理想汽车-W(2015.HK) 二季度费用优化显著，看好下半年利润释放 推荐（维持） 事项： 股价：81.05 元（港币） | --- | --- | |----------------------------|--------------------| | | | | 行业 | 汽车 | | 公司网址 | ir.lixiang.com | | 大股东 / 持股 | Amp Lee Ltd/16.77% | | 实际控制人 | 李想 | | 总股本 ( 百万股 ) | 2122.02 | | 流通 A 股 ( 百万股 ) | | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 1569.89 | | 流通 A 股市值 ( 亿元 ) | | | 每股净资产 ( 元 ) | 29.63 | | 资产负债率 (%) | 56.37 | | 行情走势图 | | | --- | --- | |--------|---------------------------------| | | | | 王德安 | 投资咨询资格编号 S1060511010006 | 公司发布 2024 年二季度业绩报告，2 ...

公司研究 | --- | --- | --- | --- | |--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------| | | 证 券 研 究 报 告 | 非银行金融 2024 年 08 月 | 29 日 | | | 中国财险（ 02328.HK ） 2024 年中报点评 COR 略有上行，单 Q2 净利润实现增长 | 推荐 ...

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 9.82 港元 11.60↑ +18.1% 保险 2024 年 8 月 29 日 中国太平保险 (966 HK) 资产、负债两端均表现优异，显著超预期 主要业务板块盈利表现全面向好。2024 上半年归母净利润同比增长 15.4%，盈利规模已接近 2023 全年水平。经营净溢利同比增长 19%，分板 块来看，增长主要来自再保险和寿险，分别贡献增速10.4和4.9个百分点， 财险和资管业务也形成正向贡献。主要业务板块盈利趋势均向好：寿险经 营净溢利同比增长 4.9%，再保险业务扭亏为盈，境内财险综合成本率同 比下降 0.6 个百分点，境外财险经营净溢利同比增长 75%。 新业务价值高速增长，领先同业，显著超预期。新业务价值同比增长 85.5%（人民币口径+83.6%），其中个险/银保渠道分别贡献 49.6 和 35.6 个 百分点。公司提升了新业务价值考核权重，并取消对渠道结构的要求。银 保渠道贡献为 26%，同比上升 14 个百分点。新业务价值率 24.6%，同比上 升 12.4 个百分点，其中个险/银保渠道同比分别上升 8.9/16.4 个百分点。 价值 ...

2024 年 08 月 29 日 中国海外发展 (00688) ——业绩有所下行，销售、拿地聚焦一二线 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 24H1 营收同比-2.5%，归母净利润同比-24%，低于预期，分红率提升。2024H1，公司 营收 869 亿元，同比-2.5%；归母净利润 103.1 亿元，同比-23.5%，低于市场预期；核心 归母净利润 106.4 亿元，同比-23.0%；基本每股收益 0.94 元，同比-23.5%；毛利率和归 母净利率分别为 22.1%和 11.9%，同比分别-0.5pct 和-3.3pct。销售及管理费用率仅 3.9%， 同比+0.1pct。公司业绩下降，主要源于：1）公司结转规模有所下降，以及结转毛利率下 降；2）少数股东损益 12.1 亿元，同比+68%；3）投资物业公允价值变动收益 0.1 亿元， 23 年同期为 23.2 亿元。至 24H1 末，公司已售未结转金额 2,541 亿元，较 23 年末+7.1%， 已售未结转金额可覆盖 23 年营收 1.25 倍，助力公司后续业绩稳定。此外，公司拟每股派 中期股息 30 港仙，占比核心归母净利润 28 ...

2 季度业绩大致符合预期，但指引保守 交银国际研究 公司更新 汽车 2024 年 8 月 29 日 理想汽车 (2015 HK) 收盘价 目标价 潜在涨幅 港元 81.05 港元 120.34 +48.5% 2024 年 2 季度业绩大致符合预期。2 季度理想汽车营收 316.8 亿元人民币 （下同），略高于市场/我们预期，同比增长 10.6%，环比增长 23.6%。销 量在 L6 上量的支持下环比增长 35.1%至 10.9 万辆。2 季度单车均价 27.9 万 元，环比减少 2.2 万元，主要是较低价的 L6 上量 。2 季度汽车毛利率环比 微跌0.6个百分点至 18.7%，综合毛利率由1季度的20.6%下跌至19.5%。2 季度研发/SG&A 费用环比分别下跌 0.7%/5.5%，占收入比例从 1 季度的 11.9%/11.6%下跌至 9.6%/8.9%，反映了成本控制和人员优化的成果。2 季 度净利润11亿元，符合市场/我们预期。2 季度现金和等价物达973亿元， 自由现金流为-19 亿元，较 1 季度-51 亿元环比收窄。 3 季度指引单价继续下滑：公司指引 3 季度交付量为 14.5-15.5 万 ...

Investment Rating - The report maintains a "Buy" rating for the company, Yuexiu Property (123 HK), with a target price of HKD 6.60, indicating a potential upside of 72.8% from the current price of HKD 3.82 [2][6]. Core Insights - The company's performance for the first half of 2024 met expectations, with revenue increasing by 10.1% year-on-year to RMB 35.34 billion. The real estate development and management segments saw revenue growth of 10.2% and 45.2%, respectively [2][5]. - The gross profit margin declined by 4.1 percentage points to 13.7%, primarily due to a decrease in development margins. Core net profit fell by 18.8% to RMB 1.74 billion, aligning with forecasts [2][5]. - The company expects sales to improve in the August to October period, although achieving the full-year sales target of RMB 1.47 trillion may be challenging under current market conditions [2][5]. - The average financing cost decreased by 41 basis points to 3.57%, with expectations for further reductions in a more liquid environment [2][5]. Financial Overview - For the first half of 2024, the company reported a revenue of RMB 35.34 billion, with a gross profit of RMB 4.85 billion, reflecting a gross margin of 13.7% [5][7]. - The company has a stable net debt ratio of approximately 58.6%, with cash levels increasing to RMB 48.14 billion [2][5]. - The projected revenue for 2024 is RMB 86.79 billion, with a core profit forecast of RMB 3.27 billion, indicating a decline of 15.2% year-on-year [4][7]. Market Position - The company holds a land bank of 25.03 million square meters, with about 40% located in the Greater Bay Area, and approximately 44% of its projects are in first-tier cities [2][5]. - The management remains optimistic about capturing market demand when conditions improve, supported by a solid financial position and favorable government policies for state-owned enterprises [2][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 2.927 billion yuan in H1 2024, representing a year-on-year growth of 11.9%, while the net profit attributable to shareholders was 308 million yuan, down 13.8% year-on-year [3] - The company is actively responding to the trend of high cost-performance consumption, with strong growth in third-party business and an accelerated expansion into e-commerce, third-party B-end, and overseas channels [3] - Due to operational pressures from affiliated parties, the profitability of the company is under pressure, leading to a downward adjustment in profit forecasts for 2024-2026 [3] Financial Forecast and Valuation - Revenue projections for 2024-2026 are 68.30 billion yuan, 76.59 billion yuan, and 83.65 billion yuan, respectively, with net profits of 8.24 billion yuan, 9.82 billion yuan, and 11.00 billion yuan [3] - Earnings per share (EPS) are expected to be 0.79 yuan, 0.95 yuan, and 1.06 yuan for the years 2024, 2025, and 2026, respectively [1][3] - The price-to-earnings (P/E) ratios are projected to be 13.0, 10.9, and 9.7 for the same years [1][3] Market Performance - The company's stock price is currently at 11.30 HKD, with a market capitalization of 11.715 million HKD [1] - The company has a total share capital of 1,037 million shares, all of which are tradable [1] Key Financial Metrics - The company reported a gross margin of 30.0% in H1 2024, a decrease of 0.5 percentage points year-on-year [3] - The return on equity (ROE) is projected to be 16% for 2024, with a net profit margin of 12.1% [1][3] - The company's sales expense ratio increased significantly due to higher advertising and freight costs [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a stable revenue performance with a 11.9% year-on-year increase in revenue to 2.927 billion yuan for the first half of 2024, while the net profit attributable to shareholders decreased by 13.8% to 308 million yuan [2][6] - The company is expected to improve profitability through mechanisms optimization, new product launches, and channel expansion [7] Financial Performance Summary - Revenue for 2024H1 reached 2.927 billion yuan, up 11.9% year-on-year, with net profit at 308 million yuan, down 13.8% [6] - The gross profit margin for 2024H1 was 29.98%, a slight increase of 0.54 percentage points year-on-year [7] - Sales expenses and management expenses for 2024H1 were 12.04% and 4.79% respectively, with year-on-year changes of +2.88 and -0.59 percentage points [7] Revenue and Profit Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 6.881 billion, 7.709 billion, and 8.632 billion yuan respectively, with year-on-year growth rates of 11.93%, 12.04%, and 11.96% [7][8] - The net profit attributable to shareholders is forecasted to be 854 million, 979 million, and 1.168 billion yuan for 2024, 2025, and 2026, with growth rates of 0.13%, 14.65%, and 19.28% respectively [7][8] Market Position and Strategy - The company is focusing on enhancing its incentive mechanisms, accelerating new product development, and expanding its distribution channels, including exploring small B and e-commerce opportunities [7] - The company has seen stable growth in sales volume, with notable performance in various product categories, including hot pot condiments and Chinese compound seasonings [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue of 7.957 billion HKD for the first half of 2024, representing a year-on-year increase of 17.1%. The gross margin was 34.0%, up by 0.8 percentage points, and the net profit attributable to shareholders was 1.908 billion HKD, an increase of 36.0% year-on-year. The commercial management business generated revenue of 2.850 billion HKD, growing by 23.4%, while the property management business achieved revenue of 5.102 billion HKD, a 13.8% increase [2][6][4] Summary by Sections Financial Performance - The company achieved a revenue of 79.57 billion HKD in H1 2024, with a gross margin of 34.0% and a net profit of 19.08 billion HKD. The commercial management segment saw revenue growth of 23.4%, while the property management segment grew by 13.8% [2][6] - The company declared an interim dividend totaling 1.949 billion HKD [6] Business Segments - The commercial management business generated 2.850 billion HKD in revenue, with shopping center revenue reaching 1.890 billion HKD, a 34.1% increase. The occupancy rate for shopping centers was 96.7%, up by 0.6 percentage points from the end of 2023 [6] - The property management segment reported revenue of 5.102 billion HKD, with community and urban space revenues of 4.277 billion HKD and 0.824 billion HKD, respectively. The total managed area reached 398 million square meters, a 7.5% increase year-on-year [6] Cost Management and Cash Flow - The company effectively managed costs, with a selling and administrative expense ratio of 6.5%, down by 1.5 percentage points. Operating cash flow net amount was 1.582 billion HKD, a 55.2% increase year-on-year [6] - The company maintained a strong cash position with cash and short-term bank deposits totaling 12.614 billion HKD [6] Future Projections - Revenue projections for 2024-2026 are 17.805 billion HKD, 20.792 billion HKD, and 24.129 billion HKD, representing year-on-year growth rates of 20.6%, 16.8%, and 16.1%, respectively. Net profit projections for the same period are 3.568 billion HKD, 4.189 billion HKD, and 4.859 billion HKD, with corresponding growth rates of 21.8%, 17.4%, and 16.0% [6][7]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][12] Core Views - The company's performance has been under pressure, with a slight decline in gross margin. In the first half of 2024, the company achieved revenue of 35.3 billion RMB, a year-on-year increase of 10.1%, while net profit attributable to shareholders was 1.8 billion RMB, a year-on-year decrease of 15.9% [1][4] - The company has maintained a stable dividend payout, with an interim dividend of 0.173 RMB per share, accounting for approximately 40% of core net profit [1][4] - The company is focused on the Greater Bay Area, achieving 37.7% of its annual sales target in the first half of 2024, despite a decline in sales area and amount [1][6] Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 35.3 billion RMB, a 10.1% increase year-on-year. However, the net profit attributable to shareholders decreased by 15.9% to 1.8 billion RMB, and core net profit fell by 18.8% to 1.7 billion RMB. The gross margin was approximately 13.7%, down 4.1 percentage points year-on-year [1][4][6] - The company’s financial health remains robust, with a debt-to-asset ratio of 68.3% and a net debt ratio of 58.6% as of the end of the first half of 2024 [1][8] Sales and Market Strategy - The company completed a sales area of 1.88 million square meters in the first half of 2024, a year-on-year decrease of 24.0%, with sales amounting to 55.4 billion RMB, down 33.8% year-on-year. The sales distribution by region shows that the Greater Bay Area accounted for 47% of total sales [1][6][8] - The company has adopted a diversified land acquisition strategy, adding 12 plots of land with a total construction area of approximately 1.72 million square meters, 88% of which are located in first-tier and key second-tier cities [1][6] Financial Forecasts - The company is expected to maintain its profit forecasts, with projected net profits of 3.2 billion RMB and 3.3 billion RMB for 2024 and 2025, respectively. The earnings per share are expected to be 0.79 RMB and 0.82 RMB for the same years, corresponding to a price-to-earnings ratio of 4.2 and 4.0 times [1][9][10]