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].

Investment Rating - Buy (maintained) [1] Core Views - Strong profit growth driven by order recovery in H1 2024 [2] - Revenue increased by 12.2% YoY to RMB 12.976 billion, with net profit attributable to shareholders rising by 37.8% YoY to RMB 2.931 billion [2] - Sales net margin improved to 22.6%, up 4.2 percentage points YoY, and gross margin increased to 29.0%, up 6.6 percentage points YoY [2] - Significant growth in domestic and Japanese markets, with domestic revenue up 20.0% and Japanese revenue up 27.0% [2] - The company's market share among major clients has further increased, particularly in the domestic and Japanese markets [2] Business Breakdown By Product Category - Sportswear: RMB 9.213 billion, up 7.6%, accounting for 71.0% of total revenue [2] - Casualwear: RMB 2.761 billion, up 20.0%, accounting for 19.9% of total revenue [2] - Underwear: RMB 903 million, up 47.4%, accounting for 7.0% of total revenue [2] - Other knitwear: RMB 99.5 million, up 12.2%, accounting for 0.7% of total revenue [2] By Region - Europe: RMB 2.527 billion, up 4.4%, accounting for 19.5% of total revenue [2] - USA: RMB 1.881 billion, up 2.7%, accounting for 14.5% of total revenue [2] - Japan: RMB 2.116 billion, up 27.0%, accounting for 16.3% of total revenue [2] - Other markets: RMB 2.728 billion, up 7.4%, accounting for 21.0% of total revenue [2] - Domestic market: RMB 3.724 billion, up 20.0%, accounting for 28.7% of total revenue [2] Operational Highlights - Improved capacity utilization and increased efficiency in overseas factories contributed to the significant improvement in gross margin [3] - Sales/management/financial expense ratios were 0.7%/7.3%/1.5%, with management expenses decreasing by 0.6 percentage points YoY [3] - Operating cash flow was RMB 2.310 billion, down 14.6% YoY, with cash and cash equivalents at RMB 10.082 billion, down RMB 1.514 billion from the end of 2023 [3] Future Outlook - Revenue is expected to grow by 11%/12%/12% in 2024/2025/2026, reaching RMB 27.641 billion, RMB 31.045 billion, and RMB 34.701 billion respectively [5] - Net profit attributable to shareholders is projected to grow by 29%/14%/12% in 2024/2025/2026, reaching RMB 5.863 billion, RMB 6.672 billion, and RMB 7.444 billion respectively [5] - The company plans to expand overseas production capacity, particularly in Vietnam, and enhance employee incentives and talent development programs [5] Valuation - As of August 30, 2024, the stock price was HKD 64.40, with a P/E ratio of 15/13/12X for 2024/2025/2026 [5] - The company's ROE is expected to be 15.4%/15.1%/14.6% in 2024/2025/2026, with a gross margin of 29.2%/29.5%/30.2% [6]

2024 年 09 月 02 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 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（港元） | | | 78.85 | | 52 周价格区间（港元） | | | 68.65-182.90 | | 总市值（百万港元） | | | 157,053.13 | | 流通市值（百万港元） | | | 157,053.13 | | 总股本（万股） | | | 199,179.62 | | 流通股本（万股） | | | 199,179.62 | | 日均成交额（百万港元） | | | 1,869.45 | | 近一月换手（ | %） | | 0.56 | 表现 1M 3M 12M 2024Q2 营收同环比增长 ...

Investment Rating - Buy (maintained) [1] Core Views - China Tobacco Hong Kong (06055) reported strong H1 2024 results with total revenue of HKD 8.7 billion, up 12.4% YoY, and net profit attributable to shareholders of HKD 640 million, up 40.8% YoY [2] - The company announced an interim dividend of HKD 0.15 per share starting from 2024 [2] - Cigarette export revenue surged 127.9% YoY to HKD 550 million, driven by recovery in duty-free market traffic [3] - Tobacco leaf import revenue increased 5.5% YoY to HKD 6.8 billion, while tobacco leaf export revenue rose 23.0% YoY to HKD 920 million [3] - New tobacco product export revenue grew 28.4% YoY to HKD 44 million, and Brazil operations revenue increased 42.8% YoY to HKD 390 million [3] - Gross margin improved to 11.1%, up 1.5 percentage points YoY, with cigarette export gross margin rising significantly to 22.2%, up 6.5 percentage points YoY [3] Financial Performance Summary - Revenue breakdown: Tobacco leaf import (HKD 6.8 billion, +5.5% YoY), tobacco leaf export (HKD 920 million, +23.0% YoY), cigarette export (HKD 550 million, +127.9% YoY), new tobacco product export (HKD 44 million, +28.4% YoY), Brazil operations (HKD 390 million, +42.8% YoY) [3] - Gross margin improvement driven by higher-margin cigarette exports and optimized product mix [3] - Net profit margin increased to 7.4%, up 1.5 percentage points YoY [3] Market Data - Current price: HKD 16.72 [4] - 52-week price range: HKD 8.61-17.88 [4] - Market capitalization: HKD 11.56 billion [4] - Average daily turnover: HKD 53.35 million [4] Forecast and Valuation - Revenue forecast for 2024E-2026E: HKD 13.4 billion (+13% YoY), HKD 14.7 billion (+10% YoY), HKD 15.9 billion (+8% YoY) [5] - Net profit forecast for 2024E-2026E: HKD 848 million (+42% YoY), HKD 969 million (+14% YoY), HKD 1.07 billion (+10% YoY) [5] - 2024E-2026E P/E ratios: 13.6x, 11.9x, 10.8x [5] - ROE expected to remain strong at around 30% from 2024E to 2026E [6] Key Drivers - Recovery in duty-free market traffic driving cigarette export growth [3] - Optimization of product mix and expansion of self-operated business scale improving margins [3] - Strong demand for tobacco leaf in international markets supporting export growth [3] - Focus on key brand cultivation and marketing efforts boosting new tobacco product sales [3]

Investment Rating - The report maintains an "Outperform" rating for Innovent Biologics with a target price adjusted to HKD 67.8 per share [9][17]. Core Insights - Innovent Biologics reported strong revenue growth in H1 2024, with total revenue reaching RMB 39.5 billion, a 46.3% increase year-on-year, and product revenue of RMB 38.1 billion, up 55.1% [3][14]. - The company's gross margin improved to 82.9%, reflecting operational efficiency enhancements, while R&D expenses increased by 51.6% to RMB 14.0 billion, accounting for 35.4% of revenue [3][14]. - The report highlights the successful sales performance of key products, including Tyvyt (PD-1 inhibitor) and several biosimilars, contributing to the revenue growth [4][14]. Financial Performance - For H1 2024, the company reported a net loss of RMB 3.9 billion, compared to a loss of RMB 1.4 billion in the same period last year [3][14]. - Adjusted LBITDA for the period was RMB 1.6 billion, a decrease of 39.9% from RMB 2.7 billion in the previous year [3][14]. - As of June 30, 2024, the company had cash and short-term financial assets totaling RMB 101.1 billion [3][14]. Product Pipeline and Growth Potential - The oncology pipeline is rich with catalysts, including the recent NMPA approval of Fulzerasib (KRAS G12C) and expected approval of IBI344 (ROS1) in H2 2024 [5][15]. - Upcoming clinical data updates for several early-stage products are anticipated, including IBI363 (PD-1/IL-2 α-bias) and IBI343 (CLDN18.2 ADC) [5][15]. - The non-oncology field is also progressing, with NDA submissions for Mazdutide (GLP-1R/GCGR) and Teprotumumab (IGF-1R) expected to bolster future revenue [5][16]. Revenue Forecast - Revenue forecasts for 2024-2026 have been adjusted to RMB 78.6 billion, RMB 102.5 billion, and RMB 133.9 billion, respectively, reflecting year-on-year growth rates of 26.7%, 30.3%, and 30.7% [9][17]. - The company is projected to achieve profitability by 2026, with a net profit attributable to shareholders of RMB 760 million [9][17].

证券研究报告·海外公司点评·旅游及消闲设施(HS) 奈雪的茶（02150.HK） 2024 年中报业绩点评：直营门店经营承压， 加盟、海外稳步拓展 2024 年 09 月 02 日 增持（下调） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|--------|------------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 4292 | 5164 | 4689 | 5851 | 6275 | | 同比 (%) | (0.12) | 20.33 | (9.20) | 24.79 | 7.24 | | 归母净利润（百万元） | (475.81) | 11.17 | (645.84) | 100.68 | 161.71 | | 同比 (%) | 89.48 | 102.35 | (5,883.97) | 115.59 | 60.62 | | EPS ...

f 源证券 商贸零售/专业连锁Ⅱ 国内店效具备韧性，海外加速拓店经营杠杆释放可期 ——港股公司信息更新报告 | --- | --- | --- | |---------------------------|---------------------------|---------------------------| | | | | | 吕明（分析师） | 周嘉乐（分析师） | 吴晨汐（联系人） | | lvming@kysec.cn | zhoujiale@kysec.cn | wuchenxi@kysec.cn | | 证书编号： S0790520030002 | 证书编号： S0790522030002 | 证书编号： S0790122120013 | 国内店效具备韧性，海外加速拓店经营杠杆释放可期，维持"买入"评级 2024H1 实现营收 77.6 亿元，同增 25.0%，经调整净利润为 12.4 亿元，同增 17.8%， 剔除汇兑影响后的经调整净利润为 12.5 亿元，同增 25.5%。考虑到国内线下客流 承压，海外拓店短期拖累费用率，我们下调 2024-2026 年盈利预测，预计归母净利 润为 2 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant increase in revenue and profit for the first half of 2024, with total revenue reaching 48.82 billion yuan, up 18.0% year-on-year, and net profit attributable to shareholders at 3.29 billion yuan, up 38.8% year-on-year, slightly exceeding the forecast [3][10] - The company is focusing on enhancing its competitiveness in both domestic and international markets, particularly in high-end segments, while optimizing its product structure [4][19] Financial Review - The company achieved a total revenue of 48.82 billion yuan in 2024H1, with a year-on-year increase of 18.0% and a quarter-on-quarter increase of 10.7%. The net profit attributable to shareholders was 3.29 billion yuan, with year-on-year growth of 38.8% [3][10] - The gross profit margin for 2024H1 was 14.7%, a decrease of 1.1 percentage points year-on-year, primarily due to the impact of the heavy truck business [12] - The operating profit margin for heavy trucks was 6.0%, with a year-on-year decline attributed to increased competition and a higher proportion of low-margin products [15] Heavy Truck Business - Heavy truck revenue reached 42.04 billion yuan in 2024H1, reflecting a year-on-year increase of 16.6%. The company sold 125,000 heavy trucks, up 14.8% year-on-year, outperforming the industry [15][18] - The average selling price (ASP) for heavy trucks was 340,000 yuan, with a year-on-year increase of 1.3% [15] - The company’s market share in the domestic heavy truck segment increased to 18.8%, driven by strong performance in natural gas vehicles [15][18] Other Businesses - Light truck revenue was 5.8 billion yuan in 2024H1, up 32.1% year-on-year, with a sales volume of 57,000 units, reflecting a 14.5% increase [18] - Engine revenue was 3.0 billion yuan, down 2.0% year-on-year, but the operating profit margin improved to 17.7% due to better cost control [18] Earnings Forecast and Investment Rating - The report forecasts net profits of 6.81 billion yuan for 2024, 7.81 billion yuan for 2025, and 7.88 billion yuan for 2026, with corresponding EPS of 2.47, 2.83, and 2.85 yuan [19]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to HKD 55.40 [3][4]. Core Insights - The company reported a strong sales performance in the first half of 2024, with a year-on-year revenue increase of 46.3% to RMB 3.95 billion, driven by a 55.1% increase in pharmaceutical sales [2][3]. - Despite a significant increase in net loss by 182.1% to RMB 390 million, this was attributed to the absence of a one-time tax refund from the previous year and an increase in R&D expenses [2]. - Revenue forecasts for 2024-2026 have been adjusted upwards, with a projected CAGR of 26.4% from 2023 to 2026 [3]. Summary by Sections Revenue and Profit Forecasts - The revenue forecast for 2024 has been slightly increased by 0.04%, with 2025 and 2026 revenue estimates raised by 4.4% and 5.9% respectively [3][6]. - The company expects a revenue CAGR of 26.4% from 2023 to 2026, driven by growth in existing and new products [3]. Product Pipeline - The core product, Dabu, continues to see increased indications, with a revenue increase of 45.6% in the first half of 2024, amounting to USD 239 million (approximately RMB 1.68 billion) [3]. - New products launched post-2020 have significantly contributed to revenue, with their share rising from 26.6% in 2021 to 58.8% in the first half of 2024 [3]. - The recently launched Dabot will contribute to revenue in the second half of the year, targeting a significant market in non-small cell lung cancer [3]. Financial Metrics - The company’s total revenue is projected to reach RMB 8.318 billion in 2024, RMB 10.437 billion in 2025, and RMB 12.538 billion in 2026, with respective growth rates of 34.0%, 25.5%, and 20.1% [7]. - The net loss is expected to decrease from RMB 729 million in 2024 to RMB 400 million in 2026, indicating a path towards profitability [7]. Valuation - The updated DCF model reflects an increase in the target price from HKD 51.05 to HKD 55.40, based on the upward revision of net profit forecasts for 2025-2026 [3][4].

Investment Rating - The report maintains an "Outperform" rating for Meitu (01357 HK) [1][4][11] Core Views - Meitu's total revenue grew 29% YoY to RMB 1 62 billion in H1 2024 driven by strong growth in imaging products [1][5] - Adjusted net profit attributable to shareholders increased 80% YoY to RMB 270 million with a 17% margin up 5 percentage points YoY [1][5] - Gross profit rose 40% YoY to RMB 1 05 billion with gross margin improving to 65% up 5 percentage points YoY [1][5] - Meitu positions itself as an AI application company focusing on enhancing product capabilities rather than competing in large model development [1][5] - The company plans to flexibly acquire model capabilities through self-development procurement and open-source approaches [1][5] Financial Performance - Imaging and design product revenue surged 55% YoY to RMB 931 million in H1 2024 [1][5] - Advertising revenue increased 18% YoY to RMB 410 million with programmatic advertising growing 45% YoY [2][9] - Overseas advertising revenue excluding mainland China jumped 129% YoY [2][9] - Beauty solutions revenue declined 6% YoY to RMB 270 million in H1 2024 [2][9] - R&D expenses rose 45% YoY to RMB 431 million with RMB 59 million allocated to large model computing power [1][5] - Sales expenses decreased 7 5% YoY to RMB 210 million while promotion expenses grew 13% YoY [1][5] Operational Metrics - MAU reached 258 million in H1 2024 up 4% YoY [1][8] - VIP paying members increased 50% YoY to 10 81 million with a 4 2% paying penetration rate up 1 3 percentage points YoY [1][8] - ARPPU remained stable at RMB 187 [1][8] - Meitu Design Studio subscribers reached approximately 960 000 up from 870 000 at the end of 2023 with product revenue growing over 152% YoY [1][8] - Meitu's global market share for imaging and design products is around 13% with significant growth potential [1][8] Financial Forecasts - Revenue is projected to grow 27 3% 23 1% and 21 0% YoY in 2024E 2025E and 2026E respectively [3] - Adjusted net profit attributable to shareholders is forecasted to reach RMB 560 million RMB 790 million and RMB 970 million in 2024E 2025E and 2026E respectively [2][11] - Gross margin is expected to improve to 64% 66% and 67% in 2024E 2025E and 2026E respectively [15] - ROE is projected to be 8 0% 13 1% and 15 8% in 2024E 2025E and 2026E respectively [3] Valuation - The report assigns a fair value range of HKD 4 50 to HKD 4 80 [4] - Current share price is HKD 2 37 with a market capitalization of HKD 10 748 million [4] - PE ratios are forecasted at 17 6x 12 4x and 10 1x for 2024E 2025E and 2026E respectively [3]