2024 年 9 月 4 日 中集集团（2039.HK） 集装箱量利齐升，海工板块持续改善 事件：中集集团公布 2024 年中期业绩，上半年公司实现营收 791 亿元，同 比增加 30.6%；实现归母净利润 8.66 亿元，同比增加 117.2%。因为全球集 装箱贸易需求恢复，叠加地缘不确定性因素，集装箱行业快速回暖，板块收 入利润高增；贸易高增及换新周期来临，我们对集装箱需求保持乐观。此外 海工板块盈利能力改善，亏损进一步收窄，订单大幅增加。公司未来整体业 绩预计持续向好，推荐关注。 报告摘要 上半年营收同比增加 30.6% 上半年公司实现营收 791 亿元，同比增加 30.6%； 归母净利润 8.7 亿元，同比增加 117.2%；扣非归母净利润 8.2 亿元，同比下 降 16%。受益于自年初以来的集装箱行业整体回暖复苏公司集装箱板块的收 入大幅增加，以及公司海工板块收入快速增加，两者共同带动营收及利润同 比大幅提升。单季度看 2024 年 Q1/Q2 分别实现营收 324 亿元/467 亿元，环 比增加 43.9%；归母净利润分别为 0.8 亿元/7.8 亿元，环比增加 835%；扣非 归母净利润分别为 ...

朝云集团（6601 HK） | 2024 年 9 月 4 日 香港股市 | 消费 朝云集团 (6601 HK) 产品推陈出新，宠物业态高质量成长 2024 半年毛利率提升至 46.4%，高于预期 朝云集团（6601 HK）上半年实现总收入 12.5 亿元（人民币，下同），同比增长 10.3%。 得益于公司履带式推出爆款单品，平均单价上升，以及原材料价格下跌，公司上半年整 体毛利率提升 5.1 百分点至 46.4%，高于原先预期。费用方面，销售费用和行政费用因广 告促销和人工开支上升略有提升，费用率为32.4%，大致平稳。公司整体盈利能力提升， 上半年净利润 1.8 亿，同比提升 31.5%，净利润率上涨 2.3 百分点至 14.4%。公司半年派 息 0.059 港元，派息率维持 40% 家居护理护城河坚实；宠物品类加速拓店 公司基本盘家居护理收入保持增长趋势，其中杀虫驱蚊/家居清洁/空气护理产业收入分 别提升 12.7%/8.2%/2.4%，家居护理品类占收入 70.4%。杀虫驱蚊产品连续九年市占率第 一，以及家居清洁产品市占率保持第二，证明消费者对品牌忠诚度较高，用户粘性较 强。公司以已有拳头产品，叠加产品 ...

证券研究报告·海外公司点评·软件服务(HS) 赤子城科技（09911.HK） 后发产品快速增长，收购 NBT 少数股权有望 增厚归母净利润 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） | 2800 | 3308 | 4586 | 5090 | 5656 | | 同比 (%) | 18.60 | 18.15 | 38.64 | 10.99 | 11.11 | | 归母净利润（百万元） | 130.14 | 512.85 | 346.63 | 701.21 | 800.32 | | 同比 (%) | 145.46 | 294.09 | (32.41) | 102.29 | 14.13 | | EPS- 最新摊薄（元 / 股） | ...

Investment Rating - The report assigns an "Accumulate" rating for Postal Savings Bank of China (1658) [2][4]. Core Views - The 2024 interim performance of Postal Savings Bank aligns with expectations, with revenue and net profit growth showing marginal decline. Loan and deposit growth outpaces peers, and asset quality remains stable, though future risk exposure should be monitored [4]. Summary by Sections Financial Performance - Revenue growth for Q2 2024 decreased by 3.1 percentage points compared to Q1, resulting in a year-on-year decline of 1.6%. Net interest income grew by 0.6%, but the growth rate declined by 2.6 percentage points from Q1 due to slower expansion and narrowing interest margins. Non-interest income also saw a decline of 8.1% year-on-year [4]. - The cost-to-income ratio increased by 2.6 percentage points year-on-year due to higher expenses from deposit acquisition through agency networks. Net profit growth for Q2 2024 fell by 0.6 percentage points to -1.7% compared to Q1, influenced by declining revenue growth and rising costs [4]. Loan and Deposit Growth - As of the end of Q2 2024, loans increased by 10.2% year-on-year, maintaining double-digit growth, which is faster than total asset growth. Corporate loans rose by 15%, while personal loans also showed steady growth. Deposits grew by 11.8% year-on-year, reflecting a solid increase [4]. Asset Quality - The non-performing loan (NPL) ratio stood at 0.84% as of June, unchanged from March, with a provision coverage ratio of 325.6%, slightly down by 1.3 percentage points. The core asset quality indicators remain superior to comparable peers [4].

Investment Rating - The report assigns a "Buy" rating to Yunkang Group (2325 HK) with a target price of HKD 10 5, implying a potential upside of 26% from the current price of HKD 8 4 [3] Core Views - Yunkang Group's 1H24 performance was weak, with a net loss of RMB 130 million, primarily due to declining revenues across its three core business segments and increased industry competition [1] - The company's revenue fell by 20% YoY to RMB 380 million in 1H24, driven by slower-than-expected growth in routine testing demand and price declines in the ICL industry [1] - Gross margin decreased by 4 4 percentage points to 33 7% due to high fixed costs and reduced economies of scale [1] - Accounts receivable impairment continued to impact profitability, with RMB 100 million in impairment losses recorded in 1H24 [1] - The ICL industry is expected to face intensified price competition in the short term, as post-pandemic testing demand has declined, leading to excess capacity [1] - Accounts receivable aging is increasing, with 50% of receivables aged 1-2 years, and impairment is expected to continue affecting profitability [1] Financial Performance and Forecasts - Revenue for 2024E is projected at RMB 720 million, with a YoY decline of 19 2%, followed by a gradual recovery to RMB 807 million by 2026E [2] - Gross margin is expected to stabilize at around 32 0% in 2024E, improving to 36 0% by 2026E [5] - The company is forecasted to remain in a loss-making position in 2024E and 2025E, with a slight profit of RMB 5 2 million expected in 2026E [5] - The DCF valuation model, with a WACC of 10 0% and a perpetual growth rate of 2 0%, supports the target price of HKD 10 5 [1] Industry Context - Major ICL companies, including KingMed, Dian Diagnostics, and Adicon, also reported significant revenue and profit declines in 1H24, reflecting broader industry challenges [1] - The National Healthcare Security Administration's policy to accelerate medical insurance fund payments could potentially improve accounts receivable collection in the future [1] Market Expectations - The market consensus for Yunkang Group's target price ranges from HKD 7 0 to HKD 13 0, with SPDBI's base case target at HKD 10 5 [8] - The optimistic scenario assumes a steady gross margin above 50% and a core non-COVID revenue CAGR of over 20% from 2023-26E, while the pessimistic scenario projects a gross margin below 30% and a CAGR below 5% [8]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company reported a significant decline in sales in the short term but is expected to have a strong long-term development potential. The revenue for the first half of 2024 was 14.414 billion yuan, down 15.4% year-on-year, with a net profit of 1.034 billion yuan, down 12.9% year-on-year. The electric two-wheeler segment saw a revenue drop of 19.9% year-on-year, while the components segment experienced a revenue increase of 72.5% year-on-year [3][4]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a net profit margin of 7.17%, an increase of 0.20 percentage points year-on-year, and a gross margin of 18.00%, up 1.13 percentage points year-on-year. The sales expense ratio was 4.20%, the management expense ratio was 2.91%, and the financial expense ratio was -0.84% [4]. - The company’s revenue forecast for 2024 is 33.069 billion yuan, reflecting a year-on-year decrease of 4.9%, with net profits expected to be 2.550 billion yuan, a decrease of 3.4% [5][6]. Business Segments - The electric two-wheeler segment is projected to generate sales of 22.153 billion yuan in 2024, down 9.9% year-on-year, while the battery and charger segment is expected to see a revenue increase of 5.0% year-on-year [6]. - The components segment is forecasted to grow significantly, with sales expected to reach 1.203 billion yuan in 2024, reflecting a growth rate of 30.0% year-on-year [6]. Valuation and Forecast - The company is valued at a price-to-earnings (PE) ratio of 14-15 times for 2024, with a reasonable value range estimated between 11.47 and 12.29 yuan, which translates to 12.62 to 13.52 Hong Kong dollars [4][5]. - The expected net profits for 2024-2026 are projected to be 2.550 billion, 3.264 billion, and 3.792 billion yuan, respectively, with growth rates of -3.4%, +28.0%, and +16.2% [4][5].

证券研究报告 | 首次覆盖报告 gszqdatemark 2024 09 04 年 月 日 中国秦发（00866.HK） 破茧成蝶，逆境重生，出海印尼，宏图正展 破茧成蝶，逆境重生。2009 年 7 月 3 日，中国秦发在香港主板上市，公司 2011 年 10 月 26 日收 购华美奥 48%股权（截至 2023 年底持股比例 80%），进而持有兴陶煤业、冯西煤业及崇升煤业 80%股权，拓展国内煤炭市场。2013 年，公司成立了兴隆煤业（100%持股）及宏远煤业（100% 持股）。截至 2023 年底，公司国内煤炭业务核定产能 510 万吨/年。2021 年，公司逐渐剥离船运 业务，专注于煤炭核心业务的布局发展，并将视角投向全球市场。2019 年底开始，公司开始布局 印尼煤炭市场业务，2021 年 5 月 25 日，公司完成 SDE 70%股权的收购项目，截止到 2023 年底， 公司拥有 SDE 75%股权，产能 1000 万吨/年，除了 SDE 以外，中国秦发通过签订收购协议持有 SPE 等共四项印尼煤矿资源开采许可证，等待进一步建设投产，拓展海外煤炭产能布局。 国内持稳运行，助力转型。截至 2023 年 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of HKD 5.27 over the next six months [1][6]. Core Insights - The company, VESYNC, reported a strong revenue growth of 7.0% year-over-year (YoY) in H1 2024, achieving a revenue of USD 300 million and a net profit of USD 40 million, which is a 37.5% YoY increase [6][8]. - The company is expanding its product range and actively developing offline sales channels while entering European and Asian markets, which is expected to drive rapid revenue growth [6][8]. - VESYNC maintains a leading position in the small appliance market on Amazon in the U.S. and has established a long-term partnership with Amazon [6][8]. Financial Summary - Revenue projections for the company are as follows: USD 490.4 million in 2022, USD 585.5 million in 2023, USD 630.9 million in 2024, USD 689.6 million in 2025, and USD 752.0 million in 2026 [4][9]. - Net profit is expected to recover from a loss of USD 16.3 million in 2022 to USD 96.9 million in 2024, reaching USD 116.8 million by 2026 [4][9]. - Earnings per share (EPS) are projected to increase from -0.01 in 2022 to 0.10 in 2026 [4][9]. - The price-to-earnings (P/E) ratio is forecasted to improve from -37.1 in 2022 to 5.2 in 2026, indicating a significant recovery in profitability [5][9]. - The net profit margin is expected to rise from -3.3% in 2022 to 15.5% in 2026, reflecting improved operational efficiency [5][9]. Market Performance - The company's stock price as of September 4, 2024, is HKD 4.11, with a 12-month price range of HKD 2.81 to HKD 5.75 [1][6]. - The relative returns over different periods are as follows: 5.0% over 1 month, -9.0% over 3 months, and 30.7% over 12 months [2][6].

Investment Rating - The report maintains a "Recommend" rating for Greentown China (03900 HK) with a target price of HKD 9 [1] Core Views - Greentown China's revenue grew by 22 1% YoY in H1 2024, while net profit attributable to shareholders decreased by 19 7% YoY [1] - The company's gross margin faced temporary pressure, dropping to 13 1% in H1 2024, down 4 3 percentage points YoY [1] - Greentown China adopted a cautious investment strategy, with land acquisition rights ratio increasing to 84% in H1 2024 [1] - The company improved its dividend payout ratio to 20%-50% and optimized its financing structure, reducing average financing costs to 3 9% in H1 2024 [1] Financial Performance - Greentown China achieved operating income of RMB 69 56 billion in H1 2024, with core net profit attributable to shareholders increasing by 27 5% YoY to RMB 4 95 billion [1] - The company's total land reserve value reached RMB 534 8 billion, with an average floor price of RMB 7,999 per square meter [1] - Self-invested project sales amounted to RMB 85 4 billion in H1 2024, with a sales rights ratio of 71% [1] Strategic Focus - Greentown China focused on high-tier cities, with core second-tier cities accounting for 94% of new land acquisition value [1] - The company's land acquisition strategy emphasized quality projects, with 79% of total land reserves located in first and second-tier cities [1] - Greentown China's product quality and reputation remain industry-leading, supporting its strategy of deepening core city operations [1] Future Outlook - The report forecasts Greentown China's EPS for 2024-2026 at RMB 1 31, 1 46, and 1 46 respectively [1] - The company's sales stability and operational efficiency are expected to improve, helping it navigate the industry downturn [1] - Greentown China's gross margin is projected to recover as projects acquired in 2022-2023 are delivered [1]

Investment Rating - The report maintains an "Outperform" rating for Haidilao International Holding, with a target price of RMB 15.6 per share, corresponding to HKD 17.0 per share [4][9]. Core Insights - Haidilao reported a revenue of RMB 21.49 billion for 1H24, representing a year-on-year increase of 13.8%. However, the net profit attributable to shareholders decreased by 9.7% to RMB 2.04 billion, primarily due to changes in net exchange gains and losses and the cancellation of VAT deduction policy in Mainland China. The core operating profit increased by 13.0% to RMB 2.80 billion [2][9]. - The company plans to distribute RMB 1.94 billion in dividends, resulting in a payout ratio of 95% and a dividend yield of approximately 3.1% [2][9]. - The revenue breakdown shows that restaurant revenue was RMB 20.41 billion, with significant growth in Tier-3 and below cities, while takeaway revenue grew by 23.3% to RMB 0.58 billion [2][9]. Revenue and Profit Analysis - For 1H24, the total revenue was RMB 21.49 billion, with restaurant revenue contributing RMB 20.41 billion, up 13.8% year-on-year. Revenue from Tier-1, Tier-2, Tier-3 cities, and Hong Kong, Macau, and Taiwan were RMB 3.59 billion, RMB 8.00 billion, RMB 8.16 billion, and RMB 0.70 billion, respectively [2][9]. - The average customer transaction value decreased by 5.3% to RMB 97.4, while the average seat turnover rate increased by 27.3% to 4.2 times per day [2][9]. Cost Structure and Management - Raw materials and consumables costs increased by 9.1% to RMB 8.39 billion, accounting for 39.0% of revenue, while employee costs rose by 24.0% to RMB 7.16 billion, making up 33.3% of revenue [2][9]. - The report highlights a decrease in depreciation and amortization costs by 11.1% to RMB 1.33 billion, which accounted for 6.2% of revenue [2][9]. Future Outlook - The company anticipates a significant increase in store openings, introducing a franchise model and implementing the "Pomegranate Plan" to incubate new restaurant brands [2][4]. - Revenue projections for 2024-2026 are expected to be RMB 45.433 billion, RMB 49.094 billion, and RMB 53.178 billion, with year-on-year growth rates of 9.6%, 8.1%, and 8.3%, respectively [4][9].