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 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant profit growth driven by both new and existing products, with a notable increase in revenue and net profit [1] - The company reported a revenue of HKD 30.75 billion, a year-on-year increase of 5.87%, and a net profit of HKD 3.88 billion, up 158.59% year-on-year [1] - The report highlights a substantial decrease in expenses, leading to a rapid recovery in profits, with a total expense ratio of 56.98%, down 13.38 percentage points year-on-year [1] - The oncology segment generated revenue of HKD 11.41 billion, a year-on-year increase of 25.3%, while the central nervous system segment saw revenue of HKD 8.23 billion, up 20.9% [1] - The company has received approvals for five products in China and the U.S. during the reporting period, enhancing its product portfolio [1] Financial Performance Summary - Revenue projections for 2024-2026 are estimated at HKD 68.12 billion, HKD 83.98 billion, and HKD 99.23 billion, with year-on-year growth rates of 11%, 23%, and 18% respectively [2] - Net profit forecasts for the same period are HKD 7.76 billion, HKD 12.41 billion, and HKD 15.94 billion, with growth rates of 46%, 60%, and 28% respectively [2] - The company’s gross margin is expected to improve from 68.44% in 2023 to 71.50% in 2024, reaching 73.79% in 2025 [3] - Return on equity (ROE) is projected to increase from 4.25% in 2023 to 10.14% by 2026 [3] Product Development and Market Position - The company is focusing on expanding its product matrix, with new products like Erzofri and 金悠平 receiving market approvals [1] - The report indicates that the company is well-positioned for growth in the central nervous system and oncology markets, with a clear path for future revenue generation [1][2]

Investment Rating - The report maintains a Neutral rating for the company, with a target price adjusted to HKD 21.00 from HKD 30.00, indicating a potential upside of 3.7% [1][3]. Core Insights - The company's performance in the first half of 2024 was under pressure due to organizational restructuring and strategic adjustments, leading to a projected 14% year-on-year decline in revenue for the full year [1][2]. - Despite the short-term challenges, the company is expected to recover in 2025, with revenue and profit projected to increase by 17% and 53% year-on-year, respectively, reaching historical highs [1][2]. - The gross margin is expected to improve, with a forecasted gross margin of 3.5% for 2024, up 0.5 percentage points year-on-year, driven by optimization of product categories and reduction of low-efficiency businesses [2][5]. Financial Performance Summary - For the first half of 2024, the company reported revenue of RMB 32.856 billion, a decrease of 24% year-on-year, primarily due to a contraction in market demand and strategic adjustments [2][5]. - The adjusted net profit for the first half of 2024 was RMB 1.3 billion, corresponding to a net profit margin of 0.4% [2][5]. - The company’s trading business saw a revenue decline of 25%, while service business revenue increased by 12% [2][5]. - The forecast for 2024 includes total revenue of RMB 71.218 billion, a decrease of 16.5% from previous estimates, with a projected operating profit of RMB 603 million [3][9]. Revenue Breakdown - The trading business is expected to generate RMB 70.381 billion in 2024, down 16.7% from previous forecasts, while service business revenue is projected at RMB 737 million [3][9]. - The company aims to focus on deepening brand partnerships and expanding into new categories such as cleaning and new energy products [2][5].

交银国际研究 公司更新 协鑫科技 (3800 HK) 业绩低于预期，产线优化完成后成本将大幅下降 业绩低于预期，产线优化完成后成本将大幅下降：公司上半年归母净亏损 14.8 亿元，略超业绩预告的 14.5 亿元，其中 2 季度 15.1 亿元，低于我们预 期。上半年颗粒硅产量/出货量 13.6/12.6 万吨（2 季度 7.1/6.1 万吨，环比 +8%/-6%），吨销售均价 4.03 万元（我们测算 2 季度 3.1-3.2 万元），生产 成本则由于开工率较低而偏高，同时硅片业务也由于售价大跌而毛利亏 损，导致光伏材料分部毛利率-6.6%，并计提 8.2 亿元存货减值。公司 5 月 启动对颗粒硅产线的系统优化工程，尽管导致开工率短期下降但生产指标 实现了大幅优化，随着优化完成，9 月将开始增产，年底前将满产，届时 吨现金成本将降至 3 万元以下，远低于棒状硅龙头的约 4 万元。颗粒硅质 量继续提升，N 型（901A 及以上）比例 7 月已超 96%，并受到客户高度认 可，目前库存低于两周，为行业最低。公司硅烷气产能位居全球第一，外 售量目前占全国 1/3，且拥有碾压性的成本优势，随着需求快速增长，将 成为新 ...

Investment Rating - The investment rating for the company is Neutral [2][7]. Core Insights - The company reported a revenue of 1.6 billion RMB in the first half of 2024, a year-on-year decrease of 29%, primarily due to a decline in payment transaction scale [1]. - Payment transaction volume remained stable year-on-year, but the transaction scale was impacted by a decrease in average transaction amount [1]. - The company is focusing on enhancing its one-stop merchant services based on payment solutions and leveraging AI technology for service improvement and overseas expansion [1]. Financial Performance Summary - In the first half of 2024, the company's revenue was 1.578 billion RMB, down 23% from the previous half [4]. - The adjusted net profit for the same period was 159 million RMB, reflecting a 29% year-on-year decline [4]. - The gross payment volume (GPV) for the first half of 2024 was 1.166 trillion RMB, a decrease of 18% year-on-year [4]. - The company expects a recovery in payment scale in the second half of 2024, with projected GPV and revenue of 2.4 trillion RMB and 28 billion RMB, respectively [1][5]. Valuation - The target price has been adjusted to 13 HKD from 14 HKD, based on a 14x P/E ratio for comparable payment and SaaS companies in 2025 [1]. - The potential upside from the current share price is estimated at 21.5% [1][7]. Business Segment Performance - Merchant solutions revenue increased by 21% year-on-year, with active merchant numbers rising by 5.8% [1]. - The gross margin for merchant solutions improved by 3 percentage points to 91% [1]. - The company is focusing on profitable merchants in its in-store e-commerce segment, which has led to a reduction in losses [1]. Financial Forecast - Revenue is expected to decline by 15.8% in 2024, followed by a recovery of 14.3% in 2025 [2]. - The net profit forecast for 2024 is 126 million RMB, with significant growth anticipated in subsequent years [2][5]. - The company aims to maintain a high gross margin for merchant solutions, driven by merchant expansion and increased average payments [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.50, indicating a potential upside of 33.9% from the current price of HKD 3.36 [1][5]. Core Insights - The company reported a revenue of HKD 2.674 billion for the fiscal year 2024, representing a year-on-year growth of 14.0%. The revenue growth was driven by a 58% contribution from new data centers and a 42% contribution from existing projects due to increased power capacity and pricing [1]. - The adjusted EBITDA for the fiscal year 2024 was HKD 1.849 billion, reflecting a 10.3% increase year-on-year, although slightly below expectations due to delays in tenant occupancy at MEGA IDC Phase 1 [1][4]. - The company has a high pre-leasing rate for new data centers, with significant demand driven by AI computing needs. The MEGA IDC Phase 1 has commenced operations, providing approximately 500,000 square feet of total floor area and 50 MW of power capacity, making it the largest data center in Hong Kong [1][4]. - The company anticipates stable revenue growth supported by high pre-leasing rates and AI demand, having passed the peak of capital expenditure and interest rate cycles [1]. Financial Summary - For the fiscal year 2024, the company expects revenues to reach HKD 2.674 billion, with net profit projected at HKD 907 million, reflecting a slight increase of 0.2% year-on-year [3][6]. - The EBITDA margin is expected to be around 69.2%, down from 71.5% in the previous year, indicating a slight contraction in profitability [4][6]. - The company plans to maintain a dividend payout of HKD 0.112 per share, with a payout ratio of 50% [1][4]. Future Projections - Revenue is projected to grow to HKD 3.322 billion in 2025, with a year-on-year growth rate of 24.3% [3][6]. - The company anticipates a continued increase in power capacity utilization, with total capacity expected to reach 280 MW in the future [1].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 14.00, indicating a potential upside of 32.8% from the current price of HKD 10.54 [1][3]. Core Views - The company is expected to see a recovery in game revenue in the second half of 2024, driven by new game launches, particularly a reboot of its flagship IP, "Magic Domain," in 2025. The first half of 2024 experienced a revenue decline due to product launch cycles and external factors, but profitability is expected to improve through cost reduction and efficiency measures [2][3]. - The adjusted net profit forecast for 2024 is set at RMB 1 billion, with a downward revision of the target price from HKD 15 to HKD 14 [2][3]. Financial Performance Summary - In the first half of 2024, total revenue decreased by 10% year-on-year to RMB 3.3 billion, with adjusted net profit at RMB 558 million, down 5% year-on-year. Game and Mynd.ai revenues fell by 1% and 23% respectively [2][6]. - The company’s game revenue is projected to recover in the second half of 2024, with anticipated positive growth driven by 2-3 new game releases [2][6]. - The financial forecasts for 2024E to 2026E show a decline in revenue estimates, with total revenue expected to be RMB 6.545 billion in 2024, down 13% from previous estimates [3][9]. Key Financial Metrics - The company reported a gross profit margin of 66.6% for 2024E, reflecting an increase from 61.9% in 2023 [3][9]. - The adjusted operating profit margin is projected to be 17.8% for 2024E, up from 16.7% in 2023 [3][9]. - The forecasted net profit for 2024 is RMB 1.007 billion, with a net profit margin of 15.9% [9].

Investment Rating - Maintain "Overweight" rating [1][3] Core Views - Feihe achieved revenue of RMB 10.095 billion in H1 2024, up 3.7% YoY, with net profit of RMB 1.911 billion, up 18.1% YoY [1] - Feihe maintained its leading position in China's infant formula market with a 19.2% market share across all channels [1] - The company's ultra-premium product Zhuo Rui saw an 80% revenue growth in H1 2024 [1] - Gross margin improved to 67.9% in H1 2024, up 2.6 percentage points YoY, driven by reduced discounts and improved product mix [1] - Feihe successfully expanded in coastal markets such as Guangdong, Fujian, and Shanghai, with significant growth in Shanghai [1] - The company plans to launch new products, including infant formula, nutritional products, and cheese products in H2 2024 [1] Financial Performance - H1 2024 revenue: RMB 10.095 billion (+3.7% YoY) [1] - H1 2024 net profit: RMB 1.911 billion (+18.1% YoY) [1] - H1 2024 gross margin: 67.9% (+2.6 ppts YoY) [1] - H1 2024 net margin: 18.9% (+2.3 ppts YoY) [1] - 2024E revenue: RMB 20.939 billion (+7.2% YoY) [2] - 2024E net profit: RMB 3.773 billion (+11.3% YoY) [2] Market Position - Feihe holds a 19.2% market share in China's infant formula market across all channels [1] - Offline channel market share: 22.7% [1] - Online channel market share: 13.8% [1] Product Strategy - Focus on premiumization, with Zhuo Rui driving growth in the ultra-premium segment [1] - Plans to launch new products, including infant formula, nutritional products, and cheese products in H2 2024 [1] Valuation - 2024E PE: 9x [1] - 2024E EPS: RMB 0.42 [1] - Current price: HKD 4.19 [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected total return over the next 12 months that exceeds the relevant industry [3][9]. Core Views - The market may be underestimating the value of the company's power station and inverter segments, with a target price adjusted to HKD 9.93, reflecting a potential upside of 41.7% from the current price of HKD 7.01 [2][9]. - The company reported a net loss of RMB 889 million in the first half of 2023, with a significant loss of RMB 1.25 billion in the second quarter, primarily due to a sharp decline in polysilicon prices [1][2]. - The polysilicon price has stabilized and rebounded slightly since July, with expectations for further short-term price increases as supply and demand balance out [1][2]. Financial Summary - Revenue for 2023 is projected at RMB 30.75 billion, down 18.1% year-on-year, with a net profit forecast of RMB 4.35 billion, a decrease of 67.6% [3][10]. - The company expects to incur losses in 2024 and 2025, with net profits projected to be RMB -1.66 billion and RMB -742 million, respectively, before recovering to RMB 2.05 billion in 2026 [3][10]. - The estimated earnings per share (EPS) for 2024 is projected at RMB -1.16, improving to RMB 1.43 by 2026 [3][10]. Segment Performance - The polysilicon segment is expected to contribute significantly to losses, with a valuation of RMB 42 billion based on a capacity valuation of RMB 1.5 billion per ton, reflecting a 90% discount compared to peers [2][8]. - The power station and inverter segments are projected to generate profits of RMB 11 billion in 2024, contributing to a total valuation of RMB 88 billion based on a 5.5x price-to-earnings ratio [2][8]. Market Position - The company has achieved a significant increase in inverter sales, with a year-on-year growth of over 100% in both domestic and international markets, positioning it as a leader in the Chinese market [1][2]. - The company’s polysilicon production capacity is expected to reach 27.7 million tons by the end of 2024, with a sales volume of 20.3 million tons anticipated for the same year [7][10].