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 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company's revenue is expected to grow rapidly, with projected revenues of 7.9 billion, 10.3 billion, and 13.2 billion RMB for 2024, 2025, and 2026 respectively [4] - The company's net profit is forecasted to turn positive in 2025, reaching 436.85 million RMB, and further increasing to 1.16 billion RMB in 2026 [1] - The company's EPS is expected to improve significantly, from -0.37 in 2024 to 0.27 in 2025 and 0.71 in 2026 [1] Financial Performance - In the first half of 2024, the company achieved revenue of 3.95 billion RMB, a 46.3% year-on-year increase [2] - The company reported a net loss of 390 million RMB in the first half of 2024, with product revenue reaching 3.81 billion RMB, a 55.1% increase [2] - The company's revenue growth is driven by the strong performance of Tyvyt® (sintilimab injection) and other products, as well as the accelerated growth of new products [2] Product Pipeline - The company has launched one new innovative drug, expanding its commercialized products to 11 [3] - Six NDAs are under review by the NMPA, including IBI344 (taletrectinib, ROS1) for first-line and second-line indications, and IBI362 (mazdutide) for weight management and type 2 diabetes [3] - IBI344 (taletrectinib) is expected to be approved in the second half of 2024, and IBI112 (IL-23p19) is expected to submit an NDA [4] Key Data Updates - The company will present updated Phase 1 data for its global first-in-class PD-1/IL-2α-bias in lung cancer treatment at WCLC [4] - Key clinical data for IBI354 (HER2 ADC) in HER2-positive solid tumors will be presented at ESMO [4] - Multiple clinical data updates for Tyvyt® (sintilimab injection) are expected at upcoming conferences [4] Financial Metrics - The company's revenue growth rate is projected to be 27.34% in 2024, 30.87% in 2025, and 28.06% in 2026 [1] - The company's net profit growth rate is expected to be 171.51% in 2025 and 166.12% in 2026 [1] - The company's ROE is forecasted to improve from -5.13% in 2024 to 3.54% in 2025 and 8.60% in 2026 [1]

超预期高质量增长，回购股份提振市场信 心 核心观点 ⚫ 公司发布 24H1 业绩报告，实现营业收入 337.4 亿，同比增长 13.8%，实现归母净 利润 77.2 亿，同比增长 62.6%，若不计入分占联营/合营公司损益及 Amer 上市带来 的利得影响，则实现归母净利润 61.6 亿，同比增长 17%。中报拟分红率为 39.5%。 ⚫ 安踏主品牌：收入超预期增长，盈利能力提升。1）24H1 实现收入 160.8 亿，同比 增长 13.5%，拆分来看，经销、DTC 和线上收入分别同比增长 8.5%、10.5%和 20.1%。门店数量方面，24H1 净开 73 家至 9,904 家。2）24H1 毛利率同比增长 0.8pct 至 56.6%，主要原因为：a、鞋类产品毛利率的提升；b、低毛利率的传统批 发业务的比例持续减少；c、存货减值拨回。3）24H1 经营利润率同比提升 0.8pct 至 21.8%。 ⚫ FILA：动态调整目标，保持高质量增长。1）24H1 实现收入 130.6 亿，同比增长 6.8%。门店数量方面，24H1 净开 9 家至 1,981 家。2）24H1 FILA 品牌毛利率同比 增长 1 ...

Investment Rating - The report assigns a rating of "Hold" for the company, indicating that the stock price is expected to fluctuate within ±5% of the benchmark index [9]. Core Views - The company, Jiufang Zhitu Holdings, reported a revenue of 8.98 billion RMB for the first half of 2024, reflecting a year-on-year increase of 4.11%, but a net profit of -1.74 billion RMB [1]. - The total order amount for the first half of 2024 was approximately 9.31 billion RMB, a decrease of about 26.2% compared to the same period last year [1]. - The company has increased its R&D investment to approximately 1.54 billion RMB, which accounts for about 17.2% of total revenue, showing a year-on-year growth of 6.2% [1]. - The company has expanded its research team, now comprising 654 professionals, which is about 22.7% of the total workforce, an increase of approximately 13% year-on-year [1]. - The company has accelerated its digital transformation, with AI services reaching approximately 257,000 clients and cumulative services totaling 15.83 million times [1]. Financial Summary - The projected revenue for 2024 is estimated at 19.65 billion RMB, with a growth rate of 6% from the previous year [2]. - The forecasted net profit for 2024 is -4 million RMB, indicating a significant decline of 102% compared to the previous year [2]. - The earnings per share (EPS) for 2024 is projected to be -0.01 RMB, with a recovery expected in subsequent years [2]. - The company’s gross margin is expected to be 79.9% in 2024, slightly down from 83.61% in 2023 [5]. - The return on equity (ROE) is projected to be -0.28% in 2024, with a recovery to 6.47% by 2025 [5].

浦银国际研究 公司研究 | 科技行业 浦银国际 公司研究 比亚迪电子 （285.HK） 比亚迪电子（285.HK）：下半年利润有 望进一步释放 重申"买入"评级，下调目标价至 34.2 港元，潜在升幅 19%。 重申比亚迪电子的"买入"评级：比亚迪电子今年下半年的利润有 望进一步的释放。主要的驱动力来自于：1）安卓手机，尤其是高 端手机的需求增长，2）捷普并表带来的利润增长，3）国际客户业 务体量增长带来的利润，4）汽车电子增长带来的贡献。展望 2025 年，这四大驱动力有望延续。而且，公司布局的 AI 服务器业务有 望在今明两年开始放量。比亚迪电子将在智能手机、新能源车等终 端需求上行周期中，提升资产利用率，从而带动利润趋势向上。我 们预期比亚迪电子在 2024 年、2025 年净利润将达到 40.6 亿元、 47.0 亿元，对应 17.3x、14.9x 目标价市盈率，目标估值具备吸引力。 二季度及上半年业绩回顾：在今年二季度，比亚迪电子收入为 421 亿元，同比增长 41%，环比增长 15%；毛利率为 6.8%，同比下降 1.2 个百分点，环比下降 0.1 个百分点；净利润为 9.07 亿元，同比下降 1 ...

Investment Rating - The report assigns a "Buy" rating for Tehai International (9658.HK/HDL.US) with a target price of HKD 16.6 for the Hong Kong stock and USD 21.3 for the US stock, reflecting a potential upside of 30.7% and 37.4% respectively [1][3][4]. Core Insights - Tehai International's management has a long-term vision to enhance customer dining experiences, expand restaurant networks, improve operational performance, and explore new business formats, aiming to become a leading global integrated dining group [1]. - The company has seen a significant improvement in table turnover rates, with a year-on-year increase of 0.5 to 3.8 times in 1H24, attributed to enhanced employee KPI assessments and optimized business processes [1]. - The company plans to accelerate store openings starting in 2025, with a focus on Southeast Asia and North America, where there is still considerable room for growth [1]. - The management aims to enhance profitability through supply chain optimization, despite an increase in employee costs due to a focus on service quality [1]. - Tehai International is pursuing a multi-brand strategy to drive long-term growth, which may provide additional revenue streams and operational synergies [1]. Financial Summary - Revenue is projected to grow from USD 686 million in 2023 to USD 797 million in 2024, with a year-on-year growth rate of 16.2% [5][7]. - The net profit is expected to stabilize at USD 24 million in 2024, with a significant increase to USD 67 million in 2025, reflecting a growth rate of 181.3% [5][8]. - The company's gross margin is forecasted to remain stable around 65.9% through 2026, while the operating profit margin is expected to improve from 4.2% in 2023 to 10.6% in 2026 [5][6][7]. - The average table turnover rate in Southeast Asia is currently at 3.7, indicating that the market is not yet saturated [1]. Market Positioning - Tehai International's current market capitalization is approximately HKD 8.233 billion and USD 1.018 billion, with a trading range of HKD 8.0-18.3 and USD 13.9-30.0 over the past year [3][4]. - The company is positioned favorably compared to its peers, with a projected PE ratio of 21.6x for H shares in 2024 and 15.7x in 2025 [9].

Investment Rating - The report assigns an "Overweight" rating to the company, with a target price of HKD 116.75, up from the previous HKD 103.37 [2][3] Core Views - The company's H1 2024 performance met expectations, driven by scale growth and operational leverage, leading to a significant improvement in net profit margin [2][3] - Domestic store efficiency is steadily improving, with store expansion doubling, indicating substantial growth potential [2][3] - The company is positioning itself to compete with international luxury brands, with significant potential for global expansion [2][3] Financial Performance - H1 2024 revenue reached RMB 3.52 billion, a 148.3% year-over-year increase [3] - Gross profit was RMB 591 million, up 146.4% year-over-year [3] - Net profit surged to RMB 588 million, a 198.8% year-over-year increase [3] - Gross margin stood at 41.33%, while net margin improved to 16.70%, up 2.82 percentage points [3] Business Breakdown - Store revenue accounted for RMB 3.129 billion, a 149.6% increase, while online platform revenue was RMB 391 million, up 138.9% [3] - Pure gold revenue was RMB 1.372 billion, up 110.15%, and gold-inlaid revenue reached RMB 2.147 billion, a 182.14% increase [3] - The proportion of gold-inlaid revenue increased from 53.7% in H1 2023 to 61% in H1 2024 [3] Operational Efficiency - Operating leverage release led to a significant improvement in net profit margin, with a 2.82 percentage point increase [3] - The company's expense ratio decreased by 3.91 percentage points, with sales/management/R&D expense ratios changing by -2.51pct/-1.25pct/-0.14pct respectively [3] Growth Drivers - Brand influence expansion drove overall revenue growth across both online and offline channels [3] - Product optimization, new launches, and iterations contributed to sustained revenue growth [3] - Consumer preference shifted towards high-quality, culturally rich gold products, reflecting upgraded consumption concepts [3] - The addition of 6 new stores and the expansion of 1 existing store contributed to incremental revenue [3] Valuation and Forecast - The report forecasts FY2024-2026 net profits of RMB 1.107 billion, RMB 1.509 billion, and RMB 1.921 billion, respectively, up from previous estimates [3] - The company is valued at 16.2x PE for FY2024 [3] Market Data - The current stock price is HKD 90.85, with a 52-week range of HKD 70.00-93.20 [4] - The current market capitalization is HKD 15.296 billion [4]

Investment Rating - The report maintains a "Recommended" investment rating for China Overseas Development (00688.HK) with a target price of HKD 18, compared to the current price of HKD 12.38 [1]. Core Views - The company's sales performance is supported by high-end improvement projects, while land reserves are being cautiously replenished. The gross profit margin for the first half of 2024 is reported at 22.1%, with a core net profit margin of 12.2% [1]. - The company achieved a total revenue of RMB 86.9 billion in the first half of 2024, a decrease of 2.5% year-on-year, and a net profit attributable to ordinary shareholders of RMB 10.3 billion, down 23.5% year-on-year [1]. - The report highlights that the company has a sold but unrecognized revenue amounting to RMB 210.9 billion, which has increased by 13.5% compared to the end of 2023, ensuring a solid revenue recognition for 2024 [1]. Summary by Sections Sales Performance - In the first half of 2024, the company sold 5.44 million square meters, a decline of 32.3% year-on-year, with a sales amount of RMB 148.4 billion, down 17.6% year-on-year. The average contract sales price increased by 21.7% to RMB 27,279 per square meter [1]. - The sales in core cities, particularly high-end improvement projects, contributed significantly, with first-tier cities accounting for 62.7% of total sales [1]. Land Acquisition - The company has been cautious in land acquisition, securing only 6 plots of land in the first half of 2024, with a total land cost of RMB 12 billion and an investment intensity of approximately 8.1% [1]. - As of June 30, 2024, the total land reserve area is approximately 33.22 million square meters, with an equity area of 28.86 million square meters [1]. Commercial Operations - The commercial operation revenue grew by 20% year-on-year, with shopping center revenue increasing by 57.6%. The total commercial operation area is 8.71 million square meters, with 85% being self-owned assets [1]. - The shopping center occupancy rate reached 96.6%, with sales and foot traffic increasing by 30% and 28% year-on-year, respectively [1]. Financial Stability - The company maintains a stable cash flow with a debt-to-asset ratio of 56.1% and cash reserves of RMB 100.2 billion as of June 30, 2024. The average financing cost for the first half of 2024 is reported at 3.5% [1]. - The report projects revenues for 2024-2026 to be RMB 217.6 billion, RMB 228.9 billion, and RMB 242.5 billion, with net profits of RMB 27.3 billion, RMB 29.1 billion, and RMB 31.2 billion, respectively [2].

协鑫科技（3800.HK）2024 年半年报点评 颗粒硅优势显著，钙钛矿、硅烷气业务加速进击 2024 年 09 月 02 日 ➢ 事件：8 月 30 日，公司发布 2024 年半年报，根据公告，24H1 公司实现收 入 93.52 亿元，同比-56.04%，归母净利润-14.80 亿元，同比-126.81%，扣非 归母净利润为-14.51 亿元，同比-127.90%。我们认为公司业绩由盈转亏主要系 多晶硅产能阶段性过剩，竞争加剧导致价格跌至现金成本以下所致。 ➢ 硅料产销量稳步提升，成本控制能力强。公司 24H1 实现多晶硅产量 13.64 万吨，同比+22.80%，销售量 12.64 万吨（含内部销售 5722 吨），同比+24.99%， 其中前三大客户出货量分别为 4.98/1.68/1.20 万吨，客户 CR3 占比达到 62.2%。 总体来看，颗粒硅销量稳步提升，体现了下游客户对颗粒硅认可度的提升。此外， 公司不断进行成本优化，硅耗、能耗和生产效率显著提升，颗粒硅成本持续下降， 根据公司预测，预计颗粒硅现金成本将降到 30 元/kg 以下。 ➢ 金属杂质、浊度含量逐季降低，产品质量持续提升。2024 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][4]. Core Insights - The company has shown significant performance improvement, with a 2024H1 revenue increase of 11% year-on-year to $820 million and a net profit increase of 25.6% to $62 million [2]. - The gross margin improved by 0.8 percentage points to 32.9%, while the net profit margin increased by 1 percentage point to 7.6% [2]. - The company is expanding its product portfolio and diversifying its offerings, particularly in the lithium battery-powered outdoor power equipment (OPE) sector [2]. Summary by Sections Financial Performance - In 2024H1, revenue from the OPE segment increased by 10.2% to $490 million, driven by accelerated inventory destocking and increased customer orders [2]. - Revenue from the electric tools segment rose by 9.5% to $314 million, attributed to the recovery of the company's ODM business [2]. - The company reported a strong sales performance across regions, with North America seeing a 13.8% revenue increase to $552 million, while Europe experienced a slight decline of 1.5% to $172 million [2]. Profitability Metrics - The company’s gross margin improved due to enhanced operational efficiency and favorable raw material costs [2]. - The selling, general, and administrative expenses as a percentage of revenue were 13.1%, 5.2%, and 4.6% respectively, with a slight increase in sales expenses due to marketing and channel expansion investments [2]. Future Projections - The company is projected to achieve revenues of $1.66 billion, $1.95 billion, and $2.25 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of $117 million, $156 million, and $183 million [4][5]. - The report anticipates a significant recovery in profitability, with a projected return on equity (ROE) of 10.7% in 2024, increasing to 12.5% by 2026 [6].