| --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------|---------------------------| | 2024 年 9 月 30 日 \n太美医疗科技（ 2576.HK ） | | IPO 点评 \n证券研究报告 | | | | 互联网医疗 | | 太美医疗科技（ 2576.HK ） IPO 点评 | | | | | | | | | | | | 报告摘要 | | | | | | | | 公司概览 | | | | ...

2024 年 9 月 20 日 美股宏观策略报告 美联储降息 50 基点，但未能消除衰退忧虑 报告内容 美联储降息 50 基点，降息周期开始。美联储於 9 月 18 日开启降息周期，将联邦基 金利率下调 50 个基点至 4.75%-5.00%。市场终于等到美联储自新冠疫情初期以来 的首次降息，不过美联储在态度上比较鹰派，表示目前未有看到经济衰退，当前劳 动力市场非常稳固，降息 50 基点只属预防性的举措，以防止失业率上升的风险，去 维持现有经济状况。主席鲍威尔亦强调美联储没有落后于数据，未来降息的路径仍 然会依从宏观数据的走向。 经济预期有所调整。宏观预期方面，根据点阵图上的指引，FOMC 官员对 2024 年 GDP 增长预期，从上一次（六月）的 2.1%下调至 2.0%、对 2025 年的预期保持在 2.0%不变；对 2024 年失业率的预期从 4.0%大幅上调至 4.4%、对 2025 年失业率 的预期从 4.2%上调至 4.4%；对 2024 年 PCE 物价预期从 2.6%下调至 2.3%、对 2025 年 PCE 物价预期从 2.3%下调至 2.1%；对 2024 年核心 PCE 物价从 2.8% ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 2.88 per share [3][2]. Core Insights - The company reported a revenue of HKD 610 million for H1 2024, representing a year-on-year increase of 21.1%. Net profit reached HKD 80 million, up 16.7%, while net profit attributable to shareholders was HKD 51 million, an increase of 5.3% [2][1]. - The overseas business has seen significant growth, with a 47.2% increase in revenue, contributing to 47% of total revenue. The company is actively expanding its international presence, particularly in the energy sector, which is expected to enhance overall performance [2][1]. - The company's "3+X" strategy focuses on core businesses such as coal testing, oil testing, and non-energy bulk testing, which provide strong cash flow to support emerging ESG and carbon asset businesses. The company aims to capitalize on the dual carbon and green development trends [2][1]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of HKD 610 million, a 21.1% increase year-on-year. The net profit was HKD 80 million, up 16.7%, and the net profit attributable to shareholders was HKD 51 million, reflecting a 5.3% increase [2][1]. - The overseas revenue reached HKD 270 million, marking a substantial growth of 47.2%, while the Greater China region saw a more modest growth of 5.8% to HKD 340 million [2][1]. Strategic Initiatives - The company is implementing a "3+X" strategy, focusing on its main businesses while also developing ESG and carbon asset services. This approach is expected to provide a competitive edge in the market [2][1]. - The company is actively recruiting talent in the ESG sector to bolster its capabilities and prepare for future growth in this area [2][1]. Valuation Metrics - The target price of HKD 2.88 corresponds to a price-to-earnings (PE) ratio of 14.9x for 2024, 11.5x for 2025, and 8.8x for 2026, indicating a favorable valuation outlook [2][3].