Investment Rating - The report assigns a "Buy" rating to Jiangnan Buyi (3306) with a target price of HKD 20.9 (RMB 19.0) based on a combination of PE and DCF valuation methods [5][10] Core Views - Jiangnan Buyi is a leading domestic designer brand with a 30-year history, strong brand equity, and a diversified portfolio covering women's, men's, children's, and homewear segments [5][11] - The company has achieved rapid revenue growth from RMB 1.38 billion in FY2014 to RMB 5.24 billion in FY2024, with a CAGR of 14.3%, and net profit CAGR of 19.0% [5][11] - The designer brand industry is growing faster than the overall apparel market, with a 7.6% CAGR from 2018-2023, outpacing women's wear (6%) and luxury/fast fashion sub-segments [5][11] - The company's strategy focuses on "design + brand-driven" growth, "omni-channel retail," and "multi-brand operations," aiming to achieve RMB 10 billion in retail sales by FY2026 [5][11] Financial Performance and Valuation - FY2025-2027 net profit is forecasted to be RMB 869/904/987 million, with a PE ratio of 9/8/8x [5][10] - The company's FY2024 revenue reached RMB 5.24 billion, with a gross margin of 66.3%, and net profit margin of 16.2% [27] - FY2024 dividend payout ratio was 97%, and future dividends are expected to remain above 75% [5][60] Brand Portfolio and Growth - The company operates a diversified brand matrix including mature brands (JNBY), growth brands (CROQUIS, jnby by JNBY, LESS), and emerging brands (POMME DE TERRE, JNBYHOME) [23][24] - Mature brands contributed 56% of FY2024 revenue, while growth brands accounted for 42%, with emerging brands making up 2% [24][44] - FY2019-2024 revenue CAGR for mature/growth/emerging brands exceeded 9% [5][45] Design and R&D - FY2024 design and R&D expenses increased by 16% to RMB 196 million, accounting for 4% of revenue [5][42] - The company emphasizes innovation in fabric and design, with a focus on art-inspired branding [5][42] Omni-Channel Retail Strategy - FY2024 online revenue grew 18.4%, accounting for 19.3% of total revenue, with a gross margin of 63.8% [49] - Offline revenue remains the primary contributor, with self-operated and distributor channels growing 16.4% and 17.7% respectively in FY2024 [49] - The company has 2,024 stores as of FY2024, with comparable store sales growth of 10.7% [50][52] Industry Outlook - The designer brand industry is expected to grow faster than fast fashion and luxury segments, with a 7.6% CAGR from 2018-2023 [40] - The mid-to-high-end women's wear market in China grew from RMB 297.7 billion in 2018 to RMB 391.6 billion in 2023, with a CAGR of 6% [36] - Female consumers prioritize product aesthetics (34%), material quality (25%), and brand reputation (22%) when making purchasing decisions [37][38]

Investment Rating - The report maintains a "Buy" rating for China Shenhua (1088) with a target price of HKD 40.45, indicating a potential upside of 19% from the current price of HKD 34.10 [1]. Core Views - The integrated operational layout of the company smooths out cyclical fluctuations, showcasing its stability as a leading player in the industry [1]. - The company's performance in the first half of the year met expectations, with revenue of CNY 168.1 billion, a slight decrease of 0.8% year-on-year, while net profit attributable to shareholders reached CNY 32.8 billion, reflecting a year-on-year increase of 13.6% [1]. - The coal business demonstrated profitability stability under price pressure, with production reaching 163 million tons, a year-on-year increase of 1.6% [1]. Financial Performance Summary - Revenue for the first half of 2024 was CNY 168.1 billion, down 0.8% year-on-year; net profit attributable to shareholders was CNY 32.8 billion, up 13.6% year-on-year [1]. - The coal segment's tax-adjusted profit decreased by 17.2% due to rising labor costs, with unit production costs at CNY 172 per ton, an increase of 3.2% year-on-year [1]. - The company achieved a sales volume of 134.3 million tons in the coal business, a decrease of 2.3% year-on-year, while the average price for long-term contracts remained stable, with a 2% year-on-year decline [1]. Operational Insights - The company's power generation segment generated revenue of CNY 44.4 billion, a year-on-year increase of 0.4%, although pre-tax profit decreased by 8.9% due to lower utilization hours and selling prices [1]. - The integrated coal and power operation model significantly alleviated profit pressure during coal price fluctuations, with expectations for stable profit levels in the long term [1]. - The company plans to release additional production capacity from new projects starting in 2028, contributing an estimated annual capacity of 30 million tons once fully operational [1]. Market Outlook - The report anticipates that the company's integrated operational model will continue to reflect strong profitability, with stable profit levels supported by long-term coal sales contracts and recovery in power generation [1]. - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to CNY 60.9 billion, CNY 61.4 billion, and CNY 61.9 billion respectively [1].

Investment Rating - The report maintains a **Buy** rating for Zhaojin Mining (1818) with a target price of **HKD 17.39**, representing a **26.2% upside** from the current price [1][3] Core Views - Zhaojin Mining's performance has significantly improved, driven by **higher gold prices** and **increased production volume** [1] - The company's **overseas projects** are progressing steadily, with substantial potential for future production growth [1] - The **gold price** is expected to remain high, supported by **Fed rate cut expectations** and **central bank gold purchases**, providing a stable foundation for the company's performance [1] Financial Performance - In H1 2024, Zhaojin Mining achieved **RMB 4.627 billion** in revenue, a **34.24% YoY increase**, and **RMB 553 million** in net profit attributable to shareholders, a **118.62% YoY surge** [1] - The company's **gold production** reached **13.18 tons**, up **12% YoY**, with self-produced gold at **9 tons** (+6.9% YoY) and smelted gold at **4.18 tons** (+24.8% YoY) [1] - The **cost per gram of gold** decreased by **RMB 4.7**, leading to a **3.72 percentage point increase** in gross margin [1] Gold Price Trends - The **London gold spot price** reached **USD 2,322.7/oz** by the end of June 2024, up **over 13%** from the beginning of the year, breaking the **USD 2,300/oz** threshold [1] - The **Shanghai Gold Exchange Au9999 price** rose to **RMB 549.88/g**, a **14.4% increase** from the start of the year [1] Production Expansion - Zhaojin Mining completed the **full acquisition of Tietuo Mining**, which has a **gold resource reserve of over 40 tons** and is expected to produce **4-5 tons annually** [1] - The company acquired a **70% stake in Ruihai Mining**, which owns the **largest single gold mine in China** (Haijing Gold Mine) with a **total gold resource of 562.37 tons** and **mineable reserves of 212.21 tons** [1] - The **Haijing Gold Mine** is expected to reach **15 tons of annual production** by 2027 [1] Financial Forecasts - The report forecasts **net profit attributable to shareholders** of **RMB 1.25 billion** in 2024, **RMB 1.98 billion** in 2025, and **RMB 2.7 billion** in 2026 [1] - Revenue is projected to grow to **RMB 12.85 billion** in 2024, **RMB 15.85 billion** in 2025, and **RMB 19.41 billion** in 2026, with **YoY growth rates of 53%, 23%, and 23%**, respectively [2] - **EPS** is expected to increase to **RMB 0.37** in 2024, **RMB 0.58** in 2025, and **RMB 0.79** in 2026 [2] Valuation Metrics - The target price of **HKD 17.39** is based on a **30x PE multiple** for 2025 [1] - The current **PE ratio** is **33.8x** for 2024, **21.4x** for 2025, and **15.6x** for 2026 [2] Industry and Market Position - Zhaojin Mining operates in the **non-ferrous metals industry** and is positioned as a leading gold producer with significant **resource reserves** and **production capacity** [3] - The company's **major shareholders** include **Zhaojin Group (37.15%)** and **Zijin Mining (20%)** [3]

Investment Rating - The report maintains a "Buy" rating for JS Global Life with a target price of HK$1.88, representing a potential upside of 25% from the current price of HK$1.50 [1][2][5]. Core Insights - The report highlights that JS Global's revenue is expected to grow by 21.4% year-on-year in 2024, while the net profit attributable to shareholders is projected to decline by 50% [4][5]. - The domestic kitchen small appliance market is maturing, leading to short-term pressure on the Joyoung segment, but the Asia-Pacific market shows significant growth potential [4][5]. - The report emphasizes the successful expansion of SN's product offerings in the Asia-Pacific region, which has led to a substantial revenue increase of approximately 153% in the first half of 2024 [4][5]. Revenue and Profit Forecast - Revenue projections for JS Global are adjusted to reflect a 6.8% increase for 2024 and 2025, with expected revenues of US$1.735 billion and US$1.911 billion respectively [5][7]. - The net profit forecast for 2024 is revised down to US$66 million, a 50% decrease, with a subsequent recovery expected in 2025 to US$84 million [5][6][7]. - The report introduces a 2026 forecast, estimating revenue of US$2.104 billion and net profit of US$105 million [6][7]. Market Dynamics - The report notes that the competitive landscape in the domestic kitchen small appliance market is intensifying, with a shift from price competition to a decline in both volume and price [4][5]. - SN's strategy of multi-category, multi-brand, and multi-channel development in the Asia-Pacific region is expected to replicate the success seen in Western markets, with a projected revenue growth of 75% in 2024 for this segment [4][5]. Valuation Metrics - The report sets a new target price based on a 10x P/E ratio for 2025, reflecting an increase of 19% from the previous target price [5][6]. - The expected earnings per share (EPS) for 2024 is revised down to US$0.02, with a gradual increase to US$0.03 by 2026 [5][6][7].

Investment Rating and Valuation - The report initiates coverage with a **BUY** rating for Hutchmed, with a target price of HK$35.4, implying a 33% upside potential [4][10] - Revenue is forecasted to reach $650M in 2024E, $810M in 2025E, and $950M in 2026E, with oncology/immunology business contributing $370M, $530M, and $650M respectively [4][10] - Net profit is expected to turn positive in 2025E, with forecasts of -$13M in 2024E, $39M in 2025E, and $120M in 2026E [4][10] Core Products and Commercialization - **Fruquintinib (Fruzaqla)**: Approved by the FDA in November 2023 for metastatic colorectal cancer (mCRC), with overseas sales reaching $15M in 2023 and $131M in 1H24 [4][7] - **Savolitinib**: Expected to file an NDA with the FDA by the end of 2024 for EGFRm/MET+ NSCLC, potentially becoming the second overseas product [4][7] - **Sovleplenib**: NDA for second-line immune thrombocytopenia (ITP) accepted by NMPA in January 2024, with peak sales in China estimated at $110M [11] Pipeline and R&D Progress - Hutchmed has 13 oncology drugs in clinical stages, with **HMPL-306 (IDH1/2)** entering Phase III for AML in May 2024 [4][7] - **Tazemetostat**: NDA for third-line follicular lymphoma accepted by NMPA in July 2024, with rights licensed in Greater China [4][7] - **Fruquintinib**: Additional indications under development include gastric cancer, endometrial cancer, and renal cell carcinoma [25][26] Market and Competitive Landscape - Fruquintinib is the first and only highly selective VEGFR inhibitor approved in the US for mCRC, with peak overseas sales potential of $670M [11][24] - In China, Fruquintinib holds a 47% market share in third-line mCRC as of 2Q24, with monthly treatment costs of ¥7,541, lower than Regorafenib's ¥14,488 [35][36] - Regorafenib, a competitor, saw a 15% decline in global sales to €523M in 2023 due to generic competition and Fruquintinib's market entry [38][39] Strategic Partnerships - Hutchmed partnered with **Takeda** for Fruquintinib's global commercialization (excluding China), receiving $400M upfront and up to $730M in milestone payments [4][12] - **AstraZeneca** is responsible for Savolitinib's marketing in China and is expected to file an NDA with the FDA by end of 2024 [4][7] - Collaboration with **Ipsen** for Tazemetostat's development and commercialization in Greater China [17]

港股公司报告 | 公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

资料来源：公司公告，国信证券经济研究所整理 名创优品（09896.HK） 收购永辉超市 29.4%股权，线下零售巨头协同发展 优于大市 | --- | --- | --- | --- | --- | |--------------|----------------------------|--------------|--------------------------------------------|-------| | 证券分析师： | 公司研究·公司快评 \n张峻豪 | 021-60933168 | 商贸零售·专业连锁Ⅱ \nzhangjh@guosen.com.cn | | | 证券分析师： | 孙乔容若 | 021-60375463 | sunqiaorongruo@guosen.com.cn | | 投资评级：优于大市（维持） 执证编码：S0980517070001 执证编码：S0980523090004 事项： 9 月 23 日，公司公告通过其全资子公司广东骏才国际拟将以 62.7 亿元现金收购牛奶公司、京东世贸和宿 迁涵邦(京东一致行动人)所持有的永辉超市 29.4%的股权，成为永辉超市第 ...

· 名创优品（9896.HK）事件点评 收购永辉超市 29.4%的股权，线下零售龙头协同发展 2024 年 09 月 24 日 ➢ 事件：2024 年 9 月 23 日，名创优品发布收购永辉超市股权的公告。公 司拟以 63亿元收购永辉超市 29.4%的股权，其中包括牛奶公司持有的 21.1% 及京东持有的 8.3%的永辉超市股份；收购完成后，名创优品预计将成为永辉 超市第一大股东。 ➢ 永辉超市为国内商超龙头企业，稳步推进调改计划提升门店盈利能力。 永辉超市成立于 2001 年，2010 年于上交所上市，是一家以生鲜商品经营为 特色的连锁超市运营商，主营大型综合超市、超级市场及社区超市；以销售 规模计，近年来连续位列中国超市百强第二位。截至 24 年 9 月 23 日，公司 门店总数约 850 家，遍布全国逾 25 个省份及直辖市；23 年公司实现收入 786.4 亿元/yoy-12.7%，归母净利润-13.3 亿元/yoy+51.9%。24 年来，永 辉超市主动学习胖东来等超市的优质模式，在全国多个城市展开闭店调改， 优化门店的商品结构、品质、价格、卖场布局动线、环境、服务及员工待遇 等，提升门店盈利能力； ...

Investment Rating - The investment rating for the company is "Accumulate" [3]. Core Insights - In the first half of 2024, the company achieved a revenue of 164.395 billion yuan, representing a year-on-year growth of 29.62%. In Q2 alone, revenue reached 88.888 billion yuan, up 31.97% year-on-year. The net profit attributable to shareholders for the first half was 9.28 billion yuan, a 17.86% increase year-on-year, with Q2 net profit at 5.098 billion yuan, growing 38.91% year-on-year [2]. - The overall gross margin for the first half was 21.43%, an increase of 1.12% year-on-year. The sales expense ratio, management expense ratio, and R&D expense ratio were 6.92%, 1.65%, and 6.48%, respectively, with management and R&D expense ratios declining year-on-year [2]. - The company launched its first smart electric vehicle, the Xiaomi SU7 series, in March 2024, generating approximately 6.4 billion yuan in revenue in Q2, with a gross margin of 15.4% [2]. Summary by Sections Financial Performance - The company reported a total revenue of 164.395 billion yuan for H1 2024, with a 29.62% year-on-year increase. Q2 revenue was 88.888 billion yuan, up 31.97% year-on-year. The net profit attributable to shareholders for H1 was 9.28 billion yuan, a 17.86% increase, with Q2 net profit at 5.098 billion yuan, growing 38.91% year-on-year [2]. - The gross margin for H1 was 21.43%, up 1.12% year-on-year. The sales expense ratio increased slightly, while management and R&D expense ratios decreased [2]. Business Segments - In Q2, smartphone revenue was 46.5 billion yuan, a 27.1% year-on-year increase, with a shipment of 42.2 million units, up 28.1% year-on-year. The gross margin for smartphones was 12.1%, down 1.2% due to market competition and component price increases [2]. - The Internet of Things (IoT) and lifestyle products generated 26.8 billion yuan in Q2, a 20.3% year-on-year increase, with a gross margin of 19.7% [2]. - The internet services segment reported revenue of 8.3 billion yuan in Q2, an 11.0% year-on-year increase, with a gross margin of 78.3% [2]. Future Outlook - The company has updated its revenue forecasts, expecting revenues of 351.49 billion yuan, 389.75 billion yuan, and 434.56 billion yuan for 2024, 2025, and 2026, respectively. The net profit forecasts are 20.442 billion yuan, 22.992 billion yuan, and 26.195 billion yuan for the same years [6][7].

证 券 研 究 报 告 威胜控股（3393.HK） 2024-09-24 星期二 | --- | --- | |------------|-------------| | | | | 目标价： | 7.6 港元 | | 现 价： | 5.67 港元 | | 预计升幅 : | 34% | | --- | --- | |------------------------------------------|------------| | | | | 日期 | 2024-09-24 | | 收盘价 ( 港元 ) | 5.67 | | 总股本 ( 亿股 ) | 9.96 | | 总市值 ( 亿港元 ) | 56 | | 净资产 ( 百万港元 ) | 6,852 | | 总资产 ( 百万港元 ) | 14,338 | | 52 周高低(港元 ) | 7.59/2.53 | | 每股净资产 (港元) | 5.77 | | 数据来源： Wind 、国元证券经纪（香港）整 | | 理 主要股东 星宝投資控股有限公司(53.59%) 相关报告 首发深度报告-20240124 更新报告-20240318 更新报告 买入 在手订单增 ...