证券研究报告 同道猎聘 (6100 HK) 港股通 收入承压下内部持续提效 高端招聘需求承压，内部提效奠定业绩增长 结合近期数据跟踪，行业招聘需求仍处在缓慢修复中，公司 24 上半年收入 为 10.15 亿（yoy-7.2%），仍小幅下滑。内部提效下，利润增长显著达到 0.94 亿元（yoy+100%），我们预计 24-26E 调整后归母净利润为 1.84/2.29/2.76 亿元，选取主要人力资源公司作为可比公司，参考可比公司 24 年平均 PE 15x 给予公司估值，目标市值 31.20 亿港币，对应目标价 5.87 港元，维持 "买入"评级。 招聘需求呈现结构性分化 二季度不同行业延续分化表现。电子通讯和汽车机械制造等行业在猎聘平台 的新发职位数持续增长。文化体育和生活服务等城市服务业恢复性增长。而 吸纳中高端就业量较多的大型行业在今年继续面临招聘需求收缩的压力，房 地产和金融等行业招聘需求依然不景气。互联网行业的新发职位数量虽仍处 于下行通道，但降幅相较去年同期已显著缩窄，招聘需求有望逐步趋于稳定。 B 端需求较为谨慎，内部提效显著 二季度中高端招聘市场仍然承压，项目制产品利润考核下，保证了利润的稳 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 03 年 月 日 信达生物（01801.HK） 产品销售强劲增长，经调整 LBITDA 显著收窄 信达生物发布 2024 年中期业绩。公司 2024 年上半年总收入为 39.52 亿元，同比 +46.3%；其中产品收入约 38.11 亿元，同比+55.1%。期内亏损 3.93 亿元，2023 年 同期为亏损 1.39 亿元。经调整 LBITDA 为 1.61 亿元，2023 年同期为 2.67 亿元，同比 减亏 39.9%。 信达生物宣布 KRAS G12C 抑制剂达伯特®获得 NMPA 批准上市。达伯特®用于至少 接受过一种系统性治疗的 KRAS G12C 突变型的晚期非小细胞肺癌（NSCLC）成人患者， 是中国首个获批的 KRAS G12C 抑制剂，也是信达生物的第 11 款产品。 观点：产品销售强劲增长，经调整 LBITDA 显著收窄 收入端，信迪利单抗保持快速增长，新产品表现也比较强势，产品销售收入共 38.11 亿 元，同比增长 55.1%；期内亏损同比增加，主要由于非现金项目汇兑收益减少（绝对 额减少 2.13 亿元）、一次性 ...

0 20 40 60 80 100 120 140 160 180 2024 年 9 月 2 日 中集安瑞科（3899.HK） 清洁能源业绩高增亮眼，期待化工持续改善 事件：中集安瑞科公布 2024 年中期业绩，上半年公司实现营收 114.8 亿元， 同比增加 6.7%；实现归母净利润 5.04 亿元，同比下降 11.6%，逊于市场预 期。其中清洁能源业绩表现强势，实现营收 78.8 亿元，同比增加 25.1%，毛 利率提升 0.4%至 12.6%，新签在手订单充裕，带动公司业绩整体上行。下半 年清洁能源板块强势表现预计将延续，化工板块业绩持续改善，液态食品预 计保持稳健增长，公司全年整体业绩预计向好，推荐关注。 报告摘要 海内外天然气供需两旺，清洁能源业务业绩强劲增长 清洁能源业务延续一 季度强劲势头以及随着天然气市场供需两旺，业绩表现亮眼，上半年实现营 收 78.8 亿元，同比增加 25.1%，毛利率提升 0.4%至 12.6%；其中水上清洁能 源业务收入增长 48.96%至 17.7 亿元。截止 2024 年 6 月，清洁能源在手订单 达 229.3 亿元，同比大幅增加 70.7%，新签订单 129.2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price not specified [5] Core Insights - The company reported a revenue of HKD 52.08 billion for the first half of 2024, representing a year-on-year growth of 7.7%. However, the profit attributable to shareholders decreased by 2.5% to HKD 3.46 billion. Excluding the impact of exchange rate fluctuations, the profit attributable to shareholders increased by 0.3%, and when excluding the consolidated earnings from Chongqing Gas in the same period last year, the profit attributable to shareholders increased by 21.2% [1] Summary by Sections Sales Gas Business Performance - The retail gas volume increased by 5.3% year-on-year to 20.9 billion cubic meters in the first half of 2024. Industrial gas sales rose by 3.7% to 9.66 billion cubic meters, commercial gas sales increased by 8.1% to 5.01 billion cubic meters, and residential gas sales grew by 7% to 5.76 billion cubic meters [2] - The company improved its upstream resource acquisition capabilities, achieving a self-managed gas volume of 1.75 billion cubic meters, a 30% increase year-on-year, which is expected to save costs of HKD 30 million. The average cost of gas sales was HKD 2.94 per cubic meter, down HKD 0.14 from the same period last year [2] - The gas sales business accounted for 90.2% of total revenue, an increase of 2.7 percentage points year-on-year, with a profit of HKD 4.75 billion, a significant increase of 31.3% [2] Comprehensive Energy and Services Growth - The comprehensive services segment, which includes kitchen appliances, insurance agency, and housing services, achieved revenue of HKD 1.77 billion, a year-on-year increase of 20%, with segment profit rising by 22.1% to HKD 760 million. Excluding exchange rate fluctuations, the revenue and profit growth rates were 23.5% and 25.7%, respectively [3] - In the comprehensive energy segment, the company signed 27 new distributed photovoltaic projects and put 18 into operation, with cumulative development reaching 208 projects. Energy sales volume increased by 54.6% year-on-year to 1.49 billion kilowatt-hours, generating revenue of HKD 830 million, a 38% increase, and gross profit of HKD 160 million, an 84.3% increase [3] Cash Flow and Dividend Policy - The company reported capital expenditures of HKD 2.36 billion, a decrease of 47.3% year-on-year, and free cash flow improved significantly to HKD 1.9 billion, a year-on-year increase of 562.3%. The interim dividend proposed is HKD 0.25 per share, a substantial increase of 66.7% [4] - Profit forecasts for 2024-2026 estimate net profits attributable to shareholders at HKD 5.73 billion, HKD 6.37 billion, and HKD 7.15 billion, respectively, with corresponding price-to-earnings ratios of 11.4, 10.3, and 9.2 times [4]

Investment Rating - The report maintains a "Buy" rating for Meituan-W (03690) with a target price of 116.3 HKD [5] Core Views - Meituan's Q2 2024 revenue and profits exceeded Bloomberg consensus estimates Revenue reached 82.3 billion RMB, 2% above expectations, while EBIT was 11.3 billion RMB, 29% above expectations Adjusted net profit was approximately 13.6 billion RMB, 28% above expectations [5] - Core local commerce revenue was 60.7 billion RMB, 1% above expectations, and new business revenue was 21.6 billion RMB, 5% above expectations [5] - The company's core competitiveness lies in its strong merchant base and decades of accumulated user reviews, which solidify its moat [5] Business Segment Analysis Core Local Commerce - Q2 2024 revenue was 60.7 billion RMB, with delivery service revenue at 23 billion RMB, commission revenue at 22.1 billion RMB, and online marketing revenue at 12.3 billion RMB Operating profit was 15.2 billion RMB, 24% above Bloomberg consensus [5] - Food delivery maintained stable growth with improved operational efficiency, user retention, and order frequency The company focused on improving shelf model operations and enhancing "cost-effective" products [5] - Meituan Instant Delivery achieved strong growth with increasing annual transacting users and faster order frequency The company expanded its Meituan Lightning Warehouses and deepened supply chain integration [5] - In-store dining and hotel & travel saw over 60% YoY order growth in Q2 2024 The company expanded its "Shen Membership" program and invested in lower-tier markets [5] New Business - Q2 2024 new business revenue was 21.6 billion RMB, with operating losses narrowing to 1.3 billion RMB, 38% better than Bloomberg consensus [5] - Meituan Youxuan improved operational efficiency through better product quality and supplier collaboration, leading to increased unit prices and price-to-cost ratios [5] - Xiaoxiang Supermarket made significant progress in product, operations, and fulfillment, achieving higher growth and efficiency than industry peers [5] - Other new businesses, including B2B food delivery, RMS, shared bikes, and power banks, all achieved healthy growth and efficiency improvements [5] Financial Projections - The report forecasts Meituan's 2024-2026 revenue to be 3347/3843/4333 billion RMB (previous estimates: 3292/3809/4293 billion RMB) [5] - Non-IFRS net profit for 2024-2026 is projected to be 408/606/724 billion RMB (previous estimates: 364/530/650 billion RMB) [5]

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Views - The company reported a revenue of 660 million CNY (+1.3%) and a net profit of 140 million CNY (+5%) for the first half of 2024, indicating stable growth in its orthopedic business and a notable performance in digital orthopedics [2]. - The company has successfully implemented the national procurement policy, leading to a steady increase in surgical volumes, with a gross margin of 60.6% (-1.26pp) and a net margin of 21.1% (+0.7pp) [2]. - The joint business remains stable, while the spinal business has seen rapid growth, with spinal and trauma products achieving a revenue increase of 37.6% [2]. - The overseas business continues to grow, with overseas revenue reaching 120 million CNY (+9%) in the first half of 2024, and the company has successfully entered markets in Malaysia, Japan, and Spain [2]. - The company expects net profits for 2024-2026 to be 280 million CNY, 370 million CNY, and 460 million CNY respectively [2]. Summary by Relevant Sections Financial Performance - The company achieved a revenue of 660 million CNY in H1 2024, with a net profit of 140 million CNY, reflecting a growth of 1.3% and 5% respectively [2]. - The gross margin for H1 2024 was 60.6%, while the net margin was 21.1% [2]. Product Performance - Hip joint products generated revenue of 360 million CNY (+5%), while knee joint products saw a decline to 195 million CNY (-7.5%) [2]. - The spinal and trauma products revenue increased to 69 million CNY (+37.6%) due to advancements in 3D printing technology [2]. Market Expansion - The overseas revenue reached 120 million CNY (+9%), with significant contributions from the UK and other regions [2]. - The company has made strides in digital orthopedics, with the first commercial installation of its VTS visualization system [2]. Future Projections - The company forecasts net profits of 280 million CNY, 370 million CNY, and 460 million CNY for 2024, 2025, and 2026 respectively [2][3].

Investment Rating - The report maintains a "BUY" rating for Intron (01760.HK) with a target price of HK$ 1.95, down from a previous target of HK$ 2.85 [3][4]. Core Insights - Intron faced a challenging first half of 2024, with revenue growth slowing to 8% year-on-year and a significant drop in gross margin to 15.9%, resulting in a net margin of 3.4% [3][4]. - The automotive market's sluggishness has adversely affected Intron's performance, particularly in the Advanced Driver Assistance Systems (ADAS) and new energy vehicles (NEV) segments, which were previously key growth drivers [4]. - Despite increasing penetration rates for NEVs, intense price competition has pressured profit margins and hindered original equipment manufacturers (OEMs) from upgrading ADAS hardware [4]. - The report anticipates a potential recovery in 2025, driven by the mass production of new solutions and a significant year-on-year increase in revenue from rendering services, which grew by 83.4% [4][3]. Revenue Breakdown - Intron's revenue segments showed varied performance, with NEV growth at 13.0%, Body Control at 24.9%, Safety at -8.9%, Powertrain at -26.3%, and Automated & Connected Vehicles at 15.9% [4]. - The overall revenue for 2024 is projected to be RMB 6,277.2 million, with a year-on-year growth of 8.2% [10]. Financial Performance - The gross profit for 2024 is estimated at RMB 1,002.7 million, with a gross margin of 16.0% [10]. - Net profit is projected to decline by 31.9% year-on-year to RMB 212.9 million in 2024, with a subsequent recovery expected in 2025 [10]. - The report highlights a significant drop in the company's stock performance, with a 63.9% decline over the past year [4]. Market Context - The report notes that Intron's pricing strategies have limited room for improvement due to fierce competition in the automotive market, particularly in the ADAS segment [4]. - The anticipated mass production of the "Motor Control Unit Power Brick" in the second half of 2025 is expected to contribute positively to revenue and profit margins in 2026 [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$ 1.95, reflecting a downward adjustment from the previous target of HK$ 2.85 [1]. Core Insights - The company experienced a disappointing revenue growth of 8% in the first half of 2024, with a further decline in gross margin to 15.9% and net profit margin dropping to 3.4% [1]. - Revenue growth was the lowest since 2021, primarily due to weak performance in the automotive market, which negatively impacted the company's key revenue segments: new energy and intelligent driving [1]. - Despite the increasing penetration rate of new energy vehicles, intense price competition has compressed profit levels for upstream participants, limiting growth potential for the company [1]. - The report indicates that the company needs to enhance pricing and offer upgraded product combinations to achieve significant improvement, although a major turnaround is unlikely before downstream price wars improve [1]. - Positive signals for recovery are anticipated in 2025, with new solutions expected to contribute significantly to profits by 2026 [1]. Summary by Sections Financial Performance - Revenue for 2024 is projected at RMB 6,277.2 million, with a year-on-year growth of 8.2% [5]. - Gross profit is expected to be RMB 1,002.7 million, with a gross margin of 16.0% [5]. - Net profit is forecasted to decline by 31.9% to RMB 212.9 million in 2024 [5]. Market Position - The company holds a market capitalization of approximately HK$ 1.3 billion [1]. - The report highlights the competitive landscape, noting that the average price-to-earnings ratio for similar companies is significantly higher, indicating potential undervaluation [2]. Future Outlook - The company is expected to see initial recovery in 2025, with profit margins normalizing by 2026 as new solutions are launched [1]. - The anticipated increase in the proportion of self-produced batteries by GAC is expected to bring more orders to the company [1].

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 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 医院业务稳健发展，床位扩张有序推进 海吉亚医疗(6078) [Table_Industry] 医药 [Table_Invest] 评级： 增持 ——2024 年中报点评 股票研究 /[Table_Date] 2024.09.03 | --- | --- | --- | |----------|-----------------------------------|-----------------------| | | [table_Authors] 丁丹 ( 分析师 ) | 赵峻峰 ( 分析师 ) | | | 0755-23976735 | 0755-23976629 | | | dingdan@gtjas.com | zhaojunfeng@gtjas.com | | 登记编号 | S0880514030001 | S0880519080017 | 本报告导读： 内生外延共同发力，上半年收入快速增长， ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q2 2024 gross margin exceeded expectations, reaching 11%, which was above the upper guidance of 10% [3] - The semiconductor cycle is showing signs of moderate recovery, driven by a rebound in consumer electronics demand [1][4] - The company's capacity utilization rate reached 98% in Q2 2024, with expectations to remain high through 2025 [5] - The company's second 12-inch production line is progressing smoothly, with trial production expected by the end of 2024 and full capacity by Q1 2025 [5] Financial Performance - Q2 2024 revenue was $480 million, down 24% YoY but up 4% QoQ [3] - Net income attributable to shareholders was $70 million, down 92% YoY and 79% QoQ, primarily due to a shift from tax credits in Q1 2024 to tax expenses in Q2 2024 [3] - Revenue from consumer electronics, industrial & automotive, communications, and computers in Q2 2024 was $290 million, $110 million, $60 million, and $10 million respectively, with consumer electronics showing a 4% QoQ increase [4] - Embedded memory and discrete device revenues in Q2 2024 were $140 million and $150 million respectively, up 15% and 6% QoQ [4] Capacity and ASP - The company's 8-inch equivalent ASP in Q2 2024 was $432.7, down 26% YoY and 4% QoQ, but expected to rise in H2 2024 due to price increases in logic, RF, CIS, and embedded memory [5] - The company expects Q3 2024 revenue to be between $500 million and $520 million, with 70% of the growth driven by ASP increases and 30% by additional shipments [5] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected to be $1,982 million, $2,493 million, and $3,044 million respectively [2] - Net income attributable to shareholders for 2024E, 2025E, and 2026E is forecasted to be $83.95 million, $104.93 million, and $165.84 million respectively [2] - The company's P/B ratio for 2024E, 2025E, and 2026E is estimated to be 0.58, 0.57, and 0.56 respectively [2] Market Data - The closing price on September 2, 2024, was HKD 16.70, with a P/B ratio of 4.57 [6] - The company's market capitalization was HKD 21,875.37 million [6] Financial Ratios - ROE for 2024E, 2025E, and 2026E is projected to be 1.32%, 1.63%, and 2.53% respectively [10] - Gross margin for 2024E, 2025E, and 2026E is expected to be 10.75%, 18.54%, and 19.88% respectively [10]