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 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Views - The company demonstrated revenue and profit growth in the first half of 2024, with revenue reaching 1.138 billion yuan, a year-on-year increase of 9.7%, and net profit attributable to shareholders of 115 million yuan, up 3.2% year-on-year [3][4] - The company's business model shows strong synergy, particularly in the beauty and health sectors, with significant growth in sub-segments such as sub-health management services, which grew by 50% year-on-year [4][5] - The company is expanding its market presence through both organic growth and acquisitions, enhancing operational efficiency through digital marketing tools [7] Revenue Performance - The company's revenue for 1H2024 was 1.138 billion yuan, with a year-on-year growth of 9.7% [3] - The adjusted net profit for the same period was 1.32 billion yuan, reflecting a 0.5% increase year-on-year [3] - Revenue breakdown by business segments shows beauty and health services at 620 million yuan, medical beauty services at 440 million yuan, and sub-health medical services at 70 million yuan, with respective year-on-year growth rates of 13.6%, 0.3%, and 50.0% [4] Operational Efficiency - The company reported an increase in gross margin to 47.0%, up 0.9 percentage points year-on-year, while the net profit margin slightly decreased to 10.1%, down 0.6 percentage points [4][5] - The gross margins for the beauty and health, medical beauty, and sub-health business segments were 40.3%, 55.1%, and 54.4%, respectively, with notable improvements in the sub-health segment [5] Market Data - The total market capitalization of the company is 3.754 billion HKD, with a total share count of 236 million shares [3] - The stock price has fluctuated between 9.11 and 17.50 HKD over the past year [3] Financial Forecast - The company is projected to achieve revenues of 2.596 billion yuan in 2024, with a growth rate of 21.03%, and net profit of 250 million yuan, reflecting a growth rate of 15.91% [8][9] - The earnings per share (EPS) are expected to be 1.06 yuan in 2024, with a price-to-earnings (P/E) ratio of 14 [8][12]

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 ...