02 September 2024 HK retail sales continue to decline in July
CROSBY Research – Crosby Bi-noculars (Bi-weekly Issue 65)
CROSBY Research – Wasion Holdings (3393 HK/ BUY): A solid set of 1H24 results with strong overseas sales
29 August 2024 Wasion’s 1H24 turnover increased by 16.0% YoY to Rmb3.7bn while NP increased by 54.8% YoY to Rmb331.0m. In 1H24, sales of Wasion’s power AMI/ communication and fluid (C&F) AMI/ ADO, all recorded growth of 28.0%/17.5%/2.4% to Rmb1.5bn/
CROSBY Research – Anta Sports (2020 HK/BUY): Continual GPM expansion
29 Aug 2024 Anta’s 1H24 revenue was up by 13.8% YoY to Rmb33.74bn, mainly driven by i) 13.5% YoY growth from core brand sales to Rmb14.2bn as a result online growth, product enhancement and restocking by distributors; ii) 6.8% YoY
CROSBY Research – Canvest Environmental (1381 HK/NEUTRAL): Stable growth in WTE segment
27 Aug 2024 1H24 revenue down by 29% YoY to HK$2.13bn, mainly due to i) no construction revenue recorded during the period compared to HK$997m in 1H23, as there were no new projects; ii) revenue from power sales and waste
CROSBY Research – Concord New Energy (182 HK/BUY): Utilization hours declined YoY in 1H24
26 Aug 2024 CNE’s 1H24 revenue was up by 31.7% YoY to Rmb1,753m, mainly due to a 14.1% YoY increase in power sales, which accounted for 77.8% of total revenue (1H23: 80.2%), and also a 187% YoY increase in other
CROSBY Research – Xin Point Holdings (1571 HK/ NR): Margin improved with healthy backlog
23 August 2024 Listed on HKEX in 2017, Xin Point- a leading automotive plastic electroplated components supplier in China announced its 1H24 with revenue increased by 8.6% YoY to Rmb1.6bn. The company continued to record an improved in GPM to
CROSBY Research – Xtep International (1368 HK/BUY): Expects margins improvement in 2H24
23 Aug 2024 Xtep’s 1H24 revenue was up by 10.4% YoY to Rmb7,203m, mainly driven by i) 6.6% YoY growth from core brand sales to Rmb5,789m as a result of the strong orders from online channels; and ii) 9.7%/72.2% YoY
CROSBY Research – Wasion Holdings (3393 HK/ BUY): Anticipating a strong 1H24
19 August 2024 Wasion issued a positive profit alert citing that the company expects to record a net profit of over Rmb330.0m in 1H24, compared to Rmb213.8m in 1H23, representing a YoY increase of >54.0%. Such increase is mainly attributable
CROSBY Research – 361 Degrees (1361 HK/BUY): Double digit growth in both topline and bottom line
14 Aug 2024 1H23 revenue increased by 19.2% YoY to Rmb5.14bn, with core brand retail value up by high-teens/+10% YoY and that of 361º Kids up by +20-25%/+mid-teens YoY in 1Q/2Q. GPM edged down by 0.4ppt YoY to 41.3%, as
Q-Tech (1478 HK): 1H24 net profit in line, expect further product mix enhancement in 2H24
14/08/24 Q-Tech reported 1H24 revenue of Rmb7,675m, which surged 40.1% YoY. 1H24 total CCM shipment increased 30.2% YoY to 221.4m units with ASP increased 11.0% YoY to Rmb32.6. FPM shipment increased 16.7% YoY in 1H24 with ASP declined 14.3% YoY