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 ...

2024 年 08 月 29 日 公司研究 评级：增持(维持) 研究所： 证券分析师： 王宁 S0350522010001 wangn02@ghzq.com.cn 证券分析师： 张婉姝 S0350522010003 zhangws@ghzq.com.cn [Table_Title] 运营收入占比提升，应收账款加速回流 ——光大环境（00257）点评报告（港股美股） 事件: 最近一年走势 相对恒生指数表现 2024/08/29 表现 1M 3M 12M 光大环境 -1.1% -0.6% 31.7% 恒生指数 3.2% -3.7% -3.8% | --- | --- | |-------------------------|------------| | 市场数据 | 2024/08/29 | | 当前价格（港元） | 3.53 | | 52 周价格区间（港元） | 2.33-4.08 | | 总市值（百万港元） | 21,684.70 | | 流通市值（百万港元） | 21,684.70 | | 总股本（万股） | 614,297.53 | | 流通股本（万股） | 614,297.53 | | 日均成交额（百 ...

Investment Rating - The report maintains a "Hold" rating for Nongfu Spring (09633 HK) [5] Core Views - Nongfu Spring achieved revenue of RMB 22 173 billion in H1 2024, a YoY increase of 8 36% Net profit attributable to shareholders was RMB 6 24 billion, up 8 04% YoY [2] - Tea beverage business maintained strong growth momentum, contributing 38% of total revenue with RMB 8 43 billion in sales, up 59 5% YoY [3] - Packaged water segment was significantly impacted by public opinion, with revenue declining 18 3% YoY to RMB 8 531 billion [3] - Gross margin slightly decreased by 1 38 percentage points to 58 78% due to new product promotions and rising raw material costs [3] - The company continues to innovate with new product launches across various categories [3] Financial Performance - H1 2024 financial highlights: - Revenue: RMB 22 173 billion (+8 36% YoY) [2] - Net profit: RMB 6 24 billion (+8 04% YoY) [2] - Gross margin: 58 78% (-1 38pct YoY) [3] - Net margin: 28 14% (-0 08pct YoY) [3] - 2024-2026 financial forecasts: - Revenue: RMB 46 768/54 420/61 760 billion [4] - Net profit: RMB 12 968/15 358/17 647 billion [4] - EPS: RMB 1 15/1 37/1 57 [4] - P/E: 24/20/18x [4] Business Segments - Tea beverages: - Revenue: RMB 8 43 billion (+59 5% YoY) [3] - Contribution to total revenue: 38% (+12 2pct YoY) [3] - Packaged water: - Revenue: RMB 8 531 billion (-18 3% YoY) [3] - Contribution to total revenue: 38 47% (-12 5pct YoY) [3] - Other segments: - Functional drinks: RMB 2 55 billion (+3 8% YoY) [3] - Juice drinks: RMB 2 114 billion (+25 4% YoY) [3] - Others: RMB 548 million (-7 3% YoY) [3] Product Innovation - New product launches in H1 2024: - Packaged water: Pure water and edible ice [3] - Water-soluble C100: Blood orange flavor [3] - Teaπ: Jasmine lemon tea flavor [3] - Jianjiao: Calcium lactate and theanine flavors [3] Valuation Metrics - Current price: HKD 27 55 [5] - Market cap: HKD 138 705 06 million [5] - P/E (2024E): 24x [4] - P/B (2024E): 9 4x [4] - EV/EBITDA (2024E): 15x [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant recovery in revenue and net profit for 2024H1, driven by structural improvements in order demand and a substantial increase in gross margin [3] - The company is a leading vertically integrated knitwear manufacturer, with a notable increase in production efficiency and capacity utilization [3] Revenue and Profit Forecast - Total revenue for 2024E is projected at 27,521 million, with a year-on-year growth of 10.22% [2] - Net profit attributable to shareholders for 2024E is forecasted at 5,831 million, reflecting a year-on-year increase of 27.95% [2] - The earnings per share (EPS) for 2024E is estimated at 3.88 [2] Performance Highlights - The company achieved a revenue of 12.976 billion with a year-on-year increase of 12.2% and a net profit of 2.931 billion, up 37.8% [3] - The gross margin improved significantly to 29%, an increase of 6.6 percentage points year-on-year, due to enhanced production efficiency and capacity utilization [3] - The company declared an interim dividend of 1.25 HKD per share, with a payout ratio of 58.3% [3] Product and Market Analysis - The company experienced a volume increase of 20% in 2024H1, with a decline in average selling price (ASP) due to a shift in product mix towards lower-priced categories like underwear and casual wear [3] - Revenue growth by product category showed sportswear, casual wear, and underwear increasing by 7.6%, 20%, and 47.4% respectively [3] - Key clients include Uniqlo, Nike, Adidas, and Puma, with revenues of 3.4 billion, 3.24 billion, 2.33 billion, and 1.34 billion respectively [3] Capacity Expansion and Strategic Moves - The company is steadily ramping up production capacity in new factories in Cambodia and Vietnam, with a total workforce of 102,000 as of 2024H1 [3] - The acquisition of a fabric factory in Vietnam is expected to enhance fabric supply for overseas garment factories [3] Adjusted Profit Forecast - The net profit forecasts for 2024-2026 have been adjusted to 58.3 billion, 64.8 billion, and 71.9 billion respectively, with corresponding P/E ratios of 15, 14, and 12 [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company reported a revenue of 1.65 billion yuan for the first half of 2024, representing a year-on-year increase of 38.7%, while the net profit attributable to shareholders was 270 million yuan, up 14.9% year-on-year [2] - The revenue growth was driven by high increases in both revenue and gross profit, although the net profit growth was below expectations due to a decline in gross margin [2][3] - The company has expanded its management scale significantly, with a managed area of approximately 63.12 million square meters, a year-on-year increase of 29.6% [2] - The average property management fee remains high at 4.17 yuan per square meter per month, only slightly down from the previous year [2] - The 5S value-added services saw a substantial revenue increase of 158.5% year-on-year, driven by the growth in the "优居" service [2] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a revenue of 1.65 billion yuan, with a gross profit of 425 million yuan, reflecting a gross margin of 25.6%, down 1.1 percentage points year-on-year [2] - The net profit attributable to shareholders was 270 million yuan, with a significant increase in impairment losses on trade receivables and contract assets, which rose by 311.3% year-on-year [2][3] Management and Operations - The company has seen a qualitative expansion in management scale, with third-party management accounting for 57.7% of the total managed area, an increase of 1.2 percentage points from the end of 2023 [2] - The company reported that 65.2% of the newly managed area in the first half of 2024 came from third-party contracts [2] Cash Flow and Dividends - As of the first half of 2024, the company had cash and time deposits amounting to 2.84 billion yuan, a decrease of 8.13% from the end of 2023, but still maintaining a strong cash position [2] - The company has resumed distributing interim dividends, with a payout ratio of 60% [2] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 560 million yuan, 670 million yuan, and 750 million yuan, with year-on-year growth rates of 14.4%, 18.5%, and 12.0% respectively [3] - The stock is expected to trade at a price-to-earnings (P/E) ratio of 7.3x, 6.2x, and 5.5x for 2024-2026 [3]

华润置地（01109.HK） 做优经营性不动产业务，加速大资管转型步伐 1）不动产打造第二增长曲线，逆势中营收仍显亮色。2024H1 公司实现营 业额 791.3 亿元，同比增长 8.4%。其中，开发销售型业务营业额为 591.3 亿元，同比增长8.3%；经常性收入合计营业额200.0亿元，同比增长9.0%， 占比达 25.3%。经营性不动产业务方面，公司已然成为内资商业运营引领 者，以"万象系"购物中心为代表的投资物业为公司业绩增长贡献新动能， 既能有力支持主营业务获取资源产生协同效益，又能自主盈利贡献长期稳 定现金流，同时亦是公司估值差异化体现所在；2024H1 经营性不动产中 的购物中心/写字楼/酒店分别实现租金收入 95/9.5/10.4 亿元；其中购物 中心上半年如期开业 6 家，旗下在营购物中心已达 82 家，实现零售额（同 比+21.9%至 916 亿元）及出租率（较年底+0.8pct 至 97.3%）双增长。 2）开发毛利率承压，核心净利润稳健。上半年公司综合毛利率 22.3%； 其中开发业务毛利率受行业下行影响同比-4.6bp 至 12.4%，不动产业务 毛利率同比+0.2bp 达 71.5 ...

Investment Rating - The report maintains a "Buy" rating for Li Auto (02015 HK) with a target price of HKD 88 and a target market cap of RMB 1712 billion, corresponding to 14x 2025 P/E [2] Core Views - Li Auto demonstrated resilience in Q2 2024 with 109k units sold, up 25% YoY and 35% QoQ, despite intense competition [1] - Q2 revenue reached RMB 31 68 billion, up 11% YoY, with a gross margin of 19 5% (vehicle gross margin at 18 7%), exceeding expectations [1] - Q2 GAAP net profit attributable to shareholders was RMB 1 1 billion, down 52% YoY but up 86% QoQ, with a net margin of 3 5% [1] - The company expects Q3 2024 deliveries of 145-155k units, up 38 0%-47 5% YoY, and revenue of RMB 39 4-42 2 billion, up 13 7%-21 6% YoY [1] - Li Auto is rapidly advancing its autonomous driving capabilities, with OTA6 0 launched in July 2024, achieving a 99% penetration rate for smart driving features and over 1 11 billion km of NOA cumulative mileage [1] Business Outlook - Li Auto plans to expand its charging network to 2000+ supercharging stations and 10000+ supercharging piles by the end of 2024 [2] - The company expects to launch its first pure electric vehicle (excluding MEGA) in the first half of 2025, supported by improved infrastructure [2] - The proportion of car city stores increased to 31% by June 2024, up from 24% at the end of 2023, with a target to reach nearly 50% by year-end [2] Financial Projections - The report forecasts Li Auto's 2024-2026 sales at 500k, 630k, and 820k units, with total revenue of RMB 143 billion, RMB 169 2 billion, and RMB 220 3 billion, respectively [2] - GAAP net profit attributable to shareholders is projected at RMB 7 7 billion, RMB 10 4 billion, and RMB 13 9 billion for 2024-2026, with net margins of 5 4%, 6 2%, and 6 3% [2] - Non-GAAP net profit is expected to reach RMB 10 1 billion, RMB 12 2 billion, and RMB 16 billion for 2024-2026, with net margins of 7 1%, 7 2%, and 7 3% [2] Operational Highlights - Li Auto's Q2 2024 vehicle ASP decreased to around RMB 280k due to product mix changes [1] - The company's R&D and SG&A expense ratios narrowed QoQ due to economies of scale, but increased YoY due to investments in product expansion and technology [1] - City NOA daily active users increased nearly 8x, and average city NOA mileage per vehicle increased nearly 3x [1]

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company's performance in 1H24 was impacted by a decline in gross margin and impairment provisions, with revenue of 35.34 billion yuan (up 10.1% year-on-year) and a net profit attributable to shareholders of 1.83 billion yuan (down 15.9%) [1] - The management has set an annual sales target of 147 billion yuan, reflecting a year-on-year growth of 3.5%, despite the challenges faced in the first half of the year [1] - The company has a strong land reserve of 25.03 million square meters, with approximately 94% located in first and second-tier cities, providing a solid foundation for future sales [1] Financial Performance - In 1H24, the company reported a gross margin of 13.7% (down 4.0 percentage points) and a net profit margin of 5.2% (down 1.6 percentage points) [1] - The company’s total debt as of the end of the period was 110.24 billion yuan (up 10.4%), with a cash-to-short-term debt ratio of 1.53 times [1] - The average financing cost decreased to 3.57% (down 0.41 percentage points) [1] Sales and Market Position - The company achieved a contract sales amount of 55.4 billion yuan in 1H24 (down 33.7%), ranking 9th among the top 100 real estate companies in China, showing a slight improvement from the previous year [1] - As of July 2024, the company completed 41.1% of its annual sales target, indicating potential challenges in achieving the full-year goal [1] Land Acquisition Strategy - The company adopted a diversified land acquisition strategy, securing 12 plots of land with a total construction area of 1.722 million square meters, focusing on high-energy cities such as Shanghai, Beijing, Guangzhou, Hangzhou, Chengdu, and Hefei [1] - The management's commitment to maintaining the sales target despite market conditions reflects their confidence in the company's operational strategy and land reserves [1] Earnings Forecast - The report adjusts the earnings forecast for the company, projecting revenues of 86.78 billion yuan, 92.70 billion yuan, and 99.27 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 3.04 billion yuan, 3.10 billion yuan, and 3.21 billion yuan for the same years [2][7]

Investment Rating - The report maintains a "Buy" rating for the company [1][2][6] Core Insights - The company reported a revenue of 12.98 billion, a year-on-year increase of 12%, and a net profit attributable to shareholders of 2.93 billion, a year-on-year increase of 38%, with revenue below expectations but profit exceeding expectations. The proposed cash dividend payout ratio is 59% [1] - Growth in sports products and the U.S. market was below average, impacting the average selling price (ASP), which was the main reason for revenue falling short of expectations. By product, revenue growth for sports, leisure, underwear, and other knitted products was 8%, 20%, 47%, and 12% respectively. By market, revenue growth in China, Europe, the U.S., Japan, and other markets was 20%, 4%, 3%, 27%, and 7% respectively, with Japan experiencing rapid growth due to increased demand for leisure and underwear clothing [1] - The gross margin significantly improved, leading to a notable increase in profitability. The gross margin for the first half of 2024 increased by 6.5 percentage points to 29%, primarily due to improved overall capacity utilization and increased production efficiency at overseas factories. The net profit margin increased by 4.2 percentage points to 22.6% [1] - The company is steadily expanding its overseas capacity, with the workforce at the new garment factory in Cambodia reaching 18,000, meeting planned expectations, and production efficiency continuing to improve. The Ho Chi Minh City garment factory in Vietnam has hired approximately 2,200 additional employees. The company has also acquired land use rights and production equipment in Vietnam to expand fabric production capacity [1] - With the gradual completion of inventory destocking by downstream overseas brands by the end of 2023, the company's revenue has returned to a growth trend in 2024, with capacity utilization quickly recovering and strong profitability, reflecting the company's adaptability to changing market conditions and its core competitive advantages. Looking ahead to the second half of 2024, it is anticipated that capacity utilization will remain at an ideal level, with further improvement in gross margin [1] Financial Forecast and Investment Recommendations - Based on the interim report, the profit forecast has been adjusted, and earnings per share for 2024-2026 are expected to be 3.99, 4.49, and 5.04 yuan respectively, with a DCF target valuation of 108.43 HKD [2][6]