Investment Rating and Target Price - The report initiates coverage on Qifu Technology-S (3660 HK) with a "Buy" rating and a target price of HKD 114.30 [1] - The target price is derived from the average of PE (6.5x 2024E PE) and DCF (50-year forecast period, cost of equity 22.6%) valuation methods [2] Core Business Overview - Qifu Technology is a leading consumer credit platform in China, with a loan balance of RMB 157.8 billion and 250 million registered users as of 2Q24 [2] - The company primarily offers small-ticket (average loan size of RMB 7,500) and short-term (average contract duration of 10 months) internet consumer credit products [2] - The proportion of capital-light loans (where the company does not bear credit risk) has been increasing, reaching 65% of total loan issuance in 2Q24 [3] Loan Quality and Profitability - Loan quality has improved, with the first-day delinquency rate slightly decreasing to 4.8% in 2Q24 (from 4.9% in 1Q24) and the 30-day collection rate rising to 86.3% (from 85.1% in 1Q24) [4] - The improvement in loan quality led to a provision reversal of RMB 480 million in 2Q24, contributing to a higher net profit take rate of 3.4% (up from 2.6% in 1Q24) [4] - The company expects 3Q24 net profit to be between RMB 1.5-1.6 billion, representing a 9-16% sequential increase [4] Financial Projections - The report forecasts net profit attributable to shareholders of RMB 5.41 billion, RMB 6.58 billion, and RMB 7.18 billion for 2024, 2025, and 2026, respectively [2] - Loan issuance volume is expected to decline by 15% in 2024, followed by 5% growth in both 2025 and 2026 [9] - The provision-to-income ratio is projected to decrease to 25.1%, 22.2%, and 21.9% in 2024, 2025, and 2026, respectively [9] Capital Structure and Shareholder Returns - Qifu Technology has utilized USD 211 million of its USD 350 million share repurchase program as of 2Q24 [2] - The company expects a dividend payout ratio of 29% and a dividend yield of 5.4% for 2H24, consistent with 2023 levels [2] Industry and Regulatory Environment - The internet finance industry has entered a phase of normalized regulation, with most major issues in platform companies' financial businesses having been rectified [37] - Regulatory uncertainty has decreased, and the focus has shifted to improving the level of normalized financial supervision [37] - The Small Loan Company Supervision and Management Interim Measures (Draft for Comment) issued in August 2024 further clarified regulatory requirements, including a minimum 30% co-lending ratio and the establishment of a risk classification system [38]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 13.20 [7][8]. Core Views - The company has achieved rapid growth in scale and improved net profit margins due to increased penetration in non-food delivery scenarios, active expansion into lower-tier markets, and the realization of scale and network effects driven by technology [2][3]. - The company has been included in the Hang Seng Composite Index and the Hong Kong Stock Connect, which is expected to enhance stock liquidity [2]. - The company has launched the "SoFast" brand in the Hong Kong instant delivery market, although initial operational costs may increase [2]. Financial Performance Summary - For the first half of 2024, the company reported total revenue of RMB 6.9 billion, a year-on-year increase of 20%, with order volume growing over 30% [4]. - Gross profit increased by 23% to RMB 470 million, with a gross margin improvement of 0.2 percentage points to 6.9% [4]. - The net profit attributable to the parent company grew by 105% to RMB 62 million, with a net profit margin increase of 0.4 percentage points to 0.9% [4]. - The company’s operating cash flow increased by 189% to RMB 99 million [4]. Revenue Projections - The company’s revenue is projected to grow from RMB 12.39 billion in 2023 to RMB 14.84 billion in 2024, reflecting a growth rate of 19.82% [6][15]. - The net profit attributable to the parent company is expected to increase significantly from RMB 50.6 million in 2023 to RMB 159.95 million in 2024, representing a growth of 216.14% [6][15]. Market Trends - The demand in lower-tier markets is growing rapidly, with county-level income increasing by 51% year-on-year in the first half of 2024 [3]. - The online and offline integration is enhancing the penetration of instant retail markets, with significant growth in categories such as tea delivery, which saw a 60% increase in revenue [3]. Valuation Methodology - The target price of HKD 13.20 is based on a segmental price-to-sales (PS) valuation method, with the same valuation as previously estimated [11]. - The company’s city delivery service is valued at HKD 8.9 based on 0.84x 2024E PS, reflecting a 20% premium over the median valuation of comparable companies [11]. Key Financial Metrics - The company’s earnings per share (EPS) is projected to improve from RMB 0.06 in 2023 to RMB 0.17 in 2024 [6][15]. - The return on equity (ROE) is expected to rise from 1.69% in 2023 to 5.24% in 2024 [6][15].

证券研究报告 ＃industryId＃ 新能源行业 ＃investSuggestion＃ 增持 （ ＃ 维持 ） ＃ 03931.HK ＃中dy创Com新pa航ny＃ ＃title＃ 动力、储能双开花，业绩弹性可期 ＃createTime1＃ 2024 年 9 月 15 日 投资要点 ＃ su我m们m的ar观y＃点：中创新航是全球头部锂电池厂商，公司产能释放、产品矩阵趋于完善、客户资源扩充， 动力及储能电池有望持续放量，规模效应显现。我们看好公司的长期发展空间及业绩改善情况，预计 公司 2024-2026 年归母净利润分别为 5.92、9.66、12.50 亿元，分别同比+101.3%、+63.1%、+29.4%。 截至 2024 年 9 月 13 日收盘，公司股价对应 2024-2026 年 PE 各为 31.8x、19.5x、15.1x，对应 PB 各为 0.53x、0.52x、0.50x；我们维持公司"增持"评级，建议投资者关注。 2024H1 业绩符合预期，利润大增：1）收入：2024H1 同比+1%至 124.7 亿元，其中动力电池、储能及 其他产品收入各为 97.2、27.5 亿元，分别同比-6% ...

Investment Rating - The report maintains a "Buy" rating for the company, citing strong fundamentals and consistent performance [1][6] Core Views - The company achieved record-high net profit in H1 2024, with revenue reaching RMB 226.8 billion, up 18.1% YoY, and net profit attributable to shareholders rising 25% YoY to RMB 79.7 billion [1][4] - Free cash flow remained robust at RMB 63.99 billion, with a capital expenditure of RMB 63.1 billion, up 11.7% YoY, completing 47-51% of the annual budget [1][4] - The company declared an interim dividend of HKD 0.74 per share, a 25.4% YoY increase, with a payout ratio of 40.3% [1][4] Financial Performance - Net production reached a record high of 362.6 million barrels of oil equivalent (BOE) in H1 2024, up 9.3% YoY, driven by contributions from domestic fields like Kenli 6-1 and Bozhong 19-6, as well as the Payara project in Guyana [1][5] - Average realized oil price increased by 9.2% YoY to USD 80.32 per barrel in H1 2024, while average realized gas price declined by 4.1% YoY to USD 7.79 per thousand cubic feet [1][5] - The company's cost control was effective, with a 1.5% YoY reduction in barrel oil equivalent cost to USD 27.75 per BOE [6] Future Projections - The report forecasts net profit attributable to shareholders for 2024-2026 at RMB 141.8 billion, RMB 152.1 billion, and RMB 163.3 billion, with YoY growth rates of 14.5%, 7.2%, and 7.4%, respectively, assuming a Brent crude price of USD 80 per barrel [1][6] - Under different oil price scenarios (USD 60, 70, and 85 per barrel), the company's net profit for 2025 could range from RMB 100 billion to RMB 163 billion, with dividend yields of 5.3%, 6.8%, and 8.6%, respectively [6] Market Data - As of September 10, 2024, the company's closing price was HKD 19.16, with a total market capitalization of HKD 911.4 billion and total assets of RMB 1.0754 trillion [2] - The company's net asset value per share stood at RMB 15.1, with a dividend yield of 6.5% in 2023, expected to rise to 8.6% by 2026 [3][11]

Investment Rating - The investment rating for Jiangnan Buyi (03306.HK) is "Outperform the Market" [1][4][16]. Core Views - The company is experiencing rapid growth in fiscal year 2024, with a revenue increase of 17.3% to 5.24 billion yuan and a net profit increase of 36.7% to 850 million yuan, driven by multiple brand stages and strong online and offline sales [1][16]. - The company maintains a high dividend payout ratio of 96.8%, with total dividends per share amounting to 1.71 HKD, supported by robust cash flow [1][16]. - Despite a challenging macroeconomic environment, the company achieved a steady revenue growth of 7.5% in the second half of the fiscal year, with improvements in gross margin and sales expense ratio [1][16]. Summary by Relevant Sections Financial Performance - For the fiscal year ending June 30, 2024, the company reported a revenue of 5.24 billion yuan, a year-on-year increase of 17.3%, and a net profit of 850 million yuan, up 36.7% [1][17]. - The gross margin improved by 2.4 percentage points to 66.2%, reflecting stable retail discounts and healthy inventory management [1][16]. - The operating cash flow was robust at 1.6 billion yuan, with a net cash ratio of 1.9 [1][16]. Revenue Breakdown - Online revenue grew by 18.4% to 1.01 billion yuan, while offline self-operated and distribution revenue increased by 16.4% and 17.7% to 2.16 billion yuan and 2.07 billion yuan, respectively [1][16]. - The main brand's revenue increased by 17.1%, while the emerging brand saw a significant growth of 28.7% [1][16]. Future Outlook - The company plans to maintain a dividend payout ratio of no less than 75% over the next three years, indicating strong confidence in future earnings [1][16]. - The net profit forecasts for FY2025-2027 are adjusted to 870 million, 940 million, and 990 million yuan, reflecting a growth of 2.4%, 8.0%, and 6.2% respectively [1][16]. Valuation - The target price is maintained at 17.5-19.2 HKD, corresponding to a PE ratio of 9.5-10.5x for FY2025 [1][16].

Investment Rating - The investment rating for Tianhong International Group (02678.HK) is "Outperform the Market" [1][4][12]. Core Views - The company reported a 4.2% year-on-year revenue growth to 11.24 billion HKD in the first half of 2024, driven primarily by its yarn business, which saw an 8.9% increase in revenue [1]. - The net profit turned positive at 270 million HKD, compared to a loss of 750 million HKD in the same period last year, with a significant improvement in gross margin by 10.8 percentage points to 13.2% [1]. - The company is focusing on optimizing internal costs and enhancing automation, which is expected to reduce labor and electricity costs [1]. Summary by Sections Financial Performance - Revenue for the first half of 2024 reached 11.24 billion HKD, a 4.2% increase year-on-year [1]. - The gross margin improved significantly, rising to 13.2%, with a net profit of 270 million HKD, marking a turnaround from a loss of 750 million HKD in the previous year [1][10]. - The company plans to distribute an interim dividend of 0.1 HKD per share, with a payout ratio of approximately 31% [1]. Business Segments - Yarn business revenue increased by 8.9% to 8.81 billion HKD, accounting for 78.4% of total revenue, with volume and price growth of 6.6% and 2.2%, respectively [1]. - The woven fabric segment saw a decline in revenue by 3.2% to 990 million HKD due to weak overseas market recovery [1]. - The knitted fabric segment's revenue dropped by 25.5% due to the sale of a factory in Vietnam, but profitability improved post-sale [1]. Future Outlook - The company aims to sell 400,000 tons of yarn, 48 million meters of woven fabric, and 6,000 tons of knitted fabric in the second half of 2024, with an overall yarn sales target of 770,000 tons for the year [1]. - The long-term outlook remains positive, with expected net profits of 590 million HKD, 760 million HKD, and 920 million HKD for 2024-2026, reflecting growth rates of 29.2% and 21.5% for 2025-2026 [1][9].

司 跟踪报 售 yuxiaoli@xyzq.com.cn SFC：AXK331 ＃su我mm们a的ry观＃点：天能动力稳居铅蓄电池龙头，有全国 40 多万家终端门店网络布局，业绩基本盘稳固； 当前股息率已具备吸引力；且后续资本开支有望回落，在铅酸业务强劲现金流带动下，公司整体 现金流有望进一步改善，为回馈投资者腾挪空间。我们预计公司 2024-2026 年归母净利润分别为 19.81、22.30、23.85 亿元，分别同比+8.7%、+12.5%、+7.0%；截至 2024 年 9 月 12 日收盘，公司 股价对应 2024-2026 年 PE 各为 3.5x、3.1x、2.9x，对应 PB 各为 0.4x、0.4x、0.3x；我们维持公司 "增持"评级，建议投资者关注。 2024H1 业绩维持稳健：1）营收：2024H1，公司营收同比+20.4%至 499.1 亿元，其中制造业务、 贸易业务收入各为 212.1、287.0 亿元，分别同比-2.0%、+44.8%。从制造业务内部来看，2024H1 铅酸电池、回收业务、锂电池收入各为 192.5、15.5、1.8 亿元，分别同比-0.3%、-9.8%、-50. ...

证券研究报告 资料来源：S&P 康诺亚-B (2162 HK) 港股通 前程万里，首款国产 IL-4Rα 单抗获批 投资评级(维持): 买入 目标价(港币): 58.76 华泰研究 公告点评 2024 年 9 月 13 日│中国香港 生物医药 司普奇拜单抗迈入商业化阶段，管线开发不断推进 9 月 11 日，司普奇拜单抗在国内获批治疗成人中重度 AD，成为首款国产、 全球第二款上市的 IL-4Rα 单抗，我们看好其商业潜力：1）该药疗效优异且 国内进度领先；2）公司积极建设销售团队；3）皮肤自免市场持续火热。 AD 适应症外，CRSwNP、过敏性鼻炎分别有望在 1H25 和 25 年内获批， 产品销售潜力有望逐步兑现。此外，公司早期管线亦前景可期，CM313 继 ITP 后有望在 SLE 实现 POC，CMG901 全球 III 期继续推进。我们预计 24-26 年 EPS 为(3.02)/(3.26)/(1.57)元，基于 DCF 的目标价为 58.76 港币（WACC： 11.4%，永续增长率 2.5%）。维持"买入"评级。 成人 AD 获批上市，看好商业化前景 我们认为司普奇拜单抗商业化前景乐观，基于：1 ...

Investment Rating - Maintains an **OUTPERFORM** rating with a target price of **HK$25.55**, representing a potential upside from the current price of **HK$18.52** [3] - The stock is valued at **6x PE** for 2024, reflecting confidence in the company's earnings growth [5] Core Views - **Thermal power profitability** significantly improved in H1 2024, with core profits surging **273.9% YoY** to **HKD 2.715 billion**, driven by lower fuel costs and reduced impairments [4][5] - **Renewable energy business** faced profit pressure, with core profits declining **6.7% YoY** to **HKD 5.556 billion**, despite a **5.8% YoY revenue growth**, due to lower utilization hours and electricity prices [5][12] - The company's **ROE** reached **10.7%**, above the 10-year historical average, supported by strong thermal power performance and reduced impairments [4] Financial Performance - **Revenue** remained stable at **HKD 51.12 billion** in H1 2024, while **net profit** surged **38.9% YoY** to **HKD 9.363 billion**, driven by thermal power profitability [4] - **Thermal power revenue** declined **3.3% YoY** to **HKD 33.6 billion**, but **core profits** surged due to a **10.7% YoY decline in average fuel costs** [5] - **Renewable energy revenue** grew **5.8% YoY** to **HKD 13.152 billion**, but profits were pressured by lower utilization hours and electricity prices [12] Strategic Developments - The company continues to advance its **new energy strategy**, with **24.7GW** of renewable energy capacity, accounting for **39.3%** of total installed capacity [5] - **Wind power** capacity reached **19.12GW**, with sales volume increasing **6.9% YoY**, while **photovoltaic sales volume** surged **204.9% YoY** [12] Valuation and Forecasts - The company is expected to achieve **net profits** of **HKD 14.47 billion**, **HKD 16.504 billion**, and **HKD 18.724 billion** for 2024, 2025, and 2026, respectively, driven by thermal power recovery and new energy contributions [5] - **Diluted EPS** is forecasted to grow from **HKD 3.01** in 2024 to **HKD 3.89** in 2026, reflecting strong earnings growth [4]

证券研究报告 | 半年报点评 gszqdatemark 2024 09 13 年 月 日 名创优品（09896.HK） 维持高速增长，长期再蓄力 事件：1）8 月 30 日，公司发布 2024 年中期业绩，2024Q2 公司实现营业收入 40.35 亿元/同比+24.1%，经营利润达 7.5 亿元/同比+8.9%，经调整净利润为 6.25 亿元/同比+9.4%，剔除净汇兑损益后经调整净利润同比+24.6%，剔除净汇兑损 益经调整净利率同比+0.1pct 至 15.6%。2）同时，公司发布股份回购计划，拟在 未来一年内回购不超过已发行股份总数 10%股权。3）公司 2024 年进行中期分红 合计 6.2 亿。 国内：门店扩张稳步推进，同店表现环比改善。1）国内 MINISO：2024Q2 国内 MINISO 门店净增 81 家/增量环比-27 家，其中一线/二线城市分别净增 9/41 家， 至期末门店数量达 4115 家/同比+511 家（门店数量同比+14.2%），门店扩张计划 稳步推进；1-6 月公司同店表现 98.3%，而 1-3 月同店表现约 98%，因此 Q2 同 店表现仍然维持微负水平，环比改善，Q ...