Investment Rating - The report maintains a "Buy" rating for the company with a target price of 102.0 HKD, representing a potential upside of 32.8% from the current price of 76.8 HKD [1][2]. Core Insights - The company reported a significant year-on-year increase in net profit attributable to shareholders of 62.6%, reaching 7.72 billion RMB in the first half of 2024, alongside a robust revenue growth of 13.8% to 33.74 billion RMB [1]. - The gross margin improved by 0.8 percentage points to 64.1%, driven by the performance of the Anta main brand and Fila [1]. - The company announced a share repurchase plan of 10 billion RMB over the next 18 months to enhance market confidence [1]. Financial Performance Summary - **Revenue**: The company achieved a revenue of 33.74 billion RMB in H1 2024, up 13.8% year-on-year [1]. - **Net Profit**: The net profit attributable to shareholders increased by 62.6% to 7.72 billion RMB, with core net profit rising 17.0% to 6.16 billion RMB [1]. - **Gross Margin**: The gross margin rose to 64.1%, reflecting a 0.8 percentage point increase [1]. - **Operating Profit**: Operating profit grew by 13.6% to 8.66 billion RMB, maintaining an operating margin of 25.7% [1]. - **Free Cash Flow**: The company generated free cash flow of 7.62 billion RMB [1]. - **Net Cash Position**: The net cash position increased significantly to 32.39 billion RMB [1]. Brand Performance - **Anta Main Brand**: Revenue for the Anta main brand grew by 13.5% to 16.1 billion RMB, benefiting from strong e-commerce growth and product effectiveness [1]. - **FILA Brand**: Revenue for the FILA brand increased by 6.8% to 13.01 billion RMB, with growth driven primarily by bulk sales [1]. - **Other Brands**: Other brands saw a revenue increase of 41.8% to 4.6 billion RMB, with DESCENTE and KOLON leading the growth [1]. Future Outlook - The company expects double-digit growth for the Anta brand in 2024, while the FILA brand's growth forecast has been adjusted to high single digits [1]. - The operating profit margins for the Anta and FILA brands are projected to be around 20% and 25%, respectively [1].

Investment Rating - The report maintains a "Buy" rating for BYD Electronics, with a target price of HKD 44, indicating a potential upside of 53.3% from the current price of HKD 28.7 [2]. Core Insights - BYD Electronics has shown stable growth in consumer electronics and automotive electronics, with promising prospects in new businesses such as servers [2]. - The company reported a net profit of RMB 1.518 billion for the first half of 2024, with total revenue reaching RMB 78.58 billion, a year-on-year increase of 39.9% [2]. - The acquisition of Jabil's Chengdu and Wuxi factories has positively impacted the consumer electronics segment, which generated RMB 63.3 billion in revenue, up 54.22% year-on-year [2]. - The automotive business continues to expand, with revenue of RMB 7.757 billion, reflecting a growth of 26.48% [2]. - The report anticipates revenue growth of 31%, 9.7%, and 10.6% for the years 2024, 2025, and 2026, respectively, with net profits projected to grow by 13%, 31.7%, and 18% during the same period [2]. Financial Summary - Total revenue for the fiscal year ending December 31, 2022, was RMB 107.19 billion, with a projected increase to RMB 206.85 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 20.4% [4]. - Net profit for 2022 was RMB 1.86 billion, expected to rise to RMB 7.10 billion by 2026, indicating a significant growth trajectory [4]. - The report highlights a decrease in gross margin to 6.85% due to changes in product mix and increased financial costs from acquisitions [2]. - The company’s earnings per share (EPS) is projected to grow from RMB 0.82 in 2022 to RMB 3.15 by 2026 [4]. - The dividend payout ratio is expected to stabilize around 30% from 2024 onwards, with dividends per share increasing from RMB 0.165 in 2022 to RMB 0.945 by 2026 [4].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][16]. Core Viewpoints - The company has shown continuous improvement in profitability and steady expansion in scale, with a 9.0% year-on-year increase in overall revenue to RMB 6.838 billion in the first half of 2024 [6][11]. - The property management service revenue remains dominant, accounting for 75.5% of total revenue, while value-added service revenue has declined by 4.8% [11][14]. - The company maintains a strong focus on independent third-party projects, with 46.7% of new projects coming from this segment [9][10]. Financial Performance Summary - In the first half of 2024, the overall gross profit increased by 14.2% to RMB 1.148 billion, resulting in a gross margin of 16.8%, up 0.8 percentage points from the same period in 2023 [6][8]. - The net profit attributable to shareholders rose by 16% to RMB 738 million, with basic and diluted earnings per share at RMB 0.2245, also reflecting a 16% increase [6][8]. - The average return on equity for shareholders was 33.8%, down 3.8 percentage points compared to the same period in 2023 [6][8]. Revenue Breakdown - As of the end of the first half of 2024, the company managed 403 market projects and 2,118 property projects, covering a service area of approximately 422.7 million square meters [11][14]. - Revenue from property management services reached RMB 5.17 billion, a 14.2% increase year-on-year, while value-added services generated RMB 1.6 billion, a decline of 4.8% [11][14]. - The revenue from parking space transactions was RMB 70 million, reflecting a slight increase of 1.1% [11][14]. Dividend Policy - The company declared an interim dividend of RMB 0.085 per share for the first half of 2024, considering its dividend policy and mid-term performance [16][4]. Future Earnings Projections - The company is expected to achieve an EPS of RMB 0.47 for 2024, with a projected valuation range of HKD 6.17 to 7.71 per share based on a dynamic PE of 12-15 times [4][16].

Investment Rating - The report maintains an "Outperform" rating for Shanghai Pharma (2607 HK) with a target price of HKD 13.82, down 5.0% from previous estimates [3][5][17]. Core Insights - Shanghai Pharma's 1H24 results showed revenue of CNY 139.4 billion, a year-on-year increase of 5.1%, with a notable growth in the Contract Sales Organization (CSO) business, which achieved sales of CNY 4.0 billion, up 172% year-on-year [11][12]. - The pharmaceutical manufacturing segment faced challenges, reporting a revenue decline of 13.4% year-on-year, primarily due to price reductions in products from SPH No.1 Biochemical & Pharmaceutical [12][14]. - The company successfully introduced 8 import varieties and added 15 new SPD projects in 1H24, contributing to its growth despite the overall industry pressure [11][12]. Revenue and Profitability - In 1H24, Shanghai Pharma's gross profit margin (GPM) was 11.6%, down 1.3 percentage points year-on-year, while the net profit attributable to shareholders was CNY 2.94 billion, reflecting a 12.7% increase year-on-year [14][13]. - The report projects revenue for 2024, 2025, and 2026 to be CNY 277.8 billion, CNY 299.9 billion, and CNY 323.5 billion respectively, with growth rates of 6.7%, 8.0%, and 7.9% [16][17]. Accounts Receivable - As of 1H24, Shanghai Pharma's accounts receivable totaled CNY 80.9 billion, with a significant portion due within one year, indicating potential cash flow management challenges [15][4]. Valuation Methodology - The valuation is based on a discounted cash flow (DCF) model using a WACC of 6.2% and a perpetual growth rate of 3%, leading to the target price of HKD 13.82 [5][17].

Investment Rating - The report maintains an "Outperform" rating for Fufeng Group [3][12]. Core Insights - Profit attributable to shareholders for 2024H1 decreased by 32.3% year-on-year, with an interim dividend declared at 18 HK cents per share [8][12]. - The company's operating revenue for the first half of 2024 decreased by 1.6% year-on-year to approximately RMB 13,368 million, primarily due to a decline in revenue from the Colloids and Others segment [8][12]. - Gross profit decreased by 22.3% year-on-year to RMB 2,298.1 million, mainly due to a decrease in gross profit from the Food Additives and Colloids segment [8][12]. Revenue Breakdown - In the Food Additives segment, revenue was RMB 6.917 billion, an increase of 5.46% year-on-year, with MSG revenue at RMB 5.262 billion, showing a price decrease of 13.8% and a volume increase of 22.2% [9][10]. - The Animal Nutrition segment saw revenue of RMB 4.195 billion, up 2.54% year-on-year, with Threonine revenue increasing by 29.9% to approximately RMB 1,149.3 million [9][10]. - The High-grade Amino Acids segment reported revenue of RMB 1.075 billion, a 29.96% increase year-on-year, with a gross margin of 36.8% [9][10]. - The Colloids segment experienced a revenue decline of 44.93% to RMB 899 million, with xanthan gum prices falling by 48.2% [9][10]. Export Performance - Export quantities of Threonine and 98% Lysine increased significantly, with 362,000 tonnes and 548,000 tonnes exported in the first half of 2024, representing increases of 43% and 24% year-on-year, respectively [10][11]. Strategic Developments - The company is actively pursuing international expansion and plans to develop three overseas regional marketing centers, with a focus on establishing a plant in the US [11][12]. - Plans to accelerate the development of a new 98% Lysine production facility and introduce new premium amino acid products are underway [11][12]. Earnings Forecast - The forecasted EPS for 2024, 2025, and 2026 are RMB 1.21, RMB 1.33, and RMB 1.48, respectively [12]. - The target price is set at HKD 6.51, based on a PE ratio of 4.95 times for 2024 [12].

证券研究报告·海外公司点评·软件服务(HS) 创梦天地（01119.HK） 2024H1 业绩点评：长线产品增厚基本盘，关 注《卡拉彼丘》海内外进展 2024 年 09 月 02 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） | 2734 | 1917 | 1893 | 4226 | 4549 | | 同比 (%) | 3.51 | (29.88) | (1.28) | 123.31 | 7.65 | | 归母净利润（百万元） | (2,492.29) | (453.38) | (41.24) | 464.92 | 560.11 | | 同比 (%) | (1,482.63) | - | - | - | 20.48 | | EPS- 最新摊薄（ ...

2024 年 9 月 2 日 市场数据 总股本(亿股) 29.80 总市值(亿港元)： 15.50 一年最低/最高(港元)： 0.39-0.60 近 3 月换手率： 13.4% 公司盈利预测与估值简表 指标 2022 2023 2024E 2025E 2026E 营业收入（百万元人民币） 3,514.9 4,434.8 5,015.9 5,759.9 6,497.4 营业收入增长率 20.2% 26.2% 13.1% 14.8% 12.8% 净利润（百万元人民币） 293.8 196.5 252.9 326.0 393.7 净利润增长率 306.8% -33.1% 28.7% 28.9% 20.8% EPS（人民币，以最新股本计） 0.10 0.07 0.08 0.11 0.13 ROE（归属母公司)（摊薄） 9.5% 6.2% 7.4% 8.7% 9.5% P/E 4.9 7.3 5.7 4.4 3.6 P/B 0.5 0.4 0.4 0.4 0.3 资料来源：Wind，光大证券研究所预测，股价时间为 2024 年 8 月 30 日，汇率为 1 港币=0.924 人民币 公司研究 油服需求复苏带动业绩稳健增 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a target price of HKD 48.62, compared to the current price of HKD 34.00 [1]. Core Insights - The company's revenue for the first half of 2024 increased by 25% year-on-year to HKD 7.76 billion, with a gross margin of 43.7%, up by 4.1 percentage points. Adjusted net profit rose by 18% to HKD 1.24 billion, with an adjusted net profit margin of 16.0% [2]. - The company accelerated its store openings, adding 455 new stores globally, bringing the total to 6,868 stores. Domestic stores accounted for 4,115, with 189 new openings, while overseas stores reached 2,753, with 266 new openings [2]. - The company is actively exploring new business models and IPs, such as pop-up stores and 24-hour super stores, which support the recovery of same-store sales [2]. - The gross margin reached a new high of 43.7%, primarily due to improved margins in the overseas direct sales market [2]. - The company plans to distribute dividends amounting to 50% of the adjusted net profit for the first half of 2024 and has approved a share buyback plan of HKD 2 billion, representing 4.8% of the market capitalization [2]. Financial Summary - Total revenue is projected to grow from HKD 11.47 billion in 2023 to HKD 17.28 billion in 2024, reflecting a year-on-year growth rate of 50.6% [3]. - The net profit attributable to shareholders is expected to increase from HKD 1.77 billion in 2023 to HKD 2.81 billion in 2024, with a growth rate of 58.8% [3]. - Earnings per share (EPS) is forecasted to rise from HKD 1.40 in 2023 to HKD 2.23 in 2024, with a price-to-earnings (P/E) ratio of 14 [3].

2024 年 09 月 02 日 公司研究 评级：买入(维持) 证券分析师： 马川琪 S0350523050001 macq@ghzq.com.cn 证券分析师： 廖小慧 S0350524080002 liaoxh@ghzq.com.cn liuy23@ghzq.com.cn 研究所： 联系人 ： 刘毅 S0350123090035 最近一年走势 | --- | --- | --- | --- | |---------------------|-------|-------|-------------| | 相对恒生指数表现 | | | 2024/08/30 | | | | | | | | | | | | 市场数据 | | | 2024/08/30 | | 当前价格（元） | | | 32.90 | | 52 周价格区间（元） | | | 28.20-59.85 | | 总市值（百万） | | | 40,760.65 | | 流通市值（百万） | | | 40,760.65 | | 总股本（万股） | | | 123,892.57 | | 流通股本（万股） | | | 123,892.57 | | 日均成交额 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][5]. Core Views - The company is increasing its R&D investment, with a R&D expense ratio of 7.6% in the first half of 2024, up from 6.9% in the same period last year, indicating a significant increase in investment in emerging industries and new product development [2][4]. - The company has divested its robotics business, focusing on its core operations, completing the sale of its stake in SANY Robotics for a total consideration of RMB 46 million, resulting in a net gain of RMB 23 million [2][4]. - Despite pressure on traditional businesses like mining equipment, the company is strategically positioning itself in emerging sectors, forecasting revenue growth of 10.46% in 2024, 13.88% in 2025, and 12% in 2026 [2][5]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of RMB 10.756 billion, a decrease of 0.77% year-on-year, and a net profit attributable to shareholders of RMB 1.033 billion, down 14.08% year-on-year [3][4]. - The gross margin for the first half of 2024 was 24.4%, a decline of 1.7 percentage points compared to the previous year [3][4]. Business Segments - Revenue from mining equipment fell by 17.7% to RMB 5.938 billion, while logistics equipment revenue grew by 7.1% to RMB 3.282 billion. Oil and gas equipment revenue surged by 151.5% to RMB 846 million, and emerging business revenue skyrocketed by 209.1% to RMB 690 million [4]. - The company’s overseas sales increased by 17.6% to RMB 3.814 billion, with overseas revenue accounting for 35.5% of total sales, up 5.5 percentage points year-on-year [4]. Future Projections - The company forecasts revenues of RMB 22.4 billion, RMB 25.51 billion, and RMB 28.54 billion for 2024, 2025, and 2026, respectively, with corresponding growth rates of 10%, 14%, and 12% [6][5]. - The projected net profit for 2024 is RMB 1.934 billion, with a growth rate of 0%, followed by RMB 2.259 billion in 2025 and RMB 2.647 billion in 2026, both with growth rates of 17% [6].