浦银国际研究 浦银国际 公司研究 康方生物 （9926.HK） 公司研究 | 医药行业 康方生物（9926.HK）：依沃西与 K 药头对头数据好于预期 康方生物于 WCLC 大会公布的 HARMONi-2 数据显示出显著 PFS 获益及 优秀的安全性，好于此前市场预期。我们认为显著的 PFS 获益有望转化 成 OS 获益，值得期待。维持"买入"评级，上调目标价至 65 港元。 依沃西和 K 药头对头期中分析数据发表，PFS 获益及安全性好于预 期：昨晚（9 月 8 日）公司已于 WCLC 大会公布 HARMONi-2 期中分析 数据，符合之前公告的 PFS 获益显著，更为惊喜的是 PFS 数据（mPFS 为 11.14 个月，HR 为 0.51）优于此前市场预期，各个亚组 PFS 获益显 著，安全性数据无论在鳞癌还是非鳞癌均优秀，因此推动公司股价今 日上涨约 16%。 依沃西实现 11.14 个月 mPFS（vs. 帕博利珠单药：5.82 个月），HR 为 0.51，临床获益显著：在 HARMONi-2/AK112-303 (CTR20222137) 试验 中(n=398)，依沃西单药(n=198)与帕博利珠 ...

浦银国际研究 浦银国际 公司追踪 腾讯 （ 700.HK） 公司追踪| 互联网行业 腾讯（700.HK）DES 大会：数字技术为 企业提供新增长引擎 9 月 5 日至 6 日，我们参加了 2024 腾讯全球数字生态大会，大会以 "智启新机 云驱增长"为主题，涵盖数百场专题峰会、行业论坛。腾 讯在大会上发布了混元 Turbo、腾讯云智算等全新产品。混元 Turbo 在 推理效率、成本降低、解码速度等方面均有显著提升，在 SuperCLUE 评测总评分列国内第一。我们看好公司在数字生态中处于有利位置以 及数字技术持续推动公司现有广告、游戏、云等业务的长期发展。 "增长"为大会核心：过去一年，腾讯云通过持续聚焦自研，推动被 集成，使业务更加健康可持续：1）服务客户数超过 200 万家；2）订 单超百万的合作伙伴数量双位数增长；3）SaaS 合作伙伴收入增长翻倍； 4）国际业务持续保持两位数增长。管理层表示，当前经济大环境面临 全球通胀、消费意愿疲软、供求失衡、新技术快速迭代和应用等挑战， "以数提效、顺势而为、扬帆出海"是企业破局增长的方向。公司希 望利用数字化技术，帮助企业开拓新市场新机会，提供新增长引擎。 坚持 ...

Investment Rating - The report assigns a "Buy" rating to Yunkang Group (2325 HK) with a target price of HKD 10 5, implying a potential upside of 26% from the current price of HKD 8 4 [3] Core Views - Yunkang Group's 1H24 performance was weak, with a net loss of RMB 130 million, primarily due to declining revenues across its three core business segments and increased industry competition [1] - The company's revenue fell by 20% YoY to RMB 380 million in 1H24, driven by slower-than-expected growth in routine testing demand and price declines in the ICL industry [1] - Gross margin decreased by 4 4 percentage points to 33 7% due to high fixed costs and reduced economies of scale [1] - Accounts receivable impairment continued to impact profitability, with RMB 100 million in impairment losses recorded in 1H24 [1] - The ICL industry is expected to face intensified price competition in the short term, as post-pandemic testing demand has declined, leading to excess capacity [1] - Accounts receivable aging is increasing, with 50% of receivables aged 1-2 years, and impairment is expected to continue affecting profitability [1] Financial Performance and Forecasts - Revenue for 2024E is projected at RMB 720 million, with a YoY decline of 19 2%, followed by a gradual recovery to RMB 807 million by 2026E [2] - Gross margin is expected to stabilize at around 32 0% in 2024E, improving to 36 0% by 2026E [5] - The company is forecasted to remain in a loss-making position in 2024E and 2025E, with a slight profit of RMB 5 2 million expected in 2026E [5] - The DCF valuation model, with a WACC of 10 0% and a perpetual growth rate of 2 0%, supports the target price of HKD 10 5 [1] Industry Context - Major ICL companies, including KingMed, Dian Diagnostics, and Adicon, also reported significant revenue and profit declines in 1H24, reflecting broader industry challenges [1] - The National Healthcare Security Administration's policy to accelerate medical insurance fund payments could potentially improve accounts receivable collection in the future [1] Market Expectations - The market consensus for Yunkang Group's target price ranges from HKD 7 0 to HKD 13 0, with SPDBI's base case target at HKD 10 5 [8] - The optimistic scenario assumes a steady gross margin above 50% and a core non-COVID revenue CAGR of over 20% from 2023-26E, while the pessimistic scenario projects a gross margin below 30% and a CAGR below 5% [8]

浦银国际研究 浦银国际 公司研究 公司研究 | 消费行业 首旅酒店（600258.CH）：门店结构优化和 降本增效促利润率增长，布局长期增长 首旅酒店 2Q24 收入在高基数下同比下滑 3.3%，在加盟模式门店数量 占比的提升以及降本增效措施有效实施的带动下，归母净利润率同比 提升 2.1ppt 至 12.6%。我们认为公司的门店结构优化将有力地提升公 司的盈利能力，但高基数下运营数据的压力仍将延续。我们维持首旅 酒店"持有"评级，适当下调盈利预测，并下调目标价至人民币 12.8 元。 高基数下 RevPAR 下降导致收入同比下滑：由于去年同期出行人数爆 发式增长以及酒店市场供需不平衡，去年同期的 RevPAR 水平较高。 因此，在高基数下，2Q24 首旅酒店 RevPAR 同比下降 6%，其中 ADR 和 OCC 分别下降 3.8%和 1.6ppt。如不含轻管理酒店，RevPAR 同比下 降 5.1%。也正因为 RevPAR 的同比下降，2Q24 收入同比下降 3.3%。 管理层预计三季度公司 ADR 仍将在高基数下承压但环比企稳，2025 年将同比保持平稳。 重视长期增长，门店结构优化促毛利率优化：尽管受 ...

浦银国际研究 财务模型更新 | 互联网行业 浦银国际 财务模型更新 网龙 （777.HK） 网龙（777.HK）：游戏保持相对稳定， 关注新游表现 利润率持续改善：公司 1H24 收入人民币 33.0 亿元，同比下降 10.3%； 其中，游戏及应用服务收入为 21.2 亿元，同比小幅下降 0.8%，主要 是海外游戏收入下滑；Mynd.ai 收入同比下降 23.5%至 11.8 亿元，主 要由于硬件需求回归常态化；毛利率同比改善 4.5pp 至 66.6%，主要 受益于高毛利的游戏收入占比提升；调整后净利润为 5.6 亿元，调整 后净利率为 16.9%。此外，公司宣布派发中期股息每股 0.4 港元。 游戏收入维持相对稳定，关注新游表现：1H24 公司游戏业务维持相 对稳定，收入同比下降 3%至 18.6 亿元；其中，国内游戏收入同比下 降 1.3%，端游保持增长，手游有所下滑；海外游戏收入同比下降 12.9%， 主要是《魔域》端游海外版受外挂影响及《征服》端游海外版受埃及 临时限电影响。这些问题正逐步改善，下半年海外收入有望恢复。国 内端游核心产品《简体魔域》保持良好用户粘性，MAU、DAU 等指标 均实现增长 ...

Investment Rating - The report maintains a "Buy" rating for IGG (799.HK) with a target price of HKD 4.0, representing a potential upside of 21% from the current price of HKD 3.3 [2][4]. Core Insights - IGG's strong performance in both gaming and app businesses is identified as a new growth driver, with a 9% year-on-year revenue increase to HKD 2.7 billion in 1H24 [2]. - The gross margin improved by 6.5 percentage points to 78.8%, primarily due to the increased revenue share from the app business [2]. - Adjusted net profit for 1H24 was HKD 350 million, with an adjusted net profit margin of 12.7% [2]. Revenue Breakdown - Gaming revenue reached HKD 2.3 billion in 1H24, showing a slight increase of 1% year-on-year [2]. - The core product, "King of Kingdoms," experienced a 19% decline in revenue to HKD 1.3 billion, while new games "Doomsday: Last Survivors" and "Viking Rise" generated revenues of HKD 500 million and HKD 300 million, respectively, marking year-on-year growth of 97% and 151% [2]. - The new games accounted for 34% of total gaming revenue, effectively offsetting the decline from older titles [2]. App Business Performance - The app business generated HKD 400 million in revenue during 1H24, reflecting a significant year-on-year growth of 116% and increasing its revenue share to 15% [2]. - Following a business transformation earlier in the year, the app segment focused on content service-oriented applications, leading to a recovery in revenue and user engagement [2]. - Monthly revenue from the app business reached HKD 120 million in July, with expectations for continued high performance in the second half of the year [2]. Financial Projections - The report projects revenues of HKD 5.8 billion and HKD 6.4 billion for FY24E and FY25E, respectively, with adjusted net profits expected to be HKD 650 million and HKD 850 million [2][4].

Investment Rating - Maintain "Buy" rating with a target price of HKD 22 [3] Core Views - The company's 1H24 revenue reached RMB 2.22 billion, a YoY increase of 26.7%, with gross margin improving by 8.2pp to 67.4% due to higher self-developed game revenue contribution [2] - Adjusted net profit was RMB 240 million, with an adjusted net margin of 10.7%, and adjusted EBITDA grew by 72.7% YoY to RMB 320 million [2] - Game business revenue increased by 29.3% YoY to RMB 1.49 billion, driven by strong performance of new games such as "Let's Go Muffin" and "Sword of Linlang" [2] - TapTap platform revenue grew by 32.6% YoY to RMB 1.30 billion, with monthly active users (MAU) in China reaching 43.24 million, a YoY increase of 27.3% [2] - The company expects strong growth in game revenue in 2H24 due to the successful launch of new games and the upcoming release of "Let's Go Muffin" in South Korea and Japan [2] Financial Projections - Revenue for 2024E/2025E is projected to be RMB 5.0 billion/RMB 5.3 billion, with adjusted net profit of RMB 570 million/RMB 650 million [3] - The target price of HKD 22 implies a 2024E/2025E P/E of 17.0x/14.7x [3] Game Performance - "Let's Go Muffin" became the top revenue contributor in 1H24 after its launch in Hong Kong, Macau, Taiwan, and mainland China, with plans for expansion into South Korea and Japan [2] - "Heartbeat Town" achieved over 25 million downloads in its first month and is expected to become a product with millions of daily active users (DAU) [2] TapTap Platform - TapTap's user base rebounded, with MAU in China growing by 27.3% YoY and 14.8% QoQ, driven by increased marketing and the launch of popular games [2] - The company has limited ad load rates to improve user experience, which may slightly impact short-term ad revenue growth, but double-digit growth is still expected in 2H24 [2]

浦银国际研究 浦银国际 公司研究 中国飞鹤 （6186.HK） 公司研究 | 消费行业 中国飞鹤（6186.HK）：产品结构高端化 趋势 2H24 有望持续，重申加大派息力度 尽管行业竞争环境依然不容乐观，但经过两年的渠道改革，飞鹤基本 面已大幅改善：渠道库存回到健康水平，终端价盘大幅回升，超高端 新品卓睿销量涨势喜人，整体品牌力与市场份额稳步提升，毛利率同 比大幅扩张。我们预测公司基本面同比改善的趋势将在 2H24 持续。 结合公司依然较低的估值水平以及管理层承诺持续加大的派息力度， 我们认为飞鹤当前股价依然有较高的性价比和吸引力。上调 2024-2026 盈利预测，上调目标价至 5.21 港元，维持"买入"评级。 收入增速好于行业，管理层对 2H24 预期乐观：飞鹤 1H24 的婴配粉 收入同比增长 5%（线下 3%，线下 9%），一定程度上归功于公司加大 了渠道补货力度。管理层表示 1H24 飞鹤终端销售同比小幅正增长（线 下小幅下跌，线上大幅增长），依然好于行业整体表现。我们预计公 司当前渠道库存为一个半月（相较年初半个月），依然处于较为健康 的水平。管理层预计 2H24 收入将加速增长，2024 全 ...

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浦银国际研究 浦银国际 财务模型更新 财务模型更新 | 消费行业 贝泰妮（300957.CH）：并购子品牌驱动 收入增长，主品牌调整成效仍需时间 贝泰妮 2Q24 收入同比录得增长 13.5%，主要是 2023 年收购的悦江旗 下品牌 Za 和泊美收入共人民币 1.3 亿元带动。如剔除悦江收入，贝泰 妮可比口径在 2Q24 仅同比增长 5.1%，薇诺娜品牌的战略调整效果尚 未展现。我们下调贝泰妮 2024-2026E 盈利预测，下调目标价至人民币 43.0 元，维持贝泰妮"持有"评级。 悦江为收入带来增量，主品牌增长乏力：尽管贝泰妮 2Q24 收入同比 增长 13.5%，但这主要是因为悦江旗下 Za 和泊美两品牌录得收入人民 币 1.3 亿元。由于悦江仅仅是在 2023 年 10 月 31 日并入公司，因此 上年同期无此项收入。如剔除悦江带来的收入，贝泰妮自有品牌 2Q24 收入仅同比增长 5.1%，低于 1Q24 自有品牌 11.1%的同比增长。虽然 悦江的加入有力地提高了公司多品牌矩阵的成熟度，并增加了收入来 源，但是目前悦江的收入贡献占比仍较少，仅占公司收入的 7.4%，尚 未能有效地拉动公司整体收入的 ...