Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [2][5]. Core Insights - The company's sales performance shows resilience, with total sales amounting to 165.6 billion yuan for the first eight months of 2024, a year-on-year decrease of 2.9%. Self-owned sales were 104.5 billion yuan, down 11.4%, while entrusted sales increased by 16.4% to 61.1 billion yuan [1]. - The company is focusing on core cities for investment, with 80% of sales in first and second-tier cities. The sales return rate is high at 103%, supporting cash flow and reinvestment [1]. - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 3.34 billion, 3.92 billion, and 4.43 billion yuan respectively, reflecting a year-on-year growth of 7.2%, 17.2%, and 13.1% [2]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 69.56 billion yuan, a year-on-year increase of 22.1%, while net profit attributable to shareholders was 2.045 billion yuan, down 19.6% [1]. - The gross margin for the first half of 2024 was 13.1%, a decrease of 4.3 percentage points year-on-year, but consistent with the full-year gross margin of 2023 [1]. - The company’s total contracted sales for the first half of 2024 were 126.5 billion yuan, a decrease of 5.7% year-on-year, with self-invested sales ranking sixth in the industry [1]. Land Acquisition and Financial Health - The company added 15 new projects in the first half of 2024, with an equity land acquisition amount of 15.4 billion yuan, expected to generate a new value of 33.3 billion yuan [1]. - The company has maintained a healthy financial position, with a total interest-bearing debt financing cost of 4.0%, down 40 basis points year-on-year, and a short-term interest-bearing debt ratio of 23.8% [1].

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 [8]. Core Views - The company reported a revenue of 9.068 billion, a year-on-year increase of 10.6%, with core operating profit rising by 25.8% to 893 million, and net profit attributable to shareholders increasing by 21.5% to 505 million [2]. - The company has shown robust revenue growth and improved profitability, with effective cost management reflected in a decrease in administrative expenses as a percentage of revenue [2]. - The company has successfully expanded its market presence, signing new contracts worth 1.57 billion in annualized revenue, focusing on quality improvement and customer satisfaction [2]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a total revenue of 9.068 billion, with property services contributing 6.019 billion (up 14.6%), park services 1.758 billion (up 6.1%), consulting services 1.132 billion (up 5.3%), and technology services 159 million (down 25.5%) [2]. - The overall gross margin improved to 19.2%, with property services at 14.9%, park services at 23.9%, consulting services at 32.1%, and technology services at 38.7% [2]. - Administrative expenses were 689 million, with a management expense ratio of 7.6%, down from 8.2% in the previous year [2]. Business Structure and Strategy - The company has optimized its business structure, with property services accounting for 66.4% of total revenue, an increase of 2.3 percentage points year-on-year [2]. - The company emphasizes quality improvement in internal project management, enhancing customer interaction and satisfaction [2]. - The company’s focus on high-frequency consumption services has reduced the revenue proportion from real estate cycle-related businesses [2]. Future Outlook - The report adjusts the company's EPS forecasts for 2024-2026 to 0.23, 0.27, and 0.31 yuan per share, respectively, reflecting the potential impact of the real estate industry's downturn [2]. - The company is positioned as a leading property service provider, demonstrating resilience and growth in a challenging market environment [2].

证券研究报告 港股公司|公司点评|小鹏汽车-W（09868） 小鹏汽车 2024 年 8 月点评： Mona 火爆销量提升，打通 AI 全产业链 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月05日 证券研究报告 |报告要点 2024 年 9 月 1 日，小鹏汽车公布 8 月交付数据。2024 年 8 月小鹏汽车共交付新车 14,036 台， 同比增长 3%，环比增长 26%。2024 年 1 月至 8 月，小鹏汽车累计交付新车共 77,209 台，同比 增长 17%。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年09月05日 小鹏汽车-W(09868) 小鹏汽车 2024 年 8 月点评： Mona 火爆销量提升，打通 AI 全产业链 事件： | --- | --- | --- | |------------|------------------------|-----------------| | | | | | 行 | 业： | 汽车/乘用车 | | | 投资 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 17.98 [1]. Core Insights - The company is experiencing steady revenue growth driven by the expansion of its store and user base, with a reported revenue of HKD 7.1 billion for the first half of 2024, representing a year-on-year increase of 9.3% [3]. - The company has added 402 factory stores, bringing the total to 6,311, and has registered 126 million users, a 20.7% increase year-on-year [3]. - The adjusted net profit for the first half of 2024 is HKD 358 million, up 67.3% year-on-year, with a gross margin of 25.9%, reflecting an improvement due to the continuous enhancement of proprietary controlled products [3]. - The report anticipates revenue growth for 2024-2026 to be HKD 146 billion, HKD 160 billion, and HKD 179 billion, with corresponding year-on-year growth rates of 7%, 10%, and 12% respectively [4]. - The net profit projections for the same period are HKD 720 million, HKD 1.07 billion, and HKD 1.37 billion, with year-on-year growth rates of -89%, +49%, and +28% respectively [4]. - The company is expected to benefit from the optimization of the third-party market structure, which will enhance its performance stability and valuation [4]. Financial Summary - Revenue for 2022 was HKD 11.563 billion, with a projected increase to HKD 17.934 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 12% [1]. - The net profit for 2022 was a loss of HKD 2.136 billion, expected to recover to HKD 1.37 billion by 2026 [1]. - Earnings per share (EPS) are projected to rise from a loss of HKD 2.63 in 2022 to HKD 1.69 by 2026 [1]. - The price-to-earnings (P/E) ratio is expected to improve from -6.2 in 2022 to 9.7 by 2026 [1].

Stock Data and Market Performance - The closing price of the stock on September 4th was HKD 20.65, with a 52-week price range of HKD 19.39-35.50 [1] - The total market capitalization is HKD 147.3 billion, with 7,131 million shares outstanding [1] - In H1 2024, the company reported revenue of RMB 79.13 billion, a YoY increase of 8.4%, but net profit attributable to shareholders decreased by 25.4% YoY to RMB 10.25 billion [1][7] - The gross profit margin was 22.3%, down 3.4 percentage points YoY, primarily due to lower margins in development and sales business [1][7] - As of June 2024, the company had cash and bank balances of RMB 118.33 billion, a 3.5% increase from the end of 2023 [1][7] Business Segments Performance Development and Sales Business - The company achieved contracted sales of RMB 124.7 billion in H1 2024, ranking fourth in the industry, with top-five market share in 20 cities [5][9] - The company focused on strategic investments in core cities and prime locations, acquiring multiple strategic projects [9] Commercial Property Business - Shopping center rental income reached RMB 9.48 billion in H1 2024, a 9.7% YoY increase [5][10] - Retail sales in 82 operating shopping centers totaled RMB 91.62 billion, up 21.9% YoY, with 69 centers ranking in the top three locally [5][10] - Six new shopping centers opened with a leasing rate of 97.8%, and two new shopping center sites were acquired in Beijing and Dalian [5][10] Light Asset Management Business - CR Mixc Lifestyle achieved revenue of RMB 7.96 billion in H1 2024, a 17.1% YoY increase, with core net profit of RMB 1.77 billion, up 24.2% YoY [3][10] - The company managed 108 shopping centers, including 13 luxury malls, and had a total managed area of 398 million square meters [3][10] - The Mixc Star membership program reached 52.2 million members, a 13% increase from the end of 2023 [3][10] Ecosystem Business - Urban construction business generated revenue of RMB 390 million, with 358 projects under management, ranking second in new government construction contracts [5][10] - Rental housing business achieved revenue of RMB 380 million, with 62 projects under management, ranking eighth in the industry [5][10] - CR Youchao REIT reported revenue of RMB 39.31 million, a 1.5% YoY increase, and EBITDA of RMB 24.6 million, up 4.3% YoY [5][10] Financial Forecasts and Valuation - The company is expected to achieve revenue of RMB 268.77 billion in 2024, with a net profit of RMB 26.54 billion [6][12] - The 2024 EPS is forecasted at RMB 3.72, with a PE valuation of 10-11x, implying a market cap range of HKD 289.9-318.9 billion and a fair value range of HKD 40.65-44.71 per share [5][12] - The gross profit margin is expected to be 22.15% in 2024, with a net profit margin of 9.87% [6][14] - ROE is projected to be 9.44% in 2024, with a net debt ratio of 25.25% [14]

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 [Table_StockInfo] 9 月 4 日收盘价（港元） 75.00 股票数据 52 周股价波动（港元） 59.45-94.8 24H1 主业净利率创新高，Amer 盈利能力大幅提升。24H1 收入同比增 13.8% 至 337.4 亿元，毛利率提升 0.8pct 至 64.1%，归母净利润增 62.6%至 77.2 亿元， 归母净利率提升6.9pct至22.9%。我们判断收入增长主因：①电商收入增25.1%， ②安踏、FILA 功能性产品、鞋履产品增加③DTC 模式（安踏牌）和直营零售（FILA 及其他品牌）提升店效、改善折扣④高端户外运动赛道持续向好。归母净利润 高增主因：①Amer Sports 上市相关一次性会计利得 15.8 亿元，②分占联营公 司亏损减少 5 亿元。撇除 Amer Sports 上市利得及分占联营/合营公司损益影响， 归母净利润同比增 17%至 61.6 亿元，归母净利率同比提升 0.5pct 至 18.3%。鞋 履品类领增，鞋/服/配饰收入同比增 18%/10.8%/10.1%。 总股本（ ...

证券研究报告 港股公司|公司点评|理想汽车-W（02015） 理想汽车 2024 年 8 月销量点评： 销量市占率提升，功能升级 NPS 提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月05日 证券研究报告 |报告要点 2024 年 9 月 1 日，理想汽车公布 2024 年 8 月交付数据。2024 年 8 月，理想汽车交付新车 48,122 辆，同比增长 37.8%。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/9 港股公司|公司点评 glzqdatemark2 2024年09月05日 理想汽车-W(02015) 理想汽车 2024 年 8 月销量点评： 销量市占率提升，功能升级 NPS 提升 | --- | --- | |--------------------------|--------------------------| | | | | 行 业： 投资评级： | 汽车/乘用车 买入（维持） | | 当前价格： | 74.05 港元 | | 基本数据 | ...

Investment Rating - The report maintains a "Buy" rating for Simcere Pharmaceutical Group (02096) [4] Core Views - Simcere Pharmaceutical's adjusted net profit grew rapidly in H1 2024, driven by the commercialization of innovative drugs [1] - The company's innovative drug revenue accounted for over 70% of total revenue, with a strong trend of increasing proportion [1] - Multiple blockbuster innovative drugs have made progress, with one new drug approved and two new drug NDAs accepted [1] - The report is optimistic about the company's performance growth from 2024 to 2026, driven by both existing and new innovative drug products [1][2] Financial Performance - H1 2024 revenue was approximately RMB 3.114 billion (YoY -7.9%), mainly due to declines in promotion service revenue and Simceres sales [1] - Innovative drug revenue was approximately RMB 2.203 billion (YoY -8.7%), accounting for 70.7% of total revenue [1] - Net profit attributable to shareholders was RMB 457 million (YoY -79.9%), while adjusted net profit was RMB 538 million (YoY +36.5%) [1] Innovation Progress - One new innovative drug, Enlituo, was approved for marketing [1] - Two new innovative drugs, Enzeshu and Keweike, had their NDAs accepted [1] - Leduquimab (IL-4Rα) completed FPI for two indications: atopic dermatitis and asthma [1] Financial Forecasts - 2024-2026 EPS is projected to be RMB 0.38, 0.48, and 0.59 per share respectively [2] - 2024E revenue is forecasted at RMB 7.459 billion (+13% YoY), with net profit of RMB 960 million (+34% YoY) [3][7] - 2025E revenue is projected at RMB 8.666 billion (+16% YoY), with net profit of RMB 1.225 billion (+28% YoY) [3][7] - 2026E revenue is expected to reach RMB 9.802 billion (+13% YoY), with net profit of RMB 1.489 billion (+22% YoY) [3][7] Valuation - As of September 4, 2024, the stock's closing price corresponds to a 2024 PE of 15x [2] - The report maintains a positive outlook on the company's growth potential driven by its innovative drug portfolio [2] Key Financial Ratios - Gross margin is expected to increase from 75.43% in 2023 to 81.25% in 2026 [9] - Net profit margin is projected to grow from 10.82% in 2023 to 15.19% in 2026 [9] - ROE is forecasted to improve from 9.90% in 2023 to 15.84% in 2026 [9] - Debt-to-asset ratio is expected to decrease from 33.45% in 2023 to 29.69% in 2026 [9]

2024 年 9 月 5 日 公司研究 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | --- | --- | --- | --- | |----------------------|------------------|---------------------------------------------------|------------| | | | | | | % | 1M | 3M | 1Y | | 相对 | -10.32 | -17.36 | -65.04 | | 绝对 | | | | | 资料来源： | -7.60 Wind | -22.60 | -72.40 | | 相关研报 | | | | | 的茶（ （ 2023-08-30 | 2150.HK）2023 ） ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant increase in performance for the first half of 2024, achieving revenue of 3.52 billion yuan, a year-on-year increase of 148%, and a net profit of 588 million yuan, up 199% year-on-year [1] - The company's gross profit margin for the first half of 2024 was 41.33%, slightly down by 0.33 percentage points year-on-year, primarily due to rising raw material costs amid a rapid increase in gold prices [1] - The net profit margin improved to 16.70%, an increase of 2.82 percentage points year-on-year, driven by optimized expense ratios [1] - The brand's influence continues to expand, with sales of gold-inlaid diamond products leading growth, accounting for 61% of total revenue, up 7 percentage points year-on-year [1] - Same-store sales grew by 104.2% in the first half of 2024, with the company ranking first in single-store revenue among jewelry brands in mainland China [1] Financial Performance Summary - Revenue for 2024 is projected to be 6.994 billion yuan, with a year-on-year growth of 120%, and net profit is expected to reach 1.079 billion yuan, up 159% [3][4] - The company anticipates continued revenue growth of 24% and 23% in 2025 and 2026, respectively, with net profit growth of 31% and 24% in the same years [3][4] - The projected P/E ratios for 2024, 2025, and 2026 are 13, 10, and 8 times, respectively [1][3] Revenue Breakdown - In the first half of 2024, revenue from gold products and gold-inlaid products was 1.372 billion yuan and 2.147 billion yuan, respectively, representing year-on-year increases of 110% and 182% [1] - Online sales contributed 391 million yuan, a 139% increase year-on-year, accounting for 11.1% of total revenue [1] Store Expansion and Market Position - As of June 30, 2024, the company had opened 33 self-operated stores across 14 cities, including 4 in SKP and 10 in the MixC chain, with a net addition of 6 new stores compared to the previous year [1] - The company has the highest coverage rate among high-end department stores in China, according to Frost & Sullivan [1]