[Table_MainInfo] 公司研究/金融/保险 证券研究报告 众安在线（06060.HK）公司半年报点评 2024 年 08 月 31 日 Tel:(010)50949926 [Table_InvestInfo] 投资评级 优于大市 维持 科技与银行业务亏幅收窄，综合成本率同 比提升 [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） 10.14 52 周股价波动（港元） 11.08-24.90 股本结构 [总Ta股b本le（_C百a万p股ita）lInfo] 1470 流通 A 股（百万股） 0 B 股/H 股（百万股） 0/1470 相关研究 [《Ta承b保le稳_R健e+p投o资rt回In暖fo，] 实现净利润扭亏 为盈》2024.03.28 《净利润扭亏为盈，综合成本率同比改 善》2023.09.05 《各生态承保盈利水平普遍改善，投资收 益下滑致净利润亏损》2023.03.23 市场表现 [Table_QuoteInfo] 【事件】众安在线发布 2024 年中期业绩：1）归母净利润 0.55 亿元，同比-75%， 承保利润与投资收 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report highlights that the company achieved a revenue of 22.173 billion HKD in the first half of 2024, representing a year-over-year growth of 8.36%, and a net profit of 6.240 billion HKD, also reflecting a year-over-year increase of 8.04% [3][4] - The report emphasizes the strong performance of tea and juice beverages, which are becoming the core growth drivers for the company's beverage business, with tea beverage revenue growing by 59.5% year-over-year [6][7] Summary by Sections Financial Performance - In the first half of 2024, the company's revenue grew by 8.36% year-over-year, driven by the rapid growth of tea and juice products, despite a decline in bottled water sales [3][4] - The gross profit margin decreased by 1.38 percentage points to 58.78%, while the gross profit amount increased by 5.87% year-over-year [3] - The company maintained a net profit margin of 28.14%, with net profit increasing by 8.04% year-over-year [3] Business Segments - Bottled Water: Revenue for bottled water decreased by 18.3% year-over-year to 8.531 billion HKD due to negative impacts from online events affecting brand perception [4] - Tea Beverages: Revenue reached 8.430 billion HKD, with a year-over-year growth of 59.5%, maintaining a compound annual growth rate (CAGR) of 39.43% over three years [6] - Juice Beverages: Revenue increased by 25.4% year-over-year to 2.114 billion HKD, although the profit margin decreased by 5.89 percentage points [6] Financial Projections - The company is projected to achieve total revenues of 47.322 billion HKD, 56.694 billion HKD, and 65.514 billion HKD for the years 2024, 2025, and 2026 respectively [5][7] - Net profit forecasts for the same years are 12.693 billion HKD, 15.624 billion HKD, and 18.590 billion HKD [5][7] - The report suggests a price-to-earnings (PE) valuation range of 30-35 times for 2024, translating to a per-share value range of 33.90-39.55 HKD [7]

[Table_MainInfo] 公司研究/旅游服务业/酒店、餐馆 证券研究报告 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 8[Table_StockInfo 月 30 日收盘价（港币）] 12.66 52 周股价波动（港币） 7.95-18.26 总股本/流通 A 股（亿股） 6.50/6.50 总市值/流通市值（亿，港币） 82/82 相关研究 [Table_ReportInfo] 《2H23 收入增 16%实现扭亏，餐厅经营效率 持续提升》2024.03.29 《公司 2023 半年报点评：餐厅利润率持续改 善，本地化与创新驱动增长》2023.09.14 《2H22 收入增 76%，降本增效成效显著》 2023.04.05 市场表现 [Table_QuoteInfo] 恒生指数对比 1M 2M 3M 绝对涨幅（%） 11.02 -10.03 -17.30 相对涨幅（%） 6.00 -10.91 -12.27 资料来源：海通证券研究所 [Table_AuthorInfo] 分析师:汪立亭 Tel:(021)23219399 Email:wanglt@haitong.com ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company's performance is under short-term pressure due to platform scheduling, with a significant year-over-year revenue decline of 54.4% in 2024H1, resulting in revenue of 193 million yuan and an adjusted net loss of 49.41 million yuan [4][6]. - Despite the short-term challenges, the company is focusing on developing high-quality series and has seen rapid growth in its overseas business, with overseas revenue reaching 13.36 million yuan, a year-over-year increase of 92.5% [3][4]. - The company is actively expanding its short drama production capabilities, both domestically and internationally, with over 2000 minutes of short dramas launched in 2024H1 [4][6]. Summary by Sections Performance Overview - In 2024H1, the company aired one 36-episode series compared to one 38-episode series in 2023H1, impacting revenue recognition [4]. - The gross margin for 2024H1 was 22.4%, a decrease of 27.3 percentage points year-over-year, while the adjusted net margin was -25.7% [4][6]. Business Development - The company has launched new projects, including three new licensed drama projects, and has a strong pipeline with several projects completed or in production [3][4]. - The company has signed business cooperation agreements exceeding 60 million yuan in 2024H1, with multiple brand contracts exceeding 10 million yuan [4]. Financial Projections - Revenue projections for 2024-2026 are estimated at 911.8 million yuan, 1.482 billion yuan, and 1.961 billion yuan, respectively, with corresponding net profits of 126.15 million yuan, 216.86 million yuan, and 274.14 million yuan [7][8]. - The report anticipates a recovery in revenue growth starting in 2025, with a projected growth rate of 62.54% for that year [7].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In H1 2024, the company achieved revenue of 1.621 billion RMB, a year-on-year increase of 28.6%, and an adjusted net profit of 273 million RMB, up 80.3%, aligning with previous forecasts [3] - The company's imaging and design products continue to grow rapidly, with revenue from this segment reaching 931 million RMB in H1 2024, a year-on-year increase of 54.5%, driven by generative AI technology enhancing product appeal [3] - The company has successfully executed its globalization strategy, with overseas monthly active users (MAU) reaching 85 million, a year-on-year increase of 15.0%, now accounting for 32.9% of total MAU [3] - The company is expanding its product matrix, focusing on AI workflows for digital content, with significant growth in subscription users for its design tools [3] - The gross margin improved to 64.93%, up 5.13 percentage points year-on-year, primarily due to the higher revenue share from high-margin imaging and design products [4] - The report slightly lowers profit forecasts for 2024-2026, expecting adjusted net profits of 550 million, 900 million, and 1.18 billion RMB respectively, with corresponding P/E ratios of 27, 18, and 11 times [4] Financial Summary - Total revenue for 2022 was 2.085 billion RMB, with projections of 2.696 billion RMB for 2023, 3.612 billion RMB for 2024, and 4.688 billion RMB for 2025, reflecting a compound annual growth rate [2] - Adjusted net profit for 2023 is projected at 368 million RMB, increasing to 553 million RMB in 2024 and 901 million RMB in 2025 [2] - The company’s MAU reached 258 million in H1 2024, a year-on-year increase of 4.3% [3]

业绩简评 2024 年 8 月 28 日，公司发布半年度业绩，1H24 实现营收 10.25 亿元，同比下降 72%（1H23 和 1H24 当期确认的许可费收入分别为 29.15 亿元和 0.80 亿元）；其中，产品销售收入 9.39 亿元，同比 增长 23.96%；1H24 亏损 2.49 亿元。业绩符合预期。 经营分析 商业化强劲：卡度尼利增长，依沃西首月告捷，2 款新品获批在即。 （1）2024 上半年，产品收入 9.39 亿元，同比增长 23.96%。其中， 开坦尼（卡度尼利）收入 7.06 亿元，较 1H23 的 6.06 亿元收入， 同比增长16.50%。1H24公司收到/确认许可费收入0.85/0.80亿元， 主要来自 Summit 支付的依沃西拓展许可市场范围的授权许可首付 款（2）报告期内，①依沃西，于 2024 年 5 月 24 日首次获批上市， 用于治疗 EGFR-TKI（表皮生长因子受体-酪氨酸激酶抑制剂）治疗 进展后的 EGFR 突变的局部晚期或转移性非麟非小细胞肺癌患者； 获批一周内，即实现首批发货，一个月左右实现收入 1.03 亿元。 ②派安普利单抗，于 2024 年 4 月 ...

Investment Rating - Maintain "Buy" rating with a target price of HKD 27.89 per share, implying a 2024 P/E of 9x [2] Core Views - The company's profitability improved significantly in H1 2024, with gross profit up 28% YoY to HKD 10.85 billion and net profit attributable to shareholders up 39% YoY to HKD 9.4 billion [1] - Thermal power segment profitability improved substantially, with segment profit up 231% YoY to HKD 5.1 billion, driven by lower fuel costs [1] - Renewable energy segment maintained high profitability with a 50% profit margin [1] - The company is accelerating its energy transition, targeting 10GW of new wind and solar capacity in 2024 and 16.5GW in 2025 [2] - The company has stable dividend payout, with 2023 dividend of HKD 1.415 per share and 62% payout ratio [1] Financial Performance - H1 2024 revenue was HKD 51.1 billion, down 0.7% YoY, mainly due to lower average on-grid tariffs for thermal power (-3%) and wind power (-1.9%) [1] - Gross margin improved by 4.7/6.9 ppts YoY/QoQ to 21.2% [1] - Net profit margin improved by 5.2/9.5 ppts YoY/QoQ to 18.3% [1] - Thermal power segment margin improved by 9.6 ppts YoY to 13.5% [1] - Forecast 2024-2026 revenue of HKD 107.8/116.5/124.6 billion, with 4.4%/8.0%/6.9% YoY growth [2] - Forecast 2024-2026 net profit of HKD 14.9/16.7/18.6 billion, with 35%/12%/11% YoY growth [2] Capital Expenditure and Energy Transition - 2024 capex guidance of HKD 59.9 billion, with HKD 44.6 billion allocated to wind and solar projects [2] - Target to increase renewable energy capacity to over 50% of total by end-2025 [2] - H1 2024 new grid-connected capacity reached 930MW [2] Valuation - Target market capitalization of HKD 134.2 billion [2] - 2024E P/E of 6.8x, P/B of 1.5x [2] - 2024E ROE of 18.4% [2]

投资要点 ❑ 8 月 30 日公司发布二季度财报： 1） 单 Q2 营收 40.35 亿元（+24%），经调整净利润 6.25 亿元（+9.4%）。经调整 净利润同比增速放缓主要系汇率原因：23Q2 汇兑收益约 6610 万元，24Q2 汇兑损失 420 万元，若剔除汇兑损益的影响，经调整净利润同比+24.6%。公 司稳步推进 IP 战略，Q2 毛利率 43.9%再创新高（同比+4.1pct，环比 +0.5pct），经调整净利率 15.5%（同比-2.1pct，环比-1.1pct）。 2） 上半年营收 77.6 亿元（+25%），经调整净利润 12.4 亿元（+18%），上半年公 司可比同店销售增长 7%，门店数增加 19%。 ❑ MINISO 海外：直营稳健成长，海外本地化仍处初级阶段 1） Q2、H1 海外营收分别 15.1 亿元（+35%）、27.3 亿元（+43%）。截至 Q2 末， MINISO 海外门店共 2753 家，占全部门店的 40%。Q2 净增 157 家，拆分来 看，亚洲（除中国）、拉美、欧洲、北美、其他地区分别净增 82 家、21 家、 7 家、43 家、4 家。H1 海外共计新增 2 ...

Investment Rating - The report maintains a rating of "Buy" for the company, with a target price of HKD 19.85, corresponding to a 0.95x PB for 2024 [3][5]. Core Insights - The company's profit declined by 37% in the first half of 2024, but there are signs of improvement on a quarter-on-quarter basis. The company is expected to strengthen its professional capabilities and establish itself as a leading international investment bank [5]. - The report highlights that the company's international business and specialized capabilities are prominent, which may help it consolidate its advantages in various business segments [5]. - The report anticipates that the supply-side reform in the industry may accelerate, which could benefit the company [5]. Financial Summary - For the first half of 2024, the company's revenue and net profit attributable to shareholders were HKD 89.1 billion and HKD 22.3 billion, respectively, representing year-on-year declines of 28.3% and 37.3% [5]. - The weighted average ROE decreased by 1.67 percentage points to 1.21%, aligning with expectations [5]. - The report projects EPS for 2024-2026 to be RMB 1.10, 1.27, and 1.40, respectively, down from previous estimates of RMB 1.33, 1.50, and 1.63 [5][7]. - The company's revenue from wealth management, brokerage, investment banking, asset management, net interest, and other business segments saw declines of 21%, 20%, 36%, 4%, 11%, and 39%, respectively [5]. Market Data - The current stock price is HKD 8.37, with a market capitalization of HKD 40.404 billion and a total share count of 4,827 million [6]. - The stock has traded within a range of HKD 7.87 to HKD 16.16 over the past 52 weeks [6]. Future Outlook - The report suggests that the company's wealth management capabilities are improving, with a stable product retention scale of over HKD 340 billion, although the market environment has impacted certain revenue streams [5]. - The investment banking segment has faced challenges, with a revenue drop of 36% year-on-year in the first half of 2024 [5]. - The report emphasizes the potential for the company to achieve better-than-expected growth through innovation in fixed-income products and enhanced merger and acquisition services [5].

Investment Rating - The report maintains a "Recommend" rating for China Resources Mixc Lifestyle Services (01209 HK) with a target price of HKD 34 2 [1] Core Views - The company's shopping malls demonstrate strong stability with a high dividend payout enhancing its appeal as a dividend stock [1] - Shopping center gross margin increased to 72 5% contributing 50 7% of the total gross profit [1] - The company plans to open 14 new shopping centers in the second half of 2024 ensuring continued growth [1] - Property management revenue grew by 13 8% despite a slight decline in collection rate [1] - Office leasing revenue growth slowed due to increased vacancy rates in urban areas [1] - Mid-term dividend increased by 25 1% with a special dividend boosting the 2023 payout ratio to 100% [1] Financial Performance - Revenue for H1 2024 reached RMB 7 597 billion up 17 1% YoY [1] - Gross profit was RMB 2 703 billion up 20% YoY with a gross margin of 34% up 0 8 percentage points YoY [1] - Net profit attributable to shareholders was RMB 1 908 billion up 36% YoY [1] - Shopping center retail sales grew by 19 7% YoY with luxury projects up 9 6% and non-luxury projects up 26 7% [1] - Property management contracted area and managed area were 3 98 billion sqm and 4 46 billion sqm respectively [1] - Office leasing managed area was 15 23 million sqm with revenue of RMB 960 million up 6 6% YoY [1] Future Projections - EPS for 2024-2026 is projected to be RMB 1 58 1 88 and 2 25 respectively [1] - The company's fair market value is estimated at HKD 78 billion based on a residual income model [1] - Revenue growth is expected to be 18% in 2024 and 2025 and 15% in 2026 [2] - Net profit growth is forecasted at 23% in 2024 19% in 2025 and 20% in 2026 [2] Operational Highlights - The company managed 108 shopping centers with 46 ranking first in local retail sales and 85 ranking in the top three [1] - Foot traffic exceeded 640 million visits up 25% YoY with an average occupancy rate of 96 7% [1] - Rental income per sqm increased by 2 9% YoY with total rental income up 19 7% [1] - The company's strong brand partnerships and flexible rental strategies reinforce its market position [1]