14 August 2024 | 12:34AM HKT Wanhua Chemical Group (600309.SS): Revising estimates and TP post 2024 results; maintain Buy (on CL) Post 2Q24 results (see our first take), we reduce our 2024E-26E EPS estimates by 5-9% to reflect 1) weaker-than-expected margins for Wanhua's performance. chemicals and new materials segment mainly due to intensified domestic competition in aliphatic isocyanates (ADI) based on our channel checks and 2) higher-than-expected opex, impairment losses and finance expenses. That said, ...

Equity Research Report Angel Yeast (600298 CH) 2024 Earnings Beat; Operating Performance Improved Qog Huatai ResearchInterim Results Review 13 August 2024 | China (Mainland)Food 2Q24 earnings beat; operating performance improved qoq Angel Yeast's 1H24 revenue/attributable NP/recurring attributable NP were RMB7,180/690/600mn (+6.9/+3.2/-2.5% yoy) and for 2Q24 were RMB3,700/370/ 300mn (up 11.3/17.3/7.3% yoy), beating our estimates (2Q24 revenue/attributable NP: up 8/6% yoy). For 1H24, domestic/overseas revenu ...

Equity Research Report By-health (300146 CH) Revenue Down on High Base, Profit Dented on Increased Expenses Huatai ResearchInterim Results Review 13 August 2024 | China (Mainland)Food Revenue slid on high base, profit constrained on increased expenses By-health's revenue/attributable net profit (NP)/recurring attributable NP were RMB4,610/890/830mn (-17.6/-42.3/-42.8% yoy) for 1H24 and RMB1,970/160/ 120mn (-20.9/-68.1/-73.5% yoy) for 2Q24. We attribute the temporary strain on earnings primarily to: 1) a hig ...

Equity Research Report Tasly Pharmaceutical (600535 CH) Mutual Empowerment of Tasly & CR Sanjiu, Eyeing Innovation Huatai ResearchEvent Comment 13 August 2024 | China (Mainland)Traditional Chinese Medicine Controlling shareholder transferring 28% of share capital to CR Sanjiu Tasly has announced that its controlling shareholder, Tasly Group, along with its concerted action partners, plans to transfer about 418mn shares (accounting for 28% of total share capital) to CR Sanjiu at a transfer price of c RMB6,21 ...

Equity Research Report Wens Foodstuffs (300498 CH) Rise in Meat Pig Selling Price Beat Average; Per-Head Profit Leading Huatai ResearchAnnouncement Comment 13 August 2024 | China (Mainland)Agribusiness Meat pig per-head profit neared RMB600 in July Wens Foodstuffs (Wens) saw sustained rises in pig and broiler output in July, with the selling price of meat pigs at RMB18.95/kg, above the industry average. We estimate its meat pig per-head profit at nearly RMB600. Given a potential contraction in hog supply in ...

Equity Research Report Jafron Biomedical (300529 CH) Earnings Grew Strongly in 2024 Huatai ResearchInterim Results Review 13 August 2024 | China (Mainland)Medical Devices Earnings growth continued to pace up in 2Q24; maintain BUY Jafron Biomedical (Jafron) registered 1H24 revenue/attributable net profit (NP) of RMB1,496/553mn (up 47.8/99.1% yoy) and 2Q24 revenue/attributable NP of RMB751/268mn (up 70.9/230.6% yoy), which further picked up from the growth rates in 1Q24 (revenue/attributable NP: up 30/44.9% y ...

Equity Research Report Canmax Technologies (300390 CH) Lithium Ore Price Falls Dented Earnings, Awaiting Turnaround Huatai ResearchInterim Results Review 13 August 2024 | China (Mainland)Other New Materials & Processing 1H24 attributable NP down 39.26% yoy, maintain OVERWEIGHT Canmax has posted its interim results, with 1H24 revenue/attributable net profit (NP)/recurring NP down 44.09/39.26/55.92% yoy to RMB3,713/835/523mn. For 2Q24, revenue/attributable NP arrived at RMB1,959/333mn (-36.89/-32.49% yoy, +11 ...

9 August 2024 | 10:36PM HKT _ Focus Media Information Tech (002027.SZ) 2Q24 Review: Accelerating ad revenue with 5% dividend yield; Buy Buy 0007.SZ 12mPrie Target: Rmb7.50 Prie: Rmb5.78 Upside: 9.8% We maintain our Buy rating on Focus Media while raise our 12-m TP to Rmb7.5 (30% upside) post its strong 2Q24 results (see our note) and mgmt call.The stock has dropped 3% post results despite the headline revenue beat (+10% yoy vs. ÍGSe of +4%, Visible Alpha Consensus of +4%), NI beat (+13% yoy, 9% ahead of GSe ...

Equity Research Report Queclink Wireless (300590 CH) Earnings Grew Rapidly in 1H24, Profitability on the Rise 1H24 earnings in line with profit alert, profitability improving Queclink Wireless reported 1H24 results, logging revenue of RMB480mn (+12.7% yoy), attributable net profit (NP) of RMB100mn (+59.2% yoy), and recurring attributable NP of RMB90mn (+31.9% yoy, in line with its profit alert). For 2Q24, revenue/attributable NP/recurring attributable NP were RMB270/60/60mn, up 7.1/ 48.4/7.5% yoy, slowing v ...

Equity Research Report Financials Shenzhen MTC (002429 CH) 1H24 Revenue/NP Positive; Dual Growth Driver Strategy Effective Huatai Research Interim Results Review 12 August 2024│China (Mainland)Audio & Visual Equipment 1H24 revenue and NP showed robust performance, maintain BUY Shenzhen MTC (MTC) has released 1H24 results, posting revenue/attributable net profit (NP) for 1H24 of RMB9,520/911mn (+23.07/24.04% yoy), with the figures for 2Q24 up 33.98/41.25% yoy. We maintain our 2024/2025/2026 EPS forecasts at ...