Investment Rating - The report maintains a "Buy" rating for Yancoal Australia with a target price of 43.2 HKD [3][11]. Core Insights - The company reported a stable operational performance in Q2 2024, with an average coal price of 181 AUD/ton, remaining relatively flat quarter-on-quarter. The total coal sales volume reached 8.6 million tons, a 3% increase from the previous quarter [1][2]. - The company is expected to maintain a balanced coal price throughout the year, with a cash operating cost guidance of 89-97 AUD/ton, indicating strong profit margins [1][9]. - The dividend policy is attractive, with a commitment to distribute at least 50% of net profit or free cash flow, excluding non-recurring items [1][10]. Financial Performance Summary - Revenue for 2024 is projected at 7,231 million AUD, a decrease of 7% from 2023, while net profit is expected to be 1,380 million AUD, down 24.1% [2][10]. - The earnings per share (EPS) forecast for 2024 and 2025 is 1.05 AUD and 1.19 AUD, respectively [1][10]. - The company maintains a competitive advantage in the Australian coal industry with a strong cash position of 1.55 billion AUD as of June 30, 2024 [1][9]. Production and Sales Outlook - The total coal production guidance for the year remains unchanged at 35-39 million tons, with expectations for recovery in output from the Hunter Valley and Morabbin mines in the second half of the year [1][8]. - The average coal price is expected to stabilize, with the metallurgical coal market also showing signs of balance [1][8]. Cost Structure and Profitability - The cash operating cost is projected to remain at the lower end of the guidance, indicating robust profitability [1][9]. - The company has a competitive edge in terms of cost structure, with no interest-bearing debt and a significant cash reserve [1][9].

Investment Rating - The report assigns a "Buy" rating to China General Nuclear Power Corporation (1816.HK) with a target price of HKD 3.80, corresponding to a 2024 earnings valuation of 15.8 times [2][3]. Core Insights - The operational data for the first half of the year met expectations, with a generation volume of 113.4 billion kWh, reflecting a year-on-year increase of 0.08%. The number of major repairs and their duration increased compared to the same period last year, resulting in stable generation volume despite the addition of new units. The company anticipates performance growth in the second half of the year due to the completion of major repairs and the integration of new units [1][2]. - The company completed ten major repairs by June 30, including five annual refueling outages and four ten-year overhauls. In the third quarter, four annual refueling outages and one ten-year overhaul are planned [1][2]. Summary by Sections Operational Performance - In the first half of 2024, the company achieved a generation volume of 113.4 billion kWh, which is essentially flat compared to the previous year. The generation from subsidiaries was 87.8 billion kWh, a slight decline of 0.21%, while the generation from joint ventures was 25.5 billion kWh, an increase of 1.06% [1]. - The on-grid electricity volume was 106.0 billion kWh, up 0.09% year-on-year, with 82.0 billion kWh from subsidiaries (down 0.19%) and 24.0 billion kWh from joint ventures (up 1.03%) [1]. Future Outlook - The company expects a release of performance in the second half of the year due to the completion of major repairs and the flexible release of the Taishan nuclear power units. The total installed capacity increased to 31.75 GW with the commissioning of the Fangchenggang Unit 4 [1][2]. - Revenue forecasts for 2024-2026 are projected at RMB 88.3 billion, RMB 92.0 billion, and RMB 97.8 billion, with growth rates of 7.0%, 4.2%, and 6.3% respectively. Net profit attributable to shareholders is expected to be RMB 12.0 billion, RMB 13.4 billion, and RMB 14.9 billion, with growth rates of 12.5%, 11.2%, and 11.1% respectively [2][6].

Table_Title 2024 年 7 月 19 日 奈飞(NFLX.US) 2 季度会员增长超预期;再次上调全年经营利润率指引 奈飞 2Q24 业绩略超指引及市场预期,会员数净增 805 万,超市场预期 69%。管 理层上调 2024 年收入增速指引至 14-15%,再次上调经营利润率指引至 26%。预 计广告将在 2026 年起成为增长动力。我们观察到美国流媒体的竞争有加剧态 势,国际市场的会员增长更值得关注,未来股价支撑或更多依赖利润释放。 报告摘要 2 季度业绩略超预期:总收入为 95.6 亿美元,同比增 17%(汇率中性为 22%), 对比公司指引/市场预期为增 16%。经营利润 26 亿美元,同比增 42%,较市场预 期/公司指引高 2.5%/3.3%,经营利润率为 27.2%,同比提升 5 个百分点;净利润 21 亿美元,同比增 44%,较预期&指引高 4%,利润率 22.5%,效率持续优化。 会员增长超预期,ARM 同比略提升:会员环比净增 805 万,较市场预期(477 万)高 69%,主要受益于内容表现优异、付费共享账号的提振、转化率提升、及 广告套餐的贡献。区域分布看,亚太地区净增 2 ...

2024 年 7 月 16 日 Table_Ba seInfo 公司动态分析 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------|-------------------------------------| | 361 度(1361.HK) | | 证券研究报告 | | Q2 电商维持高增速,门店持续扩张 事件:361 度公布 2024 年 Q2 经营表现,其中成人线下流水同比增长约 10%,童 | 投资评级: Xx | 运动鞋服 买入 xx | | 装线下同比增长中双位数,电商同比增长 30-35%。综合考虑,我们预测 2024/ | 目标价格: 6 | 港元 | | 2025/2026 年 EPS 为 0.56/0.64 ...

报告摘要 米高集团是中国钾肥龙头。公司的主要产品是氯化钾与硫酸钾，分别占 24 财年收 入比重的 83%和 12%。受氯化钾价格下跌影响，24 财年公司业绩有所下滑。收入 达到 37.7 亿，同比下降 16%，归母净利润 2.5 亿，同比下降 31%。我们认为米高 集团拥有优质的客户资源，成长空间大，未来三年销量增速将保持 15%左右增长。 公司在中国黑龙江省、吉林省、贵州省以及广东省建立了 6 个生产基地，地理位置 优越，均位于中国主要种植区，毗邻主要客户，拥有便捷的交通网络。公司与主要 客户如北大荒、贵州烟草建立战略关系，其他客户如呼伦贝尔农垦、安徽辉隆，均 保持超过 10 年的业务合作关系。 中国钾肥依赖进口，米高拥有稀缺的钾肥进口权。全球钾肥市场寡头垄断，格局长 期稳定，供需错配明显。根据 USGS（美国地质调查局）的资料，于 2022 年，加 拿大、俄罗斯、白俄罗斯三个国家的钾盐储量占全球储量的 60%以上。我国是钾肥 主要消费国，但钾盐资源相对匮乏，50%的钾肥需求高度依赖进口。米高集团于中 国运营钾肥业务超过 20 年，建立了全方位的氯化钾采购渠道，可以以具竞争力的价 格，从境外主要钾肥生产商处 ...

2024 年 7 月 9 日 安踏体育(2020.HK) 流水表现稳健,折扣持续改善 事件:安踏体育公布24Q2流水情况,其中安踏主品牌同比录得高单位数增长; FILA 同比录得中单位数增长;其他品牌同比录得 40-45%增长。综合考虑,我 们预测 2024-2026 年 EPS 为 4.26/4.88/5.46 元,给予 2024 年 25 倍 PE,目标 价 115 港元,维持"买入"评级。 报告摘要 安踏主品牌:24Q2 同比实现高单位数增长,大货和儿童分别实现高单位数和中 单位数增长,环比提速。线下同比中单位数增长,电商同比增长 20-25%。24H1 主品牌同比增长中单位数(接近高单位数)。年初至今目标完成率为 100%。库 存和折扣保持良好,库销比维持在5以下,整体折扣环比改善1pp。新品方面, 6 月发布专为大众打造的慢跑缓震科技平台 PG7,搭载 PG7 科技的安踏旅步和安 踏旅途分别售价 399/299 元,持续巩固大众定位,预计也带动跑步品类快速增 长。此外,欧文系列将在下半年开始走量,未来持续带动篮球品类表现。同 时,主品牌在顶级商圈推出安踏冠军及 ANTA SNEAKERVERSE 等 ...

2024 年 7 月 9 日 粤丰环保 (1381.HK) 潜在私有化交易 7 月 7 日,粤丰环保发布公告:瀚蓝环境正考虑私有化粤丰环保。瀚蓝环境,一 家 A 股上市公司(股份代码:600323.SH)正在考虑通过子公司瀚蓝香港进行 潜在资产收购,以现金方式收购粤丰环保股份。如果潜在资产收购完成,粤丰环 保将私有化,私有化价格 4.90 港元/股,私有化后控股股东臻达发展仍持有公司 7.23%的股份。 报告摘要 潜在私有化的先决条件尚未达成。瀚蓝环境的潜在私有化粤丰环保安排,将联合 广东恒建控股有限公司及广东南海控股集团有限公司共同完成。因此,潜在私有 化的先决条件之一是广东恒健控股有限公司及广东南海控股集团有限公司向瀚 蓝环境的一家附属公司增资。目前这一先决条件尚未完成。广东恒建是广东省国 资委履行出资人职责的国有独资公司,是广东省级国有资本运营公司,代表广东 省政府持有多家央企股权,拥有全资及控股企业 30 多家,2023 年净利润过百 亿,资金实力雄厚。南海控股是瀚蓝环境的母公司,是佛山市南海区资产规模最 大,资金实力最雄厚的综合性国有投资集团。潜在私有化,须待两位联合投资人 增资完成。 示意性注销价 ...

2024 年 7 月 3 日 波司登(3998.HK) 品类创新带动业绩稳步增长 事件:近日,波司登公布 FY2024 财年业绩,集团收入同比上升 38.4%,归母净利润 同比上升 43.7%,超市场预期。综合考虑,我们预测 2025-2027 财年 EPS 为 0.32/0.37 /0.42 元,给予公司 2024 财年 17 倍 PE,目标价 5.9 港元,维持"买入"评级。 报告摘要 集团表现持续亮眼,品类创新驱动增长 截至 2024 年 3 月 31 日止,集团全年收入录 得 232.1 亿元,同比上升 38.4%,归母净利润录得 30.7 亿元,同比上升 43.7%,收 入和利润均取得亮眼增长,且利润增速快于收入。分不同业务来看:品牌羽绒服业 务收入同比增长 43.8%至 195.2 亿元,其中波司登主品牌录得收入 167.8 亿元,同 比增长 42.7%,毛利率同比下降 1.2pp 至 59.6%,主要是受到新推出的防晒服品类快 速放量(防晒销售额约 5 亿元)以及批发占比提高的影响;雪中飞连续三年增速高 于主品牌,收入同比增长 65.3%至 20.2 亿元,毛利率水平持平;冰洁也恢复正向增 长, ...

| --- | --- | --- | --- | |-------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-----------------------| | 年 月 日 \n2024 7 2 声通科技 (2495.HK) | | | IPO 点评 证券研究报告 | | | | | TMT | | 声通科技 2495.HK IPO | 点评 | | | | 报告摘要 | | | | | 公司概览 | | | | | | | | | | | 声通科技是以一系列人工智能与计算机技术为核心，专注为企业客户提供 | | | | | 信息和商业交互智能化的解决方案提供商，主要向四个主要终端客户行业 | | | | | （即城市管理与行政、汽车及交通、通 ...

Investment Rating - The report maintains a "Buy" rating for Fosun International with a target price of HKD 7.5, indicating a potential upside of 78% from the current price of HKD 4.22 [3][2]. Core Insights - The credit rating agency S&P has affirmed Fosun International's BB- rating with a stable outlook, reflecting expectations that the company will manage its upcoming debt maturities and gradually reduce its holding company debt over the next 12-18 months [1][2]. - The company has improved its financing channels significantly, with bank loans now accounting for 70% of its total debt of RMB 89 billion as of the end of 2023, up from 46% in 2022 [1]. - Asset disposals have stabilized the financial condition, with over RMB 25 billion in assets sold since 2022, focusing on non-core businesses [1]. - Fosun International plans to concentrate on three core industries: health, consumer, and finance, with ongoing efforts to enhance its global footprint in the health sector and optimize capital allocation [1][2]. Financial Projections - Expected net profits for the years 2024, 2025, and 2026 are RMB 38.8 billion, RMB 46.4 billion, and RMB 51.9 billion, respectively, with corresponding EPS of HKD 0.51, HKD 0.62, and HKD 0.69 [1][2]. - Revenue projections show a growth trajectory from RMB 198.2 billion in 2023 to RMB 250.6 billion by 2026, with a compound annual growth rate (CAGR) of approximately 8.74% [7][8]. Valuation Analysis - The report employs both segment valuation and NAV methods to estimate the company's value, arriving at a reasonable market capitalization of approximately HKD 609 billion, translating to a target price of HKD 7.4 [9][10]. - The NAV method suggests a total NAV of HKD 622 billion, leading to a target price of HKD 7.6, with an overall target price consensus of HKD 7.5 [9][12].