Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% [3][4]. Core Insights - The company's Q2 mobile game revenue grew by 16% year-on-year, outperforming the industry average decline of 5.7%, with significant contributions from titles like "Dreamland Mobile" and "Identity V" [3]. - The outlook for the second half of the year is positive, with expectations for growth driven by new PC game releases and the stabilization of existing titles [3][4]. - Online music revenue increased by 27% year-on-year, indicating strong growth potential in this segment despite some offset from a strategic reduction in live streaming [3][4]. Financial Data and Earnings Forecast - Revenue projections for 2024E, 2025E, and 2026E are estimated at 107,588 million RMB, 119,644 million RMB, and 127,182 million RMB respectively, with growth rates of 4%, 11%, and 6% [2][6]. - Adjusted net profit for 2024E, 2025E, and 2026E is forecasted to be 32,822 million RMB, 36,374 million RMB, and 39,738 million RMB, reflecting growth rates of 0%, 11%, and 9% [2][6]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 11x in 2024 to 9x in 2026, indicating a potentially undervalued stock [4].

司点评报 外 研 究 | --- | --- | |--------------------------------------|-------------------------------------| | | | | 日期 | 2024-9-13 | | 收盘价（港元） | 5.70 | | 总股本（亿股） | 35.86 | | 流通股本（亿股） | 35.86 | | 归母净资产（亿元） | 79.47 | | 总资产（亿元） | 130.43 | | | | | 每股归母净资产（元） 数据来源： Wind | 2.22 ，兴业证券经济与金融研究院整理 | hongjiajun@xyzq.com.cn SFC：BPL829 SAC：S0190519080002 zhouluyun@xyzq.com.cn SAC：S0190522070002 请注意：周路昀并非香港证券及期货 事务监察委员会的注册持牌人，不可 在香港从事受监管的活动 ＃海e外m研ail究Author＃ 洪嘉骏 | --- | --- | --- | --- | --- | |------------------------------ ...

Investment Rating - The report assigns a "Buy" rating to the company, with an expected relative return of over 20% compared to the Hang Seng Index within 6 months [14] Core Views - The company's revenue remains stable, but profits and operating cash flow are under pressure [1][2] - Management scale continues to grow steadily, with an increasing proportion of new residential projects [3] - Property management income accounts for a larger share, and community value-added services perform well [4] Financial Performance - Revenue in H1 2024 reached RMB 21.05 billion, a year-on-year increase of 1.5% [1] - Core net profit attributable to shareholders was RMB 1.84 billion, down 31.7% year-on-year [1] - Gross profit margin in H1 2024 was 21.16%, a decrease of 3.72 percentage points compared to the same period last year [2] - Net profit margin in H1 2024 was 7.34%, down 4.66 percentage points year-on-year [2] Business Segments - Property management services generated RMB 12.75 billion in revenue, accounting for 60.6% of total revenue [4] - Community value-added services revenue increased by 6.0% to RMB 1.998 billion [4] - Non-owner value-added services revenue decreased by 63.4% to RMB 356 million [4] - Three-supply-one-industry business revenue grew 23.8% to RMB 3.345 billion [4] Management Scale - Contract management area reached 1.635 billion square meters, excluding three-supply-one-industry business [3] - Charged management area increased by 9.78% to 1.006 billion square meters [3] - Residential projects contributed 48.7% of new annualized contract and entry income in H1 2024 [3] Valuation and Forecast - 2024-2026 EPS forecasts are RMB 0.34, 0.36, and 0.38 respectively [5] - 2024-2026 P/E ratios are projected at 10.69x, 9.93x, and 9.50x [5] - 2024-2026 net profit forecasts are RMB 1.121 billion, 1.207 billion, and 1.261 billion [5]

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price range of HKD 85.34-94.83 per share, corresponding to a market capitalization of HKD 35.8-39.8 billion [4][15] Core Views - The company is a leading humanoid robotics enterprise in China, with a comprehensive layout across multiple scenarios, positioning it for significant growth potential [1] - The company has a strong presence in the education and logistics sectors, ranking first in the education segment with a 22.5% market share [2] - Revenue has grown steadily from RMB 740 million in 2020 to RMB 1.056 billion in 2023, with a CAGR of 12.55% [2] - The company maintains a high R&D investment, with a 50% R&D expense ratio and 2,450 authorized patents as of June 2024 [2] - The humanoid robotics industry is poised for rapid growth, driven by AI advancements and policy support, with the company well-positioned to benefit from this trend [2] Market Performance - The stock price closed at HKD 81.90 on September 17, 2024, with a 52-week range of HKD 69.80-328.00 [1] - The company has a total market capitalization of HKD 34.362 billion, with 420 million shares outstanding [1] Financial Performance - Revenue for H1 2024 reached RMB 523 million, a 100.18% YoY increase, with a gross margin of 38.01% [2] - Net loss narrowed to RMB 516 million in H1 2024, a slight improvement YoY [2] - Revenue is expected to grow to RMB 1.812 billion in 2024, RMB 2.468 billion in 2025, and RMB 3.188 billion in 2026, with net losses gradually decreasing [4] Business Segments - **AI Education**: Revenue for 2023 was RMB 347 million, with a 112.9% YoY increase in H1 2024 Expected revenue growth of 100%/30%/20% for 2024/2025/2026, with gross margins improving to 45%/50%/55% [5] - **Logistics**: Revenue for 2023 was RMB 390 million, with a 47.9% YoY increase Expected revenue growth of 45%/30%/20% for 2024/2025/2026, with gross margins stabilizing at 14%/13%/12% [6] - **Customized Solutions**: Revenue for 2023 was RMB 62 million, with a 309.5% YoY increase in H1 2024 Expected revenue growth of 70%/100%/100% for 2024/2025/2026, with gross margins improving to 50%/55%/60% [7] - **Smart Hardware**: Revenue for 2023 was RMB 254 million, with a 105.5% YoY increase in H1 2024 Expected revenue growth of 70%/40%/30% for 2024/2025/2026, with gross margins stable at 30% [7] Industry Outlook - The humanoid robotics industry is expected to be a disruptive technology, integrating AI, advanced manufacturing, and new materials [2] - The company has established partnerships with major automotive and logistics companies, including Dongfeng Liuzhou, Geely, and SF Express, to build an application ecosystem for humanoid robotics [2]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Views - The company has shown strong growth in student enrollment for the 2024 autumn semester, with a total of approximately 130,000 students, a 30% increase from the previous year. The number of high school students served by the company has increased by 46% to about 54,000 [2][5] - The company has been included in the Hong Kong Stock Connect, which is expected to enhance its market visibility and investor interest [2] - The company is actively expanding its management services through partnerships, as evidenced by a recent agreement with local government entities for school management services [2] Summary by Relevant Sections Business Update - The company has successfully completed its enrollment for the 2024 autumn semester, with a significant increase in high school student numbers, indicating strong growth potential in its high school business [2][5] - The management services business is progressing faster than previously anticipated, with a plan to add 30-50 new segments annually, which is expected to contribute positively to revenue growth [12][20] Financial Projections - Revenue forecasts for 2024-2026 are set at 31.87 billion, 43.64 billion, and 59.18 billion yuan respectively, with a compound annual growth rate (CAGR) for net profit of 41.7% [20] - The company has also initiated a share buyback program, demonstrating confidence in its future growth prospects [20] Growth Drivers - The company is focusing on enhancing its brand and educational quality, which is crucial for achieving its long-term goals, including a target of 100 students admitted to top universities by 2027 [9][20] - The growth in external market revenues from various business segments, including e-commerce and educational services, is expected to provide significant revenue elasticity [16][20]

憶证券 轻工制造/文娱用品 公 司 研 究 产品场景化布局助力 IP 集团化推进，成长空间可期 泡泡玛特（09992.HK） 2024 年 09 月 18 日 ——港股公司深度报告 投资评级：买入（维持） | --- | --- | --- | |---------------------------|---------------------------|---------------------------| | | | | | 吕明（分析师） | 周嘉乐（分析师） | 骆扬（联系人） | | lvming@kysec.cn | zhoujiale@kysec.cn | luoyang@kysec.cn | | 证书编号： S0790520030002 | 证书编号： S0790522030002 | 证书编号： S0790122120029 | | --- | --- | |-------------------------|---------------| | 日期 | 2024/9/17 | | 当前股价 ( 港元 ) | 49.250 | | 一年最高最低 ( 港元 ) | 49.500/16.9 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.90, representing a potential upside of 24.5% from the current price of HKD 2.33 [2]. Core Insights - The second quarter performance of the company met expectations, with a slight quarter-on-quarter increase in gross gaming revenue of 0.1% to HKD 6.89 billion, recovering to 69.9% of the 2019 level [1]. - The market share of the company increased by 0.2 percentage points to 12.6% in the second quarter, with further improvement noted in July and August, reaching 13.5% [1]. - The performance of "The Venetian" and other self-operated venues showed mixed results, with "The Venetian" experiencing a 5.0% decline in gaming revenue, while other venues saw slight increases [1]. - "The Parisian" recorded a revenue of HKD 1.54 billion, with a quarter-on-quarter growth of 9.3%, and its EBITDA increased by 17.2% to HKD 104 million [1]. - The company is expected to benefit from the recovery of Macau's gaming market, with long-term growth and competitive advantages anticipated from "The Parisian" [1]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported a net income of HKD 6,678.6 million, with a projected increase to HKD 27,911.4 million in 2024, reflecting a growth rate of 29.1% [3]. - EBITDA is expected to rise from HKD 1,727.0 million in 2023 to HKD 3,721.2 million in 2024, indicating a growth rate of 115.5% [3]. - The net profit is projected to turn positive in 2024, reaching HKD 288.3 million, compared to a loss of HKD 2,009.8 million in 2023 [3]. - The company’s cash position is approximately HKD 34.3 billion, with net debt around HKD 235.3 billion [1].

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **HKD 2.03**, representing a **34.6% upside** from the current price of HKD 1.51 [2][3] Core Views - The company's **fruit retail business is under pressure**, with a **11.1% YoY decline** in revenue and a **66.1% YoY drop** in net profit in 1H24 [2] - **Direct sales business continues to grow rapidly**, with domestic and overseas direct sales increasing by **30.2% and 29.4% YoY**, respectively, driven by expanded market coverage and partnerships [2] - The company's **store count remains stable** at 6,025 as of June 30, 2024, with a net increase of 67 stores YoY [2] - The company has implemented a **new strategy** focusing on becoming a **high-quality fruit expert and leader**, which has shown initial success with **42 proprietary fruit brands** and a **16% share** of total retail sales [2] - The report forecasts **net profits of RMB 1.9/2.8/3.6 billion** for 2024-2026, driven by strategic adjustments and growth in direct sales and overseas C-end business [2] Financial Performance - **Revenue** is expected to decline by **11.4% YoY** in 2024 to RMB 10,095.6 million, followed by a **4.4% increase** in 2025 and a **6.5% increase** in 2026 [1][6] - **Net profit attributable to shareholders** is projected to drop by **46.3% YoY** in 2024 to RMB 194.1 million, with a recovery of **43.2% YoY** in 2025 and **27.9% YoY** in 2026 [1][6] - **Basic EPS** is forecasted to decrease to **12.33 RMB cents** in 2024, recovering to **17.65 RMB cents** in 2025 and **22.58 RMB cents** in 2026 [1][6] - The **P/E ratio** is expected to rise to **12.2x** in 2024, then decline to **8.6x** in 2025 and **6.7x** in 2026 [1][6] Business Segments - **Fruit and other food sales** accounted for **RMB 5.44 billion** in 1H24, down **11.1% YoY**, while **other income** grew by **72.1% YoY** to RMB 50 million [2] - **Franchise fees and franchise income** declined by **31.8% YoY** to RMB 70 million, and **membership income** dropped by **19.9% YoY** to RMB 40 million [2] - **Online channel revenue** fell by **61.1% YoY** to RMB 60 million, reflecting challenges in the retail environment [2] Strategic Initiatives - The company has expanded its **supply chain efficiency** and **2B market share** through the acquisition of **Shenzhen Ban Guo**, targeting small and medium-sized fruit suppliers [2] - The **C-end overseas expansion** is expected to break the **store opening ceiling**, with the company announcing its official entry into overseas markets in September 2024 [2] - The company's **proprietary fruit brands** now account for **16% of total retail sales**, up **2 percentage points YoY**, with **5 new brands** launched in 1H24 [2] - **Gift sales** contributed **13.0%** of total sales in 1H24, up **2.4 percentage points** from 2023, driven by holiday promotions [2] Industry Comparison - The company's **P/E ratio** of **6.0x** for 2024 is lower than the **simple average of 30.3x** for the retail industry, indicating potential undervaluation [5] - The company's **CAGR for 2024-2026** is projected at **8.4%**, lower than the **23.1% average** for the retail industry but higher than some peers like **Tianhong Digital Commerce** (9.6%) [5] - The company's **PEG ratio** of **1.1x** for 2024 is in line with the industry average, suggesting balanced growth and valuation [5]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 57.3, indicating a potential upside of 31.65% from the current price of HKD 43.5 [1][3]. Core Insights - The company has shown significant improvement in profitability, with a revenue increase of 32.1% year-on-year to HKD 188.6 billion for the first half of 2024, and a net profit increase of 147.1% to HKD 10.8 billion [2][3]. - The mobile phone industry is experiencing a recovery in demand, and the company's product mix is continuously optimizing, leading to a forecasted increase in mobile lens shipments by 5-10% year-on-year [2][3]. - The automotive and AR/VR sectors are also expanding, with automotive revenue growing by 16.4% to HKD 28.8 billion and AR/VR revenue skyrocketing by 111.4% to HKD 9.9 billion [2][3]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are HKD 383.9 billion, HKD 437.8 billion, and HKD 478.8 billion respectively, with net profits expected to be HKD 22.7 billion, HKD 28.7 billion, and HKD 33.4 billion [3][5]. - The company maintains a gross margin of 17.2%, which is an increase of approximately 2.3 percentage points compared to the previous year, with operational expenses kept below 12% [2][5]. - The company has a market capitalization of HKD 476.24 billion and a share capital of 1.095 billion shares [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 10.78 per share, reflecting a potential upside from the current market price [1][5]. Core Insights - The company achieved a revenue of HKD 2.927 billion in H1 2024, representing a year-on-year growth of 11.9%, while the net profit attributable to shareholders was HKD 308 million, down 13.8% year-on-year. The company announced an interim dividend of HKD 292 million, with a payout ratio of 94.87% [1][2]. - The performance of hot pot base materials remained stable, with significant growth in compound seasonings and instant food segments, driven by new product launches and improved channel management [2]. - The gross margin for H1 2024 was 30.0%, a decrease of 0.5 percentage points year-on-year, primarily due to price reductions on products sold to related parties. The net profit margin fell by 3.2 percentage points to 10.5% [3]. - The company emphasizes its high dividend investment value, supported by strong cash flow and low financial pressure, indicating a commitment to returning value to shareholders [4]. Financial Summary - For the fiscal year 2024, the company is projected to generate total revenue of HKD 6.870 billion, with a year-on-year growth of 11.75%. The net profit is expected to be HKD 815.1 million, reflecting a decline of 4.41% [7][8]. - The earnings per share (EPS) for 2024 is forecasted at HKD 0.79, with a price-to-earnings (PE) ratio of 12.61 based on the closing price of HKD 10.78 [5][8]. - The company’s financial metrics indicate a stable gross margin of around 30.51% to 31.58% over the next few years, with a projected return on equity (ROE) of approximately 18% by 2026 [7][8].