Investment Rating - The report maintains an "Outperform" rating for Jinxin Fertility (1951 HK) with a target price of HKD 3.69, down 31% from previous estimates [3][10]. Core Insights - The company's revenue for 24H1 was CNY 1.44 billion, reflecting an 8.2% increase, while net profit decreased by 15.0% to CNY 190 million, primarily due to increased equity incentive amortization [6][9]. - The overseas business is experiencing rapid growth, particularly in the U.S., where the company plans to recruit at least five new doctors in 2024 [6][10]. - The inclusion of assisted reproductive services in medical insurance is expected to significantly reduce the financial burden on residents, potentially boosting the company's performance [9][10]. Summary by Sections Financial Performance - Revenue for 24H1 was CNY 1.44 billion (+8.2%), with a net profit of CNY 190 million (-15.0%). Non-GAAP adjusted net profit was CNY 260 million (+1.8%) [6][7]. - Revenue by business segment includes: - Assisted reproductive services: CNY 780 million (+9.6%) - Management services: CNY 290 million (+1.2%) - Gynecology and pediatric services: CNY 200 million (+6.8%) - Obstetric services: CNY 120 million (+14.1%) - Sales of consumables and equipment: CNY 60.274 million (+22.4%) [7][8]. Profitability Metrics - The gross margin for 24H1 was 40.4% (-1.9 percentage points), with a sales expense ratio of 6.0% (-0.6 percentage points) and a management expense ratio of 14.9% (+0.8 percentage points) [8][9]. - The decline in gross margin is attributed to increased labor costs from recruiting new doctors in the U.S. [8]. Market Outlook - The Chinese assisted reproductive market is expected to grow due to an increase in older pregnant women and supportive government policies [10]. - Revenue forecasts for 2024 and 2025 are CNY 3.07 billion and CNY 3.48 billion, representing year-on-year growth of 10.0% and 13.5% respectively [10].

Investment Rating - Buy (Maintained) [1] Core Viewpoints - FY2024 performance was strong, with total revenue reaching RMB 5,238 million, up 17.3% YoY, and net profit reaching RMB 848 million, up 36.5% YoY [3] - The company's gross margin increased by 1.0pct YoY to 66.3%, and net margin increased by 2.3pct YoY to 16.2% [3] - The company proposed a final dividend of HKD 0.86 per share, with a full-year dividend payout ratio of 97% [3] - The company's brand matrix was further improved, with the acquisition of onmygame brand, which holds 51% of its shares, to strengthen the children's wear sector [4] - The company's global independent physical retail stores totaled 2,024, an increase of 34 stores YoY [4] Performance Analysis - By brand, JNBY revenue was RMB 2,940 million, up 17.1% YoY, accounting for 56.2% of total revenue [4] - By channel, direct sales revenue was RMB 2,160 million, up 16.4% YoY, dealer channel revenue was RMB 2,070 million, up 17.7% YoY, and online channel revenue was RMB 1,010 million, up 18.4% YoY [4] - The company's gross margin by brand: JNBY 68.2%, up 1.0pct YoY, CROQUIS 66.3%, up 1.6pct YoY, jnby by JNBY 59.2%, up 0.6pct YoY, LESS 69.9%, up 1.2pct YoY, emerging brands 45.0%, down 1.4pct YoY [2] - The company's gross margin by channel: direct sales 74.1%, up 0.9pct YoY, dealer channel 59.3%, up 0.4pct YoY, online channel 63.8%, up 2.4pct YoY [2] Future Outlook - The company is expected to achieve revenue of RMB 5,560 million, RMB 5,956 million, and RMB 6,384 million in FY2025, FY2026, and FY2027, respectively [6] - The company's net profit is expected to reach RMB 875 million, RMB 938 million, and RMB 1,011 million in FY2025, FY2026, and FY2027, respectively [6] - The company's PE ratio is expected to be 7.6X, 7.1X, and 6.6X in FY2025, FY2026, and FY2027, respectively [6] - The company's ROE is expected to be 39.1%, 36.8%, and 35.1% in FY2025, FY2026, and FY2027, respectively [6]

证券研究报告 医疗器械 2024年09月10日 复锐医疗科技（1696.HK）深度报告：能量源医美龙头， 构建大医美生态平台 评级：买入(首次覆盖) 马川琪(证券分析师) 廖小慧(证券分析师) S0350523050001 S0350524080002 macq@ghzq.com.cn liaoxh@ghzq.com.cn 最近一年走势 -62% -48% -34% -19% -5% 9% 2023/09/11 2023/12/10 2024/03/09 2024/06/07 2024/09/05 复锐医疗科技 恒生指数 | --- | --- | |------------------------|------------| | 市场数据 | 2024/09/09 | | 当前价格（港元） | 3.19 | | 52周价格区间（港元） | 2.75-7.74 | | 总市值（百万港元） | 1,494.01 | | 流通市值（百万港元） | 1,494.01 | | 总股本（万股） | 46,834.31 | | 流通股本（万股） | 46,834.31 | | 日均成交额（百万港元） | 0.94 | | ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 扣非增长符合预期，关注逆向布局时机 [Table_Invest] 评级： ——中远海能 H2024 年中报点评 股票研究 /[Table_Date] 2024.09.10 中远海能(1138) [Table_Industry] 运输 增持 | --- | --- | --- | |----------|-----------------------------------|--------------------| | | [table_Authors] 岳鑫 ( 分析师 ) | 尹嘉骐 ( 分析师 ) | | | 0755-23976758 | 021-38038322 | | | yuexin@gtjas.com | yinjiaqi@gtjas.com | | 登记编号 | S0880514030006 | S0880524030004 | 本报告导读： 2024 上半年扣非业绩同比增长，符合预期。地缘油价致 24Q3 承压，不改油运超级 ...

[ T able_StockInfo] 2024 年 09 月 04 日 证券研究报告•2024 年中报点评 当前价：6.55 港元 微创机器人-B（2252.HK）医疗保健 目标价：——港元 海外订单达 10 台，国产机器人迎出海里程碑 [Table_Summary 事件：公司发布] 2024中报，实现营业收入 1.0亿元（+106%），毛利 4701万 元，净亏损 2800 万元，亏损明显收窄主要因： 1）营业收入增长；2）业务聚 焦和降本增效带来的费用优化。 强化腔镜和骨科机器人的业务聚焦，国内海外双点开花。（1）腔镜手术机器人 图迈：截至 24H1，公司自研腔镜机器人"图迈"已在国内 20 家医院实现商业 化装机，辅助完成人体临床手术量突破 1300例，位居国产腔镜机器人第一。海 外端，图迈海外在手订单量累计达 10台，已有 2台实现商业化装机，是国产腔 镜手术机器人出海的标志性里程碑。（2）骨科手术机器人：截至 24H1，骨科 手术机器人鸿鹄已累计获得约30台海外销售订单，全球累计 TKA手术量超1300 例，覆盖约 70家医院。 降本增效是主旋律。24H1公司净亏损 2800万元，同比缩窄 48. ...

房地产/房地产开发 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 公 司 研 究 绿城中国（03900.HK） 2024 年 09 月 10 日 土储重仓核心城市，销售均价显著提升 ——港股公司信息更新报告 投资评级：买入（维持） 日期 2024/9/9 | --- | --- | |-------------------------|-------------| | | | | 当前股价 ( 港元 ) | 6.170 | | 一年最高最低 ( 港元 ) | 9.890/4.940 | | 总市值 ( 亿港元 ) | 156.22 | | 流通市值 ( 亿港元 ) | 156.22 | | 总股本 ( 亿股 ) | 25.32 | | 流通港股 ( 亿股 ) | 25.32 | | 近 3 个月换手率 (%) | 18.59 | 齐东（分析师） 杜致远（联系人） qidong@kysec.cn 证书编号：S0790522010002 duzhiyuan@kysec.cn 证书编号：S0790124070064 土储重仓核心城市，销售均价显著提升，维持"买入"评级 绿城中国发布 2024 年 8 ...

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 1.58 for the company [5][7]. Core Views - The company is currently facing operational challenges, with a focus on franchise expansion and overseas growth opportunities. The first half of 2024 saw a revenue decline of 1.9% year-on-year, with an adjusted net loss of RMB 438 million, primarily due to store closures and related impairments [2][4][5]. - The company maintains a high-end product positioning and aims for high-quality development, with expectations for potential profit recovery in the medium to long term if same-store sales stabilize [2][3]. Summary by Sections Financial Performance - In 1H24, the company's revenue was RMB 2.544 billion, with a year-on-year decrease of 1.9%. The adjusted net loss was RMB 438 million, compared to an adjusted net profit of RMB 70 million in 1H23. This loss includes RMB 150 million related to the anticipated closure of 200 stores [2][5]. - The company operated 1,597 directly managed stores and 297 franchise stores as of 1H24. Direct store revenue was RMB 2.105 billion, down 10.6% year-on-year, with an average transaction value of RMB 27.5, a decrease of 15.12% [3][4]. Store Expansion and Franchise Model - The company is actively expanding its franchise model, with 297 franchise stores as of 1H24, a net increase of approximately 216 stores, mainly in lower-tier cities. Franchise-related income grew by 222.8% year-on-year, accounting for 10.5% of total revenue [4][5]. - The company is also exploring overseas markets, with a flagship store opening in Thailand in August 2024, achieving record sales for overseas locations [4][5]. Earnings Forecast - The earnings per share (EPS) forecast for 2024-2026 is projected at RMB -0.4, RMB 0.05, and RMB 0.09, respectively. The target price of HKD 1.58 is based on a 16x PE ratio for 2026, compared to an average of 11x for comparable companies [5][11][12].

Investment Rating - The report does not specify a clear investment rating for the company [4]. Core Insights - The company reported a significant increase in mid-year performance for 2024, with a revenue growth of 24.2% to RMB 26.47 billion and a net profit increase of 53.0% to RMB 2.57 billion [2][3]. - The company declared a special dividend of RMB 0.05 per share to celebrate its 20th anniversary [1][2]. - The clean energy segment continues to be a major driver of profit growth, with wind and solar profits increasing by 35% and 46% respectively [2]. - The company aims to increase its clean energy capacity to over 78% by the end of 2024, with a target of 90% by the end of the 14th Five-Year Plan [1][2]. Summary by Sections Financial Performance - The company achieved a significant operating profit growth of 66.7% to RMB 7.47 billion in the first half of 2024 [2]. - The hydropower segment turned profitable with a profit increase of 622%, driven by improved rainfall and operational efficiency [2][3]. - The thermal power segment saw a profit increase of 97% due to a decrease in coal procurement prices, with average fuel costs down by 8% [3]. Clean Energy Development - The company added 3.3 GW of self-built wind and solar capacity in the first half of 2024, bringing the total clean energy capacity to 77% of its total installed capacity [2]. - The company plans to add an additional 7 GW of clean energy capacity by the end of 2024 [1][2]. Shareholder Returns - The company maintains a dividend payout ratio of over 50%, with an expected annual dividend yield exceeding 7% [2][3]. - The special dividend of RMB 0.05 per share is part of the company's commitment to shareholder returns [1][2].

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 0.90, representing a potential upside of 12.5% from the recent closing price of HKD 0.80 [2][3]. Core Insights - The company recorded a revenue of RMB 3.53 billion in the first half of 2024, marking a year-on-year increase of 13.0%, driven by the development of its product matrix and innovative short drama business. However, the net profit attributable to shareholders declined by 36.6% year-on-year to RMB 121 million, primarily due to increased marketing expenses [1][2]. - The live streaming business showed stable operations, with monthly active users (MAU) decreasing by 14.4% to 24.05 million, but average revenue per user (ARPU) increased by 32.1% to RMB 24.5, indicating strong consumer spending among core paying users [1]. - The short drama business is expanding steadily but faces limited profit margins due to intensified competition and rising market entry barriers. The company is exploring deeper integration of short dramas with cultural tourism and testing overseas opportunities [1]. - The company successfully expanded its overseas business in 2023, achieving significant revenue growth and targeting Southeast Asia, the Middle East, and North America for further market penetration [1]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a gross margin of 47.0%, up 4.4 percentage points year-on-year, while sales expenses increased by 5.7 percentage points to 36.5% due to the rapid expansion of the short drama business [1][7]. - The adjusted net profit for the first half of 2024 decreased by 29.8% year-on-year to RMB 135 million, reflecting the impact of increased operational costs [1]. Business Segments - The live streaming segment remains a cornerstone of the business, leveraging scale advantages and operational experience to maintain a healthy user environment and brand strength [1]. - The short drama segment has seen rapid growth since April 2022, but the competitive landscape is becoming increasingly challenging, prompting the company to innovate and explore new commercial paths [1]. Market Outlook - The report anticipates that while the social business faces competition and strategic adjustments, the short drama business is expected to become a new growth driver for the company [1]. - The company’s net cash position, excluding investment management, is approximately RMB 2.01 billion, significantly higher than its current market capitalization, suggesting potential for valuation upside [1].

Investment Rating - The investment rating for GCL-Poly Energy Holdings Limited (协鑫科技) is not explicitly stated in the report, but it suggests a "sustainable focus" and "buy on dips" strategy due to its competitive advantages in the industry [4]. Core Views - GCL-Poly is currently experiencing losses due to the significant decline in polysilicon prices, which has impacted its revenue and profitability. The company is focusing on improving product quality and reducing costs to navigate through the industry's downturn [1][2]. - The company has achieved a high quality of its core product, granular silicon, with 96.6% of its products meeting the 901A standard or above, which is essential for downstream customers [2][3]. - GCL-Poly's cash cost for granular silicon is expected to drop below 30 RMB/kg, making it the lowest in the industry, enhancing its competitiveness during the industry's bottom cycle [3]. Summary by Sections Financial Performance - In the first half of 2024, GCL-Poly reported a revenue decline of 57.7% year-on-year to 8.86 billion RMB, with a gross loss of 553 million RMB, resulting in a gross margin of -6.6% [2]. - The average selling price of polysilicon dropped by 67.5% year-on-year to 40.3 RMB/kg, compared to 124.1 RMB/kg in the same period last year [2]. Product Quality and Market Position - The company has significantly improved the quality of its granular silicon products, with a notable reduction in total metal impurity content and turbidity levels, meeting stringent market standards [2][3]. - GCL-Poly's production capacity for granular silicon has reached 420,000 tons per year, with a 65.6% year-on-year increase in granular silicon output [2]. Cost Structure and Future Outlook - The company has the lowest production costs in the industry for granular silicon, with further reductions anticipated following ongoing technical upgrades [3]. - GCL-Poly is expected to incur a net loss of up to 2 billion RMB for the full year of 2024, but is projected to return to profitability in 2025 with an estimated net profit of 2.4 billion RMB [3].