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 ...

Investment Rating - The report gives J&T Express-W (1519 HK) a "Buy" rating, with an initial coverage [5][58] Core Views - J&T Express is a global logistics company with a strong presence in 13 countries, ranking as the 6th largest express service provider in China and showing robust growth in new markets [2][3] - The company's agent-based model, inherited from the "BBK" system, ensures strong policy execution and network stability, facilitating rapid international expansion [2][3] - J&T's profitability has turned positive in 2024, with significant improvements in cash flow and gross profit, indicating self-sustaining growth [3][8] - The company's global network layout and growth potential are highly promising, with a focus on profitability in China, market leadership in Southeast Asia, and strong growth momentum in new markets [5][58] Market Performance China Market - J&T entered the Chinese market late but quickly gained traction with competitive pricing and an efficient agent model, achieving a daily parcel volume of over 48 million and a market share of 11% in H1 2024 [3][24] - The company shifted its strategy from scale-first to profit-first, leading to positive EBITDA in China in 2023, driven by cost optimization and capacity expansion [3][24] - J&T's asset-light approach, combining heavy investments in transportation and automation with leased land and buildings, has helped reduce costs significantly [24][34] Southeast Asia Market - J&T has maintained its leading position in Southeast Asia for four consecutive years, with a 27.4% market share in H1 2024 and a 42% YoY increase in parcel volume [4][42] - The company leverages its unique agent model and competitive pricing to consolidate its market position, with further growth expected as e-commerce platforms like TikTok Shop and Temu expand in the region [4][42] - J&T's cost structure in Southeast Asia continues to improve, with significant reductions in per-parcel costs, driving profitability [42][48] New Markets - J&T has expanded into new markets such as the Middle East and Latin America, achieving a 63.9% YoY increase in parcel volume in H1 2024 and a market share of 6.1% [4][52] - The company has significantly reduced losses in new markets, with EBITDA improving to -$7.8 million in H1 2024, driven by higher-quality non-e-commerce clients and improved operational efficiency [52][56] Financial Projections - The report forecasts J&T's net profit for 2024-2026 to be $150 million, $390 million, and $500 million, respectively, with PE ratios of 41.4X, 16.4X, and 12.7X [5][58] - Revenue is expected to grow at a CAGR of 15% from 2024 to 2026, driven by strong performance in China, Southeast Asia, and new markets [58][59]

Investment Rating - The investment rating for Tencent Holdings (00700) is "Buy" with a target price of 476 HKD, maintaining the rating [1]. Core Views - The acceleration of AI business implementation and the trend of platform interconnectivity are expected to create new growth points for the company [1]. - Tencent's new generation model "Tencent Mix Yuan Turbo" has shown significant performance improvements, with training efficiency up by 108%, inference efficiency up by 100%, and inference costs down by 50% compared to previous models [1]. - The company has integrated its AI infrastructure under the brand "Tencent Cloud Intelligence," which has already served 90% of domestic large model vendors [1]. - The gaming revenue is expected to continue to increase quarter-on-quarter in the second half of the year, supported by the launch of "Dungeon & Fighter: Origin" [1]. Summary by Sections Investment Rating - Current Price: 387.6 HKD - Target Price: 476 HKD - 6-Month Rating: Buy (Maintain Rating) [1]. Company Performance - Tencent's total shares outstanding: 9,342.57 million shares - Total market capitalization: 3,621,180.68 million HKD - Net asset value per share: 100.81 HKD - Debt-to-asset ratio: 43.95% [1]. AI Business Development - The new model "Tencent Mix Yuan Turbo" has achieved the highest score in domestic large model evaluations, outperforming competitors like GPT-4o [1]. - The company has nearly 700 internal business units utilizing the Mix Yuan model, with API calls reaching approximately 300 million [1]. Gaming Sector Insights - The new game "Delta Action" is set to launch on September 26, which may enhance Tencent's market position in the shooting game category [1]. - The performance of "Dungeon & Fighter: Origin" has been strong, consistently ranking high in the iOS game sales charts since its launch [1]. Investment Recommendations - The company is expected to see a gradual increase in gaming revenue in the second half of the year, with a focus on the operational rhythm of "Dungeon & Fighter: Origin" [1]. - As of September 23, 2024, the company's stock is projected to have a PE ratio of 16x/13x/12x for the years 2024/2025/2026, indicating a relatively low valuation compared to historical averages [1].

Investment Rating - Maintains an "Overweight" rating for the company [4][19] Core Views - The company reported its 2024 interim results, with the basic building materials segment still in loss, but the loss narrowed in Q2 The new materials segment, including fiberglass, blades, and membranes, continues to show incremental growth potential [5][20] - Revenue for the first half of 2024 reached RMB 83 471 billion, up 18 5% YoY, while net profit attributable to the parent company was -RMB 2 018 billion, turning from profit to loss, below expectations [5][20] - The company's cement and clinker sales volume in H1 2024 was 114 million tons, down 19 9% YoY, exceeding the industry's 10% decline in sales volume [5][20] - The new materials segment achieved revenue of RMB 23 55 billion in H1 2024, up 0 6% YoY, with a gross margin of 23 7%, down 2 30 percentage points YoY [5][20] - The engineering services segment achieved revenue of RMB 20 57 billion in H1 2024, up 1 7% YoY, with a gross margin of 18 6%, up 1 0 percentage point YoY [5][20] Financial Summary - Revenue for 2024E is projected to be RMB 183 306 billion, down 13% YoY, with net profit expected to be RMB 1 175 billion, down 70% YoY [7][22] - Revenue for 2025E is projected to be RMB 192 933 billion, up 5% YoY, with net profit expected to be RMB 2 276 billion, up 94% YoY [7][22] - Revenue for 2026E is projected to be RMB 204 757 billion, up 6% YoY, with net profit expected to be RMB 2 987 billion, up 31% YoY [7][22] Valuation and Market Data - The current stock price is HKD 2 20, with a 52-week price range of HKD 2 06-4 11 [6][21] - The current market capitalization is HKD 18 556 billion, with 8 435 million shares outstanding [6][21] - The target price is adjusted to HKD 3 23 based on a 25-year PE of 11 97x for comparable companies [5][20] Industry and Segment Analysis - The cement segment's loss narrowed in Q2, with industry-wide peak-shifting and price increase intentions strengthening in Q3 [5][20] - The new materials segment faces increased competition and price pressure, leading to a decline in profitability despite volume growth [5][20] - The engineering services segment saw growth in overseas and maintenance services, with overseas new contracts up 9% YoY and maintenance new contracts up 41% YoY in H1 2024 [5][20] Capital Expenditure and Financial Health - Capital expenditure in H1 2024 was RMB 13 billion, up 8% YoY, with a shift towards new materials, overseas investments, and equity investments [5][20] - The company's accounts receivable stood at RMB 86 6 billion, down RMB 3 4 billion YoY, with a debt-to-asset ratio of 60%, indicating manageable financial risks [5][20]