证券研究报告·海外公司点评·旅游及消闲设施(HS) 携程集团-S（09961.HK） 2024Q2 业绩点评：业绩超预期，海外业务继 续高增 2024 年 08 月 31 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 20039 | 44510 | 52814 | 60610 | 67562 | | 同比 (%) | 0.08 | 122.12 | 18.66 | 14.76 | 11.47 | | 归母净利润（百万元） | 1403 | 9918 | 14628 | 16661 | 18613 | | 同比 (%) | 355.09 | 606.91 | 47.49 | 13.89 | 11.72 | | Non-IFRS 净利润（百万元） | 1,2 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 1.8, while the current price is HKD 1.5 [1][2]. Core Views - The company reported a revenue of HKD 413 million for the first half of 2024, reflecting a year-on-year increase of 5.6%. However, the adjusted net profit was a loss of HKD 204 million, compared to a loss of HKD 86 million in the same period last year [1][2]. - The gross margin improved significantly to 70.9%, an increase of 10.1 percentage points year-on-year. However, impairment losses rose to HKD 162 million, a year-on-year increase of 127.2%, primarily due to extended ABS issuance cycles [1][2]. - The company plans to strategically acquire a 29.38% stake in Bait Technology, which will increase its ownership to 54.38%. This acquisition is expected to enhance customer base and provide integrated core system solutions [1][2]. - The financing amount facilitated by the company's supply chain financial technology business reached HKD 1,559.6 billion, a year-on-year increase of 14.6% [1][2]. - The company has maintained its leading position in the third-party supply chain financial technology provider market, with a market share of 20.9% [2]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved total revenue of HKD 413 million, with a gross margin of 70.9% [1][2]. - The adjusted net profit was a loss of HKD 204 million, with a net loss margin increasing to 49.4% [1][2]. - The company’s expenses decreased by 3.4 percentage points year-on-year to 86.6% [1]. Business Segments - The electronic debt certificate business facilitated financing of HKD 1,149 billion, a year-on-year increase of 27.7% [1]. - The multi-level circulation cloud business, focusing on core enterprises, saw financing amounting to HKD 862.6 billion, a year-on-year increase of 56.9% [1]. - The cross-border cloud business facilitated financing of HKD 93.4 billion, a year-on-year increase of 63.1% [1]. Strategic Initiatives - The company is actively pursuing a strategic acquisition of Bait Technology to enhance its service offerings and customer base [1][2]. - The company has reaffirmed its share repurchase plan, indicating confidence in future stock price recovery [2]. Market Outlook - The report highlights the long-term growth potential of the supply chain financial technology industry, supported by policy backing and a recovering macroeconomic environment [2]. - The company is expected to benefit from a diversified customer base across various industries, enhancing its revenue resilience [1][2].

公 司 研 究 日期 2024/8/30 当前股价(港元) 4.190 一年最高最低(港元) 5.130/3.390 总市值(亿港元) 379.92 流通市值(亿港元) 379.92 总股本(亿股) 90.67 流通港股(亿股) 90.67 近 3 个月换手率(%) 9.8 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 股价走势图 -30% -20% -10% 0% 10% 20% 2023-08 2023-12 2024-04 中国飞鹤 恒生指数 数据来源：聚源 相关研究报告 《库存持续优化，数字化赋能—港股 公司信息更新报告》-2023.8.31 中国飞鹤（06186.HK） 2024 年 08 月 31 日 投资评级：增持（维持） 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 2024H1 业绩超预期，持续分红提升股东回报 公司 2024H1 实现收入 100.95 亿元，同比增 3.7%；实现归母净利润 18.75 亿元， 同比增 1 ...

Investment Rating - Maintain "Recommend" rating for Laopu Gold (6181 HK) [1][3] Core Views - Laopu Gold achieved rapid revenue and profit growth in H1 2024, with revenue reaching RMB 3 52 billion (+148 3% YoY) and net profit attributable to parent company of RMB 588 million (+198 8% YoY) [1] - The company's brand influence continues to expand, driving growth in both offline and online channels [1] - Laopu Gold maintains its high-end brand positioning, with product innovation and store expansion contributing to revenue growth [1] - The company's profitability continues to improve, with net profit margin reaching 16 70% in H1 2024, up 2 82 pct YoY [1] Financial Performance Revenue and Profit - H1 2024 revenue: RMB 3 52 billion (+148 3% YoY) [1] - H1 2024 net profit attributable to parent company: RMB 588 million (+198 8% YoY) [1] - 2024E revenue: RMB 6 162 billion (+93 8% YoY) [1] - 2024E net profit attributable to parent company: RMB 1 052 billion (+152 7% YoY) [1] Profitability - H1 2024 gross margin: 41 33% (-0 32 pct YoY) [1] - H1 2024 net profit margin: 16 70% (+2 82 pct YoY) [1] - 2024E gross margin: 41 72% [7] - 2024E net profit margin: 17 07% [7] Channel Performance - Offline store revenue in H1 2024: RMB 3 129 billion (+149 6% YoY) [1] - Online platform revenue in H1 2024: RMB 391 million (+138 9% YoY), accounting for 11 1% of total revenue [1] Product Performance - Pure gold product revenue in H1 2024: RMB 1 372 billion (+110 1% YoY) [1] - Gold inlaid product revenue in H1 2024: RMB 2 147 billion (+182 1% YoY), accounting for 61 0% of total revenue [1] Store Expansion and Brand Development - As of H1 2024, Laopu Gold operates 33 self-operated stores in 14 cities, including 4 SKP stores and 10 MixC stores [1] - The company opened 6 new stores and expanded 1 store in H1 2024 [1] - Laopu Gold opened its largest flagship store in Tsim Sha Tsui, Hong Kong in March 2024, covering over 1 000 square meters [1] - The company has created over 1 800 original designs and holds 243 domestic patents, 1 207 copyrights, and 164 overseas patents as of H1 2024 [1] Valuation - 2024E PE: 13x [1] - 2024E PB: 3 9x [7] - 2024E EV/EBITDA: 9 08x [7] Future Outlook - 2025E revenue: RMB 7 885 billion (+28 0% YoY) [1] - 2025E net profit attributable to parent company: RMB 1 369 billion (+30 1% YoY) [1] - 2026E revenue: RMB 9 490 billion (+20 4% YoY) [1] - 2026E net profit attributable to parent company: RMB 1 671 billion (+22 1% YoY) [1]

f 源证券 医药生物/生物制品 公 司 研 究 科笛-B（02487.HK） 2024 年 08 月 31 日 上半年营收维持较快增长，各重磅管线进展顺利 ——港股公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 杨柏炜（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 yangbowei@kysec.cn 证书编号：S0790524050001 事件：2024H1 营收同增 178%，维持较快增长 公司发布半年报：2024H1 实现营收 0.96 亿元（同比+178.3%，下同）、归母净利 润-2.01 亿元、经调净利润-1.61 亿元，经营层面亏损占收入的比例进一步收窄。 公司是泛皮肤病治疗领域新星，毛发产品全面布局，研发+消费双管齐下共筑壁 垒，外用米诺环素/外用非那雄胺/利丁双卡因麻膏获批后有望贡献增量。我们维 持盈利预测不变，预计公司 2024-2026 年归母净利润为-4.97/-3.41/-1.70 亿元，对 应 EPS 为-1.63/-1.12/-0.56 元，营业收入为 2.79/5.49/10.09 亿元，当前股价对应 PS 为 12.8 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 13 HKD, maintaining the rating as of August 31, 2024 [1]. Core Insights - The company reported FY24 revenue of 7.07 billion, a 57% increase year-on-year, with continuous operating business revenue at 6.53 billion, up 68% [1]. - The net profit attributable to shareholders reached 1.72 billion, a 77% increase, while the net profit from continuous operations was 249 million, down 69% [1]. - The company has successfully expanded its self-operated product line, which now accounts for approximately 40% of total GMV in FY24, up from 30% in FY23 [1]. - The company has launched 488 self-operated SKUs since April 2022, significantly diversifying its product offerings [1]. - A strategic partnership with New Oriental has been established to enhance offline marketing and sales channels, with a focus on leveraging New Oriental's extensive network [3]. Summary by Sections Financial Performance - FY24 revenue was 7.07 billion, a 57% increase year-on-year; continuous operating business revenue was 6.53 billion, up 68% [1]. - Net profit attributable to shareholders was 1.72 billion, a 77% increase; continuous operations net profit was 249 million, down 69% [1]. - Non-GAAP adjusted net profit was 2.18 billion, a 100% increase, with continuous operations net profit at 710 million, down 23% [1]. Product Development - The company has developed and launched 488 self-operated SKUs, expanding its product line significantly [1]. - Self-operated products have become a major growth driver, contributing approximately 40% to total GMV in FY24 [1]. Strategic Initiatives - The company has entered into a framework agreement with New Oriental for promotional services and product sales, with a transaction cap of 100 million RMB for FY25 [3]. - The partnership aims to enhance channel capabilities and create a differentiated competitive advantage [3]. Market Positioning - The company is focused on becoming a leading live shopping platform, emphasizing high-quality self-operated agricultural products and a strong customer experience [1]. - The strategic focus includes comprehensive market research and analysis to define optimal product positioning and target consumer demographics [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price set at 64.4 HKD [7] Core Insights - The company reported a revenue of 12.2% growth year-on-year in 24H1, reaching 12.98 billion RMB, driven by increased market share among major clients and significant demand growth in mainland China and Japan [1] - The net profit attributable to shareholders increased by 37.8% year-on-year to 2.93 billion RMB, primarily due to higher capacity utilization and the expansion of overseas factories [1] - The company declared an interim dividend of 1.25 HKD per share, a 31.6% increase year-on-year, totaling approximately 1.71 billion RMB, which represents 58.5% of the net profit for 24H1 [1] Revenue Breakdown - Revenue from major clients shows significant variation: Client A contributed 3.4 billion RMB (34% growth), Client B 3.2 billion RMB (6% decline), Client C 2.3 billion RMB (24% growth), and Client D 1.3 billion RMB (stable) [2] - By product category, sportswear revenue was 9.21 billion RMB (8% growth), leisurewear 2.76 billion RMB (20% growth), underwear 0.9 billion RMB (47% growth), and other knitted products nearly 0.1 billion RMB (12% growth) [2] - Geographically, revenue from mainland China was 3.7 billion RMB (20% growth), EU 2.5 billion RMB (4% growth), Japan 2.1 billion RMB (27% growth), and the US 1.9 billion RMB (3% growth) [2] Profitability Metrics - The company's gross margin improved to 29%, an increase of 6.6 percentage points, while the net profit margin rose to 22.6%, up by 4.2 percentage points [3] - Selling and distribution expenses remained stable at 0.7% of revenue, while administrative expenses decreased by 0.6 percentage points to 7.3% of revenue [3] Capacity Expansion and Workforce - As of the end of 24H1, the company employed 18,000 staff at its new garment factory in Cambodia, with ongoing improvements in production efficiency [4] - The company is actively recruiting, having added approximately 2,200 employees at its Vietnam factory in the first half of the year [4] - The company is expanding its capacity in Vietnam and has acquired full ownership of a subsidiary in Vietnam to enhance fabric production capacity [4] Financial Forecast - The company expects continued growth in the second half of the year, with capacity utilization projected to remain at ideal levels [5] - Revenue forecasts for 2024-2026 are 28.76 billion RMB, 32.98 billion RMB, and 37.70 billion RMB, with net profits of 5.62 billion RMB, 6.51 billion RMB, and 7.32 billion RMB respectively [5]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company reported a revenue of HKD 1.181 billion for H1 2024, representing a year-on-year increase of 17.74%. The gross margin improved by 3.53 percentage points to 42.70% [1]. - Adjusted net profit for H1 2024 was HKD 64 million, up 10.67% year-on-year, with an adjusted net profit margin of 5.44% [1]. - The adjusted EBITDA for H1 2024 reached HKD 196 million, reflecting an 8.26% increase year-on-year, with an adjusted EBITDA margin of 16.63% [1]. Subscription Business - Subscription revenue for H1 2024 was HKD 545 million, a year-on-year increase of 16.8%, accounting for 46.2% of total revenue [1]. - The company expanded its subscription service capabilities across various copyright categories, leading to a steady increase in customer numbers and content library penetration [1]. Value-Added Business - Value-added business revenue reached HKD 635 million in H1 2024, up 18.5% year-on-year, making up 53.8% of total revenue [1]. - The company enhanced monetization capabilities through diverse revenue-sharing models and deepened partnerships with major social media platforms [1]. Market Performance - Revenue from the Chinese market was HKD 605 million, growing approximately 8.0% year-on-year, representing about 51.2% of total revenue [1]. - In the U.S. market, revenue was HKD 572 million, a year-on-year increase of 30.0%, accounting for approximately 48.4% of total revenue [1]. Financial Forecast - The company has adjusted its revenue forecasts for 2024-2026 to HKD 25.10 billion, HKD 33.80 billion, and HKD 44.00 billion, respectively, with corresponding price-to-sales ratios of 1.4, 1.0, and 0.8 [1][2].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 23 HKD, while the current price is 19.3 HKD [1]. Core Views - The company reported a revenue of 820 million USD for the first half of 2024, representing a year-on-year increase of 10.6%, and a net profit of 62 million USD, up 25.3% year-on-year [1]. - The revenue growth is driven by downstream customer order replenishment, with the OPE and power tools segments generating revenues of 490 million USD and 310 million USD, respectively, reflecting year-on-year growth of 10.2% and 9.5% [1]. - The gross margin improved to 32.9%, an increase of 0.8 percentage points year-on-year, attributed to scale effects, operational efficiency improvements, and favorable raw material costs [1]. - The company expects continued strong growth in the second half of 2024 as inventory depletion in downstream channels nears completion [1]. Financial Summary - The company forecasts total revenue of 1.654 billion USD for 2024, with a year-on-year growth rate of 19.9% [2]. - The projected net profit for 2024 is 122 million USD, showing a significant recovery from a loss of 37 million USD in 2023, with a growth rate of 429% [2]. - The earnings per share (EPS) is expected to be 0.24 USD in 2024, with a price-to-earnings (P/E) ratio of 10.3 [2]. Company Overview - The company holds a 24.7% stake in an associate company, which reported a loss impacting the net profit by 14 million USD [1]. - The total market capitalization of the company is 9.7 billion HKD, with a debt-to-asset ratio of 49.39% [4].

华福证券 康方生物（09926.HK） 依沃西头对头 K 药成功，一线肺癌 NDA 获受理 投资要点： 卡度尼利稳定增长，依沃西肺癌 TKI 耐药获批贡献业绩增量 24H1 实现收入 10.2 亿元（-72.13%），其中产品销售收入 9.39 亿元 （+23.96%）。分产品看：卡度尼利实现收入 7.06 亿（+16.5%），依沃西 发货收入 1.03 亿元，其他产品收入 1.31 亿元。24H1 产品销售毛利为 8.58 亿元，产品毛利率高达 91.3%。销售费用 5.16 亿元（同比+16.6%），研发 费用 5.94 亿元（同比+3.4%），净亏损 2.49 亿。公司研发高效，4 个新适 应症 NDA 已递交并审评、5 款产品新启动 7 个三期临床(包括 3 个新产品）。 卡度尼利在 1L 胃癌和 1L 宫颈癌全人群获益，将填补临床空白 1）1L 胃癌：NDA 于今年 1 月获 NMPA 受理，是目前唯一在 PD-1 低表达 人群做出 OS 获益的 IO 产品。2）1L 宫颈癌：NDA 于 4 月获 NMPA 受理， III 期研究已达到 PFS 和 OS 双主要终点，是目前唯一在全人群获益的 3 期 ...