First Shanghai: tencent (00700) Q3 financial results are in line with expectations, year-on-year growth, advertising business may continue to see high growth.
In terms of profit, Non-GAAP net income is expected to increase by 19.55% year-on-year in the third quarter, to around 53.7 billion yuan.
Brokerage Focus: First Shanghai maintains a buy rating on Ideal Autos (02015), expecting pure electric models to become the main growth driver next year.
First Shanghai's research reports indicate that Ideal Autos (02015) achieved vehicle sales revenue of 41.32 billion yuan in Q3 2024, a year-on-year increase of 22.9% and a quarter-on-quarter increase of 36.3%. The total delivery volume of autos in Q3 2024 was 0.153 million, an increase of 45.4% year-on-year. The gross margin of autos in Q3 increased to 20.9%.
[Brokerage Focus] First Shanghai maintains a buy rating on GCL Tech (03800), indicating that its third-quarter performance has bottomed out and stabilized.
Jingu Financial News | First Shanghai issued a research report, GCL Tech (03800) reported a shareholder net loss of approximately 2.97 billion yuan in the first three quarters, with a quarterly loss of approximately 1.49 billion yuan, mainly due to a significant year-on-year decrease in the average prices of silicon materials and silicon wafers. The shareholder net profits for the first three quarters were 0.033 billion yuan/-1.512 billion yuan/-1.492 billion yuan respectively, with performance in the quarter stabilizing.
[Brokerage Focus] First Shanghai maintains a buy rating on zijin mining group (02899), expecting copper and gold prices to continue to rise.
King & Capital News | First Shanghai issued a research report, Zijin Mining Group (02899) achieved revenue of 230.396 billion yuan in the first three quarters of 2024, an increase of 2.39% year-on-year; attributable net income was 24.357 billion yuan, an increase of 50.68% year-on-year; in the third quarter, the company's revenue was 79.98 billion yuan, an increase of 7.11% year-on-year; attributable net income was 9.273 billion yuan, an increase of 63.64% year-on-year. The bank pointed out that with the direction of the Fed's interest rate cut determined, and the safe-haven demand brought about by political and economic uncertainties, this year the gold price continues to run at high levels. Currently, the closing price of London spot gold is
[Brokerage Focus] First Shanghai initiates a buy rating on Yankuang Energy (01171), expecting the company's full-year coal chemical projects to turn losses into profits.
Jingu Finance | First Shanghai issued research guidance, Yankuang Energy (01171) achieved revenue of 106.6 billion yuan in the first three quarters, a year-on-year increase of 21.5%; achieved a net income attributable to the mother of 11.4 billion yuan, a year-on-year decrease of 27%; non-recurring net income attributable to the mother was 110.5 yuan, a year-on-year decrease of 22.5%. In the third quarter Q3, revenue reached 34.32 billion yuan, a quarter-on-quarter decrease of 15.5%/+5%; net income attributable to the mother was 3.84 billion yuan, a quarter-on-quarter decrease of 15.63%/+0.7%, the company's slight increase in net income in the quarter is mainly due to the average price of 5500K coal in the Qinhuangdao market being 852.5 yuan/ton in Q3, unchanged from Q2.
First Shanghai: maintains a "buy" rating on aac tech (02018) with a target price of 39.09 Hong Kong dollars.
first shanghai predicts that the revenue of GoerTek from 2024 to 2026 will be 26.03 billion yuan / 29.24 billion yuan / 32.99 billion yuan respectively.
[Brokerage Focus] First Shanghai recommends buying CSPC Pharma (01093) and expects its new products to be approved successively, with the pharmaceutical sector poised to resume high growth.
Jingu Financial News | First Shanghai issued a research report, cspc pharma (01093) achieved a revenue of 16.28 billion yuan in the first half of 2024 (+1.3% year-on-year, the same below), gross profit of 11.65 billion yuan (+3.7%), gross margin of 71.6% (+1.7pts). Based on the financial statements, the net profit attributable to shareholders was 2.02 billion yuan (+1.8%), with a net margin of 18.5% (+0.1pts). Looking at the sectors, the traditional Chinese medicine sector generated revenue of 13.55 billion yuan (+4.8%), with a significant sequential decline in Q2 revenue; although the price of vitamin C raw materials is slowly recovering, demand is decreasing.
First Shanghai (00227.HK) received an increase of 1.576 million shares by executive director and chairman Lou Yuanyi.
According to the latest equity disclosure information from the Hong Kong Stock Exchange on September 27, 2024, First Shanghai (00227.HK) saw Director and Chairman Law Yuen Yat adding 1.576 million shares at an average price of HK$0.15 per share, with a total investment of approximately HK$0.2364 million. Following the shareholding increase, Law Yuen Yat's latest shareholding is 1,173,051,847 shares, and the shareholding ratio has risen from 53.48% to 53.55%.
First Shanghai Investments Limited's (HKG:227) Biggest Owners Are Private Equity Firms Who Got Richer After Stock Soared 400% Last Week
First Shanghai: Buy rating for Yuexue Education (03978) with a target price of 5.6 Hong Kong dollars.
first shanghai expects outstanding education (03978) income forecast to reach 1.091/1.952/2.449 billion yuan for the years 2024-2026.
Gift Holdings Launches First Shanghai Store
FIRST SHANGHAI: INTERIM REPORT 2024
[Brokerage Focus] First Shanghai rates Zhaojin Mining (01818) as a buy, pointing out the significant potential for increased reserves and production of its offshore gold mines.
Jingu Finance News | First Shanghai issued a research report, in the first half of 2024, Zhaojin Mining (01818) achieved total revenue of 4.627 billion RMB, a year-on-year increase of 34.24%; achieved a net income attributable to the mother of 0.553 billion RMB, a year-on-year increase of 118.62%. The company's revenue growth is mainly attributed to the increase in mineral gold production and the impact of the rising gold price. With the expectation of a rate cut by the Federal Reserve and continuous purchases of gold by central banks around the world, the price of gold continued to rise in the first half of the year. The future gold price is expected to remain at a high level, providing a stable guarantee for the company's performance. The company completed the acquisition of TieTuo in the first half of the year.
[Brokerage Focus] First Shanghai maintains a buy rating on China Shenhua Energy (01088), indicating that the inclusion of state-owned enterprise market cap management in the evaluation will help boost the company's valuation.
Jingu Finance News | First Shanghai Research Institute pointed out that China Shenhua Energy (01088) achieved revenue of 168.1 billion yuan in the first half of 2024, a year-on-year decrease of 0.8%; achieved a net income attributable to the parent company of 32.8 billion yuan, a year-on-year decrease of 11.1%. Operating cash net inflow was 52.7 billion yuan, an increase of 13.6% year-on-year; of which the second quarter achieved revenue of 80.4 billion yuan, a decrease of 2.4% year-on-year, and achieved a net income attributable to the parent company of 15 billion yuan, a decrease of 7.2%. The bank pointed out that the company's coal business in the first half of the year achieved a production of 163 million tons, an increase of 1.6% year-on-year; sales volume reached 230 million tons, an increase of 5.4%; its
First Shanghai: Zijin Mining Group (03939) introduced strategic investors from Wanguo Gold Group to accelerate the business transformation of its subsidiary.
Wanguo Gold Group will gradually enter a new stage with gold mining and processing business as the main focus.
First Shanghai (00227.HK) received an increase in shareholding of 0.496 million shares by executive director and chairman Lao Yuanyi.
According to the latest equity disclosure data from the Hong Kong Stock Exchange on September 10, 2024, First Shanghai (00227.HK) director and chairman Luo Yuanyi acquired an additional 0.496 million shares at an average price of HKD 0.1145 per share, with a total investment of approximately HKD 0.0568 million. After the shareholding, Luo Yuanyi's latest ownership increased to 1,170,035,847 shares, and the shareholding ratio increased from 53.39% to 53.41%.
Brokerage Focus: First Shanghai Downgrades Xing Sheng Commercial (06668) Target Price, Maintains 'Buy' Rating, Indicating Pressure on First-half Performance.
Jinwu News | First Shanghai Securities released a research report, stating that the company's revenue in the first half of 2024 was 0.314 billion yuan, a year-on-year increase of 8.8%; gross profit was 0.162 billion yuan, a year-on-year decrease of 1.6%; net income attributable to the parent company was 0.089 billion yuan, a year-on-year decrease of 8.1%. This is mainly due to the increase in the proportion of revenue from the low gross margin full leasing model projects during the period. The company opened new full leasing model projects during the period, and implemented stable business support policies for new projects, which led to a decrease in the gross margin of the full leasing model. The bank pointed out that the company focuses on the Greater Bay Area and the Yangtze River Delta region, and has a nationwide layout, focusing on its own capabilities, emphasizing quality over quantity.
First Shanghai: Gives a "buy" rating to PetroChina (00857) with a target price of HKD 8.07.
First Shanghai predicts that the revenue of PetroChina in 2024-2026 will be 3.19 trillion yuan/3.14 trillion yuan/3.13 trillion yuan RMB.
[Brokerage Focus] First Shanghai recommends buying CNOOC (00883), citing continuous decrease in its barrel oil cost and significant effectiveness in increasing reserves and production.
Jingu Finance News | First Shanghai Research points out that CNOOC (00883) achieved revenue of 226.8 billion yuan in the first half of the year, an increase of 18% year-on-year; achieved a net income of 79.7 billion yuan attributable to the shareholders of the listed company, an increase of 25% year-on-year. Among them, the company achieved revenue of 115.3 billion yuan in Q2, an increase of 22% year-on-year and 3.4% quarter-on-quarter; achieved a net profit of 40 billion yuan attributable to the mother, an increase of 26% year-on-year and 0.7% quarter-on-quarter, reaching the best historical level of net income. The bank pointed out that the company's barrel oil cost advantage continues to maintain a leading position in the industry. The main cost of the company's barrel oil in the first half of the year was $27.75 per barrel oil equivalent, the same.
[Brokerage Focus] First Shanghai recommends a buy rating for PetroChina (00857), indicating that the growth of natural gas business will continue due to the peak demand for heating gas in the second half of the year.
Jingu Finance News | First Shanghai Development Index pointed out that PetroChina (00857) achieved revenue of RMB 1.5 trillion in the first half of 2024, a year-on-year increase of 5%; achieved a net income of 88.6 billion yuan attributable to the mother, a year-on-year increase of 3.9%. Q2 quarterly revenue reached 741.7 billion yuan, a year-on-year decrease of 0.8% and a quarter-on-quarter decrease of 8.7%. Achieved a net income of 42.9 billion yuan attributable to the mother, a year-on-year increase of 3.0%. The average price of crude oil in the first half of 2024 rose, and the volume and price of domestic natural gas business increased, leading to revenue and profit growth. The company distributed an interim dividend of 0.22 yuan per share (tax included), with a cash dividend ratio of
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