证券研究报告 | 公司点评 gszqdatemark 2024 09 09 年 月 日 腾讯控股（00700.HK） 三朵云助力企业增长 腾讯数字生态大会召开，腾讯云展示企业服务相关进展。腾讯于 9 月 5-6 日召开数字生态大会，展示了公司在 AI 和云智能领域的企业服务进展。 例如，在交通出行领域，腾讯已经与超过 100 家汽车制造商和出行技术企 业建立了合作关系。在医疗健康领域，腾讯的人工智能产品和解决方案已 经在超过 1300 家机构中得到应用。企业通信协作领域，腾讯会议的海外 会议数自年初以来已经实现了近 50%的增长。 腾讯云集中展示了公司在智能化、融合创新、国际化的"三朵云"战略上 为企业提供的增长引擎。 智能化方面，腾讯推出混元 Turbo，性价比大幅提升。大会上，腾讯公司 推出其最新的人工智能模型——腾讯混元 Turbo。这款新模型基于 MoE 架 构设计，相较于前一代产品，推理效率提升 100%，推理成本降低 50%。 具体来说，该模型的输出服务费用为每千个 tokens 0.05 元，而输入服务 的费用则为每千个 tokens 0.015 元。 融合创新方面，腾讯云推出全栈融合创新产品体 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 09 年 月 日 蔚来-SW（09866.HK） 乐道即将上市，产品矩阵逐步完善 蔚来 Q2 业绩超预期、Q3 指引超预期。公司 Q2 交付 57373 辆车，5-6 月销量超过 2 万辆， 带动公司实现 174 亿人民币收入，同比大幅增长 99%。其中，车辆销售/其他销售收入分别 为 157/18 亿，同比增长 118%/11%。毛利率超出预期，Q2 公司整体毛利率为 9.7%（汽车 销售/其他销售的毛利率分别为 12.2%/-12.3%），同比/环比提升 8.7/4.8pct，主要受益于单 位物料成本下降、售后服务效率的提升。受益于规模经济，研发费用率和 SG&A 费用率均有 所收窄，Q2 GAAP 净亏损 51 亿人民币，non-GAAP 净亏损 45 亿，净亏损率 26%，同比/环 比改善 36/23pct，超出预期。展望 Q3，公司 7-8 月均实现超 2 万月销量，指引 Q3 交付 6.1- 6.3 万辆，同比增长 10%-13.7%，收入 191.09-196.69 亿元。我们采用收入和销量指引的中 值测算，在 Q3 较低价 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][5] Core Viewpoints - The company maintains a strong financial position with stable operating performance, achieving a revenue of RMB 35.34 billion in the first half of 2024, a year-on-year increase of 10.1%. However, the net profit attributable to the parent company decreased by 15.9% to RMB 1.83 billion [4][7] - The company continues to consolidate its leading position in the Greater Bay Area, with total contract sales amounting to approximately RMB 55.4 billion, a year-on-year decline of 33.8% [4][7] - The company has adopted a "commercial and residential dual-platform" strategy, with commercial property operating income increasing by 4.8% to RMB 1.33 billion, and rental income rising by 41.3% to RMB 297 million [4][7] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported total revenue of RMB 35.34 billion, with a gross profit margin of 13.7%, down 4.1 percentage points year-on-year. The asset-liability ratio, net debt ratio, and cash short-term debt ratio were 68.3%, 58.6%, and 1.53 times, respectively, maintaining a "green" status under the "three red lines" policy [4][6][7] - The average borrowing cost decreased to 3.47% by the end of the period, with a weighted average borrowing rate of 3.57%, down 41 basis points year-on-year [4][6] Market Position - The company achieved contract sales of RMB 261.1 billion in the Greater Bay Area, RMB 128.8 billion in East China, RMB 89.4 billion in Central and Western China, and RMB 74.7 billion in Northern China, representing 47.1%, 23.2%, 16.2%, and 13.5% of total contract sales, respectively [4][7] Strategic Initiatives - The company has implemented a "6+1" diversified land acquisition model, acquiring 12 plots of land with a total construction area of approximately 1.72 million square meters in major cities, with 66% of the new land reserves obtained through this model [4][8] - The company continues to enhance the interaction between its commercial property and real estate investment trust (REIT) platforms, with the REIT achieving operating income of RMB 1.034 billion, a year-on-year decrease of 2.5% [4][7] Valuation - The forecasted EPS for 2024 is RMB 0.81, with a projected market capitalization range of HKD 28.5 billion to HKD 35.7 billion, corresponding to a reasonable value range of HKD 7.09 to HKD 8.86 per share [5][8]

腾讯发布新一代混元 Turbo 大模型，驱动 智能化、融合创新及国际化 ——腾讯控股（0700.HK）点评 核心观点 ⚫ 事项： 2024 年 9 月 5 日，2024 腾讯全球数字生态大会举办，以"智启新机 云驱 增长"为主题，提出了腾讯云战 略发展的方向:智能化、融合创新及国际化。1)智能 化:腾讯在大会上发布新一代大模型"混元 Turbo"， 推出 AI Infra 品牌"腾讯云智 算"智能底座。2)融合创新:5T 基础平台软件产品兼容国内主流芯片，为 下游客户 实现数字化解决方案。3)国际化:腾讯云目前已经累计服务超 10000 家海外客户，覆 盖超 80 多 个国家和地区，为企业出海提供数字化解决方案。 ⚫ 大会首发 MoE 模型"腾讯混元 Turbo"：最新第三方测评在国内位居第一， 在中文 场景可对标 GPT-4o;推理效率提升 100%，成本降低 50%，解码速度增加 20%。腾 讯混云大模型已经落 地腾讯 700+个业务场景，这次大模型的升级进一步提升各个 产品的 AI 能力及 AI 含量。目前已在腾讯云正式上线，助力打造图像创作、知识引 擎、视频创作、腾讯元器等全矩阵产品，加速大模型能力落 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (0700.HK) with a target price of 430 HKD [3][11]. Core Insights - Tencent is leveraging three growth engines: intelligence, internationalization, and integrated innovation to enhance its position in the industrial internet sector [2]. - The company has introduced the Tencent Mix Yuan Turbo model, which significantly improves AI integration in various products, achieving a 40% reduction in coding time for internal programmers [2]. - Tencent Cloud has expanded its international business, serving over 10,000 overseas clients and achieving an 85% year-over-year revenue growth in the Middle East [2]. - The report highlights a robust growth trajectory for Tencent's enterprise services, with a 150% increase in partners generating over 1 million RMB in annual revenue over three years [2]. Financial Forecasts and Valuation - Revenue projections for Tencent are as follows: 2024E at 653.54 billion RMB, 2025E at 711.86 billion RMB, and 2026E at 757.43 billion RMB, reflecting growth rates of 7.3%, 8.9%, and 6.4% respectively [2][10]. - Non-IFRS net profit estimates are projected to be 225.58 billion RMB for 2024E, 254.39 billion RMB for 2025E, and 276.16 billion RMB for 2026E, with growth rates of 43.1%, 12.8%, and 8.6% respectively [2][10]. - The report adjusts the Non-IFRS net profit forecasts upward by 6.6%, 7.6%, and 8.1% for 2024, 2025, and 2026 respectively [2].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [2] Core Views - The company reported a main business revenue of 436 million yuan for the first half of 2024, a year-on-year decrease of 12%, while platform technology service revenue surged by 83% to 154 million yuan, accounting for 35% of total revenue [1] - Strategic cooperation with Taihu New City Group is expected to accelerate the company's transformation, despite a 22% decline in digital financial solutions revenue to 275 million yuan due to changes in ownership structure [1] - The company is optimistic about leveraging fintech to enhance its service capabilities for the real economy, which is anticipated to drive continued business growth [1] Summary by Sections Financial Performance - In H1 2024, the company achieved a net profit of 166 million yuan, down 12% year-on-year, with earnings per share of 0.16 yuan, a decrease of 11% [1] - The total processed supply chain asset scale reached approximately 216 billion yuan, reflecting a year-on-year increase of 22% [1] Strategic Developments - The partnership with Taihu New City Group led to a reduction in the company's stake in Wuxi Guojin from 80% to 49%, resulting in a short-term decline in operating revenue, total assets, and net assets [1] - The strategic cooperation aims to enhance platform service revenue and optimize the company's business structure, improving return on equity [1] Future Outlook - The report projects earnings per share (EPS) for 2024, 2025, and 2026 to be 0.30 yuan, 0.36 yuan, and 0.43 yuan respectively, with a target price of 7.32 HKD based on a price-to-book ratio of 1.6x for 2024 [1][2]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][18]. Core Views - The company demonstrated stable performance in H1 2024, with revenue of HKD 3.339 billion (+0.2%) and net profit of HKD 686 million (+7.4%) [5][8]. - The large-volume infusion segment showed significant growth, with revenue reaching HKD 2.185 billion (+5.6%) and sales volume of 1.139 billion bags (+21.7%) [8][9]. - The company is in a phase of intensive approval for formulation varieties, which is expected to support stable growth in the future [17]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of HKD 3.339 billion (+0.2%) and net profit of HKD 686 million (+7.4%), with a gross margin of 55.2% (-3.1pp) and a net margin of 20.5% (+1.4pp) [5][8]. - The sales expense ratio decreased to 22.7% (-4.9pp), while the management expense ratio increased slightly to 4.2% (+0.1pp) [5][8]. Business Segments - The large-volume infusion business generated revenue of HKD 2.185 billion (+5.6%), accounting for 65.4% of total revenue [8][9]. - The ampoule injection segment faced short-term pressure, with revenue declining to HKD 367 million (-19.0%) due to price reductions in collective procurement products [8][9]. - The raw material segment reported revenue of HKD 399 million (-12.1%), primarily due to low caffeine prices [8][9]. Research and Development - The company achieved significant R&D results in H1 2024, with 29 formulation varieties approved, including 18 injectable and 11 oral formulations [17]. - The innovative drug SYN-045 for pulmonary arterial hypertension has entered Phase I clinical trials, and the anti-liver fibrosis drug ADN-9 is expected to apply for Phase I trials soon [17]. Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected revenues of HKD 65.32 billion, HKD 70.86 billion, and HKD 76.85 billion, reflecting a growth rate of 1.07%, 8.47%, and 8.46% respectively [17]. - The forecasted net profit for the same period is HKD 13.41 billion, HKD 14.98 billion, and HKD 16.51 billion, with growth rates of 1.71%, 11.69%, and 10.22% respectively [17].

Investment Rating - The investment rating for WuXi AppTec (02268.HK) is "Outperform the Market" [3][10]. Core Insights - The company reported strong growth in revenue and profit for the first half of 2024, with a main business revenue of 1.665 billion yuan (+67.6%) and a net profit attributable to shareholders of 488 million yuan (+175.5%) [4][10]. - The gross margin improved to 32.15% (+9.1 percentage points) and the net margin reached 28.72% (+11.5 percentage points), indicating significant enhancement in profitability [4][10]. - The number of ongoing projects increased to 705 (+23.7% compared to the end of 2023), with a total order amount of 842 million USD (+104.9%) [7][10]. - The company is expanding its production capacity globally, with significant developments in its Wuxi, Shanghai, and Singapore bases [9][10]. Summary by Sections Financial Performance - In H1 2024, the company achieved a main business revenue of 1.665 billion yuan, a year-on-year increase of 67.6%, and a net profit of 488 million yuan, up 175.5% [4][10]. - Non-IFRS adjusted net profit was 534 million yuan (+146.6%) [4]. - The gross margin was 32.15% (+9.1 percentage points) and the net margin was 28.72% (+11.5 percentage points) [4]. Order and Client Growth - The total number of ongoing projects reached 705, an increase of 23.7% from the end of 2023, with 167 integrated projects [7][10]. - The company secured 26 new projects in H1 2024, and the total order amount was 842 million USD, reflecting a growth of 104.9% [7][10]. - The number of clients increased to 419, with 13 clients being among the top 20 global pharmaceutical companies [7][10]. Technological Advancements - The company developed over 11,000 conjugated molecules in H1 2024, including more than 1,800 payload linkers and 1,200 protein molecules [9]. - The self-developed technology has evolved from WuXi DAR4 to WuXi DARX, now supporting various conjugation forms [9]. Capacity Expansion - The Wuxi base achieved a full-process "one-stop" production capability, and additional production lines are under construction [9][10]. - The Shanghai base is expanding its discovery and process development laboratories to meet increasing R&D demands [9][10]. - The Singapore base is under construction and is expected to be operational by late 2025 to early 2026 [9][10].

Investment Rating - The report maintains an "Outperform" rating for WuXi Biologics (02269 HK) [1][4] Core Views - Revenue remained stable in H1 2024, but net profit declined YoY [1][5] - The "Follow and Win the Molecule" strategy continues to advance, with total backlog maintaining at historical highs [1][7] - Global strategic layout upgrades are driving international business expansion [1][9] - Breakthroughs in drug discovery and production technologies are accelerating [1][10] Financial Performance - H1 2024 revenue reached RMB 8 574 million (+1 0% YoY, +7 7% excluding COVID-19 projects) [1][5] - Net profit attributable to shareholders was RMB 1 499 million (-33 9% YoY) [1][5] - IFRS adjusted net profit was RMB 2 540 million (-13 0% YoY) [1][5] - Sales expense ratio increased to 2 6% (+1 4pp), management expense ratio rose to 9 0% (+1 0pp), while financial expense ratio decreased to 0 8% (-0 1pp) [1][5] Business Development - 61 new projects signed in H1 2024 (+32 6% YoY), including 9 "Win the Molecule" projects [1][7] - Total backlog reached $20 105 billion as of June 30 2024 [1][7] - Total ongoing projects reached 742 (+21 0% YoY) [1][7] - Significant expansion across all biologics pipelines: monoclonal antibodies (316 projects, +13 7%), bispecific/multispecific antibodies (123 projects, +17 1%), antibody-drug conjugates (167 projects, +51 8%), fusion proteins (76 projects, +13 4%), other proteins (37 projects, +8 8%), and vaccines (23 projects, +21 1%) [1][7][8] Global Expansion - Capacity expansion in New Jersey, USA: added 2000L drug substance capacity [1][9] - Completed first PPQ project in Dundalk, Ireland [1][9] - MFG20 facility launched in Hangzhou, China with three 5000L single-use bioreactors [1][9] - DP2 and DP5 facilities in Wuxi, China successfully passed FDA pre-approval inspections [1][9] Technological Advancements - CD3/WuXiBodyTM and WuXiUPTM platforms successfully produced CN201 molecule, a potential best-in-class CD3xCD19 antibody [1][10] - Next-generation production platform WuXiUITM increased protein yield by 3-6 times [1][10] Financial Projections - 2024-2026 net profit forecast maintained at RMB 3 823/4 483/5 321 million, with YoY growth of 12 4%/17 3%/18 7% [1][11] - 2024-2026 revenue projected at RMB 18 145/20 852/24 129 million, with YoY growth of 6 5%/14 9%/15 7% [2] - EPS expected to be RMB 0 90/1 05/1 25 for 2024-2026 [2]

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 6.58, corresponding to a PE ratio of 23.52 for 2024 [4][12]. Core Insights - The company's performance is stabilizing, with a focus on cost control and multiple emerging business lines showing growth potential. The anticipated recovery in the market and the release of self-controlled demand are expected to drive business growth beyond expectations [3][4]. Summary by Sections Earnings Forecast - The company is projected to achieve revenues of HKD 179.45 billion, HKD 195.54 billion, and HKD 212.60 billion for the years 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is expected to be HKD 7.74 billion, HKD 9.71 billion, and HKD 12.40 billion for the same years [11][12]. Valuation Analysis - The report employs a PE valuation method, comparing the company to peers such as Saiyi Information and Zhongke Chuangda. The average PE for comparable companies in 2024 is 23.52, leading to a reasonable valuation of HKD 6.58 per share [12][13].