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Bank of Hangzhou (600926) 1H24 Revenue Growth Expedited, Credit Expanded Steadily
Equity Research Report Bank of Hangzhou (600926 CH) 1H24 Revenue Growth Expedited, Credit Expanded Steadily Huatai Research Quick Take Rating (Maintain): OVERWEIGHT Target price (RMB): 14.42 12 August 2024 │ China (Mainland) Regional Banks 1H24 revenue growth gathered pace; credit expanded steadily On 25 July, the Bank of Hangzhou posted its preliminary interim results. For 1H24, revenue/attributable net profits rose 5.4/20.1% yoy, with the growth rate changing by +1.9/-1.0pp vs 1Q24. Revenue growth sped up ...
Kweichow Moutai (600519): 2Q24 in line vs. GSe: Strong customer advance, Series Spirits sales; 75%+ div payout aim in 2024~26; Buy
Goldman Sachs· 2024-08-12 07:27
Investment Rating - The report assigns a Buy rating to Kweichow Moutai with a 12-month price target of Rmb2,098 [3][4] Core Investment Thesis - Kweichow Moutai is the largest player in the China spirits industry with a 20% value share in 2022 [3] - The company benefits from strong fundamentals, high visibility, and upside from channel reforms [3] - Near-term earnings drivers include wholesale and direct sales growth, product portfolio enhancement, and price hikes [3] - Long-term growth is supported by supply-demand gap, market-driven pricing system, and growth of Moutai-flavor spirits [3] Financial Performance and Estimates - 2Q24 revenue was Rmb37.0bn, up 17% YoY, with net profit of Rmb17.6bn, up 16.1% YoY [35][55] - Moutai Spirits revenue grew 13% YoY to Rmb28.9bn, while Series spirits revenue accelerated to 43% YoY at Rmb7.2bn [35][36] - i-Moutai generated Rmb4.91bn in spirits sales in 2Q24, up 11% YoY, exceeding expectations [55] - The company aims for a 75% dividend payout ratio for 2024-26, implying total shareholder return of Rmb219bn [56] Valuation and Price Target - The 12-month price target of Rmb2,098 is based on a 29.4x 2026E P/E, discounted back to 2024E year-end using a 9.8% CoE [4] - The target P/E includes a 40% premium for Moutai's leading position in China's spirits industry and strong returns profile [4] - Moutai is trading at 21x/18x 2024E/2025E P/Es with a 12% earnings CAGR in 2024E-26E [63] Product and Channel Performance - Wholesale channel sales grew 27% YoY in 2Q24, supported by a price hike in November 2023 [55] - Direct sales grew 6% YoY in 2Q24, contributing 40% of total spirits sales [55][59] - i-Moutai contributed 14% of total sales in 2Q24, with 531k bottles released in July, down 60% YoY [60] Market Trends and Pricing - Feitian Moutai's wholesale price increased by Rmb180 for original case and Rmb130 for unpacked bottles in July [78] - Channel inventory stands below 1 month, with shipments expected to increase for the Mid-Autumn Festival [78] - Non-standard SKUs like Jingpin and Zodiac Moutai maintain decent channel profitability [79] Production and Supply - Base spirits production volume declined YoY in 1H24, with Moutai base spirits down 12.3% and Series base spirits down 5.4% [60] - The company has implemented active shipment controls, particularly for Moutai 1935 and Zodiac (500ml) [60]
Foxconn Industrial Internet (601138) AI Server Revenue Multiplied, 1H24 Earnings Hit Record High
2024-08-12 03:30
Equity Research Report Foxconn Industrial Internet (601138 CH) AI Server Revenue Multiplied, 1H24 Earnings Hit Record High Huatai Research Announcement Comment Rating (Maintain): BUY Target price (RMB): 30.00 12 August 2024 │ China (Mainland) Consumer Electronics 1H24: revenue/NP hit record high on robust AI server demand growth FII has released its preliminary earnings results, with 1H24 revenue/attributable net profit (NP) of RMB266,091/8,739mn (up 28.7/22.0% yoy), which put the figures for 2Q24 at RMB147 ...
New Hope Liuhe (000876) Private Placement Advanced, Debt~to~Asset Ratio to Improve
2024-08-12 03:30
Equity Research Report New Hope Liuhe (000876 CH) Private Placement Advanced, Debt-to-Asset Ratio to Improve Huatai Research 12 August 2024│China (Mainland)Agribusiness Announcement Comment Rating (Maintain): B/S to improve on private placement and profit enhancement Following the release of a draft private placement (PP) plan in December 2023, New Hope Liuhe (NH) recently published a revised version, cutting the fundraising amount from RMB7.35bn to RMB3.8mn. We expect that if the plan is implemented, it co ...
Centre Testing International(300012) H124 recurring NP up 5% YoY, falling in the middle of pre~results
2024-08-12 02:51
abc 12 August 2024 Global Research and Evidence Lab First Read Centre Testing International H124 recurring NP up 5% YoY, falling in the middle of pre-results Q: How did the results compare with expectations? A: Revenue/recurring NP rose 9%/5% YoY to Rmb2.79bn/0.4bn in H124, and rose 11%/9% YoY to Rmb1.6bn/0.29bn in Q224, falling in the middle of its pre-results (H124 recurring NP +4-6% YoY) and largely in line with our and market expectations. GPM climbed 1.6ppt YoY and 7.4ppt QoQ to 52.7% in Q224, mainly d ...
高盛:中国黄金需求结构性弹性
高盛· 2024-07-25 07:20
22 July 2024 | 6:28PM BST 公众平:永木论委 Precious Analyst China's Structurally Resilient Gold Demand ■ The gold price set a new all-time high of $2,483/toz on Wednesday (Julys17) as expected Fed cuts are poised to bring Western capital back into:the gold market. Following rising interest from Western investors, and ounanalysis of structurally higher demand from central banks, we dive into the third major component of global gold demand: Chinese households. Jaan Struyyen man Sachs & Co. LLC ■ Physical Demand Domin ...
高盛:贵州茅台回应投资者关于茅台渠道措施和批发价格趋势的关键问题; 重申评级和目标价
2024-07-02 15:02
更多资 wholesale price, and d) With this cycle, we see the company has been squeezing out the speculative demand e.g scalpers, for longer term healthy growth. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-----------------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|---------------| | | | | | 1Q23 | | 2Q23 | | 3Q23 | | 4Q23 | 1Q24 | 2Q24 | | 2Q24 momentum | | | Wuliangye: Common Wuliangye | | ...
高盛:第720期:第三次全会预览,台积电,石头科技,汽车,日本工业电子,教育,美光
中国银行· 2024-07-01 04:37
高盛:第720期:第三次全会预览,台积电,石头科技,汽车,日本工业电子,教育,美光 ...
高盛: 股东回报,时代,电池材料,T Tek 启动,美国选举,日本化工
宁德时代· 2024-06-24 13:29
高盛: 股东回报,时代,电池材料,T Tek 启动,美国选举,日本化工 ...
高盛:美洲清洁技术太阳能上周在欧洲际太阳能展上我们学到的五件事;对ENPH和其他公司最有利
-· 2024-06-24 13:29
高盛:美洲清洁技术太阳能上周在欧洲际太阳能展上我们学到的五件事;对ENPH和其他公司最有利 ...