业绩温和复苏，产能利用率持续提升 买入（维持） 核心观点 ⚫ 二季度收入温和环比回升，销量显著增长，毛利率略超预期。2024 年二季度主营业 务收入 4.79 亿美元，同比下降 24.2%，环比增长 4.0%，符合业绩指引（4.7-5.0 亿 美元）；归母净利润为 667.3 万美元，同比下降 91.5%，环比下降 79.0%。收入环 比增幅的实现主要源于晶圆出货量增加，本期付运晶圆（折合 8 英寸）110.6 万片， 同比增长 3.0%，环比增速 7.8%；但销售单价相比上季度继续下滑。24Q2 毛利率达 到 10.5%，略高于指引上限（6%-10%），相比 24Q1 的 6.4%环比提升 4.1pct，主 要源于 8 英寸和 12 英寸晶圆的产能利用率上升，报告期 8 英寸、12 英寸产能的稼 动率分别达到 107.6%、89.3%。公司指引三季度销售收入在 5.0-5.2 亿美元，毛利 率在 10%-12%之间，直接驱动因素预计来自销量和单价的增长。 ⚫ 电源管理、CIS 和逻辑 IC 产品需求增长。收入按技术平台分，模拟与电源管理收入 同比提升 25.7%，主要系电源管理产品需求增加；逻辑及射频收入同 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [5]. Core Insights - The company reported a 9.0% year-on-year increase in main business revenue for the first half of 2024, reaching 6.838 billion HKD, with a net profit of 738 million HKD, up 16.0% year-on-year [1][2]. - The company's comprehensive gross profit margin improved from 16.0% in 2023 to 16.8% in 2024, attributed to strict cost control measures [1][2]. - The company added 2.12 million square meters of managed area in the first half of 2024, with a total managed area increasing to 42.3 million square meters [1][2]. Financial Performance Summary - **Revenue**: - 2022A: 11,334.7 million HKD - 2023A: 13,220.9 million HKD - 2024E: 15,008.9 million HKD - 2025E: 16,960.1 million HKD - 2026E: 18,825.7 million HKD - Year-on-year growth rates: 2023A: 16.6%, 2024E: 13.5%, 2025E: 13.0%, 2026E: 11.0% [1][4]. - **Net Profit**: - 2022A: 1,137.3 million HKD - 2023A: 1,342.5 million HKD - 2024E: 1,579.0 million HKD - 2025E: 1,835.2 million HKD - 2026E: 2,115.7 million HKD - Year-on-year growth rates: 2023A: 18.0%, 2024E: 17.6%, 2025E: 16.2%, 2026E: 15.3% [1][4]. - **Earnings Per Share (EPS)**: - 2022A: 0.35 HKD - 2023A: 0.41 HKD - 2024E: 0.48 HKD - 2025E: 0.56 HKD - 2026E: 0.64 HKD [1][4]. - **Return on Equity (ROE)**: - 2023A: 36.5% - 2024E: 32.2% - 2025E: 27.7% - 2026E: 24.6% [1][4]. Business Development - The company has seen a shift in its service structure, with an increase in the proportion of third-party and non-residential projects, enhancing its resilience in a challenging market [1][2]. - The non-residential value-added services revenue decreased to 9.11 billion HKD in the first half of 2024, accounting for 13.3% of total revenue, primarily due to adjustments in service offerings [1][2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 6.93 and a current price of HKD 5.66 [1] Core Viewpoints - The company is a leading supply chain technology platform, focusing on inclusive finance and digital finance, serving key industries such as infrastructure, pharmaceuticals, and bulk commodities [2] - The company has achieved a non-performing loan ratio of 0% and an overdue ratio of 0.03% in 2023, demonstrating strong risk control capabilities [2] - The company's platform strategy, driven by technology, has significantly enhanced its ability to connect capital providers with asset providers, leading to robust growth in digital finance and platform services [3] Business Model and Strategy - The company operates a "1+N" model, where "1" represents large state-owned enterprises and listed companies, and "N" represents small and medium-sized enterprise (SME) suppliers [66] - The company has established partnerships with over 138 capital providers as of H1 2024, a 200% increase from 2020 [69] - The company has invested over RMB 200 million in R&D, with significant capitalisation of R&D costs, indicating efficient conversion of R&D into technological achievements [38] Financial Performance - The company's total revenue grew by 24% YoY in 2023, with digital finance solutions and platform technology services contributing RMB 723 million and RMB 170 million, respectively [34] - The company's adjusted net profit CAGR from 2021 to 2023 was 13.54%, with an adjusted net profit margin consistently above 30% [33] - The company's supply chain assets and platform matching daily balances reached RMB 13.911 billion and RMB 5.97 billion in 2023, representing YoY growth of 58% and 200%, respectively [34] Industry and Market Potential - The supply chain finance market in China reached RMB 36.9 trillion in 2022, with a CAGR of 16.8% from 2018 to 2022, and is expected to grow to over RMB 60 trillion by 2027 [61] - The commercial factoring market in China grew by 20.5% YoY in 2023, reaching RMB 2.7 trillion, and is expected to exceed RMB 3 trillion by 2025 [50] - The accounts receivable of large-scale industrial enterprises in China increased from RMB 17.40 trillion in 2019 to RMB 23.72 trillion in 2023, with a CAGR of 8.05% [51] Competitive Advantages - The company has formed strategic partnerships with state-owned enterprises, including Wuxi Traffic Industry Group and Xiamen Xiangyu Group, enhancing its credibility and access to capital [63] - The company's technology-driven platform has enabled it to efficiently match capital with assets, reducing operational costs and improving risk control [20] - The company's focus on R&D and technology application has resulted in 68 national invention patents and software copyrights, further strengthening its competitive position [2]

证券研究报告 | 公司研究 gszqdatemark 2024 09 08 年 月 日 滔搏（06110.HK） 短期销售有所波动，长期持续深化运营升级 公司 3-5 月销售下降中单位数，6 月份以来我们判断公司终端销售或仍有一定压 力。根据公司此前披露，2024 年 3-5 月公司全渠道销售额同比下降中单位数，我 们判断公司相对较弱的销售表现主要系消费环境波动对线下门店客流造成影响， 当前国内线下奥莱业态表现或较好，而滔搏门店多为正价店，因此受消费环境波 动影响较大；受益于公司电商业务运营能力的提升，3-5 月电商渠道则保持快速增 长势头。6 月份以来，我们判断公司电商业务或保持较优异表现，线下门店客流仍 处于波动状态，从数据上来看同业公司宝胜国际 6 月/7 月销售同比分别14.1%/-10.6%，综合考虑下我们判断滔搏近期流水或存在一定压力。 ➢ 因业务模式不同，滔搏短期经营情况与其上游客户经营情况并不完全一致。 作为滔搏的核心客户，adidas 以及 Nike 近期也陆续发布季报，货币中性基 础上 adidas 2024 年 Q1/Q2 大中华区营收同比分别+8%/+9%，Nike 2024 年 3- ...

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 ...

研究报告 Research Report 6 Sep 2024 东方电气 Dongfang Electric (1072 HK) 毛利率阶段性承压，订单保持高增 GPM under Pressure Temporarily, Orders Maintain High Growth [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |---------------------------------------------------------------|------------------------| | | | | | | | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$8.26 | | 目标价 | HK$11.24 | | HTI ESG | 3.3-2.0-3.5 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | 市值 | HK$42.93bn ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4]. Core Insights - The company is optimizing its store network structure and is expected to restart store openings, with profitability continuing to improve [4]. - The projected net profit for 2024 and 2025 has been adjusted downwards to 2.12 billion and 2.53 billion RMB respectively, with a new forecast for 2026 net profit at 3.12 billion RMB, corresponding to PE ratios of 29, 25, and 20 for 2024-2026 [4]. - In the first half of 2024, the company reported revenue of 26.65 billion RMB, a year-on-year decrease of 3.5%, while gross profit was 6.09 billion RMB, an increase of 5.3%, resulting in a gross margin of 22.8%, up 1.9 percentage points year-on-year [4]. Summary by Sections Store Network Optimization - The company is adjusting its offline store network and expanding online sales channels, with a total of 9,660 stores as of the first half of 2024, a decrease of 2.6% year-on-year [4]. - The company plans to open approximately 200 new market stores in 2024 and has optimized existing rural stores to better meet consumer needs [4]. Product Structure and Profitability - The gross margin reached 22.8% in the first half of 2024, an increase of 1.9 percentage points year-on-year, driven by enhanced bargaining power with suppliers and effective cost control [4]. - The company is shifting from a food supermarket model to a community central kitchen model, focusing on high-margin products [4].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company is a leading player in China's marketing and sales SaaS market, with a strong platform and AI integration [4] - The marketing and sales SaaS market in China has significant growth potential, with a TAM of RMB 4.3 trillion by 2027 [4] - The company is well-positioned to expand its customer base and market share through its dual-drive strategy targeting both SMBs and large enterprises [4] - The global marketing technology sector is experiencing rapid growth, with China's marketing SaaS market entering a phase of consolidation and potential for market leaders to strengthen their competitive moats [4] Financial Projections - Revenue is projected to grow from RMB 1.508 billion in 2024 to RMB 2.702 billion in 2026, with a CAGR of 35.8% [5] - Adjusted net profit is expected to turn positive in 2025, reaching RMB 38 million, and further increase to RMB 124 million in 2026 [5] - The company's gross margin is forecasted to improve from 58.8% in 2024 to 63.1% in 2026 [6] Business Model and Market Position - The company operates two main business segments: SaaS solutions and precision marketing services, with SaaS revenue contributing 57% of total revenue in 2023 [4] - The company's SaaS products, such as T Cloud and Zhenke, cater to both SMBs and large enterprises, offering a comprehensive suite of marketing and sales tools [10][19][21] - The company has a strong presence in the Yangtze River Delta and Pearl River Delta regions, with plans to expand its sales network and partner ecosystem [31][33] Industry Trends - The global marketing technology sector has seen a CAGR of 41.8% over the past 13 years, with 14,106 marketing technology products available in 2024 [55] - China's marketing and sales SaaS market is expected to grow from RMB 20.6 billion in 2022 to RMB 74.5 billion by 2027, with a CAGR of 29.3% [45] - The integration of AI and SaaS in marketing is creating significant value, with generative AI expected to contribute USD 760 billion to USD 1.2 trillion in market revenue [49][52] Strategic Development - The company is following a platform and ecosystem strategy, similar to global leaders like HubSpot and Salesforce, with a focus on AI-driven marketing solutions [62] - The company plans to use IPO proceeds to enhance its platform capabilities, expand its product portfolio, and improve AI and big data technologies [63][64]

康方生物（09926.HK） 优于大市 研发及商业化均实现快速发展 依沃西头对头 K 药取得优效，正式进入商业化阶段。康方生物的 PD1/VEGF 双抗依沃西头对头K 药单药一线治疗 PD-L1 阳性的 NSCLC 的 3 期临床在上半 年达到 PFS 主要临床终点，且在各个亚组均显示强阳性结果。依沃西已在肺 癌启动 6 项 3 期临床，并且新启动 3 项 3 期临床，广泛覆盖各大瘤种。2024 年 5 月，依沃西获得中国药监局批准上市，用于二线治疗 EGFRm nsqNSCLC； 上半年依沃西实现收入 1.03 亿元。另外，公司与 SUMMIT 签署了补充协议， 拓展了依沃西的许可市场范围。 卡度尼利拓展大适应症，销售端保持增长。PD1/CTLA4 双抗卡度尼利已经完 成 GC 1L 和 CC 1L 的 3 期临床并提交上市申请，并在肺癌、肝癌等大适应症 中推进 3 期临床。卡度尼利上半年实现收入 7.06 亿元（+16.5%），在上市 的前两年累积销售超 26 亿元。公司的两大核心产品依沃西和卡度尼利均有 望通过年底的谈判进入医保目录。 自免管线进入收获期，早期管线布局丰富。康方生物的 AK101（IL- ...

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 安证券 嗨啤合伙人稳步推进，探索社区店新模型 海伦司(9869) [Table_Industry] 社会服务业 [Table_Invest] 评级： 增持 股票研究 /[Table_Date] 2024.09.08 | --- | --- | --- | |----------|-------------------------------------|----------------------------------| | | | ——海伦司 2024 年中报业绩点评 | | | [table_Authors] 刘越男 ( 分析师 ) | 宋小寒 ( 分析师 ) | | | 021-38677706 | 010-83939087 | | | liuyuenan@gtjas.com | songxiaohan026736@gtjas.com | | 登记编号 | S0880516030003 | S0880524080011 | [当前价格 ...