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Sealand Securities: Tencent Music - SW2024Q2 paid users and ARPU double growth, first buy rating.
Sealand Securities released a research report stating that the revenue of Tencent Music-SW (01698) is expected to be 28.831/32.005/34.95 billion yuan from 2024 to 2026, with a net income attributable to the mother of 6.338/7.622/8.604 billion yuan, and adjusted net income attributable to the mother of 7.088/8.387/9.385 billion yuan. Tencent Music owns leading domestic online music platforms such as QQ Music and Kugou Music, bullish on the dual-wheel drive of long-term paid users and ARPU values, with a healthier revenue structure and improving profitability expected to continue. Based on this, initiating coverage and recommending a “buy”.
Sealand Securities (SZSE:000750) Shareholders Notch a 31% Return Over 1 Year, yet Earnings Have Been Shrinking
Sealand Securities released the first coverage report on Chinahongqiao: The quantity and price of aluminum and alumina rose together, boosting performance. Recommended 'buy' rating.
Sealand Securities released a research report stating that considering the obvious advantages of Chinahongqiao's integrated operation, good performance elasticity, high dividend yield, and low valuation level, it is covered for the first time with a 'buy' rating. It is predicted that the revenue for 2024-2026 will be 147.4/151.7/157.2 billion yuan, and the net income attributable to the parent company will be 20.12/21.35/23.39 billion yuan, equivalent to an EPS of 2.12/2.25/2.47 yuan per share. The company achieved a revenue of 73.59 billion yuan in the first half of 2024, a year-on-year increase of 12%; and a net profit attributable to the parent company of 9.15 billion yuan.
Sealand: Half-year report for the year 2024.
Sealand: Summary of Half-Year Report in 2024.
Sealand Securities (000750.SZ): net income for the first half of the year was 0.14 billion yuan, a year-on-year decrease of 63.45%.
Sealand Securities (000750.SZ) released its semi-annual report on August 23, with a revenue of 1.92 billion yuan, a 7.33% year-on-year decrease, a net income of 0.14 billion yuan, a 63.45% year-on-year decrease, a non-GAAP net income of 0.14 billion yuan, a 63.27% year-on-year decrease, and a basic earnings per share of 0.02 yuan. A cash dividend of 0.06 yuan per 10 shares will be distributed to all shareholders.
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