Investment Rating - Maintain "Buy" rating [4] Core Views - The company achieved significant growth in revenue and net profit in H1 2024, driven by new game launches and rapid user growth on the TapTap platform [2][3] - The company's self-developed games, such as "Let's Go Muffin" and "Sword of Linlan," contributed to the revenue growth, while TapTap's user base expanded significantly [3] - The company is focusing on cost reduction and efficiency improvement, with plans to further enhance commercialization and expand its game portfolio [4] Financial Performance - Revenue in H1 2024 reached RMB 2,221 million, a YoY increase of 26.7% [2] - Net profit attributable to shareholders was RMB 205 million, a YoY increase of 127.4% [2] - Gross profit was RMB 1,497 million, with a gross margin of 67.4%, up 8.2 percentage points YoY [2] - Sales and R&D expense ratios were 31.31% and 18.89%, respectively, with sales expenses increasing due to marketing and advertising costs for new games and TapTap [2] Business Segments - Game business revenue reached RMB 1,486 million, a YoY increase of 29.3%, driven by online game revenue growth of 32.0% [3] - Information services revenue was RMB 734 million, a YoY increase of 21.7%, supported by TapTap's user growth [3] - TapTap China's average MAU grew by 27.3% YoY to 43.2 million, benefiting from the launch of "Let's Go Muffin" and other games [3] Future Outlook - The company plans to launch "Let's Go Muffin" in multiple overseas markets in H2 2024 [3] - Three games are currently in development, with "Let's Go Muffin" and "Sword of Linlan" expected to drive future growth [3] - The company is preparing to launch AIGC service TapSight to enhance customer service capabilities [3] Valuation and Forecast - Estimated net profit for 2024-2026 is RMB 608 million, RMB 768 million, and RMB 938 million, respectively [4] - EPS for 2024-2026 is projected to be RMB 1.26, RMB 1.60, and RMB 1.95 per share, with P/E ratios of 14x, 11x, and 9x, respectively [4] Market Data - 52-week high/low price: HKD 23.80/7.47 [6] - Total market capitalization: HKD 9,469.14 million [6]

Investment Rating - The report maintains an "Outperform" rating for VESYNC (02148 HK) [1][4] Core Views - VESYNC achieved steady revenue growth and improved profitability in H1 2024, with revenue increasing by 7 0% YoY to $300 million and net profit attributable to shareholders rising by 37 5% YoY to $45 million [1] - The company's gross margin improved by 3 3 percentage points YoY to 48 5%, driven by higher contribution from the high-margin Levoit brand and lower raw material costs [1] - Non-Amazon channels experienced rapid growth, with revenue increasing by 46 5% YoY to $84 million, while Amazon channel revenue declined by 3 4% YoY to $212 million [1] - The Levoit brand maintained its leading position in the US market, with its air purifiers and humidifiers capturing 33% and 24% market share respectively in H1 2024 [1] Regional Performance - North America revenue grew by 13 0% YoY to $225 million, while Asia revenue surged by 43 4% YoY to $18 million [1] - Europe revenue declined by 18 6% YoY to $53 million, primarily due to reduced demand for air fryers in the Turkish market [1] Brand Performance - Levoit brand revenue increased by 32 4% YoY to $193 million, driven by strong performance in the US market and successful expansion into new markets like Germany [1] - Cosori brand revenue declined by 24 1% YoY to $72 million, while Etekcity brand revenue decreased by 16 0% YoY to $30 million [1] Financial Metrics - The company's net profit margin improved by 3 4 percentage points YoY to 15 1% in H1 2024 [1] - Sales and management expense ratios decreased by 1 7 and 1 3 percentage points YoY to 15 6% and 14 2% respectively [1] Profit Forecast - The report raises the profit forecast for 2024-2026, with expected net profit attributable to shareholders of $92 million, $108 million, and $123 million, representing YoY growth of 19%, 17%, and 14% respectively [1] - The diluted EPS for 2024-2026 is forecasted to be $0 08, $0 09, and $0 11, with corresponding P/E ratios of 7x, 6x, and 5x [1] Valuation - VESYNC's current market capitalization is HK$4 873 billion, with a closing price of HK$4 25 [4] - The company's 52-week high and low prices are HK$5 71 and HK$2 62 respectively, with an average daily trading volume of HK$2 16 million over the past three months [4]

[Table_MainInfo] 公司研究/旅游服务业 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------------------|-------------| | 股票数据 | | | 09 [ Table_StockInfo 月 03 日收盘价（港元 ] ） | 15.02 | | 52 周股价波动（港元） | 12.38-22.55 | | 总股本 / 流通股本（百万股） | 2325/2325 | | 总市值 / 流通市值（亿港元） | 349/349 | | 相关研究 | | | [Table_ReportInfo] 《 OTA 行业龙头，多元场景加深下沉优势》 | | | 2024.04.10 | | 市场表现 [Table_QuoteInfo] | --- | --- | --- | --- | |--------------------------|-------|-------|--------| | 恒生指数对比 | 1M | 2 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 卓越商企服务（6989）公司年报点评 2024 年 09 月 03 日 | --- | --- | |-------------------------------------------------------------|-------------------| | 股票数据 | | | 9 [ T 月 ab 2 l 日 e_ 收 S 盘 to 价 c （ kI 港 nf 元 o ] ） | 1.28 | | 52 周股价波动（港元） | 1.213-2.219 | | 总股本 /流通 A 股（亿股） | 12.20 | | 总市值/流通市值（亿港元） | 15.62/15.62 | | 相关研究 | | | [ 《 Ta 卓 b 越 le 商 _R 企 e 服 po 务 rt 年 In 报 fo 点 ] | 评_在管面积推升营 | | 收，业主增值服务收入增长》 | 2024.03.30 | 市场表现 [Table_QuoteInfo] 在管面积推动物管收入稳健上升。2024 年上半年，公司物业管理服务收入为 1713.98 百万 ...

[Table_MainInfo] 公司研究/传媒 证券研究报告 快手-W（1024）公司半年报点评 2024 年 09 月 03 日 股票数据 0[9Ta月b0le2_日S收to盘ck价In（fo港] 元） 39.50 52 周股价波动（港元） 39.10-68.65 总股本/流通 A 股（百万股） 4334/4334 总市值/流通市值（百万港元） 171205/171205 [《Ta快b手le-_WR：e发po展rt进In入fo全] 面盈利时代，持续拓 展 场 景 生 态 建 设 和 深 挖 用 户 多 元 变 现》 国内业务稳步发展，海外业务持续减亏。24H1，公司收入为 603.83 亿元（同 比+14%），期内利润 81 亿元，经调整利润净额 90.67 亿元。其中 24Q2，公 司收入 309.75 亿元（同比+11.6%，环比+5.3%）；毛利率 55.3%（同比+5.1pct， 环比+0.5pct）；销售及营销开支占收比 32.4%（同比+1.3pct），主要是由于推 广活动开支增加；行政开支占收比 2.6%（同比-0.8pct），研发开支占收比 9.1% （同比-2.3pct），主要是由雇员福 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][15]. Core Insights - The company achieved a revenue of 8.112 billion yuan in the first half of 2024, representing a year-on-year growth of 48.8%. Adjusted EBITDA was 1.734 billion yuan, up 12.7%, and adjusted net profit was 1.215 billion yuan, an increase of 10.9% [3][6]. - The gross margin for the first half of 2024 was 64.8%, a decrease of 10.4 percentage points year-on-year. The adjusted profit margin was 15.0%, down 5.1 percentage points [3][6]. - The company's core OTA business segments, including transportation ticketing and accommodation booking, showed significant performance improvements, with transportation ticketing revenue growing by 16.6% year-on-year in Q2 2024 [6][8]. Financial Performance Summary - In Q2 2024, the company reported revenues of 4.245 billion yuan, a 48.1% increase year-on-year, with adjusted net profit also growing by 10.9% [3][6]. - The total GMV for the first half of 2024 was 128.2 billion yuan, reflecting a 9.7% year-on-year increase, with a notable rise in user purchase frequency [6][8]. - The company expects Non-GAAP net profits of 2.697 billion yuan, 3.021 billion yuan, and 5.859 billion yuan for 2024, 2025, and 2026 respectively, with a projected PE ratio of 15-18 times for 2024 [6][9]. Business Segment Performance - The transportation ticketing segment generated 1.743 billion yuan in revenue in Q2 2024, driven by increased ticket volume and enhanced value-added services [6][8]. - Accommodation booking revenue reached 1.191 billion yuan in Q2 2024, benefiting from a significant expansion of hotel supply and optimized product structure [6][8]. - Other business segments saw a remarkable revenue increase of 87.3% year-on-year, totaling 592 million yuan in Q2 2024 [6][8]. User Metrics - As of June 30, 2024, the company had 228 million annual paying users, a 4.8% increase year-on-year, with a 29.9% growth in cumulative paying customers [6][8]. - The proportion of registered users from non-first-tier cities was approximately 87% as of Q2 2024 [6][8]. Valuation and Market Comparison - The company is valued at a reasonable range of 19.05 to 22.86 HKD per share based on a PE ratio of 15-18 times for 2024, considering its position as a leading OTA with strong growth momentum [6][9]. - Comparatively, the PE ratios for similar companies such as Ctrip and Meituan are 14.4 and 17.6 respectively, indicating a competitive market landscape [9].

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin-W (02076 HK) with a target price of HKD 69 98 [3] Core Views - BOSS Zhipin achieved rapid revenue growth in H1 2024 with revenue reaching RMB 3 62 billion (+30 9% YoY) and net profit of RMB 659 million (+92 5% YoY) Adjusted net profit was RMB 1 249 billion (+53 6% YoY) [1] - Revenue breakdown shows strong growth across customer segments: KA clients contributed RMB 812 million (+47 1% YoY) mid-sized clients contributed RMB 1 246 billion (+25 1% YoY) and small clients contributed RMB 1 519 billion (+28 4% YoY) [1] - The company's gross margin improved to 83 1% (+1 8pct YoY) driven by economies of scale while marketing expenses decreased to 31 1% (-8 7pct YoY) due to reduced advertising costs and revenue expansion [1] - Monthly active users (MAU) reached 50 6 million in H1 2024 (+21 3% YoY) with a daily active user (DAU) to MAU ratio of 25 2% indicating strong user engagement [1] - The blue-collar online recruitment market in China is expected to grow to RMB 152 4 billion by 2026 with a CAGR of 36 3% from 2021 to 2026 outpacing the white-collar and overall online recruitment markets [1] Financial Performance and Forecast - Revenue for 2024E is projected at RMB 7 572 billion (+27% YoY) with adjusted net profit of RMB 2 190 billion (+2% YoY) [5][6] - Gross margin is expected to remain stable at 84% in 2024E while net margin is forecasted at 29% [6] - The company's ROE is projected to improve to 11% in 2024E from 8% in 2023A [6] - EPS for 2024E is estimated at RMB 2 43 up from RMB 2 42 in 2023A [6] Valuation and Sensitivity Analysis - The DCF valuation model assumes a perpetual growth rate of 3 00% and a WACC of 8 21% [7] - Sensitivity analysis shows that the target price of HKD 69 98 is based on a WACC of 7 68% and a perpetual growth rate of 3 00% [8] Market Position and Competitive Advantage - BOSS Zhipin maintains its leading position in the online recruitment market with a focus on blue-collar recruitment and lower-tier cities [1] - The platform's mobile-first approach "direct chat" feature and intelligent matching system lower barriers for both employers and job seekers particularly in the blue-collar segment [1]

[Table_Main] 证券研究报告 | 公司点评 老铺黄金(06181.HK) 2024 年 09 月 03 日 买入（维持） 所属行业：钟表珠宝 当前价格（港元）：92.50 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -11% 0% 11% 23% 34% 46% 老铺黄金 恒生指数 -23% | --- | --- | --- | --- | |---------------------------------------------------|--------------------------|------------------------|-------------| | -34% 2023-09 \n恒 生 指 数 对 比 \n绝对涨幅 (%) | 2024-01 \n1M \n11.20 | 2024-05 \n2M \n17.99 | 3M \n124.32 | | 相对涨幅 (%) | 6.79 | 18.42 | 126.47 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《老铺黄金（61 ...

汽车/汽车服务 F原证券 公 司 研 究 途虎-W（09690.HK） 2024 年 09 月 03 日 门店维持高速扩张，利润率稳步提升 ——港股公司信息更新报告 投资评级：买入（维持） 殷晟路（分析师） 陈诺（联系人） yinshenglu@kysec.cn 证书编号：S0790522080001 chennuo@kysec.cn 证书编号：S0790123070031 日期 2024/9/3 公司盈利能力持续提升，国内最大的独立汽车服务平台地位不断加强 途虎-W 发布 2024 年半年报，2024 年上半年实现营业收入 71.26 亿元，yoy+9.3%； 实现经调整净利润 3.58 亿元，yoy+67.3%；2024H1 实现综合毛利率 25.9%，同 比提升 1.7pct。截至 2024 年 6 月，公司累计 12 个月交易用户数达到 2140 万人， yoy+18.8%，延续了中国最大的独立汽车服务平台的地位。尽管汽修是个相对刚 性的需求，但考虑到消费意愿下滑的影响，车主或选择更具性价比的产品及降低 使用私家车的频率，一定程度上增加了磨损件的更换周期，对途虎收入增长具有 一定影响。2022-202 ...

证券研究报告·海外公司点评·医疗保健设备和服务(HS) 海吉亚医疗（06078.HK） 2024 半年报点评：营收实现快速增长，学科 建设持续加强 2024 年 09 月 03 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） | 3206 | 4084 | 5494 | 6679 | 7985 | | 同比 (%) | 38.30 | 27.39 | 34.50 | 21.58 | 19.55 | | 归母净利润（百万元） | 476.78 | 682.93 | 862.13 | 1,081.13 | 1,339.54 | | 同比 (%) | 8.00 | 43.24 | 26.24 | 25.40 | 23.90 | | Non-GAAP 净利润 ...