证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） 8 月销量稳步提升，M03 助力订单提振 2024 年 09 月 05 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|----------|----------|------------|----------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 26855 | 30676 | 38689 | 74244 | 109029 | | 同比 (%) | 27.95 | 14.23 | 26.12 | 91.90 | 46.85 | | 归母净利润（百万元） | (9139) | (10376) | (5687) | (2417) | 2723 | | 同比 (%) | (87.92) | (13.53) | 45.19 | 57.50 | 212.70 | | EPS- 最新摊薄（元 / ...

证券研究报告·海外公司点评·汽车(HS) 理想汽车-W（02015.HK） 8 月销量同比+37.8%，OTA 6.2 再升级 2024 年 09 月 05 日 买入（维持） the station of | --- | --- | --- | --- | --- | --- | |------------------------------|----------|--------|---------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 45287 | 123851 | 146322 | 191790 | 250650 | | 同比 (%) | 67.67 | 173.48 | 18.14 | 31.07 | 30.69 | | 归母净利润（百万元） | (2012) | 11704 | 7528 | 12146 | 17567 | | 同比 (%) | (525.97) | 681.65 | (35.68) | 61.35 | 44.62 | | E ...

Investment Rating - The report assigns a "Buy" rating for China Tower (00788.HK) [1] Core Views - China Tower is the largest communication tower infrastructure provider globally, with an expected improvement in profitability due to a decrease in depreciation expenses as the useful life of acquired sites extends from 10 to 20 years [3][10] - The company's "one body, two wings" strategy is expected to sustain growth, with the operator business remaining stable and the "two wings" (smart connection and energy businesses) showing significant growth potential [3][4] - The company has initiated its first interim dividend, reflecting a commitment to shareholder interests and improved dividend capacity [4][12] Summary by Sections 1. Company Overview - China Tower was established to enhance resource sharing and reduce redundant construction, becoming the largest communication infrastructure service provider with over 2 million sites and total assets exceeding 320 billion RMB [3][10] - The management team has extensive experience in the telecommunications industry, contributing to a stable corporate structure [11][12] 2. Business Performance - For H1 2024, China Tower reported revenue of 48.247 billion RMB, a year-on-year increase of 3.8%, with net profit rising by 10.1% to 5.33 billion RMB [4][13] - The operator business, which includes tower and indoor distribution services, remains the main revenue driver, while the "two wings" businesses are gaining traction [16][32] 3. Financial Projections - Revenue forecasts for 2024-2026 are projected at 98.216 billion, 102.768 billion, and 107.224 billion RMB, respectively, with corresponding PE ratios significantly lower than comparable companies [4][19] - The company’s EBITDA for H1 2024 reached 33.045 billion RMB, indicating a stable financial outlook [4][13] 4. Business Segments - The operator business, including tower and indoor distribution services, accounted for 79.8% of total revenue, while the smart connection and energy businesses contributed 12.4% [16][32] - The smart connection business is expected to benefit from the digital economy's growth, while the energy business, particularly battery swapping, is positioned for long-term growth [3][32][33] 5. Market Position - China Tower holds a dominant position in the domestic market, with a significant share of the telecommunications infrastructure sector, and is well-positioned to capitalize on the upcoming 5G-A construction phase [19][20] - The company has signed a new five-year pricing agreement with major operators, which is expected to stabilize revenue and improve cash flow [22][24]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1][7]. Core Views - The company has shown resilience against the consumer environment, with a revenue of 7.126 billion and a year-on-year growth of 9.3% for the first half of 2024. The adjusted net profit reached 358 million, reflecting a significant year-on-year increase of 67.3% [4][7]. - The company is focusing on long-term growth by controlling the pace of store expansion and enhancing operational efficiency through a diversified service offering [5][6]. - The company has achieved a user repurchase rate of 61.1%, indicating strong customer satisfaction and loyalty [5][7]. Financial Performance - For the first half of 2024, the company achieved a gross margin of 25.9%, up 1.7 percentage points year-on-year, driven by scale effects and improvements in product and business structure [4][7]. - The company expects revenues of 14.787 billion, 16.846 billion, and 18.917 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 543 million, 997 million, and 1.449 billion [8][9]. - The projected earnings per share (EPS) for the years 2024, 2025, and 2026 are 0.67, 1.23, and 1.78 respectively, with price-to-earnings (P/E) ratios of 24, 13, and 9 [8][9]. Business Strategy - The company is expanding its service categories and enhancing operational capabilities based on a high repurchase rate, which is expected to drive steady revenue growth [7]. - The company has increased its store count to 6,311, with a net addition of 402 stores in the first half of 2024, reflecting a commitment to improving service quality and customer experience [5][6]. - The company has launched high-cost performance tire products in collaboration with manufacturers, achieving sales of over 1.5 million self-controlled tires in the first half of 2024 [6].

[Table_MainInfo] 公司研究/造纸轻工 证券研究报告 朝云集团（6601）公司公告点评 2024 年 09 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |------------------------------------------------|------------------------------------------| | 股票数据 | | | 0 [ 9 Table_StockInfo 月 04 日收盘价 ] | 1.90 港元 | | 52 周股价波动 | 1.21~1.96 港元 | | 总股本 / 流通港股 | 13.33 亿 /13.33 亿 | | 总市值 / 流通市值 | 25 亿港元 /25 亿港元 | | 相关研究 | | | [T 《全年高派息 able_ReportInfo] & | 业绩高增长，宠物线下实体门 | | 店服务业态加速布局》 | 2024.04.09 | | | 《家居护理主业基石稳固，宠物相关业务快速 | | 放量，利润率 & | 派息率大幅提升》 2023.09.14 | 市 ...

Investment Rating - Buy rating maintained for the company [1] Core Views - The company achieved revenue of 7.126 billion in 24H1, a year-on-year increase of 9.3%, with adjusted net profit of 358 million, up 67.3% year-on-year, and adjusted net profit margin of 5.0%, up 1.2 percentage points quarter-on-quarter [4] - The company's gross profit margin reached 25.9% in 24H1, up 1.7 percentage points year-on-year, benefiting from scale effects and product/business structure improvements [4] - The number of workshop stores reached 6,311 by 24H1, a net increase of 402 from the end of the previous year, with a user repurchase rate of 61.1% as of June 2024 [5] - The company expanded its service categories, with over 5,300 workshop stores nationwide equipped with car washing capabilities by June 2024 [6] - Revenue for 2024/25/26 is projected to be 14.787/16.846/18.917 billion, with net profit attributable to the parent company expected to be 543/997/1,449 million, corresponding to a PE ratio of 24/13/9 times [7] Business Performance - Revenue from tire and chassis parts/car maintenance/advertising, franchise, and other businesses increased by 11%/11%/4% respectively in 24H1, with gross profit margins for tire and chassis parts/advertising, franchise, and other businesses improving [4] - The company's proprietary and self-controlled products accounted for an increasing proportion of revenue in 24H1, driven by product strategies aligned with consumer trends [4] - The company sold over 1.5 million self-controlled tires produced by Double Star and Double Coin in 24H1, and its proprietary maintenance brand covered 30 categories, with 21 million products sold by June 2024 [6] Financial Projections - Revenue growth rates for 2024/25/26 are projected at 9%/14%/12%, with net profit growth rates of -92%/83%/45% [8] - Gross profit margins are expected to be 25.75%/27.07%/28.27% for 2024/25/26, with net profit margins of 3.68%/5.92%/7.66% [9] - ROE is projected to be 10.84%/16.57%/19.39% for 2024/25/26, with ROIC at 8.20%/13.95%/16.38% [9] Operational Metrics - The company's asset-liability ratio is expected to decrease from 60.52% in 2024 to 57.05% in 2026 [9] - The current ratio is projected to improve from 1.32 in 2024 to 1.53 in 2026, with the quick ratio increasing from 0.78 to 1.01 over the same period [9] - Total asset turnover is expected to remain stable at around 1.2-1.3 times from 2024 to 2026 [9]

Investment Rating - The report maintains a "Buy" rating for SenseTime-W (0020) with a target price of HKD 2.25 [1][3]. Core Insights - The company achieved steady growth in the first half of 2024, driven by significant growth in its generative AI business, which has become a key growth driver. The smart automotive business is also experiencing rapid growth and is expected to exceed expectations [3]. - The report forecasts revenues of RMB 45.76 billion, RMB 60.05 billion, and RMB 77.06 billion for 2024, 2025, and 2026 respectively, maintaining the target price of HKD 2.25, which corresponds to a 15.16x price-to-sales ratio for 2024 [3]. - In the first half of 2024, the company reported revenue of RMB 18.49 billion, a year-on-year increase of 29.04%, and a net loss attributable to shareholders of RMB 24.57 billion, with the loss margin reduced by 21.33% [3]. Financial Summary - The company's revenue for 2024 is projected to be RMB 45.76 billion, with a growth rate of 34% compared to 2023. The gross profit is expected to be RMB 1.968 billion, with a net loss of RMB 4.538 billion [4]. - The generative AI business generated revenue of RMB 10.51 billion in the first half of 2024, a substantial year-on-year increase of 255.7%, accounting for 60.4% of total revenue, up 39.8 percentage points year-on-year [3]. - The smart automotive business achieved revenue of RMB 1.68 billion in the first half of 2024, a year-on-year increase of 100.4%, with a revenue share of 9.7%, up 3.8 percentage points year-on-year [3].

证券研究报告·海外公司点评·汽车(HS) 吉利汽车（00175.HK） 8 月全矩阵同环比向上，车型+智驾持续补足 2024 年 09 月 05 日 买入（维持） the state of | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|---------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 148565 | 179846 | 213465 | 258106 | 300070 | | 同比 (%) | 45.63 | 21.06 | 18.69 | 20.91 | 16.26 | | 归母净利润（百万元） | 5260 | 5308 | 15142 | 11518 | 13833 | | 同比 (%) | 8.52 | 0.91 | 185.25 | (23.94) | 20.10 | | EPS- 最新摊薄（元 / 股） | ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.93, compared to the latest closing price of HKD 4.01 [2][7]. Core Insights - The company reported total revenue of HKD 97.8 billion for the first half of 2024, a year-on-year increase of 0.8%, with operational profit reaching HKD 3.47 billion, up 3% [3]. - The net profit attributable to shareholders was HKD 720 million, a decline of 47% compared to the same period last year, primarily due to one-time losses from the disposal of non-core assets [3]. - The company has optimized its asset-liability structure, reducing interest-bearing debt to HKD 85.8 billion, a decrease of HKD 3 billion from the end of the previous year, with a leverage ratio of 50.2% [3][5]. Revenue Performance - The company’s four major segments—health, happiness, wealth, and intelligent manufacturing—generated revenues of HKD 23.26 billion, HKD 43.17 billion, HKD 26.95 billion, and HKD 5.33 billion respectively, with year-on-year changes of -2.4%, +0.4%, +5.9%, and -2.4% [3]. - The net profit contributions from these segments were HKD 510 million, HKD 164 million, HKD 30 million, and HKD 45 million, reflecting year-on-year changes of +43%, -78.5%, -86.9%, and -61.8% [3]. Global Expansion and Asset Quality - The company’s four core subsidiaries—Yuyuan, Fosun Pharma, Fosun Portugal Insurance, and Fosun Tourism—accounted for 74% of total revenue, amounting to HKD 72.17 billion [4]. - The overseas revenue reached 47% of total revenue, marking a 4% increase year-on-year, indicating a robust global presence [4]. - Club Med, under Fosun Tourism, achieved record global revenue of HKD 8.894 billion, a 10.3% increase, with a 32% growth in the Asia-Pacific region [4]. Financial Health - Since 2022, the company has focused on asset disposals, exiting approximately HKD 60 billion in non-strategic and non-core assets over two years [5]. - In 2024, the company signed agreements for asset exits totaling HKD 15 billion, while also optimizing its asset portfolio through various means, including acquisitions [5]. - The average debt cost remained stable, with only a slight increase of 19 basis points compared to the end of 2023, despite rising financing costs in overseas markets [5]. Earnings Forecast - The company is expected to achieve revenues of HKD 229.9 billion, HKD 268.0 billion, and HKD 305.8 billion for 2024, 2025, and 2026 respectively, with net profits projected at HKD 1.5 billion, HKD 2.0 billion, and HKD 2.4 billion [6][8]. - The diluted EPS for the same period is forecasted to be HKD 0.18, HKD 0.24, and HKD 0.29, with corresponding P/E ratios of 24.96, 18.05, and 14.95 [7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a total revenue of 42.449 billion yuan for H1 2024, representing an 8.9% year-on-year increase. Total premium income reached 76.46 billion yuan, up 12.8% year-on-year, while net profit attributable to shareholders was 3.14 billion yuan, reflecting an 8.6% increase [3]. - The embedded value (EV) of the company stands at 112.64 billion yuan, with a quarter-on-quarter increase of 8.2% [3]. - The new life insurance strategy has shown significant results, driving both premium and value growth. The subsidiary Sunshine Life achieved total premium income of 51.76 billion yuan, a 12.9% increase year-on-year, with new business value rising by 39.9% to 3.75 billion yuan [3]. - The property and casualty insurance segment also demonstrated steady growth, with Sunshine Property and Casualty achieving original insurance premium income of 24.65 billion yuan, a 12.4% increase year-on-year [3]. - The company's total investment assets reached 514.11 billion yuan, a 7.2% increase from the previous year, with total investment income of 8.33 billion yuan, up 8.2% year-on-year [3]. Financial Projections - The company is projected to achieve total revenue of 85.70 billion yuan in 2024, with a growth rate of 9.56%. By 2026, total revenue is expected to reach 101.79 billion yuan [4]. - Net profit is forecasted to grow significantly, with estimates of 4.70 billion yuan in 2024, 5.70 billion yuan in 2025, and 6.85 billion yuan in 2026, reflecting growth rates of 25.86%, 21.16%, and 20.25% respectively [4]. - The earnings per share (EPS) are projected to be 0.41 yuan in 2024, 0.50 yuan in 2025, and 0.60 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 6.22x, 5.13x, and 4.27x [4].