Investment Rating - The report maintains a "Buy" rating for the company [2][3] Core Views - The company's Q3 2024 operating data met expectations, with the main brand's retail sales growing at a mid-single-digit rate year-over-year (YoY) [2] - The children's wear segment outperformed adult wear, growing at a low double-digit rate [2] - Saucony's retail sales grew over 50% YoY in Q3 2024, continuing its strong performance [2] - Online sales growth outperformed offline sales, with e-commerce growing at a double-digit rate [2] - Retail sales improved in Q4, driven by the National Day holiday and Double Eleven shopping festival, with both online and offline channels achieving double-digit growth [2] - The company's inventory levels remained healthy, with a stock-to-sales ratio of around 4 months as of September 2024 [2] - The main brand's discount rate remained stable at 7.5% off, indicating robust operational quality [2] - The company is confident in achieving over 50% growth in its professional sports segment for the full year [2] - The K&P brand's divestment is expected to be completed by the end of November 2024, with a special dividend to be distributed [3] - The company expects profit certainty to be higher than revenue certainty in Q4 due to cost control measures [3] - The company has slightly lowered its revenue and profit forecasts for 2024-2026, with expected net profits of 1.24/1.39/1.51 billion RMB, respectively [3] Financial Performance - The company's revenue for 2024E is projected to be 13.346 billion RMB, with a YoY decline of 7% [4] - Net profit for 2024E is expected to be 1.24 billion RMB, a 20% YoY increase [4] - Gross margin is expected to remain stable at 45% from 2024E to 2026E [4] - In H1 2024, the company's revenue grew 10.4% YoY to 7.2 billion RMB, while net profit grew 13% YoY to 750 million RMB [6] - The sales expense ratio increased by 0.3 percentage points to 23.5% in H1 2024, while the management expense ratio rose by 0.2 percentage points to 10.4% [7] - Gross margin improved by 3.1 percentage points to 46.0% in H1 2024, with net margin increasing to 10.4% [7] Retail Performance - In Q3 2024, the main brand's retail sales grew at a mid-single-digit rate, with children's wear growing at a low double-digit rate [2] - Saucony's retail sales grew over 50% YoY in Q3 2024 [2] - Online sales grew at a double-digit rate, while offline sales saw slight growth due to weather-related disruptions [2] - Retail sales improved in Q4, with double-digit growth during the National Day holiday and Double Eleven shopping festival [2] - The company's stock-to-sales ratio remained stable at around 4 months as of September 2024 [2] - The main brand's discount rate remained at 7.5% off, consistent with previous quarters [2] Strategic Focus - The company is focusing on its core running business and optimizing its multi-brand portfolio [3] - The divestment of the K&P brand is expected to improve profitability, with the brand's impact on 2024 performance limited to a Q1 loss of $9 million [3] - The company plans to expand Saucony's presence in high-tier cities, with a new concept store opening in Shenzhen in September 2024 [2] - The company is confident in achieving over 50% growth in its professional sports segment for the full year [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance relative to the market [3][10]. Core Insights - The company's performance in Q3 2024 showed a year-on-year increase of 7%, driven by improved liquidity and supportive policies, leading to record trading volumes in the Hong Kong stock market [3][4]. - Total revenue for the first nine months of 2024 reached HKD 159.9 billion, a 2% increase year-on-year, with net profit remaining stable at HKD 92.7 billion [3][4]. - The report highlights a significant increase in IPO fundraising, with Q3 2024 seeing a 391% quarter-on-quarter growth, attributed to major listings such as Midea Group [3][4]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved total revenue of HKD 159.9 billion, up 2% year-on-year, and a net profit of HKD 92.7 billion, unchanged from the previous year [3][4]. - Q3 2024 net profit was HKD 31.5 billion, reflecting a 7% increase year-on-year [3]. Revenue Breakdown - The revenue contribution from trading and settlement fees increased to 56% in 9M24, up from 53% in 9M23, driven by a recovery in Average Daily Turnover (ADT) [3]. - Revenue from various segments for 9M24 included: - Spot trading: HKD 6.35 billion (+2%) - Equity securities and derivatives: HKD 4.52 billion (-10%) - Commodities: HKD 2.1 billion (+31%) - Data and connectivity: HKD 1.56 billion (+1%) - Company projects: HKD 1.47 billion (+18%) [3][4]. Market Trends - The report notes that the Hong Kong stock market's ADT reached historical highs, with significant contributions from both southbound and northbound trading [3]. - The report anticipates continued positive sentiment in the Hong Kong IPO market due to recent regulatory changes aimed at expediting the listing process [3][4]. Profitability Forecast - The company has adjusted its profit forecasts upward, expecting net profits of HKD 128 billion, HKD 139 billion, and HKD 151 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth of 8%, 9%, and 8% [3][4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% in the next six months [5][9]. Core Insights - The company reported a significant revenue growth of 120%-125% year-on-year for Q3 2024, with domestic growth at 55%-60% and overseas growth at 440%-445% [5]. - The expansion strategy in North America and Southeast Asia is showing strong results, with North American stores achieving approximately 15 million yuan in half-year revenue per store, and Southeast Asia demonstrating high store efficiency [5]. - The company is expected to continue its trend of accelerating revenue growth through the successful monetization of high-value IP and the introduction of new products [5]. Financial Data Summary - Revenue projections for 2024E, 2025E, and 2026E are 12,633 million yuan, 16,992 million yuan, and 21,101 million yuan respectively, reflecting a growth rate of 100%, 35%, and 24% year-on-year [4][7]. - Non-IFRS net profit estimates for the same years are 2,824 million yuan, 3,828 million yuan, and 4,874 million yuan, with corresponding growth rates of 138%, 36%, and 27% [4][7]. - The company's gross profit for 2024E is projected at 8,394 million yuan, with a gross margin improvement expected due to the increasing share of high-margin overseas business [7].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [2]. Core Insights - The company's Q3 2024 sales performance met expectations, with a slight decline in overall retail sales, while e-commerce channels showed growth [2]. - The company has established a joint venture to expand its overseas market presence, with a total investment of HKD 58 million, which is expected to have minimal short-term financial impact but aims for long-term growth [2]. - The company continues to focus on its core sports segment, with strong brand recognition and product development capabilities, projecting net profits of RMB 31 billion, 33 billion, and 36 billion for 2024-2026 [2][3]. Summary by Sections Market Data - Closing price: HKD 16.06 - Market capitalization: HKD 415.07 billion - 52-week high/low: HKD 31.65/12.56 [1]. Sales Performance - Q3 2024 retail sales (excluding Li Ning YOUNG) saw a mid-single-digit decline year-on-year, with offline channels experiencing a higher decline compared to e-commerce, which grew in the mid-single digits [2]. - The company reported a healthy inventory level with a stock-to-sales ratio of approximately 5 months, slightly above the previous year [2]. Financial Projections - Revenue projections for FY2024E to FY2026E are RMB 27.75 billion, RMB 29.20 billion, and RMB 30.98 billion, respectively, with corresponding net profits of RMB 30.96 billion, RMB 33.34 billion, and RMB 35.56 billion [3][6]. - The gross margin is expected to remain stable around 49.5% to 49.6% over the next few years [3]. Operational Adjustments - The company is optimizing its offline store network, with a net increase of 42 stores in the first three quarters of 2024, while planning to open over 100 stores in lower-tier cities [2]. - The company is also focusing on enhancing its product offerings, particularly in the running shoe category, which has shown strong growth [2].

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights ongoing challenges in the aircraft supply chain, with GE Aerospace reporting a decline in engine deliveries due to component shortages, reflecting a slow recovery in the aviation supply chain [2] - GE has raised its profit forecast for the year three times in seven months, driven by strong service demand and price increases, which have helped offset the decline in engine shipments [2] - RTX has also raised its adjusted profit and sales forecasts for 2024, primarily due to strong demand in aircraft maintenance and defense systems [3] - The report emphasizes the dual drivers of "international + supply" for investment in 2024, with a focus on the recovery opportunities in the aviation and airport sector [3] Summary by Sections Aircraft Supply Chain - GE's engine deliveries for Q3 2024 were 501 units, down from 520 units in the previous year, with a total of 1,392 units delivered in the first nine months, compared to 1,544 units in the same period of 2023 [2] - The LEAP engine production was 1,029 units, down from 1,174 units the previous year, indicating a persistent supply chain issue [2] Market Demand - The demand for aftermarket services has surged due to a lack of new aircraft, with GE's service business growing by 10% driven by increased flight hours and parts sales [3] - RTX's sales for Q3 reached $7.075 billion, a 7% increase year-over-year, with defense market growth at 14% and commercial aftermarket growth at 9% [3] Investment Recommendations - The report recommends focusing on airlines with improving operational quality and those benefiting from international long-haul capacity shortages, such as 吉祥航空 [3] - Suggested stocks include China Southern Airlines, China Eastern Airlines, Spring Airlines, and Air China, along with global aircraft leasing companies and engine maintenance firms [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q3 revenue growth slowed due to macroeconomic fluctuations and adjustments in low-margin businesses [4] - Excluding exchange rate fluctuations and non-recurring gains/losses, Q3 net profit attributable to the parent company grew by 15.03% [4] - Q3 gross margin slightly decreased, but net margin improved [4] - The company secured a significant order from Saudi Aramco and signed a strategic cooperation agreement with China National Chemical Engineering, indicating strong market recognition [4] - The company's new product, UCS-Nyx, received international recognition from the authoritative industry journal IAA [4] Financial Performance - The company achieved revenue of 6.337 billion yuan in the first three quarters of 2024, a year-on-year increase of 11.58% [4] - Net profit attributable to the parent company was 717 million yuan, up 3.36% year-on-year [4] - Q3 revenue was 2.085 billion yuan, up 2.30% year-on-year, with net profit attributable to the parent company at 200 million yuan, up 9.52% year-on-year [4] - The company's gross margin for the first three quarters was 32.85%, slightly up by 0.1 percentage points year-on-year [4] - Q3 gross margin was 32.07%, down 1.17 percentage points year-on-year, while net margin improved by 0.70 percentage points [4] Future Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be 1.256 billion, 1.512 billion, and 1.822 billion yuan, respectively [4] - The corresponding P/E ratios are projected at 31X, 25X, and 21X for 2024-2026 [4] - Revenue growth rates for 2024-2026 are expected to be 15.8%, 16.9%, and 16.4%, respectively [5] - Net profit growth rates for 2024-2026 are projected at 14.0%, 20.4%, and 20.5% [5] Market Data - The company's closing price on October 23, 2024, was 48.57 yuan [2] - The price-to-book ratio is 3.8, and the dividend yield is 1.44% [2] - The market capitalization of the company's A-shares is 37.819 billion yuan [2] - The company's total shares outstanding are 791 million, with 779 million A-shares in circulation [3]

Investment Rating - The investment rating for the company is "Buy (Maintain)" based on the analysis of the Q3 performance and future growth potential [5][6]. Core Insights - The company reported a revenue of 1.042 billion yuan for the first three quarters of 2024, reflecting a year-on-year increase of 3.5%, and a net profit attributable to shareholders of 225 million yuan, up 7.1% year-on-year [5][6]. - In Q3 2024, the company achieved a revenue of 345 million yuan, with a quarter-on-quarter decline of 7.6% and a year-on-year increase of 1.0% in net profit, indicating strong profit performance despite slight revenue pressure [5][6]. - The gross margin increased to 35.1% in Q3, with a net margin of 23.5%, showing improved profitability [5][6]. - The company is expanding its product offerings in the automotive sector, particularly in new energy vehicle components, which is expected to become a significant growth driver [5][6]. - The establishment of overseas production facilities, including a new base in Thailand, is aimed at enhancing global supply capabilities and preparing for future export growth [5][6]. - The company has made strategic advancements in its third industry orders, particularly in high-precision components for industrial machinery and robotics, which are anticipated to contribute to future revenue growth [5][6]. Financial Summary - For 2024, the company is projected to achieve a total revenue of 1.541 billion yuan, with a year-on-year growth rate of 14.7% [6]. - The net profit forecast for 2024 is 303 million yuan, reflecting a growth rate of 14.9% [6]. - The earnings per share (EPS) is expected to be 0.61 yuan for 2024, with a projected price-to-earnings (PE) ratio of 29 times [6].

Investment Rating - The investment rating for the company is maintained at "Outperform" [5]. Core Insights - The company reported a revenue of 1.606 billion yuan for Q3 2024, representing a year-on-year increase of 22.23%. The net profit attributable to shareholders was 277 million yuan, up 29.48% year-on-year [5]. - The company is expected to achieve a revenue of 2.333 billion yuan in 2024, with a year-on-year growth rate of 26.3% [6]. - The company has expanded its product offerings beyond traditional bean products to include flavored nuts and baked snacks, enhancing its market presence [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a gross margin of 36.80%, a slight decrease of 0.75 percentage points year-on-year. The operating profit for the same period was 132 million yuan, reflecting a 6.6% increase [6]. - The company’s net profit margin improved to 19.66% due to a reduction in the corporate income tax rate to 15% [6]. Revenue and Profit Forecast - The projected net profits for 2024, 2025, and 2026 are 401 million yuan, 501 million yuan, and 580 million yuan, respectively, with corresponding year-on-year growth rates of 22%, 24.9%, and 15.7% [6]. - The earnings per share (EPS) are expected to be 4.31 yuan, 5.38 yuan, and 6.22 yuan for the years 2024, 2025, and 2026 [6]. Market Position and Strategy - The company has successfully completed a multi-category and full-channel layout, actively expanding into new sales channels such as snack wholesale stores, live e-commerce, and high-end membership stores [5]. - The company’s stock price is currently trading at a price-to-earnings (PE) ratio of 15x for 2024, 12x for 2025, and 10x for 2026, indicating a favorable valuation [5].

行 业 及 产 业 基础化工/ 化学制品 | --- | --- | --- | |------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of outperforming the market by over 20% in the next six months [6][16]. Core Insights - The company reported a 37% year-on-year increase in net profit attributable to the parent company for Q3 2024, driven by strong performance in the infant and child care segment and channel expansion [5][6]. - Revenue for Q3 2024 reached 293 million yuan, a 20.1% increase year-on-year, with a total revenue of 1.038 billion yuan for the first three quarters, reflecting a 25.98% growth [5][6]. - The company is positioned as a strong player in the affordable consumer goods market, with a focus on high-quality infant care, mosquito repellent, and outdoor products [6]. Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 57.57%, with a net profit margin of 27.55%, reflecting improvements in product mix and pricing strategies [5][6]. - The company’s revenue projections for 2024 to 2026 are 1.345 billion, 1.736 billion, and 2.190 billion yuan respectively, with corresponding net profits of 312 million, 391 million, and 475 million yuan [7][6]. - The report highlights a significant increase in the average selling prices of key product categories, contributing to overall revenue growth [5][6]. Market Position and Strategy - The company benefits from a high degree of supply chain self-sufficiency, with production bases in Yiwu and Huangpu, which enhances product stability and profitability [6]. - There is a clear trend towards domestic product substitution in the infant care market, with increasing market share for local brands [6]. - The company is actively expanding its product lines and enhancing its online and offline distribution channels to capture market opportunities [6].