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 5.33, representing a potential upside of 29.06% from the current price of HKD 4.10 [4][3]. Core Insights - The company achieved a revenue of RMB 8.8 billion for the first half of the 2024/2025 fiscal year, reflecting a year-on-year increase of 17.8%, primarily driven by strong growth in branded down jackets and OEM processing management [3]. - The gross profit margin slightly decreased by 0.1 percentage points to 49.9%, influenced by changes in product and brand mix as well as rising down costs [3]. - Operating profit increased by 19.6% to RMB 1.47 billion, benefiting from improved operational efficiency, with a notable 28.3% growth in operating profit excluding the women's wear segment [3]. - The net profit attributable to shareholders reached RMB 1.13 billion, up 23% year-on-year, with a net profit margin improvement of 0.5 percentage points to 12.8% [3]. - The company plans to distribute an interim dividend of HKD 0.06 per share, with a payout ratio of 57.9% [3]. Summary by Sections Financial Performance - Revenue for the first half of 2024/2025 was RMB 8.8 billion, up 17.8% year-on-year, with a gross profit margin of 49.9% [3]. - The operating profit margin improved to 14.7% with a total operating profit of RMB 1.47 billion [3]. - The net profit attributable to shareholders was RMB 1.13 billion, reflecting a 23% increase year-on-year [3]. Business Segments - Branded down jackets generated RMB 6.06 billion in revenue, a 22.7% increase, accounting for 68.9% of total revenue [3]. - OEM processing business revenue was RMB 2.32 billion, up 13.4%, representing 26.3% of total revenue [3]. - Women's wear segment revenue decreased by 21.5% to RMB 310 million, accounting for 3.5% of total revenue [3]. - Diversified apparel revenue increased by 21.3% to RMB 120 million, representing 1.3% of total revenue [3]. Market Outlook - The company aims to achieve revenue exceeding RMB 30 billion for the fiscal year 2025/2026, maintaining confidence in its growth strategy despite potential market uncertainties [3]. - The company continues to focus on enhancing brand value, optimizing operational quality, and innovating product development [3].

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].

Investment Rating - The report assigns a "Hold" rating to the company with a target price of HKD 16.00, indicating a potential upside of 4.9% from the current price of HKD 15.28 [2][4]. Core Views - The company is facing intense competition in the existing market, leading to pressure on various business segments and a slight decline in gross margins. The overall gross margin is expected to decrease by 5% this year [2][4]. - The company's revenue for Q3 2024 was reported at RMB 889 million, a year-on-year decline of 5.5%. The revenue breakdown includes safety and identification chips, smart meter chips, and FPGA products, with notable declines in gross margins for FPGA and other chips [2][4]. - The smart meter business saw a year-on-year growth of 28.9%, driven by increased bidding demand, with revenue reaching RMB 320 million [2][4]. - The company is actively expanding into automotive electronics and smart home sectors, with ongoing development in high-reliability embedded flash memory processes [2][4]. Financial Summary - The company reported total revenue of RMB 3,536 million for 2023, with a slight decrease from 2022. The net profit attributable to shareholders was RMB 719 million, reflecting a significant decline of 33.38% year-on-year [4]. - The earnings per share (EPS) for 2023 was RMB 0.88, down from RMB 1.32 in 2022. The projected EPS for 2024 is RMB 0.63, indicating a continued downward trend [4]. - The company’s EBITDA for 2023 was RMB 994 million, with a margin of 28.1%, down from 36.7% in 2022 [4]. - The financial outlook for the next three years anticipates a compound annual growth rate (CAGR) of 5.1% for revenue and 9.1% for net profit [2][4].

Investment Rating - Buy rating with a target price of HKD 328.3, representing a 29.44% upside from the current price [1] Core Views - Q3 2024 results met expectations with revenue of RMB 502.2 billion (+18.9% YoY) and net profit of RMB 25.2 billion (+18.1% YoY) [1] - Q3 gross margin improved to 21.9%, up 3.2 percentage points QoQ, driven by economies of scale in NEV sales [1] - November NEV sales reached 504,000 units (+67% YoY, +1% MoM), with DM5.0 models driving strong PHEV sales of 306,000 units (+133% YoY) [1] - Full-year 2024 NEV sales expected to exceed 4.1 million units, supported by strong DM5.0 model sales and government subsidies [1] - 2025 is expected to be a breakthrough year for BEV models with new platform launches, further boosting profitability [1] Financial Performance Revenue & Profitability - Q3 revenue reached RMB 201.1 billion (+14.2% QoQ), with net profit of RMB 11.6 billion (+28% QoQ) [1] - Auto business revenue in Q3 was RMB 157.58 billion (+18% QoQ), with gross margin improving to 26% (+4 ppts QoQ) [1] - 2024-2026 revenue forecast at RMB 780.1/953.3/1,130.6 billion, with net profit of RMB 37.5/45.8/55.9 billion [2][4] - Gross margin expected to improve from 20.2% in 2023 to 22.6% by 2026 [4] Vehicle Sales & Profitability - YTD November 2024 sales reached 3.74 million units (+40% YoY), with premium brands (Denza, Fang Cheng Bao, Yangwang) contributing 163,000 units (+39.4% YoY) [1] - Q3 vehicle ASP increased to RMB 139,500 (+RMB 3,000 QoQ) due to higher-priced DM5.0 models [1] - Q3 vehicle profit per unit rose to RMB 9,400 (+RMB 8,000 QoQ), expected to remain stable in Q4 [1] International Expansion - November overseas sales reached 31,000 units, with YTD exports at 360,000 units (+74% YoY) [1] Valuation & Forecast - 2025 target valuation of HKD 888.1 billion based on 20x PE for auto business and 15x PE for electronics [1] - 2024-2026 EPS forecast at RMB 12.87/15.74/19.20, with P/E ratios of 18.3x/15.0x/12.3x [2][4] - Dividend yield expected to increase from 1% in 2023 to 2% by 2026 [2]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 31.77, representing a potential upside of 53.11% from the current price of HKD 20.75 [4]. Core Insights - The company has achieved significant revenue growth, with a reported revenue of RMB 1.13 billion for the first three quarters, marking a year-on-year increase of 69% and a quarter-on-quarter increase of 54.7% [4]. - The gross profit margin has improved due to economies of scale, reaching 17.5% in Q3, up from previous periods [4]. - The company has secured contracts with several major automotive manufacturers, including both domestic and international brands, for its advanced driver-assistance systems (ADAS) [4]. - The ADAS product revenue reached RMB 3.3 billion in Q3, reflecting a year-on-year growth of 87.1% and a shipment increase of 150% [4]. - The company is expected to rapidly increase its product penetration in the smart vehicle market, particularly in the RMB 150,000 to 200,000 segment [4]. Financial Summary - The company reported total revenue of RMB 1,120.15 million for 2023, with projections of RMB 1,645.64 million for 2024 and RMB 3,200.15 million for 2025 [6]. - The adjusted net profit is forecasted to improve from a loss of RMB 4.33 billion in 2023 to a loss of RMB 460.46 million in 2024, and a profit of RMB 37.57 million in 2025 [6]. - The gross margin is expected to increase from 8.36% in 2023 to 20.35% in 2025, indicating improved profitability [6]. - The company’s total assets are projected to be RMB 3.27 billion in 2023, with a slight decrease to RMB 2.61 billion in 2024, before recovering to RMB 3.42 billion in 2025 [6].

Investment Rating - The report does not provide a specific investment rating for Mobvista (1860 HK) [2] Core Business - Mobvista is a global leader in mobile advertising and marketing technology, primarily serving mobile app developers and helping Chinese developers expand overseas [2] - The company focuses on programmatic advertising and data-driven marketing, with its core business relying on the Mintegral platform [2] - Key business segments include: (i) programmatic advertising solutions, (ii) data analytics and operations services, (iii) SaaS tool matrix development and sales, and (iv) multi-scenario traffic monetization services [2] - Advertising technology accounts for 98 6% of revenue, with programmatic advertising being the major contributor, while marketing technology currently represents 1 4% of revenue but is in a rapid expansion phase [2] Market Outlook - The global mobile advertising and marketing technology market is expected to exceed $500 billion by 2025, with programmatic advertising growing at a 16 2% CAGR [2] - Mid-tail and long-tail traffic are becoming increasingly important due to privacy protection and antitrust policies, presenting significant growth opportunities [2] Competitive Landscape - The global ad tech platform market is dominated by Google AdMob and Meta Audience Network in the head traffic segment, while mid-tail and long-tail traffic are controlled by programmatic advertising platforms including AppLovin, Unity Ads, and Mintegral [2] - Mobvista has strengthened its competitiveness in ROI improvement for advertisers, global traffic coverage, and data analytics efficiency through continuous algorithm optimization and service enhancement [2] Future Prospects - The company plans to focus on advertising services for mid-core games, utility apps, and e-commerce sectors, which are experiencing rapid growth [2] - The mid-core game sector, in particular, is expected to reach a market potential of hundreds of billions of dollars by 2025 due to the popularity of hybrid monetization models [2] - Mintegral platform currently handles trillions of ad requests annually, with revenue and profit steadily increasing alongside global business expansion [2]

Investment Rating - The report maintains a **Buy** rating for the company with a target price of **310.4 RMB**, representing an **18.83% upside** from the current price [3][7] Core Views - The company's **gross margin improved significantly** to **31.2%** in Q3 2024, driven by lower raw material costs and technological premiums from new product installations [3] - **Battery shipments grew strongly**, with global market share reaching **64.9%** in the first 8 months of 2024 and domestic market share increasing to **45.9%**, up **3.1 percentage points** year-over-year [3] - The company launched a new **hybrid battery "XiaoYao"** with a pure electric range of over **400 km** and **4C ultra-fast charging** capability, which has been adopted by multiple brands including Li Auto, Avatr, and Deepal [3] - Overseas expansion is progressing steadily, with **8 factories** already built or under construction in Europe, including a new remanufacturing center in Hungary expected to be completed by **2026** [3] Financial Performance - **Revenue** for the first three quarters of 2024 reached **360.0 billion RMB**, a **19.3% year-over-year increase** [3] - **Net profit attributable to shareholders** was **131.36 billion RMB** in Q3 2024, with a **net profit margin of 15.6%** [3] - The company's **battery shipments** in Q3 2024 totaled **125 GWh**, including **30 GWh** of energy storage batteries, a **60% year-over-year increase** [3] - **Revenue** is forecasted to grow to **520.7 billion RMB** by 2026, with **net profit attributable to shareholders** expected to reach **71.4 billion RMB** [7] Market Position and Growth - The company continues to lead the global power battery market, with a **64.9% share** in the first 8 months of 2024 [3] - Domestic market share increased to **45.9%**, up **3.1 percentage points** year-over-year [3] - The company expects **20% year-over-year growth** in battery shipments in 2025, driven by strong domestic and international demand [3] Product Innovation - The new **hybrid battery "XiaoYao"** features a **400 km pure electric range** and **4C ultra-fast charging**, enabling a **280 km range** with just **10 minutes of charging** [3] - The battery incorporates **lithium-sodium integration technology**, allowing operation in temperatures as low as **-40°C** [3] - By **2025**, nearly **30 hybrid models** from brands including Geely, Chery, and GAC are expected to adopt the XiaoYao battery [3] Overseas Expansion - The company is accelerating its **battery recycling business** in Europe, with a remanufacturing center in Hungary expected to be completed by **2026** [3] - The German factory is ramping up production smoothly, aiming to achieve **break-even** within the year [3] - The first phase of the Hungary plant is progressing steadily, with production expected to start next year [3]