Investment Rating - The report maintains a "Buy" rating for Leapmotor (09863 HK) [3] Core Views - Leapmotor has significantly improved profitability and increased R&D investment in new models The company achieved positive gross margin for the first time in Q3 2023 at 1 2% and reached 6 7% in Q4 2023 [2] - The company has optimized its product matrix with a dual powertrain strategy (BEV+EREV) and plans to launch 7 new models by 2026 including B-series and D-series vehicles [2] - Leapmotor's global expansion strategy with Stellantis is expected to drive overseas growth with plans to enter European Middle Eastern and African markets starting September 2024 [2][4] Financial Performance - In H1 2024 Leapmotor achieved revenue of 8 845 billion yuan a 52% YoY increase with a net loss of 2 212 billion yuan mainly due to increased R&D expenses for new models and smart driving technology [2] - The company's gross margin improved to 1 13% in H1 2024 compared to negative margins in previous years [2] - Revenue is projected to grow significantly from 31 796 billion yuan in 2024 to 75 573 billion yuan in 2026 with gross margins expected to reach 13% by 2026 [4][7] Product Strategy - Leapmotor currently offers 5 models priced between 100 000-200 000 yuan with C-series models accounting for 72% of deliveries in H1 2024 [2][18] - The company plans to launch 3 B-series models priced at 100 000-150 000 yuan by 2025 and 3 D-series models around 200 000 yuan by 2026 [2][16] - Leapmotor's C16 model a 6-seat SUV priced under 200 000 yuan achieved over 10 000 orders in its first month of launch [59] Technology and R&D - Leapmotor has developed six core technology platforms including vehicle architecture electronic electrical architecture intelligent powertrain intelligent battery intelligent cockpit and intelligent driving [25] - The company's self-developed CTC 2 0 battery technology achieves a volume utilization rate of 79% and reduces weight by 15% compared to traditional designs [32] - Leapmotor's Leapmotor OS 3 0 intelligent cockpit system is powered by the Qualcomm Snapdragon 8295 chip offering 30TOPS of AI computing power [40] Overseas Expansion - Leapmotor International a joint venture with Stellantis plans to launch C10 and T03 models in 9 European countries starting September 2024 [60] - The company aims to establish 200 sales outlets by the end of 2024 and expand to 500 outlets by 2026 [61] - Overseas sales are projected to grow from 10 000 units in 2024 to 120 000 units in 2026 [7] Market Position - Leapmotor is positioned as a technology-driven new energy vehicle manufacturer with full-stack self-research capabilities [4] - The company's "China market + overseas market + Tier 1" strategy aims to expand from vehicle manufacturing to component supply leveraging its cost advantages and technological capabilities [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 8.43 HKD [1]. Core Views - The company has shown stable revenue growth, with its BaaS (Business as a Service) business performing particularly well. In H1 2024, the company achieved revenue of 1.321 billion CNY, a year-on-year increase of 6.3% [3]. - The gross margin remains high at 73.19%, reflecting a focus on AI technology research and development [3]. - The company has successfully integrated AI applications with its products, enhancing performance and reducing response times significantly [3]. - The financial forecasts for 2024-2026 have been adjusted, with expected revenues of 29.55 billion CNY, 32.88 billion CNY, and 36.93 billion CNY respectively, and net profits of 3.05 billion CNY, 3.98 billion CNY, and 4.78 billion CNY [3]. Financial Performance Summary - Revenue (in million CNY): - 2022A: 2,062 - 2023A: 2,681 - 2024E: 2,955 - 2025E: 3,288 - 2026E: 3,693 - Year-on-year growth rates: - 2022A: 26% - 2023A: 30% - 2024E: 10% - 2025E: 11% - 2026E: 12% [1]. - Net Profit (in million CNY): - 2022A: 240 - 2023A: 340 - 2024E: 305 - 2025E: 398 - 2026E: 478 - Year-on-year growth rates: - 2022A: 107% - 2023A: 42% - 2024E: -10% - 2025E: 31% - 2026E: 20% [1]. - The company’s P/E ratios are projected to be 15.6, 11.0, 12.3, 9.4, and 7.8 for the years 2023 to 2026 respectively [1].

%% %% 港股研究丨公司深度丨华润建材科技（1313.HK） [Table_Title] 华南水泥翘楚，坐拥反转弹性 丨证券研究报告丨 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 华南区域当前受房地产投资环境影响，水泥需求阶段性承压，但是中周期来看，大湾区建设提 供中期建设动能。 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Views - CGN Mining is positioned as a leading player in the uranium sector, benefiting from the recovery of nuclear power and the tightening supply-demand dynamics in the uranium market [2][3]. - The company is expected to leverage its strong backing from CGN Group, which holds a significant share of the Chinese nuclear power market, to secure stable and growing demand for natural uranium [5][6]. Summary by Sections Company Overview - CGN Mining is the only overseas uranium resource development platform under CGN Group, the largest nuclear power group in China [16]. - The company has a clear focus on uranium resource development and trade, having established a dual-driven business model of "trade + resources" [17][19]. Nuclear Power Recovery and Uranium Demand - The global nuclear power capacity is projected to grow from approximately 396 GW to 524 GW by 2030, leading to an increase in uranium demand by 22,506 tons per year [3][37]. - The report highlights a stable growth in demand for natural uranium driven by the recovery of the nuclear power sector, which has been revitalized since 2019 [28][29]. Supply Dynamics - The report notes a significant supply gap in the uranium market due to a decade of low exploration and production following the Fukushima disaster, leading to a reliance on secondary supply sources [4][40]. - The primary supply of uranium is expected to remain constrained, with the report indicating that the market is entering a long-term bullish phase for uranium prices [4][28]. Competitive Advantages - CGN Mining benefits from its strong relationship with CGN Group, which accounts for 53% of the Chinese nuclear power market, ensuring a reliable demand for uranium [5][57]. - The company holds approximately 39,000 tons of uranium resources, with a cost structure that positions it favorably in the global market, maintaining production costs between $20-$30 per pound U3O8 [6][65]. Financial Projections and Valuation - The report forecasts CGN Mining's revenue to reach HKD 105.35 billion, HKD 130.37 billion, and HKD 142.41 billion for the years 2024, 2025, and 2026, respectively, with corresponding net profits of HKD 5.10 billion, HKD 7.29 billion, and HKD 10.30 billion [7][76]. - A target price of HKD 1.92 per share is set based on a 20x PE valuation for 2025, indicating a potential upside of approximately 29% from the current price [11][76].

Investment Rating - The investment rating for the company is "Buy" with a target price of 5.98 HKD per share, compared to the current price of 3.52 HKD [2][12]. Core Insights - The company reported a slight decline in revenue for the first half of 2024, with a year-on-year decrease of 2.7% to 4.98 billion RMB, primarily due to the impact of two years of medical insurance settlement differences and a high base from the first half of 2023. However, net profit attributable to shareholders increased by 9.1% to 434 million RMB [6][12]. - The hospital business revenue also saw a slight decline, with outpatient and inpatient visits increasing, but average revenue per visit decreased. The medical business revenue for the hospitals was 4.60 billion RMB, down 3.0% year-on-year. Excluding the impact of medical insurance settlement differences and the closure of Huaiyin Hospital, revenue remained stable [6][12]. - The company is expected to continue its cost reduction and efficiency improvement strategies, which are anticipated to mitigate the impact of medical insurance settlement differences. For 2024, the company forecasts a stable growth in internal performance, with net profit expected to increase by 8.6% compared to the adjusted figure from 2023 [6][12]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved an EBITDA of 970 million RMB, remaining stable year-on-year. The proportion of drug and consumable costs in revenue decreased by 0.6 percentage points, helping to offset the impact of medical insurance settlement differences [6][12]. - The forecast for 2024 indicates a slight decline in hospital business revenue, with expectations of a 4-5% growth in 2025-2026 as the impact of medical insurance settlement differences diminishes [12][13]. Hospital Operations - The company operates a total of 127 medical institutions, including 13 tertiary hospitals and 23 secondary hospitals, with a total of 20,845 operational beds as of June 30, 2024. The company is focusing on enhancing the quality and efficiency of its operations through centralized procurement and digitalization [6][12]. - The outpatient revenue was 1.81 billion RMB, up 1.4% year-on-year, while inpatient revenue was 2.70 billion RMB, down 6.1%. The average revenue per outpatient visit decreased by 2.0%, and for inpatient visits, it decreased by 8.8% [6][12]. Profitability and Valuation - The company is expected to maintain a profit margin improvement trend, with net profit projected to grow by approximately 7% in 2025-2026. The reference valuation based on comparable companies suggests a PE ratio of 10 times for 2024, leading to a reasonable value of 5.98 HKD per share [12][13].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 92.45 per share, based on a 20x PE multiple for 2024 [3][5] Core Views - The sportswear industry is resilient, with leading brands showing strong competitive advantages [3] - Anta Sports has maintained an average ROE of 26% over the past 5 years, driven by its excellent management team and strong channel capabilities [3] - The company's multi-brand and internationalization strategies are steadily progressing, with FILA contributing significantly to revenue and profitability [3][9] Industry Analysis - China's sportswear industry is expected to maintain steady growth, with significant room for expansion in per capita consumption and penetration rates [3][15] - The US sportswear market has recovered to pre-pandemic levels, with sports-related spending reaching 126% of pre-pandemic levels in 2024 [15] - China's sportswear penetration rate is 15%, significantly lower than developed countries like the US (36%) and Japan (21%) [18] - The industry is driven by national policies, economic development, and emerging segments such as skiing, outdoor activities, and women's sportswear [3][15] Company Analysis Financial Performance - Anta Sports' revenue is projected to grow from RMB 53.7 billion in 2022 to RMB 85.7 billion in 2026, with a CAGR of 10.7% [4] - EBITDA is expected to increase from RMB 12.5 billion in 2022 to RMB 27.1 billion in 2026 [4] - Net profit attributable to shareholders is forecasted to grow from RMB 7.6 billion in 2022 to RMB 15.3 billion in 2026 [4] - EPS is projected to rise from RMB 2.80 in 2022 to RMB 5.39 in 2026 [4] Brand Strategy - Anta's multi-brand strategy includes the main Anta brand, FILA, and other international brands like Descente and Kolon Sport [42] - FILA, acquired in 2009, has been repositioned as a high-end fashion sportswear brand, contributing significantly to the company's revenue and profitability [49][50] - The company is focusing on brand elevation for the Anta main brand, with DTC (Direct-to-Consumer) transformation driving efficiency and profitability [48] Channel Management - Anta has over 12,000 global offline stores, with the main Anta brand having 9,831 stores as of 2023 [45] - The company has been optimizing its distribution network and supply chain, with a focus on retail-oriented strategies to improve inventory management [40][46] - DTC transformation has been a key focus, with approximately 5,400 Anta main brand stores and 2,200 Anta Kids stores operating under the DTC model as of 2023 [48] Competitive Advantages - Anta's strong channel capabilities and efficient management have resulted in lower expense ratios and higher turnover rates compared to peers [54][56] - The company's average inventory turnover days are 118, lower than international peers, and its accounts receivable turnover days are 28, significantly better than industry averages [56][58] - Anta's ROE has consistently outperformed domestic and international peers, with a 5-year average ROE of 26.4% [30][32] Growth Drivers - The Anta main brand is expected to grow steadily, with revenue projected to increase from RMB 30.3 billion in 2023 to RMB 39.8 billion in 2026 [59][60] - FILA is expected to maintain high growth, with revenue projected to increase from RMB 25.1 billion in 2023 to RMB 30.6 billion in 2026 [59][60] - Other brands, including Descente and Kolon Sport, are expected to grow rapidly, with revenue projected to increase from RMB 6.9 billion in 2023 to RMB 15.3 billion in 2026 [59][60] Valuation and Investment Recommendation - The report values Anta Sports at a 20x PE multiple for 2024, based on its superior channel management and cost control capabilities [63] - The target price of HKD 92.45 per share represents a 21.3% upside from the current price of HKD 76.20 [5][63]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 33.8, representing a potential upside of 32.7% from the current price of HKD 24.45 [1][4][12]. Core Insights - The company's revenue for the first half of the year reached RMB 4.191 billion, a year-on-year increase of 28%, exceeding previous growth expectations. Operating profit and net profit also saw significant growth, increasing by 46% and 34% respectively [4][7]. - The copyright business has emerged as the main driver of growth, with revenue from copyright operations and other businesses increasing by 73.3% year-on-year, while online business revenue declined by 2.2% [4][10]. - The company is focusing on optimizing its cost and expense structure to enhance operational efficiency in 2024 [4][7]. Summary by Sections Revenue Performance - The company reported a revenue of RMB 4.191 billion in the first half of the year, with a 28% year-on-year growth, surpassing previous expectations. Operating profit and net profit increased by 46% and 34% respectively [4][7]. - Online business revenue decreased by 2.2%, while copyright operations and other businesses saw a 73.3% increase, becoming the main growth driver [4][10]. Market Position and Strategy - The company continues to invest in its online reading business, enhancing the efficiency and quantity of quality content. It maintains a competitive advantage in the industry due to its IP portfolio and AI technology [8][9]. - The internationalization of content is progressing positively, with AI translation technology facilitating rapid growth in translated works on overseas platforms [9][10]. IP Development and Future Prospects - The company has made significant progress in its IP visualization strategy, launching several successful projects. It plans to accelerate its development in the short drama sector, with over 100 short drama projects expected to be launched in the year [10][11]. - The report highlights the potential for maximizing commercial value through cross-product collaboration, indicating a strong growth momentum for the company [11][12].

Investment Rating - The report maintains a "Buy" rating for China Power (2380.HK) and raises the target price to HKD 4.50, indicating a potential upside of 26% from the current price of HKD 3.58 [1][7]. Core Insights - The report highlights strong growth in wind and solar electricity sales, with total sales for the first eight months of 2024 reaching 87,773,648 MWh, a year-on-year increase of 31.24%. Wind and solar sales grew by 70.22% and 78.13% respectively [4][9]. - The thermal power segment also showed positive growth in August, benefiting from declining coal prices, with net profit for thermal power reaching RMB 1.108 billion, a year-on-year increase of 97.23% [5][10]. - Hydropower generation is expected to grow by approximately 80% for the full year, despite a slight decline in August sales [6][11]. - The report projects significant profit growth for the company, with net profit expected to reach RMB 4.944 billion in 2024, reflecting an 85.9% year-on-year increase [8][15]. Summary by Sections Financial Performance - For 2024, the company is projected to achieve revenues of RMB 51.673 billion, a 16.7% increase from the previous year, and net profit of RMB 4.944 billion, an 85.9% increase [8][15]. - The report indicates an EBITDA margin improvement, with expectations of 39% in 2024 [15]. Shareholder Information - Major shareholders include China Power International Co., Ltd. (22.91%), China Power Development Co., Ltd. (21.52%), and China Power (Renewable Energy) Holdings Ltd. (14.85%) [3]. Market Position - The company is positioned favorably within the industry, with a current market capitalization of HKD 443 billion and a total share capital of 12.4 billion shares [2][4].

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]