交银国际研究 消息快报 优必选 (9880 HK) 人形机器人技术再突破，应用场景拓展初见成效 收入持续增长，亏损微缩。1H24 优必选（未评级）实现营业收入 4.87 亿元 （人民币，下同），同比增长 86.6%；毛利 1.85 亿元，同比增长 213.8%；毛 利率提升 15.4 个百分点至 38.0%。费用率方面，销售/管理/研发费用率分别下 降 23.1/25.9/39.2 个百分点至 47.9%/44.1%/46.7%。净亏损较去年同期减少 810 万元至 5.4 亿元。 其它产业定制智能机器人业务持续高增，行业拓展初见成效。1H24 教育机器 人/消费级机器人收入同比增长 113.0%/105.4%至 1.61 亿/1.75 亿元，毛利率同 比增加14.9/13.8 个百分点至50.7%/30.3%。物流机器人收入同比下降22.4%至 5956 万元，营收占比下降 17.2 个百分点至 12.2%，毛利率下降 6.3 个百分点至 6.1%。其他产业定制智能机器人收入大增 308.5%至 9088 万元，收入占比同比 提升10.1个百分点至18.7%，表明公司正在加速推进商用服务机器人在各行业 中的 ...

事件： 截至 2024 年 6 月 30 日止六个月，实现收益 24.98 亿港元，同比减少 27%；毛利为 14.06 亿港元，同比减少 37%；公司拥有人应占溢利 8.37 亿港元，同比减少 32%；基本每股盈利 17.00 港仙，拟派中期股 息每股普通股 9 港仙。 相关报告 点评观点： ➢ 产量暂时下跌影响单位成本： 上半年公司收入和利润减少主要因为精焦煤量价齐跌加上生产成本 上升。期内精焦煤销量同比下跌 25%、精焦煤的平均实现售价同比下 跌 2%。期内公司原焦煤產量同比下跌 15%，折摊费用增加 30%至 96 元/吨，受此影响，上半年公司原焦煤生产成本增加 53 元/吨至 453 元 /吨，同比增长 13%。 ➢ 明年产量有望恢复至 500-525 万吨： 期内公司原焦煤产量约 225 万吨，同比减少 15%；而因入洗原焦煤产 量减少及回收率下降，精焦煤产量约 129 万吨，同比下跌 31%。因为 公司兴无矿进入下组煤联合试运转，上组煤关闭影响上半年产量，公 司调低 2024 年全年原焦煤产量指引为 480-525 万吨。目前兴无矿下 组煤工程完工并顺利投产，预期明年产量有望恢复至 500-52 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company has significantly reduced losses and is expected to grow by providing a one-stop solution for users through fitness content and sports products [1]. - For H1, the company reported revenue of 1.04 billion RMB, a 5.4% increase year-on-year, with adjusted net loss of 160 million RMB, improving from a loss of 220 million RMB in the same period last year [2]. - The forecast for adjusted net profit for 2024-2026 is -267 million, -56 million, and 81 million RMB respectively, indicating a gradual recovery [2]. Summary by Sections Revenue Performance - H1 revenue breakdown: - Own brand sports products: 501 million RMB (+7.5%) due to increased wholesale channels and sales of fitness equipment and apparel - Online membership and paid content: 437 million RMB (-2.6%) due to a decline in virtual sports event revenue - Advertising and others: 989 million RMB (+42.4%) due to the integration of online and offline advertising business [2]. User Engagement - Average monthly active users reached 29.66 million (+0.4%), with subscription members at 3.282 million (+8.8%), solidifying the company's leading position in the industry - Subscription penetration rate improved to 11.1% (+0.9 percentage points) [2]. Profitability and Cost Structure - H1 gross margin was 46% (+3 percentage points), with own brand sports products at 31.5% (+3.6 percentage points) - Adjusted loss rate was -15.5% (+16.4 percentage points) - Cost structure improved with a reduction in expense ratio to 64.8% (-5.95 percentage points) [2]. Product Development and Future Outlook - The company continues to iterate its own brand matrix and plans to explore overseas AI markets - New product launches include the Keep Watch Pilot 1 smart sports watch and significant upgrades to the Keep App [2]. - The number of exclusive courses for members increased to 5,595 (+136%), with workout sessions increasing by over 70% [2].

证 券 研 究 报 告 朝云集团（6601.HK）2024 年中报点评 推荐（维持） 盈利能力提升，宠物门店高质量发展 目标价：2.6 港元 事项： ❖ 据公告，公司 2024 上半年实现营业收入 12.5 亿元，同比增长 10.3%；实现归 母净利润 1.8 亿元，同比增长 31.5%。公司拟宣派中期股息 0.0538 元/股，派 息率 40%，保持稳定。 评论： ❖ 分品类看，家居护理品类稳健增长，宠物品类高质量拓店。作为业务基本盘， 2024 上半年公司家居护理业务实现营业收入 11.6 亿元，同比增长 11.5%，毛 利率 46.4%，yoy+5.2pct，系公司不断提升杀虫驱蚊、家居清洁的品牌认可度， 推出具有差异化、强功效性、成分健康的大单品，带动业务盈利能力提升；宠 物品类实现营收 0.48 亿元，同比增长 5.3%，毛利率 49.5%，yoy+4.1pct，明显 改善。公司发布宠物线下实体门店服务业态战略布局，全国开启火速开店，截 至 24 年 6 月 30 日在深圳、上海、杭州、成都、广州等城市开设 46 家门店（其 中爪爪喵星球 20 家，米乐乖乖 26 家），提供宠物活体售卖、猫咖、宠物 ...

[ T able_StockInfo] 2024 年 08 月 29 日 证券研究报告•2024 年半年报点评 当前价：3.61 港元 科济药业-B（2171.HK）医疗保健 目标价：——港元 赛恺泽上市，CT041 计划 2025 年上半年提交 NDA [Table_Summary 事件：公司发布] 2024年半年度报告，实现收入 634万元，净亏损为 3.5亿元， 较 2023 年上半年 4 亿元减少 0.5 亿元。截至 2024 年 6 月 30 日，现金及现金 等价物为 16.5 亿元。其中赛恺泽®的主要收入是以出厂价格进行计算。公司收 入于完成商品的出厂交付后确认。由于 CAR-T产品生产存在必需的时间周期， 这导致从华东医药获得的订单数量与出厂交付的数量存在一定的时间差异。 核心品种赛恺泽®获批上市，截至 7月末累计从华东医药获得 52份订单。赛恺 泽（泽沃基奥仑赛注射液，CT053）于 2024 年 3月 1日获国家药监局批准上市， 用于治疗复发或难治性多发性骨髓瘤成人患者，既往经过至少 3 线治疗后进展 （至少使用过一种蛋白酶体抑制剂及免疫调节剂）。截至 2024年 7月 31日，赛 恺泽®被 ...

公 司 研 究 理想汽车-W（02015.HK） 2024 年 08 月 30 日 增程平台力争稳中有升，跟踪纯电平台改良进展 ——港股公司信息更新报告 股价走势图 -80% -60% -40% -20% 0% 20% 2023-08 2023-12 2024-04 2024-08 理想汽车-W 恒生指数 数据来源：聚源 相关研究报告 《增程矩阵力求企稳回升，纯电战略 有待整装再出发—港股公司信息更新 报告》-2024.5.21 《新车周期启动、组织管理优秀驱动 业绩高成长—港股公司信息更新报 告》-2024.2.27 《Mega 强化品牌力，待格局明朗驱动 单车利润企稳—港股公司信息更新报 告》-2023.11.15 一年最高最低(港元) 182.90/68.650 总市值(亿港元) 1,552.26 流通市值(亿港元) 1,457.00 总股本(亿股) 21.22 流通港股(亿股) 19.92 近 3 个月换手率(%) 32.73 增程平台力争稳中有升，跟踪纯电改良进展以提升下一款爆品确定性 基于公司车型产品结构低于我们此前预期，将公司 2024-2026 年收入预测由 1350/1682/2141 亿元 ...

Investment Rating - The investment rating for BYD Electronics is "Buy" (maintained) [3] Core Views - The growth outlook for 2025 is boosted by the server and robotics business, despite a decline in household storage business impacting net profit forecasts for 2024-2026 [3] - The net profit estimates have been revised down to 4.2 billion, 4.9 billion, and 5.8 billion RMB for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 3%, 18%, and 17% [3] - The current stock price of 27.65 HKD corresponds to a PE ratio of 13.8, 11.7, and 10.0 for the years 2024-2026 [3] Financial Summary - In Q2 2024, the company's total revenue was 42.1 billion RMB, a year-on-year increase of 41%, primarily driven by assembly business growth [6] - The net profit for Q2 2024 was 0.91 billion RMB, a year-on-year decrease of 14%, mainly due to the decline in household storage business [6] - The gross margin for Q2 2024 decreased by 1.2 percentage points to 6.8% [6] Business Outlook - The server and robotics sectors are expected to enhance mid-term growth potential, with improvements in profit margins from the Jabil-related business due to effective cost management [7] - The automotive electronics business is anticipated to recover in H2 2024, driven by the introduction of high-priced models and new product lines [7] - The collaboration with NVIDIA is expected to enhance the company's capabilities in server assembly and AMR robotics, potentially leading to higher profitability [7]

康方生物（9926.HK）2024 年半年报点评 依沃西获批助力销售增长，管线丰富研发进展不断 2024 年 08 月 30 日 [盈利预测与财务指标 Table_Forcast] ➢ 产品销售收入持续增长。8 月 29 日，康方生物发布 2024 年中期业绩公告。 截止 6 月 30 日，公司实现总收入 10.25 亿元，其中产品销售收入 9.39 亿元， 同比增长 23.96%，许可费收入 8531.8 万元；实现毛利 9.43 亿元，其中产品销 售毛利 8.58 亿元，同比增长 26.03%；上半年公司亏损 2.49 亿元。 ➢ 依沃西单抗获批上市，期待头对头 K 药数据公布。公司依沃西单抗于 2024 年 5 月获批上市，用于治疗 EGFR TKI 耐药的 EGFR 突变型局部晚期或转移性非 鳞状 NSCLC。获批一周内，依沃西单抗实现首批发货，截至 6 月 30 日实现销售 收入 1.03 亿元。2024 年 5 月底，依沃西单抗头对头 K 药单药治疗一线 PD-L1 阳性 NSCLC 的 III 期临床获得阳性结果，7 月公司提交该适应症的 sNDA，期待 公司在 WCLC 大会上公布该项试验的完 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown significant growth in H1 2024, with revenue reaching 2.221 billion HKD (up 26.7% year-on-year) and net profit of 205 million HKD (up 127.4% year-on-year). The adjusted net profit was 237 million HKD (up 110% year-on-year). This growth is attributed to new games and increased user engagement on TapTap [4] - The company maintains its profit forecasts for 2024-2026, expecting net profits of 783 million HKD, 1.137 billion HKD, and 1.246 billion HKD respectively, with corresponding EPS of 1.6, 2.4, and 2.6 HKD. The current stock price corresponds to PE ratios of 11.1, 7.6, and 7.0 times for the respective years [4] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 2.221 billion HKD, with a year-on-year increase of 26.7%. The game business revenue grew to 1.486 billion HKD (up 29.3% year-on-year), driven by new games such as "Starting Muffin" and "Sword of Lily" [4] - TapTap's revenue reached 734 million HKD (up 21.7% year-on-year), benefiting from increased monthly active users and demand from game advertisers [4] Game Launches and Contributions - "Starting Muffin" became the largest revenue contributor in H1 2024, with overseas revenue of 618 million HKD (up 65% year-on-year). The game was launched in mainland China on May 15, 2024, and is expected to contribute to revenue growth in the second half of the year [5] - New games such as "Heart Town" and the international version of "Sword of Lily" are expected to continue driving performance growth [5] User Growth and TapTap Platform - TapTap's monthly active users reached 43.24 million (up 27.3% year-on-year), primarily due to the launch of several major new games. The platform's user base is expected to continue growing with the release of new titles [6] - The company limited ad loading rates in H1 2024 to enhance user experience, which is expected to support long-term growth and monetization potential for the platform [6]

公 司 研 究 2024 上半年业绩快速增长，内生及外延顺利推进 海吉亚医疗（06078.HK） 2024 年 08 月 30 日 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/8/30 | | 当前股价 ( 港元 ) | 19.580 | | 一年最高最低 ( 港元 ) | 51.750/18.360 | | 总市值 ( 亿港元 ) | 123.65 | | 流通市值 ( 亿港元 ) | 123.65 | | 总股本 ( 亿股 ) | 6.32 | | 流通港股 ( 亿股 ) | 6.32 | | 近 3 个月换手率 (%) | 34.21 | 股价走势图 -60% -40% -20% 0% 20% 40% 2023-08 2023-12 2024-04 海吉亚医疗 恒生指数 数据来源：聚源 相关研究报告 《2023 年业绩快速增长，内生及外延 持续推进—港股公司信息更新报告》 -2024.3.28 《持续验证行业整合能力，内生外延 不断打开成长空间—港股公司信息更 ...