Investment Rating - The investment rating for the company is maintained at "Buy - A" with a target price of HKD 3.45, which corresponds to a dynamic price-to-earnings ratio of 25 times for 2024 [4][7]. Core Insights - The company reported a total revenue of RMB 1.62 billion for the first half of 2024, representing a year-on-year growth of 28.6%. The adjusted net profit attributable to the parent company was RMB 270 million, up 80.3% year-on-year [1]. - The revenue from the image and design products, primarily from paid subscriptions, reached RMB 930 million, a 54.5% increase year-on-year, accounting for 57.4% of total revenue. The number of paid subscription users exceeded 10.81 million, marking a historical high with a penetration rate of approximately 4.2% [2]. - The advertising business generated RMB 410 million in revenue, reflecting an 18.3% year-on-year increase, driven by strong performance in programmatic advertising, which grew by 45% [2]. - The company achieved significant growth in its global user base, with monthly active users reaching 258 million, a 4.3% increase year-on-year. The number of monthly active users outside mainland China grew by 15%, accounting for 32.9% of the total [3]. Financial Summary - The projected revenues for the company from 2024 to 2026 are RMB 3.58 billion, RMB 4.46 billion, and RMB 5.50 billion, respectively. The net profits for the same period are expected to be RMB 570 million, RMB 820 million, and RMB 1.14 billion [7][9]. - The company’s gross profit margin for the first half of 2024 was 64.93%, an increase of 5.13 percentage points year-on-year, primarily due to the higher proportion of high-margin image and design products [2]. - The earnings per share (EPS) for 2024 is projected to be RMB 0.13, increasing to RMB 0.25 by 2026 [9].

Investment Rating - The report assigns a "Buy" rating to Haidilao (6862) [2] Core Views - Despite weak demand and consumption downgrade trends, Haidilao's stable operations and superior dividend payout ratio justify a higher valuation multiple of 18x PE compared to the industry average of 13x PE [4] - The target price is revised downward to RMB 14.53 (-22%), equivalent to HKD 15.89, while maintaining the "Buy" rating [4] - Haidilao's H1 2024 revenue reached RMB 21.491 billion, a 14% YoY increase, with net profit attributable to shareholders declining by 9.7% to RMB 2.038 billion [4] - Excluding tax credits and exchange gains/losses (approximately RMB 400 million), core business profit is estimated to have grown 13% YoY, aligning with the company's disclosed Non-GAAP core operating profit growth [4] Operational Performance - Turnover rates continue to recover across all store tiers: Tier 1/Tier 2/Tier 3 & below/overseas/overall at 4/4.3/4.1/4.2/4.2, showing YoY increases of 18%/23%/28%/2%/24% respectively [4] - Same-store sales growth varies significantly by region: +11%/-48%/+20%/+2%/+15% for Tier 1/Tier 2/Tier 3 & below/overseas/overall respectively [4] - Average customer spending shows a downward trend across all regions, with overall spending down 5.3% YoY [4] - Store network strategy shifts towards Tier 2 and 3 cities, with net store openings of -12/+9/+13/+10/+1/+11 in Tier 1/Tier 2/Tier 3 & below/overseas/overall respectively [4] Financial Performance - Revenue breakdown: Restaurant operations (+13.8%), other restaurants (+74.3%), delivery (+23.3%), and condiment/ingredient sales (-19.2%) [4] - Cost structure: Raw materials (39%), staff costs (33.3%), property rental (1%), depreciation (6.2%), and utilities (3.4%) [4] - Staff costs increased due to higher headcount per store (from 99 to 106 employees) and increased promotional activities [4] Financial Projections - 2024-2026 net profit forecasts revised to RMB 4.5/5.0/5.4 billion, with EPS of RMB 0.81/0.90/0.98 [4] - Revenue projections: 2024E RMB 44.960 billion (+8.46%), 2025E RMB 49.071 billion (+9.15%), 2026E RMB 51.580 billion (+5.11%) [5] - PE ratios: 2024E 14.81x, 2025E 13.38x, 2026E 12.28x [5] Market Data - Current share price: HKD 13.12 [3] - 52-week price range: HKD 11.80-22.10 [6] - Current market capitalization: HKD 73.131 billion [6]

Investment Rating - The report maintains a "Buy" rating for the company, citing its technological barriers in the copyright protection sector [1][2] Core Views - The company achieved H1 2024 revenue of HKD 1,181 million, a 17.7% YoY increase, with gross profit rising 28.3% to HKD 504 million and gross margin improving by 3.5 percentage points to 42.7% [1] - Subscription business revenue grew 16.8% to HKD 545 million, while value-added services revenue increased 18.5% to HKD 635 million [1] - Overseas revenue reached HKD 576 million, with the US market contributing HKD 572 million, a 30.0% YoY growth, while mainland China revenue grew 8.0% to HKD 605 million [1] - The company is expanding its AIGC service capabilities through collaborations with leading universities and technology companies, developing watermarking solutions, and enhancing content recognition and rights confirmation technologies [1] Business Development - Domestic business expansion includes partnerships with China Media Group for copyright protection and trading platforms, collaboration with Ant Group for copyright ecosystem development, and cooperation with China Film Press for film asset aggregation [1] - International cultural expansion efforts include partnerships with Mango TV for overseas platform coverage, collaborations with provincial TV stations for content distribution, and the creation of an AIGC cloud platform with China Mobile [1] - Customer base grew to 227 content clients and 139 platform clients, with managed assets reaching 3.43 million on social media platforms and 2.57 million hours on video platforms [1] Financial Performance - 2024-2026 revenue forecasts are adjusted to HKD 2,500 million, HKD 2,991 million, and HKD 3,417 million respectively, with net profit projections of HKD 74 million, HKD 115 million, and HKD 153 million [1][7] - The company's P/S ratio is expected to decline from 2.4 in 2022 to 1.0 in 2026 [2] - Total assets are projected to grow from HKD 3,506 million in 2023 to HKD 4,159 million in 2026, with shareholder equity increasing from HKD 2,140 million to HKD 2,542 million over the same period [7] Market Data - The company has a total market capitalization of HKD 3.477 billion with 2.272 billion shares outstanding [4] - The stock price has shown significant volatility, with a 52-week range of HKD 1.12 to HKD 2.68 [4] - Recent performance shows a 23.4% 1-month return and a -28.5% 1-year return [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady growth in its main business, with expected performance improvements in the future [4] - The company reported a revenue of 25.225 billion, a year-on-year increase of 20.92%, but a net profit of 112 million, a year-on-year decrease of 84.37% [4] - The company is transitioning from a production-oriented leader to a service-oriented manufacturing model through operational management [4][5] Summary by Sections Market Performance - The company's stock has underperformed compared to the Hang Seng Index, with a relative decline of 23% [2] Financial Performance - In H1 2024, the company achieved a coke production of 4.7939 million tons, a year-on-year increase of 49.55%, with revenue from the coke business reaching 9.81 billion, up 29.2% [4] - The average coke price in H1 2024 was 2046.6 per ton, a decrease of 13.6% year-on-year [4] - The chemical business generated revenue of 10.403 billion, a year-on-year increase of 20%, with a gross profit of 883 million, up 31% [4] Business Segments - The coke business is supported by ongoing projects, including a 1.8 million ton coking project in Jiangxi and a 4.8 million ton project in Indonesia, which has already started production [4] - The chemical segment is expected to become the core growth driver, with plans to increase caprolactam production capacity to 1.5 million tons by 2028 [4] Hydrogen Energy - The company is leveraging its coking capacity to expand into hydrogen energy, becoming the largest hydrogen producer in the Beijing-Tianjin-Hebei region [5] - The company has received clean hydrogen certification and is expected to benefit from new hydrogen policies [5] Earnings Forecast - Projected revenues for 2024-2026 are 52.8 billion, 59 billion, and 62.7 billion respectively, with net profits of 600 million, 700 million, and 800 million [5]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price range of HKD 11.59-12.20, based on a 2024E PB of 0.95-1.0x [3][4] Core Views - The company's property and casualty insurance business, particularly auto insurance, demonstrates strong competitive advantages, with a higher proportion of low-claim-rate household auto insurance and controllable channel costs [3] - Despite the impact of natural disasters and other factors, the company's comprehensive cost ratio remains superior to industry peers [1][3] - The company's Q2 net profit showed significant improvement, with a YoY increase of 17.4%, partially offsetting the 38.3% decline in Q1 [1][4] Financial Performance - H1 2024 net profit attributable to shareholders was RMB 18.49 billion, a YoY decrease of 8.7%, with underwriting profit of RMB 9.0 billion, down 5.0% YoY [1] - The company's net assets attributable to shareholders reached RMB 242.8 billion, a 4.9% increase from the beginning of the year, with an unannualized ROE of 7.7%, down 1.3 percentage points YoY [1] - The comprehensive cost ratio increased by 0.4 percentage points YoY to 96.2%, with the auto insurance and agricultural insurance ratios improving by 0.3 and 2.0 percentage points, respectively [3][7] Business Operations - H1 2024 premium income grew steadily, with a YoY increase of 3.7%, and the company's market share rose by 1.5 percentage points to 34.0% [1] - Auto insurance service income increased by 5.3% YoY, with household auto insurance policies up 6.5% and new car insurance policies up 5.2% [1] - New energy vehicle insurance policies surged by 59.3% YoY, with household auto insurance policies in this segment up 60.6% [1] - Non-auto insurance service income grew by 4.9% YoY, with liability insurance and accident/health insurance up 8.4% and 7.5%, respectively, while agricultural insurance declined by 7.0% [1][6] Investment Strategy - The company significantly increased its allocation to fixed deposits, government bonds, and treasury bonds, while reducing its allocation to funds [4] - As of H1 2024, the total investment asset size reached RMB 641.8 billion, a 6.8% increase from the beginning of the year, with fixed income and equity investments accounting for 60.5% and 24.1%, respectively [4] - The total investment income was RMB 14.0 billion, a YoY decrease of 7.8%, with an unannualized investment return rate of 2.2%, down 0.4 percentage points YoY [4] Valuation and Forecast - The company's current stock price corresponds to a 2024E PB of 0.83x, which is at a low valuation level [3] - The report forecasts a 2024E EPS of RMB 1.16, with a YoY increase of 5.1%, and a 2024E BVPS of RMB 11.13, up 7.0% YoY [5][11] - The company's net profit is expected to grow by 9.3% and 11.5% in 2025 and 2026, respectively, with EPS reaching RMB 1.27 and RMB 1.42 [5][11] Industry Comparison - The company's 2024E PB of 0.83x is lower than the average PB of 1.44x for comparable property and casualty insurance companies [10] - The company's 2023 ROE of 10.6% is slightly below the average ROE of 11.37% for comparable companies [10]

Investment Rating - The report assigns an "Accumulate" rating for China Resources Beer (0291) [3][10]. Core Views - The company's performance met expectations, with an unexpected increase in interim dividends. The company is entering a new phase of high-end beer positioning, and the performance of major liquor products is impressive. Future plans include addressing structural shortcomings [3]. Summary by Sections Financial Performance - For 1H24, the company achieved a revenue of 23.744 billion yuan, a year-on-year decrease of 0.53%. The EBITDA was 6.365 billion yuan, up 1.92% year-on-year, and the net profit attributable to shareholders was 4.705 billion yuan, an increase of 1.20% year-on-year. Overall performance was in line with expectations [3]. - The interim dividend per share was 0.373 yuan, with a total payout of 1.21 billion yuan, representing a year-on-year increase of 30% and a payout ratio increase of 6 percentage points to 26% [3]. Beer Segment - In 1H24, beer sales volume was 6.35 million kiloliters, down 3.39% year-on-year. However, sales in the premium and above segments grew by double digits, with brands like Heineken and Snow experiencing over 20% growth [3]. - The average selling price of beer increased by 2.0% year-on-year to 3,554 yuan per kiloliter. The cost per ton of beer rose by 0.9%, while the gross margin improved by 0.6 percentage points to 45.8%, and the EBITDA margin reached a historical high of 28.2%, up 1.1 percentage points year-on-year [3]. Liquor Segment - The liquor business generated a revenue of 1.178 billion yuan in 1H24, a year-on-year increase of 20.6%. However, EBITDA for this segment was 48 million yuan, down 32.39% year-on-year, with a gross margin of 67.6%, up 2.1 percentage points year-on-year. The sales volume of major liquor products grew by over 50%, accounting for about 70% of liquor revenue [3]. - Future plans include enhancing the product lineup, focusing on key markets for sauce liquor, and expanding both banquet and non-banquet channels [3].

Investment Rating - The report maintains a "Buy" rating for BYD Electronics (0285.HK) with a target price of 28.70 HKD, indicating an expected return exceeding 15% over the next 6-12 months [3][9]. Core Insights - The company's revenue for the first half of 2024 reached 78.581 billion RMB, a year-on-year increase of 39.87%, while the net profit was 1.518 billion RMB, slightly below Bloomberg consensus estimates [2]. - The consumer electronics segment saw significant growth, driven by increased demand for high-end Android smartphones and the consolidation of Jabil, leading to a 54.22% year-on-year revenue increase [2]. - The new energy vehicle (NEV) business also showed growth, with revenue rising 26.48% year-on-year, supported by increased sales and the introduction of new products [2]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 173.143 billion RMB, with a growth rate of 33.2% [6]. - Net profit estimates for 2024 have been revised down by 17% to 4.281 billion RMB due to lower-than-expected growth in the NEV segment and pressure on the energy storage business [2][6]. Business Segments - Consumer Electronics: Revenue increased to 63.303 billion RMB, with structural components growing by 205.08% [2]. - New Energy Vehicles: Revenue reached 7.757 billion RMB, with expectations for continued double-digit growth due to new product introductions [2]. Market Outlook - The report highlights a positive long-term growth trend in the NEV sector, despite short-term challenges in the energy storage business [2]. - The company is focusing on AI and smart product development, with a strategic partnership with NVIDIA to enhance its offerings in AI data centers [2].

Investment Rating - The report maintains an "Accumulate" rating for Rongchang Biologics [4][5]. Core Views - The company achieved a revenue of 742 million RMB in H1 2024, representing a year-on-year growth of 75.6%. However, the net profit attributable to shareholders was a loss of 780 million RMB, which increased by 77 million RMB compared to the previous year. The cash and cash equivalents stood at 673 million RMB [5]. - In Q2 2024, the company recorded a revenue of 411 million RMB, up 61.8% year-on-year, with a net profit loss of 432 million RMB, which also increased by 52 million RMB year-on-year. The losses were attributed to multiple pipelines entering Phase III and a significant increase in R&D expenses [5]. - The revenue forecasts for 2024-2026 are maintained at 1.647 billion RMB, 2.504 billion RMB, and 3.319 billion RMB, respectively [5]. Summary by Sections Commercialization and Clinical Progress - The commercialization of Taitasip is accelerating domestically, and the overseas SLE indication is progressing smoothly. The company has established a self-immune sales team of over 800 people and has completed access to over 900 hospitals. With improved operational efficiency and the gradual recovery of hospital access, per capita output is expected to increase, driving continuous growth in performance [5]. - Multiple indications are progressing well: - RA indication was approved in July 2024. - MG domestic Phase III reached the primary clinical endpoint in August, with an NDA submission expected by the end of 2024. - PSS and IgA domestic Phase III trials have completed enrollment. - The overseas SLE Phase III trial has completed the first patient enrollment. - The overseas MG Phase III trial has also completed the first patient enrollment and received FDA's Fast Track Designation [5]. RC48 Development - The RC48 treatment for 1L UC has completed enrollment in Phase III domestically, with ongoing clinical trials overseas. The company has a tumor sales team of over 600 people and has completed access to over 700 hospitals. - RC48+PD1 for 1L UC has completed Phase III enrollment. - According to Pfizer's oncology developer day materials, RC48 monotherapy for 2L UC in the U.S. is in Phase II, with data readout expected in H1 2025. - RC48+PD1 for 1L gastric cancer has shown excellent Phase II IIT data, with Phase III still enrolling. - RC48+PD1 is being advanced for perioperative use and treatment of 2L GC domestically. - RC48 monotherapy for HER2-positive BC with liver metastasis has achieved the primary clinical endpoint in Phase III, with NDA submission expected soon [5]. Catalysts - Potential catalysts include product volume exceeding expectations, innovative drug clinical data surpassing expectations, and financing progress exceeding expectations [5].

Investment Rating - The investment rating for Postal Savings Bank is "Buy" [3] Core Views - The bank's performance in the first half of 2024 shows revenue pressure with a slight decline in both revenue and net profit, but net interest margin has stabilized. The bank's asset quality remains strong, with a continued improvement in non-performing loan generation [6][2]. Summary by Sections Performance Overview - Postal Savings Bank reported a revenue of 176.8 billion, a year-on-year decrease of 0.1%, and a net profit attributable to shareholders of 48.8 billion, down 1.5% year-on-year. The non-performing loan ratio stands at 0.84%, unchanged from the previous quarter [1]. - Net interest income increased by 1.8% year-on-year, with a net interest margin of 1.91%, showing a slight decrease of 1 basis point from the previous quarter. The decline in loan rates for both retail and corporate loans contributed to this trend [1][2]. Asset and Liability Management - Total assets reached 16.4 trillion, growing by 4% since the beginning of the year. Loans increased by 136.7 billion in the second quarter, with retail loans showing a significant increase of 464 billion [2]. - Deposits reached 14.9 trillion, a 7% increase since the beginning of the year, with time deposits growing significantly while demand deposits decreased [2]. Asset Quality - The non-performing loan ratio remains stable at 0.84%, with a slight increase in the attention ratio to 0.81%. The non-performing loan generation rate improved to 0.74%, indicating a positive trend in asset quality [2][6]. Financial Projections - The bank's financial projections indicate a slight decline in revenue growth for 2024, with expected revenue of 342.4 billion, reflecting a year-on-year decrease of 0.02%. The net profit is projected to be 86.85 billion, a modest increase of 0.67% [7][8].

Investment Rating - The investment rating for China Liansu (02128) is "Buy" with a target price of 2.79 HKD, maintaining the rating for the next six months [1]. Core Views - The report highlights that the company's performance is temporarily under pressure due to weak downstream demand, but there is optimism regarding its overseas expansion prospects [1]. - Revenue for the first half of 2024 is reported at 13.564 billion, a year-on-year decrease of 11.33%, with EBITDA at 1.283 billion, down 23.64%, and net profit attributable to shareholders at 1.043 billion, down 30.16% [1]. - The company has established over 30 advanced production bases and has a wide distribution network across the country, with an increase in independent exclusive distributors from the beginning of the year to 2,891 [1]. Summary by Sections Financial Performance - The company has adjusted its profit forecast for 2024-2026, expecting net profits of 2.08 billion, 2.28 billion, and 2.51 billion respectively, with corresponding PE ratios of 5.5, 5.1, and 4.6 times [1]. - The revenue breakdown for the first half of 2024 shows plastic pipeline systems, building materials, environmental protection, supply chain services, and new energy generating revenues of 11.219 billion, 1.080 billion, 0.131 billion, 0.769 billion, and 0.157 billion respectively, with year-on-year changes of -8.3%, -19.4%, -25.57%, +32.82%, and -78.76% [1][2]. Market and Competitive Landscape - The report notes that raw material prices are at low levels, impacting gross margins due to industry competition [1]. - The average selling price of plastic pipeline systems decreased by 266 to 9,330 per ton, with total sales volume down by 5.7% [1]. - The company has seen significant growth in overseas markets, particularly in Southeast Asia and Africa, with production bases established in Indonesia, Cambodia, Thailand, and Malaysia, and plans for local production in Tanzania and Vietnam [1]. Cost Structure and Profitability - The company’s expense ratio for the first half of 2024 is reported at 18.81%, with a net profit margin of 7.5%, down from the end of 2023 [1]. - The debt-to-asset ratio is reported at 46.8%, a decrease of 3.0% year-on-year, indicating an ongoing optimization of the debt structure [1].