2 开源证券 美容护理/化妆品 公 司 研 究 开 源 证 券 证 券 研 究 报 告 港股公司首次覆盖报告 股价走势图 -40% 0% 40% 80% 120% 160% 2023-10 2024-02 2024-06 上美股份 恒生指数 数据来源：聚源 主品牌韩束势能强劲，产品+渠道+品牌多维成长 上美股份（02145.HK） 2024 年 10 月 06 日 投资评级：买入（首次） | --- | --- | |-------------------------|---------------| | 日期 | 2024/10/4 | | 当前股价 ( 港元 ) | 49.300 | | 一年最高最低 ( 港元 ) | 56.950/18.800 | | 总市值 ( 亿港元 ) | 196.23 | | 流通市值 ( 亿港元 ) | 101.69 | | 总股本 ( 亿股 ) | 3.98 | | 流通港股 ( 亿股 ) | 2.06 | | 近 3 个月换手率 (%) | 10.03 | 黄泽鹏（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 | --- | ...

Investment Rating - The report assigns a "Buy" rating to Huazhu Group-S (01179) for the next 6 months [1] Financial Performance - Q2 2024 revenue reached RMB 6.15 billion, up 11.2% YoY [1] - Net profit attributable to shareholders was RMB 1.1 billion, increasing 5.1% YoY [1] - Operating profit margin improved to 25.6%, up 0.6 percentage points YoY [1] - Domestic hotel revenue grew 11.1% YoY to RMB 4.8 billion [1] - Deutsche Hospitality revenue increased 11.6% YoY to RMB 1.3 billion [1] - Direct-operated revenue rose 2.5% YoY to RMB 3.7 billion [1] - Franchise revenue surged 25.8% YoY to RMB 2.3 billion [1] Operational Metrics - Domestic RevPAR declined 2.0% YoY to RMB 244, with recovery rate at 118.4% compared to 2019 levels [1] - Domestic ADR decreased 3.0% YoY to RMB 296, representing 125% of 2019 levels [1] - Domestic occupancy rate improved 0.7 percentage points YoY to 82.6%, reaching 95.1% of 2019 levels [1] - Deutsche Hospitality RevPAR increased 4.5% YoY to €82, with recovery rate improving 17.2 percentage points to 115% [1] Expansion Strategy - Opened 572 new hotels in Q2 2024, including 567 domestic properties [1] - Achieved 64% of annual new hotel target in H1 2024 [1] - Total domestic hotel count reached 10,150, with 136 international properties [1] - Raised full-year new hotel guidance to 2,200 from previous 1,800 [1] Valuation and Outlook - Forecasts net profit of RMB 4.0/4.6/4.9 billion for 2024-2026 [1] - Current PE ratios stand at 24x/21x/20x for 2024-2026 [1] - Expects Q3 2024 revenue growth of 2%-5% [1] Industry Analysis - The company operates in the non-essential consumer sector, specifically tourism and leisure facilities [1] - Huazhu Group demonstrates leading scale advantages and operational efficiency in the hotel industry [1]

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - The company is set to become a key platform for hydropower asset integration under the National Energy Investment Group, with significant potential for valuation support due to the higher valuation of hydropower assets in the A-share market compared to the Hong Kong market [4][5]. - The company has shown a strong recovery in operational performance, with a 51.50% year-on-year increase in profit attributable to equity holders, reaching 2.802 billion yuan in the first half of the year [4]. - A special dividend of 0.05 yuan per share has been announced to celebrate the company's 20th anniversary, alongside a commitment to a minimum 50% payout ratio, enhancing the investment appeal [4]. Summary by Sections Asset Restructuring - The company plans to inject its controlling stakes in subsidiaries, including Wuling Power and Guodian Investment Guangxi Changzhou Hydropower, into Far East Environmental Protection, establishing it as a hydropower asset integration platform for Guodian Investment [4]. - The restructuring is expected to solidify the company's position as a comprehensive clean energy flagship platform, with further hydropower assets likely to be injected in the future [4]. Financial Performance - The company achieved a profit of 2.802 billion yuan in the first half of the year, marking a 51.50% increase year-on-year, driven by improved coal prices and steady growth in clean energy business [4]. - The operational performance is expected to continue its recovery, supported by high growth in hydropower and easing pressure on thermal power generation [4]. Future Outlook - The company is projected to achieve profits of 5.004 billion, 6.046 billion, and 7.157 billion yuan for the years 2024 to 2026, with corresponding EPS of 0.40 yuan, 0.49 yuan, and 0.58 yuan, indicating strong growth potential [5]. - The report emphasizes the company's attractive valuation with PE ratios of 8.63, 7.14, and 6.03 for the same period, suggesting a favorable investment opportunity [5].

上 市 公 司 证 券 研 究 报 告 社会服务 公 司 研 究/ 公 司 点 评 报告原因：强调原有的投资评级 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 04 日 | | 收盘价（港币） | 65.65 | | 恒生中国企业指数 | 8156.5 | | 52 周最高/最低（港币） | 77.05/45.20 | | H 股市值（亿港币） | 1,117.36 | | 流通 H 股（百万股） | 1,701.99 | | 汇率（人民币 / 港币） | 1.1089 | 一年内股价与基准指数对比走势： -15% 35% 85% HSCEI 新东方-S 资料来源：Bloomberg 证券分析师 黄哲 A0230513030001 huangzhe@swsresearch.com 联系人 黄哲 (8621)23297818× huangzhe@swsresearch.com 2024 年 10 月 07 日 新东方-S (09901) ——素养教培领跑，各项业务增 ...

Investment Rating - The report maintains a "Buy" rating for China Software International (0354.HK) [2][3] Core Views - China Software International is collaborating with Huawei and the government to create an "AI New Triangle," aiming to build a comprehensive AI ecosystem that enhances productivity [2] - The company is committed to a full-stack AI layout, integrating computing power, large models, AIGC products, and applications [2] - The strategic partnership with Huawei is expected to drive stable business growth through the "1+3 strategy," leveraging Huawei Cloud as the foundation and focusing on AIGC, HarmonyOS, and ERP [2] Summary by Sections Company Overview - The "AI New Triangle" consists of China Software International, Huawei, and the government, each playing a distinct role in the ecosystem [2] - China Software International acts as the organizer, utilizing its software service expertise and collaboration with Huawei to support AI ecosystem development [2] AI Strategy - The company is focusing on a full-stack AI approach, which includes: 1. Computing Power: Deep collaboration with Huawei on computing power centers and operations [2] 2. Large Models: Strategic partnerships with various large model vendors to enhance service precision and efficiency [2] 3. AIGC Products: Development of AI Agent products for government markets, with successful collaborations in multiple provinces [2] 4. AI Applications: Expansion into energy, power, and financial sectors, with notable projects and partnerships [2] Financial Forecasts - The report projects net profits of 724 million RMB, 867 million RMB, and 1,032 million RMB for 2024, 2025, and 2026 respectively [3] - Revenue is expected to grow from 17,252 million RMB in 2024 to 20,998 million RMB by 2026, reflecting a steady increase [3] Market Data - The total market capitalization of China Software International is approximately 229.12 billion HKD, with a current share price of 8.38 HKD [4][3] - The company has a strong trading volume, with a turnover rate of 76.2% over the past three months [4]

石药集团（1093） 更新报告 集采致短期承压增速放缓，新产品陆续获批未来可期 买入 2024 年 10 月 4 日 高小迪 852-25321960 上半年收入增速不达预期：2024 年上半年公司营收 162.8 亿元（同比 +1.3%，下同），毛利 116.5 亿元（+3.7%），毛利率 71.6%（+1.7pts）。基 于财务报表所示股东应占溢利 20.2 亿元（+1.8%），归母净利率 18.5% （+0.1pts）。分板块看，成药板块录得收入 135.5 亿元（+4.8%），Q2 收入 环比出现明显萎缩；虽然维 C 原料产品价格缓慢回升，但需求回落，板块收 入上半年同比仍下降 5.4%，得 9.8 亿元；抗生素原料板块忧郁海外需求减 少，收入 8.7 亿元（-6.4%）；由于咖啡因产品价格下跌，功能食品板块收入 8.8 亿元（-25.2%）。 明复乐助力神经领域维持增长，恩必普院外市场开发空间广阔：成药板块 中，神经领域实现收入 52.36 亿元（+15.0%）。明复乐获批脑梗适应症，为 神经领域增长注入充足动力。相比心梗适应症，脑梗适应症能够更快速地放 量。恩必普 DoT 受医院医疗模式限制，尚未 ...

证 券 研 究 报 告 更新报告 买入 政策推动电力央企重组，市场回暖加速估值修复 龙源电力（0916.HK） 2024-10-04 星期五 | --- | --- | |------------|-------------| | | | | 目标价： | 10 港元 | | 现 价： | 6.84 港元 | | 预计升幅 : | 46% | | --- | --- | |---------------------|----------------------------| | | | | 日期 | 2024-10-03 | | 收盘价（港元） | 6.84 | | 总股本（百万股） | 8,360 | | 总市值（亿港元） | 1,165 | | 净资产（百万元） | 84,596 | | 总资产（百万元） | 242,628 | | 52 周高低（港元） | 8.13/4.23 | | 每股净资产（港元） | 9.36 | | 数据来源 :Wind | 、国元证券经纪（香港）整理 | 主要股东 国家能源投资集团有限责任公司 (54.91%) 相关报告 深度报告-20210608 更新报告-20210727 ...

Investment Rating - The report maintains a "Buy" rating for New World Development (17 HK) with a target price of HKD 11.44, indicating a potential upside of 21.9% from the current closing price of HKD 9.39 [1][7]. Core Insights - New World Development reported a core profit decline of 47.5% year-on-year to HKD 1.377 billion, primarily due to a decrease in the number of deliverable projects in Hong Kong. The company's revenue for FY2024 fell by 34% to HKD 35.782 billion [2][6]. - Rental income showed resilience, with K11 and overall rental income increasing by 11.9% and 9.3% year-on-year, respectively. The occupancy rates for K11 MUSEA and K11 Art Mall remained high at 97% and 99% [2][6]. - The company plans to reduce leverage, targeting the disposal of HKD 13 billion in non-core assets by FY2025, which is expected to help save interest costs and restore profitability [2][6]. Financial Summary - For FY2024, New World Development's revenue is projected at HKD 35.782 billion, down from HKD 54.566 billion in FY2023, reflecting a year-on-year decline of 34.4% [5][8]. - Core profit is expected to be HKD 1.377 billion for FY2024, down from HKD 2.620 billion in FY2023, marking a 47.5% decrease [5][8]. - The company plans to pay a total dividend of HKD 0.2 per share for FY2024, significantly lower than HKD 0.76 per share in FY2023 [6][8]. Market Performance - The stock has experienced a year-to-date decline of 22.52%, with a 52-week high of HKD 14.23 and a low of HKD 6.28 [4][6]. - The market capitalization stands at approximately HKD 23.631 billion, with an average daily trading volume of 49.55 million shares [4][6]. Future Projections - Revenue is expected to recover in FY2025 with a projected increase of 20.2% to HKD 42.999 billion, followed by a slight decline in subsequent years [5][8]. - Core earnings per share are forecasted to rise gradually from HKD 0.55 in FY2024 to HKD 0.79 by FY2027 [5][8]. Conclusion - The report suggests that despite the current challenges, the company's strong rental performance and strategic asset disposals could provide a foundation for recovery and growth in the coming years [2][6].

Investment Rating - The report maintains a "Buy" rating for New World Development (17 HK) with a target price of HKD 11.44, indicating a potential upside of 21.9% from the current closing price of HKD 9.39 [1][7]. Core Insights - New World Development reported a core profit decline of 47.5% year-on-year to HKD 1.377 billion, primarily due to a decrease in the number of deliverable projects in Hong Kong. The company's revenue for FY2024 fell by 34% to HKD 35.782 billion [2][6]. - Rental income showed resilience, with K11 and overall rental income increasing by 11.9% and 9.3% year-on-year, respectively. The occupancy rates for K11 MUSEA and K11 Art Mall remained high at 97% and 99% [2][6]. - The company plans to reduce leverage, targeting the disposal of HKD 13 billion in non-core assets by FY2025, which is expected to help save interest costs and restore profitability [2][6]. Financial Summary - For FY2024, total revenue is projected at HKD 35.782 billion, down from HKD 54.566 billion in FY2023, reflecting a year-on-year decline of 34.4% [5][8]. - Core profit is expected to be HKD 1.377 billion for FY2024, a decrease of 47.5% compared to HKD 2.620 billion in FY2023 [5][8]. - The company plans to pay a total dividend of HKD 0.2 per share for FY2024, significantly lower than HKD 0.76 per share in FY2023 [5][8]. Market Performance - The stock has a 52-week high of HKD 14.23 and a low of HKD 6.28, with a market capitalization of HKD 23.631 billion and an average daily trading volume of 49.55 million shares [4][6]. - Year-to-date performance shows a decline of 22.52% [4][6]. Future Projections - Revenue is expected to recover slightly in FY2025 to HKD 42.999 billion, with a projected year-on-year growth of 20.2% [5][8]. - Core earnings per share are forecasted to increase gradually from HKD 0.55 in FY2024 to HKD 0.79 by FY2027 [5][8].

Investment Rating - The investment rating for TCL Electronics is "Outperform the Market" [1][7]. Core Views - The report highlights that TCL Electronics has achieved significant growth in its mid-term performance driven by its dual strategy of high-end and globalization, with a revenue increase of 30.3% year-on-year in 2024H1, reaching HKD 45.494 billion, and a net profit increase of 146.5% to HKD 650 million [3][7]. Financial Performance - In 2024H1, the overall gross margin decreased by 1.59 percentage points to 17.03%, while the adjusted net profit margin increased by 0.68 percentage points to 1.44%. The expense ratios for R&D, sales, and administrative costs decreased year-on-year [3][4]. - Revenue breakdown shows that display business revenue was HKD 30.135 billion, up 21.3% year-on-year, while internet business revenue was HKD 1.212 billion, up 8.9% [4][5]. - The company reported a significant increase in innovative business revenue, which rose by 60.6% year-on-year to HKD 13.953 billion, with solar energy revenue increasing by 212.7% [4][5]. Regional Performance - Domestic revenue for 2024H1 was HKD 19.064 billion, up 38.06%, while overseas revenue was HKD 26.429 billion, up 25.21%. Notably, revenue from Europe, North America, and emerging markets showed year-on-year growth of 47.14%, 4.32%, and 31.77%, respectively [4][5]. Market Position - TCL TV's global shipment volume increased by 9.2% year-on-year to 12.52 million units, with a market share of 13.3%, ranking among the top two global brands [5][7]. - The report indicates that TCL's MiniLED TV shipments grew by 122.4% globally, maintaining a leading position in the market [7]. Future Projections - The report forecasts that TCL Electronics' net profit will reach HKD 1.331 billion in 2024, with a year-on-year growth of 79%, and further growth is expected in the following years [6][7]. - The estimated reasonable value range for the stock is between HKD 6.36 and HKD 7.95, based on a 12-15x PE valuation for 2024 [7].