Investment Rating - The report assigns an "Outperform" rating to the company, indicating an expectation of better performance compared to the market [4]. Core Insights - The company has shown significant growth in its performance for the first half of 2024, with revenue reaching 12.469 billion yuan, a year-on-year increase of 1.4%, and a profit of 417 million yuan, up 56.6% year-on-year [4]. - The company is actively promoting technological innovation, enhancing its competitive edge with new product releases and advancements in battery technology [4][8]. - The report highlights the company's strong position in various sectors, including power batteries, energy storage, and marine applications, with substantial growth in installed capacity and product deliveries [4][6]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 12.469 billion yuan, with a profit margin of 15.62%, reflecting a 6.03 percentage point increase year-on-year [4]. - The projected net profits for 2024-2026 are estimated at 654 million yuan, 1.023 billion yuan, and 1.474 billion yuan respectively, indicating robust growth [5][6]. Business Segments - Power Battery: The company ranks second among third-party power battery manufacturers in China, with a 155% year-on-year increase in installed capacity for hybrid vehicles and a 125% increase for commercial vehicles [4]. - Energy Storage: The company has seen a significant increase in shipments, with the 314Ah cell product achieving large-scale stable deliveries and securing the largest global energy storage battery order [4][6]. - Marine Applications: The company is the first domestic battery manufacturer to receive DNV certification and has signed multiple international large ship projects [4]. Valuation and Forecast - The report estimates a price-to-earnings (PE) ratio of 38-40 for 2024, translating to a reasonable value range of 14.01-14.75 yuan, or 15.35-16.15 Hong Kong dollars [4][8]. - The company is projected to maintain a gross margin of 15.50% across its product lines, with significant growth in both power battery and energy storage revenues over the next few years [6][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.07, reflecting a 20% discount due to liquidity concerns after being removed from the Hong Kong Stock Connect [4][2]. Core Insights - The company's total revenue for the first half of 2024 reached CNY 4.872 billion, representing a year-on-year increase of 16%, while the net profit attributable to shareholders was CNY 268 million, up 13% year-on-year [1]. - Revenue from engineering technical services and asset management grew significantly, with engineering technical services revenue surpassing operating leasing services for the first time [1]. - The company has faced pressure on its stock price due to being excluded from the Hang Seng Index and the Hong Kong Stock Connect, leading to a significant reduction in holdings by southbound investors [1]. - The overseas business revenue increased by 62% year-on-year, with the company expanding into new markets in Southeast Asia and the Middle East [1]. Financial Summary - The company's projected revenues for 2024, 2025, and 2026 are CNY 9.611 billion, CNY 10.141 billion, and CNY 11.935 billion, respectively, with year-on-year growth rates of 22%, 5.5%, and 17.69% [3]. - The net profit attributable to shareholders is forecasted to be CNY 962.41 million in 2024, with a projected decline of 28.53% in 2025, followed by a recovery to CNY 997.75 million in 2026 [3]. - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are CNY 0.22, CNY 0.31, and CNY 0.40, respectively [2][3].

零跑汽车(09863) 公司研究/公司深度 深耕高性价比市场，合作 Stellantis 打开海外空间 ——首次覆盖报告 证 券 研 究 报 告 公 司 研 究 公 司 深 度 ◼ 核心观点 产品矩阵竞争力强，盈利能力不断改善 零跑汽车由朱江明、傅利泉先生于 2015 年发起创立，是一家具备全域 自研能力的智能电动车企业。目前零跑汽车共有 5 款车型在售，C 级 六座 SUV C16、B 级 SUV C11、B 级 SUV C10、C 级轿车 C01、微型 车 T03，主要集中在 10-20 万元之间的高性价比市场，单月销量已于 2024 年 6 月突破 2 万辆。 研发实力雄厚，掌握电子电气架构及智能化核心技术 2023 年，零跑汽车发布了四叶草中央集成式的电子电气架构，实现了 座舱域、智驾域、动力域、车身域四域合一。多系统软件深度融合， 实现更强交互及用户体验。零跑智能座舱 3.0 打造的全新交互系统 Leapmotor OS 拥有沉浸式交互、智能化桌面、操作更简单三大优势。 零跑智能驾驶 3.0 时代搭载 11 个摄像头、5 个毫米波雷达和 1 个激光 雷达，使用高精地图，实现 NAC 及 NAP 等高 ...

Investment Rating - The report maintains an "Outperform" rating for Power Assets Holdings [3][12]. Core Views - The performance in the first half of 2024 was in line with expectations, with a profit of HK$3.006 billion, a year-on-year increase of 2% [9][12]. - The UK segment showed strong growth, with profits of HK$1.55 billion, up 10.87% year-on-year, primarily due to lower financing costs from inflation-linked debts [10][11]. - The company plans to distribute a dividend of HK$0.78 per share, unchanged from the previous year [9][12]. Financial Performance - Revenue for 2024 is projected to be HK$1.371 billion, with a net profit forecast of HK$6.176 billion [4][12]. - The diluted EPS is expected to increase from HK$2.82 in 2023 to HK$2.90 in 2024 [4][8]. - The company’s gross margin remains stable at 100% across the forecast period [8]. Business Segments - The UK segment's profitability is attributed to companies like UK Power Network and Northern Gas Networks benefiting from reduced financing costs [10]. - The Australian segment reported a profit of HK$601 million, a year-on-year increase of 7.7% [10]. - The Canadian segment experienced a significant decline in revenue due to falling electricity prices [10][11]. Mergers and Acquisitions - The company has expanded its business segments through multiple mergers and acquisitions, including the acquisition of Phoenix Energy in Northern Ireland for HK$7.4 billion [11][12]. - UKPN acquired a 69MW solar power station, and the company plans to jointly acquire 32 wind farm assets in the UK with an estimated investment of HK$3.5 billion [11][12]. Valuation and Target Price - The target price is updated to HK$52.04, corresponding to a 16 times PE ratio for 2024 [12].

证券研究报告 | 公司动态点评 2024 年 09 月 11 日 神州控股（00861.HK） 大数据持续发力，跨境出海成效显著 | --- | --- | --- | --- | --- | --- | |----------------------|-------|--------|-------|-----------------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 17750 | 18277 | 19255 | 20590 | 22208 | | 增长率 yoy （ % ） | -13.6 | 3.0 | 5.4 | 6.9 | 7.9 | | 归母净利润（百万元） | 310 | -1834 | 491 | 583 | 743 | | 增长率 yoy （ % ） | -56.4 | -690.8 | 126.8 | 18.7 | 27.5 | | ROE （ % ） | 3.7 | -29.1 | 7.4 | 8.3 | 9.9 | | EPS 最新摊薄（元） | 0.19 | -1.10 | ...

Investment Rating - The investment rating for the company is "Add" [1] Core Views - The report indicates that Tianqi Lithium is a leading player in the upstream integrated lithium salt industry, focusing on strengthening upstream operations, enhancing midstream capabilities, and penetrating downstream markets. The company faced significant losses in H1 2024 due to high-priced inventory and substantial tax provisions from its associate SQM. However, as high-priced inventory is gradually consumed and new low-cost lithium concentrate is added, the company's performance is expected to improve in H2 2024. Long-term, the company benefits from the low-cost equity mine advantage of Talison, positioning it among the top in profitability within the industry. The report maintains the "Add" rating and encourages investors to pay attention [1]. Financial Performance Summary - In H1 2024, the company's revenue decreased by 74.2% year-on-year to 6.4 billion yuan, with lithium salt revenue down 56.3% to 3.83 billion yuan and lithium concentrate revenue down 84.0% to 2.57 billion yuan. The production of lithium concentrate from the Talison mine, in which Tianqi holds a 26.01% stake, saw a year-on-year decline of 18% in output to 612,000 tons and a 7% decline in sales volume to 713,000 tons, with an average selling price down 82% to 1,024 USD/ton [1][2]. - The net profit attributable to shareholders for H1 2024 was -5.2 billion yuan, a sharp decline compared to 6.45 billion yuan in H1 2023 and 830 million yuan in H2 2023. The losses were attributed to falling lithium prices and high-priced inventory, alongside a net loss of 1.14 billion yuan from SQM due to price declines in lithium and fertilizer products [1][2]. - The company’s lithium resource advantage is highlighted, with all lithium concentrate used for lithium salt production sourced from Talison. The report notes ongoing development of the Yajiang Cuola mine and investments in SQM's Atacama and Zhabuye salt lakes [1]. Production Capacity and Expansion - As of the end of H1 2024, Tianqi Lithium's annual lithium salt production capacity was 88,600 tons, with plans for further expansion including 24,000 tons from the second phase of the Kwinana lithium hydroxide project and 30,000 tons from Zhangjiagang [1][2]. - The report emphasizes the company's strategy to deepen cooperation with downstream industries through investments in new energy materials, power batteries, solid-state batteries, and electric vehicles [1].

碧桂园服务（6098.HK）/物 业服务行业 证券研究报告/公司点评 2024 年 9 月 11 日 [Table_Industry] 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 碧桂园服务发布 2024 年中期业绩公告；公司 2024 年上半年实现主营业务收入 210.46 亿，同比+1.5%，归母净利润 14.40 亿，同比-38.7%；归母核心净利润 18.40 亿，同比 -31.7%。 Email：houxd@zts.com.cn 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn [基Ta本ble状_P况rofit] 总股本(百万股) 3,343 流通股本(百万股) 3,343 市价(港元) 4.30 市值(百万港元) 14,375 流通市值(百万港元) 14,375 [股Ta价ble与_Q行uo业te-P市ic]场走势对比 公司持有该股票比例 相关报告 | --- | --- | --- | --- | --- | --- | |-- ...

港股公司报告 | 公司点评 负债端业绩显著提升，投资端表现优异 2024H1 归母净利润同比+15.4%至 60.27 亿港元。1）寿险：2024H1 实现 NBV 为 73.35 亿港元，同比+85.5%，其中个险 NBV 同比 +59.8%，银保 NBV 同比+303.7%。2） 产险，2024H1 实现保险 服务业绩 5.0 亿港元，同比+27.6%，综合成本率为 97.0%，同比 -0.6pct。3）投资端，投资资产较 2023 年底增长 9.4%至 14764 亿 港元，总投资收益同比+57.1%至 372.42 亿港元，年化总投资收益率 同比+1.38 pct 至 5.27%。 寿险：1）新单保费：2024H1 实现新单保费 285.3 亿港元，同比 -8.8%，其中个险新单保费为 190.7 亿港元，同比 7.3%，银保新单 保费为 94.6，同比-30.0%；个险长险首年期交保费为 149.5 亿港元， 同比+11.7%，银保长险首年期交为 93.35 亿港元，同比-30.4%。2） NBV：2024H1 实现 NBV 为 73.35 亿港元，同比+85.5%，其中个 险 NBV 为 52.3 ...

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Investment Rating - The report assigns a "Buy" rating for the company, Wei Long, for the first time [3][8]. Core Insights - The report highlights structural opportunities in the snack food industry driven by new consumption trends and channels, particularly in spicy snacks and vegetable products. Wei Long, as a leader in the spicy snack sector, is well-positioned to capitalize on these trends through product innovation and channel expansion [4][6][9]. Summary by Sections 1. Company Overview - Wei Long was founded in 1999 and has established itself as a leader in the spicy snack market, launching successful products like "Da Xiao Mian Jin" and "Mo Yu Shuang" [4][13]. - The company has shown steady revenue growth, with a compound annual growth rate (CAGR) of 12.1% from 2018 to 2023, despite some fluctuations due to external factors [18][21]. 2. Market Opportunities - The spicy snack food sector is expected to grow at a CAGR of 9.6% over the next three years, outpacing the overall snack food industry [24][25]. - Key product categories such as spicy vegetable products and flavored noodles are projected to see significant growth, with expected CAGRs of 17.2% and 8.9%, respectively [28]. 3. Product Strength - Wei Long employs a "multi-category, big single product" strategy, successfully launching and iterating products that resonate with consumers, particularly among younger demographics [6][9]. - The company has successfully expanded its product line, with the "Mo Yu Shuang" product line contributing to a significant increase in revenue from vegetable products, which rose from 10.8% of total revenue in 2018 to 43.5% in 2023 [19][21]. 4. Channel Management - Wei Long has effectively transitioned from traditional retail to modern channels, including e-commerce and snack wholesale, enhancing its market reach [4][6]. - The company has established a robust distribution network, combining direct sales with personal distributors to optimize channel performance [4][6]. 5. Financial Projections - Revenue forecasts for 2024-2026 are projected at 59.35 billion, 69.39 billion, and 78.06 billion yuan, with respective growth rates of 21.83%, 16.91%, and 12.50% [7][8]. - The net profit for the same period is expected to be 11.06 billion, 13.13 billion, and 15.05 billion yuan, with growth rates of 25.62%, 18.76%, and 14.60% [8][9]. 6. Valuation and Investment Advice - The report suggests a target price of 8.76 HKD per share based on a price-to-earnings (P/E) ratio of 17 for 2024, reflecting the company's growth potential and market position [8][9].