2024 年 8 月 19 日 联想集团（992.HK） Q1 各业务集团协同发展，推动收入和盈利提升 联想集团发布 2024/2025 年 Q1 财季业绩，Q1 公司收入同比增长 20% 至 154.47 亿美元，权益持有人应占溢利增加 38% 至 2.43 亿美元。毛利率为 16.6%，下降 0.9 个百分点，主要由本季快速增长的 ISG 业务集团较低的利润 率导致；归母净利润为 2.43 亿美元，同比增长 38%，经调整的净利润为 3.15 亿美元，同比大幅增长 65%。 报告摘要 高端 PC 和智能手机推动智能设备业务业务双位数增长 Q1 财季公司智能设备 业务 IDG 收入同比增长 11%，高端个人电脑组合提升，以及智能设备业务集团 推出采用 Arm 架构的全新人工智能电脑产品，对平均售价产生正面影响。非个 人电脑销售受智能手机收入两位数增长支持，除中国市场外公司的智能手机市 场份额自 2020 年第二季度起已上升 2 个百分点，成为全球第六大供应商。 基础设施方案业务增长强劲 ISG 板块 Q1 实现强劲增长，同比增长 65%，人工 智能应用日渐普及推动通用服务器的强劲需求回升，对更强大的图形处理 ...

2024 年 08 月 16 日 思考乐教育（1769.HK） 上半年业绩大幅增长，盈利改善 思考乐教育是中国华南地区领先民办教育服务提供商，成立于 2012 年。双减后公 司调整经营战略，聚焦素质教育和高中辅导业务。23 年开始快速扩张，截至 24 上 半年公司拥有学习中心超过 145 家，并且业绩得到显著恢复与提升。我们看好其未 来成长空间，建议关注。 报告摘要 上半年净利润大幅增长。2024 年上半年公司收入达到 4.0 亿，同比增长 58.8%，归母净利润达到 0.8 亿，同比增长 92.5%，经调整归母净利润 0.9 亿， 同比增长 101.1%。调整项主要为员工股权激励费用 0.1 亿元。公司毛利率达到 44.4%，同比提升 3 个百分点，经调整净利率为 23.4%，同比提升 4.9 个百分 点。盈利能力提升是因为思考乐的营运效率提升，以及教培行业经过双减后处 在快速复苏中，行业竞争与价格竞争趋缓，租金成本大幅减少等。 各项业务均处于快速发展中。目前思考乐在深圳市拥有最多的牌照数，学习中 心超过 145 家，同比增长 57.6%。分业务看，非学业素质课程收入 3.7 亿，同 比增长 57.8%，辅 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 4.0 HKD, indicating a potential upside of 68% from the current price of 2.4 HKD as of August 15, 2024 [4][2]. Core Insights - The company's revenue for the first half of 2024 reached 2.1 billion USD, remaining flat year-on-year, while net profit significantly declined by 54% to 15.69 million USD due to project cancellations leading to impairment of intangible assets and increased tax expenses [2][1]. - The Asia-Pacific market is performing well, with a 9.3% year-on-year revenue increase, while North America is under pressure with a 6.3% decline [2][1]. - The company secured new orders worth 2.1 billion USD in the first half of 2024, with 49% from North America and 46% from the Asia-Pacific region, indicating strong demand, particularly from Chinese automakers [2][1]. Summary by Sections Financial Performance - Revenue for 2024 is projected to be 4.36 billion USD, with a growth rate of 3.7% year-on-year, while net profit is expected to rebound to 0.8 billion USD, reflecting a growth rate of 108.1% [2][3]. - The company experienced a significant drop in net profit in 2023, with a forecasted recovery in subsequent years [8][7]. Market Analysis - The report highlights the strong growth potential in the Chinese market, particularly with the upcoming launch of the Changshu factory in 2025, which is expected to accelerate business development [2][1]. - The report notes that 43% of new orders in the first half of 2024 came from Chinese vehicle manufacturers, showcasing deepening partnerships in the region [2][1]. Financial Projections - The company’s projected financials indicate a gradual increase in revenue and net profit over the next few years, with expected revenues of 4.36 billion USD in 2024, 4.65 billion USD in 2025, and 5.00 billion USD in 2026 [7][8]. - The net profit margin is expected to improve, with net profit projected to reach 2.1 billion USD by 2026, reflecting a growth rate of 37.1% [2][3].

资并未深：公司资料,安信国际研究签理 3 业绩点评/腾讯控股(700.HK) 资料来源：公司资料, 安信国际研究签理 图表 8: 持续稳定的回购记录 于安信国际证券(香港)有限公司。 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------|-----------|-----------|-----------|-----------|-----------|---------------------------------------------|----------|---------|---------|---------|-----------| | 附表:财务报表预测 \n《百万人民币》,财务年度截至<十二月三十一日> | 2022年 | 2023年 | 2024年 | 2025年 | 2025 年 | | 2022年 | 2023年 | 2024年 | 2025年 | 2025 ...

Investment Rating - The report assigns a "Buy" rating to Q Technology (1478 HK) with a target price of HKD 5 10, implying a 25 9% upside potential from the latest closing price [2][3] Core Views - Q Technology's revenue grew 40 1% YoY in 1H2024, driven by a 30 8% increase in camera module sales volume and improved ASP due to higher specifications [1] - Gross margin improved by 1 8 percentage points to 5 2% in 1H2024, though still below the historical 10% level, due to increased share with smartphone customers and higher proportion of premium products [1] - Net profit surged 431 2% YoY to RMB 115 million in 1H2024, within the previously guided range of 400%-500% growth [1] - The company exceeded its 2024 guidance with 32M+ CCM sales reaching 49 2% of total, non-smartphone CCM sales growing 100 4% YoY, and smartphone CCM sales increasing 29 6% YoY [2] Business Performance - Smartphone camera module shipments grew 30 8% YoY in 1H2024, with 32M+ CCM shipments up 72 1% and automotive/other CCM shipments surging 100 4% [1] - The proportion of 32M+ high-spec camera modules reached 49 2%, driving ASP improvement [1] - Automotive business made significant progress, benefiting from rapid development of smart driving systems that require 8-10 camera modules per vehicle [2] Financial Projections - Revenue is forecast to grow 13 7% in 2024 and 11 3% in 2025, reaching RMB 17 37 billion by 2026 [6] - Gross margin is expected to improve to 5 3% in 2024 and 6 5% by 2026 [6] - Net profit is projected to increase 212 9% in 2024 and 47 5% in 2026, with ROE improving from 1 7% in 2023 to 10 1% in 2026 [6] Valuation - The stock is valued at 20x 2024 and 14x 2025 estimated P/E [2] - The target price of HKD 5 10 represents a 25 9% upside from the current price of HKD 4 05 [3]

Investment Rating - The report assigns a **Buy** rating to Sinofert Holdings (297 HK) with a target price of HKD 1 40, implying a 52% upside from the current price [1][4] Core Views - Sinofert Holdings is positioned as a "national team" in the fertilizer industry, leveraging its strong state-owned enterprise background and integrated R&D, procurement, production, and sales capabilities [1][2] - The company is transitioning to become a leader in bio-fertilizers and soil health, with its bio-fertilizer business accounting for 36% of revenue in 2023 and expected to drive future growth [2][8] - The report forecasts revenue growth of 5% annually from 2024 to 2026, with net profit growth of 34%, 10%, and 10% respectively, driven by the high-margin bio-fertilizer segment [2][32] Business Overview - Sinofert is a leading fertilizer distributor in China with a vast network covering 95% of agricultural land, including 22,000 agricultural counties, 18,000 townships, and over 40,000 township stores [1][8] - The company has over 30 years of experience in international fertilizer trade and is a key player in China's potassium fertilizer reserves, ensuring stable supply and pricing [2][8] - In 2023, the company launched its "Bio+" strategy, focusing on nutrient efficiency, bio-fertilizers, and soil health, supported by a RMB 200 million R&D center [8][15] Financial Performance - Revenue in 2023 was RMB 21 7 billion, down 6% YoY, while net profit dropped 44% to RMB 626 million due to a RMB 520 million impairment loss from a joint venture [18] - Excluding the impairment, adjusted net profit would have been RMB 1 21 billion, up 7 3% YoY [18] - The company's gross margin improved to 10 4% in 2023, driven by a shift towards higher-margin bio-fertilizers and away from low-margin nitrogen fertilizers [18] Industry Outlook - China's fertilizer usage has been declining since 2015, with a focus on reducing overuse and improving efficiency, creating opportunities for high-efficiency and bio-fertilizers [20][21] - The global potassium fertilizer market is expected to grow, with China's demand for potassium chloride projected to increase from 16 53 million tons in 2023 to 18 05 million tons by 2027 [25][26] - The bio-fertilizer industry in China is rapidly expanding, with the market size expected to reach RMB 200 billion by 2030, driven by government policies promoting sustainable agriculture [29][30] Valuation - The report values Sinofert at 10 8x 2024E PE, below the A-share fertilizer industry average of 11 6x, reflecting its unique position in potassium fertilizer imports and growth potential in bio-fertilizers [32][33] - Key comparable companies include Yunnan Yuntianhua (600096 SH) and Qinghai Salt Lake Industry (000792 SZ), which trade at 7 9x and 14 7x 2024E PE respectively [33]

2024 年 8 月 7 日 百胜中国（9987.HK/YUMC.US） 坚忍不拔，再创佳绩 百胜中国 2024 年上半年收入 56.3 亿美元/+1.1%，归母净利润为 5.0 亿美元 /+3%，其中二季度收入 26.8 亿美元/+1%，归母净利润 2.1 亿美元/+8%。考虑当 下的消费环境，我们下调 24/25/26 年净利润至 8.6/9.7/10.9 亿美元。对应每 EPS 收益为 16.2/18.2/20.4 港元。维持"买入"评级，下调目标价至 376 港元， 较当前股价有 48%的上涨空间。 报告摘要 坚忍不拔，业绩保持正增长。百胜中国上半年收入 56.3 亿美元/+1.1%，归母净利润为 5.0 亿 美元/+3%，其中二季度收入 26.8 亿美元/+1%，归母净利润 2.1 亿美元/+8%。上半年核心利润 率为 11.4%/-0.1pct。系统销售额+5%，同店销售额-3%。在去年高基数的背景下依旧保持了收 入和净利润的增长。尽管同店销售略有下滑，但公司通过降本增效实现净利润的提升。截止 24 年 6 月门店数量达到 1.54 万家，上半年净新增 779 家门店，较 23 年 6 月增长 1 ...

Investment Rating - The investment rating for DoorDash is not explicitly stated in the report, but it suggests a reasonable valuation with potential for profit improvement in the future [4]. Core Insights - DoorDash's Q2 performance exceeded expectations, with a 23% year-over-year increase in total revenue to $2.63 billion, and a 20% increase in gross order value (GOV) to $19.7 billion [2][7]. - The company expects a 16-18% year-over-year increase in GOV for Q3, driven by continuous cost optimization [2]. - The adjusted EBITDA for Q2 was $430 million, which is 9% higher than market expectations, indicating strong operational efficiency [2][12]. Summary by Sections Financial Performance - Q2 total revenue reached $2.63 billion, a 23% increase year-over-year and a 5% increase quarter-over-quarter, slightly above market expectations [2][7]. - The adjusted EBITDA was $430 million, corresponding to a profit margin of 16.3%, which is a 3 percentage point increase year-over-year [2][12]. - Contribution profit for Q2 was $830 million, reflecting a 33% year-over-year increase [3][12]. User Growth and Market Position - DoorDash's order volume in Q2 was 635 million, with a daily average of 7 million orders, marking a 19% year-over-year increase [2][11]. - The company captured 6.7% of the U.S. food and beverage market, up from 5.9% in Q2 2023, indicating improved market penetration [2][12]. Cost Management and Profitability - Administrative expenses increased by 45% year-over-year, influenced by property lease impairment losses and penalty provisions [2]. - The average revenue per order was $4.0, with an adjusted gross profit of $2.0 per order, showing continuous improvement in profitability metrics [3][12]. Future Guidance - For Q3, DoorDash anticipates GOV between $19.4 billion and $19.8 billion, with adjusted EBITDA expected to be between $470 million and $540 million [3][14]. - The market consensus expects a 20.5% year-over-year revenue growth for the full year 2024, with adjusted EBITDA projected at $1.7 billion [3][14].

银行信贷成本上升，但坏帐环比有所改善；企 业融资活动上升利好投行业 - 美国银行（BAC）营收 254 亿元，（同比。下同，特别指明除外）增长 0.1%。 净息收入 137 亿元，下降 3.2%。零售银行营收下降 3%、环球银行下降 6.3%， 但投资银行增长 29%。净利润 69 亿元，下降 7%。信贷成本上升 34%，净坏账 冲销 15 亿元，大幅高于去年同期的 8.7 亿元，但与一季度持平； - 花旗集团（C）营收 201 亿元，增长 3.6%。净息收入 135 亿，下跌 2.9%。商 业银行服务上升 3%、证券服务上升 10%、产品交易收入上升 6%、股权交易上 升 37%；投行收入大增 60%、企业融资上升 20%；零售银行上升 6%。净利润 32.1 亿元，上升 10%。信贷成本 24.8 亿，但同比增 35.8%，其中净坏帐冲销 增长 51%。 关注股份 SPDR 金融类股 ETF（XLF US） SPDR 标普银行业 ETF（KBE US） 数据来源：彭博、安信国际 美股宏观策略 美银（BAC）第二季度营收 254 亿元，同比微升+0.1%，略低于预期。其中，净息收入 137 亿元， 同比下降 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 5.4, indicating a potential upside of 33% from the current price of HKD 4.03 [3][4]. Core Insights - The company has signed an agreement to acquire Merck's global surface solutions business for EUR 660 million (approximately RMB 5.2 billion), which is seen as a significant milestone for future growth [1]. - The acquisition is expected to enhance the company's market share, particularly in high-end applications such as automotive and cosmetics, where Merck holds a 22% global market share in pearlescent pigments [1]. - The report projects net profits for the years 2024, 2025, and 2026 to be RMB 310 million, RMB 400 million, and RMB 510 million, respectively, with corresponding EPS of HKD 0.25, HKD 0.32, and HKD 0.40 [1][7]. Summary by Sections Acquisition Details - The acquisition of Merck's surface solutions business is expected to significantly increase the company's market share and enhance its competitive edge in high-end markets [1]. - The transaction is valued at EUR 660 million, with an EV/EBITDA multiple of 10.6x, which is considered reasonable compared to industry averages [1][8]. Financial Projections - Revenue projections for the company are as follows: RMB 1.06 billion in 2023, RMB 1.53 billion in 2024, RMB 1.76 billion in 2025, and RMB 2.02 billion in 2026, reflecting a growth rate of 16.06% in 2024 and 15.10% in 2025 [2][7]. - The company expects to maintain a gross margin around 49% to 51% over the forecast period [2][7]. Valuation Analysis - The report employs both comparable company analysis and DCF methods for valuation, concluding a target price of HKD 5.4 based on a PE multiple of 22x and a WACC of 7.4% [8][10]. - The DCF analysis estimates the company's market value at HKD 59 billion, supporting the target price of HKD 5.4 [8][10].