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].

收入增长强劲，创新管线加速推进 信达生物(1801) [Table_Industry] 医药 [Table_Invest] 评级： 增持 ——信达生物 2024H1 点评 [当前价格 Table_CurPrice] (港元)： 42.45 本报告导读： 24H1 收入增长强劲，多临床管线进展顺利，运营效率持续提升，多款非肿瘤管线有 望于 2025 年获批上市，推动公司实现 EBIDAT 盈亏平衡，维持"增持"评级。 投资要点： 股 票 研 究 [table_Authors] 丁丹(分析师) 甘坛焕(分析师) 付子阳(研究助理) 0755-23976735 021-38675855 0755-23976666 dingdan@gtjas.com gantanhuan028803@gtjas.com fuziyang028496@gtjas.com [Table_Market] 交易数据 海 外 公 司 （ 中 国 香 港 ） 登记编号 S0880514030001 S0880523080007 S0880123100022 52 周内股价区间（港元） 30.10-48.45 当前股本（百万股） 1,629 当前 ...

证 券 研 究 报 告 | --- | --- | |-----------------------------|--------------------------------------------------------------------------------------| | 即时点评 | 天然气售气量强劲增长，积极扩充风资源储备 | | 新天绿色能源（ 0956 HK ） | 2024-08-29 星期四 | | | 事件： | | | 截至 2024 年 6 月 30 日止六个月， 公司营业收入为人民币 121.37 亿元， | | | 较去年同期增长 20.8% ；归属于上市公司股东的净利润为人民币 14.30 | | | 亿元，较去年同期下降 0.62% ；及基本每股收益为人民币 0.34 元。 | | 相关报告 | 点评观点： | | | ➢ 上半年天然气业务盈利表现良好： | | | 上半年，公司实现净利润 16.82 亿元，同比下降 1.89% ；其中天然气 | | | 业务实现净利润 4.49 亿元，同比增长 44.98% ；新能源业务实现净利 | | | 润 11.64 亿元 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has successfully transformed through innovation, achieving significant revenue and profit growth. In the first half of 2024, the company reported revenue of 6.506 billion RMB, a year-on-year increase of 44.2%, and a net profit of 2.726 billion RMB, up 111.5% [4] - The company has established a leading position in major unmet medical needs, particularly in the oncology sector, with product revenue reaching approximately 4.475 billion RMB, accounting for 68.8% of total revenue [4][5] - The company is actively pursuing international expansion and has enriched its pipeline through business development (BD) collaborations, including a significant agreement with GSK [6][7] Summary by Sections Market Performance - The company's stock has shown a relative increase of 18.38% over one month and 30.97% over three months compared to the market [2] Financial Performance - For the first half of 2024, the company achieved a revenue of 6.506 billion RMB, with a gross margin of 89.80% and a net profit margin of 32.44% [4][15] - The projected revenue for 2024-2026 is 12.25 billion, 12.64 billion, and 14.885 billion RMB, with year-on-year growth rates of 21.24%, 3.21%, and 17.73% respectively [7][15] Product Development - The company has over 50 ongoing clinical trials for more than 30 innovative drug products, with several products already included in the national medical insurance directory [4] - The company’s innovative drugs, particularly in the oncology and metabolic disease sectors, are showing promising results in clinical trials [5][6] Business Development - As of June 30, 2024, the company has introduced 11 collaborative projects, with 9 in clinical stages and 2 in commercialization [6] - The company has signed multiple BD agreements, including a notable one with GSK that includes an upfront payment of 185 million USD [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Insights - The company's performance in the first half of 2024 met expectations, with revenue of 10.28 billion RMB, a year-on-year increase of 19.99%, and a net profit attributable to shareholders of 1.506 billion RMB, up 30.56% [3]. - The rail transit equipment business generated revenue of 6.139 billion RMB, growing by 30.87%, while the emerging equipment business saw revenue of 4.094 billion RMB, an increase of 9.21% [3]. - The company is accelerating the overhaul of high-speed trains, with a record number of tenders for major repairs, indicating strong future growth potential [3]. - New production capacity for power semiconductors is expected to come online in the second half of 2024, enhancing the company's capabilities in this sector [3]. Financial Summary - For 2024, the company is projected to achieve revenues of 26.148 billion RMB, with a year-on-year growth of 19.9%, and a net profit of 3.702 billion RMB, reflecting a growth of 19.2% [4]. - The gross profit margin is expected to remain stable around 33.5% for 2024, with earnings per share projected at 2.61 RMB [4][7]. - The company's total assets are forecasted to grow from 53.405 billion RMB in 2023 to 77.158 billion RMB by 2026, indicating a strong asset base [6][7]. Business Growth Drivers - The increasing passenger traffic in China's railways and the growing fleet of high-speed trains provide a solid foundation for future maintenance and repair services [3]. - The planned elimination of old diesel locomotives by 2027 is anticipated to drive further growth in railway equipment [3]. - The company’s semiconductor subsidiary reported a revenue of 2.048 billion RMB in the first half of 2024, with a net profit margin reaching a record high [3].

出境游/国际业务高增,助推 Q2 业绩超预期 核心观点 ● ● +14%;归母净利 38亿元人民币/同比+507%;Non-GAAP 净利润 50 亿元人 民币/同比+46%。 2Q24 住宿预订增长好于交通,商旅、度假业务受益低基数持续增长。分 板块:1) 住宿预订服务实现营收 51 亿元/同比+20%,环比+14%,虽然国内 一不利影响;2)交通票务服务实现营收 49亿元/同比+1%/环比-3%,主要因 2Q24 机票价格波动。3) 旅游度假业务实现营收 10 亿元/同比+42%/环比 +16%,得益于旅游度假预订需求和节假日旅游需求增长。4)商旅管理业务实 现营收 6.3 亿元/同比+8%/环比+24%,主要受季节性影响。 ● 出境游/国际业务保持高增,入境游开始贡献增量。出境游方面,截至 2Q24, 公司出境游机酒预订已全面恢复至 2019 年同期水平,五一和端午预定量较 2019年分别+20%和+10%,且出境跟团游以成倍的速率增长。海外业务方面, 公司国际 OTA 平台营收同比+70%,占总营收的10.5%左右,其中,入境游板 块表现出色,1H24营收同比+150%,免签地区游客营收同比+190% ...

Investment Rating - The report maintains a "Recommend" rating for the company [2][5] Core Views - The company achieved revenue of 573.12 billion yuan in H1 2024, a year-on-year increase of 20.81%, but net profit decreased by 47.50% to 16.92 billion yuan [1] - In Q2 2024, revenue was 316.78 billion yuan, up 10.56% year-on-year and 23.58% quarter-on-quarter, while net profit was 11.00 billion yuan, down 52.05% year-on-year but up 85.55% quarter-on-quarter [1] - The gross margin for the automotive sales business in H1 2024 was 19.01%, down 1.53 percentage points year-on-year, with Q2 gross margin at 18.75%, down 2.30 percentage points year-on-year and 0.59 percentage points quarter-on-quarter [1] - The company's Q2 vehicle delivery volume was 108,600 units, with the L6 model accounting for 36% of deliveries, driving the average vehicle price down to 279,200 yuan, a decrease of 44,000 yuan year-on-year [1] - The company expects Q3 2024 vehicle deliveries to be between 145,000 and 155,000 units, a year-on-year increase of 38.0% to 47.5%, with revenue projected to be between 394 billion and 422 billion yuan, up 13.7% to 21.6% year-on-year [1] Financial Performance - The company's R&D expenses in H1 2024 were 6.076 billion yuan, up 42.04% year-on-year, with the R&D expense ratio increasing by 1.58 percentage points to 10.60% [1] - Sales, general, and administrative expenses in H1 2024 were 5.793 billion yuan, up 46.48% year-on-year, with the expense ratio increasing by 1.77 percentage points to 10.11% [1] - The company reduced its R&D personnel by 20% to 5,373 and general and administrative personnel by 20% to 2,384 by the end of June 2024, leading to a decrease in Q2 R&D expenses by 0.70% quarter-on-quarter and a reduction in the R&D expense ratio by 2.34 percentage points to 9.56% [1] - The company's operating cash flow in H1 2024 was -3.771 billion yuan, but improved significantly in Q2 to -429 million yuan, a quarter-on-quarter narrowing [1] - The company's investment cash flow in H1 2024 was -6.937 billion yuan, with Q2 investment cash flow at -3.839 billion yuan, a quarter-on-quarter increase of 23.92% [1] - As of June 30, 2024, the company had cash, cash equivalents, and restricted cash totaling 80.789 billion yuan, providing ample support for continued investment [1] Future Projections - The company is expected to achieve revenues of 1.51279 trillion yuan, 2.21679 trillion yuan, and 2.89411 trillion yuan in 2024, 2025, and 2026, respectively [5] - Net profit attributable to the parent company is projected to be 7.743 billion yuan, 15.245 billion yuan, and 22.317 billion yuan in 2024, 2025, and 2026, respectively [5] - EPS is forecasted to be 3.65 yuan, 7.18 yuan, and 10.52 yuan in 2024, 2025, and 2026, respectively [5] - The PE ratio is expected to be 22.21x, 11.28x, and 7.71x in 2024, 2025, and 2026, respectively [5]

Investment Rating - The report maintains a "Buy" rating for Haidilao (6862 HK) [4][6] Core Views - Haidilao's 2024 H1 revenue reached RMB 21 491 billion, up 13 8% YoY, while net profit attributable to shareholders declined 9 7% YoY to RMB 2 038 billion [4] - The company's overall and same-store turnover rates improved to 4 2 times/day, up 0 9 and 0 8 times/day YoY respectively [4] - Haidilao's "Pomegranate Plan" aims to open 400-500 new stores for its "Yanqing BBQ" brand within 3 years, representing a strategic shift in brand expansion [5] - The multi-store management model has been implemented, with over 100 store managers overseeing more than 200 stores as of July [5] Financial Performance - Haidilao's 2024 H1 gross margin improved due to lower raw material costs, while employee costs increased as a percentage of revenue [5] - The company's net profit margin declined 2 5 percentage points YoY to 9 5%, impacted by unfavorable exchange rate movements and the expiration of tax incentives [5] - Revenue breakdown for 2024 H1: Haidilao restaurants (RMB 204 14 billion, +14% YoY), other restaurants (RMB 1 82 billion, +74% YoY), delivery (RMB 5 81 billion, +23% YoY), and condiments/ingredients (RMB 2 99 billion, -19% YoY) [4] Market Data - Haidilao's current market capitalization stands at HKD 68 783 billion, with a total of 5 574 billion shares outstanding [2] - The stock's 1-year performance shows a 37 10% relative decline and a 39 52% absolute decline [3] Future Projections - Revenue forecasts for 2024-2026 are adjusted to RMB 46 020 billion, RMB 50 494 billion, and RMB 54 284 billion respectively [7] - Net profit projections for 2024-2026 are revised to RMB 4 469 billion, RMB 5 106 billion, and RMB 5 565 billion [7] - The current PE ratio stands at 14x for 2024, with projected EPS of RMB 0 80, RMB 0 92, and RMB 1 00 for 2024-2026 [6] Operational Highlights - Haidilao operated 1,343 stores as of 2024 H1, with 1,320 in mainland China and 23 in Hong Kong, Macau, and Taiwan [4] - Same-store sales growth varied by region: tier 1 cities (+11%), tier 2 cities (+14%), tier 3 and below cities (+20%), and Hong Kong/Macau/Taiwan (+2%) [4] - Average customer spending decreased by RMB 5 5 to RMB 97 4, with regional variations: tier 1 cities (-RMB 6 2), tier 2 cities (-RMB 5 0), tier 3 and below cities (-RMB 4 7), and Hong Kong/Macau/Taiwan (-RMB 7 8) [4]