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]

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company shared its development strategy during the 2024 Investor Day, focusing on the synergy between content and commercial ecosystems to drive efficiency and sustainable operations [1] - The report highlights the importance of user-driven commercialization and content collaboration, leveraging AI to reshape the ecosystem [1] - The company aims to balance content distribution mechanisms with user feedback and commercial value to maximize overall returns [1] Financial Summary - The adjusted net profit forecast for the company is projected to be CNY 170.05 billion, CNY 236.02 billion, and CNY 301.92 billion for the years 2024, 2025, and 2026 respectively [5][6] - The company’s revenue is expected to grow from CNY 113.47 billion in 2023 to CNY 126.5 billion in 2024, reflecting a year-on-year growth of 11.5% [4][6] - The gross profit margin is anticipated to improve from 50.6% in 2023 to 54.0% in 2024 [4][6] Business Segments - In the e-commerce segment, the company reported an 18% year-on-year increase in live broadcast gross profit margin (GPM) for Q2 2024, with GMV growth close to 50% [1] - The number of product categories increased by 30% in Q2 2024, with a 25% rise in the number of new merchants [1] - The local life segment saw a sequential GMV growth of 22% and 30% in Q1 and Q2 of 2024 respectively, with a 278% year-on-year increase in monthly active trading users [1] Valuation - The report applies a PE valuation method, assigning a 14x PE ratio for 2024, leading to a target price of HKD 60.89 per share [5][6] - The estimated market value of the company is CNY 2,381 billion, equivalent to HKD 2,640 billion [5][6]

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 投资要点： 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 呋喹替尼日本顺利获批，海外放量可期 [Table_Invest] 评级： ——和黄医药跟踪报告 | --- | |----------------------------------------| | | | 股票研究 /[ Table_Date] 2024.09.26 | | 和黄医药 (0013) | | [Table_Industry] 医药 | | 增持 | | --- | --- | --- | --- | |----------|-----------------------------------|----------------------------|--------------------------| | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 甘坛焕 ( 分析师 ) | 付子阳 ( 研究助理 ) | | | 0755-23976 ...

零跑汽车(09863) / 乘用车 / 公司点评 / 2024.09.26 零跑 C10、T03 正式在欧洲上市，出海进展顺利 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-09-25 | | 收盘价 ( 港元 ) | 26.00 | | 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 | | -47% -35% -22% -10% 3% 16% 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. 《毛利率同比大幅提升，出海进展顺 利》 2024-08-20 2. 《5 月销量再创新高，新车型将于 6 月上市》 2024-06-13 3. 《Q1 交付量同比大增，国际化进程 稳步推进》 2 ...

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for investment [4]. Core Insights - The company, Laopu Gold, is positioned as the leading brand in traditional gold jewelry in China, focusing on high-end products and has significant room for market expansion both domestically and internationally [3][4]. - The traditional gold jewelry market in China is expected to grow at a compound annual growth rate (CAGR) of over 20% from 2023 to 2028, while the market for regular gold jewelry is projected to shrink [2][4]. - Laopu Gold has achieved impressive revenue growth, with a 148.3% year-on-year increase in the first half of 2024, and a net profit growth of 198.8% during the same period [3][4]. Company Overview - Laopu Gold was established in 2009 and is recognized as the first brand to promote traditional gold concepts in China. As of 2023, it holds a 2.0% market share in the traditional gold jewelry market [3][15]. - The company has a strong focus on high-end gold jewelry, with a unique product offering that includes original designs and strict quality control [3][4]. - The average selling price of Laopu Gold's products is significantly higher than competitors, showcasing its strong pricing power [3][4]. Financial Performance - In 2023, Laopu Gold reported revenues of 31.80 billion yuan, a 145.7% increase from the previous year, and a net profit of 4.16 billion yuan, reflecting a 340.4% year-on-year growth [26]. - The company's gross profit margin has remained above 40%, with a notable increase in net profit margin to 16.7% in the first half of 2024 [27][29]. - The company has demonstrated a strong return on equity (ROE) of 27.5% in 2023, with projections for continued growth in the coming years [5]. Market Expansion Strategy - Laopu Gold plans to expand its store network significantly, with expectations to open 4 new stores annually in mainland China from 2024 to 2026, and additional stores in Hong Kong, Macau, and Singapore [4][23]. - The company aims to enhance its brand visibility and product development capabilities through the use of raised funds from its recent IPO [23][25]. Competitive Landscape - The traditional gold jewelry market is competitive, with major players like Chow Tai Fook leading the market. Laopu Gold, however, has a unique positioning that allows it to target high-end consumers effectively [2][4]. - The company has established a strong presence in high-end shopping districts, focusing on self-operated stores to maintain brand integrity and customer experience [3][4].

Investment Rating - The report maintains an "Outperform" rating for Li Auto, with a target price of HKD 96.70, based on a 1.3x PS multiple for 2024 [3] Core Views - Li Auto is positioned to capture market share in the smart car segment priced above RMB 250,000, leveraging its "refrigerator, OLED TV, and large sofa" strategy [2] - The company has achieved early profitability and mass delivery, giving it a first-mover advantage in the era of large models [2] - Li Auto's intelligent driving capabilities are expected to drive future growth, with its NOA (Navigate on Autopilot) system being a key differentiator [34] Financial Performance and Forecasts - Li Auto's revenue is projected to grow from RMB 144.0 billion in 2024E to RMB 246.8 billion in 2026E, with a CAGR of 21% [2] - Net profit is expected to increase from RMB 6.8 billion in 2024E to RMB 17.8 billion in 2026E, reflecting a significant improvement in profitability [2] - The company's gross margin is forecasted to stabilize around 20-21% over the next three years, with a return on equity (ROE) improving to 18.3% by 2026E [2] Market Share and Competitive Landscape - Li Auto's market share in the domestic SUV market has been steadily increasing, reaching 5.7% in August 2024, with strong performance in the 20-30万元 price segment [19] - The company faces competition from brands like Tesla, BYD, and NIO, but its focus on family-oriented SUVs has allowed it to carve out a niche [21] - Li Auto's L6 model has quickly gained traction in the 20-30万元 SUV segment, capturing 11.2% market share within two months of its launch [23] Intelligent Driving and Technology - Li Auto's NOA system has been widely adopted, with a 98% installation rate across its vehicle lineup, and cumulative autonomous driving mileage reaching 19 billion kilometers by June 2024 [34] - The company is developing a next-generation autonomous driving system based on an "end-to-end + VLM" architecture, which is expected to enhance its technological edge [34] - Li Auto's AI capabilities, including its Mind GPT model, are integrated into its smart cockpit, providing advanced voice and visual interaction features [37] Product Strategy and Sales - Li Auto follows a "big single product" strategy, with only five models in its lineup, all sharing a unified design language and family-oriented positioning [15] - The company's L6 model has been a standout performer, accounting for 52% of total sales in August 2024, with 24,897 units sold [11] - Li Auto's higher-end models, such as the L7, L8, and L9, have seen strong demand for their advanced intelligent driving features, with over 50% of sales coming from models equipped with AD Max [43] Industry Trends and Competitive Dynamics - The 20-50万元 SUV market remains highly competitive, with Li Auto and AITO (Huawei's automotive brand) gaining market share at the expense of traditional players like Volkswagen and Mercedes-Benz [21] - Tesla continues to lead in technological innovation, particularly in autonomous driving, but Li Auto is making significant strides in catching up, especially in the Chinese market [30] - The adoption of intelligent driving features is becoming a key differentiator in the market, with Li Auto well-positioned to benefit from this trend [43]

9 T 证券研究报告 黄金珠宝 老铺黄金（06181.HK） 增持-A(首次) 坚持高端古法金品牌定位，国内及海外市场具备拓店空间 2024 年 9 月 26 日 公司研究/深度分析 投资要点： 公司上市以来股价表现 | --- | --- | --- | |-----------------------------------|------------|-------------| | | | | | 市场数据： 2024 | 年 9 月 25 | 日 | | 收盘价（港元）： 总股本（亿股）： | | 129.50 1.68 | | 流通股本（亿股）： | | 0.95 | | 流通市值（亿港元）： | | 122.73 | | 资料来源：最闻，山西证券研究所 | | | 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 市场空间大且增速优。2017 年周大福推出"传承系列"古法金产品，凭借品牌价 值沉淀、渠道网络广泛，古法黄金产品走进消费者视野，黄金珠宝品牌开始陆续 推出古 ...

Investment Rating - The report maintains a rating of "Buy" for TCL Electronics [4][13]. Core Views - The ITC's initiation of a 337 investigation against TCL Electronics is characterized as a non-standard patent dispute, with limited impact on the company's operations in North America. The primary goal of the plaintiff, Maxell, is expected to be obtaining settlement compensation [4][10][13]. - The company is anticipated to benefit significantly from the domestic appliance replacement program, enhancing its position as a leading player in the black goods sector. The global competitiveness of TCL Electronics is continuously improving, entering a phase of quality enhancement and efficiency realization [4][13]. Summary by Sections Event Overview - On September 24, 2024, the ITC voted to initiate a 337 investigation concerning certain smart televisions, following a complaint filed by Maxell on August 22, 2024, alleging patent infringement related to several registered patents [9][10]. - The patents in question involve Bluetooth and Wi-Fi technologies, which are highly relevant to the interconnectivity of mobile devices and televisions [10]. Investment Recommendations - The report suggests that the ongoing patent dispute will not adversely affect TCL's sales in North America. The expected settlement costs are projected to be between USD 200,000 to 400,000 (approximately HKD 1.557 million to 3.114 million), assuming a one-time payment of USD 0.5 to 1 per TV sold [12][13]. - Earnings per share (EPS) forecasts for 2024-2026 are projected at HKD 0.56, 0.68, and 0.76, representing year-on-year growth of 90%, 21%, and 13% respectively [4][13].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 5.47 per share, compared to the current price of HKD 4.21 [1][6]. Core Viewpoints - The company is positioned as a leading service provider for Huawei, actively participating in various segments of Huawei's 2024 Full Connect Conference, emphasizing its strategic alignment with Huawei's initiatives in AI, cloud computing, and smart solutions [2][4]. - The company is advancing its "1+3" strategic business layout, focusing on cloud intelligence, HarmonyOS, and AIGC applications, aiming to enhance its service capabilities and market reach [4][5]. - The report highlights the company's ongoing efforts in AI full-stack services, including the establishment of an AIGC research institute and partnerships with major clients across various industries [4][5]. Summary by Sections Company Rating - Current Price: HKD 4.21 - Target Price: HKD 5.47 - Previous Rating: Buy [1] Financial Forecast - Projected net profit for 2024 and 2025 is estimated at RMB 6.76 billion and RMB 7.59 billion, respectively [6]. - The report anticipates a PE ratio of 15.4 for 2024 and 13.7 for 2025, indicating a positive outlook for the company's earnings growth [6][8]. Strategic Initiatives - The company is collaborating with Huawei to launch multiple solutions, including the Ascend AI model integrated machine and smart mining management platforms [4]. - It aims to enhance its capabilities in the AIGC sector, focusing on model development and deployment across various industries [4][5]. - The company is also expanding its presence in the HarmonyOS ecosystem, with over 10,000 applications already available, indicating a robust growth trajectory [2][5]. Market Position - The company is recognized as a key player in the cloud services market, having achieved the highest number of capability certifications among Huawei's cloud ecosystem partners [6]. - It is actively involved in digital transformation projects across various sectors, including energy, finance, and healthcare, leveraging its expertise in cloud and AI technologies [6].

证券研究报告 多元金融 2024年09月25日 | --- | --- | |------------------------------------------|-------| | | | | | | | | | | | | | | | | 亚洲领先数字交易平台，合规驱动新一轮增长 | | | | | | | | 孙嘉赓(证券分析师) S0350523120002 sunjg@ghzq.com.cn | --- | --- | --- | --- | |--------------|--------------------|------------------------|------------| | 最近一年走势 | | 市场数据 | 2024/09/24 | | | OSL集团 恒生指数 | 当前价格（港元） | 6.23 | | 398% | | 52周价格区间（港元） | 3.04-13.20 | | 308% | | 总市值（亿港元） | 36.52 | | 218% | | 流通市值（亿港元） | 36.52 | | | | 总股本（亿股） | 6.26 | | 128% | | 流通股本（ ...