Investment Ratings - Array Technologies, Inc. (ARRY): Overweight [2] - Frontier Group Holdings, Inc. (ULCC): Overweight [2] - Hanesbrands Inc. (HBI): Equal Weight [2] - Hillman Solutions Corp (HLMN): Equal Weight [2] - Latham Group, Inc. (SWIM): Equal Weight [2] - OptimizeRx (OPRX): Equal Weight [2] - American Axle & Mfg. (AXL): Equal Weight [2] - Aspen Aerogels Inc. (ASPN): Overweight [2] - FIGS, Inc. (FIGS): Equal Weight [2] - Fluence Energy (FLNC): Overweight [2] - JELD-WEN Holding, Inc. (JELD): Equal Weight [2] - TruBridge, Inc. (TBRG): Equal Weight [2] Core Insights - The report indicates a generally positive outlook for the industries covered, with several companies receiving an Overweight rating, suggesting expected outperformance relative to their peers [2][7][16] - Revenue guidance adjustments were noted for several companies, with Array Technologies reducing its FY24 revenue guidance by approximately 30% due to backlog pushouts [22] - Fluence Energy reported solid bookings and a revenue beat, indicating growth visibility despite lower average selling prices [23] - Hanesbrands is refocusing on its core innerwear business following the divestiture of Champion, which is expected to improve margins [27] Summary by Company Array Technologies, Inc. (ARRY) - Stock Rating: Overweight - Price Target: USD 11.00 - EPS FY1 (E): 0.69, EPS FY2 (E): 1.21 - Market Cap: USD 1.0787 billion - Key Insights: New FY24 revenue guidance cut by ~30% due to backlog pushouts [22] Frontier Group Holdings, Inc. (ULCC) - Stock Rating: Overweight - Price Target: USD 6.00 - EPS FY1 (E): -0.04, EPS FY2 (E): 0.70 - Market Cap: USD 0.6981 billion - Key Insights: Weak Q3 pretax margin guidance but potential for positive RASM [16] Hanesbrands Inc. (HBI) - Stock Rating: Equal Weight - Price Target: USD 6.00 - EPS FY1 (E): 0.35, EPS FY2 (E): 0.61 - Market Cap: USD 2.1418 billion - Key Insights: Focus on core business expected to improve margins [27] Hillman Solutions Corp (HLMN) - Stock Rating: Equal Weight - Price Target: USD 10.00 - EPS FY1 (E): 0.50, EPS FY2 (E): 0.51 - Market Cap: USD 1.8307 billion - Key Insights: Strong margins and adjusted EBITDA guidance despite a weaker top line [16] Latham Group, Inc. (SWIM) - Stock Rating: Equal Weight - Price Target: USD 6.00 - EPS FY1 (E): 0.09, EPS FY2 (E): 0.17 - Market Cap: USD 0.6126 billion - Key Insights: Earnings growth driven by cost initiatives [19] OptimizeRx (OPRX) - Stock Rating: Equal Weight - Price Target: USD 11.00 - EPS FY1 (E): 0.35, EPS FY2 (E): 0.55 - Market Cap: USD 0.1531 billion - Key Insights: Revenue miss attributed to deal timing delay [12] Aspen Aerogels Inc. (ASPN) - Stock Rating: Overweight - Price Target: USD 27.00 - EPS FY1 (E): 0.29, EPS FY2 (E): 0.62 - Market Cap: USD 1.6842 billion - Key Insights: Convincing earnings beat and growth visibility [10] Fluence Energy (FLNC) - Stock Rating: Overweight - Price Target: USD 28.00 - EPS FY1 (E): 0.34, EPS FY2 (E): 0.98 - Market Cap: USD 2.933 billion - Key Insights: Record bookings and solid revenue beat [23] JELD-WEN Holding, Inc. (JELD) - Stock Rating: Equal Weight - Price Target: USD 13.00 - EPS FY1 (E): 1.30, EPS FY2 (E): 1.42 - Market Cap: USD 1.1971 billion - Key Insights: Cost efforts expected to drive structural savings [18] TruBridge, Inc. (TBRG) - Stock Rating: Equal Weight - Price Target: USD 10.00 - EPS FY1 (E): -0.40, EPS FY2 (E): 0.04 - Market Cap: USD 0.1886 billion - Key Insights: High-margin EHR license sale reported [13]

Investment Ratings - Array Technologies, Inc. (ARRY): Overweight (OW) with a target price change from 18.00 to 11.00 [2] - CACI International: Overweight (OW) with a target price change from 450.00 to 500.00 [2] - Champion Homes, Inc. (SKY): Equal Weight (EW) with a target price change from 68.00 to 85.00 [2] - Endeavour Mining (EDV.L): Overweight (OW) with a target price change from 34.00 to 29.00 [2] - Frontier Group Holdings, Inc. (ULCC): Overweight (OW) with a target price change from 7.00 to 6.00 [2] - Hanesbrands Inc. (HBI): Equal Weight (EW) with a target price change from 5.00 to 6.00 [2] - Hillman Solutions Corp (HLMN): Equal Weight (EW) with a target price change from 9.00 to 10.00 [2] - Insulet (PODD): Equal Weight (EW) with a target price change from 200.00 to 220.00 [2] - Murphy Oil Corporation (MUR): Equal Weight (EW) with a target price change from 54.00 to 46.00 [2] - OGE Energy Corp. (OGE): Equal Weight (EW) with a target price change from 36.00 to 39.00 [2] - OptimizeRx (OPRX): Equal Weight (EW) with a target price change from 15.00 to 11.00 [2] - P10 Inc. (PX): Overweight (OW) with a target price change from 9.50 to 11.00 [2] - Repay Holdings Corp. (RPAY): Overweight (OW) with a target price change from 12.00 to 11.00 [2] - Robinhood Markets, Inc. (HOOD): Underweight (UW) with a target price change from 20.00 to 18.00 [2] - StepStone Group, Inc: Equal Weight (EW) with a target price change from 46.00 to 51.00 [2] - Triumph Group Inc: Overweight (OW) with a target price change from 18.00 to 16.00 [2] - Upstart Holdings Inc. (UPST): Equal Weight (EW) with a target price change from 25.00 to 35.00 [2] Core Insights - The report indicates a notable disconnect between EPS momentum and share price for Endeavour Mining, with expectations of free cash flow (FCF) rising sharply from H2, projecting an 18.1% spot FCF yield in 2025 and a cumulative 2-year cash return yield of 13.8% for 2024 and 2025 [6] - The U.S. healthcare technology and distribution sector is experiencing mixed results, with OptimizeRx facing a revenue miss due to timing delays, while Insulet raised sales and operational margin guidance [22][27] - The U.S. biopharmaceuticals sector is highlighted by strong performances from companies like Eli Lilly, which is breathing confidence into the GLP-1 trade following impressive second-quarter results [25][29] Summary by Category U.S. Autos & Mobility - American Axle & Mfg. (AXL) reported one of the best supplier results of Q2, but leverage issues may mute opportunities for stock performance [31] - Boeing Co. (BA) is tracking the shipping of Dreamlifters, indicating a steady pace of operations [31] U.S. Chemicals - Murphy Oil Corporation (MUR) is guiding down production but ramping up buybacks, indicating a strategic shift in response to market conditions [12] U.S. Healthcare - Insulet's sales beat expectations, and the company raised its sales and operational margin guidance, reflecting positive momentum in the medical supplies and devices sector [22] - OptimizeRx's revenue miss is attributed to timing delays, impacting its stock performance [27] U.S. Biopharmaceuticals - Eli Lilly's strong performance in the GLP-1 market is noted, with significant growth potential anticipated [25][29]

Investment Rating - The investment rating for Sunny Optical Technology Group is maintained as BUY with a target price of HKD60.00 [8][9][12]. Core Views - The report indicates that handset lens shipments grew robustly, while CCM shipments fell due to a shift in product mix. The auto lens shipment volume expanded due to increased client demand [3][4]. - The management noted that the growth in handset lens shipments was primarily due to a low base last year, and the decline in handset CCM shipments was mainly due to decreased low-end handset shipments [3][4]. - A better product mix is expected to boost gross profit margin (GPM), and monitoring of potential restocking by Apple and Android clients is suggested for the upcoming quarters [3][4]. Summary by Sections Handset Lenses - In July, Sunny shipped 115 million handset lenses, representing a year-on-year increase of 20.7% and a month-on-month increase of 6.1% [4]. - Shipments of handset CCMs were 43.90 million, up 5.5% month-on-month but down 19.5% year-on-year, attributed to decreased low-end handset shipments [4]. Auto Lenses - Auto lens shipments increased by 9.0% year-on-year and 15.3% month-on-month, totaling 8,811k units in July, driven by increased demand [5]. - The report highlights the weak auto demand overseas and suggests monitoring the impact on Sunny's auto lens business [5]. Financial Forecasts - The attributable net profit forecasts for 2024, 2025, and 2026 are RMB2,317 million, RMB2,767 million, and RMB3,357 million respectively [3][19]. - Revenue projections for 2024, 2025, and 2026 are RMB38,433 million, RMB41,447 million, and RMB44,186 million respectively, indicating a growth trajectory [19][21]. Valuation - The target price of HKD60 is derived from a sum-of-the-parts (SOTP) analysis, implying a 2024E PE of 26x [12][13]. - The valuation breakdown includes HKD20.8 per share for auto products, HKD10.1 for AR/VR, HKD19.9 for handsets, and HKD9.3 for other businesses [12][13].

Equity Research Report Jafron Biomedical (300529 CH) Earnings Grew Strongly in 2024 Huatai ResearchInterim Results Review 13 August 2024 | China (Mainland)Medical Devices Earnings growth continued to pace up in 2Q24; maintain BUY Jafron Biomedical (Jafron) registered 1H24 revenue/attributable net profit (NP) of RMB1,496/553mn (up 47.8/99.1% yoy) and 2Q24 revenue/attributable NP of RMB751/268mn (up 70.9/230.6% yoy), which further picked up from the growth rates in 1Q24 (revenue/attributable NP: up 30/44.9% y ...

Investment Rating - The investment rating for Canmax Technologies is maintained at OVERWEIGHT with a target price of RMB 17.94, reflecting an expected upside of 8% from the closing price of RMB 16.59 as of August 9, 2024 [7][8]. Core Insights - Canmax Technologies reported a significant decline in its financial performance for 1H24, with attributable net profit down 39.26% year-on-year to RMB 835 million, and revenue down 44.09% year-on-year to RMB 3,713 million [2][3]. - The decline in revenue is primarily attributed to a substantial decrease in lithium ore prices, with the average selling price of lithium hydroxide falling 73.8% year-on-year to RMB 92,300 per tonne [3][5]. - Despite the challenges, Canmax's revenue decline was less severe than the drop in lithium ore prices, largely due to capacity expansion efforts [3]. Financial Performance - For 1H24, Canmax's revenue from lithium-ion battery materials decreased by 47.08% year-on-year to RMB 3,316 million, with a gross profit margin of 17.91%, down 12.59 percentage points year-on-year [3]. - The company's projected book value per share (BVPS) for 2024, 2025, and 2026 is RMB 15.74, RMB 17.07, and RMB 19.24 respectively [2]. - The financial outlook shows a recovery in revenue expected in 2025 and 2026, with projected revenues of RMB 11,602 million and RMB 17,671 million respectively [6]. Industry Dynamics - The lithium ore market is currently experiencing oversupply, leading to continued price declines in 1H24, although there are signs of potential capacity cuts from major producers [5]. - The report suggests that while lithium ore prices are expected to remain on a downward trend, the pace of supply-side de-capacity should be monitored as it may lead to improved supply-demand dynamics in the future [5].

Equity Research Report Fixed Income Reviewing Bond Market Volatility in Terms of Financial Security Huatai Research 13 August 2024 | China (Mainland) Weekly Analyst SAC No. S0570518110002 SFC No. AMB145 +(86) 10.6321.1166 Our core views The financial system exhibits pro-cyclical characteristics, and central bank regulation plays a crucial role in maintaining financial stability and policy credibility. However, given the current economic fundamentals and the pace of fiscal efforts, the PBoC is unlikely to ma ...

9 August 2024 | 2:58PM EDT Energy, Utilities & Mining Pulse: Investors Asking: How to Navigate Summer Volatility? The past two weeks have been highly volatile in the markets and across our Natural Resources coverage. As such, we ask our senior analyst team to reflect on where investors are positioned and general sentiment in their respective sector.The team additionally highlights a stock that has underperformed their expectations where they would be more positive from here. We additionally ask the team to ...

11 August 2024 | 7:15PM HKT _ Navigating China Internet: Key investor focuses into Tencent & Alibaba prints & what to watch out for With Tencent and Alibaba kicking off the China Internet results season amongst the mega-caps on Weds and Thurs (after HK market close) respectively, we expect broadly in-line 2Q prints, where we estimate Tencent adj. operating profit to grow 33% yoy on accelerating growth and Alibaba's group EBITA to decline 11% yoy on core businesses investments (mostly in-line with sell-side ...

9 August 2024 | 8:07PM EDT _ Healthcare Pulse: Reflecting On 2Q24 Earnings Amid An Uncertain Macro... Investor sentiment; market color; sector themes; charts to | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------- ...

9 August 2024 | 10:10AM BST _ Ferrous Tracker: Drop in Steel Output Hits Iron Ore Consumption n The Platts 62%Fe iron ore index (CFR China) returned to $99.3/t yesterday (8th August), down 4% from last Friday. n With little change in both supply and stocks, we view declining Chinese iron ore consumption as being the key factor driving prices lower. Mysteel's sample of 247 steel mills showed a 2% WoW drop in consumption of imported iron ore, reflecting a similar decline in hot metal output. n Meanwhile, flat ...