Investment Rating - The report initiates coverage on FIT HON TENG (6088 HK) with a "Buy" rating [2] Core Views - FIT HON TENG is a global leader in interconnect solutions with diversified business across AI Audio and EV sectors [2] - The company is well positioned to benefit from the growth in AI data center construction EV electrification and audio product demand [2] - Key growth drivers include potential entry into NVIDIA's GB200 NVL backplane connector supply chain increased TWS headset assembly share for a major client and synergies from the Voltaira acquisition [2] Business Overview - FIT HON TENG is a subsidiary of Foxconn Group specializing in connector products and precision manufacturing [5] - The company operates in six business segments: smartphones networking computing EV system products and others [14] - In 2023 the revenue breakdown was 25% smartphones 10% networking 18% computing 7% EV 34% system products and 6% others [14] Growth Drivers 5G AIoT - The company provides copper to optical interconnect solutions for AI data centers with potential to supply NVIDIA's GB200 NVL backplane connectors [2][24] - It retains optical interconnect capabilities including 800G optical modules and CPO technology [2][25] EV - The EV business is expected to grow significantly with the full consolidation of Voltaira in 2024 [2][29] - Voltaira's expertise in automotive sensors and connectors complements FIT HON TENG's EV strategy [29] Audio - The company has a comprehensive audio product portfolio through acquisitions of SSI and Belkin [2][31] - It is expected to increase its share in TWS headset assembly for a major client with new production lines in India [35] Financial Performance - Revenue in 2023 was $4 196 million down 7 4% YoY while net profit was $129 57 million down 23 93% YoY [15] - The EV and system products segments showed strong growth in 2023 with EV revenue up 99 66% and system products up 5 97% [15] - For 2024 2026 the company forecasts revenue growth of 7 5% 39 1% and 25 6% respectively with net profit growth of 36 7% 53 5% and 38 8% [46] Valuation - The stock is trading at 11x 7x and 5x 2024 2026 P E ratios which are below the peer average of 20x 16x and 13x [53] - The 2024 and 2025 PEG ratios are 0 3 and 0 2 respectively indicating attractive valuation [53]

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 云顶新耀-B（01952.HK） 商业化成绩亮眼，耐赋康收入超预期 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|---------|-------------------------------------|---------|----------|----------|-------------------------------------------|----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 买入（维持评级） | | | 营业收入（百万元） | 12.79 | 125.93 | 702.70 | 1,749.72 | 2,817.06 | 股票信息 | | | 增长率 yoy （ % ） | | 23588.89 884.46 458.00 149.00 61.00 | | | | | | | 归母净利润（百万元） ...

协鑫科技（03800） 更新报告 颗粒硅成本及品质优势有望进一步体现 降价与减值导致业绩盈转亏：公司上半年收入同比减少 57.7%至 88.6 亿元人民币（下同），毛利为-5.5 亿，同比减少 106.3%，股东净 利润-14.8 亿元，同比减少 126.8%。业绩下滑主要因为期内硅料价格 同比大幅下降 68%以及存货减值 8.2 亿元的影响，其中 2Q 单季度亏损 约 15.1 亿元，低于我们先前预期。期末资产负债率 41.3%（扣除背书 及折现票据影响则为 37%），财务状态仍相对健康。 产品持续迭代优化：上半年公司颗粒硅销售 12.6 万吨，同比增加 25%，硅料收入 48.6 亿元，平均不含税均价 40.3 元每公斤。品质持续 提升，颗粒硅基本全面实现 5 元素总金属杂质含量低于 1ppbw 及小于 0.5ppbw 产品比例提升至 95%，已与市场 N 型致密复投料品质标准一 致，18 元素总金属杂质产品比例亦由 43%提升至 69.5%；浊度缺陷取得 实质优化，7 月 120NTU 和 100NTU 产品比例分别达到 99.9%及 90.4%， 整体断线率（32.2%）已接近同期棒状硅水平（31.4 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 2.62 HKD, expecting a relative return of over 20% within the next six months [1]. Core Views - The company reported a revenue of 1.63 billion HKD for the first half of 2024, a decrease of 3.08% year-on-year, while adjusted net profit increased by 21% to 350 million HKD [1]. - The decline in revenue is attributed to a scheduling conflict between the company's examination training and provincial civil service examination, leading to a drop in sales of training materials [1]. - The company has seen a 5% year-on-year increase in employee count, totaling 7,564 employees, while the average monthly active users remained stable at 9.2 million [1]. - The gross margin improved to 54.2%, up by 3.3 percentage points year-on-year, driven by reduced employee welfare expenses and enhanced operational efficiency [1]. - The company is leveraging AI to significantly enhance operational efficiency, with teacher productivity increasing by 275% [1]. Summary by Sections Financial Performance - For the first half of 2024, training service revenue was 1.379 billion HKD, accounting for 84.6% of total revenue, with a year-on-year decline of 3.1% [1]. - Book sales revenue was 252 million HKD, representing 15.4% of total revenue, also down by 3.0% year-on-year [1]. - The company’s net profit margin reached 17.03%, an increase of 12.19 percentage points year-on-year [1]. Operational Efficiency - The company’s management expense ratio decreased to 12.11%, down by 6.90 percentage points year-on-year, while the sales expense ratio increased to 19.65%, up by 1.56 percentage points [1]. - R&D expenses were 108 million HKD, a decrease of 24.4% year-on-year, with an R&D expense ratio of 6.64% [1]. Future Outlook - The company projects revenues of 3.152 billion RMB, 3.501 billion RMB, and 3.901 billion RMB for the years 2024 to 2026, respectively [2]. - Adjusted net profits are expected to be 551 million RMB, 630 million RMB, and 730 million RMB for the same period [2]. - Earnings per share (EPS) are forecasted at 0.25 RMB, 0.28 RMB, and 0.33 RMB, with corresponding price-to-earnings (PE) ratios of 10x, 9x, and 7x [2].

2024 年 9 月 4 日 公司研究 业绩稳中有升，盈利持续向好，战略新兴业务新签合同提升明显 ——中国通信服务（0552.HK）2024 年度中期业绩点评 要点 事件：公司发布2024年度中期业绩，1H24实现收入744亿人民币，同比增长 1.7%，系集客市场和ACO业务驱动。1H24毛利润81亿元，同比增长3.6%， 毛利率为10.9%，同比增长0.2pct，延续近年向好态势，系公司强化成本管控 叠加高毛利率业务收入贡献提升。1H24实现归母净利润21亿元，同比增长 4.4%，对应净利润率2.9%，同比提升0.1pct。1H24应收账款591亿元，同比 增长10.5%，增加的一半以上来自于资信背景良好的客户，风险较低，系上游 客户在宏观压力环境下，项目的验收及审计等周期有所延长。 运营商市场积极响应新需求，非运营商集客市场毛利率明显改善：1）1H24 运营商市场收入400亿元，同比增长0.1%，其中公司积极响应运营商在AI算力 建设、产业数字化等转型新需求，TIS业务稳中有升；智慧城市、数字基建、 绿色低碳等战略新兴业务快速发展，1H24新签合同同比增长34%+。2）1H24 非运营商集客市场收入324 ...

Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company demonstrates continuous high-quality development with an increasing dividend payout ratio year by year [1]. - The company is positioned among the top tier in the property management industry, leveraging strong operational capabilities and resilience in performance [1]. Financial Performance Summary - For the first half of 2024, the company reported a revenue growth of 17.1%, with core net profit increasing by 24.2% to 1.77 billion RMB [1]. - The overall gross profit margin improved to 25.1%, with a dividend per share of 0.279 RMB, reflecting a payout ratio of 38.0% [1]. - The total contracted area managed by the company reached approximately 4.1 billion square meters, with a third-party management ratio increasing from 59.2% to 60.7% [1]. Business Segment Performance - The commercial management segment's revenue grew by 23.4% to 2.85 billion RMB, with a gross margin increase of 2.4 percentage points to 60.9% [1]. - The rental income from shopping centers increased by 19.7% to 12.6 billion RMB, with a net operating income (NOI) margin rising to 67.8% [1]. - The number of shopping centers in operation reached 108, maintaining a high occupancy rate of 96.7% [1]. Future Projections - The company is expected to achieve net profits of 3.78 billion RMB, 4.33 billion RMB, and 4.93 billion RMB for the years 2024 to 2026, respectively [1]. - The target price for the company's shares is set at 36.2 HKD, indicating a potential upside of 51.6% from the current price of 23.90 HKD [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 22.58, indicating an upside potential of 18.47% from the current price of HKD 19.06 [1][3]. Core Insights - The company reported revenue of RMB 888.9 billion for Q2 2024, a year-on-year increase of 32.0%, exceeding market expectations of RMB 867.5 billion. The overall gross margin was 20.7%, slightly down by 0.3 percentage points year-on-year but above the expected 19.6% [1]. - The net profit reached RMB 50.7 billion, up 38.3% year-on-year, while adjusted net profit was RMB 61.8 billion, reflecting a 20.1% increase [1]. - Cash reserves stood at RMB 141 billion, a 24.5% increase year-on-year, with a total of 248 million shares repurchased for HKD 3.68 billion as of July 19, 2024 [1]. Revenue and Profitability - The mobile and AIoT segment generated revenue of RMB 825.2 billion, a 22.5% increase year-on-year, with a gross margin of 21.1%, up 0.1 percentage points [1]. - Smartphone revenue was RMB 465.2 billion, growing 27.1% year-on-year, driven by a 28.1% increase in smartphone shipments to 42.2 million units [1]. - IoT business revenue reached a record high of RMB 267.6 billion, up 20.3% year-on-year, with a gross margin of 19.7%, an increase of 2.1 percentage points [1]. Automotive Business - The automotive segment reported revenue of RMB 63.7 billion, with vehicle sales contributing RMB 62.4 billion. The average selling price (ASP) was RMB 229,000, with Q2 deliveries reaching 27,307 units [1]. - The gross margin for the automotive business was 15.4%, significantly exceeding market expectations, attributed to strong supply chain negotiation capabilities and high sales volumes [1]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are RMB 3390.9 billion, RMB 3967.0 billion, and RMB 4317.9 billion, respectively. Net profit projections for the same years are RMB 170.3 billion, RMB 216.0 billion, and RMB 271.1 billion [1][2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.8 [5][3] Core Insights - The company reported a revenue growth of 6% year-on-year for the first half of 2024, with a gross margin increase of 1.1 percentage points to 73.19%. However, the net profit attributable to shareholders decreased by 32% [1][2] - The company's MaaS (Mobility as a Service) business showed a slight decline of 2% in revenue to HKD 4.21 billion, but began to recover from June 2024. The BaaS (Banking as a Service) business grew by 11% to HKD 9.00 billion, driven by a 20% increase in revenue from the financial sector [2][3] - The adjusted net profit, excluding stock option expenses, was HKD 1.97 billion, reflecting a 13% decline year-on-year [2][3] Financial Performance Summary - Revenue for 2024 is projected at HKD 3.02 billion, with a growth rate of 12.8% [4] - The net profit attributable to shareholders is forecasted to be HKD 313.88 million in 2024, a decrease of 7.8% compared to the previous year [4] - The adjusted net profit is expected to grow by 7% in 2024, reaching HKD 401.88 million [4][3] - The company’s gross margin is expected to stabilize at 72.5% for the next few years [11] Business Development and AI Investment - The company is focusing on AI research and development, enhancing its product offerings in vertical markets. It has integrated various AI technologies to improve its service capabilities [2][3] - The company aims to expand its AI applications, including a commercial version of a 3D digital human for customer interactions in various sectors [2][3] Market Position and Valuation - The company’s current P/E ratios are projected to be 11.17, 8.60, and 7.34 for the years 2024, 2025, and 2026 respectively, indicating attractive valuation levels [3] - The target price of HKD 11.8 corresponds to a 16x P/E ratio based on industry performance [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [4] Core Views - The company is a leading provider of intelligent digital solutions with advanced technology capabilities in various fields including 5G, cloud computing, big data, artificial intelligence, and IoT [4][6] - The company has experienced a revenue of 7.891 billion RMB in 2023, a year-on-year increase of 2.0%, despite a decline in traditional BSS revenue [2][5] - The company aims to transition from a focus on communication services to a broader scope that includes both communication and non-communication businesses [4][6] Financial Performance - In 2023, the company reported a net profit of 512 million RMB, a decrease of 37.9% year-on-year, primarily due to non-operating items such as goodwill impairment [2][5] - The adjusted net profit for the year was 851 million RMB, with an adjusted net profit margin of 10.8% [2][5] - The comprehensive gross margin for 2023 was 37.7%, a slight decrease of 0.3 percentage points year-on-year [2][5] Revenue Breakdown - Traditional BSS revenue was 4.881 billion RMB in 2023, down 0.9% year-on-year [2][5] - The digital operation business generated 1.102 billion RMB, a decline of 4.2% year-on-year [2][5] - The vertical industry digitalization business saw a significant increase of 27.5%, reaching 965 million RMB [2][5] - OSS business revenue grew by 24.9%, amounting to 832 million RMB [2][5] Future Outlook - For the first half of 2024, the company expects revenue to decline by 8.8% to approximately 2.994 billion RMB, with traditional BSS facing significant pressure [4][8] - The company anticipates a narrowing decline in BSS revenue for the full year of 2024, while new business segments are expected to maintain good growth [4][8] - The company has set a dividend guidance for 2024 at 40% of the annual net profit, maintaining stability compared to the previous year [4][8] Market Position - The company has established a strong presence in various sectors including telecommunications, broadcasting, energy, government, transportation, finance, and postal services [4][6] - The company is actively expanding its international business, focusing on markets in the Middle East and Southeast Asia [7][8] Valuation - The company is projected to achieve revenues of 7.931 billion RMB in 2024, with a slight growth of 0.51% year-on-year [5][8] - The expected net profit for 2024 is 598 million RMB, reflecting a year-on-year growth of 12% [5][8] - The company is assigned a dynamic PE ratio of 10-12 times for 2024, with a reasonable value range of 6.99-8.39 HKD [8]

证券研究报告 港股公司|公司点评|吉利汽车（00175） 8 月销量同环比高增，新品周期驱动销 量向上 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月04日 证券研究报告 |报告要点 2024 年 9 月 1 日，吉利汽车发布 2024 年 8 月产销快报，公司 8 月实现汽车销量 18.1 万辆， 同比+21.5%，环比+20.2%。2024 年 1-8 月汽车累计销量 128.8 万辆，同比+34.0%。8 月公司 新品密集上市，叠加以旧换新政策补贴加码，下半年公司销量有望维持高速增长态势。 |分析师及联系人 高登 陈斯竹 唐嘉俊 SAC：S0590523110004 SAC：S0590523100009 SAC：S0590524080004 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04日 吉利汽车(00175) 8 月销量同环比高增，新品周期驱动销量向上 | --- | --- | --- | |--------------------------|-------|---------------------| ...