Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Viewpoints - The company achieved a revenue of 9.1 billion yuan in H1 2024, representing a year-on-year growth of 10.6%, and a net profit attributable to shareholders of 500 million yuan, up 21.5% year-on-year [2]. - The business development is balanced with improved operational efficiency and rapid growth in core profits, supported by employee incentives [2]. - The company has a strong cash reserve of 3 billion yuan and has implemented an employee stock option plan to enhance motivation and productivity [2]. Summary by Relevant Sections Revenue and Profitability - The company reported a revenue of 91 billion yuan in H1 2024, with a gross profit of 17.4 billion yuan, reflecting a gross margin of 19.2%, an increase of 0.5 percentage points year-on-year [2]. - Core operating profit reached 8.9 billion yuan, marking a 25.8% increase year-on-year [2]. Business Segments - Revenue from property management, park services, and consulting services was 60.2 billion yuan, 17.6 billion yuan, and 11.3 billion yuan respectively, with year-on-year growth rates of 14.6%, 6.1%, and 5.3% [2]. - The company manages 3,356 projects with a total managed area of 480 million square meters, providing a solid foundation for future growth [2]. Operational Efficiency - The company has optimized its processes, resulting in a decrease in management expense ratio by 0.6 percentage points, and an overall gross margin increase of 0.5 percentage points to 19.2% [2]. - The gross margins for property management, park services, consulting services, and technology businesses were 14.9%, 23.9%, 32.1%, and 38.7% respectively, with notable improvements in consulting and technology [2]. Financial Outlook - The company forecasts net profits attributable to shareholders of 750 million yuan, 910 million yuan, and 1.08 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 14, 12, and 10 times [2][3].

证 券 研 究 报 告 携程集团-S（09961.HK）24Q2 季报点评 推荐（维持） 利润超预期，出境海外保持快速增长 目标价：492 港元 当前价：370.2 港元 事项： ❖ 24Q2 公司实现营收 127.7 亿元，同比增长 13.6%，经调整经营利润（non gaap op）42.3 亿元，yoy+21.7%；净利润 38.9 亿元，同比增长 500%；non gaap 归 母净利润 49.8 亿元，同比增长 45.2%。24Q2 公司毛利率 81.9%，同比-0.3pct， 环比+0.7pct，经调整经营利润率 33.1%，同比+2.2pct，环比+2.1pct。 ❖ 24 年 6 月公司完成发售本金总额为 15 亿美元的可转换优先票据（一般无担保 债务，年利率 0.75%），同时公司已回购约 3 亿美元公司股份。 评论： ❖ 24Q2 公司营收符合预期，利润超预期。营收分板块来看，住宿 51.4 亿，同比 增长 19.9%；交通 48.7 亿，同比增长 1.2%；度假 10.3 亿，同比增长 42.0%； 商旅 6.3 亿，同比增长 8.4%。 ❖ 国内稳健，出境和海外高增。分国内外来看，Q2 ...

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 中国太平（0966.HK）公司年报点评 2024 年 09 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 寿险 NBV、NBVM 同比大增，投资收益带 动净利润提升 [投Ta资ble要_S点um：mary] 股票数据 [0T8a月ble30_S日t收oc盘k价In（fo港]元） 10.12 52 周股价波动（元） 5.42-10.40 股本结构 [总Ta股b本le（_C百a万p股ita）lInfo] 3594 流通 H 股（百万股） 3594 B 股/H 股（百万股） 0/3594 相关研究 [《TaNbBlVe、_R净e利p润or实tIn现fo高] 增长，24 年一季 度银保表现亮眼》2024.03.26 《NBV、净利润大增，财险实现承保盈利》 2023.08.26 《产险业务扭亏为盈，寿险 NBV 表现仍 优于多数同业》2023.04.01 市场表现 [Table_QuoteInfo] 【事件】中国太平发布 2024 年中报业绩：1）归母净利润 60.3 亿港元，同比 +15.4% ； 其 中 寿 险 ...

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 [2]. - The decline in revenue is attributed to inventory digestion and controlled shipment pace to maintain reasonable inventory levels at the terminal [2]. - The gross margin improved to 40.3%, up 1.9 percentage points year-on-year, primarily due to a decrease in raw milk prices [2]. - The company plans to repurchase up to HKD 2 billion of its shares and increase the dividend payout ratio, emphasizing shareholder interests [2]. Summary by Sections Financial Performance - Revenue for the first half of 2024 was RMB 447 billion, down 12.6% year-on-year, with operating profit at RMB 31.2 billion, a decrease of 4.8% [2]. - The revenue 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, with corresponding EPS of RMB 1.14, RMB 1.28, and RMB 1.42 [3][4]. - The dynamic PE ratios for the same period are projected at 11x, 9x, and 9x [3]. Strategic Initiatives - The company is focusing on enhancing shareholder returns through share buybacks and increasing dividend payouts [2]. - The FIRST strategy will continue to drive high-quality development in operations and management [2]. - The company is addressing the supply-demand imbalance in raw milk through various support measures to stabilize dairy farming operations [2].

[Table_TargetPrice] [Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 朝云集团(6601.HK)公司点评报 告2024 年 09 月 01 日 [Table_Title] 业绩稳健增长，宠物版图持续扩张 ——朝云集团 2024 年半年度业绩点评 [Table_Invest]买入|维持 [Table_Summary] 事件： 公司发布 2024 年半年度业绩报告：2024 年半年度，公司实现营业收入 12.49 亿元，同比增长 10.27%；对应净利润为 1.76 亿元，同比增长 29.60%。截至 2 024 年 6 月 30 日，公司在手现金及等价物为 26.65 亿元；2024 年半年度公司 派息率为 40%，经营期内继续维持高派息比例。 家居护理业务稳健增长，线上渠道占比稳步提升 分业务来看，2024 年半年度公司家居护理/个人护理/宠物及宠物产品业务分别 营收 11.64/0.35/0.48 亿元，同比分别增减 11.47%/-18.41%/5.28%。分渠道看， 公司线上渠道（线上自营店、线上分销商、社区电商平台）/线下渠道（线下分 销商、企业及团体客户 ...

2024 年 9 月 2 日 公司研究 总门店数突破 7000 家，推出 20 亿港元回购计划 ——名创优品（9896.HK）2024 年中报点评 要点 公司 2Q2024 营收同增 24.1%，公司权益股东应占利润同增 9.0% 8 月 30 日,公司公布 2024 年二季报：1H2024 实现营业收入 77.6 亿元，同增 25.0%,实现公司权益股东应占利润 11.7 亿元，对应基本 EPS 为 0.94 元，同 增 17.5%；实现经调整净利润 12.4 亿元，同增 17.8%。 单季度拆分来看，2Q2024 实现营业收入 40.4 亿元，同增 24.1%，实现公司 权益股东应占利润 5.9 亿元，同增 9.0%，对应基本 EPS0.47 元，同增 9.3%； 实现经调整净利润 6.2 亿元，同增 9.4%。 公司 2Q2024 综合毛利率同比上升 4.10pct，期间费用率同比上升 6.63pct 1H2024 公司综合毛利率为 43.69%，同比上升 4.10 个百分点。单季度拆分 来看，2Q2024 公司综合毛利率为 43.95%，同比上升 4.10 个百分点。公司 毛利率同比高增主要由于：1） ...

证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------|--------|--------|--------|--------|-----------------------------------|---------|---------|---------|---------| | 资产负债表（百万元） | 2023 | 2024E | 2025E | 2026E | 利润表（百万元） | 2023 | 2024E | 2025E | 2026E | | 现金及现金等价物 | 33340 | 44243 | 62733 | 76892 | 营业收入 | 276745 | 337517 | 393081 | 451113 | | 应收款项 | 11235 | 30515 | 35539 | 40786 | 营业成本 | 179554 | 213166 | 237102 | 267367 | | 存货净额 | 1305 | 2850 | 3162 | 3560 | | | ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 12.7, compared to the current price of HKD 8.37 [1]. Core Views - The company's total revenue for the first half of 2024 was HKD 8.9 billion, a year-on-year decrease of 28.3%, but a quarter-on-quarter increase of HKD 1.17 billion [1]. - The net profit attributable to shareholders was HKD 2.23 billion, a year-on-year decrease of 37.4%, with a quarterly profit of HKD 0.99 billion, down 2.5% [1]. - The company's return on equity (ROE) for the reporting period was 2.1%, a decrease of 1.4 percentage points year-on-year, with a quarterly ROE of 0.9%, down 0.2 percentage points [1]. - The report highlights a decrease in financial leverage and asset turnover, with the financial leverage ratio at 4.6 times, down 0.34 times year-on-year [1]. - The report anticipates earnings per share (EPS) for 2024, 2025, and 2026 to be HKD 1.51, HKD 1.85, and HKD 2.16 respectively, with corresponding price-to-book ratios (PB) of 0.39, 0.37, and 0.34 for the Hong Kong market [1][2]. Summary by Sections Financial Performance - Total revenue for the first half of 2024 was HKD 8.9 billion, down 28.3% year-on-year, with a quarterly revenue of HKD 5 billion, up 11.7% [1]. - Net profit attributable to shareholders was HKD 2.23 billion, down 37.4% year-on-year, with a quarterly profit of HKD 0.99 billion, down 2.5% [1]. - The company's financial leverage ratio was 4.6 times, down 0.34 times year-on-year, and the asset turnover rate was 1.8%, down 0.6 percentage points year-on-year [1]. Business Segments - The report indicates that the company's heavy capital business net income was HKD 3.44 billion, with a quarterly income of HKD 2.18 billion, up HKD 0.913 billion [1]. - Brokerage business revenue showed a significant quarter-on-quarter increase of 13.1%, reaching HKD 1.77 billion [1]. - Investment banking revenue remained stable at HKD 1.28 billion, with a quarterly revenue of HKD 0.83 billion, up HKD 0.38 billion [1]. Future Outlook - The report projects total revenue for 2024, 2025, and 2026 to be HKD 22.99 billion, HKD 27.18 billion, and HKD 33.79 billion respectively, with year-on-year growth rates of 18.2% and 24.3% [2]. - The anticipated net profit for the same years is HKD 6.16 billion, HKD 7.28 billion, and HKD 8.93 billion, with corresponding growth rates of 18.3% and 22.6% [2].

证券研究报告 | 2024年09月02日 名创优品（09896.HK） 优于大市 二季度营收同比增长 24%，海外门店加速扩张 | --- | --- | --- | --- | --- | --- | |---------------------|-------|--------|--------|--------|--------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 9,926 | 13,839 | 17,395 | 21,170 | 25,235 | | (+/-%) | -2.0% | 39.4% | 25.7% | 21.7% | 19.2% | | 净利润(百万元) | 1065 | 2253 | 2755 | 3330 | 3958 | | (+/-%) | 85.7% | 111.5% | 22.3% | 20.9% | 18.9% | | 每股收益（元） | 0.47 | 1.78 | 2.19 | 2.64 | 3.14 | | EBIT Margin | 10.3% | 18.2% | 18 ...

Investment Rating - The report maintains an "Outperform" rating for ANE (Cayman) (9956 HK) with a target price of HKD 11.55, up from the previous target of HKD 8.95 [4][7] Core Views - ANE Logistics demonstrated strong growth in 24Q2, with revenue increasing by 16.2% YoY to RMB 5.289 billion and adjusted net profit surging by 82.4% YoY to RMB 430 million [3][7] - The company's profitability improved significantly, with gross margin reaching 16.6% in 24Q2, a 4.5 percentage point increase from 12.1% in 23Q2 [3][7] - ANE Logistics is expected to achieve total revenue of RMB 12.35 billion in 2024, representing a 24.6% YoY growth, with an adjusted net profit margin of 6.8% and net profit of RMB 840 million [4][7] Financial Performance - In 24H1, ANE Logistics' total freight volume reached 6.42 million tons, up 20.5% YoY, with 24Q2 volume at 3.55 million tons, a 19.7% YoY increase [3] - The company optimized its freight structure, increasing the proportion of high-margin goods and reducing the average weight per ticket by 5.3% [3] - Unit operating costs decreased by 8.4% YoY in 24Q2, with trunk line transportation costs down 6.4% and sorting center costs down 23.4% [3] Network and Infrastructure - As of 24H1, ANE Logistics operated 83 self-owned sorting centers, optimizing its network by focusing on main hubs and eliminating inefficient small sorting centers [3] - The company's increased network density improved coverage and service quality [3] Valuation and Forecast - The report values ANE Logistics at 10X based on current market value, but suggests a fair valuation of 15X, corresponding to the target price of HKD 11.55 [4][7] - Gross margin is expected to improve further, reaching 14.0% in 2024E, 15.3% in 2025E, and 16.2% in 2026E [6] - Adjusted EBIT margin is projected to grow from 7.3% in 2023 to 11.5% in 2026E, while net margin (non-HKFRS) is expected to increase from 5.1% in 2023 to 8.6% in 2026E [6]