Investment Rating - The report assigns a "Buy" rating for the company with a target price of $33.75 / HKD 132.16, indicating an upside potential of 31.80% / 37.60% from the current price [1][2]. Core Insights - The company reported Q3 2024 vehicle sales revenue of RMB 41.32 billion, a year-on-year increase of 22.9% and a quarter-on-quarter increase of 36.3%. Total vehicle deliveries reached 153,000 units, up 45.4% year-on-year. The vehicle gross margin improved to 20.9% [1]. - The net profit for Q3 2024 was RMB 2.81 billion, a slight decrease of 0.3% year-on-year. The new product L6 significantly boosted overall sales, achieving an average monthly sales volume of 25,000 units, increasing the market share in the domestic new energy vehicle segment priced above RMB 200,000 from 14.4% in Q2 2024 to 17.3% in Q3 2024 [1]. - The company plans to enhance L6 production capacity in Q4 2024 and has guided for Q4 deliveries of 160,000 to 170,000 units, with revenue guidance of RMB 43.2 billion to RMB 45.9 billion [1]. Financial Performance - The R&D expense ratio for Q3 2024 was 6%, down 2.1 percentage points year-on-year and 3.5 percentage points quarter-on-quarter. The SG&A expense ratio was 7.8%, up 0.5 percentage points year-on-year but down 1.1 percentage points quarter-on-quarter [1]. - The company has launched a new autonomous driving technology architecture and conducted large-scale testing, with 70% of users opting for the AD max version in over 300,000 delivered vehicles [1]. - The company is preparing for the launch of pure electric models, with 479 retail centers and 436 after-sales service centers across 145 cities, and has established 894 supercharging stations with 4,286 charging piles [1]. Future Projections - The report forecasts vehicle sales of 515,000 units, 718,000 units, and 944,000 units for 2024, 2025, and 2026, respectively, with revenues of RMB 147.5 billion, RMB 191.6 billion, and RMB 221.3 billion. The net profit attributable to the parent company is projected to be RMB 7.84 billion, RMB 12.99 billion, and RMB 16.75 billion for the same years [1].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 1,850.00 CNY, indicating a potential upside of 15% from the current price of 1,609.97 CNY [4][6]. Core Insights - The company has announced a mid-term dividend of 23.882 CNY per share, totaling 30 billion CNY, which represents 72% of the expected mid-term profit for 2024. The annual cash dividend for 2024-2026 is planned to be no less than 75% of the net profit [2][4]. - The company's performance for Q1-Q3 2024 met expectations, with revenues and net profits of 1,208 billion CNY and 608 billion CNY, respectively, reflecting year-on-year growth of 17.0% and 15.0% [2][3]. - The report highlights a slowdown in the growth of series liquor products, while the flagship Maotai liquor continues to show strong growth, primarily driven by non-standard products [3][4]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported total revenue of 127,554 million CNY, with a projected increase to 211,229 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 10.1% [1][8]. - The net profit attributable to shareholders for 2022 was 62,717 million CNY, expected to rise to 106,059 million CNY by 2026, with a CAGR of 10.6% [1][8]. - The basic earnings per share (EPS) increased from 49.93 CNY in 2022 to a projected 84.43 CNY in 2026, with a corresponding decrease in the price-to-earnings (P/E) ratio from 32.2 to 19.1 [1][8]. Dividend and Shareholder Returns - The company plans to maintain a high dividend payout, with a projected dividend per share of 63.3 CNY by 2026, resulting in a dividend yield of 3.9% [1][4]. - The report anticipates that the total cash dividend for 2025 will not be less than 719 billion CNY, based on the 75% payout ratio [4][6]. Market Position and Outlook - The company is positioned as an industry leader, with expectations of stable long-term growth and high shareholder returns, despite potential challenges in the external economic environment [4][6]. - The report notes that the company may take on more social responsibility to help alleviate supply-demand imbalances in the industry [4].

Investment Rating - The report assigns a positive investment rating to Palantir (PLTR.US) following its strong performance and inclusion in the S&P 500 [1]. Core Insights - Palantir reported Q3 2024 total revenue of approximately $726 million, a year-over-year increase of 30%, exceeding market expectations [1]. - Government customer revenue reached about $408 million, up 33% year-over-year, with a significant increase in average revenue per customer [1]. - Commercial customer revenue was approximately $317 million, a 27% year-over-year increase, although average revenue per customer saw a slight decline [1]. - The total number of customers increased to 629, reflecting a 39% year-over-year growth [1]. - The company announced a strategic partnership with Microsoft, enhancing its government business potential [1]. Financial Performance Summary - Q3 2024 operating profit margin was 15.59%, an increase of 8.43 percentage points year-over-year [1]. - Net profit for the quarter was $149 million, a 103% year-over-year increase [1]. - Cash and cash equivalents at the end of the quarter were $788 million, with adjusted free cash flow of $435 million [1]. - The company expects Q4 2024 revenue to be in the range of $767 to $771 million, with adjusted operating profit projected between $298 to $302 million [1]. Future Outlook - For the full year 2024, Palantir anticipates total revenue between $2.805 billion and $2.809 billion, with U.S. commercial revenue expected to exceed $687 million, representing at least a 50% year-over-year growth [1]. - The report highlights significant growth potential in the government sector, particularly in AI applications within defense budgets [1].

Investment Rating - The report assigns a "Buy" rating to Atour Lifestyle Holdings Limited (ATAT US) with a target price of $32 5, representing a 23 1% upside from the current price [1] Core Views - Atour is a leading player in China's mid-to-high-end hotel industry, with a strong brand and high-quality service [1] - The company has achieved rapid expansion through a light-asset franchise model, with 1,412 hotels and 161,686 rooms as of FY24Q2 [1] - Atour has developed a robust membership system, with over 76 million members and a member repurchase rate increasing from 45% in 2019 to 58% in 2022 [1] - The company's recovery from the pandemic has been industry-leading, with RevPar reaching 114% of 2019 levels [1] - Atour's retail business, Atour Market, has become a significant growth driver, contributing 20 8% of total revenue in 2023 [1] Company Overview - Atour operates six hotel brands and a retail brand, Atour Market, with 1,412 hotels and 161,686 rooms as of FY24Q2 [1][2] - The company has a strong customer satisfaction record, ranking first among six major mid-to-high-end hotel chains since 2017 [2] - Atour's brands include Atour, Atour S, Atour Light, Atour X, Z Hotel, and A T HOUSE, catering to different market segments [3] Business Model - Atour primarily uses a franchise model for expansion, with 98% of its hotels being franchised as of FY24Q2 [10] - The company's revenue is mainly driven by franchise fees, with franchise hotel revenue accounting for 58% of total revenue in 2023 [12] - Atour's retail business has seen rapid growth, with revenue increasing from RMB 69 million in 2019 to RMB 972 million in 2023 [13] Industry Overview - China's hotel industry is undergoing structural changes, with the mid-to-high-end segment growing rapidly [1] - The industry's chain rate has increased from 20% in 2017 to 41% in 2023, with further growth expected to 47 8% by 2026 [17][18] - The mid-to-high-end hotel market is the fastest-growing segment, with total revenue increasing from RMB 19 5 billion in 2016 to RMB 65 9 billion in 2021 [27] Competitive Advantages - Atour has a strong focus on customer experience, with a well-designed service process and a unique "peak-end" service concept [36][37] - The company's membership system is highly effective, with a low entry barrier and attractive benefits, leading to high member loyalty [39][42] - Atour's retail business has become a significant growth driver, with GMV reaching RMB 1 14 billion in 2023, up 253% YoY [48][51] Operational Performance - Atour's operational recovery has been industry-leading, with RevPar reaching 114% of 2019 levels [1] - The company's occupancy rate in 2023 was 78%, close to the industry leader Huazhu Group [53] - Atour's retail business has seen rapid growth, with revenue increasing from RMB 69 million in 2019 to RMB 972 million in 2023 [13]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The core education business continues to show growth, with a revenue increase of 33.5% year-on-year to $1.278 billion, aligning with the company's previous performance guidance [1]. - The company expects net revenue for FY25Q2 to be between $850 million and $870 million, representing a year-on-year growth of 25% to 28% [1]. - The company has a strong cash reserve totaling $4.9 billion, indicating sufficient liquidity for future operations [1]. Financial Performance Summary - For FY25Q1, net income reached $2.65 billion, a year-on-year increase of 39.8% [1]. - The number of schools and learning centers increased to 1,089, with a net addition of 64 centers [1]. - The paid user base grew by 78.5% year-on-year to 3.23 million [1]. Revenue and Profitability - The company's gross margin for FY25Q1 was 53.3%, a 6.9 percentage point increase year-on-year [1]. - Non-GAAP operating profit margin was reported at 24.4%, a decrease of 2.2 percentage points year-on-year [1]. - The company anticipates a revenue growth of approximately 30% for the full fiscal year [1]. Market Position and Future Outlook - The company is expected to maintain a robust growth trajectory in its core education business, with a projected expansion of teaching points by 20% year-on-year [1]. - The target price for the company's stock is set at $89.0, reflecting a positive outlook despite potential fluctuations in profit margins [1]. - The company is focusing on expanding its national teaching network and enhancing its educational services [1].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company is transitioning into a manufacturer of new energy commercial vehicles, aiming to penetrate the European new energy commercial vehicle market [10] - The acquisition of 100% equity in Handerson Automotive Technology for HKD 166 million is a significant step in expanding the company's automotive business from sales and after-sales services to full-scale OEM manufacturing [2][10] - The company leverages a light-asset model to enhance efficiency and reduce costs, allowing for quicker development cycles and lower initial investments [4][5] Company Background - The company primarily engages in investment holding, with its main businesses being automotive distribution and property investment [1] - In 2023, the company reported total revenue of HKD 47.504 million, with automotive business contributing HKD 15.839 million (33%) and property investment generating HKD 31.665 million (67%) [1] Business Model and Operations - Handerson utilizes China's automotive production capacity and supply chain advantages, focusing on the development and manufacturing of new energy logistics vehicles [3] - The company has established strategic partnerships with Dongfeng Motor and JAC Motors to enhance its R&D capabilities [3] - The light-asset model allows the company to significantly reduce development time and upfront investment, exemplified by the eBOLD logistics vehicle, which took only one year from project initiation to delivery [4] Market Opportunity - The European market for new energy commercial vehicles is still in its early stages, with only 7% of new registered vans being electric as of 2023 [6][9] - The report highlights a growing demand for new energy vehicles in Europe, driven by regulatory changes aimed at reducing carbon emissions [6][9] - The company has received orders for 800 vehicles in 2024 and plans to increase this to 2,000 vehicles per month in 2025 [5] Competitive Landscape - The report notes that the penetration rate of new energy commercial vehicles in Europe is low compared to traditional diesel vehicles, presenting a significant growth opportunity [7][9] - The company faces challenges from established European manufacturers and must invest in technology and brand recognition to capture a larger market share [10]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $180.00, indicating a potential upside of 24.94% from the current stock price of $144.07 [4][5]. Core Insights - The company has raised its revenue guidance for the MI300 series to $5 billion, with expectations to catch up to NVIDIA's Blackwell by the end of 2025 [2]. - The data center revenue has shown significant growth, increasing by 122.1% year-over-year to $3.55 billion, driven by the widespread adoption of the fifth-generation EPYC processors [2]. - The client segment is expected to see a moderate recovery in PC shipments, with a projected year-over-year growth of 38.7% in client revenue, reaching $6.45 billion [3]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenues of $6.82 billion, a year-over-year increase of 17.6%, slightly above Bloomberg consensus estimates [1]. - The gross margin improved to 50.1%, up by 2.8 percentage points year-over-year, with operating profit soaring by 223% to $720 million [1]. - Non-GAAP net profit reached $1.5 billion, reflecting a year-over-year growth of 32.5% [1]. Revenue Guidance - The company has provided a revenue guidance midpoint of $7.5 billion for Q3, representing a year-over-year increase of 21.6% [1]. - The Non-GAAP gross margin guidance is set at 54% for the upcoming quarter [1]. Product Development and Market Position - The MI300 series is expected to generate $5 billion in revenue for the year, with the upcoming MI325X and MI350 series products anticipated to significantly enhance performance [2]. - The client business is projected to grow with the introduction of over 100 Ryzen AI platforms by 2025, despite a slight decline in global PC shipments in 2024 [3]. Market Outlook - The report forecasts a compound annual growth rate (CAGR) of 38.3% for the company's revenue from 2024 to 2026, with Non-GAAP net profit CAGR expected at 63.2% [4]. - The long-term AI GPU market share is projected to reach 5%-10% as capital expenditures from major cloud service providers continue to rise [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 1.90, reflecting a potential upside of 15% from the current price of HKD 1.65 [2][3]. Core Insights - The company is expected to recover profitability as production utilization rates rebound, with Q3 2024 performance indicating a stabilization after significant losses in previous quarters [2]. - The production and sales of granular silicon have shown stability, with production and shipment volumes increasing by 17% and 20% year-on-year, respectively, in Q3 2024 [2]. - Cash costs have decreased, aligning with expectations, and further cost reduction is anticipated as production processes improve [2]. - Supply-side reforms in the silicon material sector are expected to support inventory reduction and price recovery, benefiting leading companies in the industry [2]. Financial Summary - Total revenue is projected to decline from RMB 35,930 million in 2022 to RMB 16,668 million in 2024, before recovering to RMB 31,582 million by 2026, reflecting a significant year-on-year change of -51% in 2024 and a recovery of 32% in 2026 [1]. - Shareholder net profit is forecasted to drop sharply to RMB -3,200 million in 2024, with a recovery to RMB 3,032 million by 2026, indicating a year-on-year change of -228% in 2024 and a positive change of 203% in 2026 [1]. - Earnings per share (EPS) are expected to turn negative at RMB -0.12 in 2024, with a gradual recovery to RMB 0.11 by 2026 [1]. - The price-to-earnings (P/E) ratio is projected to be 39.4 in 2025 and 13.0 in 2026, indicating a significant variation in valuation as profitability improves [1].

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (2899) with a target price of HKD 22.34, representing a potential upside of 32% from the current price of HKD 16.92 [2]. Core Views - The report highlights that rising gold and copper prices, driven by economic uncertainties and demand for safe-haven assets, are expected to support the company's profitability [1]. - The company has shown significant growth in production volumes, particularly in gold and silver, while maintaining stable cost levels [1]. - New projects, such as the acquisition of the Akyem gold mine in Ghana, are anticipated to enhance gold production in the future [1]. Financial Performance Summary - For the first three quarters of 2024, Zijin Mining reported revenue of CNY 230.396 billion, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of CNY 24.357 billion, up 50.68% [1]. - In Q3 alone, the company achieved revenue of CNY 79.98 billion, a 7.11% increase year-on-year, and a net profit of CNY 9.273 billion, reflecting a 63.64% increase [1]. - The average price of gold reached USD 2,648.8 per ounce, a 13.64% increase since the end of June, while copper prices also remained at historical highs [1]. Production and Cost Analysis - The production volumes for key products in the first three quarters were as follows: gold at 54.3 tons (up 8.33%), silver at 331.1 tons (up 6.69%), and copper at 789,459 tons (up 4.67%) [1]. - The unit sales costs for copper concentrate, electrolytic copper, and refined copper were CNY 18,800, CNY 32,700, and CNY 35,700 per ton, with year-on-year changes of -4.16%, +5.49%, and -13.05% respectively [1]. - The report anticipates further cost reductions as production continues to ramp up in Q4 [1]. Future Projections - Revenue forecasts for 2024-2026 have been adjusted to CNY 325.8 billion, CNY 362.5 billion, and CNY 379.2 billion respectively, with net profit projections of CNY 30 billion, CNY 38.6 billion, and CNY 41.9 billion [1][3]. - The report indicates that the company is expected to maintain a high level of profitability, with a projected PE ratio of 18 times for 2024 [1].

Investment Rating - The report assigns a "Buy" rating for the company [1]. Core Views - The company is experiencing a slowdown in revenue and profit growth, but is focusing on high-quality cash flow development [1]. - Despite a market slowdown, the company is proactively controlling its shipment pace and has a robust dividend plan, aiming for a cash dividend of no less than 20 billion RMB annually [1]. - The company is expected to maintain solid operational performance, with projected net profits of 32.99 billion RMB, 35.91 billion RMB, and 39.52 billion RMB for 2024, 2025, and 2026 respectively [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported a revenue of 67.92 billion RMB, a year-on-year increase of 8.6% [1]. - The net profit for the same period was 24.3 billion RMB, reflecting a year-on-year growth of 1.4% [1]. - The company’s cash flow from operations reached 16.37 billion RMB, a significant increase of 48.0% year-on-year [1]. Dividend Policy - The company has announced a shareholder return plan, with a commitment to distribute cash dividends amounting to at least 70% of the annual net profit, with a minimum of 20 billion RMB [1]. Future Projections - The company is projected to achieve net profits of 32.99 billion RMB in 2024, 35.91 billion RMB in 2025, and 39.52 billion RMB in 2026, with a target price set at 185.04 RMB [1][2].