Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 12.00, indicating a potential upside of 19.0% from the current price of HKD 10.08 [1][6]. Core Insights - The company's profit performance is in line with expectations, with a year-on-year decline in net profit of 8.7% for the first half of the year, but a recovery is anticipated in the second half due to a low comparative base [1]. - Insurance service revenue increased by 5% year-on-year, primarily driven by a 5% growth in auto insurance, while agricultural insurance saw a decline of 7% [1]. - The combined cost ratio (COR) improved for auto and agricultural insurance, with the overall COR at 96.2%, up 0.4 percentage points year-on-year [1]. - Total investment income decreased by 7.8% year-on-year, but a more stable performance is expected in the second half due to adjustments in asset allocation [1]. - The company announced an interim dividend of HKD 0.208 per share, with a payout ratio of 25% [1]. Financial Overview - For the first half of 2023, the company reported a net profit of RMB 24,585 million, down 8.7% year-on-year, with total investment income of RMB 20,807 million [5][8]. - The projected net profit for 2024 is expected to grow by 7% year-on-year, with earnings per share (EPS) forecasted at RMB 1.19 [4][8]. - The company’s total assets are projected to grow at a rate of 5.2% annually, with insurance service revenue expected to increase by 7.0% in 2024 [9].

收盘价 目标价 潜在涨幅 港元 27.05 港元 33.74↓ +24.7% 农夫山泉 (9633 HK) 如何看待绿瓶水和红瓶水的格局？公司于今年 4 月份上市纯净水产品（即 绿瓶水），目前仍处于消费者宣传和终端促销的过程。由于上市时间较短 且产品仅有一种规格（550ml），因此带给公司整体业绩影响有限。同时， 天然水和纯净水有不同的使用目的和场景，因此在各自对应的消费需求领 域存在各自的增长空间。公司计划通过品类差异化的宣传和渠道的建设推 广，以保证两个产品的健康增长。 2024 上半年收入利润均实现高个位数增长。2024 年上半年农夫山泉销售 额同比增长 8.44%至 221.7 亿元（人民币，下同）。毛利率同比下降 1.4 个 百分点至 58.8%，主因 1）纯净水产品新品上市促销的影响，2）上半年包 装饮用水产品销量下降带来固定成本分摊费用的上升，3）果汁原料价格 上升，各因素影响程度较为均衡。净利润同比增长 8.0%至 62.4 亿元，对 应净利润率为 28.1%，仍处高位（2023 年上/下半年分别为 28.2%/ 28.4%）。 包装饮用水业务受舆论影响而显著下滑；茶饮和果汁业务表现亮眼。尽管 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's brand and product competitiveness remain strong, and accelerated capacity migration may alleviate concerns [2][3] - The company has significantly improved its profit forecast for 2024-2026, with net profit estimates raised from -0.17/0.50/1.18 million USD to 1.05/1.30/1.64 million USD, representing year-on-year growth of 24%/26% for 2025 and 2026 [3] - The company is expected to benefit from a recovery in the U.S. real estate market and related OPE demand due to the initiation of a rate-cutting cycle by the Federal Reserve [3] Financial Summary - For H1 2024, the company reported revenue of 816 million USD, a year-on-year increase of 10.45%, with electric tools and OPE revenues growing by 9.5% and 10.2% respectively [3] - The net profit for H1 2024 was 62 million USD, up 25% year-on-year, benefiting from a gross margin increase of approximately 0.8 percentage points to 32.9% [3] - The company has raised its full-year revenue growth guidance for 2024 to over 20%, anticipating strong terminal demand and continued channel replenishment [3] Valuation Metrics - The current stock price is 18.90 HKD, with a market capitalization of 9.659 billion HKD [2] - The projected P/E ratios for 2024-2026 are 11.8, 9.5, and 7.6 respectively, while the P/B ratios are 1.1, 1.0, and 0.9 [4]

Investment Rating - The investment rating for the company is "Buy" with a target price raised to HKD 60.00, indicating a potential upside of 36.0% from the current price of HKD 44.10 [3][5]. Core Insights - The company reported a better-than-expected adjusted net loss in 1H24, with strong product sales growth and improved operational efficiency. Total revenue increased by 46% year-on-year to RMB 39.5 billion, driven by a 50% increase in PD-1 sales to over RMB 1.7 billion and a growing portfolio of biosimilar products [1][2]. - The company expects to achieve EBITDA breakeven by 2025, with a cash reserve of RMB 10.1 billion as of the end of 1H24. The guidance for product revenue is set to reach RMB 20 billion by 2027, supported by at least seven products expected to launch between 2H24 and 2027 [1][2]. Summary by Sections Financial Performance - In 1H24, the adjusted gross margin improved by 1.8 percentage points, while adjusted selling and administrative expenses decreased by 5.9 and 4.9 percentage points, respectively. The adjusted net loss narrowed to RMB 160 million from RMB 190 million in 1H23, outperforming market expectations [1]. - The company anticipates a 57% increase in R&D expenses for the year, with total R&D spending expected to be nearly USD 400 million [1]. Pipeline Strategy - The company maintains a clear pipeline strategy with a focus on oncology, utilizing an "IO+ADC" approach. The lifecycle management of PD-1 will explore major indications such as colorectal cancer and perioperative lung cancer. The next-generation IO candidate IBI363 has shown promising preliminary data [2]. - The company plans to launch the weight loss and diabetes indication for its product Masitide in 2025, with several other products also expected to be approved in the coming years [2]. Financial Projections - Revenue projections for 2024-2026 have been raised by 2-8%, with expected revenues of RMB 8.06 billion in 2024, RMB 10.94 billion in 2025, and RMB 13.20 billion in 2026 [7]. - The DCF valuation model estimates a share value of HKD 60.00, based on projected free cash flows and a perpetual growth rate of 2% [4].

Investment Rating - The report maintains a **Buy** rating for SF Intra-City (9699 HK) with a target price of HKD 13.50, implying a potential upside of **+24.3%** [1] Core Views - Revenue growth momentum is expected to continue, driven by an expanding merchant and consumer base, deeper penetration into county-level markets, and broader service scenarios [1] - Full-year revenue is projected to grow **20% YoY to RMB 14.9 billion**, with adjusted net profit revised upward by **9.2% to RMB 156 million**, reflecting a net margin of **1.0%** [1] - The company is set to be included in the Hang Seng Index on September 9 and is expected to be added to the Stock Connect program in September [1] 2024 H1 Performance - Revenue reached **RMB 6.9 billion**, up **20% YoY**, slightly below the expected **22%** [1] - Net profit doubled YoY to **RMB 67 million**, with a net margin of **1%**, driven by strong order volume growth (**+30% YoY**), improved business structure, and operational efficiency gains [1] - Gross profit increased **23% YoY**, with gross margin slightly improving to **6.9%** [1] Business Highlights Intra-City Business - Revenue grew **19% YoY**, with merchant and consumer segments increasing by **19%** and **20%**, respectively [1] - Expansion into retail scenarios, including partnerships with KA clients (adding **6,000+ stores**), and growth in active merchants (**+45% YoY**) and consumers (**+18% YoY**) [1] - County-level revenue surged **50%+ YoY**, with non-meal revenue (e.g., beverages, supermarkets, baked goods, pharmaceuticals, and cosmetics) growing **32%**, now accounting for **58%** of total revenue (vs. **52%** last year) [1] Last-Mile Delivery - Revenue increased **20% YoY**, with further penetration into SF Express's order volume [1] - E-commerce parcels continue to drive demand, with same-day and half-day delivery scenarios seeing revenue double YoY [1] Financial Forecasts - Revenue for 2024E is revised down by **-1.6% to RMB 14.9 billion**, while 2025E and 2026E forecasts remain unchanged at **RMB 17.97 billion** and **RMB 21.11 billion**, respectively [3] - Gross margin for 2024E is adjusted to **6.8%** (from **7.1%**), with 2025E and 2026E margins stable at **7.3%** and **8.1%**, respectively [3] - Adjusted net profit for 2024E is raised by **9.2% to RMB 156 million**, with net margins of **1.0%**, **2.0%**, and **3.3%** for 2024E, 2025E, and 2026E, respectively [3] Industry Coverage - The report covers multiple companies in the internet and education sectors, with **Buy** ratings for companies like Baidu (BIDU US), Bilibili (BILI US), and Tencent Music (TME US) [6] - SF Intra-City is categorized under the logistics sector, with a **Buy** rating and a target price of HKD 13.50 [6] Financial Ratios and Metrics - Gross margin is expected to improve from **6.4% in 2023** to **8.1% in 2026E** [7] - ROE is projected to increase from **1.7% in 2023** to **17.0% in 2026E**, reflecting improved profitability [7] - The company's liquidity remains strong, with a current ratio of **2.7** in 2024E, improving to **2.9** by 2026E [7]

| --- | --- | --- | |-------------------------------------------------------------------------------------|-------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | 24Q2 | | 点评：三谋助力游戏业务重回正增长， 24Q3 有望实现 NON-GAAP OP 盈利 | | 投资评级：买入 ( | 维持） | 主要观点： | | [Table_Rank] 报告日期： 2024-08-28 | | ⚫ 事件： | | [T ...

Investment Rating - The report maintains an "Outperform" rating for the company [8] Core Views - The company has achieved significant revenue growth, with its generative AI business contributing 60.4% of total revenue in H1 2024, reflecting a 255.7% year-on-year increase [8][10] - The overall revenue for H1 2024 reached 1.74 billion, marking a 21.4% increase compared to the previous year [8] - The company is well-positioned for future growth, leveraging its core strengths in large models and AI cloud services [8][10] Financial Summary - Revenue for 2024 is projected to be 4.65 billion, with a year-on-year growth of 37% [10] - The net profit for 2024 is expected to be -4.048 billion, showing an improvement from -6.440 billion in 2023 [10] - The gross margin is anticipated to improve from 44.07% in 2023 to 53.74% in 2024 [10] Market Performance - The generative AI sector is experiencing rapid growth, with the company capturing a 16% market share in large models, ranking second in the industry [8][10] - The company's AI-driven services are being adopted across various industries, including smart hardware, electric vehicles, and finance, indicating a broadening market presence [8][10] Strategic Developments - The company has successfully transitioned to generative AI, with over 3,000 leading enterprises utilizing its large model and AIDC services [8][10] - The "日日新" large model has undergone significant iterations, achieving a 400% increase in overall usage in H1 2024 [8][10] - The company aims to establish a large model for autonomous driving by 2026, enhancing its position in the smart automotive sector [8][10]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company achieved steady growth in the first half of 2024, with revenue reaching 11.09 billion yuan, a year-on-year increase of 13.8%, and net profit attributable to the parent company reaching 1.068 billion yuan, a year-on-year increase of 20.4% [3] - The company made significant breakthroughs in the body and chassis structural components business, expanding its market share with key clients such as Honda, Geely, and Stellantis, and securing new orders for subframes and electric control/motor housings [3] - The company plans to repurchase up to 116,199,359 shares, with a maximum budget of 500 million HKD, to be executed based on market conditions [3] - The diversified product portfolio and balanced customer structure are expected to support long-term sustainable growth, with projected net profits of 2.18 billion yuan, 2.49 billion yuan, and 2.94 billion yuan for 2024-2026, respectively [3] Financial Performance - Revenue for 2024 is forecasted to be 24.247 billion yuan, with a year-on-year growth of 18.1%, and net profit is expected to reach 2.184 billion yuan, a 14.7% increase [4] - Gross margin for 2024 is projected to be 27.4%, with a net margin of 9.01% [4] - ROE is expected to improve from 10.39% in 2023 to 11.34% in 2026 [4] - EPS for 2024 is forecasted to be 1.88 yuan, increasing to 2.53 yuan by 2026 [4] Valuation and Peer Comparison - The company's 2024 PE ratio is estimated to be 6.44x, with a PB ratio of 0.69x [7] - Compared to peers, the company's valuation is relatively attractive, with a mean PE ratio of 15.9x for 2024 among comparable companies [5] Financial Position - The company's asset-liability ratio decreased to 26.9% in the first half of 2024, down by 1.5 percentage points year-on-year [3] - Cash flow from operating activities is expected to improve significantly, from 1.513 billion yuan in 2024 to 2.993 billion yuan in 2026 [7] - Total assets are projected to grow from 37.547 billion yuan in 2023 to 50.066 billion yuan in 2026 [8] Market Performance - The stock's absolute return over the past 3 months was -16.0%, underperforming the CSI 300 index by 11.2% [2] - The stock's 52-week price range is between 9.60 HKD and 23.95 HKD, with a current price of 12.10 HKD as of May 28, 2024 [1]

Investment Rating - The report maintains a "Buy" rating for Vesync with a target price of HK$6.20 [6][9]. Core Insights - Vesync's revenue for the first half of the year was US$290 million, a year-on-year increase of 7.0%, slightly below the previous double-digit growth expectation. The non-Amazon sales channels showed strong performance, with a 46.5% year-on-year increase, accounting for 28.4% of total revenue. However, Amazon channel revenue decreased by 3.4% due to inventory destocking [2]. - The company's net profit reached approximately US$45 million, a 37.7% increase year-on-year, marking a record high for the first half of the year. The interim dividend was set at HK$0.0888 per share, with a payout ratio of 30% [2]. - North American business remained stable with a revenue of US$230 million, a 13.0% year-on-year increase, driven by more products on supermarket shelves and new TikTok retail channels. Conversely, European sales dropped by 18.6% due to weakened demand in Turkey and earthquake impacts [3]. - The main brand, Levoit, accounted for 65.1% of revenue, with air purifiers and humidifiers capturing 33.3% and 23.9% market shares in the U.S. respectively. The company plans to expand its product categories, including hair care, massage, and pet-related products [4]. - The forecast for FY24E and FY25E net profit is expected to increase by 20.5% and 15.9% respectively, with revenue projections adjusted to US$640 million for FY24E and US$740 million for FY25E [4]. Financial Summary - Revenue for FY22 was US$490 million, with a growth rate of 8.0%. For FY23, actual revenue was US$585 million, with a growth rate of 19.4%. The forecast for FY24 is US$643 million, with a growth rate of 9.8% [5]. - Net profit for FY22 was a loss of US$16 million, while FY23 showed a profit of US$77 million. The forecast for FY24 is US$93 million, reflecting a growth rate of 20.5% [5]. - The diluted earnings per share (EPS) for FY24 is projected at US$0.086, with a price-to-earnings (P/E) ratio of 6.6 times [5].

Investment Rating - The report upgrades the investment rating for the company from "Hold" to "Buy" [3][4]. Core Views - The company reported a strong performance in the first half of 2024, with revenue exceeding expectations, driven primarily by the oncology drug segment, which saw a revenue increase of 75.1% year-on-year [2]. - The forecast for revenue and net profit for 2024-2026 has been adjusted upwards due to the strong performance in the oncology segment, with expected revenue growth from 61.6 billion RMB in 2023 to 90.8 billion RMB in 2026, representing a CAGR of 13.8% [2][3]. Summary by Sections Financial Performance - The company's revenue for the first half of 2024 increased by 44.2% to approximately 6.506 billion RMB, with the core pharmaceutical sales rising by 13.8% to 5.1 billion RMB after excluding project prepayments [2]. - The net profit attributable to shareholders surged by 111.5% to 2.73 billion RMB, driven by a 3.0 percentage point increase in gross margin and a 3.5 percentage point decrease in the sales expense ratio [2]. Earnings Forecast - The revenue forecast for 2024 has been raised by 2.2%, while the forecasts for 2025 and 2026 have been slightly lowered by 4.1% and 0.1%, respectively [2]. - The net profit forecasts for 2024, 2025, and 2026 have been increased by 5.5%, 0.1%, and 4.6%, respectively, reflecting the strong growth in the oncology drug segment [2]. Target Price - The target price has been raised to 23.40 HKD, reflecting the upward adjustments in profit forecasts [3][5].