Investment Rating - The report maintains a "Buy" rating for Haidilao, with a target price adjusted to HK$15.94, down from HK$21.52 [2][12]. Core Insights - Haidilao's 2024 half-year performance was generally in line with expectations, showing a same-store sales growth rate of approximately 15%, despite a 10% decline in net profit due to higher-than-expected employee costs [6][17]. - The company is expected to face challenges in the second half of 2024, including macroeconomic pressures and high baseline comparisons, but potential growth could come from accelerated new store openings and efficiency improvements [1][2]. - The report highlights Haidilao's strong performance in customer service and marketing, which has contributed to its superior same-store sales recovery compared to industry averages [1][6]. Financial Summary - Revenue for FY24E is projected at HK$47,309 million, with a year-on-year growth of 14.1%. Net profit is expected to be HK$4,627.2 million, reflecting a slight increase of 2.4% [3][9]. - The report anticipates a gross profit margin improvement to 60.1% by FY24E, driven by lower raw material costs and enhanced supply chain efficiency [16][17]. - The company plans to continue expanding its store count, with a focus on new brand development and operational efficiency [1][16]. Key Metrics - The report provides key financial metrics, including a projected P/E ratio of 14.6x for FY24E and a dividend yield of 6.1% [2][3]. - The same-store sales growth rate for the first half of 2024 was supported by a 27% increase in table turnover, despite a 5% decline in average spending per table [6][17]. - The report notes that Haidilao's stock is currently trading at a P/E of 15x for FY24, which is considered reasonable given the attractive dividend yield [2][12].

Investment Rating - Maintains a "Buy" rating with a target price of HKD 20.2, representing a 24% upside from the current price [1][2] Core Views - The company's revenue for the first half of 2024 reached HKD 8.7 billion, a year-on-year increase of 12.4%, with net profit of HKD 680 million, up 33% year-on-year [1] - Expected net profits for 2024/2025/2026 are HKD 900 million, HKD 970 million, and HKD 1.09 billion, respectively, with corresponding EPS of HKD 1.12, HKD 1.20, and HKD 1.34 [1][2] - The tobacco leaf import business grew by 5.5% in revenue, driven by a 4.1% price increase, while the export business grew by 23%, with a 13.1% price increase [2] - Cigarette export revenue surged by 128%, with a 96% increase in volume, reaching 1.1 billion sticks, still below pre-pandemic levels of 5.5 billion sticks annually [2] - New tobacco products saw a 28.4% revenue increase, with a 41.3% volume growth despite a 9.1% price decline [2] - The Brazilian tobacco business contributed HKD 390 million in revenue, up 42.7%, driven by a 67% price increase despite a 14.5% volume decline [2] - The company declared its first interim dividend of HKD 0.15 per share, with an expected dividend yield of 2.6% for the year [2] Financial Performance - Revenue for 2024E is projected at HKD 13.1 billion, with a 10.7% growth rate, followed by 10.0% and 10.2% growth in 2025E and 2026E, respectively [3][8] - Gross margin improved to 10.9% in H1 2024, up 1.4 percentage points year-on-year, with further improvements expected to 11.1%, 11.2%, and 11.4% in 2024E, 2025E, and 2026E [2][3] - Net profit margin is forecasted to rise to 6.9% in 2024E, up from 5.8% in 2023A, and remain stable at 6.8% in 2025E and 2026E [3][8] - ROE is expected to peak at 29.7% in 2024E before moderating to 26.1% and 24.4% in 2025E and 2026E, respectively [3][16] Valuation Analysis - Comparable company analysis suggests a 16x PE multiple for 2025E, implying a target price of HKD 19.2 [9] - DCF valuation, assuming a WACC of 10% and a long-term growth rate of 2%, yields a fair value of HKD 21.3 [9] - The blended target price of HKD 20.2 is based on a combination of comparable company and DCF valuations [9] Industry and Business Outlook - The tobacco leaf import and export businesses are in an upward cycle, benefiting from rising prices and volume growth [2] - Post-pandemic recovery in passenger traffic has driven a rebound in cigarette exports, with significant growth potential as volumes remain below pre-pandemic levels [2] - Expansion in new tobacco products and potential M&A activities are identified as future growth drivers [2] - The company's strategic focus on higher-margin self-operated businesses and new product launches is expected to sustain profitability [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.4, indicating a potential upside of 38% from the current price of HKD 3.89 [4][2][8]. Core Insights - The company reported a strong revenue growth of 66% year-on-year for the first half of 2024, reaching HKD 770 million, with a net profit of HKD 107 million, up 26% year-on-year [1][2]. - The acquisition of a 42% stake in CQV has positively impacted revenue, with a comparable growth rate of 31.5% when excluding the consolidation effect [1]. - The company has expanded its production capacity with the commissioning of a new plant, expected to contribute an additional 6,000 tons of pearl pigment output in 2024 [1][2]. Revenue Performance - Revenue for the first half of 2024 was HKD 770 million, a 66% increase compared to the previous year [1]. - The revenue from synthetic mica pearlescent pigments was HKD 269 million, up 46%, while natural mica pearlescent pigments generated HKD 278 million, a 37% increase [1]. - The sales volume of pearlescent pigments reached 11,400 tons, a 24% increase, with an average selling price of HKD 61,000 per ton, up 7.5% [1]. Profitability Metrics - The gross margin improved to 50.1%, an increase of 1.6 percentage points year-on-year, driven by lower raw material costs and an enhanced product mix [1]. - Selling expenses increased, with a ratio of 6.5% of revenue, reflecting higher costs associated with the CQV acquisition [1]. - The report forecasts net profits for 2024, 2025, and 2026 to be HKD 300 million, HKD 350 million, and HKD 430 million, respectively, with corresponding EPS of HKD 0.20, HKD 0.24, and HKD 0.30 [2][3]. Capacity Expansion - The company’s existing production capacity for pearlescent pigments is 18,000 tons, nearing full capacity, with a new plant launched in February 2024 designed for 30,000 tons [1]. - The new facility is noted to be the largest and most advanced in the world, focusing on high-end automotive and cosmetic-grade pearlescent pigments [1]. Valuation Analysis - The report employs comparable company analysis and DCF methods for valuation, suggesting a target price of HKD 5.4 based on a PE multiple of 20x for 2025 [8]. - The DCF analysis estimates a market value of HKD 7.076 billion, translating to a target price of HKD 5.9, considering a WACC of 7.7% and growth rates of 5% in the short term and 2% in the long term [8][10].

4 Sep 2024 CMB International Global Markets | Equity Research | Company Update Jinmao Property Services (816 HK) | --- | --- | --- | --- | --- | |-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a BUY rating for Haidilao with a target price of HK$ 15.94, down from the previous target price of HK$ 21.52, reflecting a 20% upside from the current price of HK$ 13.28 [2][3][8]. Core Views - Haidilao's 1H24 results were roughly in line with expectations, showing a 14% year-on-year increase in sales, but net profit dropped by 10% year-on-year due to higher staff costs [6][2]. - The company is expected to face challenges in 2H24, including macroeconomic pressures and high staff costs, but potential upside could come from new store openings and initiatives from the new CEO to improve margins [2][6]. - The report highlights Haidilao's strong recovery in same-store sales growth (SSSG), outperforming the catering industry, driven by superior customer service and effective marketing strategies [2][6]. Financial Summary - Revenue is projected to grow from RMB 41,453 million in FY23A to RMB 47,309 million in FY24E, representing a 14.1% year-on-year growth [3][11]. - Net profit is expected to increase from RMB 4,495.4 million in FY23A to RMB 4,627.2 million in FY24E, reflecting a 2.4% year-on-year growth [3][11]. - The gross profit margin is anticipated to improve to 60.1% in FY24E, up from 59.2% in FY23A, aided by lower input costs and improved supply chain efficiency [7][11]. Earnings Revision - The report revises net profit forecasts for FY24E, FY25E, and FY26E down by 7%, 1%, and up by 4% respectively, primarily due to higher staff costs but better gross profit margins [7][2]. - The diluted EPS for FY24E is adjusted to RMB 0.827, down from RMB 0.893, reflecting a 7.4% decrease [7][2]. Store Expansion and Initiatives - Haidilao aims to increase its number of stores by a mid-single-digit percentage in FY24E, with plans to open 400 to 500 stores under the new Yanqing Barbecue Shop brand over the next three years [2][10]. - The "Red pomegranate" project is highlighted as a key multi-brand development strategy, which is crucial for the company's future growth [2][10]. Valuation Metrics - The stock is currently trading at a P/E ratio of 15x for FY24E, which is considered not too demanding, especially with a dividend yield of 6% [2][3]. - The report notes that Haidilao's P/B ratio is projected to be 3.3x for FY24E, with a return on equity (ROE) of 29.2% [3][8].

Investment Rating - The report maintains an "Accumulate" rating for WuXi Biologics (2269) [4][5]. Core Views - The company is actively advancing its "Winning Molecules" strategy, with new projects exceeding expectations and strong growth momentum in non-COVID business. The overseas capacity is continuously being established, indicating a positive long-term outlook for the company [4][5]. Financial Summary - Revenue for 2023 is projected at 17,051 million RMB, with a growth rate of 12% compared to the previous year. The revenue for 2024 is expected to grow by 5% to 20,521 million RMB, and by 18% to 24,282 million RMB by 2026 [4]. - Adjusted net profit for 2024 is revised down to 49.19 billion RMB, with EPS adjusted to 1.18 RMB [5]. - The gross profit margin is reported at 39.07%, reflecting a decrease of 2.9 percentage points due to reduced milestone revenue and the ramp-up of new facilities [5]. Project and Capacity Growth - In the first half of 2024, the company added 61 new projects, with a total of 201 billion USD in uncompleted orders, supporting future revenue growth [5]. - The North American region saw a revenue increase of 27.3%, accounting for 58.4% of total revenue, highlighting strong customer retention [5]. Market Performance - The current stock price is reported at 11.22 HKD, with a 52-week price range between 10.26 and 51.00 HKD [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of HKD 6.07 and an industry rating of "Outperform" [1][3]. Core Insights - The company achieved its first profitable quarter in domestic operations, with a significant increase in market share in Southeast Asia. The revenue for the first half of 2024 reached USD 4.86 billion, a year-on-year growth of 20.6%, and the net profit was USD 30 million, marking a turnaround from losses [3]. - The company’s express delivery volume grew nearly 40% in the first half of 2024, with a total of 11.01 billion packages delivered, reflecting a year-on-year increase of 38.3% [3]. - The company’s market share in Southeast Asia increased to 27.4%, up from 25.4% in 2023, while its market share in China rose to 11.0% from 9.9% [3]. - The report highlights the scale effects of logistics infrastructure, with a decrease in per-package costs in the Chinese market, contributing to improved profitability [3]. Summary by Sections Financial Performance - For the first half of 2024, the company reported revenues of USD 4.86 billion, with segment revenues of USD 3.00 billion from China, USD 1.52 billion from Southeast Asia, and USD 290 million from emerging markets, showing growth rates of 36.1%, 22.0%, and 119.6% respectively [3][4]. - The adjusted EBITDA for 2024 is projected to be RMB 2.898 billion, with net profit expected to reach RMB 560 million, a significant turnaround from a loss of RMB 7.845 billion in 2023 [4][5]. Market Position - The company’s market share in Southeast Asia has shown a notable increase, indicating a strong competitive position and potential for further growth in the region [3][4]. - The report emphasizes the company's ability to leverage domestic operational expertise to enhance its performance in Southeast Asia [3]. Valuation - The report adjusts profit forecasts, projecting net profits of RMB 5.60 billion, RMB 22.48 billion, and RMB 33.40 billion for 2024, 2025, and 2026 respectively, with corresponding EPS of RMB 0.06, RMB 0.25, and RMB 0.38 [3][4].

2024-09-02 公司点评 买入/维持 理想汽车-W（2015.HK） 目标价： 昨收盘：75.25 汽车行业 组织升级成功：从 L6 到端到端+VLM 总股本/流通(亿股) 21.22/17.66 总市值/流通(亿元) 1597/1329 12 个月最高/最低(元) 182.90/68.65 组 织 升 级 获 得 初 步 的 商 业 成 功 。 Q2 收 入 317 亿 元 ， 同 环 比 分 别 +10.6%/+23.6%，其中汽车销售收入 303 亿元，同环比分别+8.4%/+25.0%。 Q2 汽车毛利率 18.7%，同环比分别-2.3/-0.6pct，主要受降价、权益和 L6 占比提升影响。公司 Q2 研发支出 30 亿元，同环比分别+24.8%/-0.7%， 智驾技术研发，研发费率 9.6%，同环比分别+1.1/-2.3pct；SG&A 支出 28 亿元，同环比分别+21.9%/-5.5%，主要用于销售和服务网络拓展（中心店 及超充站），SG&A 费率 8.9%，同环比分别+0.8/-2.7pct。随着理想 L6 销量带动规模效应凸显，配合各项降本增效措施，公司经营业绩将在下半 年进一步提升 ...

同店逆势增长，关注入"通"机会 ——达势股份 24H1 点评 达势股份（1405.HK）/餐饮 证券研究报告/公司点评 2024 年 09 月 03 日 [Table_Title] 评级：买入（维持） 市场价格：69.95 港元 分析师：郑澄怀 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn [Table_Industry] 分析师：张友华 执业证书编号：S0740523110006 Email：zhangyh@zts.com.cn | --- | --- | |-----------------------|-------| | | | | 总股本 ( 百万股 ) | 130 | | | | | 流通股本 ( 百万股 ) | 130 | | 市价 ( 港元 ) | 69.95 | | 市值 ( 百万港元 ) | 9,125 | | 流通市值 ( 百万港元 ) | 9,125 | [Table_QuotePic] 股价与行业-市场走势对比 达势股份 恒生指数 -10% -5% 0% 5% 2024-07-18 2024-08-18 公司持有该股票比例 相关报告 1 ...

Investment Rating - The report does not provide a specific investment rating for the company, but it indicates a neutral stance towards the industry, suggesting that the overall return in the next six months will be between -5% and 5% compared to relevant market indices [10]. Core Insights - The company achieved a revenue of 790 million yuan in the first half of 2024, representing a year-on-year growth of 17.4%. However, it reported a net loss attributable to shareholders of 650 million yuan [2]. - The core product, Toripalimab, saw rapid sales growth, with domestic sales reaching 671 million yuan, a year-on-year increase of approximately 50%. The product has been included in the national medical insurance catalog for six indications, making it the only PD-1 monoclonal antibody for melanoma treatment in the catalog [2]. - The company is advancing its internationalization efforts, with Toripalimab receiving FDA approval in October 2023 and being available in the U.S. since January 2024. The application process for multiple indications in other countries is also progressing steadily [2]. Performance Summary - Revenue for the first half of 2024 was 790 million yuan, with a year-on-year growth of 17.4%. The net profit attributable to shareholders was a loss of 650 million yuan [2]. - The sales of Toripalimab are expected to enter a positive cycle, with projected revenue growth rates of 21.5%, 63.2%, and 31.3% for 2024, 2025, and 2026, respectively. The net profit losses are expected to decrease from 1.91 billion yuan in 2024 to 570 million yuan in 2026 [3][4]. Research and Development Progress - The company has completed the first patient enrollment in a multi-center Phase III clinical trial for BTLA monoclonal antibody across China, the U.S., Europe, and Japan. The study is ongoing with continuous patient enrollment [3]. - The R&D pipeline is progressing efficiently, with two supplemental new drug applications (sNDA) for the monoclonal antibody Anlotinib accepted by the NMPA in April 2024 for specific cholesterol-related conditions [3]. - The company is focusing on advancing several early-stage products, including Claudin18.2 ADC, PI3K-α oral small molecule inhibitors, and dual antibodies targeting CD20/CD3 and PD-1/VEGF [3].