Investment Rating - Buy (Maintained) [1] Core Views - NIO's 2024Q2 performance exceeded expectations with revenue reaching 17.45 billion yuan, a year-on-year increase of 98.9% and a quarter-on-quarter increase of 76.1% [3] - Vehicle sales revenue in Q2 was 15.68 billion yuan, up 118.2% year-on-year and 87.1% quarter-on-quarter [3] - Gross margin improved to 9.7% in Q2, up 8.7 percentage points year-on-year and 4.8 percentage points quarter-on-quarter [3] - Operating loss in Q2 was 5.21 billion yuan, with adjusted net loss (non-GAAP) of 4.54 billion yuan, showing a reduction in losses compared to previous quarters [3] - NIO delivered 57,000 vehicles in Q2, a year-on-year increase of 143.9% and a quarter-on-quarter increase of 90.9% [3] - The company expects Q3 vehicle deliveries to reach 61,000-63,000 units, potentially setting a new historical high [3] - NIO's new brand, Ledao, is expected to drive sales growth, with its first model L60 set to launch on September 19, 2024 [4] Financial Forecasts - Revenue is projected to grow from 49.27 billion yuan in 2022 to 125.58 billion yuan in 2026, with a compound annual growth rate (CAGR) of 36.85% from 2024 to 2026 [2] - Net loss attributable to shareholders is expected to decrease from -18.24 billion yuan in 2024 to -1.99 billion yuan in 2026 [2] - EPS is forecasted to improve from -8.80 yuan in 2024 to -0.96 yuan in 2026 [2] - Gross margin is expected to increase from 10.94% in 2024 to 18.00% in 2026 [8] Market Data - Closing price as of the report date was 38.55 HKD [5] - The stock's 52-week range was between 28.60 HKD and 85.25 HKD [5] - Market capitalization stood at 74.21 billion HKD [5] - Price-to-book ratio was 4.97x [5] Financial Ratios - ROIC is expected to improve from -35.53% in 2024 to -3.20% in 2026 [8] - ROE is projected to improve from -161.26% in 2024 to -23.44% in 2026 [8] - Net profit margin is forecasted to improve from -23.96% in 2024 to -1.59% in 2026 [8] - Asset-liability ratio is expected to remain high, ranging from 86.76% in 2024 to 91.76% in 2026 [8] New Brand Launch - Ledao, NIO's new brand targeting the mainstream family market, was officially launched on May 15, 2024 [4] - The first model, L60, is positioned as a mid-size SUV with key selling points including safety, space, comfort, charging system, driving experience, and intelligent driving features [4] - The L60 is expected to be a potential hit product, contributing significantly to NIO's sales growth [4]

華潤電力（836） 更新報告 火電盈利逐步釋放，新能源裝機加速投產 上半年盈利持續改善： 2024 年上半年公司取得營業收入 511 億港元， 同比基本持平，實現歸母淨利潤 93.63 億港元，同比增長 38.9%。其中可 再生能源核心業務歸母利潤為 55.56 億港元，同比減少 6.7%，火電業務 實現盈利 27 億港元，同比增長 232%，由原料成本下降所貢獻的核心利潤 為 27 億港元。公司計畫中期派息每股 0.455 港元/股。 火電降本顯著，盈利大幅釋放：公司上半年火電售電量同比增長 3.3%。得益于煤炭供給相對寬鬆，上半年煤炭價格大幅下降，公司上半 年單位燃料成本同比下降 10.7%，火電盈利能力持續修復。此外，火電輔 助服務貢獻收入 7.87 億元，新能源業務輔助服務費用支出約 3.44 億 元，淨盈利 4.43 億元，同比增長 5%。公司上半年火電業務毛利率同比提 升 9.6pct,處於行業領先地位。 新能源盈利受風速影響承壓，裝機加速兌現：截至 7 月底，公司累 計新增裝機已超過 1100 兆瓦。風電、光伏得益於新投產的機組使得售電 量分別同比增長 6.9%/204.9%。但由於上半年氣候條 ...

证 券 研 究 报 告 腾讯控股（00700.HK）重大事项点评 推荐（维持） 腾讯全球数字生态大会：向云端 向外看 向 内求 事项： 9 月 5 日，2024 腾讯全球数字生态大会在深圳国际会展中心举行，大会以"智 启新机 云驱增长"为主题，展示了腾讯在产业互联网领域助力千行百业的最 新成果。为了助力更多企业实现增长，腾讯云全面升级智能化、融合创新、国 际化三大产品体系，支持企业打造 AI 落地、自主创新、产业出海三大增长引 擎。 评论： 向云端：云产品与大模型深度融合，"底座+模型+工具+应用"大模型产品矩 阵成为企业优选。1）发布性能更强、性价比更高的 MoE 模型腾讯混元 Turbo， 推理效率提升 1 倍，推理成本降低 50%。混元 Turbo 已经在腾讯云正式上线， 输出/输入推理成本降低 50%至 0.05/0.015 元每千 tokens；2）发布全新的 AI 基 础设施 AI infra 品牌"腾讯云智算"。作为"集算存网一体"的高性能智算底 座，其整合了腾讯云高性能计算 HCC、高性能网络 IHN 星脉、高性能云存储、 加速框架、容器、向量数据库、智算套件等腾讯云优势产品。腾讯云智算能够 ...

Investment Rating - Buy (Maintained) [2] Core Views - The company's performance was impacted by poor wind conditions and a decline in on-grid electricity prices [2] - The company plans to divest thermal power assets to focus on its core new energy business [2] - The company is accelerating new energy construction, with a planned annual production capacity of 7.5GW [2] - The green power sector faces concerns over the profitability of new projects, but long-term demand remains strong due to the dual-carbon strategy [3] - The company is expected to see a recovery in profitability, with projected net profits of 59.51, 68.73, and 73.15 billion RMB for 2024-2026 [3] Financial Performance and Valuation - Revenue for 2024E is projected at 406.62 billion RMB, with a year-on-year growth of 8.02% [1] - Net profit attributable to the parent company for 2024E is expected to be 59.51 billion RMB, a decrease of 4.77% year-on-year [1] - EPS for 2024E is forecasted at 0.71 RMB per share [1] - The company's PE ratio for 2024E is 7x [1] - The company's PB ratio is 0.65, with a market capitalization of 48.7 billion HKD [1] Operational Highlights - The company added 595MW of wind power capacity in the first half of 2024, but wind power generation decreased by 4.60% due to poor wind conditions [2] - The average on-grid electricity price for wind power decreased by 6.35% to 441 RMB/MWh [2] - The company plans to divest 1.215GW of thermal power capacity, with the transaction expected to generate 1.319 billion RMB [2] - The company has signed development agreements for 7.59GW of new energy projects and obtained development indicators for 6.09GW, a 51.87% increase year-on-year [2] - The company has already put 2.29GW of new energy capacity into operation, including 1.69GW of photovoltaic and 0.60GW of wind power [2] Industry Outlook - The green power sector is expected to see a recovery in investment rationality, with operational returns potentially aligning with stable utility yields [3] - Policy-driven benefits are likely to act as catalysts for the company's trend-driven performance [3] - The dual-carbon strategy remains a strong driver for long-term demand in the new energy sector [3]

[ T able_StockInfo] 2024 年 09 月 09 日 证券研究报告•公司动态跟踪报告 当前价：48.20 港元 康方生物（9926.HK）医疗保健 目标价：——港元 HARMONi-2 发表，对比 K 药取得显著阳性结果 [Table_Summary 事件：2024 年] 9 月 8 日，康方生物（9926.HK）在 2024 世界肺癌大会上发布 了公司自主研发的全球首创 PD-1/VEGF 双特异性抗体新药依沃西单药对比帕 博利珠单抗单药一线治疗 PD-L1表达阳性（PD-L1 TPS≥1%）的局部晚期或转 移性非小细胞肺癌（NSCLC）的注册性 III 期临床研究(HARMONi-2/AK112-303） 的重磅研究数据。依沃西 HARMONi-2 研究是全球首个对比帕博利珠单抗取得 显著阳性结果的随机、双盲、对照 III 期临床研究。 依沃西对比帕博利珠单抗取得显著阳性结果，整体安全性优异。依沃西一线治 疗 PD-L1 阳性 NSCLC，相比帕博利珠单抗显著延长了患者的中位无进展生存 期（mPFS），具有统计学和临床双重显著性。在 ITT 人群中，依沃西组和帕博 利珠单抗组的 mPF ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 2.00, representing a potential upside of 49.3% from the recent closing price of HKD 1.34 [3]. Core Insights - The company reported a 16.8% year-on-year growth in asset processing scale to HKD 165.86 billion in 1H2024, with core enterprise cloud processing assets increasing by 39.9% to HKD 123.7 billion [1]. - Total revenue for the first half of the year was HKD 413 million, reflecting a 5.6% increase, while gross margin improved significantly from 60.8% to 70.9% [1][2]. - The company is actively pursuing diversification through the acquisition of Shenzhen Bait Technology Co., aiming to enhance its service offerings to clients [2]. Financial Performance - The total asset processing volume for supply chain financial technology solutions reached HKD 156 billion, a 14.6% increase year-on-year, with notable growth in multi-polar circulation cloud processing assets, which surged by 56.9% [2]. - The company recorded an increase in asset impairment losses by 127.2% to HKD 162 million, attributed to cautious measures in light of economic pressures and challenges in the real estate sector [2]. - The company has a strong cash position with net cash reserves exceeding HKD 5.086 billion, and it has initiated a share buyback program of up to USD 100 million to enhance shareholder returns [2]. Market Position - The company is positioned to benefit from its diversified business model and strong cash reserves, which provide a buffer against macroeconomic challenges [2][3]. - The current valuation is considered safe, with a projected net cash value of HKD 2.43 per share, indicating potential for future growth [2].

Investment Rating - No specific investment rating provided for Vesync (2148 HK) [3] Core Viewpoints - Vesync achieved a 7% YoY revenue growth and a 37 5% YoY increase in net profit attributable to shareholders in H1 2024 [1] - Non Amazon channels showed strong growth with a 46 5% YoY increase in revenue driven by expansion in retail chains and TikTok retail channels [1][5] - The company's gross margin improved significantly to 48 5% up 3 3pp YoY due to higher product yields and lower unit costs [2][7] - Vesync plans to launch a new brand Pawsync targeting pet households and continue expanding its product portfolio and geographic coverage [2][8] Revenue Breakdown - Total revenue for H1 2024 was USD 296 million with Amazon channel revenue declining 3 37% to USD 212 million and non Amazon channel revenue growing 46 5% to USD 84 million [1][5] - North America remained the largest market contributing 75 9% of total revenue with a 13% YoY growth while Europe saw an 18 6% decline and Asia grew 43 4% [1][6] - By brand Levoit revenue grew 32 35% to USD 193 million Cosori revenue decreased 24 09% to USD 72 million and Etekcity revenue fell 16 02% to USD 30 million [1][6] Market Share and Product Performance - Levoit air purifiers and humidifiers ranked first in sales in the US market and achieved leading market shares in Germany with 36 8% and 39 2% respectively [2][6] - Cosori air fryers maintained the top sales position in Spain [2][6] Future Development Plans - Vesync will focus on upgrading its product portfolio expanding non Amazon channels deepening market penetration in Europe and investing in technology to develop the VeSync app into a home IoT platform [2][8][9] - The company aims to enhance brand awareness and consumer recognition through multi dimensional brand operations [8][9]

公司深度分析 2024 年 09 月 09 日 绿竹生物-B(02480.HK) 证券研究报告 生物技术(HS) 投资评级 买入-A 首次评级 6 个月目标价 32.77 港元 股价 (2024-09-05) 21.50 港元 交易数据 总市值(百万港元) 4,352.65 流通市值(百万港元) 4,352.65 总股本(百万股) 202.45 流通股本(百万股) 202.45 12 个月价格区间 17.22/39.0 港元 LZ901 三期进行时，剑指百亿蓝海市场 绿竹生物：深耕行业二十余年，以创新驱动发展。绿竹生物成立于 2001 年 11 月，是一家致力于开发创新型人用疫苗和治疗性生物制剂 的生物技术公司。公司创始人孔健先生曾供职于卫生部北京生物制品 研究所，拥有 30 多年的生物制药行业经验，作为首席科学家带领公 司研究团队实现多项突破，自成立以来成功研发了 6 款疫苗产品，其 中液体 AC 流脑结合疫苗、AC-Hib 三联疫苗为全球首款，Hib 结合疫 苗（磷酸铝佐剂）、ACYW135 流脑多糖疫苗为中国首款，6 款疫苗均已 转让给智飞生物，其中 5 款疫苗已实现商业化。目前，公司共布局了 7 款在 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 26.43, indicating a potential upside of 38.5% from the current price of HKD 19.08 [2]. Core Insights - The company achieved a record net profit of HKD 797 billion in the first half of the year, representing a 25% year-on-year increase. Revenue for the same period was HKD 2268 billion, up 18% year-on-year [1]. - The total oil and gas production reached 362.6 million barrels of oil equivalent, a 9.3% increase year-on-year, with oil prices averaging USD 80.32 per barrel, up 9.2% year-on-year [1]. - The company continues to focus on increasing reserves and production, aiming for a reserve replacement ratio of no less than 130% and a production target of 700-720 million barrels of oil equivalent for 2024 [1]. Financial Performance - The company reported a significant increase in revenue from oil liquid products, which reached HKD 1613 billion, a 24% increase year-on-year, while natural gas product revenue was HKD 239 billion, up 9.7% year-on-year [1]. - The average cost per barrel of oil equivalent decreased to USD 27.75, a 1.5% decline year-on-year, with operational costs down by 4.8% due to increased production and currency fluctuations [1]. - The interim dividend for 2024 was set at HKD 0.74 per share, a historical high for the same period, with a payout ratio of 40.3%, reflecting a 25.4% increase year-on-year [1]. Future Projections - Revenue projections for 2024, 2025, and 2026 are estimated at HKD 451.4 billion, HKD 471.0 billion, and HKD 481.7 billion respectively, with net profits expected to be HKD 145.2 billion, HKD 151.2 billion, and HKD 155.4 billion [2][4]. - The report anticipates an 8x PE valuation for 2024, supporting the target price of HKD 26.43 [2].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 8.07, indicating a potential upside of 36.1% from the current price of HKD 5.93 [1]. Core Insights - The company achieved a record high in interim dividends, with a cash dividend payout ratio of 45% [1]. - The natural gas business is experiencing rapid growth, contributing to revenue and profit increases [1]. - The oil and gas segment reported revenue of RMB 4,497 billion, a year-on-year increase of 5.9%, while the chemical segment turned a profit of RMB 3.126 billion, recovering from a loss in the previous year [1]. - The company is focusing on green transformation through acquisitions, such as the 100% stake in CNOOC Power [1]. Financial Performance Summary - For the first half of 2024, the company reported revenue of RMB 1,553.9 billion, a decrease of 5% year-on-year, and a net profit of RMB 88.6 billion, an increase of 3.9% [1]. - The average oil price increased, and domestic natural gas business volume and prices rose, leading to revenue and profit growth [1]. - The company processed 693 million barrels of crude oil, a 3% increase year-on-year, while total oil equivalent production reached 906 million barrels, up 1.3% [1]. - Natural gas sales reached 147.2 billion cubic meters, a 5.8% increase, with revenue from this segment growing by 7.9% [1]. Business Segment Analysis - The refining business faced challenges, with operating profit declining by 43% to RMB 10.5 billion, while the chemical segment saw a turnaround with a profit of RMB 3.126 billion [1]. - The sales of refined oil products decreased by 2% to 79.05 million tons due to the growth of domestic electric vehicles and extreme weather conditions [1]. - The company is actively reducing international procurement costs in the natural gas sector, anticipating continued growth in the second half of the year [1].