Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company achieved a total revenue of 4.133 billion HKD in H1 2024, representing a year-on-year increase of 17.46%. However, the profit attributable to shareholders decreased by 52.57% to 0.752 billion HKD. The Non-IFRS net profit increased by 26.87% to 1.018 billion HKD [5][6]. - The company has seen steady growth across its brands, with revenue from the main brand, Zhenjiu, reaching 2.7 billion HKD (up 17.2% YoY), and Li Du achieving 0.68 billion HKD (up 37.9% YoY). The company is expanding its distribution channels and has increased its number of partners and retail outlets [5][6]. - The gross margin improved to 58.8% (up 0.9 percentage points YoY), driven by a higher proportion of premium products. The sales expense ratio decreased slightly to 21.8% [5][6]. Summary by Sections Financial Performance - Total revenue for H1 2024 was 4.133 billion HKD, up 17.46% YoY - Profit attributable to shareholders was 0.752 billion HKD, down 52.57% YoY - Non-IFRS net profit was 1.018 billion HKD, up 26.87% YoY [5][6]. Brand Performance - Zhenjiu revenue was 2.7 billion HKD (up 17.2% YoY) - Li Du revenue was 0.68 billion HKD (up 37.9% YoY) - Xiangjiao revenue was 0.45 billion HKD (up 2.4% YoY) - Kaikouxiao revenue was 0.22 billion HKD (up 1.6% YoY) [5][6]. Channel Expansion - The number of distribution partners increased to 3,107 (up 169 from the end of 2023) - The number of experience stores reached 1,061 (up 119 from the end of 2023) - The number of retailers increased to 3,192 (up 49 from the end of 2023) [5][6]. Margin and Cost Structure - Gross margin improved to 58.8% (up 0.9 percentage points YoY) - Sales expense ratio decreased to 21.8% (down 1.2 percentage points YoY) - The overall ton price was 292,000 HKD/ton (up 9.9%) [5][6]. Future Outlook - The company is expected to maintain steady revenue growth throughout 2024, benefiting from a multi-brand strategy and improvements in the sauce liquor industry [6]. - Projected EPS for 2024 and 2025 are 0.59 HKD and 0.70 HKD, respectively, with corresponding PE ratios of 11 and 9 times [6].

Investment Rating - The report maintains an "Outperform" rating for China Resources Gas (01193 HK) [1][12] Core Views - Stable performance growth driven by gas sales volume increase and margin recovery [1] - Rapid development of "two comprehensive" businesses partially offsetting the impact of reduced connection business [1] - Significant increase in interim dividend payout [12] Financial Performance Revenue and Profit - H1 2024 revenue reached HK$52 076 million (+7 7% YoY) [1] - Net profit attributable to shareholders was HK$3 457 million (-2 5% YoY) but increased 21 2% YoY excluding one-time gains from Chongqing Gas consolidation in 2023 [1] - Gas sales volume reached 20 9 billion cubic meters (+5 3% YoY) with gas sales margin of RMB 0 54/cubic meter (+RMB 0 04/cubic meter YoY) [1] Gas Sales Breakdown - Residential gas: 5 76 billion cubic meters (+7 0% YoY) accounting for 27 6% of total [1] - Industrial gas: 9 66 billion cubic meters (+3 7% YoY) accounting for 46 2% [1] - Commercial gas: 5 01 billion cubic meters (+8 1% YoY) accounting for 24 0% [1] - Vehicle gas: 0 47 billion cubic meters (-8 4% YoY) accounting for 2 2% [1] Pricing and Costs - Average gas sales price: RMB 3 48/cubic meter (-RMB 0 10/cubic meter YoY) [1] - Residential: RMB 2 67/cubic meter (+RMB 0 08/cubic meter YoY) [1] - Commercial/industrial: RMB 3 81/cubic meter (-RMB 0 18/cubic meter YoY) [1] - Vehicle: RMB 3 87/cubic meter (-RMB 0 17/cubic meter YoY) [1] - Average gas cost: RMB 2 94/cubic meter (-RMB 0 14/cubic meter YoY) [1] Business Segments Connection Business - Revenue decreased 29 1% YoY to HK$3 016 million accounting for 5 8% of total revenue [1] - Segment profit decreased 29 4% YoY to HK$1 124 million [1] Comprehensive Services - Revenue increased 20 0% YoY to HK$1 770 million [1] - Profit increased 22 1% YoY to HK$760 million [1] Comprehensive Energy - Revenue increased 38 0% YoY to HK$830 million [1] Financial Projections Revenue - 2024E: HK$106 726 million (+5% YoY) [3] - 2025E: HK$115 280 million (+8% YoY) [3] - 2026E: HK$122 481 million (+6% YoY) [3] Net Profit - 2024E: HK$5 641 million (+8% YoY) [3] - 2025E: HK$6 133 million (+9% YoY) [3] - 2026E: HK$6 629 million (+8% YoY) [3] Valuation Metrics - 2024E PE: 12X [12] - 2025E PE: 11X [12] - 2026E PE: 10X [12] Dividend Policy - Interim dividend: HK$0 25/share (+66 7% YoY) with payout ratio of 16 74% [12] - 2023 annual dividend: HK$1 16/share with payout ratio of 51 25% and yield of 4 5% [12] Industry Comparison - China Resources Gas shows higher growth potential compared to peers with 2024E-2026E EPS growth of 8%-9% [13] - The company maintains a relatively stable ROE of 12 9%-13 3% from 2024E-2026E [3]

Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Insights - The company has experienced a decline in revenue due to macroeconomic factors affecting its payment business, but growth in merchant solutions has offset some of these losses [2][3] - The overseas payment business is expanding, with significant growth in Singapore, while the company is adjusting its in-store business strategy to focus on higher profitability [2][3] - The company is expected to achieve breakeven in its in-store e-commerce segment by the second half of 2024 [2] Financial Performance Summary - For H1 2024, the company reported revenue of 1.578 billion yuan, a year-over-year decrease of 23.5%, with a gross profit of 300 million yuan, down 18.0% [2] - The net profit for H1 2024 was 33 million yuan, showing a year-over-year increase of 7.3% [2] - Non-GAAP EBITDA for H1 2024 was 163 million yuan, down 43.9% year-over-year [2] Business Segment Analysis - The one-stop payment service revenue decreased by 26.6% to 1.35 billion yuan in H1 2024, primarily due to a 17.8% decline in total GPV [2] - Merchant solutions revenue grew by 21.2% to 202 million yuan, with an increase in active merchants by 5.8% [2] - The in-store e-commerce service revenue fell by 51.9% to 29 million yuan, attributed to a strategic shift towards more profitable clients [2] Future Projections - Revenue projections for 2024-2026 are estimated at 3.418 billion yuan, 3.992 billion yuan, and 4.521 billion yuan respectively, with net profits expected to be 118 million yuan, 275 million yuan, and 399 million yuan [3][4] - The diluted EPS is projected to be 0.34 yuan, 0.78 yuan, and 1.14 yuan for the years 2024, 2025, and 2026 respectively [4]

研究报告 Research Report 8 Sep 2024 中国海洋石油 China National Offshore Oil Corporation (883 HK) 上半年净利润同比增长 25% [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | |----------------------------------------------------------------|---------------------------| | 1H24 net income up 25% y/y [Table_Info] 首次覆盖优于大市 | Initiate with OUTPERFORM | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$19.84 | | 目标价 | HK$24.19 | | HTI ESG | 5.0-5.0-5.0 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | 市值 | HK$966.93bn / US$124. ...

Investment Rating - The report assigns an "Outperform" rating to the company [1][7]. Core Views - The company reported a total revenue of 11.379 billion yuan for the first half of 2024, a year-over-year decline of 8.9%, with a net profit of 565 million yuan, down 5.89% year-over-year [2][3]. - Weak demand and rising aluminum prices have pressured revenue and gross profit, but active cost optimization measures have helped maintain profitability [2][3]. - The company is focusing on product brand restructuring and optimizing its product mix to enhance customer experience and operational efficiency [3][5]. Summary by Sections Financial Performance - In the first half of 2024, the company's main business revenue decreased by 9.00% to 11.335 billion yuan, with a sales volume drop of 15.7% [2][3]. - The gross margin fell by 0.91 percentage points to 34.56%, resulting in a gross profit decline of 11.33% to 3.918 billion yuan [2][3]. - The company implemented cost optimization strategies, reducing the expense ratio by 1.84 percentage points [2][3]. Product Performance - The company's market share in the soda category remains above 50%, despite a revenue decline of 7.83% to 8.577 billion yuan [3][5]. - Juice category revenue fell by 14.00% to 1.661 billion yuan, reflecting overall industry pressure [3][5]. - Water category revenue saw a significant drop of 32.3% to 532 million yuan, attributed to intense price competition in the bottled water market [5]. - Other products, including ready-to-drink coffee, grew by 30.55% to 564 million yuan, indicating strong performance in this segment [5]. Future Outlook - The company expects to maintain stable growth in its soda business, projecting a revenue decline of 4% for 2024, with a recovery anticipated in the second half of the year [6]. - The juice business is also expected to improve, with a projected revenue decline of 5% for 2024 [6]. - The water category is forecasted to face challenges, with revenue predictions of -30% for 2024 [6]. - Other business segments are expected to grow significantly, with revenue growth forecasts of 30% for 2024 [6]. Valuation - The company is projected to achieve total revenues of 20.584 billion yuan in 2024, with net profits of 838 million yuan, corresponding to an EPS of 0.30 yuan [7][10]. - The report suggests a PE valuation range of 11-14 times for 2024, translating to a share price range of 3.30-4.20 HKD [7][8].

Investment Rating - The report maintains a "Buy" rating for Hongxin Construction Development (09930) [2][3] Core Views - Hongxin Construction Development achieved significant revenue and profit growth in H1 2024, with revenue increasing by 15.8% YoY to RMB 4.87 billion and net profit rising by 13.1% YoY to RMB 270 million [2] - The company's non-asset-driven businesses, particularly engineering technical services and asset management, were the main growth drivers [2] - Overseas market expansion is accelerating, with H1 2024 overseas revenue reaching RMB 73 million, a 62% YoY increase [2] Financial Performance - Revenue breakdown by segment: - Operating lease services: RMB 1.9 billion, down 24.3% YoY [2] - Engineering technical services: RMB 1.95 billion, up 70.6% YoY [2] - Asset management and other services: RMB 1.03 billion, up 84.1% YoY [2] - Gross margins: - Operating lease services: 37.1%, down 2.4 percentage points YoY [2] - Engineering technical services: 27.0%, up 6.3 percentage points YoY [2] - Asset management and other services: RMB 330 million, up 58.0% YoY [2] Equipment Management - Equipment management scale as of H1 2024: - Aerial work platforms: 205,000 units, up 28.1% YoY [2] - New support systems: 1.613 million tons, up 4.0% YoY [2] - New formwork systems: 748,000 tons, up 14.9% YoY [2] - Rental rates: - Aerial work platforms: 65.6%, down 7.9 percentage points YoY [2] - New support systems: 66.9%, up 1.9 percentage points YoY [2] - New formwork systems: 75.6%, up 5.7 percentage points YoY [2] Overseas Expansion - Number of overseas business outlets increased to 35 as of H1 2024, up from 4 at the end of 2023 [2] - Key markets include Malaysia, Vietnam, Indonesia, Thailand, Saudi Arabia, UAE, and Turkey [2] Future Projections - Revenue forecasts: - 2024: RMB 11.21 billion [2][3] - 2025: RMB 12.90 billion [2][3] - 2026: RMB 14.90 billion [2][3] - Net profit forecasts: - 2024: RMB 1.09 billion [2][3] - 2025: RMB 1.22 billion [2][3] - 2026: RMB 1.40 billion [2][3] - PE ratios: - 2024: 3.62x [2][3] - 2025: 3.24x [2][3] - 2026: 2.82x [2][3] Stock Data - Total shares outstanding: 3.197 billion [1] - Market capitalization: HKD 43.48 billion [1] - 12-month high/low: HKD 4.93/HKD 0.91 [1]

优于大市 腾讯控股（00700.HK） 腾讯新一代混元 Turbo 大模型发布，元宝品牌智能体上线 | --- | --- | --- | --- | --- | |--------------|--------------------------------|---------------|-------------------------------------------------|---------------------------------------------------------| | 证券分析师： | 公司研究·海外公司快评 \n张伦可 | 0755-81982651 | 互联网·互联网Ⅱ \n zhanglunke@guosen.com.cn | 投资评级：优于大市（维持） \n 执证编码：S0980521120004 | | 证券分析师： | 陈淑媛 | 021-60375431 | chenshuyuan@guosen.com.cn | 执证编码：S0980524030003 | 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" ...

Investment Rating - The report initiates coverage with an "Outperform" rating for China Petroleum & Chemical Corporation (386 HK) at a current price of HK$4.65 and a target price of HK$6.09 [2][19]. Core Insights - The company aims to enhance identification and promote enterprise valuation through share buy-backs and high dividend yields, with a planned annual cash dividend payout ratio of no less than 65% over the next three years [4][24]. - In the first half of 2024, the company reported revenue of RMB 1,576.1 billion, a decrease of 1.1% year-on-year, while net profit attributable to shareholders was RMB 35.7 billion, an increase of 1.7% year-on-year [4][24]. - The exploration and production segment benefited from rising oil prices, with Brent crude averaging USD 83.42 per barrel, up 4.38% year-on-year, and a 2.97% increase in oil and gas equivalent production [4][9]. - The refining segment saw a revenue increase of 2.8% year-on-year but a significant profit decline of 37.6% [12]. - The chemical segment reported a revenue increase of 5.3% year-on-year but incurred an operating loss of RMB 3.164 billion, indicating ongoing challenges in this area [15][17]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are RMB 3,218.0 billion, RMB 3,298.7 billion, and RMB 3,331.7 billion respectively, with net profit estimates of RMB 72.7 billion, RMB 74.4 billion, and RMB 76.5 billion [3][19]. - The diluted EPS is forecasted to be RMB 0.60, RMB 0.61, and RMB 0.62 for 2024-2026 [19]. Business Segment Performance - The exploration and production segment's operating profit increased by 14.7% year-on-year, driven by higher oil prices and production levels [9][10]. - The refining segment's operating income was RMB 749.67 billion, but profits fell due to decreased margins on diesel products [12][13]. - The chemical segment continues to struggle, with a reported loss and declining production of key products like ethylene [15][17]. Market Position and Valuation - The company has a market capitalization of HK$812.11 billion (approximately USD 104.16 billion) and a P/E ratio projected to decrease from 9 in 2024 to 7 in 2026 [2][19]. - The report suggests a reasonable valuation of HK$5.54 to HK$6.09 based on a P/B multiple of 0.8 times the 2024 BPS [19].

Investment Rating - Maintains a "Buy" rating [3] Core Views - Organizational restructuring has significantly boosted the growth potential of the core local commerce business, with the core local commerce segment contributing approximately 73.8% of total revenue in Q2 2024, generating 60.7 billion yuan [2] - The new business segment showed a notable improvement, with revenue increasing by 28.7% year-over-year to 21.57 billion yuan in Q2 2024, and operating losses narrowing to 1.31 billion yuan from 2.76 billion yuan in Q1 2024 [2] - The company continues to repurchase shares, with a board resolution to buy back up to $1 billion worth of Class B ordinary shares, reflecting strong confidence in the company's future [2] Financial Performance - In Q2 2024, the company reported revenue of 82.3 billion yuan, a 21% year-over-year increase, with operating profit surging 139% to 11.3 billion yuan and adjusted net profit rising 78% to 13.6 billion yuan [1] - The company forecasts revenue for 2024-2026 to be 3,333 billion yuan, 3,829 billion yuan, and 4,382 billion yuan, respectively, with adjusted net profit expected to be 40.9 billion yuan, 50.5 billion yuan, and 63 billion yuan for the same periods [3] Business Segments - The "Pinhaofan" (拼好饭) service achieved a peak daily order volume of 8 million orders in Q2 2024, demonstrating strong performance [2] - The new business segment, including Meituan Youxuan, improved operational efficiency through enhanced product quality and supplier collaboration, leading to higher average order values and reduced losses [2] Valuation and Metrics - The company's market capitalization stands at 719.8 billion HKD, with a closing price of 115.7 HKD and total shares outstanding of 6.22 billion [5] - The company's P/E ratio is projected to decrease from 34.16 in 2023 to 12.22 in 2026, indicating improving valuation metrics [6] Future Outlook - The company is expected to maintain robust growth in its core local commerce business while continuing to reduce losses in new business segments, driven by ongoing organizational reforms [3]

股 票 研 究 股票研究 /[Table_Date] 2024.09.09 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 MS III 期获 FDA 批准，海外空间打开 诺诚健华(9969) [Table_Industry] 医药 [Table_Invest] 评级： 增持 ——诺诚健华跟踪点评 | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|----------|-------|--------------------------|-------| | | | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 付子阳 ( | | 研究助理 | | | | 0755-23976735 | | | 0755-23976666 | | | | dingdan@gtjas.com | | | fuziyang028496@gtjas.com | | | 登记编号 | S0880514030001 | | | S0880123100022 | | ...