[Table_Title] 渠道改革显成效，H1 业绩+11% ——中国飞鹤 2024 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年中报。2024H1，公司实现收入 100.95 亿元（+3.70%），归母 净利 18.75 亿元（+10.56%）。公司拟派发中期股息，每股拟派发 0.1632 港元， 合计拟派发现金红利 14.80 亿港元，约合人民币 13.53 亿元，分红率 72.15%。 渠道改革见效，境内收入同比+3.72% 1）乳制品线上收入占比同比+1.00pct。2024H1，公司线下、线上收入分别为 77.53、23.42 亿元，同比+2.36%、+8.37%，线上收入占比为 23.20%，同比 +1.00pct，线下收入增长稳健，24H1 末公司拥有 2,800 多名线下客户，覆盖超 8 万个零售销售点。 2）境内收入增长稳健。2024H1，公司在中国、美利坚合众国、加拿大的收入 分别为 99.87、0.81、0.26 亿元，同比+3.72%、-23.21%、NA。2023 年，公 司提前去渠道库存、积极推动渠道改革，并于 2024/2/26 上线电子 ...

Investment Rating - The report maintains a "Buy" rating for Mengniu Dairy (2319.HK) [2][5] Core Views - The company reported a total revenue of 44.671 billion yuan for H1 2024, a decrease of 12.61% year-on-year, and a net profit attributable to shareholders of 2.446 billion yuan, down 19.03% year-on-year. The company also announced a share buyback plan of up to 2 billion HKD over the next 12 months, reflecting confidence in its operations [3][4] - Despite a temporary decline in dairy products due to high inventory, Mengniu Dairy is actively managing costs, with management expenses down 11.14% year-on-year. The gross profit margin improved to 40.26%, up 1.86 percentage points year-on-year, primarily due to a decrease in raw milk prices [3][4] Summary by Sections Financial Performance - In H1 2024, revenue from liquid milk, ice cream, milk powder, cheese, and other products was 36.262 billion, 3.371 billion, 1.635 billion, 2.114 billion, and 1.288 billion yuan respectively, with year-on-year changes of -12.92%, -21.75%, -13.67%, -6.28%, and +26.35% [3] - The company's net profit margin for H1 2024 was 5.48%, a decrease of 0.43 percentage points year-on-year, attributed to increased sales expenses and other expenditures [3] - The operating profit margins for liquid milk, ice cream, milk powder, cheese, and other products were 7.04%, 11.41%, 1.44%, 5.61%, and 7.43% respectively, with notable increases in milk powder and cheese margins [3] Market Position and Strategy - In the short term, the dairy industry is experiencing a downturn due to oversupply and high inventory. However, as a leading player, Mengniu Dairy is innovating and expanding its product categories to meet diverse consumer needs, which is expected to facilitate a quicker recovery [4] - In the medium to long term, the company is expected to enhance its market share due to its leading channel advantages and rapid product iteration [4] Profit Forecast - The forecasted net profits for 2024, 2025, and 2026 are 4.211 billion, 4.621 billion, and 4.985 billion yuan respectively, with year-on-year growth rates of -12.43%, 9.74%, and 7.87% [5][9]

Investment Rating - Buy (Maintained) [2] Core Views - Yihai International achieved revenue of RMB 2.927 billion in H1 2024, a YoY increase of 11.9%, with net profit attributable to shareholders of RMB 308 million, a YoY decrease of 13.8%, and adjusted net profit (excluding exchange gains/losses and government subsidies) of RMB 299 million, a YoY increase of 4.5%, meeting market expectations [2] - The company plans to distribute dividends of RMB 293 million for H1 2024, with a dividend payout ratio of 95.1% [2] - Revenue from third-party customers improved YoY, with significant growth in online and overseas markets expected in 2024 [3] - The company's profitability is expected to improve in H2 2024, driven by better performance in hotpot seasoning and new product launches [4] Revenue Breakdown by Product - Hotpot seasoning revenue reached RMB 1.747 billion, a YoY increase of 5.6%, with third-party and related-party revenue growing by 5.6% and 5.7% respectively [3] - Chinese-style compound seasoning revenue was RMB 454 million, a YoY increase of 24.4%, with third-party and related-party revenue growing by 24.1% and 29.9% respectively [3] - Instant food revenue reached RMB 700 million, a YoY increase of 22.2%, with third-party and related-party revenue growing by 14.5% and 167.7% respectively [3] Revenue Breakdown by Channel - Related-party revenue was RMB 989 million, a YoY increase of 11.5%, while third-party revenue was RMB 1.938 billion, a YoY increase of 12.1% [3] - Within third-party revenue, distributors (including catering and food companies) contributed RMB 1.758 billion, a YoY increase of 12.0%, while e-commerce (flagship stores) contributed RMB 175 million, a YoY increase of 12.4% [3] Profitability and Costs - Gross margin was 30.0% in H1 2024, a YoY decrease of 0.5 percentage points, mainly due to price adjustments for related-party sales [4] - Sales expense ratio was 12.0%, a YoY increase of 2.9 percentage points, driven by increased marketing expenses (advertising expenses increased by 140% YoY) and higher logistics costs [4] - Management expense ratio was 4.8%, a YoY decrease of 0.6 percentage points [4] Future Outlook - The company is expected to see improved performance in hotpot seasoning in H2 2024, with new product launches such as Yunnan wild mushroom base and seafood dipping sauce [4] - Overseas market expansion is a key focus, with the company targeting halal and Middle Eastern markets, supported by production centers in Southeast Asia and a new factory in Thailand [4] - The company has adjusted its "partner" incentive mechanism, which is expected to drive performance in H2 2024 [4] Financial Forecasts - Revenue is expected to grow to RMB 6.841 billion in 2024, RMB 7.702 billion in 2025, and RMB 8.498 billion in 2026, with YoY growth rates of 11.3%, 12.6%, and 10.3% respectively [6] - Net profit attributable to shareholders is forecasted to be RMB 863 million in 2024, RMB 1.007 billion in 2025, and RMB 1.115 billion in 2026 [6] - EPS is expected to be RMB 0.71 in 2024, RMB 0.82 in 2025, and RMB 0.83 in 2026 [6] Valuation - The current stock price implies a 2024 PE ratio of 12x [5] - The company's long-term growth potential is supported by brand building, product matrix expansion, and market and channel development [5]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a 11.9% year-on-year increase in main business revenue to 2.927 billion yuan for the first half of 2024, while net profit attributable to shareholders decreased by 13.8% to 308 million yuan [3] - The ready-to-eat food segment has shown signs of recovery, with a 22.2% year-on-year increase in revenue, driven by a 39.9% increase in volume [3] - The company has strengthened online marketing efforts to attract younger consumers, resulting in a 2.87 percentage point increase in sales expense ratio to 12.0% [4] - The gross profit margin decreased by 0.54 percentage points to 30.0% due to price adjustments in hot pot base products [3][4] Summary by Sections Financial Performance - For the first half of 2024, the company achieved a main business revenue of 2.927 billion yuan, with a year-on-year growth of 11.9% [3] - The net profit attributable to shareholders was 308 million yuan, reflecting a decrease of 13.8% year-on-year [3] - The gross profit margin for the first half of 2024 was 30.0%, down from the previous year [3] Product Performance - Hot pot seasoning revenue increased by 5.6% year-on-year, with volume growth of 21.4% and price decline of 12.9% [3] - Compound seasoning revenue saw a significant increase of 24.4% year-on-year, driven by new product launches [3] - The ready-to-eat food segment's revenue increased by 22.2% year-on-year, with a notable 167.7% increase in revenue from related parties [3] Market Strategy - The company has enhanced its online marketing strategies, including collaborations and promotional events, to engage younger consumers [4] - The sales expense ratio increased due to higher online marketing and transportation costs [4] Earnings Forecast - The company is expected to achieve EPS of 0.83, 0.93, and 1.03 yuan per share for 2024, 2025, and 2026 respectively [5] - Based on comparable company valuations, a P/E ratio of 16-20 times is projected for 2024, corresponding to a reasonable value range of 13.26-16.58 yuan per share [4][5]

[Table_StockNameRptType] 蒙牛乳业（02319） 港股点评 蓄力长期，回购彰显信心 ——蒙牛乳业 24H1 业绩点评 主要观点： ⚫[Table_Summary] 公司发布 2024H1 业绩： ➢ H1：营业收入446.71亿（-12.6%），归母净利润24.46亿（-19.03%）， ➢ 回购：计划于未来 12 个月内，根据市场情况，进行最高达 20 亿港 元的股份回购。 ⚫ 收入端主动调整库存 ➢ 24H1 公司实现营业收入 446.71 亿，同比-12.6%。分品类来看， 液态奶 H1 收入为 362.62 亿元，同比-12.9%，公司 Q2 以来主动 调整库存，常温白奶需求相对较弱，鲜奶品类挑战较大，但每日鲜 语品类逆势增长。 ➢ 冰淇淋/奶粉/奶酪 H1 营业收入分别为 33.71/16.35/21.14 亿元，同 比分别-21.8%/-13.7%/-6.3%，国内冰淇淋行业面临去库存压力， 影响 Q2 旺季销售，东南亚销售优于国内。奶粉品类受出生率等因 素影响收入，未来关注成人粉市场及功能线产品。奶酪方面，7 月 蒙牛奶酪注入妙可蓝多交易完成。 ➢ 大 B 端市场拓展，努 ...

证 券 研 究 报 告 快手-W（01024.HK）2024Q2 财报点评 推荐（维持） 盈利释放节奏或将持续，AI 矩阵优化经营 目标价：62.12 港元 当前价：39.40 港元 事项： ❖ 公司发布 24Q2 季报，总营收实现 309.75 亿元（yoy+11.6%），毛利率 55.3% （去年同期 50.2%），净利润 39.80 亿元 yoy+168.7%，经调整净利润 46.79 亿 元，yoy+73.7%，创单季历史新高。 评论： ❖ 持续打造精细化运营策略，流量的基本盘稳健。当前短视频用户基数大、渗透 率高，公司继续深化高质量用户增长策略，通过流量分配机制升级和用户洞察 探索，在提升营收的同时也在保护用户体验。24Q2 实现 DAU3.95 亿 （yoy+5.1%），MAU6.92 亿（yoy+2.7%），用户日均使用时长达 122 分钟 （yoy+4.0%），预计 DAU 在年内将突破 4 亿。此外，公司也在提升用户维系 投入的 ROI，实现用户流量端的高质量成长。 ❖ 商业化的两架马车继续拉动收入增速，在市场竞争中保持差异化优势。收入拆 分来看：①24Q2 的广告收入达 175.2 亿元（ ...

| --- | --- | |------------------------------------------------------------|-----------| | 股票数据 | | | 8 [ T 月 ab 29 le 日 _S 收 t 盘 oc 价 kI （ nf H o K ] D） | 1.51 | | 52 周股价波动（ HKD） | 1.42-2.03 | | 总股本（亿股） | 23.28 | | 总市值 / 流通市值（亿 HKD ） | 35/35 | | 相关研究 | | [《Ta营bl收e_回R暖ep，or线tIn下fo门] 店 提 升 经 营 质 量》 2024.04.06 事件：公司披露 2024 年中期业绩公告，其中实现营业收入 12.60 亿元 （YOY-10.97%），实现归母净利润 0.33 亿元（YOY-67.65%）。 市场表现 [Table_QuoteInfo] 后疫情时代营收稳健恢复，成本上升阶段性影响盈利。24H1 上半年，消费环 境尚未明显恢复，外部需求不振，销售量下降，公司营业收入同比下降 10.97%。 由于产品产销量下降，同时鸭副原材料价格明显 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 3.064 billion HKD for the first half of 2024, representing a year-on-year increase of 6.42%. However, the operating profit at the store level decreased by 31.7% to 393 million HKD, and the adjusted net profit fell by 68.88% to 77.154 million HKD [5]. - The company is facing pressure on customer traffic and average spending, with same-store sales declining across its brands. The company is adjusting its brand structure and exploring potential opportunities for expansion [5][6]. - The company is focusing on building a central kitchen to enhance supply chain capabilities and reduce costs, which is expected to improve profitability in the future [6]. Summary by Sections Revenue and Profitability - In the first half of 2024, the company achieved a revenue of 3.064 billion HKD, up 6.42% year-on-year. However, the operating profit decreased by 31.7% to 393 million HKD, and the adjusted net profit dropped by 68.88% to 77.154 million HKD [5]. Operational Performance - The company’s brands, including Tai Er, Song Hot Pot, and Jiu Mao Jiu, experienced a decline in table turnover rates and average spending. The table turnover rates were 3.8, 2.9, and 2.8 times per day, showing a year-on-year decrease of 0.5, 1, and flat respectively. Average spending per customer decreased by 5.3%, 9.1%, and 5.1% for the respective brands [5]. Store Expansion and Brand Structure - The company opened 59 new restaurants in the first half of 2024, including 38 Tai Er restaurants and 13 Song Hot Pot restaurants. The company plans to sell three restaurants and has adjusted its annual opening expectations [5]. Profit Margin and Cost Structure - The cost of raw materials and consumables accounted for 35.8% of total revenue, while employee costs rose to 29.2%. The restaurant-level profit margin and adjusted net profit margin were 13% and 2.5%, respectively, both showing a decline compared to the previous year [6]. Future Outlook - Revenue forecasts for 2024-2026 are projected at 6.277 billion, 7.225 billion, and 8.336 billion HKD, with net profits of 179 million, 239 million, and 305 million HKD respectively [6].

Investment Rating - The report maintains a "Recommend" rating for Beautiful Land Medical Health (2373 HK) [1] Core Views - Beautiful Land Medical Health achieved revenue of RMB 1 138 billion in H1 2024 a YoY increase of 9 7 with a gross margin of 47 0 up 0 84 pct YoY and adjusted net profit of RMB 132 million a YoY increase of 0 5 [1] - The company's beauty and wellness business showed steady growth with revenue of RMB 622 million in H1 2024 a YoY increase of 13 6 while the sub-health business revenue surged by 50 0 to RMB 74 million [1] - The company completed the acquisition of Nai Rui Er expanding its total number of stores to over 550 and upgrading its business model from "Three Beauty" to "Double Beauty + Double Health" [1] Financial Performance - Revenue for 2024E is projected at RMB 2 605 billion a YoY increase of 21 4 with net profit attributable to the parent company expected to reach RMB 238 million a YoY increase of 10 2 [1][2] - The company's gross margin for H1 2024 was 46 95 a YoY increase of 0 84 pct while the net margin was 11 08 a YoY decrease of 0 60 pct [1] - The EPS for 2024E is forecasted at RMB 1 01 with a P E ratio of 15x [2] Business Segments - Beauty and wellness services contributed RMB 622 million in H1 2024 with direct-operated stores generating RMB 564 million a YoY increase of 11 2 and franchise stores contributing RMB 58 million a YoY increase of 43 8 [1] - Medical beauty services revenue was RMB 441 million in H1 2024 a slight YoY increase of 0 3 with active members increasing by 12 1 to 19 000 [1] - Sub-health services revenue reached RMB 74 million in H1 2024 a YoY increase of 50 0 with per capita spending of active members increasing by RMB 2 835 to RMB 15 000 [1] Store Expansion - As of H1 2024 the company had a total of 409 stores including 376 beauty and wellness stores 24 medical beauty stores and 9 sub-health stores [1] - The acquisition of Nai Rui Er added 150 stores bringing the total number of stores to over 550 [1] Strategic Initiatives - The company strategically expanded its health product SKUs and partnered with French LPG to launch the LPG® BF+ program [1] - The acquisition of Nai Rui Er is expected to enhance the company's market coverage brand influence and operational efficiency through economies of scale [1] Financial Projections - Revenue for 2025E is projected at RMB 3 128 billion a YoY increase of 20 1 with net profit attributable to the parent company expected to reach RMB 285 million a YoY increase of 20 0 [2] - Revenue for 2026E is projected at RMB 3 576 billion a YoY increase of 14 3 with net profit attributable to the parent company expected to reach RMB 330 million a YoY increase of 15 8 [2]

证券研究报告 港股公司|公司点评|中国民航信息网络（00696） 航空景气度回升，业绩上行逐步兑现 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月30日 证券研究报告 |报告要点 公司发布 2024 半年报，2024H1 实现收入 40.4 亿元，同比+22.2%；实现归母净利润 13.7 亿 元，同比+13.9%。 |分析师及联系人 李蔚 曾智星 SAC：S0590522120002 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年08月30日 中国民航信息网络(00696) 航空景气度回升，业绩上行逐步兑现 | --- | --- | |----------------------------|-----------------| | | | | 行 业： | 计算机/软件开发 | | 投资评级： | 买入（维持） | | 当前价格： | 9.19 港元 | | 基本数据 | | | 总股本 / 流通股本(百万股 ) | 2,926.21/932.56 | | 流通市值 ( 百万港元 ) | 8,570.24 | | 每股净资 ...