Investment Rating - The report maintains a "BUY" rating for Haier Smart Home with a target price (TP) of HK$ 31.58, reflecting an upside potential of 31.3% from the current price of HK$ 24.05 [2][3]. Core Insights - The sales growth slowdown in 2Q24 was unexpected, but margin improvements were notable. The outlook for 2H24 is positive, driven by government subsidies, potential interest rate cuts, new product launches, and margin recovery in the EU [2][6]. - The "old for new" trade subsidies initiated in August 2024 are expected to favor high-end products, with significant sales growth observed in home appliances, particularly in Hubei province, where sales increased by 30% YoY [2][6]. - Haier's FY24E guidance remains unchanged, targeting mid-single-digit sales growth in China and over 10% growth overseas, with specific categories like air-conditioners and kitchen appliances expected to perform well [2][6]. Financial Summary - Revenue projections for FY24E are set at RMB 273.7 billion, with a YoY growth of 4.7%. Net profit is expected to reach RMB 19.6 billion, reflecting a 15.2% growth [3][12]. - The report indicates a fine-tuning of net profit forecasts for FY24E, FY25E, and FY26E by +1%/-1%/-1% respectively, accounting for slower sales growth but improved operating leverage and efficiency gains [2][7]. - The earnings summary shows a consistent increase in revenue and net profit over the forecast period, with net profit margins improving from 7.1% in FY24E to 7.7% in FY26E [3][12]. Market Position and Competitive Advantage - Haier is positioned to benefit from the ongoing subsidy programs, with a significant portion of local sales companies and distributors engaged in discussions with the government [2][6]. - The company is expected to leverage its market leadership to capture more high-end demand, with Casarte brand products showing exceptional sales growth [2][6]. - The report highlights Haier's strategic focus on high-end product sales and operational efficiencies, which are anticipated to enhance gross and operating margins in the upcoming periods [6][7].

Investment Rating - The investment rating for the company is "Outperform" [1] Core Views - The company is expected to achieve high-quality growth in FY24, with revenue increasing by 17.3% to 5.238 billion [3][5] - The net profit attributable to shareholders is projected to rise by 36.7% to 849 million [3][5] - The company maintains a high dividend yield of 12.1% for FY24, with a proposed final dividend of 0.86 HKD per share [4][5] Summary by Sections Financial Performance - FY24 revenue is expected to grow by 17.3% to 5.238 billion, with online and offline revenue increasing by 17.1% and 18.4% respectively [3][5] - Comparable same-store sales are projected to improve by 10.7% [3] - The net profit for FY24 is forecasted to increase by 36.7% to 849 million, with a net profit margin rising by 2.3 percentage points to 16.2% [3][5] Brand Performance - Revenue growth for mature, growing, and emerging brands is expected to be 17.1%, 17%, and 28.7% respectively [4] - The gross profit margin for FY24 is anticipated to be 66.25% [5] - The operating profit margin is projected to improve significantly across different brand categories [4] Store Expansion and Membership - The company plans to open a net of 34 stores in FY24, with a focus on maintaining core membership [4] - Active membership accounts are expected to reach 556,000, a year-on-year increase of 9.4% [4] Dividend and Valuation - The company plans to maintain a high dividend payout ratio of 97%, with a forecasted dividend yield of 9.8% for FY25 [4] - The estimated net profit for FY25 is projected at 888 million, with corresponding EPS of 1.71 HKD [5][7] - The company is valued at a P/E ratio of 9-10X for FY25, with a target price range of 16.75-18.62 HKD per share [4][5]

证券研究报告 港股公司|公司点评|中国财险（02328） 车险及非车险保费增速均延续向好 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月17日 证券研究报告 |报告要点 公司发布 2024 年 8 月保费收入公告，8 月当月公司实现保费收入 373.75 亿元，同比+7.0%， 其中车险同比+4.4%、非车险同比+12.2%，车险及非车险保费增速均延续向好。鉴于公司稀缺 的商业模式和较高的 ROE，我们维持"买入"评级。 |分析师及联系人 SAC：S0590522100001 刘雨辰 朱丽芳 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年09月17日 中国财险(02328) 车险及非车险保费增速均延续向好 | --- | --- | --- | |------------|---------------------|----------------| | | | | | | 行 业： | 非银金融/保险Ⅱ | | | 投资评级： | 买入（维持） | | | 当前价格： | 10.08 港元 | | 基本数据 | | | | 总 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 96.10, indicating a potential upside of 29.1% from the current closing price of HKD 74.45 [1][5]. Core Insights - The company is expected to achieve stable performance in FY2024, with revenue projected to increase by 8.9% year-on-year to approximately HKD 77.5 billion, driven by a low base from the previous year and recovery across various business lines [1]. - Rental income is anticipated to reach HKD 20 billion, with a 1.7% year-on-year increase in the first half of FY2024, particularly benefiting from a 3.5% growth in the retail segment [1]. - The report has revised down revenue and profit forecasts for FY2024/25/26, reflecting a decline in development profit margins and increased interest costs due to a high-interest environment [1]. Financial Summary - Revenue (in million HKD): - FY2022: 77,747 - FY2023: 71,195 - FY2024E: 77,541 - FY2025E: 84,049 - FY2026E: 88,737 - Core Profit (in million HKD): - FY2022: 28,729 - FY2023: 23,885 - FY2024E: 22,303 - FY2025E: 24,414 - FY2026E: 26,248 - The report indicates a projected core profit decline of approximately 7% year-on-year to HKD 22.3 billion for FY2024 [4][6]. Market Context - The report highlights that recent adjustments in stamp duty and mortgage policies will significantly reduce the acquisition costs for small to medium-sized units, positioning the company favorably in the mid-market segment [1]. - The recovery in rental income and moderate revival in tourism are expected to enhance consumer spending and tenant capacity in the company's mid to high-end shopping malls [1].

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company's big data business has achieved significant breakthroughs, with a strong order backlog supporting future growth. In the first half of 2024, revenue from big data products and solutions reached 1.277 billion yuan, a year-on-year increase of 17%, with a compound annual growth rate (CAGR) of 26% over the past four years. Excluding the impact of a subsidiary, revenue growth was 31% year-on-year, with a CAGR of 51% [5][6] - The company places a high emphasis on technology research and development, continuously advancing AI application scenarios. The dual-core technology approach, focusing on standardized products and solutions, aims to enhance operational efficiency and reduce costs for enterprises [4][6] - The company's overseas revenue has been growing, with a 55% year-on-year increase in the first half of 2024, marking a rise in the proportion of overseas income from 1% in the first half of 2022 to 7% in the first half of 2024 [6][7] Financial Summary - The company's revenue for 2023 is projected at 18.277 billion yuan, with a year-on-year growth of 3%. The net profit is expected to recover to 506 million yuan in 2024, following a significant loss in 2023 [5][9] - The gross profit margin is expected to improve from 14.67% in 2023 to 15.64% in 2024, with a projected net asset return rate of 7.44% in 2024 [5][9] - The company has a strong cash flow position, with operating cash flow expected to reach 988 million yuan in 2024 [10]

Investment Rating - The report assigns a recommendation for investors to accumulate shares during price dips, indicating a positive outlook for the company [1]. Core Insights - The company reported a significant net profit increase of 38.9% year-on-year for the first half of 2024, driven primarily by improved profitability in its thermal power segment due to lower coal prices [1]. - The renewable energy segment is expected to accelerate its capacity installation, targeting an additional 10GW in 2024, contributing to the company's long-term growth strategy [1]. - The current valuation corresponds to a PE ratio of 6.0 for 2024, with a projected dividend yield of 6.5%, suggesting potential for share price appreciation [1]. Summary by Sections Financial Performance - For 2024H1, the company achieved a net profit of HKD 93.6 billion, with total revenue remaining stable at HKD 511.2 billion and operating profit increasing by 26.4% to HKD 132.7 billion [1]. - The core business net profit, excluding certain one-time items, grew by 23.8% to HKD 82.7 billion, with earnings per share (EPS) rising by 39.3% to HKD 1.95 [1]. Thermal Power Segment - The thermal power segment's revenue slightly decreased by 2.8% to HKD 379.7 billion, but core profit surged by 274% to HKD 27.1 billion due to a 10.6% drop in benchmark coal prices [1]. - The average on-grid electricity price for coal power fell by 3% to RMB 416.7/MWh, while the unit fuel cost decreased by 10.7% to RMB 276.5/MWh [1]. Renewable Energy Segment - The renewable energy segment's revenue increased by 5.8% to HKD 131.5 billion, but core profit declined by 6.7% to HKD 55.6 billion due to a decrease in wind resource availability [1]. - Wind power sales volume rose by 6.9% to 224 billion kWh, but the utilization hours dropped by 9.5% to 1223 hours [1]. - The company aims to achieve a total of 40GW of new renewable energy installations by the end of the 14th Five-Year Plan [1]. Future Outlook - The company plans to accelerate renewable energy installations, with a target of 10GW for 2024 and a total operational capacity of 80.3GW by mid-2024 [1]. - The anticipated net profit for 2024 is projected to reach HKD 146.7 billion, maintaining a dividend payout ratio of 40% [1].

交银国际研究 | --- | --- | --- | --- | --- | |----------|--------------------------------------------|----------------------|----------------|-----------------------------| | 公司更新 | | | | | | | | | | | | 汽车 | 收盘价 港元 6.50 | 目标价 港元 6.24 | 潜在涨幅 -4.0% | 2024 年 9 月 3 日 | | 绿源集团 | (2451 HK) | | | | | | 企业和机构客户拓展顺利，上半年收入逆势增长 | | | | 上半年收入逆势增长，盈利能力稳定。2024 上半年公司收入 25.3 亿元（ 人民币，下同），同比增 3.2%，其中电动自行车收入同比增 25.1%至 15.5 亿元，ASP 和销量分别同比-5.4%/+32.2%。公司严控费用，上半年营 销费用率/管理费用率/研发费用率分别为 6.0%/2.1%/3.6%，整体费用率同 比降 0.4 个百分点至 11.6%。净利润同比增 9. ...

交银国际研究 财务模型更新 资料来源：FactSet，公司资料，交银国际预测 收盘价 目标价 潜在涨幅 港元 3.95 港元 3.36↓ -14.9% 新能源 2024 年 9 月 2 日 凯盛新能 (1108 HK) 2 季度亏损加大，维持中性 我们下调了凯盛新能的盈利预测及估值。我们认为光伏玻璃价格将在较长时 间内维持低位，因此维持公司中性评级，考虑到玻璃价格跌幅超预期，基于 0.43 倍 2024 年市净率（相比龙头福莱特（6865 HK）目前的 0.97 倍折让约 55%，这一幅度为今年以来平均水平），下调目标价至 3.36 港元。 2 季度亏损加大，和龙头毛利率差距扩大：公司 2 季度归母净亏损 4843 万 元，相比 1 季度的 635 万元亏损加大，符合业绩预告，低于我们预期，收 入环比增长 7.2%，毛利率 5.9%，环比下降 2.3 个百分点，创出新低，并计 提 2606 万元存货减值。公司上半年光伏玻璃产/销量 1.96/1.94 亿平米，同 比增长 27%/31%，毛利率 6.9%，相比龙头 21%以上的毛利率，差距扩大。 公司 4 月点火洛阳 1200 吨产线，7 月冷修合肥 650 ...

[Table_Page]跟踪研究|制药、生物科技与生命科学 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------|-----------------------------------------------------------|-----------------------------------------------|----------------------|--------------------------------------|----------------------------------------------------| | | [Table_Ti ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 6.30, indicating a potential upside of 32.1% from the current price of HKD 4.77 [1][2][3]. Core Insights - The report highlights a slowdown in growth for the first half of 2024, with revenue expected to increase by 9.0% year-on-year to approximately RMB 6.838 billion. The overall revenue growth for the year is projected to slow to around 10% due to market adjustments [2]. - The gross profit margin for the first half of 2024 improved by 0.8 percentage points to 16.8%, outperforming the general decline seen in peers [2]. - The company achieved a balance between scale expansion and profit, maintaining a target of 1:1 for internal and external growth in property management [2]. - The report anticipates that the company will continue to achieve double-digit growth in revenue and profit over the next two to three years, supported by strong external expansion capabilities and stable delivery from state-owned enterprises [2]. Financial Summary - Revenue projections for the company are as follows: - 2024E: RMB 14.337 billion (growth of 9.9%) - 2025E: RMB 16.514 billion (growth of 15.2%) - 2026E: RMB 18.930 billion (growth of 14.6%) [3][7]. - Core profit estimates are projected to be: - 2024E: RMB 1.544 billion - 2025E: RMB 1.785 billion - 2026E: RMB 2.058 billion [3][7]. - The report notes a decrease in net profit forecasts for 2024 and 2025 by approximately 17.5% and 26.1%, respectively, due to the downward adjustment in revenue expectations [2][3]. Market Performance - The company's stock has seen a year-to-date decline of 18.60%, with a 52-week high of HKD 9.58 and a low of HKD 4.05 [5][6]. - The average daily trading volume is reported at 5.61 million shares, with a market capitalization of approximately HKD 15.664 billion [5].