Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - CM310 for adult AD indication is expected to be approved by the end of the year, with two additional indications having submitted NDAs. The pipeline is continuously advancing, indicating strong future growth potential [5][6]. - The company reported a revenue of 54.68 million yuan for H1 2024, primarily from the first milestone payment for CMG901, with an adjusted net loss of 319 million yuan due to R&D expenses of 331 million yuan, which increased by 32.5% [6]. - The company has a cash reserve of 2.58 billion yuan as of June 30, 2024, indicating a solid financial position to support ongoing R&D efforts [6]. Summary by Sections Pipeline Development - CM310 for adult AD is expected to submit NDA in December 2023 and is included in the priority review process, with approval anticipated by the end of 2024. The commercialization team is nearing 200 members and plans to expand to 200-300 by year-end [6]. - Other indications such as CRSwNP and allergic rhinitis have also submitted NDAs, with expected approvals in 2025 [6]. - CMG901 is undergoing clinical trials for gastric and pancreatic cancers, showing promising early efficacy and safety data [6]. Financial Performance - The company forecasts revenues of 156 million yuan in 2024, 526 million yuan in 2025, and 1.441 billion yuan in 2026, reflecting significant growth [7]. - The gross profit is projected to increase from 97 million yuan in 2024 to 1.217 billion yuan in 2026, while net losses are expected to decrease over the same period [7]. Market Position - The current stock price is 35.25 HKD, with a market capitalization of 9.861 billion HKD [8]. - The stock has traded between 27.45 and 61.65 HKD over the past year, indicating volatility but also potential for growth [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][2][25] Core Views - The regulatory risks have significantly decreased, leading to a more favorable investment environment for the company. The report anticipates improvements in the company's fundamentals, which could drive valuation upward [2][19] - The company is focusing on enhancing service efficiency across its business segments. Although large-scale investments may impact short-term performance, they are expected to build long-term competitive advantages [2][6] Financial Projections - The earnings per share (EPS) forecasts for the fiscal years 2025, 2026, and 2027 are projected at 8.00, 8.67, and 9.38 yuan respectively. The corresponding price-to-earnings (PE) ratios (Non-GAAP) are 9.36, 8.64, and 7.98 [2][18] - The total revenue is expected to grow from 941,168 million yuan in 2024 to 1,194,600 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 8.15% [18] - The net profit attributable to the parent company is projected to increase from 80,009 million yuan in 2025 to 134,062 million yuan in 2027, with a notable growth rate of 45.05% in 2026 [18] Market Data - The closing price of the company's stock is 81.45 HKD, with a one-year low of 64.60 HKD and a high of 94.00 HKD. The price-to-book ratio is 1.66, and the market capitalization is approximately 1,575,689.79 million HKD [4][6]

Investment Rating - The report maintains a "Buy" rating for Shenzhen International (0152.HK) [2][3] Core Views - The company's 2024 interim performance met expectations, with total revenue of HKD 6.61 billion, a year-on-year decrease of 4.5%. Excluding construction service revenue from toll roads, revenue was HKD 6.30 billion, down 3% year-on-year. Shareholder profit reached HKD 653 million, a significant increase of 609.1% year-on-year, slightly above the previous earnings forecast range of HKD 550-650 million [2] - The logistics business confirmed substantial growth in REITs issuance revenue, awaiting the rollout of transformation projects. The logistics park business generated revenue of HKD 750 million, down 1% year-on-year, with shareholder profit of HKD 562 million, up 44% year-on-year. The successful issuance of public REITs in H1 2024 recorded a post-tax income of approximately HKD 587 million. The company is adjusting its investment strategy to focus on core assets in the Greater Bay Area, with 14 projects currently, 7 of which are operational or under management. As construction projects come online, logistics operating income is expected to continue growing [2][3] - The toll road and environmental protection businesses faced short-term pressure due to extreme weather and impairment provisions. Toll road revenue was HKD 3.75 billion, down 10% year-on-year, with net profit of HKD 1.065 billion, down 14% year-on-year. The decline was attributed to adverse weather conditions and increased free periods for small passenger vehicles during holidays. The environmental protection business generated revenue of HKD 790 million, down 7% year-on-year, with a net loss of HKD 157 million, primarily due to decreased wind power revenue and increased asset impairment [2][3] Financial Performance and Forecast - The company is optimizing its debt structure, achieving improved financial costs. As of June 30, 2024, the ratio of RMB to foreign currency loans was 83% to 17%, down from 73% to 27% in the same period of 2023. Net exchange losses were approximately HKD 26 million, a reduction of about HKD 584 million year-on-year [3] - The report maintains previous profit forecasts, expecting net profits attributable to shareholders of HKD 3.08 billion, HKD 4.02 billion, and HKD 4.25 billion for 2024-2026, corresponding to P/E ratios of 4.7x, 3.6x, and 3.4x respectively. With a projected 50% dividend payout ratio, the dividend yield is estimated at approximately 10.7%, 14.0%, and 14.8% for the respective years [3][4]

海底捞（06862.HK） 优于大市 核心经营利润率维持稳定， "红石榴"计划加码新品牌孵化 2024H1 核心经营利润 27.99 亿元，同增 13.0%。2024H1，公司实现营收 214.91 亿元/+13.8%；归母净利润 22.58 亿元/-9.7%，主要系汇兑损益变动和增值 税优惠政策取消（2024H1 净汇兑亏损 0.26 亿元，2023H1 收益 1.93 亿元； 2024H1 取消，2023H1 税项加计扣除 1.59 亿元而 2024 年取消）。若剔除相 关事项影响，实现核心经营利润 27.99 亿元/+13.0%，符合我们预期。 翻台改善明显、客单适应消费环境走低，下半年开店有望提速。2024H1， 公司整体翻台率 4.2 次，同比+0.9 次，其中一、二、三线及以下、港澳台 城市翻台率分别为 4.0/4.3/4.1/4.2 次，分别同比+0.6/0.8/0.9/0.1 次， 低线城市翻台恢复更为强劲。公司客单价下滑 97.4 元/-5%，系适应消费环 境推出更高性价比产品。截至期末，公司共 1343 家门店/-39 家，系调整存 量门店，新开 11 家仍较谨慎。考虑到新开门店成功率较高 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company demonstrates resilient revenue, with a focus on innovation, light asset operations, and globalization driving healthy growth [2] - The financial indicators show increasing stability, with a revenue of 97.8 billion yuan in H1 2024, a year-on-year increase of 0.8%, and an operating profit of 3.47 billion yuan, up 3% year-on-year [2] - The company is strategically focusing on its core capabilities to enhance quality and efficiency in its main industries, maintaining a solid asset base [2] Financial Performance Summary - In H1 2024, the company achieved revenue of 97.8 billion yuan, with a year-on-year growth of 0.8%. The operating profit was 3.47 billion yuan, reflecting a year-on-year increase of 3%. However, the net profit attributable to shareholders was 720 million yuan, down 47% year-on-year [2] - The company has exited contracts worth over 22 billion yuan as of H1 2024, indicating a strategic shift [2] - The forecast for net profit attributable to shareholders for 2024-2026 is adjusted to 2.15 billion, 3.29 billion, and 4.56 billion yuan, with year-on-year growth rates of 55.6%, 53.1%, and 38.8% respectively [2] Segment Performance - The company’s four major segments (Health, Happiness, Wealth, and Intelligent Manufacturing) reported revenues of 23.26 billion, 43.17 billion, 43.17 billion, and 5.33 billion yuan respectively in H1 2024, with year-on-year changes of -2.4%, +5.9%, +0.4%, and -2.4% [2] - The major subsidiaries, including Yuyuan, Fosun Pharma, Fosun Insurance, and Fosun Tourism, generated revenues of 27.57 billion, 20.38 billion, 14.81 billion, and 9.41 billion yuan respectively, with total revenue contribution of 74% [2] - Domestic revenue was 51.93 billion yuan, down 2% year-on-year, while overseas revenue was 45.87 billion yuan, up 4% year-on-year, accounting for 47% of total revenue [2] Innovation and Globalization - The company invested 3.5 billion yuan in R&D in H1 2024, a decrease of 17% year-on-year, while improving research efficiency [2] - Four key innovative products from Fosun Pharma are in the pre-approval or critical clinical stages for nine indications [2] - The company has established a C2M ecosystem with 5.86 million consumer members, contributing 52.3% to sales, and achieved cost reductions of 623 million yuan in the supply chain [2] - The light asset operation model in the tourism sector has shown significant results, with total revenue reaching 9.41 billion yuan in H1 2024, up 6% year-on-year [2]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [7]. Core Views - The company reported a revenue of 2.54 billion yuan for the first half of 2024, representing a year-on-year growth of 58.2%. The net profit attributable to the parent company was 983 million yuan, up 47.4%, with adjusted net profit reaching 1.03 billion yuan, a 51.8% increase. The diluted EPS was 0.97 yuan [7][8]. Summary by Sections Financial Performance - In 1H24, the company achieved a revenue of 2.54 billion yuan, a 58.2% increase year-on-year. The net profit attributable to the parent company was 983 million yuan, up 47.4%, and the adjusted net profit was 1.03 billion yuan, reflecting a 51.8% growth. The gross margin decreased by 1.7 percentage points to 82.4% due to product type expansion and increased sales costs [4][6]. Revenue Breakdown - By product category, professional skin care products generated 2.53 billion yuan in revenue, with functional skin care products contributing 1.94 billion yuan (62.0% growth), accounting for 76.4% of main business revenue. Medical dressings brought in 592 million yuan (48.9% growth), making up 23.3% of main business revenue. Health food and others saw a decline of 21.1% to 9 million yuan [8]. - By sales channel, direct sales accounted for 1.84 billion yuan (69.7% growth), representing 72.4% of main business revenue. Online direct sales through DTC stores reached 1.60 billion yuan (64.1% growth), while e-commerce platforms saw a 143.3% increase to 167 million yuan. Offline direct sales grew by 82.2% to 68 million yuan. Distribution channels generated 702 million yuan (34.4% growth) [4][6]. Marketing and Product Development - The company launched new products in various categories, with the collagen stick becoming a top seller in multiple online platforms. The new "Focus Series" was introduced to address skin issues caused by lifestyle factors, achieving significant sales during promotional events [6][7]. - Marketing efforts included collaborations with influencers and participation in major consumer expos, enhancing brand visibility and consumer engagement [6][7]. Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of 5.04 billion yuan, 6.61 billion yuan, and 8.36 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 42.9%, 31.3%, and 26.5% [7][8]. - The adjusted net profit forecasts for the same period are 1.98 billion yuan, 2.41 billion yuan, and 2.94 billion yuan, with growth rates of 34.6%, 21.9%, and 22.1% [7][8].

Investment Rating - The investment rating for China General Nuclear Power Corporation (CGN) is "Outperform the Market" [1][3][8] Core Views - The company's revenue increased by 39% year-on-year to HKD 4.073 billion in H1 2024, primarily driven by rising natural uranium prices. However, the net profit attributable to shareholders decreased by 37% to HKD 113 million due to increased tax provisions related to dividend withholding tax [1][4][8] - The production of natural uranium met the production plan with a completion rate of 96.9%, and future production is expected to increase due to ongoing projects in Kazakhstan and Canada [1][7] - The strong momentum in nuclear power development supports long-term demand for uranium, with a total of 416 operational nuclear reactors globally as of June 30, 2024, and 59 reactors under construction [1][7] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of HKD 4.073 billion, a 39% increase year-on-year. The pre-tax profit was HKD 324 million, up 38%, while the net profit attributable to shareholders was HKD 113 million, down 37% [1][4] - The average sales price for uranium was USD 78.47 per pound, a 36% increase year-on-year, while the total sales revenue from uranium trading was HKD 8.93 billion [1][4][8] Production and Projects - The company produced a total of 1,334.1 tons of natural uranium in H1 2024, with a production completion rate of 96.9%. The second quarter saw a production of 727.4 tons, exceeding the planned target [1][7] - The company is focusing on resolving supply issues related to sulfuric acid, which has affected production rates in certain mines. The completion of the first phase of the Zha Mine is expected by the end of 2024 [1][7] Market and Industry Outlook - The nuclear power sector is experiencing robust growth, which is expected to drive uranium demand. As of August 19, 2024, the Chinese government approved five nuclear projects, continuing a trend of approving ten or more units for three consecutive years [1][7] - The average spot price for natural uranium was USD 84.38 per pound as of June 2024, reflecting a 7.3% decrease since the beginning of the year, while long-term contract prices have risen by 16.9% [1][7]

Investment Rating - The report maintains a "Buy" rating for BYD Electronics (0285.HK) [2] Core Views - The company's performance in the first half of 2024 was slightly below expectations, with revenue of 78.58 billion RMB, a year-on-year increase of 39.9%, and a net profit of 1.52 billion RMB, a year-on-year increase of only 0.14% [2] - The decline in overall gross margin is attributed to changes in product structure and a decrease in revenue from high-margin new smart products [2][3] - The consumer electronics and automotive electronics segments are experiencing rapid growth, benefiting from the recovery in the consumer electronics market and increased sales of BYD vehicles [3] - The new smart products segment is facing challenges due to a decline in household storage revenue, but there is potential for growth in AI server products [3][4] Summary by Sections Financial Performance - For H1 2024, the company reported total revenue of 78.58 billion RMB, with a gross profit of 5.38 billion RMB and a net profit of 1.52 billion RMB [2] - The overall sales gross margin decreased by 1 percentage point to 6.85% [2] - The second quarter of 2024 saw revenue of 42.1 billion RMB, a year-on-year increase of 41.3% [2] Business Segments - The consumer electronics business grew by 54.22% to 63.30 billion RMB, with component revenue from Jabil's consolidation increasing by 205.8% [3] - The automotive electronics segment reported a revenue increase of 26.48% to 7.76 billion RMB, driven by the growth in new energy vehicle sales [3] Future Outlook - The company is focusing on AI server products and has formed partnerships to enhance its offerings in this area [3][4] - The forecast for net profit for 2024, 2025, and 2026 has been slightly adjusted to 45.07 billion RMB, 58.1 billion RMB, and 72.25 billion RMB respectively [4]

Investment Rating - The report maintains an "Outperform" rating for the company, with a predicted 2024 EPS of approximately 0.12 RMB per share and a valuation range of 0.70-0.82 RMB per share (0.82-0.89 HKD per share) based on a 6-7x PE ratio [3] Core Views - The company demonstrated resilience with a strong profit rebound in 1H 2024, achieving a net profit of 1.839 billion RMB, a 4% YoY increase, and a net profit attributable to the parent company of 1.010 billion RMB, a 133% YoY increase [2] - The gross profit margin remained stable at 16% in 1H 2024, consistent with 2023 levels [2] - The company's debt ratio showed a slight increase, with a net debt-to-adjusted capital ratio of 76%, up 3 percentage points from 2023, while maintaining ample credit facilities of approximately 154.433 billion RMB [2] Financial Performance - The company's revenue is expected to decline by 13.1% YoY in 2024 to 63.03293 billion RMB, followed by a recovery with 6.8% and 6.9% growth in 2025 and 2026, respectively [4] - Net profit is forecasted to rebound to 1.57524 billion RMB in 2024 after a significant loss in 2023, with further growth of 4.9% and 7.6% in 2025 and 2026 [4] - The gross margin is projected to improve to 14% in 2024 and remain stable through 2026 [4] Valuation and Comparables - The company's 2024E PE ratio is estimated at 5.60x, with a PB ratio of 0.22x and EV/EBITDA of 10.79x [6] - Compared to peers, the company's 2024E PE ratio of 5.60x is higher than the industry average of 4.79x, indicating a premium valuation [5] Balance Sheet and Liquidity - The company held 33.751 billion RMB in cash and cash equivalents as of 1H 2024, a 9.16% YoY increase [2] - Total interest-bearing loans and borrowings stood at 129.425 billion RMB as of 1H 2024, a 1.61% increase from the end of 2023 [2] - The company's liquidity position is expected to improve, with the current ratio forecasted to increase from 1.06 in 2023 to 1.38 in 2026 [6] Operational Efficiency - The company's accounts receivable turnover ratio is expected to improve from 34.67 in 2023 to 37.96 in 2026, indicating better collection efficiency [7] - Operating cash flow is projected to increase significantly from 3.091 billion RMB in 2023 to 12.654 billion RMB in 2026 [7] Industry Context - The report highlights the real estate sector's challenges, particularly the risk of declining sales, which could impact the company's performance [3]

Investment Rating - The report maintains a rating of "Accumulate" for China Civil Aviation Information Network (0696) [2][5]. Core Views - The company has demonstrated strong earnings growth exceeding expectations, driven by effective cost control and a recovery in international business [4][5]. - The first half of 2024 saw record-high passenger traffic in China's civil aviation market, with the company's revenue and booking volume showing significant growth compared to pre-pandemic levels [5]. - The company is expected to benefit from the ongoing smart civil aviation construction and the recovery of international business, which will enhance its profitability [5]. Summary by Relevant Sections Performance Overview - In the first half of 2024, the company achieved a net profit of 1.37 billion RMB, a 14% year-on-year increase, surpassing market expectations [5]. - Revenue for the first half of 2024 increased by 5% compared to the same period in 2019, despite the international business recovery still lagging [5]. Financial Projections - The report projects net profits for 2024, 2025, and 2026 to be 1.9 billion, 2.3 billion, and 2.5 billion RMB respectively [5]. - The company’s revenue is expected to grow significantly, with estimates of 8.37 billion RMB in 2024, 9.32 billion RMB in 2025, and 10.01 billion RMB in 2026 [8]. Cost Management - The report highlights that cost control, particularly in labor costs, will be crucial for the company's profitability recovery, as labor costs accounted for nearly 40% of total costs in the first half of 2024 [5]. - The company aims to maintain competitive salaries and improve talent incentive mechanisms to manage costs effectively [5]. Market Position - The company holds a dominant position in the civil aviation information service sector in China, benefiting from accelerated airport construction and expansion projects [5]. - The report anticipates a peak in project completion and settlement in the later stages of the 14th Five-Year Plan, which will significantly contribute to profits [5].