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].

香港股市 | 新能源 | 核燃料 公司点评 中广核矿业（1164 HK） 低成本+保下限定价：减少铀价波动对盈利的影响 未评级 1H24 年股东净利润同比下跌 37.0% 公司 FY24 年中期业绩逊于市场预期。上半年股东净利润同比下跌 37.0%至 1.1 亿元(港 币，下同)，主因(一)公司毛利由 1H23 的 1.9 亿元盈利转为 5,643 万元亏损，因天然铀贸 易价差转正为负；(二)所得税支出同比大幅增加 277.7%至 2.1 亿元。由于哈萨克斯坦收紧 税收优惠，公司估计未必可享用因持股联营铀矿企业奥公司(Ortalyk)而衍生分红预提税的 5%优惠税率，因此先行恢复至 15%基本税率(见图表 1)。 铀矿业务盈利大幅增加 虽然如此，上半年铀矿业务盈利同比大幅增长。合营企业谢公司(Semizbay-U)及联营公司 奥公司(Ortalyk)应占利润分别同比上升 194.6%及 481.0%至 2.1 亿元及 2.3 亿元。铀矿总产 量同比增加 5.2%至 1,334tU。销售均价同比上涨 34.5%至 78 美元(每磅计算，下同)。 足够防范铀价波动的影响 今年初现货铀价一度突破 100 美元高水平 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of HKD 3.6, compared to the current price of HKD 2.9 [1]. Core Insights - The company's performance is under short-term pressure due to weak consumer spending and challenges in offline customer acquisition. The sales in the apparel, footwear, and textile categories showed only a 0.5% year-on-year growth from January to July, with a significant decline of 5.2% in July compared to June [1]. - Nike has lowered its full-year guidance, while Adidas is gradually recovering its sales. Nike's sales in Greater China are expected to decline in FY25, while Adidas has raised its full-year revenue forecast [1]. - The company is facing operational challenges, with a projected decline in revenue for FY25 and a potential decrease in gross margin due to higher online discounting compared to offline sales [1]. - Despite these challenges, the company is committed to maintaining a high dividend policy and enhancing operational efficiency through strategic partnerships [1]. Financial Summary - The total revenue forecast for FY2025 is adjusted to HKD 27.348 billion, reflecting a year-on-year decline of 5.5%. The net profit forecast for FY2025 is revised down to HKD 1.827 billion, a decrease of 17.4% [2]. - The company’s earnings per share (EPS) for FY2025 is projected at HKD 0.29, with a price-to-earnings (P/E) ratio of 8.9 [2]. - The financial indicators show a total revenue of HKD 28.950 billion for FY2024, with a growth rate of 6.9%, and a net profit of HKD 2.213 billion, reflecting a growth rate of 20.5% [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.927 billion HKD for H1 2024, representing an increase of 11.9% year-on-year, while the net profit attributable to shareholders was 308 million HKD, down 13.8% year-on-year [1] - The interim dividend per share is 0.28 HKD, corresponding to a payout ratio of 95%, compared to no dividend in the same period last year [1] - The growth in revenue is driven by an increase in volume, with third-party business revenue reaching 1.938 billion HKD, up 12.1% year-on-year [1] - The company is expected to achieve double-digit revenue growth in 2024, with improvements in cost efficiency anticipated for H2 2024 [1] Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 2.927 billion HKD (+11.9% YoY) and a net profit of 308 million HKD (-13.8% YoY) [1] - The gross margin for H1 2024 was 29.98%, down 3.2 percentage points year-on-year, with a net profit margin of 10.52%, also down 3.2 percentage points year-on-year [1] - The company has increased its marketing expenses, leading to a sales expense ratio of 12.04%, up 2.9 percentage points year-on-year [1] Future Outlook - The company is expanding its product matrix and market regions, with overseas expansion expected to accelerate [1] - New production facilities in Hebei and Anhui are projected to contribute to revenue growth [1] - Revenue forecasts for 2024-2026 are adjusted to 6.884 billion, 7.616 billion, and 8.373 billion HKD, respectively, with year-on-year growth rates of 12%, 11%, and 10% [2][4]

Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of HKD 5.78, while the current stock price is HKD 4.40 [1]. Core Views - The report highlights that TCL Electronics has shown significant revenue growth, with a 30.3% year-over-year increase in H1 2024, reaching HKD 454.9 billion, and a net profit increase of 146.5% to HKD 6.5 billion [4][5]. - The company's large-size display and innovative businesses are driving rapid revenue growth, with the large-size display business growing by 23% in H1 2024 [4]. - The report emphasizes the potential for TCL's overseas television market share to increase due to enhanced brand marketing and channel coverage [5]. Summary by Sections Financial Performance - Main revenue for 2022 was HKD 713.5 million, projected to grow to HKD 999.2 million by 2024 [2]. - Net profit is expected to rise from HKD 4.5 million in 2022 to HKD 20.7 million by 2026 [3]. - Earnings per share (EPS) are projected to increase from HKD 0.2 in 2022 to HKD 0.8 in 2026 [3]. Profitability and Valuation - The price-to-earnings (P/E) ratio is expected to decrease from 24.6 in 2022 to 5.4 by 2026, indicating improved valuation [4]. - The report forecasts a net profit margin increase to 1.5% by 2026, up from 0.6% in 2022 [6]. Business Segments - Domestic large-size display revenue is projected to grow at rates of 18% in 2024, 8% in 2025, and 8% in 2026, with a gross margin of 21.5% in 2024 [8]. - Overseas large-size display revenue is expected to grow by 23% in 2024 and maintain a gross margin of 13.9% [8]. - The photovoltaic business is anticipated to see a revenue increase of 120% in 2024, with a gross margin of 12% [8]. Cash Flow and Valuation - The report estimates the equity value of TCL Electronics at HKD 164.6 billion, with a projected EPS of HKD 6.53 [14][15]. - The report uses a discounted cash flow (DCF) model to assess the company's value, with key assumptions including a risk-free rate of 3.8% and a market return of 1.7% [14]. Market Position - TCL Electronics is positioned as a leading player in the global television industry, focusing on high-end and global operations [5]. - The company is leveraging its brand strength and channel resources to enhance its market share in the overseas television market [5].

Investment Rating - The report maintains a "Recommend" rating for Haidilao (06862 HK) with a target price of HKD 17 32, compared to the current price of HKD 12 34 [1] Core Views - Haidilao demonstrated strong performance resilience in H1 2024, with revenue reaching RMB 21 49 billion (yoy +13 8%) and core operating profit at RMB 2 799 billion (yoy +13%) [1] - The company maintained a high dividend payout, with an EPS of RMB 0 38 and a dividend per share of RMB 0 358 [1] - Haidilao continued to streamline its store network, opening 11 new stores and closing 43 stores, resulting in a total of 1,343 stores by the end of H1 2024 [2] - The company's same-store turnover rate improved significantly, with an overall rate of 4 2 times (up from 3 3 times in the same period last year) [2] - Despite a decline in average customer spending (RMB 97 4, yoy -5 3%), cost optimization efforts led to a reduction in food costs as a percentage of revenue (-1 7pct to 39%) [2] Financial Performance - Haidilao's operating income for 2024E is projected to be RMB 49 798 billion, with a yoy growth of 19 6% [3] - Net profit attributable to shareholders is expected to be RMB 4 461 billion in 2024E, with a slight yoy decline of 0 9% [3] - The company's EPS for 2024E is forecasted at RMB 0 80, with a P/E ratio of 14x [3] - Haidilao's gross margin for 2024E is estimated at 11 5%, while the net margin is projected at 9 0% [7] Operational Highlights - Haidilao's management focused on optimizing customer satisfaction and implemented a multi-store management model, allowing store managers to oversee multiple locations [2] - The company launched the "Red Pomegranate Plan" to develop new restaurant brands, resulting in the creation of 5 new brands in H1 2024, covering categories such as BBQ, hotpot, and Chinese fast food [2] - Same-store turnover rates improved across all city tiers, with tier-1 cities increasing by 0 6 times, tier-2 cities by 0 8 times, and tier-3 and below cities by 0 9 times [2] Valuation and Forecast - The report forecasts Haidilao's EPS for 2024-2026 at RMB 0 80, RMB 0 92, and RMB 1 01, respectively, with corresponding P/E ratios of 14x, 12x, and 11x [2] - The target price of HKD 17 32 is based on a 2024E P/E multiple of 20x [2]

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 30 for the company [2]. Core Views - The company is expected to maintain a good order growth in the second half of the year, with annual performance projected to approach the peak levels seen in 2021. The company is well-positioned to benefit from the ongoing restructuring of global supply chains, particularly as domestic manufacturing capacity shifts overseas [2]. Financial Performance Summary - The company reported a revenue of RMB 8.02 billion for the first half of the year, representing a year-on-year increase of 25.7%. The gross margin slightly increased by 0.3 percentage points to 32.3%. Operating profit reached RMB 1.75 billion, up 28.5%, while net profit attributable to shareholders was RMB 1.52 billion, a 23.5% increase. Basic earnings per share stood at RMB 0.95, with a solid financial position reflected in net cash of RMB 10.65 billion [1]. Sales and Market Trends - Sales trends across all models are improving, with significant growth in demand from downstream consumer goods, certain home appliances, and the 3C industry. The main Mars series saw sales of 24,115 units and revenue of RMB 5.17 billion, marking year-on-year increases of 45.5% and 34%, respectively. The Jupiter series achieved sales of 840 units and revenue of RMB 1.46 billion, with year-on-year growth of 14.9% and 6.5%. The Chang Fei Ya series also rebounded with sales of 1,955 units and revenue of RMB 1.02 billion, reflecting year-on-year growth of 34.5% and 25.7% [1]. Domestic and International Market Outlook - Domestic revenue grew by 33.7% to RMB 5.18 billion, driven by a recovery in demand from the consumer goods sector. International revenue increased by 13.2% to RMB 2.84 billion, with strong demand from emerging markets such as Vietnam, Brazil, and Mexico. The company anticipates improved overseas revenue recognition in the second half of the year as shipping schedules stabilize [1]. Future Revenue and Profit Projections - The revenue forecasts for 2024, 2025, and 2026 are adjusted to RMB 15.9 billion, RMB 18.99 billion, and RMB 22.3 billion, respectively. Net profit projections for the same years are RMB 3 billion, RMB 3.53 billion, and RMB 4.1 billion, respectively. The report maintains a target price of HKD 30, corresponding to forecasted price-to-earnings ratios of 14, 12, and 10 for 2024 to 2026 [2].

Investment Rating - Maintains a "Buy" rating, with upward revisions to net profit forecasts for 2024-2026 by 4.2%/1.4%/0.1% to 3.0/3.25/3.53 billion RMB, respectively [5] Core Viewpoints - Downstream industry demand recovery drives steady performance growth, with overseas exports further boosting performance [1] - Global layout yields results, with the company achieving steady growth in revenue and net profit [2] - The company benefits from the recovery in demand for downstream industries such as consumer goods, home appliances, and 3C products, driving significant growth in its Mars and Changfeiya series [3] - Overseas market expansion and globalization strategy continue to drive performance growth, with significant sales increases in Southeast Asia, North America, and South America [4] Financial Performance - 2024H1 revenue reached 8.02 billion RMB, a 25.7% YoY increase, with net profit attributable to shareholders of 1.52 billion RMB, up 23.5% YoY [2] - Gross margin improved to 32.3%, up 0.3 percentage points YoY, while net margin slightly declined by 0.3 percentage points to 19.0% [2] - Revenue from injection molding machines increased by 26.2% YoY to 7.7 billion RMB, while parts and service revenue grew by 14.9% YoY to 320 million RMB [3] - Domestic revenue grew by 33.7% YoY to 5.18 billion RMB, and overseas revenue increased by 13.2% YoY to 2.84 billion RMB [4] Market and Industry Trends - The company is expected to benefit from the trend of energy-saving and intelligent injection molding machines, as well as the "Large-scale Equipment Renewal and Consumer Goods Replacement Action Plan" [3] - The global automotive industry, particularly the overseas capacity investment in new energy vehicles, supports stable growth in the company's Jupiter series [3] - The company's "Five-Five" strategy and overseas market layout across Asia, Europe, North America, and South America are expected to drive future growth [4] Financial Projections - Revenue is projected to grow from 15.875 billion RMB in 2024E to 18.098 billion RMB in 2026E [11] - Net profit is expected to increase from 3.004 billion RMB in 2024E to 3.527 billion RMB in 2026E [11] - EPS is forecasted to rise from 1.88 RMB in 2024E to 2.21 RMB in 2026E [5] Valuation Metrics - P/E ratio is projected to decline from 14 in 2024E to 9 in 2026E [6] - P/B ratio is expected to decrease from 1.9 in 2024E to 1.2 in 2026E [6] - ROE (attributable to parent company) is forecasted to remain stable, ranging from 13.8% to 14.3% from 2024E to 2026E [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company's performance in H1 2024 showed a decline below market expectations, with revenue of 35.34 billion yuan, a year-on-year increase of 10.1%, but a net profit drop of 15.9% to 1.83 billion yuan. The core net profit also decreased by 18.8% to 1.74 billion yuan, with earnings per share down by 28.3% to 0.455 yuan [4]. - Despite the decline in sales, the company remains actively engaged in land acquisition, focusing on core first- and second-tier cities. In H1 2024, the company achieved sales of 55.4 billion yuan, a decrease of 33.8% year-on-year, completing 38% of its annual sales target [4]. - The company has a strong cash position with monetary funds of 48.14 billion yuan, a 4.4% increase from the end of 2023, and a low average financing cost of 3.57% [5]. Summary by Sections Financial Performance - In H1 2024, the company reported operating revenue of 35.34 billion yuan, a 10.1% increase year-on-year, but a gross profit of 4.85 billion yuan, down 15.0% year-on-year. The comprehensive gross margin was 13.7%, a decrease of 4.1 percentage points [4]. - The company’s net profit margin was 5.2%, down 1.6 percentage points year-on-year, with a total of 1.91 trillion yuan in unsold but contracted sales, which is 2.5 times the revenue from the previous year [4]. Sales and Land Acquisition - The company’s sales volume decreased by 33.8% year-on-year to 55.4 billion yuan, with a sales area of 1.88 million square meters, down 24.0% year-on-year. The average selling price per square meter was 29,500 yuan, a decrease of 12.7% [4]. - In H1 2024, the company acquired land in seven cities, totaling 1.72 million square meters, with a focus on first- and second-tier cities, maintaining a diversified land acquisition strategy [4]. Financial Health - The company reported a total debt of 110.2 billion yuan, with a net debt ratio of 58.6% and a cash-to-short-term debt ratio of 1.53 times, indicating a strong financial position [5]. - The company’s projected net profit for 2024-2026 is adjusted to 3.0 billion, 3.2 billion, and 3.5 billion yuan respectively, reflecting a cautious outlook amid declining industry conditions [4].

公 司 研 究 / 公 司 点 评 报告原因：有业绩公布需要点评 一年内股价与基准指数对比走势： -20% 0% 20% 40% HSCEI 中国财险 资料来源：Bloomberg 证券分析师 孙冀齐 A0230523110001 sunjq@swsresearch.com 罗钻辉 A0230523090004 luozh@swsresearch.com 联系人 孙冀齐 (8621)23297818× sunjq@swsresearch.com 2024 年 08 月 29 日 中国财险 (02328) —— COR 优于预期，净利润降幅环比显著收窄 买入（维持）1H24 净利润降幅环比显著收窄。公司 1H24 实现净利润 184.91 亿元，yoy-8.7%，同比降幅 较 1Q24 收窄 29.6%；其中，2Q24 净利润 yoy+17.4%至 126.20 亿元。净资产收益率（未年 化）yoy-1.3pct 至 7.7%。公司拟派发中期分红 0.208 人民币/股，股利支付率为 25.02%。 降本增效成效显著，COR 表现超预期。1H24 公司保险服务收入 yoy+5.1%至 2358.41 亿元， C ...