Bank of Hangzhou (600926) 1H24 Revenue Growth Expedited, Credit Expanded Steadily
Huatai Financial Holdings (Hong Kong) Limited· 2024-08-12 09:43
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: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 ...