Investment Rating - The investment rating for the company is "Buy" with a target price of 50.9 HKD, maintaining the "Increase" rating for the next six months [1][5]. Core Viewpoints - The company reported a steady growth in retail gas volume and impressive growth in its energy and value-added services [1][4]. - The company achieved a revenue of 54.59 billion HKD in the first half of 2024, a year-on-year increase of 0.9%, while the profit attributable to shareholders decreased by 22.8% to 2.57 billion HKD [2]. - The core profit reached 3.26 billion HKD, with domestic core profit from basic operations increasing by 9.5% to 3.08 billion HKD [2]. Summary by Sections Retail Gas Volume and Profitability - Retail gas volume increased by 4.5% year-on-year to 12.71 billion cubic meters, with industrial and commercial gas sales rising by 5.4% to 9.56 billion cubic meters [3]. - The company expanded its customer base, adding 726.2 thousand cubic meters per day in new industrial and commercial gas connections and 775 thousand new residential users [3]. - The gross profit from retail gas business increased by 9.9% to 3.14 billion HKD [3]. Energy and Value-Added Services - The company signed 707 new energy projects in the first half of the year, with a sales volume of 19.74 billion kWh, representing a 26% year-on-year growth [4]. - The gross profit from energy services grew by 17%, with joint venture contributions increasing by 24.1% [4]. - The smart home business saw a 22.4% increase in revenue to 2.08 billion HKD, with gross profit rising by 23% [4]. Dividend and Debt Structure - The company declared an interim dividend of 0.65 HKD per share, a 1.6% increase year-on-year, with an expected annual payout ratio of approximately 44% [5]. - As of the end of the first half of 2024, the company's interest-bearing debt was approximately 19.83 billion HKD, down from 21.92 billion HKD at the end of 2023, resulting in a net debt ratio of 24.3% [5]. - The company has hedged 83.4% of its long-term USD debt exposure to mitigate foreign exchange risks [5]. Profit Forecast and Valuation - The company expects a gradual recovery in downstream natural gas demand and positive impacts from pricing policies, forecasting net profits of 6.8 billion HKD, 7.59 billion HKD, and 8.27 billion HKD for 2024-2026 [5].

华润电力（00836） 证券研究报告 2024 年 09 月 01 日 投资评级 行业 公用事业/公用事业 6 个月评级 买入（维持评级） 当前价格 21.2 港元 目标价格 港元 火电盈利大幅改善，清洁能源转型持续推进 事件： H1 并网风光装机 0.93GW，6 月底风光在建权益装机 15.54GW 上半年，公司风电和光伏新增并网装机合计约 930 兆瓦；新投产的风电和 光伏项目权益装机容量分别为 504 兆瓦和 1560 兆瓦。截至 6 月底，公司 风电运营权益装机容量为 19.12GW，在建权益装机容量为 7.53GW；光伏 运营权益装机容量为 5GW，在建权益装机容量为 8.01GW。全年来看，公 司计划新增风电和光伏项目并网容量 10GW，其中大批项目将于今年下半 年并网；下半年预计投产的火电机组权益装机容量约 399 兆瓦。 火电盈利大幅改善，对应度电约 0.038 港元 成本端，受标煤单价同比下降 10.6%等综合影响，上半年燃料成本同比下 降 11.0%至 247.48 亿港元；折旧与摊销为 80.53 亿港元，同比增长 10.5%， 主要系新项目投产及新并购项目带来折旧成本增加影响。叠加收 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company achieved a revenue of 22.173 billion yuan in the first half of 2024, representing a year-on-year increase of 8.4%, and a net profit attributable to shareholders of 6.24 billion yuan, also up by 8.0% [1][3] - The report emphasizes the company's strong growth potential and profitability in the beverage industry, driven by its dual-engine development strategy of water and beverages, and its commitment to innovation and health [3][4] Financial Performance Summary - The company's packaging water revenue faced a significant decline of 18.3% year-on-year in H1 2024, totaling 8.531 billion yuan, primarily due to negative impacts from online public opinion [2] - Tea beverage revenue surged by 59.5% year-on-year to 8.430 billion yuan in H1 2024, attributed to the health-conscious and low-sugar consumption trends [2] - Juice beverage revenue increased by 25.4% year-on-year to 2.114 billion yuan, benefiting from product upgrades and new flavor launches [2] - The overall gross margin for H1 2024 was 58.8%, a decrease of 1.4 percentage points year-on-year, influenced by promotional activities for new products [3] Earnings Forecast - The report projects the company's EPS for 2024, 2025, and 2026 to be 1.10 yuan, 1.24 yuan, and 1.38 yuan respectively, with corresponding P/E ratios of 24, 21, and 19 times based on the closing price of 28.4 HKD per share on August 30, 2024 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][9]. Core Views - The company has reported a dual increase in revenue and profit, with a steady growth in managed area and a robust project reserve, indicating promising future resource delivery [2]. - The expansion into hard decoration services has led to a significant increase in 5S value-added service revenue, which is expected to become a new profit growth point [2]. - The company maintains its profit forecast, expecting net profits of 583 million, 702 million, and 829 million yuan for 2024-2026, with corresponding EPS of 2.11, 2.54, and 3.00 yuan [2]. Financial Performance - For the first half of 2024, the company achieved revenue of 1.65 billion yuan, a year-on-year increase of 38.7%, and a net profit of 265 million yuan, up 14.9% year-on-year [2]. - The gross margin and net margin were 25.6% and 16.5%, respectively, reflecting a decrease of 1.1 percentage points and 3.5 percentage points [2]. - The interim dividend declared is 0.63 HKD per share, with a payout ratio of 60% [2]. Property Management Revenue - Property management revenue reached 905 million yuan, a year-on-year increase of 25.9%, accounting for 54.9% of total revenue, with a gross margin of 19.7% [2]. - The managed area increased to 63 million square meters, a year-on-year growth of 29.6%, with residential properties making up 81.7% [2]. - The company has raised property management fees 64 times since 2015, with an average fee of 4.17 yuan per square meter per month [2]. Value-Added Services - Non-owner value-added service revenue decreased by 10.3% year-on-year to 251 million yuan, primarily due to a reduction in pre-delivery service revenue [2]. - The 5S value-added service revenue surged by 158.5% year-on-year to 494 million yuan, with significant contributions from parking and storage services [2]. - The gross margin for value-added services decreased to 27.4%, down 7.4 percentage points year-on-year, due to the dilution effect from hard decoration services [2].

Investment Rating - The investment rating for Mengniu Dairy (2319.HK) is not explicitly stated in the provided documents, but the report indicates a focus on potential recovery and growth in the second half of the year [2]. Core Views - The report highlights that Mengniu Dairy's revenue for the first half of 2024 was RMB 44.671 billion, a decrease of 12.6% year-on-year, with a net profit attributable to shareholders of RMB 2.446 billion, down 19.0% year-on-year [2]. - The report emphasizes that the overall demand in the dairy product industry was below expectations, leading to increased channel inventory and pressure on revenue across various business segments [2]. - Despite the challenges, the report notes operational improvements and a commitment to enhancing shareholder returns, including a share buyback plan of up to HKD 2 billion and an increase in cash dividend payout [2]. Summary by Sections Financial Performance - In H1 2024, revenue from liquid milk, ice cream, milk powder, and cheese was RMB 41.640 billion, RMB 4.309 billion, RMB 1.894 billion, and RMB 2.256 billion, reflecting year-on-year declines of 12.9%, 21.8%, 13.7%, and 6.3% respectively [2]. - The gross margin improved to 40.3%, an increase of 1.99 percentage points year-on-year, primarily due to lower raw milk prices [2]. - The operating profit margin met initial expectations, expanding by 0.6 percentage points to 7.0% [2]. Future Outlook - The report forecasts net profits for Mengniu Dairy to be RMB 4.279 billion, RMB 4.723 billion, and RMB 5.549 billion for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 12, 11, and 9 times [3]. - The company is expected to gradually restore revenue and profit growth in the second half of the year as channel inventory returns to reasonable levels [2]. Key Financial Metrics - The projected revenue for 2024 is RMB 91.353 billion, a decrease of 7.37% year-on-year, with a projected net profit margin of 4.68% [4][6]. - The gross margin is expected to stabilize around 39.01% in 2024, with a return on equity (ROE) of 8.83% [4][6]. - The earnings per share (EPS) is projected to be RMB 1.09 for 2024, with a price-to-earnings ratio of 12.21 [4][6].

Investment Rating - The report maintains a "Buy" rating for China TravelSky Holding Company (0696 HK) [2] Core Views - Domestic civil aviation passenger market continues steady recovery, benefiting from intelligent transformation of aviation industry [1] - Company revenue reached RMB 13 67 billion in H1 2024, up 13 9% YoY [2] - Net profit attributable to parent company reached RMB 9 69 billion, with current stock price at HK$9 69 [2] - All business segments achieved YoY revenue growth in H1 2024 [2] Business Performance - Airline IT services revenue increased 24 0% YoY to RMB 22 65 billion due to higher system processing volume [2] - Settlement and clearing revenue grew 19 8% YoY to RMB 6 80 billion [2] - System integration service revenue surged 111 9% YoY to RMB 2 16 billion [2] - Data network revenue rose 7 3% YoY, while other business revenue declined 15 1% [2] Market Trends - Domestic passenger scale showed steady growth, exceeding 2019 levels [2] - International civil aviation market showed stable recovery [2] - ETD system processed 3 52 billion passenger trips in H1 2024, up 24 0% YoY [2] - Domestic segment processing volume increased 15 8% YoY, while international segment surged 193 4% [2] Financial Projections - 2024E revenue forecast at RMB 8 325 billion, with 19 2% YoY growth [3] - 2024E net profit forecast at RMB 1 954 billion, with EPS of RMB 0 67 [3] - 2025E revenue expected to reach RMB 10 509 billion, with 12 1% YoY growth [3] - 2025E net profit projected at RMB 2 491 billion, with EPS of RMB 0 85 [3] Balance Sheet - Total assets expected to grow from RMB 25 236 billion in 2022 to RMB 32 970 billion in 2026E [4] - Cash and short-term investments projected to increase from RMB 7 577 billion in 2022 to RMB 14 660 billion in 2026E [4] - Shareholders' equity forecast to rise from RMB 19 741 billion in 2022 to RMB 27 017 billion in 2026E [4] Cash Flow - Operating cash flow projected to increase from RMB 1 336 billion in 2022 to RMB 3 513 billion in 2026E [5] - Free cash flow expected to grow from RMB 1 678 billion in 2022 to RMB 1 746 billion in 2026E [5] - Net cash flow forecast to rise from RMB 1 136 billion in 2022 to RMB 2 221 billion in 2026E [5]

证券分析师 周新明 资格编号：S0120524060001 邮箱：zhouxm＠tebon.com.cn 李霁阳 资格编号：S0120523080003 邮箱：lijy7＠tebon.com.cn 市场表现 -29% -14% 0% 14% 29% 43% 57% 康方生物 恒生指数 | --- | --- | --- | --- | |--------------------------------|----------------|--------------|-------| | 2023-09 \n恒 生 指 数 对 比 | 2024-01 \n1M | 2024-05 \n2M | 3M | | 绝对涨幅 (%) | 16.08 | 30.07 | 11.59 | | 相对涨幅 (%) | 12.36 | 28.54 | 12.09 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《康方生物(9926.HK)：AK112 获批 +击败 K 药，创新药龙头价值当被重 估》，2024.7.19 2.《康方生物(9926.HK)：管线矩阵丰 富，多个产品将获批，收入有望继续高 增》， ...

[Table_StockNameRptType] 美团-W（03690） 公司点评 2Q24 业绩点评：利润超预期，经营效率持续提升 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

港股公司报告 | 公司点评 回购彰显信心，运营具备韧性 24H1 收入同增 13.8%，归母净利润同增 17% 公司发布半年报，24H1 收入 337 亿同增 13.8%，分品牌，安踏收入 160.8 亿同增 13.5%，FILA 收入 130.6 亿同增 6.8%，所有其他品牌收入 46 亿同增 41.8%。 24H1 集团实现归母净利润 61.6 亿同增 17%，若考虑 Amer Sports 上市带来 的非现金会计利得影响，公司 24H1 归母净利 77.2 亿同增 62.6%。 董事会宣派中期股息每股普通股港币 118 分，同比增长 43.9%，股息合计 占公司归母净利 50.1%（不考虑 Amer 上市对归母净利的贡献）。此外，公 司拟在未来 18 个月内，以现有现金储备回购不超过 100 亿港币的股份，且 购回股份将予以注销，加强股东回馈提振信心。 盈利能力优化，奥运大年费控优秀 24H1 公司整体毛利率 64.1%，同增 0.8pct。分品牌看，安踏毛利率 56.6%， 同增 0.8pct；FILA 毛利率 70.2%，同增 1pct；所有其他品牌毛利率 72.7%， 同减 0.7pct。 公司 ...

到店酒旅将持续受益于线上渗透率提升：2 季度到店酒旅订单量同比增超 60%， 年交易用户（同比增 35%）及年活跃商户数创新高，受益于上线团购产品、打通 神会员体系等。拆分 GTV，休闲娱乐/丽人&医美 GTV 同比增 60%+/50%+，低线 城市 GTV 增速强劲，到店 GTV 增速仍快于酒旅。我们认为，线上渗透率提升是 到店酒旅业务的中长期增长动力，竞争格局趋于稳定，投入更加注重效率，美团 在商户侧的沉淀也利好满足用户侧需求，同时神会员体系利好交叉销售率提升。 王婷 (0755) 8168 2753 wangting9@essence.com.cn 2 图表 8:2Q24 经营活动现金流 250 亿元 规范性披露 投资评级： xx 买入 xx 图表 3: 核心本地商业收入结构 13 14 15 15 14 16 20 20 17 20.4 23.0 21.9 21.1 23.0 10 12 13 13 12 12 16 15 16 18.4 21.0 19.4 20.0 22.1 6 7 8 8 7 7 9 8 8 10.2 11.4 10.9 10.3 12.3 28.7 33.7 37.2 37.0 ...