Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's investment banking business is under significant pressure, with a notable decline in revenue and net profit in the first half of 2024. The report anticipates a recovery in market conditions [1][4] - The company reported a total revenue and other income of 14.892 billion yuan, a year-on-year decrease of 20.0%, and a net profit attributable to shareholders of 2.228 billion yuan, down 37.4% year-on-year [2][3] Summary by Relevant Sections Revenue and Profit Forecast - The company’s total revenue is projected to be 32.064 billion yuan in 2024, with a year-on-year decline of 9.54%. The net profit attributable to shareholders is expected to be 5.158 billion yuan, reflecting a decrease of 16.22% [2][4] - The earnings per share (EPS) for 2024 is estimated at 1.07 yuan, with corresponding price-to-earnings (P/E) ratios of 7.12 for 2024, 5.42 for 2025, and 4.64 for 2026 [2][4] Business Segment Performance - The company's fee-based income has significantly declined, with a 25% drop in commission and fee income to 5.462 billion yuan in the first half of 2024. The investment banking segment saw a drastic reduction in underwriting and sponsorship income, down 52% to 900 million yuan [3][4] - The brokerage business also faced challenges, with a 25% decrease in income to 2.3 billion yuan, attributed to a decline in average daily trading volumes in both A-shares and Hong Kong stocks [3] - Asset management income decreased by 8% to 1.5 billion yuan, influenced by a drop in management fee rates despite an increase in fund sizes [3] Long-term Outlook - The report has adjusted the profit forecast for 2024-2026, with net profits expected to be 5.158 billion yuan in 2024, 6.770 billion yuan in 2025, and 7.919 billion yuan in 2026, indicating a recovery in growth rates in subsequent years [4] - The company is expected to leverage its competitive advantages in investment banking and wealth management once market activity and conditions improve [4]

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 海外拓店提速释放，旺季表现值得期待 名创优品(9896) [Table_Industry] 批零贸易业 [Table_Invest] 评级： 增持 ——名创优品 2024Q2 业绩点评 股票研究 /[Table_Date] 2024.08.31 | --- | --- | --- | --- | |----------|-------------------------------------|------------------|-------| | | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 苏颖 ( 分析师 ) | | | | 021-38677706 | 021-38038344 | | | | liuyuenan@gtjas.com | suying@gtjas.com | | | 登记编号 | S0880516030003 | S088052211000 ...

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690) with a target price of 158.8 HKD [18][30][40]. Core Insights - Meituan's Q2 revenue reached 82.25 billion RMB, representing a year-on-year growth of 21.0%. The adjusted net profit was 13.61 billion RMB, up 77.6% year-on-year. Core local commerce revenue was 60.68 billion RMB, with an operating profit of 15.23 billion RMB, significantly exceeding expectations [30][29][16]. - The report highlights the synergy between home delivery and in-store services, which is expected to enhance operational efficiency and drive growth in local life services [30][29]. - New initiatives are showing improved efficiency and reduced losses, with a Q2 operating profit margin of -6.1%, a year-on-year increase of 24.9 percentage points [30][29]. Summary by Sections Financial Performance - Q2 revenue increased by 21% to 82.25 billion RMB, with core local commerce and new initiatives revenues growing by 19% and 29% respectively [3][30]. - Instant delivery orders rose by 14% year-on-year to 6.2 billion orders, with operating profit margin improving to 13.7% [4][30]. - The adjusted net profit forecast for FY2024E-FY2026E is set at 41.3 billion, 51.5 billion, and 61.7 billion RMB respectively, reflecting a slight upward adjustment from previous estimates [16][30]. Business Segments - Core local commerce showed robust growth with delivery services, commissions, and online marketing services increasing by 13%, 20%, and 20% respectively [15][30]. - New business initiatives are expected to grow revenue by 25%, driven by improved pricing strategies and operational efficiencies [30][29]. Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, indicating a total value of 1,000.3 billion RMB for Meituan, with various segments contributing differently to the overall valuation [9][30]. - The target price of 158.8 HKD reflects a strong upside potential based on the current market conditions and company performance [18][30].

[Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 理想汽车-W（2015）公司信息点评 2024 年 08 月 31 日 市场表现 [Table_QuoteInfo] 分析师:刘一鸣 Tel:(021)23154145 [Table_InvestInfo] 投资评级 优于大市 维持 24Q2 交付量同环比提升，智能驾驶升级 有望带动 ASP 向上 [Table_Summary] 投资要点： 股票数据 8[T月a3b0le日_收S盘to价ck(港In元fo)] 78.85 52 周股价波动(港元） 68.65-182.90 总股本/流通股本(百万股) 2122/1766 总市值/流通市值(百万港元) 167321/139266 相关研究 [《Ta无b图leN_ROAep即o将rtI推nf送o，] 智驾系统采用端到端 +VLM》2024.07.11 《24Q1 净利润承压，Q2 新车交付量有望企 稳回升》2024.06.01 理想汽车发布截至 2024 年 6 月 30 日止季度的为经审计财务业绩（以下简称 "2024 年二季度业绩公告"）和截至 2024 年 6 月 30 日止六个月 ...

比亚迪电子（00285.HK） 下半年盈利望改善，持续扩充新品 上半年收入增长，毛利率有所波动。比亚迪电子上半年收入 786 亿元，同 比增长 40%，包括了捷普相关业务并表带来的收入。其中，零部件/消费 电 子 组 装 / 新 型 智 能 产 品 / 汽 车 智 能 产 品 分 别 同 比 +206%/+33%/- 16%/+26%至 152/481/75/78 亿人民币，占比 19%/61%/10%/10%。上 半年毛利润同比增长 22%至 54 亿人民币。由于产品结构变化，公司 24H1 毛利率同比下滑 1pct 至 6.8%。单季度看，Q2 实现 421 亿人民币收入， 同比增长 41%，毛利率同比下滑 0.9pct 至 7.1%。Q1/Q2 公司归母净利 润分别为 6.1/9.1 亿元，同比+33%/-14%，归母净利润率 1.7%/2.2%。 下半年盈利性有望改善。我们认为公司下半年的盈利性有望受益于以下因 素：1）下半年为海外大客户的传统旺季，公司有望实现更好的产能利用率 从而改善盈利性；2）下半年为汽车市场的旺季，尤其中国市场 Q4 冲量， 而汽车业务的毛利率远好于公司整体的毛利率，有望拉动利 ...

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported a revenue of 46.86 billion yuan for the first half of 2024, a year-on-year decrease of 24.5%, and a net profit attributable to shareholders of 5.87 billion yuan, down 27.2% year-on-year [2] - The development business continues to face pressure, while diversified operations support performance; inventory reduction needs to accelerate, and the debt structure is improving [2] - The company’s sales for the first half of 2024 were 51.1 billion yuan, a decline of 48.1%, with over 90% of sales coming from first- and second-tier cities [2] Financial Performance Summary - Revenue breakdown for H1 2024: Development business revenue was 33.76 billion yuan (down 32.3%), operational business revenue was 6.61 billion yuan (up 4.3%), and service business revenue was 6.49 billion yuan (up 11.1%) [2] - The overall gross margin was 20.6%, a decrease of 1.8 percentage points year-on-year, primarily due to a 6.9 percentage point drop in the development business margin to 7.4% [2] - The company’s net profit forecast for 2024-2026 has been revised down to 10.93 billion yuan, 11.61 billion yuan, and 13.25 billion yuan respectively [2] Debt and Cash Flow - As of June 2024, the company’s total debt was 187.4 billion yuan, with a net debt ratio of 56.7% and a cash-to-short-debt ratio of 1.01 times [2] - The average loan term is 9.2 years, indicating a stable financial condition [2] Market Position and Future Outlook - The company plans to open approximately 10 new shopping malls in the second half of 2024, with a total of 91 malls in operation by mid-2024 [2] - The report suggests that despite current market pressures, the company is expected to maintain steady long-term growth due to its diversified business model [2]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Insights - The company reported a revenue of 46.86 billion yuan for the first half of 2024, a year-on-year decrease of 24.5%, and a net profit attributable to shareholders of 5.87 billion yuan, down 27.2% year-on-year [2]. - The development business continues to face pressure, while diversified operations support performance; inventory reduction needs to accelerate, and the debt structure is improving [2]. - The company’s sales in the first half of 2024 were 51.1 billion yuan, a decline of 48.1%, with over 90% of sales coming from first- and second-tier cities [2]. - The company has a total land bank of 41.41 million square meters, down 8.8% from the end of 2023, indicating a depleting inventory cycle of approximately 5.7 years [2]. - The company opened three new shopping malls in the first half of 2024 and plans to open about ten more in the second half [2]. - The average loan term has been extended to 9.2 years, with a net debt ratio of 56.7% and a cash-to-short-debt ratio of 1.01 times, indicating a stable financial condition [2]. Summary by Sections Financial Performance - Revenue for 2024 is projected at 158.81 billion yuan, with a decline of 12.1% year-on-year; net profit is expected to be 10.93 billion yuan, down 14.9% [5]. - The company’s gross profit margin is 20.6%, a decrease of 1.8 percentage points year-on-year, primarily due to a drop in the gross margin of the development business [2]. Debt and Cash Flow - As of June 2024, total borrowings were 187.4 billion yuan, down 5.2 billion yuan from the end of 2023, with cash reserves of 50.1 billion yuan [2]. - The company maintains a healthy financial status with a debt-to-asset ratio of 58.6% after adjustments [2]. Market Outlook - The report anticipates continued pressure on sales and profit margins in the real estate market, leading to a downward revision of profit forecasts for 2024-2026 [2]. - The current stock price corresponds to a price-to-earnings ratio of 4.9X for 2024, indicating a valuation that reflects the company's diversified and stable development [2].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][6][12] Core Views - The report highlights stable revenue and recovery in profitability, with expectations for expanded scale advantages [2][6] - The beverage segment, particularly tea drinks, has shown strong performance, contributing to overall profitability recovery [4][6] - The company has established scale advantages in its beverage business by focusing on core categories and optimizing marketing strategies [4][6] Summary by Sections Financial Performance - For the first half of 2024, the company reported total revenue of 415.50 billion (YOY -0.15%) and main business revenue of 412.01 billion (YOY +0.72%) [3][6] - The net profit attributable to shareholders reached 18.85 billion (YOY +15.12%), with a net profit margin increase of 0.57 percentage points [3][6] Beverage Business - The beverage segment achieved revenue of 270.65 billion (YOY +1.73%) with a compound annual growth rate (CAGR) of 5.54% from 2022H1 to 2024H1 [4][6] - The gross margin for the beverage business increased by 2.5 percentage points to 35.2%, leading to a profit increase of 26.9% to 11.15 billion [4][6] Instant Noodle Business - The instant noodle segment maintained stable revenue at 138.14 billion (YOY -0.98%) with an improved gross margin of 27.1% [6][8] - The company upgraded core products and expanded into high-potential products, adapting to changing consumer shopping habits [6][8] Financial Forecasts - Projected total revenues for 2024-2026 are 840.78 billion, 883.54 billion, and 914.66 billion respectively, with net profits of 37.25 billion, 41.94 billion, and 46.26 billion [5][6] - The report estimates EPS for 2024-2026 to be 0.66, 0.74, and 0.82 respectively, with a PE valuation range of 15-19 times for 2024E [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company's net profit has been under pressure, with a core net profit of 1.74 billion RMB in the first half of 2024, a decrease of 18.8% year-on-year, despite a revenue increase of 10.1% to 35.34 billion RMB [1] - The company has a sufficient amount of sold but unrecognized revenue, totaling 190.91 billion RMB, which supports future performance [1] - The company has maintained a healthy financial status with all "three red lines" indicators in the green zone, indicating a stable financial health [1] Financial Performance - In the first half of 2024, the company achieved a revenue of 35.34 billion RMB, a year-on-year increase of 10.1% [1] - The gross profit margin decreased to 13.7%, down 4.1 percentage points year-on-year, attributed to increased sales and marketing costs [1] - The average borrowing rate decreased to 3.57%, down 41 basis points year-on-year [1] Sales and Market Position - The company reported a sales amount of 55.4 billion RMB in the first half of 2024, a decline of 33.8% year-on-year, ranking ninth nationally [1] - In the Greater Bay Area, the company achieved a contract sales amount of approximately 26.11 billion RMB, accounting for 47.1% of total sales [1] Land Acquisition and Development - The company has expanded its land reserves through a diversified acquisition model, adding 12 plots of land with a total construction area of approximately 1.72 million square meters [1] - As of the first half of 2024, 94% of the company's land reserves are located in first- and second-tier cities, with the Greater Bay Area and Guangzhou accounting for 77.9% [1] Future Projections - Revenue projections for 2024-2026 are estimated at 83.97 billion RMB, 86.84 billion RMB, and 92.08 billion RMB, with year-on-year growth rates of 4.7%, 3.4%, and 6.0% respectively [1][2] - The projected PE multiples for 2024-2026 are 4X for both 2024 and 2025, and 3X for 2026 [1]

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors (2333 HK) with a target price of HKD 16.30, indicating a potential upside of 55.8% from the current price of HKD 10.46 [1][2][7]. Core Insights - Great Wall Motors has shown significant improvement in net profit and gross margin in Q2 2024, with a year-on-year increase in net profit of 224.4% to RMB 3.85 billion and a gross margin of 21%, up 4 percentage points year-on-year [1]. - The company is leveraging exports and product structure improvements to outperform its peers, with a 7% increase in sales volume in the first half of 2024, including a 62.1% increase in overseas sales [1][2]. - The introduction of new models and expansion in overseas markets are expected to further enhance sales and profitability [2]. Financial Performance Summary - For the first half of 2024, Great Wall Motors reported revenue of RMB 91.4 billion, a 30.7% increase year-on-year, and a net profit of RMB 7.1 billion, up 420% year-on-year [1][5]. - The company’s average selling price per vehicle increased by 22% year-on-year to RMB 165,000, with a gross profit per vehicle of RMB 34,000, reflecting a 50.4% increase year-on-year [1][5]. - Financial projections indicate continued revenue growth, with expected revenues of RMB 183.6 billion in 2024, representing a 6% year-on-year increase [8]. Market Position and Strategy - Great Wall Motors is focusing on increasing its export capabilities, having established production capacity in Russia, Thailand, and Brazil, and aims to achieve annual overseas sales of one million vehicles by 2030 [2]. - The company is also enhancing its product lineup with new models such as the Tank 700 Hi4-T and updated versions of the H6 and H9, which are expected to optimize its product mix [2]. Stock Performance - The stock has shown a year-to-date change of 3.16%, with a 52-week high of HKD 14.94 and a low of HKD 7.68, indicating volatility in its market performance [3].