Rating Change 12 August 2024 BUY Prior rating: HOLD 41% side Target price: HK$5.70 Prior TP: HK$3.60 1478 HK Price: HK$4.05 TP basis: PE Sector rating: NEUTRAL Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue 8.5 4.7 5.6 Core EPS 17.0 5.6 3.4 Source: BOCI Research estimates Trading Summary HK$ Turnover (HK$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/23 14/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 0 40 80 120 160 200 240 280 Turnover Q Technology HSI ...

Target Price Change 12 August 2024 BUY 125% side Target price: HK$29.00 Prior TP: HK$33.00 1548 HK Price: HK$12.90 TP basis: SOTP Sector rating: OVERWEIGHT Forecast Revisions (%) Year ended 31 Dec 24E 25E 26E Revenue (8.1) (19.5) 0 Core EPS NM NM 0 Source: BOCI Research estimates Trading Summary HK$ Turnover (HK$ m) 14/08/23 14/09/23 14/10/23 14/11/23 14/12/23 14/01/2414/02/2414/03/2414/04/2414/05/2414/06/2414/07/24 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 Turnover Genscript Biotech HSI | --- | --- ...

报告行业投资评级 - 维持BUY评级 [2] 报告的核心观点 现有房地产交易服务 - Ke Holding (Beike)成功在不利市场环境下扩大市场份额,门店数量环比增长3.9%,同比增长6.9% [10] - 现有房地产交易GTV同比增长25%,超出预期13.2% [10] - 在一线城市,Beike平台的现有房地产交易量同比增长超过40%,反映市场份额提升 [10] - 预计第三季度现有房地产交易GTV同比增长将放缓至14.9% [16] 新房地产交易服务 - 新房地产交易GTV同比下降20%,但整体市场下降35%,Beike表现优于市场 [10] - 新房地产佣金率创历史新高3.37%,来自国有企业的收入贡献从第一季度的50%提升至55% [10] - 预计Beike的新房地产交易量将在第三季度实现同比增长,而整体市场将继续下降 [10] 其他业务 - 装修和家居业务收入同比增长54%,毛利率从2023年第二季度的不足30%提升至31%以上 [15] - 房地产租赁服务收入同比增长167%,毛利率从2023年第二季度的负5.6%转正至5.8% [15] 根据相关目录分别进行总结 财务表现 - 2024年第二季度总GTV同比增长7.5%至8390亿元,超出预期10.4% [9] - 2024年第二季度收入同比增长19.9%至234亿元,超出预期11.2% [9] - 2024年第二季度调整后净利润同比增长13.1%至26.9亿元,超出预期81.4% [9] - 2024-2026年调整后每股收益预测分别上调10.7%-12.1% [9] 运营数据 - 2024年第二季度门店总数达45,948家,环比增长3.9%,同比增长6.9% [24] - 2024年第二季度现有房地产GTV同比增长25%至5707亿元,超出预期13.2% [26] - 2024年第二季度新房地产GTV同比下降20.2%至2353亿元,但超出预期5.5% [29] 估值与目标价 - 维持目标价24.62美元,较之前上调11.8% [2] - 2025年预测调整后市盈率15.3倍,估值水平较低 [14]

Target Price Change 12 August 2024 BUY 39% side Target price: HK$23.00 Prior TP: HK$22.00 981 HK Price: HK$16.58 TP basis: PB Sector rating: NEUTRAL Trading Summary Forecast Revisions (%) | --- | --- | --- | --- | |-------------------|-------|-------|-------| | Year ended 31 Dec | 24E | 25E | 26E | | Revenue | 15.6 | 30.2 | 27.6 | | Core EPS | 106.2 | 40.2 | 35.1 | Source: BOCI Research estimates HK$ Turnover (HK$ m) 09/08/23 09/09/23 09/10/23 09/11/23 09/12/23 09/01/2409/02/2409/03/2409/04/2409/05/2409/06/ ...

Macro & Strategy | China Economy 12 August 2024 CPI picks up in July due to the rises of food and service price Consumer price index (CPI) picked up the growth from 0.2% in June to 0.5% in July (all on a YoY basis unless otherwise specified), beating market expectation. However, the growth of core CPI edged down from 0.6% in May and June to 0.4% in July. In the first seven months of 2024 (7M24), the CPI index edged up 0.2% and the core CPI picked up 0.6%. The bouncing CPI growth was partially bolstered by t ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 17：37 (2) GB200硬件体系结构——组件供应链和BOM GB200硬件架构 组件供应链和物料OM 超尺度定制，NVLink背板，NVL36，NVL72，NVL576，PCIe重定时器，开关， 光学，DSP，PCB，无限波段/以太网，基板，CCL，CDU，侧面，PDU，VRM，母 线，Railkit，BMC 曾志伟和其他三人,, , 2024年7月17日，∙支付 3 2 股份 44 英伟达的GB200通过优越的硬件架构在性能上带来了显著的进步，但部署的复杂性急剧 上升。从表面上看，英伟达发布了一个标准机架，人们可以在他们的数据中心轻松安装 ，即插即用的风格，现实是有几十个di任erent部署版本与tradeo任s，并显著增加了一 代的复杂性。供应链对终端数据中心部署人员、云计算、服务器oem/odm和下游组件供 应链进行了重新设计。 今天，我们将从A转到Z，讨论GB200的di任erent形式因子，以及它们与之前的8台GPU HGX基板服务器相比的变化。 此外，我们将深入研究将严重改变子组件供应链 的超规模定制。最后，我们还将深入研究各种类型的 ...

Hello. Thank you for standing by and welcome to the Box, Inc. First Quarter Fiscal 2025 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, please press star 1 on your telephone keypad. I would now like to turn the conference over to Cynthia Hipponia, Vice President, Investor Relations. You may begin. Good afternoon and welcome to Box's fir ...

අපි ස්තූතියි අපි ස්තූතියි Ladies and gentlemen, thank you for standing by and welcome to the Kanjan Limited First Quarter 2024 Financial Result Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms. Wenbei Wang, Head of Investor Relations. Please go ahead, ma'am. Thank you, operator. Good evening and good morning, everyone. Welco ...

房地产 – 开发商 | 消息快报 2024年5月3日 地产最新高频数据缺乏方 向，而政策端则现重大突 破 上周高频数据喜忧参半，成交量同比跌幅继续收窄，惟库存绝 对值小幅上扬 正面情况：周度新房成交量同比跌幅收窄 如图1所示，根据中指院汇编的数据，2024年第17周19个重点城市的周度销售面 积同比下降32.2%，降幅较前一周的37.7%有所收窄。 我们跟踪的不同等级城市的降幅都有所收窄。如图1所示，2024年第17周，我们跟 踪的4个一线城市、11个二线城市和4个三线城市的周新建住宅销售面积同比分别下 降了22.1%、39.4%和10.7%，较前一周的31.8%、40.5%和34.6%均有所收窄。 图1. 过去两周新房成交量同比变化 同比 (%) 第十七周 第十六周 19个重点城市 (32.2) (37.7) 4个一线城市 (22.1) (31.8) 11个二线城市 (39.4) (40.5) 4 个三线城市 (10.7) (34.6) 图源：中指研究院，地方住建局 负面情况：重点城市库存绝对值小幅上扬 另一方面，如图2所示，19个重点城市的绝对库存水平（拿到预售证但尚未售出的面 积）在连续下降五个星期之后 ...