Investment Rating - The report assigns a Neutral rating to the company with a target price of HKD 20.40, indicating a potential upside of 12% from the current price of HKD 18.22 [1][6]. Core Insights - The company's 1H24 revenue and profit exceeded market expectations, leading to an upward revision of the 2024-26 profit forecasts by 12-17% [1]. - The strong performance was driven by a 44% year-on-year revenue growth and a 111% increase in net profit, primarily due to the sales growth of the innovative drug Ameluz [1][2]. - The report highlights that the innovative drug revenue grew by 81%, increasing its share of total revenue from 61.8% in 1H23 to 77.4% in 1H24 [1]. - The company maintains guidance for double-digit growth in non-BD operating revenue for the full year [1]. Financial Forecast Changes - Revenue forecasts for 2024, 2025, and 2026 have been adjusted to RMB 12,637 million, RMB 13,265 million, and RMB 14,630 million respectively, reflecting increases of 2.7%, 2.7%, and 4.3% compared to previous estimates [3]. - Net profit forecasts for the same years have been revised to RMB 4,451 million, RMB 4,040 million, and RMB 4,690 million, showing increases of 11.5%, 15.6%, and 16.7% respectively [3]. - The gross profit margin is expected to remain stable at around 90.5% for 2024, with slight variations in subsequent years [3]. Sales Performance - The oncology line revenue (excluding BD) grew by 24%, with the core product Ameluz expected to achieve over 20% sales growth for the year [2]. - The anti-infection and neurology lines saw revenue increases of 17% and 5% respectively, while the generic drug segment faced a decline of approximately 15% due to competitive pressures [2]. - The company anticipates the launch of several new products in the coming years, including Chitosan and additional indications for Ameluz and other innovative drugs [2].

Investment Rating - The investment rating for the company is downgraded to "Neutral" with a target price of HKD 11.09, reflecting a potential upside of 5.6% from the current price of HKD 10.50 [1][2][7]. Core Insights - The company's gross margin exceeded expectations, but the price of photovoltaic glass continues to hit new lows, leading to the downgrade of the rating to neutral [1]. - In Q2, the company reported revenues and net profit of RMB 4.97 billion and RMB 739 million, respectively, representing year-on-year growth of 15% and 29% [1]. - The average price of photovoltaic glass saw a slight increase quarter-on-quarter, while the decline in prices of soda ash and natural gas contributed to a decrease in costs, pushing the gross margin up by 5.0 percentage points to 26.5%, the highest since Q4 2021 [1]. - The company’s production capacity decreased by 200 tons to 20,400 tons compared to the beginning of the year, leading to a decline in market share [1]. - The photovoltaic glass price has been continuously decreasing, with a significant oversupply in the market, resulting in a 10% and 7% drop in prices in July and August, respectively [1]. - The report anticipates a slight rebound in prices in October and November due to seasonal demand, but warns of a potential decline again in Q1 next year as production ramps up [1]. Financial Summary - Revenue for 2023 is projected at RMB 21.524 billion, with a year-on-year growth of 39.2%, followed by a decline of 10.1% in 2024 [2][8]. - Net profit for 2023 is estimated at RMB 2.76 billion, with a projected decline to RMB 1.979 billion in 2024 [2][8]. - The earnings per share (EPS) for 2023 is expected to be RMB 1.17, decreasing to RMB 0.84 in 2024 [2][8]. - The price-to-earnings (P/E) ratio is projected to be 8.2 for 2023 and 11.4 for 2024 [2][8]. - The gross margin is expected to decline from 22.4% in 2023 to 18.5% in 2024 [5][8].

安踏体育（02020.HK） 优于大市 上半年收入增长 14%，发布回购计划提升股东回报 | --- | --- | --- | --- | --- | --- | |------------------------|----------|-----------|-----------|-----------|-----------| | 盈利预测和财务指标 | 2022 | 2023 | 2024E | 2025E | 2026E | | 营业收入(百万元) | 53,651 | 62,356 | 69,507 | 75,950 | 82,616 | | (+/-%) | 8.8% | 16.2% | 11.5% | 9.3% | 8.8% | | 净利润(百万元) | 7590 | 10236 | 13647 | 13490 | 14820 | | (+/-%) | -1.7% | 34.9% | 33.3% | -1.2% | 9.9% | | 每股收益（元） | 2.68 | 3.61 | 4.82 | 4.76 | 5.23 | | EBIT Margin | 17.0% | 21.9% | 19. ...

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported a 10% year-on-year increase in revenue for H1 2024, reaching 7.2 billion HKD, and a 13% increase in net profit to 750 million HKD [4]. - The performance of the main brand, fashion sports, and professional sports segments showed growth rates of 7%, 10%, and 72% respectively, with the strong growth of the Saucony brand attributed to improved same-store sales and net new store contributions [4]. - The gross margin improved by 0.8 percentage points to 43.9%, driven by better margins in the popular carbon plate running shoes and children's clothing [4]. - The company achieved a significant improvement in operating cash flow, with a net cash flow of 830 million HKD, a 212% increase year-on-year, and a net cash ratio of 1.1 [4]. - Looking ahead, the company plans to focus on cost control in H2, especially in light of a weaker retail environment expected to slow overall growth [4]. - The upcoming spin-off of KP is anticipated to enhance earnings, with a special dividend of 151 million USD expected, corresponding to a dividend yield of approximately 9% [4]. - The company forecasts net profits of 1.27 billion, 1.46 billion, and 1.62 billion HKD for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 24%, 15%, and 11% [4][7]. Summary by Sections Financial Performance - H1 2024 revenue reached 7.2 billion HKD, a 10% increase year-on-year, with net profit at 750 million HKD, up 13% [4]. - The main brand's inventory turnover ratio is approximately 4 months, with discounts maintained at a healthy level of 25% [4]. Future Outlook - The company expects a slowdown in overall growth due to a weak retail environment, but sees potential for margin improvement in the main brand and advertising expenses [4]. - The spin-off of KP is expected to bolster performance, with a special dividend planned [4]. Valuation Metrics - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 10, 9, and 8 times respectively [7].

Investment Rating - The investment rating for the company is "Buy - A" with a target price of 109.05 CNY, maintaining the rating [4]. Core Views - The company reported a net profit of 1.1 billion CNY in Q2 2024, a year-on-year decrease of 52% but a quarter-on-quarter increase of 86%. For the first half of 2024, the net profit was 1.7 billion CNY, down 47% year-on-year [1]. - The launch of the L6 model significantly boosted Q2 delivery volumes, leading to a revenue increase of 11% year-on-year and 24% quarter-on-quarter, with total revenue reaching 31.7 billion CNY [1]. - The automotive business revenue was 30.3 billion CNY, reflecting an 8% year-on-year increase and a 25% quarter-on-quarter increase. The total vehicle deliveries in Q2 2024 were 109,000 units, up 25% year-on-year and 35% quarter-on-quarter [1]. - The gross margin for the automotive business was 18.7%, down 2.2 percentage points year-on-year and 0.6 percentage points quarter-on-quarter, primarily due to the lower selling price of the L6 model [1]. - The company has a strong cash reserve of 97.3 billion CNY, with a reduction in net cash outflow from operating activities to 430 million CNY, a decrease of 2.9 billion CNY quarter-on-quarter [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 31.7 billion CNY, with automotive revenue contributing 30.3 billion CNY. The gross margin was 18.7%, and the net profit was 1.1 billion CNY [1]. - The company expects Q3 2024 deliveries to be between 145,000 and 155,000 units, with projected revenue of 39.4 to 42.2 billion CNY, indicating a quarter-on-quarter increase of 29% [3]. Market Outlook - The L series models are expected to continue strong sales, with the L7/8/9 models anticipated to rebound in sales alongside the ongoing ramp-up of the L6 model [3]. - The company is solidifying its position in the pure electric vehicle market, with plans for four new electric SUV models to be launched by 2025 [3]. Valuation Metrics - The projected net profits for 2024, 2025, and 2026 are 8.1 billion CNY, 15.4 billion CNY, and 26.5 billion CNY, respectively, with corresponding price-to-earnings ratios of 20, 11, and 6 times [8]. - The current market capitalization is approximately 157.1 billion CNY, with a circulating market value of 130.8 billion CNY [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted down from HKD 18 to HKD 15, indicating a potential upside of 44.0% from the current price of HKD 10.42 [1][2][8]. Core Insights - The company's profitability has been impacted by a year-on-year decline in underwriting profit, with a reported net profit of RMB 0.55 billion for the first half of 2024, down from RMB 2.2 billion in the same period last year. The underwriting profit decreased by 41%, and total investment income fell by 14% [1][2]. - Premium income grew by 5.4% year-on-year, primarily driven by the digital life and automotive ecosystems, contributing 10.9 and 1.9 percentage points to the growth, respectively. However, health insurance premiums declined by 9.6%, and consumer finance premiums dropped by 21.6% due to external factors and a strategic business contraction [2][5]. - The combined ratio increased to 97.9%, up 2.1 percentage points year-on-year, with significant increases in the consumer finance and health ecosystems. The technology and banking segments showed a notable reduction in net losses, with technology output revenue increasing by 65.5% [2][3]. - Total investment income decreased to RMB 6.2 billion from RMB 7.23 billion year-on-year, with an annualized net investment return rate of 2.3%, remaining stable, while the annualized total investment return rate fell by 0.7 percentage points to 3.3% [2][3]. Financial Summary - The company reported insurance service revenue of RMB 27.535 billion in 2023, with projected growth to RMB 30.912 billion in 2024, reflecting a year-on-year growth rate of 12.3% [3][9]. - Adjusted net profit attributable to shareholders is forecasted to be RMB 283 million in 2024, down from RMB 294 million in 2023, indicating a decline of 3.8% [3][6]. - The price-to-earnings ratio is projected to be 49.5 times in 2024, while the price-to-book ratio is expected to be 0.69 [3][9].

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 20.90 港元 24.94↓ +19.3% 内地房地产 2024 年 8 月 28 日 华润置地 (1109 HK) 经营性不动产业务稳定增长，维持派息水平 毛利率下滑导致利润下跌，仍维持派息水平。2024 年上半年，物业交付 增加带动物业开发收入同比增长 8.3%至 591 亿元（人民币，下同），整体 收入同比上升 8.4%至 791 亿元。但受物业开发毛利率下跌 4.6 个百分点至 12.4%影响，整体毛利率同比下跌 3.4 个百分点至 22.3%。毛利/净利润/核 心净利润同比下跌 5.9%/25.4%/4.7%至 176/103/107 亿元。但如进一步扣除 分拆房托带来的一次性重估收益，我们估算核心利润约为 75 亿元，同比 下跌约 33%。公司建议中期每股派息 0.2 元，同比上升 1.0%，派息率大致 维持在 13%。 杠杆维持低位，融资成本下降。2024 年 6 月底净有息负债率 33.6%（2023 年底：32.6%）。加权平均融资成本进一步下降 32 个基点至 3.24%，为行 业最低水平（2023 年底：3.56%），同时平均债务 ...

Investment Rating - The report maintains a neutral rating for 大唐新能源 (1798 HK) with a target price adjusted to HKD 1.92, indicating a potential downside of 5.4% from the current price of HKD 2.03 [2][10]. Core Views - The company's first interim dividend declaration of HKD 0.03 per share, with a payout ratio of 14%, was a pleasant surprise despite a 13.8% year-on-year decline in net profit to RMB 1.54 billion, which was slightly below expectations [1][2]. - The company aims to maintain its annual new installed capacity target of 2 GW, with 133 MW of wind and 3 MW of solar capacity added in the first half of the year [1][2]. - The management highlighted that the wind power utilization hours were affected by wind speed and power restrictions, with significant curtailment rates observed in regions like Inner Mongolia and Gansu [1][2]. Summary by Sections Financial Performance - The company's revenue for the first half of 2023 was RMB 6.976 billion, with a slight decrease in net profit compared to the previous year [6][11]. - The average on-grid electricity price decreased by RMB 0.2524 per kWh, although it was still above expectations by approximately 1% [1][2]. Installed Capacity and Development - The total installed capacity is projected to reach 17,218 MW by 2024, with significant contributions from both wind and solar energy [7][11]. - The management reported ongoing projects totaling 3.09 GW, with a focus on large-scale projects in regions such as Xinjiang and Gansu [1][2]. Dividend Policy and Financial Ratios - The net debt-to-equity ratio improved by 13 percentage points year-on-year to 126%, with expectations for further reduction in the coming year [1][2]. - The report indicates that while there is financial capacity for increased dividends or accelerated installation plans, management has not committed to a higher payout ratio [1][2].

交银国际研究 公司更新 | --- | --- | --- | |------------|-------------|----------| | 收盘价 | 目标价 | 潜在涨幅 | | 港元 74.85 | 港元 135.00 | +80.4% | 安踏 (2020 HK) 多品牌布局逐渐进入收获期，重申买入 2024 上半年业绩获亮眼增长。安踏 2024 上半年销售额同比增长 13.8%至 337 亿元人民币，其中安踏/FILA/其他品牌（Descente 和 Kolon）分别实现 13.5%/6.8%/41.8%的增长。受鞋类产品毛利率提升以及新品占比提升的影 响，安踏和 FILA 的毛利率均有所提升，带动整体毛利率优化 0.8 个百分点 至 64.1%。经营利润率同比持平为 25.7%，利润端同比增长 17%至 61.6 亿 元。公司派发中期股息每股 1.18 港元，派息率为 50%，与预期一致。 多品牌管理策略逐渐实现高质量增长的目标。安踏品牌于 2023 年开始聚 焦大众定位，并针对专业品类进行梳理以完善产品矩阵。目前，品牌策略 布局已逐渐进入收获期，安踏旗下冠军系列于上半年取得超 20%的增长 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.20, indicating a potential upside of 21.2% from the current price of HKD 2.64 [2][7]. Core Insights - The company's total revenue for the first half of 2024 decreased by 8.8% year-on-year to RMB 7.02 billion, primarily due to declines in both external value-added services and owner value-added services, which fell by 60.7% and 33.9% respectively [1][6]. - Despite the revenue decline, the company proposed an interim dividend of RMB 0.03 per share, a 20% increase from the previous year's interim dividend of RMB 0.025 [1][6]. - The gross profit margin is expected to stabilize, with a slight decline of 3.4 percentage points to 17.0%, which is better than the anticipated 16% [1][6]. Summary by Sections Financial Performance - Total revenue for the first half of 2024 was RMB 7.02 billion, down from RMB 7.69 billion in the same period of 2023 [6]. - Core profit for the first half of 2024 was RMB 716 million, a decrease of 28.8% year-on-year, but an increase of 31% compared to the second half of 2023 [1][6]. - The company reported a net loss of RMB 16.3 billion for the first half of 2024, influenced by a significant impairment provision for trade receivables [1][6]. Business Segments - Property management revenue remained stable, with a slight increase of 2.0% to RMB 5.37 billion, while urban services revenue decreased by 4.0% to RMB 647 million [1][6]. - The company is focusing on optimizing its portfolio and ensuring the conversion of contracted area into managed area to maintain operational scale [1][6]. Market Position - The company's reliance on the real estate market is decreasing, with revenue and gross profit from external value-added services dropping to 3% each in the first half of 2024, down from 8% and 7% respectively in the first half of 2023 [1][6]. - The company is expected to benefit from a lower dependency on the real estate cycle compared to its peers, which may help the gross margin to bottom out in 2024-2025 [1][6].