Investment Rating - The investment rating for the company is "Buy" with a current price of 10.28 CNY and a reasonable value of 10.97 CNY [2]. Core Insights - The company has shown significant performance recovery, with a net profit growth rate of 25.9% for the first three quarters of 2024, ranking first among listed banks [3][4]. - The new management team has adopted a more proactive approach, focusing on improving asset quality and increasing dividends, indicating confidence in future performance [4][36]. - The bank is leveraging its regional advantages in the Yangtze River Delta and is actively investing in this area, with 52.5% of total assets located in the headquarters and 30.5% in the Yangtze River Delta branches [3][4]. Summary by Sections Historical Development - The company was established in 1992 and has undergone several phases of growth, including a focus on corporate banking and a shift towards digital transformation in recent years [43][44][46]. Strategic Focus - The bank is concentrating on five key areas: technology finance, supply chain finance, inclusive finance, cross-border finance, and treasury finance, as part of its digital transformation strategy [3][4][46]. Asset Quality and Profitability - The bank has improved its asset quality, with a non-performing loan ratio of 1.38% as of Q3 2024, and has maintained a high provision coverage ratio of 183.85% [36][4]. - Profitability is expected to grow, with projected net profit growth rates of 16.4% and 12.4% for 2024 and 2025, respectively [4].

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The report highlights that since 2023, China's feed enterprises have seen significant growth in overseas business, which has not only mitigated performance fluctuations due to the domestic feed industry's downturn but also opened up new growth opportunities. The global feed market is substantial, with an estimated total production of approximately 1.3 billion tons in 2023, of which China accounts for 300 million tons. The compound annual growth rate (CAGR) over the past three years is about 2.4% [10][68] - The report predicts that global feed capacity will maintain a moderate growth trend, driven by rising incomes, population growth, and urbanization in Southeast Asia, South America, and Africa, which will support the demand for meat and protein. Key growth areas will continue to be poultry and aquaculture feeds, with notable increases in aquaculture production in Latin America [10][68] - Structural changes in the global feed industry present opportunities for Chinese feed companies to expand globally. Geopolitical uncertainties and fluctuations in raw material prices are increasing the demands on procurement, supply chain management, and formulation technology for feed enterprises worldwide. Some countries are experiencing saturation in feed capacity, prompting a shift of production capacity to emerging markets [10][68] Summary by Sections Weekly Insights - The report discusses the growth of China's feed enterprises in overseas markets, particularly in Southeast Asia, South America, and Africa, where companies like Haida Group, New Hope, and Tongwei Co. are accelerating investments and achieving rapid revenue and profit growth [10][68] Industry Tracking - The agricultural sector underperformed the market by 0.2 percentage points, with the agricultural and fishery sector down by 2.8 percentage points, while the Shanghai and Shenzhen 300 index fell by 2.6 percentage points [88] Agricultural Product Price Tracking - As of November 22, the average price for lean pork in China was 16.4 CNY/kg, up 0.4% week-on-week and up 11.5% year-on-year. The average price for piglets was 501.1 CNY/head, up 5.3% week-on-week [84][92] - The report also notes that the price of broiler chickens in Yantai was 3.9 CNY/jin, up 1.3% week-on-week, and the price of chicken seedlings was 4.5 CNY/chick, up 7.7% week-on-week [84][102] Raw Material Prices - The domestic corn spot price was 2210 CNY/ton, up 0.1% week-on-week, while the soybean meal spot price was 3013 CNY/ton, down 0.7% week-on-week [115][117]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 70.38 CNY per share based on a 15x PE valuation for 2025 [6][3]. Core Views - The company's profitability has improved, with Q1-3 2024 revenue at 13.88 billion CNY, down 16.2% year-on-year, and net profit at 2.03 billion CNY, down 12.1% year-on-year. The third quarter saw revenue of 5.30 billion CNY, down 21.2% year-on-year, and net profit of 1.04 billion CNY, down 11.6% year-on-year [2][3]. - Revenue pressure continues, but the company anticipates positive effects from the "old-for-new" program starting in Q4. Revenue from cabinets, wardrobes, sanitary ware, and wooden doors in Q1-3 2024 was 4.03 billion CNY, 7.19 billion CNY, 0.80 billion CNY, and 0.83 billion CNY respectively, showing declines of 22.0%, 19.0%, 1.6%, and 17.1% year-on-year [3][2]. - Gross margin has improved, with Q1-3 2024 gross margin at 35.5%, up 1.6 percentage points year-on-year, and net margin at 14.6%, up 0.8 percentage points year-on-year. In Q3 2024, gross margin reached 40.4%, up 2.7 percentage points year-on-year, and net margin was 19.7%, up 2.2 percentage points year-on-year [3][2]. Financial Summary - The company is projected to achieve net profits of 2.70 billion CNY, 2.85 billion CNY, and 2.99 billion CNY for 2024, 2025, and 2026 respectively, with corresponding valuations of 15x, 14x, and 13x [3][5]. - The company's revenue for 2024 is estimated at 19.78 billion CNY, reflecting a decline of 13.2% year-on-year, with a projected recovery in subsequent years [5][3]. - The report highlights a decrease in the number of stores, with a net reduction of 536 stores to 8,180 by the end of Q3 2024, indicating ongoing operational pressures [3][2].

Investment Rating - The report rates the home appliance industry as "Hold" for 2025 [2]. Core Viewpoints - The home appliance sector has shown significant growth in 2024, primarily driven by valuation recovery, with the sector index rising by 24.5% year-to-date, outperforming the CSI 300 index by 8.9 percentage points [2][60]. - Domestic sales have stabilized and are expected to recover, supported by favorable policies and a strong performance in the last quarter of 2024 [2][68]. - The report highlights the potential for growth in both domestic and international markets, with a focus on the impact of government policies and the ongoing demand for product upgrades [2][68]. Summary by Sections 1. 2024 Review: Sector Growth Driven by Valuation Recovery - The home appliance index has increased by 24.5% from January 1 to November 15, 2024, ranking fourth among all industries [2][60]. - Sub-sectors such as black and white appliances have led the growth, with increases of 37.3% and 35.0% respectively [2][60]. - Retail sales of home appliances showed a year-on-year increase of 7.8% from January to October 2024, with significant growth in September and October due to policy impacts [2][68]. 2. 2025 Outlook: Focus on Policy Dynamics and Domestic Demand - The report anticipates continued growth driven by domestic demand, supported by government policies such as trade-in programs [2][68]. - Export growth remains strong, with a year-on-year increase of 14.5% in the first ten months of 2024, indicating robust international demand [2][68]. 3. Financial Performance Review - The total revenue for the home appliance sector increased by 5.3% year-on-year in the first three quarters of 2024, with varying performance across sub-sectors [2][77]. - The report suggests that the third quarter of 2024 may establish a revenue bottom, with expectations for improvement in the fourth quarter [2][77]. 4. Investment Recommendations - The report recommends investing in companies such as Haier Smart Home and Hisense Home Appliances, which are expected to benefit from the trade-in policies and domestic demand recovery [2].

Investment Rating - The report assigns a "Buy" rating to iQIYI (IQ) with a target price of $3.30 per ADS, compared to the current price of $2.02 [5] Core Views - iQIYI reported 24Q3 revenue of RMB 7.246 billion, down 10% YoY and 3% QoQ, slightly above Bloomberg consensus of RMB 7.242 billion [4] - Non-GAAP net profit was RMB 480 million, down 23% YoY but up 94% QoQ, significantly exceeding Bloomberg consensus of RMB 266 million [4] - GAAP net profit attributable to shareholders was RMB 230 million, down 52% YoY but up 235% QoQ, beating consensus of RMB 202 million [4] - Gross profit declined 27% YoY to RMB 1.596 billion, with gross margin at 22%, down 5 percentage points YoY [4] - Content costs were RMB 4 billion, accounting for 50% of revenue, down 5% YoY and 2% QoQ [4] Business Segment Performance - Membership revenue was RMB 4.366 billion, down 13% YoY and 3% QoQ, slightly above consensus of RMB 4.335 billion [4] - Advertising revenue was RMB 1.337 billion, down 20% YoY and 9% QoQ, slightly below consensus of RMB 1.344 billion [4] - Content distribution revenue grew 55% YoY to RMB 814 million [4] - Other revenue was RMB 729 million, down 9% YoY and 7% QoQ [4] Strategic Upgrades - Optimizing long-form drama production mechanisms to improve flexibility and ROI [4] - Expanding short-form drama offerings, with a focus on the iQIYI Lite app [4] - Launching family sharing accounts to enhance membership services [4] Financial Projections - 2024 revenue forecast adjusted to RMB 29.2 billion, down 8% YoY [8] - 2025 revenue expected to grow 5% YoY to RMB 30.6 billion [8] - 2024 Non-GAAP net profit projected at RMB 1.765 billion [8] - 2025 Non-GAAP net profit expected to reach RMB 2.901 billion [8] Valuation - Based on 13x PE multiple on 2024 adjusted net profit, target price set at $3.30 per ADS [8]

Company Rating - The report assigns a "Buy" rating to Alibaba Pictures (01060 HK) with a current price of 0 41 HKD and a fair value of 0 65 HKD [1][2][3] Core Views - Alibaba Pictures reported FY25H1 revenue of 3 051 billion RMB, up 16 64% YoY, with adjusted EBITA of 642 million RMB, up 39 23% YoY, driven by the consolidation of Damai since November 30, 2023 [6] - FY25H1 content business revenue declined 17 30% YoY to 1 224 billion RMB due to a weak film market, with domestic box office down 38% YoY [6] - Ticketing and tech platform revenue surged 138 60% YoY to 1 227 billion RMB, with Damai maintaining a dominant position in the live entertainment ticketing market [6] - IP derivatives and other business revenue decreased 3 42% YoY to 599 million RMB, but segment profit grew 5 83% YoY to 176 million RMB [6] Financial Forecasts - Revenue is projected to grow to 6 004 billion RMB in FY25, 7 454 billion RMB in FY26, and 8 428 billion RMB in FY27 [10] - Net profit attributable to shareholders is expected to reach 527 million RMB in FY25, 886 million RMB in FY26, and 1 058 billion RMB in FY27 [10] - The report values Alibaba Pictures at 20x FY26 PE, implying a fair value of 0 65 HKD per share [6] Business Segments - Content business: Revenue is forecasted at 2 484 billion RMB in FY25, 3 392 billion RMB in FY26, and 3 905 billion RMB in FY27, with segment profit margins recovering to 14% in FY26 and FY27 [13][14] - Ticketing and tech platform: Revenue is expected to reach 2 477 billion RMB in FY25, 2 811 billion RMB in FY26, and 3 084 billion RMB in FY27, with segment profit margins stable at 60% [13][15] - IP derivatives and other: Revenue is projected at 1 042 billion RMB in FY25, 1 251 billion RMB in FY26, and 1 439 billion RMB in FY27, with segment profit margins steady at 27% [13][16] Market Outlook - The domestic film market is expected to recover in FY26, with total box office (including service fees) forecasted at 45 billion RMB in FY25, 55 billion RMB in FY26, and 60 billion RMB in FY27 [20] - Alibaba Pictures has a strong pipeline of 35 films in production and 35 films in development, including major titles scheduled for release during the 2025 Spring Festival [14]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 7.19 CNY per share based on a 15x PE for 2025 [5][19]. Core Insights - The company reported a revenue of 4.684 billion CNY for the first three quarters of 2024, a year-on-year decline of 18.27%, and a net profit attributable to shareholders of 309 million CNY, down 50.95% year-on-year [2][12]. - The company is focusing on structural optimization and cost reduction to maintain profitability amid a challenging market environment, particularly in the real estate sector [2][19]. - The company has initiated a stock buyback program, demonstrating confidence in its long-term value [3][16]. Financial Performance Summary - Revenue for 2022 was 6.93 billion CNY, with a projected decline to 5.884 billion CNY in 2024, followed by a recovery to 6.632 billion CNY in 2025 and 7.250 billion CNY in 2026 [4][21]. - The gross profit margin for the first three quarters of 2024 was 31.23%, a decrease of 1.13 percentage points year-on-year, but the company is working on improving efficiency across its value chain [14][19]. - The net profit for 2024 is projected to be 484 million CNY, with a significant increase to 563 million CNY in 2025 and 639 million CNY in 2026 [4][21]. Business Strategy and Market Position - The company is actively optimizing its product structure and expanding into new markets, particularly in engineering and specialized segments, to counteract the declining demand in the construction ceramics industry [13][19]. - The company is implementing a "product + service" model and enhancing supply chain efficiency through shared warehousing and digitalization [19][20]. - The company is also increasing its marketing efforts, including a "trade-in" subsidy program to stimulate consumer demand [18][19].

（603899.SH）:23Q4 继续 [Table_Contacts] [Table_Title] 晨光股份（603899.SH） 经营整体稳健，盈利短期承压，期待回暖 [Table_Summary] 核心观点： ⚫ 公司经营稳健，盈利略有承压。2024Q1-3 公司实现营业收入 171.1 亿 元，同比+7.9%；归母净利 10.2 亿元，同比-6.6%；扣非净利 9.3 亿 元，同比-6.8%。24Q3 营业收入 60.6 亿元，同比+2.8%；归母净利润 3.9 亿元，同比-20.6%；扣非净利 3.6 亿元，同比-20.4%。 ⚫ 经营整体稳健。（1）传统业务：传统业务 24Q1-3 收入预计稳增，产 品端聚焦核心品类，提升新品研发产品质量，渠道端聚焦重点终端、提 升单店效益，尽管消费习惯快速变化，但公司保持产品与收入改善，传 统业务稳中有增。晨光科技 24Q1-3 收入 88.19 亿元，同比+34.19%， 公司加速电商投放，跨平台扩张，实现渠道增量布局。（2）科力普： 24Q1-3 收入 91.58 亿元，同比+10.07%，办公一站式、MRO 工业品、 营销礼品和员工福利四大板块多元发展，尽 ...

Investment Rating - The report rates the computer industry as "Buy" for 2025, maintaining the previous rating of "Buy" [2]. Core Insights - The report highlights that demand improvement is expected from multiple points, supported by self-controllable domains [2]. - As of November 22, 2024, the computer industry has seen a cumulative increase of 12.4% year-to-date, ranking 10th among 30 industries [2]. - Two key characteristics of the computer market in 2024 are identified: 1. Short-term market dynamics are driven by risk appetite and liquidity, while fundamental performance plays a larger role in weaker market conditions. 2. In the medium to long term, industry direction remains dominant, especially at the individual stock level [2]. Summary by Sections 1. Investment Highlights - Factors influencing the computer industry in 2025 include: 1. **Liquidity**: The rapid expansion of passive funds may lead to industry index performance outpacing fundamentals [2]. 2. **Risk Appetite**: Market fluctuations in risk appetite are expected to be less volatile in 2025 compared to 2024, influenced by the new U.S. government's policies [2]. 3. **Fundamentals**: Focus on marginal demand improvements and valuation levels, with more sectors expected to show improvement compared to the current year [2]. 2. Market Review and Environmental Changes - The report discusses the overall market environment and its impact on the computer industry, emphasizing the importance of liquidity and risk appetite [2]. 3. Key Sub-industries - The report identifies several promising sub-industries: 1. **AI Computing**: Domestic AI computing is expected to see significant advancements [8]. 2. **Enterprise Software**: The industry is anticipated to recover as the economy stabilizes [9]. 3. **Industrial Software**: Focus on cyclical recovery and self-controllable initiatives [10]. 4. **Smart Driving**: Policy support and technological advancements are expected to enhance penetration rates [11]. 5. **Harmonious Ecosystem**: The growth of the Harmony ecosystem is projected to create new opportunities for IT outsourcing companies [15].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 71.27 per share, reflecting a reasonable valuation based on projected earnings [3][17]. Core Insights - The company reported total revenue of RMB 31.1 billion for Q3 2024, representing a year-over-year growth of 11% and a quarter-over-quarter increase of 1%, aligning with Bloomberg consensus expectations [1]. - Non-GAAP net profit for Q3 2024 was RMB 3.948 billion, showing a year-over-year increase of 24% but a quarter-over-quarter decline of 16% [1]. - The company achieved a gross margin of 54.33% in Q3 2024, with a year-over-year increase of 2.6 percentage points [1]. - Monthly active users (MAU) reached 714 million, with a year-over-year growth of 4% [1]. - Daily active users (DAU) reached 408 million, reflecting a year-over-year increase of 5% [1]. Revenue and Profit Forecast - The company is expected to balance revenue growth and profit release, with projected revenues of RMB 127.2 billion and RMB 141 billion for 2024 and 2025, respectively, representing year-over-year growth rates of 12.1% and 10.9% [1][17]. - Adjusted net profits are forecasted to be RMB 17.7 billion and RMB 22.5 billion for 2024 and 2025, respectively [1][17]. - The report anticipates a continued focus on short videos and local services, with slight investments to promote stable revenue growth [1]. Advertising and E-commerce Performance - Advertising revenue for Q3 2024 was RMB 17.6 billion, showing a year-over-year increase of 20% [1]. - E-commerce gross merchandise volume (GMV) was RMB 334.2 billion, with a year-over-year growth of 15% [1]. - The e-commerce take rate was calculated at 1.24%, remaining stable year-over-year [1]. User Engagement Metrics - The average daily time spent per DAU was 132 minutes, reflecting a year-over-year increase of 2% [1]. - The report projects MAU growth rates of 3% for 2024 and 2025, stabilizing at 720 million by 2026 [13][14]. Cost and Margin Outlook - The gross margin is expected to improve, reaching 55% and 56% in 2024 and 2025, respectively [17]. - Sales and R&D expenses are projected to be 32% and 10% of revenue in 2024 and 2025, respectively [17].