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]

佳肴不忌迟至，期待新游上线 ——网易（9999.HK）24Q2 点评 核心观点 ⚫ 24Q2 营收 254.9 亿（yoy+6.1%,qoq-5.1%)，同比增长主要系手游净收入的增加。 Q2 毛利率 62.95%（yoy+3.1pp,qoq-0.4pp)，同比提升主要由云音乐毛利率增长带 来。销售费用 35 亿(yoy+7%,qoq-13%)；管理费用 11 亿(yoy-3.6%,qoq-8.8%)；研 发费用 44.6 亿(yoy+14%,qoq+6.7%)。Non-GAAP 归母净利润 78.2 亿（yoy13.3%，qoq-8.1%）。 GAAP 归母净利润 67.6 亿（yoy-18%，qoq-11.5%）。 ⚫ 24Q2 游戏及相关增值服务总收入 200.6 亿（yoy+6.7%,qoq-6.5%）， Q2 扣除有 道外合同负债 126 亿（与上期差值-16 亿）。游戏及相关增值服务毛利率 70% （yoy+2.61pp,qoq+0.59pp）毛利率环比和同比增加主要由于产品组合的变动。其 中手游收入 147.3 亿（yoy+16.06%，qoq-8.3%），端游收入 45.5 亿（yoy0.05 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company reported a revenue of 929.2 billion yuan in H1 2024, a year-on-year increase of 6.7%, and a net profit attributable to the parent company of 3.31 billion yuan, up 2.6% year-on-year [1] - The company announced its first interim dividend of 16.41 cents per share, with a payout ratio of 43%, and plans to increase the dividend ratio to 45% in 2025 [1] - The company's natural gas sales business saw a 9.6% increase in revenue and a 2.4% increase in pre-tax profit, with retail gas volume growing by 10.3% year-on-year [1] - The LNG processing and storage business experienced an 18.0% increase in revenue and a 22.9% increase in pre-tax profit, with processing volume up 61.7% year-on-year [1] - The LPG sales business saw a 6.6% decrease in revenue but a 32.6% increase in pre-tax profit, with improved regional resource allocation and higher retail share [1] - The exploration and production business revenue and pre-tax profit declined by 85.5% and 39.8% respectively, due to the expiration of exploration contracts in Liaoning and Peru [1] Business Performance - The company's retail gas volume has grown at a compound annual growth rate (CAGR) of 16.0% from 2018 to 2023, significantly higher than the national average of 7.1% [1] - The company's industrial gas consumption has been driven by the national policy encouraging the transfer of manufacturing industries to the central and western regions and Northeast China [1] - The company benefits from the strong resource support of its parent company, China National Petroleum Corporation (CNPC), which holds a 57.58% stake in the company [1] Financial Forecasts - The company's revenue is expected to grow from 177.726 billion yuan in 2023 to 210.679 billion yuan in 2026, with a CAGR of 6.47% [1][3] - Net profit attributable to the parent company is forecasted to increase from 5.682 billion yuan in 2023 to 7.060 billion yuan in 2026, with a CAGR of 7.63% [1][3] - The company's EPS is projected to rise from 0.66 yuan in 2023 to 0.82 yuan in 2026, with a P/E ratio decreasing from 10.80 to 8.69 over the same period [1][3] Valuation - The company's current P/E ratio is 10.80, with a P/B ratio of 0.72 and an EV/EBITDA ratio of 2.98 [3] - The company's ROE is expected to increase from 8.96% in 2023 to 9.50% in 2026, reflecting steady profitability [3]

优势显著，逆势领跑——中国海外发展 24 年中期业绩点评 事件：公司发布 2024 年中期业绩公告，公司 24H1 实现营业收入 869.4 亿元，同 比-2.49%；归母净利润 103.1 亿元，同比-23.6%；每股基本收益 0.94 元/股，同 比-23.6%；拟派发中期股息每股 30 港仙。 利润受行业波动下滑，分红比例提升 公司 24H1 实现营业收入 869.4 亿元，同比-2.49%；归母净利润 103.1 亿元，同 比-23.6%，收入维持高位，利润受行业波动有所回落。公司 24H1 毛利率 22.1%， 较 23 年同期下降 0.5pct；归母净利率 11.9%,较 23 年同期下降 3.2pct；24 年上半 年继续保持经营性现金净流入。董事局建议派发中期股息每股港币 30 仙，分红比例 28%，较 23 年同期上升 2.4pct，积极回馈股东。 销售韧性良好，拿地审慎度提升 销售端，24H1 公司合约销售额 1483.8 亿元，同比-17.7%；销售面积 544 万平， 同比-32.3%，市占率较 23 年末提升 0.49pct 达 3.15%。根据中指院数据，24H1 集团系列公司权益 ...