Investment Rating - The report maintains a "Buy" rating for China Resources Land (01109.HK) with a target price of HKD 29.77, compared to the current price of HKD 21.05 [4]. Core Insights - Development profit margins are under pressure, but recurring business serves as a stable foundation. For the first half of 2024, the company achieved revenue of CNY 79.13 billion, up 8.4% year-on-year, while net profit attributable to shareholders was CNY 10.25 billion, down 25% [2][9]. - The sales structure has improved, with the top ten cities contributing over 60% of sales. The sales amount for the first half of 2024 was CNY 124.7 billion, down 27% year-on-year, with a sales price of CNY 24,000 per square meter, down 1% [2][16]. - Investment is focused on high-tier cities, with two new comprehensive projects acquired. The company spent CNY 25.6 billion on land acquisition in the first half of 2024, with a land acquisition ratio of 72% [2][19]. - Operating real estate shows stable improvement in operational efficiency. The income from investment properties was CNY 11.47 billion, up 7% year-on-year, with a total operating area of 12.59 million square meters, up 23.9% [2][21]. Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of CNY 79.13 billion, with a core net profit of CNY 10.74 billion, reflecting a core net profit margin of 13.6% [2][9]. - The development business's gross profit margin was 12.4%, while the recurring business's gross profit margin was 71.5% [12][21]. Sales Analysis - The total sales amount for the first half of 2024 was CNY 124.7 billion, with a year-on-year decrease of 27%. The equity sales amount was CNY 86 billion, down 32% [2][16]. - The contribution from first-tier cities was 38%, and the top ten cities accounted for 65% of total sales [2][16]. Land Acquisition and Projects - The company acquired 11 projects in the first half of 2024, with a total land acquisition cost of CNY 25.6 billion [2][19]. - The static gross profit margin for land acquisition was 34.1%, slightly higher than the previous year [2][19]. Investment Properties - The income from investment properties was CNY 11.47 billion, with a gross profit margin of 71.5% [2][21]. - The retail sales in shopping centers reached CNY 91.6 billion, up 22% year-on-year, indicating strong performance despite rental pressure [2][21].

公司盈利预测与估值简表 淘宝天猫计划新增微信支付，进一步完善购物体验 ——阿里巴巴-W（9988.HK）淘宝天猫发布意见征集事件点评 9 月 4 日，淘宝网、天猫分别发布《关于淘宝网新增微信支付能力的意见征集》 及《关于天猫新增微信支付能力的意见征集》称，为提升消费者购物体验，淘 宝天猫计划新增微信支付能力，并于本意见征集结束后，进行平台规则调整， 本次调整将覆盖全体淘宝和天猫商家。 工信部于 2021 年 9 月 9 日下午召开"屏蔽网址链接问题行政指导会"，要求 限期内各平台须按标准解除屏蔽。阿里巴巴、腾讯、字节跳动、百度、华为、 小米、陌陌、360、网易等企业悉数参会。2021 年 8 月，淘宝 APP 接入银联云 闪付。同时，阿里旗下饿了么、优酷、大麦、考拉海购、书旗等应用均已接入 微信支付。当时淘特、闲鱼、盒马等 App 也已申请接入微信支付，在等待微信 审核。此次淘宝天猫计划新增微信支付，符合互联互通大趋势，有利于构筑更 加良性的互联网生态，进一步提升消费购物体验。2024 年 8 月 30 日，国家市 场监督管理总局发布公告，宣布阿里巴巴集团完成三年整改，取得良好成效。 维持盈利预测，维持"买入 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨凯盛新能（1108.HK） [Table_Title] 价格回落，盈利阶段承压 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 2024 年上半年公司实现收入 29.79 亿，同比增长 7.2% ；归属净利润 -0.55 亿，同比下降 142.6% ； | | | 扣非业绩 -0.66 亿，同比下降 341.9% 。 | | | | | | 折合 Q2 单季实现收入 15.4 亿，同比增长 13.9% ；归属净利润 -0.48 亿，同比下降 141.6% ； 扣非业绩 -0.56 亿，同比下降 332.6% 。 | | 分析师及联系人 [Table_Author] 范超 李浩 SAC：S0490513080001 SA ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Insights - The company plans to introduce WeChat Pay capabilities on its Taobao and Tmall platforms to enhance consumer shopping experiences, aligning with the trend of interconnectivity in the internet ecosystem [19][20]. - The introduction of a 0.6% basic software service fee on confirmed transactions from September 1, 2024, is expected to boost the company's revenue and profit while facilitating the smooth implementation of WeChat Pay [1][19]. - The company has seen a recovery in GMV growth and is expected to accelerate its inclusion in the Hang Seng Stock Connect Index [20]. Financial Summary - Revenue projections for FY2023 to FY2027 are as follows: - FY2023: 868.7 billion - FY2024: 941.2 billion - FY2025E: 1,017.3 billion - FY2026E: 1,089.1 billion - FY2027E: 1,159.5 billion - Revenue growth rates are projected at: - FY2023: 1.83% - FY2024: 8.34% - FY2025E: 8.09% - FY2026E: 7.06% - FY2027E: 6.46% [7][23]. - Net profit attributable to ordinary shareholders is forecasted as follows: - FY2023: 72.5 billion - FY2024: 79.7 billion - FY2025E: 85.4 billion - FY2026E: 90.7 billion - FY2027E: 94.6 billion - The net profit growth rates are projected at: - FY2023: 16.92% - FY2024: 9.93% - FY2025E: 6.80% - FY2026E: 6.15% - FY2027E: 4.26% [7][23].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 5.51, based on a current price of HKD 4.24 [1][3]. Core Insights - The company reported a revenue of CNY 13.37 billion for the first half of 2024, a decrease of 1.6% year-on-year, and a net profit of CNY 1.04 billion, down 32.3% year-on-year. The decline in revenue is primarily attributed to significant reductions in the revenue from the colloid and other segments, which offset growth in other business areas [2][9]. - The company maintains a diversified revenue mix with stable fundamentals in food additives and animal nutrition, despite short-term profit pressures [2][9]. - The report highlights the company's leading position in the global market for monosodium glutamate and xanthan gum, supported by strong biotechnological capabilities and resource integration [7][12]. Revenue and Profitability Analysis - For the first half of 2024, the revenue breakdown by segment is as follows: food additives (CNY 6.92 billion, +5.5%), animal nutrition (CNY 4.20 billion, +2.5%), high-end amino acids (CNY 1.08 billion, +29.9%), colloids (CNY 0.90 billion, -44.9%), and others (CNY 0.28 billion, -40.1%) [2][12]. - The overall gross margin for the first half of 2024 was 17.2%, down 5.1 percentage points year-on-year, with a net margin of 7.8%, down 3.4 percentage points year-on-year. The decline in gross margin is mainly due to significant drops in profitability in the colloid and other segments [15][16]. Future Earnings Forecast - The forecast for net profit attributable to the parent company for 2024-2026 is CNY 2.19 billion, CNY 3.23 billion, and CNY 4.32 billion, respectively, with corresponding EPS of CNY 0.87, CNY 1.28, and CNY 1.71 [3][23]. - The report anticipates revenue growth rates of 1.9% for 2024, 1.6% for 2025, and 8.3% for 2026, with a projected increase in gross margins over the same period [23][22]. Business Segment Performance - The food additives segment is expected to maintain stable revenue contributions, while the animal nutrition segment is projected to benefit from improved pricing dynamics for threonine and lysine due to favorable breeding cycles [22][23]. - The high-end amino acids segment is anticipated to see significant growth, driven by new product launches and market share expansion [12][22]. - The colloid segment is expected to face challenges due to price volatility, particularly in xanthan gum, but is projected to recover as market conditions stabilize [22][23]. Cost Management and Efficiency - The company has maintained stable expense ratios, with sales and management expense ratios at 6.9% and 3.5%, respectively, for the first half of 2024. The report indicates ongoing efforts to optimize logistics and reduce unit transportation costs [20][22].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price 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 is 112.64 billion yuan, with a quarter-on-quarter increase of 8.2% [3]. - The life insurance subsidiary achieved a 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 reported a premium income of 24.65 billion yuan, a 12.4% increase year-on-year, with a combined underwriting cost ratio of 99.1% [3]. - 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]. Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 42.449 billion yuan, with a year-on-year growth of 8.9% [3]. - The net profit attributable to shareholders was 3.14 billion yuan, marking an 8.6% increase [3]. - The embedded value (EV) stood at 112.64 billion yuan, reflecting an 8.2% quarter-on-quarter growth [3]. Business Segments - Life insurance segment reported 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]. - Property and casualty insurance segment achieved premium income of 24.65 billion yuan, a 12.4% increase year-on-year, with a combined underwriting cost ratio of 99.1% [3]. Investment Performance - Total investment assets reached 514.11 billion yuan, a 7.2% increase from the previous year [3]. - Total investment income was 8.33 billion yuan, up 8.2% year-on-year, with a significant increase in comprehensive investment returns [3].

基础服务发展稳健，社区增值服务毛利率 持续承压 核心观点 公司发布 2024 年中期业绩公告，上半年实现收入 40.3 亿元，同比-1.6%，实现归母净利 润 1.8 亿元，同比+18.9%。 ⚫ 基础服务发展稳健，市拓能力提升。24H1 公司基础物业服务收入达 27.6 亿元，同 比增长 5.7%，主要得益于集团积极开展市场拓展，第三方竞标外拓在管建筑面积提 升。公司积极开展市场拓展，上半年，公司新增第三方外拓合约建筑面积 17.7 百万 方，第三方竞标外拓新增年饱和合同金额为 6.20 亿元，竞标外拓新增项目平均物管 费为 2.3 元/平方米/月，与上年同期持平。截至期末公司合约建筑面积同比-3.9%至 3.33 亿方，在管面积同比-5.3%至 2.47 亿方，从构成上看，来自第三方的合约面积 占比为 77%，业务独立性较强。但由于为了提升项目品质而增加的设备更新投入、 第三方项目及公建项目占比的提升对基础服务毛利率的影响，上半年公司基础服务 毛利率为 20.0%，同比-0.7pcts。 ⚫ 社区增值服务仍待修复，毛利率持续承压。上半年公司社区增值服务实现收入5.9亿 元，同比下降 17.3%，主要是因为 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 68, indicating an expected return of over 20% within the next six months [6][11]. Core Insights - The company reported a revenue of CNY 30.98 billion for Q2 2024, representing a year-on-year growth of 11.6%, exceeding Bloomberg consensus expectations [1]. - The adjusted net profit for Q2 2024 was approximately CNY 4.68 billion, also surpassing expectations, with a notable improvement in profit margins due to a better revenue structure and reduced bandwidth and server costs [1]. - User traffic showed steady growth, with daily active users (DAU) reaching 395 million, a 5.1% increase year-on-year, and average daily usage time per user increasing to 122 minutes, up 4% [2]. - Online marketing revenue grew by 22.1% year-on-year to CNY 17.5 billion, driven by significant growth in external advertising [3]. - The company's e-commerce GMV reached CNY 305.25 billion, growing 15% year-on-year, although the growth rate has slowed due to macroeconomic factors and increased competition [4]. Summary by Sections Financial Performance - For Q2 2024, the company achieved a revenue of CNY 30.98 billion, with a year-on-year growth of 11.6% and an adjusted net profit of CNY 4.68 billion, exceeding market expectations [1]. - The gross margin improved due to a favorable revenue mix and lower costs associated with bandwidth and servers [1]. User Engagement - The average daily active users reached 395 million, with a monthly active user count of 692 million, reflecting a year-on-year increase of 5.1% and 2.7% respectively [2]. - Total user engagement time increased by 9.5% year-on-year, indicating robust user retention and engagement [2]. Marketing and E-commerce - Online marketing revenue surged by 22.1% year-on-year to CNY 17.5 billion, primarily due to strong growth in external advertising [3]. - E-commerce GMV was CNY 305.25 billion, with a 15% year-on-year growth, although the growth rate has moderated due to external competitive pressures [4]. Live Streaming and Overseas Business - Live streaming revenue decreased by 6.7% year-on-year to CNY 9.3 billion, but the number of signed agencies and streamers increased significantly [4]. - Overseas business revenue reached CNY 1.1 billion, marking a 141.4% year-on-year increase, with a focus on ROI-driven growth in key markets [4].

港股公司报告 | 公司点评 风资源不佳拖累业绩，以大代小+集团注入加速装机扩张 事件： 点评 项目储备丰富，风资源下降致风电电量下滑 上半年公司新增投产控股装机容量 2286.73 兆瓦，其中风电 595.00 兆瓦， 光伏 1691.73 兆瓦。公司新签订开发协议 7.59 吉瓦，其中风电 3.955 吉瓦、 光伏 3.635 吉瓦，均位于资源较好地区；取得开发指标 6.09 吉瓦，同比增 加 51.87%，包括风电 2.81 吉瓦、光伏 3.28 吉瓦。从上半年运营情况来看， 公司风电发电量 315.85 亿千瓦时，同比下降 4.60%，主要系风资源水平下 降，平均风速同比下降 0.25 米/秒，带动风电平均利用小时数同比下降 101 小时；光伏等其他可再生发电量 35.89 亿千瓦时，同比上升 122.87%；火电 发电量 49.08 亿千瓦时，同比下降 2.39%。 分板块来看，风电方面，上半年公司实现营收 137.81 亿元，同比下降 9.4%。 叠加折旧摊销等经营开支增加，风电分部实现经营利润 67.59 亿元，同比 下降 18.9%。光伏方面，装机增长带动利润提升，光伏分部实现经营利润 3.39 ...

Investment Rating - Buy (maintained) [4] Core Views - The company reported a 7 7% YoY increase in revenue to HKD 52 08 billion for the first half of 2024 while net profit attributable to shareholders decreased by 2 5% YoY to HKD 3 457 billion Excluding a one-time gain of HKD 694 million from the consolidation of Chongqing Gas the net profit increased by 21 2% YoY [4] - Retail natural gas sales volume reached 20 9 billion cubic meters up 5 3% YoY with residential industrial and commercial gas volumes increasing by 7 0% 3 7% and 8 1% respectively The company's gas sales gross margin improved by HKD 0 04 per cubic meter to HKD 0 54 per cubic meter [4] - The company's dual comprehensive businesses (comprehensive services and comprehensive energy) are growing rapidly with cumulative natural gas users reaching 58 836 million by 1H24 Distributed photovoltaic projects reached 208 with a total installed capacity of 273MW and distributed energy projects reached 3GW in installed capacity [4] - The company's capital expenditure decreased by 47 3% YoY to HKD 2 36 billion in 2023 leading to a significant increase in free cash flow to HKD 1 9 billion [4] Financial Performance - Revenue for 2024E is projected at HKD 107 041 billion with a YoY growth of 5 7% Net profit attributable to shareholders is expected to reach HKD 6 248 billion a 19 6% YoY increase [5] - EBITDA for 2024E is forecasted at HKD 14 592 billion up from HKD 12 7 billion in 2023 [6] - The company's PE ratio for 2024E is 9 5x with a PB ratio of 1 5x [5] Business Highlights - The company has expanded its resource channels with a 99 7% annual contract gas coverage rate and added 7 5 billion cubic meters of contracted gas volume in 2024 [4] - The company's gas source trading platform "Gas He Network" was launched in July 2024 enhancing its gas source bargaining and coordination capabilities [4] - The company's comprehensive energy business achieved a 54 6% YoY increase in energy sales volume to 1 49 billion kWh with a gross profit of HKD 160 million up 84 3% YoY [4] Market Position - The company's market capitalization stands at HKD 60 859 billion with a closing price of HKD 26 30 as of August 30 2024 [2] - The company's stock price has underperformed the HSCEI index by 21% over the past year [2]