Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of 486 HKD, indicating a potential upside of 30.2% from the current closing price of 373.40 HKD [4]. Core Insights - Tencent is enhancing its product matrix, focusing on large model capabilities and accelerating their application in various scenarios. The company has upgraded its large model to "Hunyuan Turbo," which improves inference efficiency and decoding speed by 100% and 20%, respectively, at half the cost of the previous generation [1]. - Tencent Cloud has surpassed 11,000 ecosystem partners and serves over 2 million customers, demonstrating healthy and sustainable business growth. The number of partners with orders exceeding one million has also seen double-digit growth [1]. - The company is expanding its international digital solutions, helping businesses iterate commercially in their global strategies. For instance, ultra-low latency live streaming has improved interaction and transaction rates for e-commerce platforms [1][2]. Summary by Sections Product Development - Tencent has launched several new products, including the Tencent Cloud Intelligent Computing brand, which boasts superior performance and stability, with a daily failure rate one-third of the industry average. The training startup time is reduced to just one day [1]. - The introduction of the RAG solution allows for quick AI application development with minimal coding, supporting multi-modal retrieval and achieving double the industry average performance [1]. International Expansion - Tencent Cloud has accumulated over 10,000 overseas clients, with international business maintaining double-digit growth over the past three years. Notable clients include Meituan's Hong Kong delivery platform and the live streaming app JACO in Saudi Arabia [2]. - The report highlights Tencent's ability to enhance user experience and retention through improved server access speeds and upgraded product capabilities for international meetings, which have seen a nearly 50% increase in overseas meeting numbers since the beginning of the year [1][2].

Investment Rating - The report maintains a "Buy" rating for NIO Inc. with a target price of HKD 59.88, indicating a potential upside of 75.6% from the current price of HKD 34.10 [2][6]. Core Insights - NIO's automotive gross margin exceeded expectations, signaling a turning point for the company. The second quarter revenue was RMB 17.5 billion, showing a year-on-year increase of 98.9% and a quarter-on-quarter increase of 76.1%, slightly above expectations due to higher-than-expected sales volume. The automotive gross margin was 12.2%, higher than the anticipated 10-11% due to renegotiated supplier contracts leading to lower unit costs and a slight reduction in discounts and promotions [1][2][3]. - NIO expects third-quarter vehicle deliveries to be between 61,000 and 63,000 units, representing a year-on-year growth of approximately 10.0% to 13.7%. Total revenue is projected to be between RMB 19.11 billion and RMB 19.67 billion, marking a year-on-year growth of about 0.2% to 3.2%, both figures being historical highs for the company [1][3]. - The report anticipates a sequential improvement in automotive gross margins in the second half of the year, driven by increased sales and reduced promotions. The launch of the new model, the ET5, is expected to further support sales growth and margin improvement [1][2]. Financial Overview - Revenue projections for NIO are as follows: RMB 55.6 billion in 2023, RMB 62.8 billion in 2024, and RMB 86.4 billion in 2025, with year-on-year growth rates of 12.9%, 13.0%, and 37.5% respectively [3][7]. - The net loss is projected to decrease from RMB 20.8 billion in 2023 to RMB 16.9 billion in 2024, indicating a potential improvement in profitability over the next few years [3][7]. - The report highlights that the automotive gross margin is expected to improve further, with the new model, the L60, set to launch at a pre-sale price of RMB 219,900, which is anticipated to be the only option under RMB 200,000 for a swappable battery vehicle [1][2].

证券研究报告 | 半年报点评 gszqdatemark 2024 09 16 年 月 日 朝云集团（06601.HK） 公司稳步巩固市场地位，坚持高比例派息 公司上半年营收/净利润同增 10.3%/31.5%，坚持高比例派息。公司 2024 上半年实现营业收入 12.5 亿元，同增 10.3%，净利润实现 1.8 亿 元，同增 31.5%，产品及渠道结构持续优化叠加供应链提效，毛利率同比 提升 5.1pcts 至 46.4%，销售净利率同比提升 2.10pcts 至 14.07%。此外， 公司现金流强劲，截至 2024 上半年，现金、现金等价物及各项银行存款 总额达 26.65 亿元，中期派息每股 0.0538 元（即每股 0.0588 港元），对 应派息率达 40%。 家居护理业务稳步巩固市场地位，宠物业务高质量发展。2024 上半年分 品类来看：家居护理产品收入 11.6 亿元，同增 11.5%，驱蚊类爆品表现 向好，如超威驱蚊小绿瓶、免拆蚊香等全渠道 GMV 分别同增 1057%/89%， 根据尼尔森统计，公司在杀虫驱蚊/洁厕品类市场份额均位列第一，市占率 分别达 17.5%/20.7%；宠物及宠物产品 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.9 per share [5] Core Views - The company reported H1 2024 revenue of HKD 2,402.5 million, a slight decrease of 0.1% YoY, while net profit attributable to shareholders increased by 0.4% YoY to HKD 304.5 million [2] - Gross margin improved by 0.4 percentage points to 26.4% in H1 2024 [2] - The aerospace sector showed strong growth, with revenue increasing by 35.3% YoY, driven by global market recovery and new product launches [2] - Traditional industrial sectors faced pressure, with engineering machinery revenue down 16.9%, agricultural machinery down 14.0%, and leisure marine & vehicle revenue down 25.9% [2] - The company's new factories in Mexico are fully operational, with 3 expected to break even by end-2024 and 2 aerospace and surface treatment facilities to start mass production in H2 2025 [2] - The company's global diversification strategy is paying off, with aerospace and medical equipment sectors expected to become new growth drivers [2] Financial Performance - Revenue is projected to grow at a CAGR of 8.7% from 2024E to 2026E, reaching HKD 5,980 million by 2026E [4] - Net profit attributable to shareholders is expected to grow from HKD 613 million in 2024E to HKD 786 million in 2026E, representing a CAGR of 13.2% [4] - EPS is forecasted to increase from HKD 0.32 in 2024E to HKD 0.42 in 2026E [4] - ROE is expected to remain stable at around 11.2%-11.5% from 2024E to 2026E [4] Strategic Developments - The company's global diversification strategy is mitigating market cyclical risks, with aerospace and medical equipment sectors poised to become new growth engines [2] - The company is accelerating capacity expansion in Mexico to address tariff risks, with 5 new factories already completed in H1 2024 [2] - The US market accounted for 45.4% of total revenue in H1 2024, with Mexico contributing 10% of total capacity in 2023 [2]

| --- | --- | --- | |-------------------------|-------|------------------------------| | 交银国际研究 \n消息快报 | | | | 汽车及工业行业 | | 2024 年 9 月 12 日 | | 汽车及工业行业 | | | | | | | 时代电气（3898 HK）：大规模检修和以旧换新有望带动增长 我们参加了时代电气（3898 HK/未评级）的反向路演活动，以更新公司近况和 前景： 大规模检修和设备以旧换新有望带动轨道交通装备业务增长。根据过往数 据，和谐机车/高速动车组的 C6 修/C5 修平均周期大概是 12 年。和谐号机 车于 2019 年进入 C6 修，2022 年开始逐步放量，近几年处于相对高峰期； 高速动车组于 2010 年大批量投运，2020 年首次进入五级修，由于修程修 制改革，检修的高峰期延迟了近两年，公司预计 2024-2027 年将处于高级 修的相对高峰期。以旧换新方面，国家铁路局于 2024 年 2 月提出，到 2027 年达年限之老旧内燃机基本淘汰，随着更新补贴政策的完善，我们 预计有望给时代 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 81.89 [5]. Core Insights - The company’s drug, Ivosidenib, has shown unprecedented results in the HARMONi-2 study, nearly doubling the median progression-free survival (mPFS) compared to Keytruda, achieving 11.14 months versus 5.82 months [1][9]. - Ivosidenib's single-agent "de-chemotherapy" regimen is expected to become the first-line treatment for lung cancer patients with positive PD-L1 expression, with a New Drug Application (NDA) accepted in August [2]. - The overseas value of Ivosidenib is anticipated to be re-evaluated, with peak sales in the U.S. projected to exceed USD 4.5 billion [3][26]. Summary by Sections HARMONi-2 Study Results - The HARMONi-2 study demonstrated that Ivosidenib significantly outperformed Keytruda in mPFS, with a hazard ratio (HR) of 0.51, indicating a 49% reduction in the risk of disease progression or death [1][11]. - The study included a diverse patient population, with 42.2% having high PD-L1 expression, and showed consistent results with previous studies, enhancing the credibility of the findings [10][11]. Single-Agent Efficacy - Ivosidenib achieved an mPFS of 11.1 months, outperforming Keytruda combined with chemotherapy in two Phase III studies, indicating its potential as a first-line treatment option [2][13]. - The safety profile of Ivosidenib is favorable, with a discontinuation rate of only 1.5% due to adverse events [16]. Clinical Development and Market Potential - The company is accelerating clinical development for Ivosidenib, with plans for further studies in various cancers, including colorectal and triple-negative breast cancer [3][26]. - Financial projections estimate revenues of CNY 26.5 billion, CNY 40.6 billion, and CNY 64.2 billion for 2024, 2025, and 2026, respectively, with a net profit forecasted to turn positive by 2025 [4][27].

证 券 研 究 报 告 华润电力（0836.HK） 2024-09-16 星期一 | --- | --- | |------------|--------------| | | | | 目标价： | 24 港元 | | 现 价： | 18.52 港元 | | 预计升幅 : | 30% | | --- | --- | |---------------------|--------------------------| | | | | 日期 | 2024-09-13 | | 收盘价（港元） | 18.52 | | 总股本（百万股） | 4,810 | | 总市值（亿港元） | 891 | | 净资产（百万港元） | 110,617 | | 总资产（百万港元） | 346,778 | | 52 周高低（港元） | 24.88/12.91 | | 每股净资产（港元） | 18.81 | | 数据来源： Wind | 、国元证券经纪（香港）整 | 理 主要股东 华润集团（电力）有限公司（62.93%） 相关报告 深度报告-20210608 更新报告-20220124 更新报告-20220322 投资要点 ➢ 煤价下行， ...

| --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating to the company 康方生物 (9926 HK) with a target price of HKD 77.00, indicating a potential upside of 38.0% from the current price of HKD 55.80 [2][13]. Core Insights - The report highlights that the clinical data for the drug 依沃西 (Ivonescimab) in head-to-head trials against K drug exceeded market expectations, positioning it as a potential cornerstone in immuno-oncology [1][2]. - The report anticipates that 依沃西 will receive approval for treating 1L PD-L1+ NSCLC in China in the first half of 2025, with a global Phase III trial (HARMONi-7) set to commence soon [2]. Summary by Sections Clinical Data - The Phase III trial data for 依沃西 showed a progression-free survival (PFS) hazard ratio of 0.51, with median PFS of 11.14 months for the 依沃西 group compared to 5.82 months for the K drug group [1]. - The 9-month PFS rates were 56% for 依沃西 versus 40% for the K drug, with significant improvements across various subgroups [1]. Safety Profile - The safety profile of 依沃西 was validated, showing a lower incidence of severe treatment-related adverse events (TRAE) compared to the K drug [1]. - The incidence of grade 3 or higher TRAE was 29.4% for 依沃西 versus 15.6% for the K drug, with a discontinuation rate due to TRAE of only 1.5% [1][7]. Financial Projections - Revenue projections for 康方生物 are set at RMB 2,692 million for 2024, with a significant increase to RMB 4,342 million in 2025 and RMB 5,989 million in 2026 [4][11]. - The net profit is expected to improve from a loss of RMB 302 million in 2024 to a profit of RMB 683 million in 2025 and RMB 1,664 million in 2026 [4][11]. Valuation Model - The discounted cash flow (DCF) model estimates the equity value of 康方生物 at RMB 60,609 million, translating to a per-share value of HKD 77.00 [12][14].

8 月整体销量同环比增长，极氪智驾能力提 升 核心观点 ⚫ 吉利汽车 8 月销量表现亮眼。8 月吉利汽车总销量 18.12 万辆，同比增长 21.5%，环 比增长 20.2%；其中新能源汽车销量 7.55 万辆，同比增长 64.9%，环比增长 27.8%；出口 4.50 万辆，同比增长 97.5%，环比增长 39.1%。根据乘联会数据，8 月 1-25 日国内乘用车批发销量同比下降 2%，环比增长 11%，预计吉利汽车整体销 量同环比增速大幅好于行业平均水平。 ⚫ 极氪品牌销量同环比稳步向上，产品智驾能力提升。8 月吉利品牌销量 14.07 万辆， 同比增长 19.0%，环比增长 23.6%；1-8 月累计销量 99.64 万辆，同比增长 28.4%。 其中吉利银河 8 月销售 2.65 万辆，环比增长 58.7%，连续六个月实现环比正增长， 累计销量 12.46 万辆；吉利中国星·高端系列 8 月销售 3.49 万辆，同比增长 1.9%。 8 月极氪品牌销量 1.80 万辆，同比增长 46.4%，环比增长 15.1%；1-8 月累计销量 12.15 万辆，同比增长 81.5%，极氪品牌累计销量超过 31 万 ...