ид бијитом [August 14 th, 2024] Morning Brief å ZHOU Jinyu じ 021-38674924 🎁 zhoujinyu011178@gtjas.com & S0880516080007 Contents Top Recommendations ● Construction Sector: Update Report ● Computer Sector (Overseas): Special Report ● Home Appliances Sector: Update Report ● 361 Degrees (1361.HK): OW ● Envicool (002837): OW, TP@RMB28.57 ● Gold Cup Electric Apparatus (002533): OW, TP@RMB10.36 Sector Ratings of the Month Market Strategy Weekly Viewpoint 本报告内容译自同日发布的简体中文报告《国泰君安晨报》，报告观点及内容如有任何不一致的地方，一律以该简体中文版 报告为准。 ...

Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized Displaced Persons from Ukraine in Moldova MOVING TOWARDS DURABLE SOLUTIONS July 2024 Public Disclosure Authorized © 2024 The World Bank 1818 H Street NW, Washington DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved. This work is a product of the staff of The World Bank. The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executi ...

Investment Rating - The investment rating for Angel Yeast is maintained as BUY with a target price of RMB 38.39, indicating a potential upside of 24% from the closing price of RMB 30.87 as of August 12, 2024 [8][9]. Core Insights - Angel Yeast reported 2Q24 earnings that exceeded expectations, with revenue and net profit showing significant year-on-year growth of 11.3% and 17.3% respectively. The company is expected to resume growth momentum due to increased demand in its main business and improved overseas performance [3][4]. - The gross profit margin (GPM) for 2Q24 rose by 0.3 percentage points year-on-year to 23.9%, attributed to faster revenue growth from high-margin products and declining molasses prices, which are expected to reduce cost pressures [5][6]. - The company has revised its earnings forecasts upward, projecting EPS of RMB 1.60, RMB 1.80, and RMB 2.07 for 2024, 2025, and 2026 respectively, reflecting a positive outlook on domestic demand recovery and overseas market expansion [5][6]. Revenue and Profit Performance - For 1H24, Angel Yeast's revenue reached RMB 7,180 million, with attributable net profit of RMB 690 million, marking a year-on-year increase of 6.9% and 3.2% respectively. The overseas revenue grew by 17.9% year-on-year, while domestic revenue saw a modest increase of 0.9% [3][4]. - The performance of various product segments showed mixed results, with yeast and deep processing products increasing by 8.8% year-on-year, while sugar and packaging segments experienced declines of 26.5% and 12.8% respectively [4]. Financial Projections - The financial outlook for Angel Yeast includes projected revenues of RMB 14,969 million, RMB 16,629 million, and RMB 18,364 million for 2024, 2025, and 2026 respectively, indicating a steady growth trajectory [7][13]. - The company’s net profit is expected to reach RMB 1,390 million, RMB 1,565 million, and RMB 1,799 million for the same years, reflecting a positive growth trend [7][13].

Equity Research Report Strategy Have H-Shares Bottomed Out? Huatai Research 13 August 2024 | China (Mainland) Weekly Analyst SAC No. S0570520060001_wangyi012893@htsc.com SFC No. BMQ373 +(86) 21 2897 2228 H-shares should have bottomed out on four positive factors H-shares saw increases amid volatility last week, supported by four factors: 1) the HSI short-selling ratio quickly fell from 20% to 13% later in the week, aiding the uptrend with short covering; 2) better-than-expected 1H24 earnings of leading phar ...

Investment Rating - The report maintains an "Outperform" rating for China Hongqiao (1378 HK) with a target price of HK$12.80, indicating a potential upside of 31% from the current price [38]. Core Viewpoints - The report argues that the recent price consolidation of aluminum is overdone, with an 18% decline in price since late May attributed to China's economic slowdown and seasonal factors. However, the global spot market remains tight, as evidenced by a significant increase in the Japanese ingot premium [1][9]. - Solid demand for aluminum persists, particularly from sectors such as electric vehicles (EVs), power grids, and solar power, while supply faces structural risks due to capacity constraints in China and limited growth in overseas production [2][10]. - The report projects a positive outlook for aluminum prices, forecasting a 7% growth in 2024 and an 8% growth in 2025, with prices expected to reach US$2,415/t and US$2,620/t respectively [11][19]. Summary by Sections Aluminum Price Trends - The LME aluminum price has seen an 18% decline since late May, but the report suggests this is excessive given the tight supply conditions in the global market [9][10]. - The report notes that the aluminum ingot premium has risen significantly, indicating ongoing supply tightness [1][9]. Demand and Supply Dynamics - China's aluminum demand remains robust, with a 6.1% YoY increase in apparent consumption in 1H24, driven by sectors such as transportation and power [19][21]. - Supply constraints are highlighted, with China's total aluminum production capacity capped and utilization rates reaching record highs, limiting future growth [18][17]. Company-Specific Insights - China Hongqiao is identified as a cost-competitive player in the aluminum sector, benefiting from its vertical integration and access to low-cost hydropower [38]. - The report emphasizes Hongqiao's strong balance sheet and higher profitability forecasts compared to its peers, making it a preferred investment choice [38][37].

Healthcare and Biotech | 12 August 2024 Innovent Biologics | 1801 HK A true leader in innovative bio-drugs ▶ Strong 2Q24 revenue improves sequentially ▶ Net loss continues to narrow YoY from 2024F ▶ Innovent stays on our medical sector watchlist Strong 50% YoY product revenue growth in 2Q24 and 18% QoQ sequential growth. On 8 Aug 2024, Innovent announced another stand-out quarter, notably total product revenue, which had climbed over 50% YoY to exceed RMB2.0b (2Q23: up 35% YoY), with sequential growth of 18 ...

Consumer Staples | 12 August 2024 Anita Chu (852) 3911 8252 anitachu@ccbintl.com Anita Du (852) 3911 8013 anitadu@ccbintl.com downgrade from Outperform) Trading data 52-week rangeHK$12.56-27.75 Market capital (H-share, m)53.599 Shares outstanding (m)3.935 Free float (%)75 273M average daily T/O (m share) 3M average daily T/O (US$ m)50 0Expected 12-month return (%) Source: Bloomberg, CCBIS estimates Share price vs HSCEI HKS 35 30 25 20 15 Source: Bloomberg Expect a weak 1H24F ▶ OPM expansion target is hardly ...

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 ...

Investment Rating - The investment rating for Tasly Pharmaceutical is maintained at OVERWEIGHT, with a target price of RMB17.30, indicating a potential upside of 25% from the closing price of RMB13.85 as of August 9, 2024 [3][10][30]. Core Insights - The controlling shareholder of Tasly, Tasly Group, plans to transfer 28% of its share capital (approximately 418 million shares) to CR Sanjiu for a total consideration of around RMB6,212 million. This acquisition is expected to enhance CR Sanjiu's industrial chain and leverage Tasly's expertise in traditional Chinese medicine and innovative pharmaceuticals [3][4]. - Tasly is projected to achieve attributable net profits of RMB1.18 billion, RMB1.31 billion, and RMB1.46 billion for the years 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 10%, 11%, and 11% [3][4]. - The report anticipates stable business fundamentals for Tasly in 2024, with steady growth in its traditional Chinese medicine segment and a rally in sales volume for chemical drugs driven by the VBP program [5][6]. Summary by Sections Business Overview - Tasly is recognized as a leader in traditional Chinese medicine prescription drugs and has a strong R&D pipeline with 98 products in development. The company has developed blockbuster products such as Danshen and Yangxue Qingnao [4][5]. Financial Projections - Revenue is expected to grow from RMB8,593 million in 2022 to RMB10,506 million by 2026, with net profit projected to increase from a loss of RMB256.51 million in 2022 to RMB1,460 million in 2026 [8][15]. - The earnings per share (EPS) is forecasted to rise from a loss of RMB0.17 in 2022 to RMB0.98 in 2026 [8][15]. R&D and Innovation - Tasly has consistently invested in R&D, with annual expenses ranging from RMB600 million to RMB900 million since 2018, representing an R&D expense ratio of 5-10%. The company has independently developed over 20 novel TCM products, with several projects expected to submit NDAs starting in 2024-2025 [6][4]. Market Position - The acquisition by CR Sanjiu is expected to reshape Tasly's competitive landscape, integrating management systems and potentially adjusting business practices from 2025 onwards [4][5].

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 ...