Investment Rating - Buy rating with a target price of $981.8, implying an 18.8% upside from the current price of $827 [2][3] Core Thesis - Tirzepatide (Mounjaro and Zepbound) is expected to continue driving strong revenue growth for the company [2] - Q3 2024 revenue increased 20% YoY to $11.44 billion, with 42% growth excluding Zyprexa divestiture impact [2] - Global volume grew 36%, led by Mounjaro and Zepbound, while non-GLP-1 products also grew 17% [2] - Gross margin improved 0.6pp to 81.0% due to favorable product mix and pricing [2] - Q4 revenue growth is expected to reach 50%, with full-year revenue forecast at $45.4-46.0 billion and EPS of $12.1-12.6 [2] Segment Performance Metabolic - Q3 revenue grew 57% YoY to $7.41 billion, driven by 210% growth in Tirzepatide to $4.37 billion [2] - Mounjaro holds 34% TRx SOM in the US diabetes market, while Zepbound has 43% TRx SOM in obesity [2] - SURMOUNT-1 study showed Tirzepatide reduced risk of type 2 diabetes by 94% in pre-diabetic, obese or overweight adults [2] - Zepbound demonstrated superior weight loss (20.2%) vs Wegovy (13.7%) in head-to-head trials [2] Neuroscience - Q3 revenue declined 80% YoY to $350 million due to Zyprexa divestiture [2] - Kisunla (Alzheimer's drug) approved in US, Japan and UK, with ARIA-E incidence reduced from 24% to 14% through modified titration [2] Immunology - Q3 revenue grew 20% YoY to $1.19 billion [2] - Taltz (IL-17A) revenue increased 18% to $880 million due to price and demand growth [2] - Ebglyss (IL-13) approved for moderate-to-severe atopic dermatitis [2] Oncology - Q3 revenue grew 28% YoY to $2.23 billion [2] - Verzenio (CDK4/6) revenue increased 32% to $1.37 billion, driven by early breast cancer indication [2] Other - Q3 revenue declined 5% to $260 million [2] Financial Summary - 2024E revenue forecast at $45.8 billion, representing 34.1% YoY growth [4] - 2024E net profit expected to reach $11.0 billion, with 110.5% YoY growth [4] - 2024E EPS projected at $12.20, implying 110.3% YoY growth [4] - 2024E EBITDA margin forecast at 33.2%, up from 23.4% in 2023 [6] - 2024E net margin expected to improve to 24.1% from 15.4% in 2023 [6] - 2024E R&D expense ratio forecast at 24.5%, down from 27.3% in 2023 [6] - 2024E SG&A/Revenue ratio expected to decline to 18.5% from 21.7% in 2023 [6]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 58.29, indicating a potential upside of 23.9% from the current share price of HKD 47.05 [2][4]. Core Insights - The company has demonstrated robust global store expansion, achieving a record high gross margin of 44.1% in Q3 2024, up 3.7 percentage points year-on-year [2][4]. - Revenue for the first three quarters of 2024 reached HKD 12.281 billion, reflecting a year-on-year increase of 13.7% [2][4]. - The adjusted net profit margin for Q3 was 15.7%, slightly down from 15.2% in the previous year, indicating a minor decline of 1.3 percentage points [2][4]. - Domestic same-store sales faced pressure, with a decline of approximately 1.7%, particularly in lower-tier cities, while higher-tier cities performed better [2][4]. - The company is expected to benefit from strategic initiatives that enhance average transaction value, with a projected increase in same-store sales driven by IP strategies [2][4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of HKD 12.281 billion, a 13.7% increase year-on-year, with Q3 revenue at HKD 4.523 billion, up 6.9% [2][4]. - The adjusted net profit for the first three quarters was HKD 1.768 billion, reflecting a year-on-year increase of 177.2% [2][4]. - The company’s gross margin improved due to a higher contribution from overseas markets, with overseas revenue share rising from 32% to 37% year-on-year [2][4]. - The report forecasts continued revenue growth, with projected revenues of HKD 17.212 billion in 2024, HKD 20.729 billion in 2025, and HKD 24.359 billion in 2026 [6][7]. Store Expansion and Market Strategy - As of Q3 2024, the company had a total of 4,250 stores in China, with a net increase of 135 stores during the quarter [2][4]. - The overseas store count reached 2,936, with a net addition of 183 stores in Q3, indicating strong international expansion [2][4]. - The report highlights the potential for further growth in overseas markets, particularly with the upcoming Harry Potter IP release expected to boost sales [2][4].

Investment Rating - The report maintains a "Buy" rating for BYD Electronics with a target price of HKD 54, indicating a potential upside of 36.4% from the current price of HKD 39.4 [2][3][5]. Core Insights - The consumer electronics and automotive electronics segments are expected to continue their growth trajectory, driven by increased demand from overseas clients and the recovery of high-end Android smartphone demand. The company anticipates a stronger performance in Q4 compared to Q3 due to seasonal trends [2]. - The automotive electronics segment is projected to generate nearly RMB 20 billion this year, with expectations of exceeding RMB 30 billion next year as high-value products ramp up production [2]. - AI-related business is beginning to contribute revenue, with expectations of generating around RMB 1 billion this year and potentially doubling next year [2]. - The company forecasts revenue growth of 28.7%, 12.7%, and 8.3% for the years 2024, 2025, and 2026, respectively, with net profits expected to grow by 14.3%, 23.2%, and 18.1% during the same period [2][4]. Financial Summary - Total revenue for 2022 was RMB 107.19 billion, with a growth of 20.4% in 2023 to RMB 129.96 billion. Forecasts for 2024, 2025, and 2026 are RMB 167.30 billion, RMB 188.47 billion, and RMB 204.05 billion, respectively [4][8]. - Net profit for 2022 was RMB 1.86 billion, increasing to RMB 4.04 billion in 2023, with projections of RMB 4.62 billion, RMB 5.69 billion, and RMB 6.72 billion for the following years [4][8]. - The company’s gross margin is expected to improve slightly due to increased automation and cost reductions, with gross profit projected to reach RMB 12.71 billion in 2024 [4][8].

Company Overview - The company, Agora, is a leading real-time audio and video communication technology provider founded in 2014 and headquartered in Shanghai, China [3] - Agora specializes in offering high-quality, low-latency real-time audio and video communication solutions for developers, widely used in online education, social entertainment, enterprise collaboration, live streaming, and gaming [3] - The core product is the real-time audio and video API, supporting cross-platform (iOS, Android, Web) functionalities such as audio and video calls, interactive live streaming, and real-time messaging [3] - Agora's cloud-based technology provides global coverage, low latency, and high stability, making it ideal for scenarios requiring high real-time performance [3] Financial and Market Data - The stock price of Agora is $5.06 as of December 3, 2024 [3] - The market capitalization stands at $466 million [3] - The company has 92.075 million shares outstanding [3] - The 52-week high and low prices are $6.49 and $1.654, respectively [3] Strategic Collaboration - Agora has partnered with OpenAI to integrate OpenAI's AI technology with Agora's real-time audio and video communication solutions [4] - The collaboration aims to enhance voice and video communication experiences, improve service quality, and explore new application scenarios [4] - A conversational AI SDK has been launched, allowing developers to incorporate AI-driven voice editing experiences into any application [4] - Both Agora and OpenAI will charge developers based on usage [4] Management Commitment - The company's management team, including CEO Zhao Bin, CTO Zhong Sheng, CFO Wang Jingbo, and COO Liu Bin, has voluntarily entered a lock-up period starting December 2, 2024, and ending December 31, 2025 [5] - This move demonstrates the management's confidence in the company's future development [5]

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - The company, Jiufang Zhitu Holdings, is a leading service provider in stock investment during the live broadcast era, focusing on intelligent investment advisory and fintech solutions [2]. - The company leverages advanced technologies such as big data, artificial intelligence (AI), and machine learning to create efficient and precise investment decision support systems [2]. - Jiufang Zhitu primarily serves affluent individual investors, providing personalized and professional services that benefit from the current retail investor-driven market [2]. Summary by Relevant Sections Business Model - Jiufang Zhitu Holdings has a mature business model that includes: 1. Intelligent investment advisory services that help individual investors create personalized investment plans, optimize asset allocation, reduce risks, and achieve better returns [4]. 2. Wealth management services for high-net-worth clients and institutions, covering asset allocation, investment portfolio management, and risk control, enhanced by AI technology [4]. 3. Financial data analysis and research, providing accurate market forecasts and investment analysis reports to assist clients in making informed investment decisions [4]. 4. Integration of AI with quantitative trading strategies, offering various automated trading tools and systems for efficient trade execution [4]. Market Conditions - Since late September, the Chinese capital market has shown signs of recovery, leading to a significant increase in trading volume and investor interest in stocks [8]. - The company has capitalized on this business development window, resulting in rapid growth in order numbers [8]. - The company’s performance is expected to improve significantly due to its rigid cost structure primarily consisting of R&D and marketing expenses, which allows it to maintain customer retention even during market fluctuations [8]. Financial Projections - The company’s operating revenue is projected to grow from 1,850.1 million HKD in the fiscal year ending December 31, 2022, to 2,670.5 million HKD by 2026, reflecting a compound annual growth rate (CAGR) of approximately 9.76% [9]. - Net profit is expected to recover from a significant decline in 2023 to 378 million HKD by 2026, indicating a strong rebound [9]. - Earnings per share (EPS) is forecasted to increase from 0.45 HKD in 2023 to 0.88 HKD in 2026, demonstrating a positive growth trajectory [9].

Investment Rating - Buy rating with a target price of $710, representing a 15.68% upside from the current price [4][23][24] Core Views - AI is driving significant growth in Meta Platforms' performance, with increased capital expenditures expected [2] - The company's advertising system efficiency has improved due to AI, leading to higher conversion rates [3] - Reels monetization is progressing well, contributing to revenue growth [3] - Meta's future three-year profit growth is expected to be strong, with a compound annual growth rate (CAGR) of 24.10% [24] Financial Performance - 24Q3 total revenue was $40.59 billion, up 18.9% YoY, exceeding both the company's guidance and Bloomberg consensus estimates [2][10] - Family of Apps revenue was $40.32 billion, with advertising revenue at $39.89 billion, up 26.8% YoY [2][10] - Reality Labs revenue was $270 million, up 28.6% YoY [2][10] - GAAP net income was $15.69 billion, up 35.4% YoY, surpassing consensus estimates [2][10] - Diluted EPS was $6.03, higher than the consensus estimate of $5.24 [2][10] - Capital expenditures were $9.2 billion, primarily invested in data centers, servers, and network infrastructure [2][10] AI and Advertising - Meta's AI-driven advertising system now considers user actions before and after viewing ads, improving conversion rates by 2-4% in selected markets [3][17] - Over 1 million advertisers have used generative AI tools, creating over 15 million ads in October alone, with a 7% increase in conversion rates [3] - Ad impressions grew 7% YoY, while CPM (cost per thousand impressions) increased 11% YoY, driven by improved ROI from short video products [3][17] User Metrics and Monetization - Daily Active People (DAP) across all apps increased by 5 million QoQ to 3.29 billion, with average revenue per person at $12.29 [3][16] - WhatsApp now handles over 2 billion daily calls, and Threads has nearly 275 million monthly active users, adding over 1 million new users daily [3][16] - Reels continues to gain traction, with over 60% of recommended posts in the US being original content [16] Reality Labs and VR - Reality Labs revenue grew 28.6% YoY to $270 million, driven by the popularity of Ray-Ban Meta glasses [19] - Meta launched the more affordable Quest 3S VR headset at $299, targeting a broader market [19] - VR/AR headset shipments reached 9.7 million units in 2024, with Oculus maintaining a 60% market share [19] Future Outlook - Meta expects 24Q4 revenue to be between $45-48 billion, with the midpoint above consensus estimates [2][13] - The company has raised its 2024 full-year expenditure guidance to $96-99 billion, with capital expenditures expected to be $38-40 billion [13] - Meta is transitioning from an "All in VR" strategy to exploring both VR and AI as potential growth drivers [19] - The company's future profitability is expected to benefit from ARPU growth, AI-driven efficiency, and cost control measures [13][24]

Investment Rating - The report assigns a positive outlook on New World Development, indicating a new development cycle under the leadership of the new management team [2]. Core Insights - The appointment of Huang Shaomei as the CEO is expected to enhance the company's operations in both Hong Kong and mainland China, leveraging her extensive experience in real estate [2]. - The company has a land reserve of 3.72 million square meters, with 58% located in the Greater Bay Area and Yangtze River Delta, which supports its long-term growth strategy [2]. - The company has successfully divested non-core assets, with sales reaching HKD 8 billion in the fiscal year 2024 and projected to reach HKD 13 billion in fiscal year 2025 [2]. - Financing activities have been robust, with over HKD 50 billion in loans arranged and debt repayments completed in 2024, including the issuance of USD 400 million bonds [2]. - Recent policy adjustments in the real estate sector are expected to stabilize the mainland property market, particularly in the key regions of Guangzhou and Shanghai [2]. Summary by Sections Management Changes - Huang Shaomei has been appointed as the CEO, bringing over 20 years of real estate experience, which is anticipated to strengthen the company's strategic direction [2]. Financial Performance - The company reported a market capitalization of HKD 16.132 billion and a share price of HKD 6.41, with a 52-week high of HKD 11.98 and a low of HKD 6.20 [2]. Asset Management - The company is focusing on core assets in prime locations and has ongoing urban renewal projects, which differentiate its competitive position [2]. Financing Strategy - The company has completed significant financing arrangements, including long-term, low-interest loans totaling RMB 5.8 billion, with an average cost of 3.1% [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 26.82, indicating a potential upside of 28.0% from the current price of HKD 20.95 [5][6]. Core Insights - The company's revenue for the first three quarters of 2024 reached CNY 442.42 billion, a year-on-year decrease of 0.78%. The overall gross margin declined by 0.68 percentage points to 7.55%, and the net profit attributable to shareholders was CNY 5.279 billion, down 13.41% year-on-year [2]. - In Q3, the company experienced a revenue growth of 1.88% year-on-year, primarily due to a low base effect from the previous year, with a quarter-on-quarter growth of only 0.16%. The net profit for Q3 was CNY 1.575 billion, reflecting a year-on-year decrease of 20.94% [2]. Summary by Sections Pharmaceutical Distribution - The pharmaceutical distribution business showed a stable growth of 0.47% in the first half of the year. The company focused on key regions such as Jiangsu, Zhejiang, Shanghai, Central China, North China, and Guangxi, where revenue share has been increasing, leading to a growing market share. The direct sales to medical institutions slightly decreased, but retail direct sales increased due to the company's channel advantages [3]. Medical Device Distribution and Retail - The medical device distribution business faced significant pressure, with a revenue decline of 7.08% in the first half of the year. Although the distribution of medical consumables remained relatively stable, revenues from high-margin products like medical equipment and IVD test reagents decreased, impacting the overall gross margin [4]. - The retail business also suffered from a reduction in individual medical accounts and intensified competition, leading to a 6.43% year-on-year decline in retail revenue to CNY 16.6 billion. The company took measures such as closing loss-making stores, resulting in a narrowed loss for its retail subsidiary in Q3 [4]. Financial Metrics - The company has a total share capital of 3.121 billion shares and a market capitalization of HKD 64.75 billion. The stock has a 52-week high of HKD 23.65 and a low of HKD 16.02, with a net asset value per share of HKD 27.46 [5].

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690) with a target price raised to HKD 220, reflecting strong performance and growth potential in core local commerce [2][26]. Core Insights - Meituan's Q3 2024 performance significantly exceeded market expectations, with revenue reaching RMB 936 billion, a year-on-year increase of 22.4%, and operating profit of RMB 137 billion, resulting in an operating profit margin of 14.6% [5][26]. - The core local commerce segment continues to show profitability improvements, with revenue of RMB 694 billion in Q3 2024, up 20.2% year-on-year, and an operating profit margin increase to 21.0% [9][26]. - New business initiatives are showing signs of reduced losses, with new business revenue of RMB 242 billion in Q3 2024, up 28.9% year-on-year, and operating losses narrowing to RMB 10 billion [15][26]. Summary by Sections Financial Performance - Q3 2024 revenue reached RMB 936 billion, surpassing the expected RMB 917 billion, with adjusted net profit of RMB 128 billion, exceeding Bloomberg's consensus of RMB 117 billion [5][26]. - The adjusted EBITDA and adjusted net profit for Q3 2024 grew by 134.8% and 124.0% year-on-year, reaching RMB 145 billion and RMB 128 billion respectively [5][26]. Core Local Commerce - The core local commerce revenue for Q3 2024 was RMB 694 billion, with a year-on-year growth of 20.2% and a quarter-on-quarter increase of 14.3% [9][26]. - Instant delivery transactions reached 7.078 billion orders, with daily average orders at 78.64 million, reflecting a 14.5% year-on-year increase [9][26]. New Business Initiatives - New business revenue for Q3 2024 was RMB 242 billion, with a year-on-year increase of 28.9% and a quarter-on-quarter increase of 12.2% [15][26]. - The company launched its food delivery platform Keeta in Riyadh, Saudi Arabia, as part of its ongoing international expansion efforts [15][26]. Market Position and Outlook - Meituan's competitive position in the local life services market remains strong, with expectations for continued growth in both food delivery and local services despite short-term macroeconomic challenges [26][12]. - The report anticipates that Meituan's business will continue to release operational profits, supported by improved governance and management focus on shareholder returns [26][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.87, representing a potential upside of 35.2% from the current price of HKD 5.08 [2][3]. Core Insights - The company experienced a decline in performance due to pressures in the pharmaceutical environment and proactive inventory reduction, with adjusted net profit down 15.2% year-on-year for the first three quarters of 2024 [2]. - Revenue for the first three quarters of 2024 was HKD 22.69 billion, a decrease of 4.9% year-on-year, while gross profit was HKD 15.99 billion, with a gross margin of 70.5%, slightly up by 0.1 percentage points [2]. - The report highlights a shift in the product pipeline, with older products facing revenue declines due to centralized procurement impacts, while new products are expected to drive future growth [2]. Financial Summary - For the first three quarters of 2024, the company reported a net profit of HKD 3.88 billion, down 15.9% year-on-year, with a net profit margin of 17.6%, a decrease of 2.2 percentage points [2]. - The revenue breakdown shows that the prescription drug segment generated HKD 18.67 billion, down 3.5%, while the functional food segment saw a significant decline of 21.9% to HKD 1.29 billion [2]. - Research and development expenses increased by 5.5% year-on-year to HKD 3.88 billion, representing 20.8% of the prescription drug revenue, up 1.8 percentage points [2]. Segment Performance - The report details various segments: - The neurology segment saw a revenue increase of 4.5% to HKD 7.23 billion, but experienced a significant drop of 15.8% in Q3 due to strict cost control measures [2]. - The oncology segment's revenue decreased by 31.2% in Q3, influenced by centralized procurement in the Beijing-Tianjin-Hebei region [2]. - The cardiovascular segment reported a decline of 11.1% to HKD 1.63 billion, with a notable drop of 26.7% in Q3 due to a lack of procurement success [2]. Pipeline and Future Outlook - The company is expected to rely on new product launches to drive growth, with anticipated contributions of approximately HKD 2 billion from innovative products in the coming year [2]. - The report mentions a significant licensing deal with AstraZeneca for a lipoprotein(a) inhibitor, which includes an upfront payment of USD 100 million and potential milestone payments of USD 1.92 billion [2].