% increase in average selling price [1]. - Smartphone display module sales saw a significant decline of 51.0% to 5.658 million units, accounting for approximately 63.2% of total display module sales. The decline was attributed to inventory destocking by major customers and the loss of key clients [1]. - Despite the challenges, the company secured a project order from a Chinese smartphone manufacturer, which is expected to drive a rebound in display module sales in the second half of the fiscal year [1]. - The company has successfully expanded into the tablet and learning device display module market, with revenue from this segment increasing to 31.3% of total display module sales in the second quarter of 2024 [1]. - The gross profit margin for the first half of 2024 declined to 3.8%, primarily due to pressures from smartphone manufacturers and the increased proportion of tablet and learning device sales, leading to a compression of net profit margin to 0.4% [1]. Summary by Sections Financial Performance - Total revenue for 2023 was 2,576.8 million RMB, down 38.8% year-on-year. The gross profit was 174.1 million RMB, with a gross margin of 6.8% [7]. - The company recorded a net profit of 13.1 million RMB in 2023, reflecting a significant decline of 92.3% compared to the previous year [7]. - The operating profit margin for the first half of 2024 was 0.7%, indicating ongoing operational challenges [11]. Market Position - The company is positioned within a competitive landscape, with peers such as BYD Electronics and others showing varying market capitalizations and financial metrics [4]. - The average market capitalization for comparable companies is approximately 40.3 billion HKD, with the company itself having a market cap of 0.4 billion HKD [4]. Future Outlook - The report suggests that optimism regarding the company's recovery is premature, as it continues to face operational losses and challenges in improving profitability [1]. - The company needs to enhance its bargaining power and profit margins through new business lines and strategies to achieve significant transformation [1].

Investment Rating - The report assigns a stock rating of NR (Not Rated) for CDOT (00334.HK) [3] Core Insights - The report indicates that it is too early to be optimistic about CDOT's performance, highlighting stagnant sales volume in Q2 2024 and a potential rebound in the second half of the year [3] - CDOT recorded RMB 909.3 million in revenue for Q2 2024, reflecting a year-on-year increase of 43.3%, despite a significant drop in shipping volume [3] - The gross margin has decreased to 3.8% in 2024 H1, raising concerns about profit margins and the company's ability to withstand market fluctuations [3] Financial Performance Summary - Revenue for CDOT has shown fluctuations over the years: - 2020: RMB 3,571.2 million - 2021: RMB 5,840.1 million - 2022: RMB 4,208.4 million - 2023: RMB 2,576.8 million [3][12] - The net profit has also varied significantly: - 2020: RMB 6.3 million - 2021: RMB 199.7 million - 2022: RMB 169.0 million - 2023: RMB 13.1 million [3][12] - The gross margin has decreased from 7.8% in 2020 to 6.8% in 2023, with a notable drop to 3.8% in 2024 H1 [3][12] - The report notes a significant decline in sales volume for display modules, particularly for smartphones, which fell by 51.0% year-on-year in Q2 2024 [3] Market Dynamics - The sales volume of display modules for tablets and learning devices has increased, contributing 31.3% to total revenue in Q2 2024, indicating a diversification in revenue sources [3] - The report emphasizes the importance of improving bargaining power and profit margins for a potential turnaround in the company's performance [3]

证 券 研 究 报 告 达势股份（01405.HK）重大事项点评 推荐（维持） 势能上升期，流动性加强 目标价：92.30 港元 当前价：69.00 港元 事项： 公司主要股东之一 Domino's Pizza LLC 告知，于 2024 年 10 月 17 日交易时段 前，其已同意以场外大手交易方式出售合共 1000 万股本公司股份，大约占公 司已发行股本总额 7.66%，23 年上市至本次交易前，Domino's Pizza LLC 持股 13.87%，此次交易完成后仍然持股 6.21%。 评论： 此次交易完成后，Domino's Pizza LLC 持有的剩下 6.21%股份将被禁售，禁售 期为 10 月 21 日（预计）起计 90 天。我们预计本次交易将为公司提供更多流 动性。 经营层面，公司与 Domino's Pizza LLC 于 2017 年 6 月签订长期总特许经营协 议，公司认为此次交易不会对签订的特许经营协议有影响（Domino's Pizza LLC 由 Domino's, Inc.全资拥有）。 24Q3 达美乐中国门店数量已成功扩展至 978 家，并计划在今年 11 月突破 1,00 ...

零跑汽车 B10 发布点评 零跑汽车(09863) / 乘用车 / 公司点评 / 2024.10.18 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-17 | | 收盘价 ( 港元 ) | 28.65 | | 流通股本 ( 亿股 ) | 11.16 | | 每股净资产 ( 港元 ) | 7.81 | | 总股本 ( 亿股 ) | 13.37 | | 最近 12 月市场表现 | | -41% -27% -12% 2% 16% 30% 零跑汽车 恒生指数 乘用车 分析师 邢重阳 SAC 证书编号：S0160522110003 xingcy01@ctsec.com 分析师 李渤 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报告 1. 《全域自研成本优势显著，出海打开 成长空间》 2024-10-17 2. 《9 月销量再创新高，新车型正式在 欧洲上市》 2024-10-15 3. 《零跑 C10、T03 正式在欧洲上市， 证券研究报告 ❖ 事件：20 ...