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]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [2] Core Views - Geely's wholesale sales in August reached 181,000 units, up 18.7% year-on-year and 20.2% month-on-month, with cumulative sales from January to August at 1.288 million units, a 31.3% increase year-on-year [2] - The company's new energy vehicle (NEV) sales in August were 75,484 units, representing a year-on-year increase of 59.6% and a month-on-month increase of 27.8%, with a penetration rate of 41.7% [2] - Geely's product cycle is strong with the upcoming launches of the Zeekr 7X and Lynk & Co Z10, expected to accelerate the transition to NEVs and enhance profitability [2] - Export sales reached a record high in August, with 45,045 units exported, a year-on-year increase of 82.3% [2] - The company is projected to achieve revenues of 224.78 billion, 268.69 billion, and 298.83 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 15.4 billion, 12.2 billion, and 15.8 billion RMB [2] Summary by Sections Sales Performance - August wholesale sales were 181,000 units, with NEV sales at 75,484 units, achieving a penetration rate of 41.7% [2] - Cumulative sales for the first eight months reached 1.288 million units, completing 64.4% of the annual target of 2 million units [2] Product Launches - The Zeekr 7X SUV is set to launch on September 20, with a starting price of 239,900 RMB, featuring advanced comfort and smart technology [2] - The Lynk & Co Z10, the first pure electric model from Lynk & Co, is available for pre-order with a starting price of 215,800 RMB, launching on September 5 [2] Export Strategy - Export sales in August were 45,045 units, with a cumulative total of 275,000 units for the year, focusing on markets in Southeast Asia, Korea, Europe, and the Middle East [2] - Zeekr is targeting the high-end European market, with plans to expand into Western Europe by 2026 [2] Financial Projections - Revenue projections for 2024-2026 are 224.78 billion, 268.69 billion, and 298.83 billion RMB, with net profits of 15.4 billion, 12.2 billion, and 15.8 billion RMB respectively [2] - Earnings per share (EPS) are forecasted at 1.53, 1.21, and 1.57 RMB for the same period [2]

Investment Rating - Maintain "Recommend" rating [1][3] Core Views - Revenue growth driven by strong demand for innovative product portfolio and effective commercialization strategy, with product revenue increasing by 55.1% YoY to 3.811 billion CNY [2] - Operating efficiency improved with product sales expense ratio decreasing by 5.9 percentage points and administrative expense ratio decreasing by 4.9 percentage points [2] - EBITDA loss narrowed by 39.9% to 160 million CNY, with potential to achieve EBITDA breakeven next year [2] - Solid foundation in oncology with PD-1 approved for seven indications and included in the national reimbursement drug list [2] - CVM pipeline commercialization expected to materialize soon, with 11 commercialized products and expanding reimbursement coverage [2] - Early-stage pipeline is rich with multiple innovative molecules showing positive data, including IBI363, IBI343, and IBI389 [3] - Revenue forecasts for 2024-2026 are 8.133 billion, 10.867 billion, and 13.595 billion CNY, with net profit turning positive in 2025 [3][5] Financial Performance - 2024 H1 revenue reached 3.952 billion CNY, a 46.3% YoY increase [2] - R&D investment in 2024 H1 was 1.294 billion CNY, with cash on hand at 10.112 billion CNY [2] - Gross margin expected to remain stable at 80.76% in 2024, increasing to 85.22% by 2026 [5][6] - Net profit forecasted to turn positive in 2025 at 53 million CNY, with significant growth to 818 million CNY in 2026 [5][6] Pipeline and Commercialization - Oncology: PD-1 remains a cornerstone product with seven approved indications, and new drugs like Tareltinib (ROS1) expected to be approved soon [2] - CVM: Masdutide for weight loss and type 2 diabetes, and Teprotumumab for thyroid eye disease have submitted NDAs [2] - Autoimmune: Piconibart (IL-23p19) plans to submit NDA within the year [2] - Early-stage pipeline includes IBI363 (PD-1/IL-2a), IBI343 (CLDN18.2 ADC), and IBI389 (CLDN18.2/CD3) showing promising results in clinical trials [3]

业绩点评 2024 年 9 月 2 日 巨星传奇（6683.HK） 余浩樑 CE No.BOI816 852-3762 9662 Albert.hl.yu@pingan.com 李峰 CE No.BPX900 852-3762 9696 Lifeng383@pingan.com.cn 基本资料 现价：10.24 港元 H 股市值：8,533 百万港元 52 周股价波幅：5.87-13.16 港元 近 3 个月日均成交额：28.4 百万港元 来源：彭博，数据更新至 2023 年 8 月 30 日 | --- | --- | |---------------------------------------------|-------------------| | 股价表现 | | | 15.0 港元 | 15.0 百万股 | | 10.0 | 10.0 | | 5.0 | 5.0 | | | | | 0 3/24 4/24 5/24 6/24 成交量 (右轴) | 0.0 8/24 恒生指数 | 来源：彭博，数据更新至 2023 年 8 月 30 日 IP 业务表现亮眼，推动收入大幅增 评级：未评级 长，看好未来 ...

2024 年 9 月 2 日 安踏体育（2020.HK） 业绩超预期达成，大额回购彰显信心 事件：安踏体育公布 24H1 业绩，收入同增 13.8%至 337 亿元，股东应占溢利 （不包括 JV 影响）同增 17.0%至 61.6 亿元，股东应占溢利（包括 JV 影响）同 增 62.6%至 77.2 亿元。综合考虑，我们预测 2024-2026 年 EPS 为 4.35/4.97 /5.53 元，给予 2024 年 25 倍 PE，目标价 118 港元，维持"买入"评级。 报告摘要 业绩表现超预期，回购+高派息彰显管理层信心 上半年消费环境充满挑战，公 司旗下多品牌仍保持强劲的竞争力，实现高质量增长。24H1 公司收入同比增长 13.8%至337亿元，剔除JV影响的股东应占溢利为61.6亿元，同比增长17.0%， 包含 JV 影响的股东应占溢利为 77.2 亿元（其中包含 Amer 成功上市带来一笔一 次性非现金利得约 16 亿），同比增长 62.6%，整体表现好于市场预期。管理层 宣布回购计划，未来 18 月内拟回购不超过 100 亿港元，同时宣布派发中期股息 118 港仙/股，派息率 50.1%，充分体现 ...

[Table_MainInfo] 公司研究/房地产/房地产 证券研究报告 融创服务（1516）公司半年报点评 2024 年 09 月 02 日 股票数据 0[8Ta月b3le0_日S收to盘ck价（In港fo元] ） 1.69 52 周股价波动（港元） 1.38-3.02 总股本（百万股） 3057 总市值（亿港元） 52 [《Ta现b金le水_R平e持po续r改tIn善fo，] 业务发展聚焦质量》 上半年核心业务驱动增长，谨慎计提减值录得亏损。公司 2024 年 1H 营业收 入为 34.84 亿元，同比下上升 3%，收入增加的主要由于物业管理及运营服务 收入的增加；毛利为 8.88 亿元，同比上升 5%；归母净亏损为 4.72 亿元，2023 年同期归母净利润为 3.40 亿元；本公司股东核心净利润约为 4.55 亿元，同 比增长约 4%。 相关研究 2024.03.31 市场表现 [Table_QuoteInfo] 亏损原因我们认为主要在于公司大量计提减值，2024 年 1H，公司的金融资 产减值亏损净额为 11.37 亿元（2023 年同期为 0.38 亿元）。其中，关联方 金融资产减值亏损净额为 9 ...

证券研究报告·海外公司点评·专业零售(HS) 名创优品（09896.HK） 2024H1 业绩点评：经调整净利润同比+18%， 期待海外直营店旺季表现 2024 年 09 月 02 日 买入（维持） | --- | --- | --- | --- | --- | |------------------------------|----------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | CY2023A | CY2024E | CY2025E | CY2026E | | 营业总收入（百万元） | 13838 | 16951 | 20540 | 24243 | | 同比 (%) | 39.42 | 22.49 | 21.17 | 18.03 | | 归母净利润（百万元） | 2253 | 2539 | 3141 | 3766 | | 同比 (%) | 111.48 | 12.68 | 23.73 | 19.90 | | Non-IFRS 净利润（百万元） | 2,356.73 | 2,808.93 | 3,371.42 | 3,936.4 ...

证券研究报告 F 名创优品（09896.HK） 买入-A(维持) 2024Q2 毛利率单季历史新高，海外直营市场持续拓展 2024 年 9 月 2 日 公司研究/公司快报 事件描述 公司近一年市场表现 资料来源：最闻，山西证券研究所 市场数据：2024 年 8 月 30 日 收盘价（港元）： 32.900 年内最高/最低（港元）： 59.850/28.200 入增速匹配。营收端，2024H1，公司实现营收 77.59 亿元，同比增长 25.0%。其 中，可比同店销售同比增长 7%，平均门店数量同比增长 19%。2024Q2，公司实 现营收 40.35 亿元，同比增长 24.1%，营收增速符合我们预期，其中，国内市场 收入同比增长 18.1%，环比 1 季度有所加快；海外市场收入同比增长 35.5%至 15.10 亿元。业绩端，2024H1，公司实现经调整净利润 12.42 亿元，同比增长 17.8%。 2024Q2，公司实现经调整净利润 6.25 亿元，同比增长 9.4%，经调整净利率 15.5%， 分析师： 同比下滑 2.1pct，剔除汇兑损益影响，经调整净利润同比增长 24.6%，经调整净 利率 15.6 ...

股价及恒指相对走势 成交额 (百万港元) 2024 年 9 月 2 日 澳优（1717.HK） 羊奶粉增长，业绩拐点渐近 澳优 24 年上半年收入 36.8 亿/+4.8%，净利润 1.5 亿/-15.3%。目前库存出清后，我 们认为最坏时期可能已经过去，出生人口也有望回升。我们预期 24/25/26 年净利润 为 2.7/3.1/3.2 亿元，对应每 EPS 收益为 0.16/0.19/0.19 港元。上调至"买入"评 级，维持目标价 2.7 港元，较当前股价有 44%的涨幅。 报告摘要 羊奶粉上半年实现同比和环比的增长，表现稳健。24 年上半年羊奶粉收入 18.1 亿， 同比增长 20.2%，环比 23H2 增长 2%。羊奶粉表现稳健，展现了优势品牌的竞争优 势。其中国内羊奶粉收入 15.1 亿，同比增长 15.7%，经过渠道的整顿重组，国内价 盘企稳回升。海外羊奶粉收入 2.9 亿，同比增长 50%，主要是因为 24 年 1 月佳贝艾 特一段奶粉正式登陆美国和加拿大市场，此外沙特和独联体市场也都实现了增长。 此外，今年 7 月公司完成对荷兰羊乳酪公司 Amalthea 集团剩下 50%股份的收购协议 签 ...