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].

Investment Rating - The report maintains a "Strong Buy" rating for BYD Electronics (00285.HK) [1] Core Views - The company achieved stable performance in H1 2024, with revenue of 78.581 billion yuan, a year-over-year increase of 39.87%, and a net profit of 1.518 billion yuan, a slight increase of 0.14% year-over-year. The second quarter saw revenue of 42.1 billion yuan, up 41.25% year-over-year and 15.40% quarter-over-quarter, while net profit was 0.907 billion yuan, down 14.14% year-over-year but up 48.59% quarter-over-quarter [1] - The growth in revenue is driven by the rapid expansion of consumer electronics and automotive electronics, while the energy storage business and financial costs from the acquisition of Jabil have impacted H1 2024 performance [1] - The report anticipates a promising H2 2024, with multiple business segments entering peak seasons, including AI, consumer electronics, and automotive electronics [1] Summary by Relevant Sections Financial Performance - In H1 2024, BYD Electronics reported total revenue of 78.581 billion yuan, with consumer electronics revenue at 63.303 billion yuan (up 54.22% year-over-year), automotive electronics revenue at 7.757 billion yuan (up 26.48% year-over-year), and new intelligent products revenue at 7.521 billion yuan (down 16.43% year-over-year) [1] - The company’s net profit for H1 2024 was 1.518 billion yuan, with Q2 net profit at 0.907 billion yuan [1] Business Segments - AI business is progressing well, with cloud-side collaborations and partnerships with Nvidia, including the development of autonomous mobile robots and deepening cooperation in autonomous driving [1] - Consumer electronics segment is benefiting from the integration of iPad components and the acquisition of Jabil, which enhances relationships with major clients [1] - Automotive electronics are expanding with continuous growth in sales from the parent company, BYD Group, and the introduction of new products such as intelligent suspension systems [1] Investment Outlook - The report projects net profits for the company to reach 5.069 billion yuan in 2024, 7.063 billion yuan in 2025, and 8.231 billion yuan in 2026, with a target price of 49.40 HKD based on a 20x PE ratio for 2024 [1][2]

Investment Rating - Buy (Maintained) [1] Core Views - The company has shifted its focus from expanding store numbers to improving store quality, with a reduction in total stores from 3,816 in 2023 to 3,456 in 2024H1 [2] - Directly operated stores increased by 15 to 1,735, surpassing the number of franchised stores, which decreased by 375 to 1,721 [2] - Revenue from directly operated/franchised/online/other channels was RMB 697/327/178/57 million, representing year-on-year changes of -7.2%/-19.8%/-17.1%/+40.0% respectively [2] - The company's gross profit margin improved to 55.4% in 2024H1, up 2.9 percentage points year-on-year, driven by lower raw material costs and supply chain optimization [4] - The company's net profit margin declined to 2.6% in 2024H1, down 4.6 percentage points year-on-year, due to increased sales expenses and declining revenue [4] Store Performance and Strategies - Average store revenue declined in 2024H1, with average customer spending per transaction dropping 10% year-on-year to RMB 55.57 [2] - The company has implemented multiple measures to boost store performance, including piloting new store formats, enhancing store management, and diversifying product offerings [2] - A total of 127 "dual-format" stores combining fresh and bulk products have been opened in Wuhan and surrounding areas as of 2024H1 [2] Financial Performance - The company reported revenue of RMB 1.26 billion in 2024H1, a year-on-year decrease of 10.97% [3] - Net profit attributable to shareholders was RMB 33 million in 2024H1, a year-on-year decrease of 67.65% [3] - Sales/management expense ratios were 40.1%/9.5% in 2024H1, representing year-on-year changes of +6.6 percentage points/-1.8 percentage points [4] Forecast and Valuation - Revenue is expected to be RMB 2.444/2.575/2.712 billion in 2024/2025/2026, with year-on-year growth rates of -11%/+5%/+5% [5] - Net profit attributable to shareholders is forecasted to be RMB 100/193/214 million in 2024/2025/2026, with year-on-year growth rates of -14%/+94%/+11% [5] - EPS is projected to be RMB 0.04/0.08/0.09 in 2024/2025/2026, with corresponding P/E ratios of 31/16/14X [5] Market Data - Current stock price: HKD 1.44 as of 2024/08/28 [2] - Market capitalization: HKD 3,351.63 million [2] - Average daily trading volume: HKD 6.91 million [2]

在线音乐收入增长超预期 ——云音乐（9899.HK）24H1 点评 核心观点 ⚫ 24H1 营收 40.7 亿(yoy+4.1%, hoh+3%)，主要系会员订阅收入因付费会员数增长 提升。我们预期 24H2 达 40 亿（yoy+1%），主要系直播业务首页流量权重调整影 响。24H1 毛利率 35%（yoy+10pp，hoh+6pp），主要系业务规模的扩大、核心在 线音乐业务的强劲商业化表现带来经营杠杆持续提效，以及版权成本的一次性调 整。 24H1 销售费用 4 亿(yoy-0%,hoh-5%)。24H1 管理费用 0.9 亿 (yoy+24%,hoh3%)，主要系僱员福利费用增加。24H1 研发费用 4 亿 (yoy-10%,hoh-8%)。主要系 技术资源利用率提高。 24H1 归母净利润（IFRS）8.1 亿（yoy+176%,hoh+84%)， 我们预期盈利能力随着会员收入提升持续优化。 ⚫ 24H1 在线音乐收入 26 亿(yoy+27%, hoh+10%)，主要系在线音乐月付费用户增 加，如持续致力拓宽与音乐版权方的合作，完善了平台的韩国音乐内容库，并与音 乐厂牌建立深入的伙伴关系等。我们预期 ...

公司研究 首次实施中期分红，COR 维持良好水平 ——中国财险（2328.HK）2024 年半年报点评 买入（维持） 当前价：10.08 港元 作者 分析师：王一峰 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 分析师：黄怡婷 执业证书编号：S0930524070003 010-57378023 huangyiting@ebscn.com 总股本(亿股) 222.43 总市值(亿元港币)： 2242.07 一年最低/最高(元港币)： 8.55/11.54 近 3 月换手率： 33.9% 股价相对走势 相关研报 盈利增速承压，COR 优于同业——中国财险 （ 2328.HK ） 2024 年 一 季 报 点 评 （2024-04-30） 非车业务盈利改善，分红水平稳中有升—— 中国财险（2328.HK）2023 年年报点评 （2024-03-31） COR 保持行业领先水平，彰显经营韧性—— 中国财险（2328.HK）2023 年三季报点评 （2023-10-31） 业务结构持续改善，综合成本率优于同业— —中国财险（2328.HK）2023 年半年报点 ...

Investment Rating - Buy (Maintained) with a current price of HKD 64.25 [1] Core Views - The company achieved a significant recovery in profitability in the first half of 2024, with revenue and net profit attributable to shareholders increasing by 12.2% and 37.8% YoY, respectively [5] - The gross margin improved notably by 6.5 percentage points to 29.0%, driven by higher capacity utilization and enhanced production efficiency in overseas factories [5] - The company's net profit margin attributable to shareholders rose by 4.2 percentage points to 22.6%, reflecting high-quality growth [5] - The company's top four clients (Uniqlo, Nike, adidas, Puma) accounted for 79.5% of total revenue, with a combined revenue growth of 11.7% YoY [5] - The company is expanding its overseas production capacity, with new factories in Cambodia and Vietnam, and plans to further increase its fabric production capacity by 50% [6] Financial Performance - Revenue for the first half of 2024 reached RMB 12.98 billion, up 12.2% YoY, while net profit attributable to shareholders was RMB 2.93 billion, up 37.8% YoY [5] - EPS for the first half of 2024 was RMB 1.95, with an interim dividend of HKD 1.25 per share and a payout ratio of 58.3% [5] - The company's operating cash flow decreased by 14.6% YoY to RMB 2.31 billion in the first half of 2024 [5] - The company's net cash assets after deducting borrowings stood at RMB 12.69 billion as of June 2024, indicating strong financial resilience [6] Product and Regional Breakdown - By product category, sportswear/leisurewear/underwear accounted for 71.0%/21.3%/7.0% of total revenue, with YoY growth rates of 7.6%/20.0%/47.4%, respectively [5] - By region, domestic sales accounted for 28.7% of total revenue, growing 20.0% YoY, while overseas markets in Europe/Japan/US/others grew by 4.4%/27.0%/2.7%/7.4% YoY, respectively [5] Future Outlook - The company aims to achieve a sales volume growth target of 15-20% for the full year of 2024 [6] - The company plans to continue expanding its overseas production capacity, with new factories in Cambodia and Indonesia, and further enhance its automation and digital capabilities [6] - The company is expected to maintain strong market share and profitability, with projected EPS of RMB 3.71/4.29/4.90 for 2024/2025/2026, and PE ratios of 16/14/12 times, respectively [6] Valuation and Forecast - The company's revenue is forecasted to grow by 10.5% in 2024, reaching RMB 27.59 billion, with net profit expected to grow by 22.3% to RMB 5.57 billion [7] - The company's ROE is projected to increase from 14.3% in 2023 to 16.4% in 2024, with a further rise to 19.5% by 2026 [7] - The company's P/E ratio is expected to decline from 19x in 2023 to 12x by 2026, reflecting strong earnings growth [7]

2024 年 08 月 29 日 理想汽车-W(02015.HK) 公司快报 理想汽车发布 2024Q2 业绩：2024Q2 实现归母净利润 11 亿元，同比-52%、 环比+86%；2024H1 实现归母净利润 17 亿元，同比-47%。 L6 上市拉动 Q2 交付量提升，推动营收增长：24Q2 公司实现营收 317 亿 元，同比+11%，环比+24%；其中汽车业务营收为 303 亿元，同比+8%，环比 +25%。报告期内 L7/8/9 销量基本盘较为稳固（Q2 合计交付 6.7 万辆）、L6 上市放量（Q2 交付 3.9 万辆），24Q2 汽车交付量为 10.9 万辆，同比+25%， 环比+35%；单车 ASP 约为 27.9 万元，同比下滑 4.4 万元、环比下滑 2.2 万 元，我们认为主要原因系报告期内售价较低的 L6 上市交付。 销售结构变化致毛利率有所下滑，降本增效下费用率环比优化，营业利 润转正：1）24Q2 汽车业务毛利率为 18.7%，同比下滑 2.2pct，环比下滑 0.6pct，我们认为主要系售价较低的 L6 上市所致。基于公司供应链管理效 率、组织管理效率，叠加规模效应，我们预计后续 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company reported a significant profit growth driven by a recovery in gross margin and continuous improvement in overseas efficiency [1] - The revenue for the first half of 2024 reached 12.98 billion yuan, a year-on-year increase of 12.2%, with a gross profit of 3.76 billion yuan, up 45.0% year-on-year [1] - The company declared an interim dividend of 1.25 HKD per share, with a payout ratio of 58.5% [1] Revenue Breakdown - By product category, revenue for sports, leisure, underwear, and other knitted products in the first half of 2024 was 9.21 billion, 2.76 billion, 0.90 billion, and 0.10 billion yuan, respectively, with year-on-year growth rates of 7.6%, 20.0%, 47.4%, and 12.2% [2] - By region, revenue from mainland China, Europe, Japan, the United States, and other regions was 3.72 billion, 2.53 billion, 2.12 billion, 1.88 billion, and 2.73 billion yuan, with year-on-year growth rates of 20.0%, 4.4%, 27.0%, 2.7%, and 7.4% [2] - The top four customers contributed revenues of 3.40 billion, 3.24 billion, 2.33 billion, and 1.34 billion yuan, with year-on-year changes of +33.9%, -6.5%, +23.8%, and flat [2] Gross Margin and Expense Ratio - The gross margin for the first half of 2024 was 29.0%, an increase of 6.6 percentage points year-on-year, attributed to improved capacity utilization and enhanced production efficiency at overseas factories [3] - The selling, general, and administrative expense ratios were 0.65%, 7.27%, and 1.47%, respectively, with year-on-year changes of -0.05, -0.63, and +0.21 percentage points [3] - The net profit margin was 22.6%, up 4.2 percentage points year-on-year, although the increase was less than that of the gross margin due to reduced foreign exchange gains and government subsidies [3] Overseas Capacity and Efficiency - As of the end of the first half of 2024, the total number of employees in the group was 102,000, up from 92,000 at the end of 2023, with the new garment factory in Cambodia reaching its planned employee count of 18,000 [4] - The company acquired a new factory in Vietnam to further expand fabric production capacity, enhancing support for overseas garment factories [4] Profit Forecast and Valuation - The company expects revenues of 27.73 billion, 30.75 billion, and 33.99 billion yuan for 2024 to 2026, with year-on-year growth rates of 11.1%, 10.9%, and 10.6% [5] - The forecasted net profit for the same period is 6.03 billion, 6.76 billion, and 7.57 billion yuan, with year-on-year growth rates of 32.4%, 12.1%, and 11.9% [5] - The corresponding price-to-earnings ratios are projected to be 15, 13, and 12 times [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 2.171 billion in the first half of 2024, a year-on-year decline of 1.2%. The net profit was 285 million, down 29.7%, while the adjusted net profit was 352 million, down 22.8%. The adjusted EBITDA was 490 million, down 16.2% [5][6]. - The offline performance market has shown strong recovery, significantly aiding the company's online entertainment ticketing business growth. The offline performance market in China saw a revenue increase of 13.24% year-on-year in the first half of 2024, with audience numbers up by 27.10%. The company managed to maintain growth in its online ticketing business, achieving a revenue of 1.046 billion, a 3.0% increase [5][6]. - The company's content selection capabilities have improved, but the weak performance of the film market has negatively impacted its entertainment content service business. The company participated in the release of 31 domestic films in the first half of 2024, with notable box office performances from several films. However, the overall film market saw a decline of 9.01%, affecting the company's entertainment content service revenue, which was 1.024 billion, down 6.9% [5][6]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved a revenue of 2.171 billion, a decline of 1.2% year-on-year. The net profit was 285 million, down 29.7%, and the adjusted net profit was 352 million, down 22.8%. The adjusted EBITDA was 490 million, down 16.2% [5][6]. Market Analysis - The offline performance market in China has shown a strong recovery, with ticket sales reaching 19.016 billion, a year-on-year increase of 13.24%. The company has expanded its services to over 3,000 concert projects, with a local performance coverage rate exceeding 95% [5][6]. Content Strategy - The company has enhanced its content selection capabilities and extended its industry chain layout. In the first half of 2024, it participated in the release of 31 domestic films, achieving significant box office results for several titles. However, the overall film market's decline has impacted its entertainment content service revenue [5][6]. Future Outlook - The company is committed to deepening its engagement in the full entertainment industry and actively building competitive barriers. It plans to leverage its strong data analysis capabilities and rich content reserves to enhance growth potential in the future [6].