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 ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 赛恺泽放量可期，CT041 临床进展顺利 科济药业-B(2171) [Table_Industry] 医药 [Table_Invest] 评级： 增持 ——科济药业 2024H1 点评 [当前价格 Table_CurPrice] (港元)： 3.25 股票研究 /[Table_Date] 2024.09.04 | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|----------------------------|-------|----------------|--------------------------|-------|-------| | | | | | | | | | | | [table_Authors] 丁丹 ( 分析师 ) | 甘坛焕 ( 分析师 ) | | 付子阳 ( | 研 ...

Investment Rating - Buy rating maintained for Jinxin Fertility (01951 HK) [2] Core Views - Jinxin Fertility achieved steady growth in H1 2024 with rapid increase in overseas egg retrieval cycles [1] - Revenue reached RMB 1 444 million (+8 2% YoY) adjusted net profit was RMB 260 million (+1 8% YoY) [3] - Gross margin was 40 38% (-1 93pct YoY) net margin was 13 18% (-3 6pct YoY) [3] - Forecasted net profit for 2024-2026 is RMB 387/463/538 million with PE ratios of 14 5/12 1/10 4x [3] - Long-term growth potential supported by strong profitability high industry barriers and upcoming Shenzhen facility [3] Business Performance Revenue Breakdown - ARS business revenue: RMB 778 million (+9 58% YoY) [3] - Management services revenue: RMB 287 million (+1 06% YoY) [3] - Obstetrics medical services revenue: RMB 116 million (+13 73% YoY) [3] - Other medical services revenue: RMB 202 million (+6 88% YoY) [3] Regional Performance - Chengdu region revenue: RMB 883 million (+8 6% YoY) driven by ARS growth (+4%) and VIP business increase (16 3% to 19 5%) [3] - Greater Bay Area revenue: RMB 242 million (+10 5% YoY) [3] - Kunming and Wuhan revenue: RMB 130 million (-6 6% YoY) [3] - Overseas revenue: RMB 391 million (+11 5% YoY) [3] Egg Retrieval Cycles - Total egg retrieval cycles: 15 100 (+2 72% YoY) [3] - Chengdu: 7 571 cycles (-4 67% YoY) [3] - Greater Bay Area: 3 022 cycles (+6 67% YoY) with VIP business increase (7 2% to 7 7%) [3] - Overseas: 2 325 cycles (+25 27% YoY) driven by HRCMedical's frozen egg business and international recovery [3] - Kunming and Wuhan: 2 133 cycles (+1 57% YoY) [3] Strategic Developments - Completed 30% stake acquisition in Morula Indonesia's largest IVF service group with 10 clinics [3] Financial Projections - Revenue forecast: RMB 3 145/3 636/4 213 million for 2024-2026 [4] - Net profit forecast: RMB 387/463/538 million for 2024-2026 [4] - Gross margin forecast: 42 2%/42 3%/42 1% for 2024-2026 [4] - Net margin forecast: 12 16%/12 93%/12 96% for 2024-2026 [4] - ROE forecast: 3 65%/4 3%/4 75% for 2024-2026 [4] - EPS forecast: RMB 0 14/0 17/0 20 for 2024-2026 [4]

Investment Rating - Maintains a "Buy" rating with projected EPS for 2024-2026 at RMB 0.21, 0.23, and 0.26 respectively [6] Core Views - Net profit surged by 49.1% YoY to RMB 460 million in H1 2024, driven by downstream recovery and electrification of loaders [2] - Gross margin improved to 18.5%, up 2.0 percentage points YoY, while net margin rose to 8.6%, up 3.2 percentage points [2] - The company is expected to benefit from the recovery in construction machinery demand and the acceleration of loader electrification [4][5] Financial Performance - Revenue in H1 2024 was RMB 5.36 billion, down 6.4% YoY, with a significant decline in wheel loader and excavator revenues [2][3] - Forklift revenue grew by 6.4% YoY to RMB 2.06 billion, while other segments faced pressure due to industry slowdown [3] - Overseas revenue declined slightly by 1.68% YoY to RMB 1.47 billion, but its share of total sales increased to 27.4% [4] Industry and Market Outlook - The construction machinery industry is expected to stabilize and recover, supported by increased special bond issuance and improved equipment utilization [4] - The company is strategically adjusting to maintain international market share and competitiveness, with potential for overseas revenue growth [4] - The electrification of loaders is accelerating, with electric loader sales reaching 5,114 units in H1 2024, a 361.1% YoY increase, and an electrification rate of 9.0% [5] Future Growth Drivers - The company is well-positioned to benefit from the electrification trend, with a leading market share in large loaders (3 tons and above) [5] - Long-term growth is supported by stable domestic demand, policy support, and expanding export opportunities [6] Financial Projections - Revenue is projected to grow at a CAGR of 7.3% from 2024E to 2026E, reaching RMB 13.47 billion by 2026E [7] - Net profit is expected to grow at a CAGR of 13.7% from 2024E to 2026E, reaching RMB 1.13 billion by 2026E [7] - ROE is forecasted to improve from 8.4% in 2024E to 9.8% in 2026E [7]

Investment Rating - The report maintains a "BUY" rating for China Life with a revised 12-month target price of HK$15.5, implying a 31.1% upside from the current price of HK$11.82 [4][6]. Core Insights - China Life reported strong first-half results with a year-on-year increase in new business value (NBV) of 18.6% to RMB32.3 billion and a 11.4% growth in embedded value (EV) to RMB1.4 trillion [2][11]. - Investment income surged 140.3% year-on-year to RMB56.7 billion, significantly contributing to a 27.6% increase in pre-tax profit to RMB47.9 billion in 1H24 [2][10]. - The bancassurance segment showed remarkable margin expansion, with NBV margin increasing by 13.4 percentage points to over 17% [2][11]. Financial Performance - Total investment assets reached a record high of RMB6.1 trillion, with a notable increase in fair value through other comprehensive income (FVOCI) stocks, which rose 131% from the beginning of the year to RMB34.1 billion [2][15]. - The company achieved a net investment yield of 3.33% and a total investment yield of 3.59% in 1H24, reflecting a positive investment variance in EV of RMB6.7 billion [10][15]. - The first-year regular premiums (FYRP) grew by 9.4% year-on-year to RMB42.6 billion, accounting for 43.8% of total FYRP in 1H24 [2][12]. Valuation Metrics - The stock is currently trading at 0.2x P/EV and 0.6x P/B for FY24E, indicating potential for a stock re-rating based on resilient financial results [6][8]. - The report highlights a target price of HK$15.5 based on a P/EV versus return on embedded value (ROEV) approach, reflecting improved underwriting and investment outcomes [6][8]. Business Segments - The agency channel remains the primary contributor to NBV, accounting for 90.8% of total NBV in 1H24, with a margin increase to 30.6% [11][12]. - The bancassurance channel experienced a significant decline in single-paid premiums, down 78.2% year-on-year, indicating a strategic shift towards higher-margin products [2][11]. Future Outlook - The company anticipates a rebound in investment income in the second half of 2024, supported by a low comparative base from the previous year [2][6]. - Management expects a diversification in product mix with a higher proportion of participating policies following recent interest rate cuts [2][11].

30 Aug 2024 CMB International Global Markets | Equity Research | Company Update Akeso (9926 HK) Eyes on the detailed head-to-head data of AK112 at WCLC in Sep In 1H24, Akeso recorded RMB1.03bn in revenue, including RMB939mn from product sales. Cadonilimab/AK104 (PD-1/CTLA-4) recorded RMB706mn in sales in 1H24, +16% YoY or -6% HoH, accounting for 39% of our previous full-year estimate. We attribute the weaker-than-expected sales performance to the preparation for NRDL inclusion. Recall that Akeso reduced the ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Insights - The company continues to enhance its profitability and solidify its position as the largest independent automotive service platform in China, achieving a revenue of 7.126 billion yuan in the first half of 2024, a year-on-year increase of 9.3%, and an adjusted net profit of 358 million yuan, a year-on-year increase of 67.3% [3] - The company has expanded its store network significantly, with a total of 6,311 stores nationwide as of the first half of 2024, reflecting a strategic focus on lower-tier cities where over 58% of new stores are located [4] - The gross profit margin for automotive products and services improved by 1 percentage point compared to the first half of 2023, with tire gross margin increasing by 1.5 percentage points to 17.5% and car wash and beauty services gross margin rising by 5.7 percentage points to 18.8% [4] Financial Summary and Valuation Metrics - For the fiscal years 2022 to 2026, the company is projected to have the following financial metrics: - Revenue (in million yuan): 11,547 (2022), 13,601 (2023), 14,698 (2024E), 15,850 (2025E), 16,946 (2026E) [5] - Net Profit (in million yuan): -2,136 (2022), 6,703 (2023), 511 (2024E), 810 (2025E), 1,036 (2026E) [5] - Gross Margin (%): 19.7 (2022), 24.7 (2023), 26.1 (2024E), 27.0 (2025E), 27.5 (2026E) [5] - EPS (in yuan): -2.61 (2022), 8.19 (2023), 0.62 (2024E), 0.99 (2025E), 1.26 (2026E) [5] - P/E Ratios: 25.9 (2024E), 16.3 (2025E), 12.8 (2026E) [5] Market Position and Strategy - The company has maintained its leading position in the automotive service sector, with a total of 21.4 million active users over the past 12 months, reflecting an 18.8% year-on-year growth [3] - The strategic focus on cost-effective products and services is expected to drive further improvements in gross margins, as consumer preferences shift towards higher value offerings [4]

Investment Rating - Buy (maintained) [2] Core Views - Revenue slightly contracted, but the amount of winning bids increased significantly [2] - The company is a leader in urban rail transit design consulting and will benefit from the development of urban rail transit [2] - The company's gross profit margin increased, and financial expenses decreased [2] - The company's winning bid amount for the first half of 2024 was RMB 5.793 billion, a year-on-year increase of 91.19% [2] - The company's design, survey, and consulting business segment achieved a gross profit margin of 30.03%, an increase of 1.33 percentage points year-on-year [2] Financial Performance - Revenue for the first half of 2024 was RMB 4.18 billion, a year-on-year decrease of 6.95% [2] - Net profit for the first half of 2024 was RMB 377 million, a year-on-year decrease of 5.75% [2] - Comprehensive gross profit margin was 19.67%, an increase of 0.84 percentage points year-on-year [2] - Operating cash flow was -RMB 721 million due to lower operating receipts than payments [2] - Financial expenses were RMB 141 million, a year-on-year decrease of 4.08% [2] Business Segments - Design, survey, and consulting business segment revenue was RMB 2.021 billion, a year-on-year decrease of 10.34% [2] - Urban rail transit engineering segment revenue was RMB 1.521 billion, a year-on-year decrease of 3.73% [2] - Industrial and civil construction and municipal engineering segment revenue was RMB 500 million, a year-on-year decrease of 25.82% [2] - Engineering contracting business segment revenue was RMB 2.159 billion, a year-on-year decrease of 3.57% [2] - Gross profit margin for this segment was 9.96%, an increase of 1.03 percentage points year-on-year [2] Winning Bids - Total winning bids for the first half of 2024 were RMB 5.793 billion, a year-on-year increase of 91.19% [2] - Design, survey, and consulting winning bids were RMB 1.784 billion [2] - Engineering contracting winning bids were RMB 4.009 billion [2] - The company won 4 design projects for urban rail transit in Beijing and Shenzhen, solidifying its leading position in the industry [2] - The company secured a single project worth over RMB 1 billion in ecological environment management [2] Financial Forecast - Expected net profit attributable to the parent company for 2024-2026 is RMB 941 million, RMB 1.072 billion, and RMB 1.118 billion, respectively [2] - Expected EPS for 2024-2026 is RMB 0.70, RMB 0.79, and RMB 0.83, respectively [2] - Current P/E ratios for 2024-2026 are 2.0x, 1.7x, and 1.6x, respectively [2] Market Data - Current stock price: HKD 1.500 [4] - Total market capitalization: HKD 2.023 billion [4] - Free float market capitalization: HKD 582 million [4] - Total shares outstanding: 1.349 billion [4] - Free float shares: 388 million [4] - 3-month turnover rate: 9.49% [4]

证券研究报告 | 2024年09月03日 康诺亚-B（02162.HK） 优于大市 临床开发快速推进，商业化准备积极进行 司普奇拜单抗临床开发快速推进，积极为商业化做准备。康诺亚的核心产品 IL4R 单抗司普奇拜单抗（CM310）治疗成人中重度特应性皮炎（AD）的上市 申请于 23 年 12 月获药监局受理并纳入优先审评，有望在 24 年下半年获批， 成为首个获批上市的国产 IL4R 单抗。并且，司普奇拜单抗读出了成人 AD 优 秀的长期随访数据。CRSwNP、过敏性鼻炎适应症的上市申请也已经获得 CDE 受理。其他适应症中，青少年 AD、结节性痒疹等的 3 期临床正在进行中。司 普奇拜单抗开发进度领先，覆盖人群广泛，有望成为自免领域的重磅产品。 截至 2024 年 7 月，公司商业化团队已接近 200 人规模，积极为司普奇拜单 抗的商业化进行前期准备。 管线布局丰富，临床推进顺利。公司的 CLDN18.2 ADC（CMG901）早期临床数 据优秀，合作伙伴阿斯利康已开启针对 2/3L 胃癌的全球多中心 3 期临床， 并在胰腺癌、胃癌等实体瘤中进行联合用药的 2 期临床探索。CM313（CD38 单抗）在 I ...