Investment Rating - The report assigns a **Buy** rating to the company, with a target price of **HKD 17.4**, representing a **32.9% upside** from the current price [8] Core Views - The company's **HNB (Heat-Not-Burn) business** has significant growth potential, particularly through its partnership with British American Tobacco (BAT) for the **Glo Hilo** product, which is expected to expand into key markets by 2025 [8] - The company's **revenue growth** is driven by its proprietary brand and enterprise client business, particularly in closed-system products, with **Q3 2024 revenue** increasing by **16.5% YoY** [8] - The company has set **aggressive market cap targets** linked to stock options, with performance milestones tied to achieving market caps of **HKD 300 billion, 400 billion, and 500 billion**, demonstrating confidence in long-term growth [8] Financial Performance - **Revenue** for 2024 is projected at **RMB 12.16 billion**, with a **YoY growth of 8.9%**, and is expected to reach **RMB 16.65 billion by 2026**, representing a **19.6% growth** [8] - **Net profit** for 2024 is forecasted at **RMB 1.35 billion**, with a **YoY decline of 17.7%**, but is expected to rebound to **RMB 2.53 billion by 2026**, reflecting a **36.3% growth** [8] - **EPS** for 2024 is estimated at **RMB 0.22**, with a **YoY decline of 17.7%**, but is projected to increase to **RMB 0.41 by 2026**, representing a **36.3% growth** [8] Operational Metrics - The company's **gross margin** is expected to improve from **37.8% in 2024** to **42.2% by 2026**, driven by operational efficiencies and product mix optimization [2] - **R&D expenses** as a percentage of revenue are projected to remain stable at **13.8%** from 2025 onwards, reflecting continued investment in innovation [2] - **Inventory turnover days** are expected to decrease slightly from **43.20 days in 2024** to **42.69 days by 2026**, indicating improved inventory management [2] Valuation - The company is trading at a **2024E P/E of 56.2x**, which is expected to decline to **30.1x by 2026**, reflecting anticipated earnings growth [8] - The target price of **HKD 17.4** is based on a **40x P/E multiple for 2026**, suggesting significant upside potential [8] Industry Outlook - The **electronic cigarette industry** is poised for growth, with the company's **HNB products** expected to capture market share and drive profitability, particularly in partnership with BAT [8]

Investment Rating - The report does not provide a specific investment rating for the company [2]. Core Insights - The company, Lianyi Rong Technology (9959.HK), focuses on AI-driven supply chain financial technology solutions, aiming to optimize payment cycles and digitize workflows in supply chain finance [2]. - The company has shown significant growth, with a total supply chain asset processed amounting to 156 billion RMB in the first half of 2024, representing a year-on-year increase of 14.6% [2]. - Lianyi Rong has a strong customer base, serving 856 clients with a retention rate of 96%, and has established partnerships across various industries, including construction, real estate, and retail [2]. Company Overview - Founded in 2016 and listed on the Hong Kong Stock Exchange in 2021, Lianyi Rong is the first publicly listed supply chain financial technology SaaS company in China [2]. - The company has a market capitalization of 41.82 billion HKD and a share price of 1.83 HKD [2]. - As of the first half of 2024, the company has 726 core enterprise cloud clients and 130 financial institution cloud clients, with a total of 1750 partners [2]. Technology and Innovation - Lianyi Rong leverages AI technology, including its proprietary LDP-GPT model and AI Agent platform, to enhance supply chain finance processes, achieving over 95% automation in workflows [2]. - The company has received recognition for its AI technology, winning the "Best AI Technology" award from The Asian Banker [2]. - The integration of AI in supply chain finance is expected to transform the industry, improving risk assessment, document processing, and overall efficiency [2].

Investment Rating - The report does not provide a specific investment rating for Inspur Digital Enterprise (0596 HK) [7] Core Business Analysis - Inspur Digital Enterprise's core business revolves around three major segments: cloud services, management software, and IoT solutions, which drive enterprise digital transformation [7] - Cloud services is the fastest-growing segment, with H1 2024 revenue reaching RMB 980 million, a 36% YoY increase, accounting for 45% of total revenue [7] - Management software provides stable support, generating RMB 1 202 billion in revenue, a 7 4% YoY growth, playing a key role in digital management scenarios such as finance, HR, and supply chain [7] - IoT solutions contributed RMB 1 959 billion, nearly 50% of total revenue, despite a 13% YoY decline, maintaining strategic importance in smart manufacturing and industrial IoT scenarios [7] Client Base and Market Position - Inspur Digital Enterprise serves 79 central state-owned enterprises, 29 Fortune 500 companies, and 190 China 500 companies across key industries such as energy, manufacturing, and transportation [7] - Representative clients include TBEA, CRRC Industrial, Shanshui Group in smart manufacturing, and Shandong Port Group, Shandong Expressway in data asset innovation [7] - The company has established a leading position in large enterprise client groups through customized digital solutions [7] Competitive Advantages - Inspur Digital Enterprise has built competitive barriers through its proprietary technology system, Haiyue PaaS platform, and intelligent ERP products [7] - The company differentiates itself through deep customization services and multi-scenario solutions, competing against domestic players like Yonyou and Kingdee, and international giants like Alibaba Cloud, Tencent Cloud, SAP, and Oracle [7] Market Outlook and Growth Potential - The "Digital China" strategy drives rapid growth in cloud computing, IoT, and smart manufacturing demand [7] - Cloud services maintain 36% high growth rate, accounting for 45% of revenue, expected to benefit from AI and cloud technology adoption [7] - Smart manufacturing upgrades and IoT applications provide growth opportunities for IoT solutions [7] - National policies supporting data assetization and domestic technology substitution create further market expansion potential [7] Future Strategy - Cloud services are expected to further expand market share, benefiting from AI and large model adoption [7] - Smart manufacturing and industrial IoT applications will open new market spaces for IoT solutions [7] - The company aims to consolidate its industry position through proprietary technology, innovative platforms, and differentiated products [7] - Inspur Digital Enterprise plans to expand its core client base, particularly in central state-owned enterprises and Fortune 500 companies [7]

Investment Rating - The report assigns a "Buy" rating to Boeing (BA) with a target price of $220.00, representing a potential upside of 27.14% from the current price of $173.03 [2][5]. Core Insights - Boeing is undergoing significant restructuring, including a planned 10% workforce reduction (approximately 17,000 employees) to enhance efficiency and competitiveness. The CEO emphasized the need for a cultural transformation and improved execution discipline [4][13]. - Despite facing challenges such as a decline in revenue and significant operating losses, the company has a backlog of orders valued at $500 billion, indicating sustained demand for its aircraft [4][36]. - The report anticipates a potential recovery for Boeing by 2025, driven by the duopoly in the commercial aircraft market and ongoing demand from airlines [4][36]. Financial Summary - For Q4 2024, Boeing reported revenues of $17.84 billion, a year-over-year decline of 1.5%, and a GAAP net loss of $6.17 billion, equating to a loss of $9.97 per share, which was worse than market expectations [3][9]. - The company's operating loss for the quarter was $5.76 billion, with a negative operating margin of 32.3%, compared to -4.5% in the same quarter last year [3][9]. - The Commercial Airplanes (BCA) segment generated $7.44 billion in revenue, down 5.5% year-over-year, with an operating loss of $4.02 billion [4][17]. Segment Performance - The Defense, Space & Security (BDS) segment reported revenues of $5.48 billion, a slight increase of 1.0%, but faced an operating loss of $2.38 billion due to cost overruns on fixed-price development projects [25]. - The Global Services (BGS) segment achieved revenues of $4.90 billion, up 1.8%, with an operating profit margin of 17.0%, driven by increased maintenance orders from commercial airlines [29]. Valuation - The report utilizes a Discounted Cash Flow (DCF) model to estimate Boeing's fair value at $220.00 per share, based on a Weighted Average Cost of Capital (WACC) of 8.5% and a perpetual growth rate of 2% [5][36].

Investment Rating - The report assigns a positive investment rating to Broadcom (AVGO) based on strong revenue growth and profitability metrics [3][4]. Core Insights - Broadcom's Q4 revenue reached $14.05 billion, a year-over-year increase of 51.2%, slightly exceeding company guidance and Bloomberg consensus [3]. - AI revenue grew significantly, with a 150% year-over-year increase, contributing $3.7 billion in Q4 [4]. - The company anticipates a record annual revenue of $51.6 billion for FY2024, representing a 44% year-over-year growth [3]. Financial Performance Summary - Total revenue for FY2023 was $35.8 billion, with a projected increase to $51.6 billion in FY2024 [8]. - Non-GAAP net profit is expected to rise from $18.4 billion in FY2023 to $23.7 billion in FY2024 [8]. - Non-GAAP diluted EPS is projected to increase from $4.20 in FY2023 to $4.90 in FY2024 [8]. Future Performance Guidance - Revenue for Q1 FY2025 is expected to grow by 21.7% year-over-year to $14.6 billion, aligning with Bloomberg consensus [6]. - Adjusted EBITDA margin is projected to increase by 6.2 percentage points to 66% for Q1 FY2025 [6]. - The company plans to increase its cash dividend by 11% to $0.59 in the next quarter [6].

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - Reddit is experiencing rapid growth in daily active users, reaching 97.2 million as of October 2024, a 47% year-over-year increase [2][3]. - The platform's monthly visits reached 3.6 billion in August 2024, surpassing TikTok's 2.1 billion visits [2]. - Reddit's user demographic is primarily aged 18 to 34, accounting for approximately 63.49% of its user base, with male users making up about 63.6% [2]. - The company is positioned as a significant player in the social media landscape, gaining market share from competitors like X (formerly Twitter) [3]. User Growth and Engagement - Reddit's user engagement is strong, with a focus on discussion boards rather than image and video content, leading to increased user stickiness [3]. - The platform's unique content recommendation mechanism, driven by user voting, enhances the visibility of quality content [2]. Commercialization Potential - Reddit's current advertising value per user is approximately 50% lower than its peers, indicating substantial room for growth in monetization [5]. - The company aims to improve ad targeting through machine learning and increase user engagement by enhancing content recommendations and interaction [5]. AI Integration - Reddit has launched an AI-driven search tool, Reddit Answers, to improve information retrieval on the platform, which is expected to enhance user retention and engagement [6]. - The platform's extensive user-generated content serves as a valuable resource for AI training, positioning Reddit as an important AI corpus [6].

Investment Rating - The report maintains a "Buy" rating for Salesforce (CRM) with a target price of $450, indicating a potential upside of approximately 26% from the current price [1][16][19]. Core Insights - Salesforce reported a revenue of $9.44 billion for FY25Q3, reflecting an 8% year-over-year growth, driven primarily by subscription and support services [1][5][17]. - The company has adjusted its GAAP operating margin guidance to 19.8% and non-GAAP operating margin to 32.9% for FY25, indicating strong profitability [5][12]. - The introduction of AI products, particularly Agentforce, is expected to enhance revenue growth and operational efficiency, positioning Salesforce competitively in the market [12][18][19]. Summary by Sections Financial Performance - FY25Q3 revenue reached $9.44 billion, up 8% year-over-year, exceeding market expectations [1][5]. - GAAP operating margin was reported at 20%, with a net profit of $1.53 billion, reflecting a 25% increase year-over-year [1][5][17]. - The company’s cash flow from operations was $1.78 billion, with free cash flow also showing a strong increase of 30% year-over-year [1][5]. Revenue Breakdown - Subscription and support revenue accounted for $8.88 billion, growing 9% year-over-year, while professional services revenue was $560 million, showing a slight increase [1][5][12]. - Revenue by geography showed growth across all regions, with the Americas contributing $6.22 billion, Europe $2.23 billion, and Asia Pacific $996 million [5][12]. AI Strategy and Product Development - Salesforce's AI strategy, particularly through Agentforce, is expected to drive significant revenue growth, with a target of 1 billion AI interactions by 2025 [12][18]. - The integration of AI capabilities is enhancing customer engagement and operational efficiency, with reported improvements in sales efficiency and customer satisfaction [18][19]. Market Position and Future Outlook - The report highlights Salesforce's competitive edge in the AI CRM market, with a focus on continuous innovation and strategic partnerships [12][18]. - The company aims to leverage its AI capabilities to further penetrate the market and enhance its product offerings, ensuring sustained growth [12][19].

Investment Rating - The report assigns a "Buy" rating for Amazon (AMZN) with a target price of $269.40, indicating an 18% upside potential from the current price [2][21]. Core Insights - The outlook for AI development is optimistic, with AWS's AI business achieving a scale of several billion dollars and a growth rate exceeding 100%, which is more than three times the growth rate of AWS overall [1][7]. - Jeff Bezos has returned to Amazon's management team, focusing on driving further breakthroughs in the AI sector, which is expected to significantly impact Amazon's business model and future strategy [7]. - Amazon's e-commerce business is benefiting from industry expansion, continuous innovation, and cost control, with global e-commerce sales projected to grow by 8.4% in 2024, reaching $6.09 trillion [2][7]. Summary by Sections AI Business - AWS's AI business has reached a multi-billion dollar scale, with a growth rate exceeding 100%, significantly outpacing AWS's overall growth [1][7]. - The introduction of Amazon EC2 Trn2 instances powered by Trainium2 offers a cost advantage of 30-40% over current GPU-based instances, enhancing efficiency for clients [1][7]. - Collaboration with Anthropic on Project Rainier aims to expand distributed model training using Trainium2 chips [7]. E-commerce Business - Amazon is positioned as the largest player in the e-commerce market outside of China, benefiting from the industry's growth [2][7]. - The company is focusing on cost control and efficiency improvements, optimizing its inbound package network and utilizing automation in distribution centers [2][7]. - In Q3 2024, total revenue reached $158.9 billion, with a year-over-year growth of 11%, and net profit increased by 52% to $15.3 billion [2][7]. Financial Performance - The report projects total revenues for 2024-2026 to be $640.3 billion, $708.6 billion, and $780.9 billion, with year-over-year growth rates of 11% for 2024 and 2025, and 10% for 2026 [2][21]. - Operating profit is expected to rise significantly, with projections of $65.3 billion in 2024, $80.8 billion in 2025, and $97.6 billion in 2026 [2][21]. - The diluted earnings per share are forecasted to be $5.29, $6.45, and $7.71 for 2024, 2025, and 2026, respectively, reflecting substantial growth [2][21].

Investment Rating - The report maintains a **Buy** rating for Hong Kong Exchanges and Clearing Limited (HKEX) with a target price of **360 HKD**, representing a **16% upside** from the current price [3][10] Core Views - HKEX delivered **strong performance** in the first three quarters of 2024, with **revenue and other income** reaching **15.99 billion HKD** (YoY +2%), the **second-highest** in history [3] - **Net profit attributable to shareholders** increased by **5 million HKD** to **9.27 billion HKD**, driven by higher trading and clearing fees from **spot, derivatives, and commodity markets** [3] - **Spot market** revenue reached **6.35 billion HKD**, with **average daily turnover** growing **5% YoY** to **102.7 billion HKD**, supported by **economic stimulus measures** in mainland China and **global monetary easing** [3] - **Stock Connect** performance was robust, with **average daily turnover** rising **14% YoY** to **123.3 billion CNY**, contributing **1.78 billion HKD** in revenue (YoY +4%) [3][7] - **Derivatives market** saw **record-high average daily volume** of **1.516 million contracts** (YoY +12%), though revenue declined **12%** to **4.28 billion HKD** due to lower **margin investment income** [3] - **Commodities market** revenue surged **31% YoY** to **2.1 billion HKD**, driven by higher **LME trading and clearing fees** [3] - **Investment income** decreased **4% YoY** to **3.73 billion HKD**, primarily due to lower **margin requirements** and increased **interest rebates** to attract trading volume [3] Business Segment Performance - **Trading and trading system usage fees**: **4.98 billion HKD** (YoY +6%) [3] - **Clearing and settlement fees**: **3.18 billion HKD** (YoY +7%) [3] - **Listing fees**: **1.08 billion HKD** (YoY -6%) [3] - **Depository and agency services fees**: **890 million HKD** (YoY -1%) [3] - **Market data fees**: **810 million HKD** (YoY -2%) [3] - **Other income**: **1.26 billion HKD** (YoY +8%) [3] Financial Forecasts - **Revenue**: Expected to grow from **22.23 billion HKD** in 2024 to **24.38 billion HKD** in 2026 [10] - **Net profit**: Projected to increase from **12.77 billion HKD** in 2024 to **13.93 billion HKD** in 2026 [10] - **Diluted EPS**: Forecasted to rise from **10.07 HKD** in 2024 to **10.99 HKD** in 2026 [10] - **Dividend per share**: Anticipated to grow from **9.0 HKD** in 2024 to **9.9 HKD** in 2026 [10] Market Performance - **Average daily turnover** in the **Hong Kong market** reached **102.7 billion HKD** in the first three quarters of 2024, a **5% YoY increase** [3] - **Stock Connect average daily turnover** stood at **110.3 billion CNY** (YoY +4%), with **Southbound turnover** at **39.6 billion HKD** (YoY +37%) [8] - **Stock Connect revenue** accounted for **11%** of HKEX's total revenue and other income in the first three quarters of 2024 [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 6.4, indicating a potential upside of 17.89% from the last closing price of HKD 5.42 [3][4]. Core Insights - The company has experienced a revenue decline of 6.2% year-on-year in H1 2024, with total revenue reaching HKD 79.26 billion, primarily due to reduced demand from core clients. However, the cloud intelligence business showed stable growth, generating HKD 33.68 billion in revenue, a 2% increase year-on-year [2][3]. - The company has been actively repurchasing shares, having bought back and canceled nearly 260 million shares since 2023, reflecting its confidence in long-term growth [2]. - The company aims to become a comprehensive AI software and service provider, focusing on deep integration with leading clients in various industries such as finance, energy, and healthcare, while leveraging advancements in AI technologies [2][3]. Financial Summary - For the fiscal year ending December 31, 2024, the company is projected to achieve total revenue of approximately HKD 17.31 billion, a slight increase of 1.1% compared to the previous year. The net profit is expected to be around HKD 738.77 million, reflecting a year-on-year decrease of 3.56% [5]. - The gross profit margin is forecasted to stabilize at 23.39% for 2024, with the company maintaining a focus on cost management and operational efficiency [5][9]. - The company has a market capitalization of HKD 146.99 billion and a price-to-earnings ratio of 20.1 based on the current share price [4][5].