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].

2024 年 09 月 02 日 公司研究 评级：买入(维持) | --- | --- | --- | |--------------|-------|---------------------------------------------| | | | | | 研究所： | | | | 证券分析师： | | 祝玉波 S0350523120005 zhouyb01@ghzq.com.cn | | 联系人 | ： | 张晋铭 S0350124040003 zhangjm02@ghzq.com.cn | [Table_Title] REITs 出表贡献利润，2024H1 业绩实现高增 ——深圳国际（00152）2024 年半年报点评 事件: 最近一年走势 相对恒生指数表现 2024/08/30 表现 1M 3M 12M 深圳国际 -0.2% -3.6% 16.3% 恒生指数 5.8% -1.3% -2.7% 市场数据 2024/08/30 当前价格（港元） 6.23 52 周价格区间（港元） 4.37-7.36 总市值（百万港元） 15,012.05 流通市值（百万港元） 15,012.05 总股本（万股） 2 ...

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 ...

2024 年 9 月 2 日 中国飞鹤（6186.HK） 业绩逆势增长，投资价值显现 中国飞鹤（6186.HK）2024 年上半年收入为 100.9 亿，同比增长 3.7%，净利润为 19.1 亿，同比增长 18%。 24 年出生人口有望恢复，行业最差时期即将过去。公司 维持高分红策略，股息率预期将超过 7%。我们预期 24/25/26 年净利润为 36.5/38.4/39.4 亿元，对应每 EPS 收益为 0.44/0.47/0.48 港元。维持"买入"评级。 我们综合考虑市场情绪及估值，维持目标价 4.9 港元，较当前股价有 17%的上涨空 间。 报告摘要 产品结构持续升级。24 年公司上半年收入为 100.9 亿，同比增长 3.7%，其中超高 端产品收入 71.4 亿，同比增长 19%。星飞帆卓睿系列收入增长 80%，高端产品和 普通产品的收入及占比持续下滑，产品结构向着高端化持续升级。未来公司也将坚 定的定位超高端市场，比如上半年推出了早产儿奶粉蓓舒维、卓然倍高儿童奶粉、 臻稚卓蓓有机奶粉等，下半年预计上线比卓睿更高端的奶粉系列。行业在出生人口 下滑的背景下面临较大压力，尤其行业内新老国标产品过渡，竞 ...

2024 年 9 月 2 日 海底捞（6862.HK） 核心净利润逆势增长 海底捞 2024 年上半年收入 215 亿/+13.8%，净利润 20.3 亿/-10%，核心净利润 28 亿 /+13%，实现逆势增长。截止 6 月底，门店数量 1343 家，上半年净减少 31 家。考虑 当下的环境，我们略微下调 24/25/26 年净利润至 46.3/51.2/54.2 亿元，对应每 EPS 收益为 0.91/1.01/1.07 港元。维持"买入"评级，下调目标价至 20.8 港元，较当 前股价有 58%的上涨空间。 报告摘要 上半年门店略有收缩，经营策略谨慎。截止 6 月份门店总是 1343 家，上半年新开 11 家，关闭 42 家，净减少 31 家，主要是公司关闭了部分经营效果不达预期的门店， 一线和三线的关店率稍高一些。上半年新增一家加盟店，未来公司也将持续探索加 盟业态，采用托管模式以保证海底捞品质的统一输出。 客流显著上升，表现远好于同行。24 年上半年门店整体翻台率为 4.2 次/天，较去 年同期提升 27%，经营成果令人惊叹。目前翻台率已经回到 19 年最巅峰时期的 87%， 而门店数量较当时增加了 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has achieved revenue growth of 9.7% year-on-year in the first half of 2024, with total revenue reaching 1.14 billion RMB [2][3] - Adjusted net profit for the same period is 130 million RMB, reflecting a slight increase of 0.5% year-on-year, with an adjusted net profit margin of 11.6% [2][3] - The company is expanding its "Double Beauty + Double Health" model, which is expected to enhance its market position and customer base [6] Financial Performance - The company's revenue breakdown shows that beauty and health services generated 620 million RMB, up 13.6% year-on-year, accounting for 54.7% of total revenue [3] - Medical beauty services contributed 440 million RMB, a modest increase of 0.3%, while sub-health medical services surged by 50% to 70 million RMB [3] - The gross profit margin improved to 47.0%, an increase of 0.9 percentage points compared to the previous year [2][3] Market Position and Strategy - The company has successfully integrated the acquisition of the leading smart beauty brand, Nairui'er, which is expected to significantly enhance its market share [6] - As of mid-2024, the company operates over 409 stores, with 202 being direct-operated and 207 franchised [6] - The report forecasts revenue growth for 2024-2026 at 22%, 24%, and 14% respectively, with net profit growth of 12%, 25%, and 12% [6][8]

2024 年 09 月 02 日 公司点评 买入/维持 华领医药-B(02552) 目标价: 5.47 昨收盘:1.15 医疗保健 药品及生物科技 华堂宁 24H1 同比增长 46%，二代 GKA 美国临床 24Q4 读出 ◼ 走势比较 (40%) (22%) (4%) 14% 32% 50% 23/9/4 23/11/1524/1/2624/4/724/6/1824/8/29 华领医药-B 恒生指数 ◼ 股票数据 总股本(亿股) 10.56 总市值(亿港元) 12.14 12 个月内最高/最低价 (港元) 2.65/1.08 相关研究报告 <<华堂宁放量限制因素解除，二代 GKA 美国临床顺利推进>>--2024-04- 05 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：霍亮 E-MAIL：huoliang@tpyzq.com 分析师登记编号：S1190523070002 研究助理：戎晓婕 E-MAIL：rongxj@tpyzq.com 一般证券业务登记编号：S1190123070050 事件： 近日，公司发布 2024 年中 ...

Investment Rating - The report maintains an "Accumulate" rating for China Resources Land (1109) [2][5]. Core Views - In the first half of 2024, the company experienced revenue growth without profit increase, with a gross margin still in a downward trend. The development and sales business faced temporary pressure, while the recurring income business showed steady improvement, contributing over 50% to core net profit [4][5]. Summary by Sections Financial Performance - In H1 2024, the company reported revenue of 79.13 billion RMB, a year-on-year increase of 8.4%, while net profit attributable to shareholders was 10.25 billion RMB, down 25.4% year-on-year. The gross margin decreased by 3.4 percentage points to 22.3% [5]. - The development and sales business generated revenue of 59.13 billion RMB, up 8.3% year-on-year, accounting for 74.7% of total revenue. The company expects to settle 166.12 billion RMB in the second half of the year, aiming for a total settlement revenue of 225.25 billion RMB for the year, a 6.2% increase year-on-year [5]. - The recurring income business saw revenue rise by 9% to 20 billion RMB, contributing 5.52 billion RMB to core net profit, a 14.4% increase year-on-year [5]. Business Segments - The gross margin for the development and sales business fell by 4.6 percentage points to 12.4%, while the operating real estate business's gross margin increased by 0.2 percentage points to 71.5% [5]. - The company maintained a strong market position, ranking fourth in sales amount with a 26.7% year-on-year decline to 124.7 billion RMB, while maintaining a top-five market share in 20 cities [5]. Future Outlook - The company has accumulated land reserves of 4.7712 million square meters, with a corresponding value of 1,141.71 billion RMB based on the average selling price of 24,000 RMB per square meter in the first half of the year, indicating ample future performance release potential [5]. - The financial health remains robust, with a comprehensive financing cost of 3.24% in H1 2024, down 32 basis points from the beginning of the year [5].

研究报告 Research Report 2 Sep 2024 中国宏桥 China Hongqiao Group (1378 HK) 铝产品价格上涨助力盈利提升，产业链一体化成本优势显著 Rising prices of aluminum products helped improving profitability, cost advantage of industrial chain integration is significant [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |------------------------------------------------------------------------------|---------------------------------------------| | [Table_Info] 维持优于大市 Maintain OUTPERFORM \n评级 \n现价 \n目标价 | 优于大市 OUTPERFORM \nHK$10.70 \nHK$15.12 | | HTI ESG ...

Investment Rating - The report maintains a "Buy" rating for Mengniu Dairy (2319.HK) with a target price of HKD 16.25 [1][3]. Core Views - The company reported a revenue of RMB 447 billion for the first half of 2024, a decrease of 12.6% year-on-year, and an operating profit of RMB 31.2 billion, down 4.8% year-on-year. The decline in revenue is attributed to inventory digestion and controlled shipment pace [2]. - The gross margin improved to 40.3%, up 1.9 percentage points year-on-year, primarily due to lower raw milk prices. The operating profit margin also increased to 7%, up 0.6 percentage points year-on-year [2]. - The company plans to repurchase up to HKD 2 billion of its shares and increase its dividend payout, emphasizing shareholder returns [2]. Summary by Sections Financial Performance - Revenue for the first half of 2024 was RMB 447 billion, a decline of 12.6% year-on-year. The breakdown by product categories shows liquid milk at RMB 362 billion (-12.9%), ice cream at RMB 33.7 billion (-21.8%), milk powder at RMB 16.4 billion (-13.7%), and cheese at RMB 21.1 billion (-6.3%) [2]. - The company achieved a gross margin of 40.3%, an increase of 1.9 percentage points year-on-year, and an operating profit margin of 7%, up 0.6 percentage points year-on-year [2]. Profit Forecast - The forecast for net profit attributable to shareholders for 2024-2026 is RMB 45.0 billion, RMB 50.2 billion, and RMB 55.8 billion, respectively. The corresponding EPS is projected to be RMB 1.14, RMB 1.28, and RMB 1.42, with dynamic PE ratios of 11x, 9x, and 9x [3][4]. Strategic Initiatives - The company is focusing on enhancing its product offerings and expanding its market presence, particularly in the liquid milk and ice cream segments. It aims to leverage online and offline channels and explore new consumption scenarios [8]. - The company is also committed to its FIRST strategy, which aims to drive high-quality development in operations and management [2].