[Table_Main] 证券研究报告 | 公司点评 科伦博泰生物-B(06990.HK) 2024 年 09 月 08 日 | --- | --- | |----------------------------------------------------------|-------------------------------| | 买入（维持） | 科伦博泰生物 -B(6990.HK) ：开 | | 所属行业：医药生物 / 化学制药 当前价格 ( 港元 ) ： 169.6 | 展十项全球三期，预计多个产品 | | | | | | 国内将获批 | | | | 证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 李霁阳 资格编号：S0120523080003 邮箱：lijy7＠tebon.com.cn 市场表现 科伦博泰生物-B 恒生指数 -29% 0% 29% 57% 86% 114% 143% 171% | --- | --- | --- | --- | |-------------------------------|------------- ...

证券研究报告·海外公司深度·软件服务(HS) 速腾聚创（02498.HK） 激光雷达领军者，智驾+机器人双线布局发展 2024 年 09 月 06 日 买入（首次） | --- | --- | --- | --- | --- | |------------------------------|------------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,120.15 | 2,222.56 | 3,559.19 | 5,096.47 | | 同比 (%) | 111.22 | 98.42 | 60.14 | 43.19 | | 归母净利润（百万元） | (4,336.63) | (528.08) | (187.70) | 132.63 | | 同比 (%) | (107.63) | 87.82 | 64.46 | 170.66 | | 每股收入（元 / 股） | 2.63 | 4.93 | 7.89 | 11.30 | | P/S （现 ...

证 券 研 究 报 告 海吉亚医疗（06078.HK）2024 年中报点评 推荐（维持） 中报符合预期，多项在建项目有序推进 目标价：23 港元 当前价：16 港元 事项： 2024 年 8 月 29 日，公司公布 2024 年中期报告，2024 年上半年公司实现营收 23.82 亿元（+35.4%），净利润 3.85 亿元（+14.9%），经调整净利润 4.00 亿元 （+15.58%），经调整净利率 16.8%。 评论： 医院业务进一步恢复，实现持续良性增长。2024 年上半年公司实现医院业务 收入 23.07 亿元（+37.2%），其中门诊收入 8.13 亿元（+49.6%），住院收入为 14.95 亿元（+31.3%）。24 年上半年公司实现肿瘤相关业务收入 10.46 亿元 （+31.1%），占总收入 43.9%。2024 年上半年公司手术量超 4.6 万例，手术收 入同比增加 38.6%，主要是因为三四级手术及介入手术占比快速提升。截至 24 年上半年，公司拥有 7587 名医疗专业人员，相比年初增加 104 名，其中包括 1220 名高级专业技术人员，医疗人才引育持续加强。 公司盈利能力持续稳定 ...

Investment Rating - The report maintains a "Buy" rating for Shougang Resources [3][10]. Core Views - The company's total revenue for the first half of 2024 was HKD 2.53 billion, a decrease of 27.6% year-on-year, while the profit attributable to shareholders was HKD 840 million, down 32%, aligning with market expectations [3]. - The production volume is expected to recover in the second half of the year, with an annual forecast of 4.8 to 5 million tons, following a decline due to temporary shutdowns [3]. - The average selling price of premium coking coal in the first half was HKD 1,938 per ton, a slight decrease of 2% year-on-year, while the average market benchmark price increased by 3% [3]. Summary by Sections Financial Performance - Total revenue for 2024 is projected at HKD 5.33 billion, with a year-on-year decrease of 9.58% [5]. - Net profit estimates for 2024 and 2025 have been revised down to HKD 1.695 billion and HKD 1.844 billion, respectively, reflecting a decrease of 6.55% and 5.36% [3][5]. - The company’s average cost per ton in the first half was HKD 450, up from HKD 401 in the previous year, primarily due to reduced production and increased resource taxes [3]. Production Insights - The company’s coal production in the first half was 2.25 million tons, a 15% decline year-on-year, with premium coking coal production down 31% to approximately 1.29 million tons [3]. - The company has a total approved production capacity of 5.25 million tons, with the Xingu mine accounting for 1.75 million tons, and is expected to achieve an annual production of 4.8 to 5 million tons [3]. Market Dynamics - The report notes a significant change in the sales structure, with low-sulfur premium coking coal sales dropping by 91%, now accounting for only 3% of total sales [3]. - The company’s coal washing rate fell below 60%, compared to over 70% in the first half of 2023, attributed to the temporary shutdown of the Xingu mine [3].

Investment Rating - The report indicates a positive outlook for the company, highlighting its resilience in a challenging market environment [20]. Core Insights - Despite facing significant challenges in the dairy industry, including oversupply of raw milk and declining consumer demand, the company has managed to improve its core profitability metrics [20]. - The company announced a substantial share buyback plan of up to HKD 2 billion, reflecting its commitment to enhancing shareholder value [19]. Summary by Sections Core Profitability Indicators - In the first half of 2024, the company reported revenue of HKD 446.7 billion, a decrease of 12.6% year-on-year, and a net profit of HKD 2.45 billion, down 19.0% year-on-year [3][4]. - The gross profit reached HKD 179.9 billion, with a gross margin of 40.3%, an increase of 1.9 percentage points year-on-year [4]. Maintaining Business Fundamentals and Focusing on Premiumization - The company has maintained a stable core business, with liquid milk accounting for 81% of total revenue, generating HKD 362.6 billion [6]. - The introduction of premium products, such as the "Desert Organic Milk," has contributed to brand value enhancement and market share growth in the high-end dairy segment [7]. Enhancing Operational Efficiency and Increasing Shareholder Returns - The company has successfully reduced operational costs, with inventory turnover days decreasing to 40.3 days, reflecting improved inventory management [15]. - The cash dividend for 2023 was HKD 2.15 billion, with a dividend payout ratio of 39.9%, up from 29.5% the previous year, indicating a focus on returning value to shareholders [19].

F源证券 传媒/广告营销 公 司 研 究 巨星传奇（06683.HK） 2024 年 09 月 06 日 《乐来乐快乐》圆满收官，IP 变现路径持续拓宽 ——公司信息更新报告 投资评级：买入（维持） 开 源 证 券 证 券 研 究 报 告 公司信息更新报告 日期 2024/9/5 | --- | --- | |-------------------------|--------------| | | | | 当前股价 ( 港元 ) | 10.300 | | 一年最高最低 ( 港元 ) | 13.160/6.160 | | 总市值 ( 亿港元 ) | 85.83 | | 流通市值 ( 亿港元 ) | 85.83 | | 总股本 ( 亿股 ) | 8.33 | | 流通港股 ( 亿股 ) | 8.33 | | 近 3 个月换手率 (%) | 16.74 | 股价走势图 巨星传奇 恒生指数 -40% 0% 40% 80% 120% 2023-09 2024-01 2024-05 数据来源：聚源 相关研究报告 《把握健康生活红利，焕新明星 IP 价 值，加速进击—港股公司首次覆盖报 告》-2024.8.15 初敏（分 ...

港股公司报告 | 公司点评 托管新拓两校，天立国高首届毕业生靓丽 近期新签衢州、云浮托管学校 8 月 20 日，衢州市智造新城管委会、市教育局与天立教育合作办学签约仪 式举行；市教育局党委书记、局长季根寿，智造新城党工委副书记、管委 会常务副主任巫建民，衢江区政府党组成员、副区长徐东升等参加。 智造新城实验学校为公办九年一贯制学校，设计办学规模 54 班，其中小学 36 班，初中 18 班，可容纳学生 2520 名。学校于 2023 年 7 月开工建设， 2024 年 9 月将正式开学。 此次合作办学是继衢州市引入中央美院、北京十一学校等优质资源后，又 一个顶流基础教育品牌落地，也是智造新城高位嫁接优质资源，赋能产业 发展、增强发展吸引力、提高企业获得感关键一招。 我们认为，天立托管业务有利于借助积累的办学能力及教育资源，再次实 现政府/学生/家长/机构的多方共赢；完善业务架构，丰富收入来源，提升 业绩增长点。 天立首界国际高中课程毕业生 QS 排名 TOP50 录取率 70% 我们认为，天立国际高中项目的推出及出色表现，有利于为学生提供更多 更好的升学通道，在帮助学生完成学历进阶同时；丰富自身的业务类型及 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4]. Core Views - The company has experienced a significant decline in revenue and profitability due to a sharp drop in industry chain prices, with a 57.9% year-on-year decrease in photovoltaic materials revenue in 2024H1 [1][2]. - The company is expected to reduce its cash cost of granular silicon to below RMB 30/kg, which will enhance its competitive advantage [1]. - The company has established long-term supply agreements with leading silicon wafer manufacturers, indicating strong demand for its granular silicon products [1][2]. Summary by Relevant Sections Financial Performance - In 2024H1, the company achieved a revenue of RMB 8.863 billion, a decrease of 57.69% year-on-year, and a net profit attributable to shareholders of -RMB 1.48 billion, a decline of 126.81% [2]. - The company's polysilicon production reached 136,400 tons, a year-on-year increase of 22.8%, while granular silicon production increased by 65.6% [1]. Product Quality and Market Position - The quality of granular silicon has improved significantly, with 95% of products meeting the impurity content standard of ≤0.5 ppbw [1]. - The top three customers accounted for 62.2% of the company's granular silicon shipments, reflecting strong market recognition [1]. Future Growth Potential - The company is exploring overseas granular silicon production capacity, which could support its international transformation [2]. - The silane gas business is expected to become a new profit growth point, with the company holding a leading position in high-purity silane gas production [2].

业绩稳健向好，新签合同提升明显 中国通信服务（0552.HK）/通信 证券研究报告/公司点评 2024 年 8 月 30 日 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|--------|----------------------------------------------|------------------------|--------------------------|--------------------------|----------------|----------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 3.99 港 元 | | [Table_Finance1] 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：陈宁玉 | | ...

业绩持续增长，项目稳步拓展 市场价格：3.40 港元 [Table_Title] 评级：买入（维持） 分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 分析师：李垚 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn | --- | --- | |------------------------------|-------| | | | | 基本状况 总股本 ( 百万股 ) | 2,010 | | 流通股本 ( 百万股 ) | 2,010 | | 市价 ( 港元 ) | 3.40 | | 市值 ( 百万港元 ) | 6,834 | | 流通市值 ( 百万港元 ) | 6,834 | [Table_QuotePic] 股价与行业-市场走势对比 -60% -50% -40% -30% -20% -10% 0% 10% 20% 30% 2023-092023-092023-102023-112023-112023- ...