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].

24Q2 业绩符合预期，品牌升级及海外拓展带动毛利率提升 2024H1 公司实现收入 77.6 亿元/yoy+25.0%，主要系集团层面的平均门店 数量 yoy+18.8%以及同店销售 yoy+7%。经调整净利润 12.4 亿元/+17.8%， 经调整净利润率 16.0%/-1.0pct，剔除净汇兑损益季度经调整净利润率为 16.2%/-0.1pct。 2024Q2 公司实现收入 40.4 亿元/+24.1%。经调整净利润 6.3 亿元/+9.4%， 经调整净利润率 15.5%/-2.1pct，剔除净汇兑损益季度经调整净利润率为 15.6%/+0.1pct。 收入拆分： 24H1 中国内地的收入 50.3 亿元/yoy+17.2%，其中 1）名创优品中国内地线 下门店的收入 yoy+16.5%，主要系平均门店数量 yoy+16.0%、同店销售为去 年水平的 98.3%，2)TOP TOY 的收入 yoy+37.9%，主要系同店销售 yoy+13.6% 及平均门店数量快速增长。 24H1 海外市场的收入 27.3 亿元/yoy+42.6% ，主要系平均门店数量 yoy+21.8%，且同店销售 yoy+16.3% ...

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].