Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 75.00, indicating a potential upside of 29.0% from the current price of HKD 58.15 [1][11]. Core Insights - The company reported a total revenue of RMB 29.4 billion for Q1 2024, a year-on-year increase of 17%, which met expectations. The gross margin improved to 55%, with a significant increase in adjusted net profit to RMB 4.4 billion, surpassing market expectations by 37% [2]. - The report highlights continued optimization of cost and expenses, which exceeded expectations, suggesting further potential for profit adjustments [2]. - The company is expected to see a 25% year-on-year growth in e-commerce GMV in Q2 2024, driven by supply-side expansion and increased user purchases [2]. Financial Overview - Revenue projections for the company are as follows: RMB 113.47 billion in 2023, RMB 127.27 billion in 2024, and RMB 141.48 billion in 2025, with respective growth rates of 20.5%, 12.2%, and 11.2% [3][12]. - The adjusted net profit is forecasted to reach RMB 18.08 billion in 2024, reflecting a 76% increase from the previous year [2][12]. - The report indicates a significant improvement in the company's operating margin, with expectations of continued growth in profitability metrics over the next few years [12]. User Engagement and E-commerce Performance - Total user engagement time increased by 9% year-on-year, with e-commerce GMV growing by 28% compared to the previous year, driven by a 70% increase in active merchants [2][5]. - Online marketing revenue rose by 27%, benefiting from the application of smart marketing solutions and product iterations [2][9]. - The report notes a 50% year-on-year increase in mid-tier streamer support, enhancing operational efficiency despite an 8% decline in live streaming revenue [2][9]. Valuation and Market Position - The report suggests that the valuation is based on a 15x P/E ratio for 2024, with a focus on the mainland business contributing RMB 19.5 billion in profit [2][12]. - The company’s market capitalization is approximately HKD 208.33 billion, with a 52-week high of HKD 69.15 and a low of HKD 39.10 [4][12]. - The report emphasizes the ongoing improvement in revenue structure and gross margin, with marketing expense ratios still having room for optimization [2][12].

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年5月22日 港元21.20 港元25.00↑ +17.9% 同程旅行 (780 HK) 1 季度利润符合预期；预计下半年增速较上半年更高  2024年1季度业绩：收入39亿元（人民币，下同），同比增49.5%，超过 个股评级 我们/彭博市场预期5%/3%。其中，核心OTA业务收入增24%（交通/住宿 买入 +26%/16%），度假业务收入 6.6 亿元。调整后净利润 5.6 亿元，同比增 11%，高于我们/彭博市场预期2%/4%，对应净利率14%，较去年同期的 19%下降，因并表的度假业务利润率较低。调整后营销费用同比增41%， 1年股价表现 主要由于市场恢复下营销活动增加，占收比35%，环比稳定。 780 HK 50% MSCI中国指数 40%  1季度业绩亮点：1）GMV 同比增15%，APU增14%至2.29亿。2）交通： 30% 內地机票票量同比增 30%，海外业务扩张战略下国际机票票量大幅增 20% 10% 260%+。3）住宿：内地酒店间夜量同比增10%，得益于持续拓展多元化住 0% -10% 宿场景及交叉销售率提升。海外间夜 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 509.00, indicating a potential upside of 16.6% from the current price of HKD 436.40 [2][8]. Core Insights - The report highlights that while hotel prices in mainland China have decreased, the booking volume has exceeded expectations, leading to an anticipated stable profit margin for the year [1]. - For Q1 2024, the company reported revenues of RMB 11.9 billion, a year-on-year increase of 29%, slightly above market expectations. Adjusted net profit rose by 96% to RMB 4.1 billion, with a net profit margin of 34% [1][4]. - The report anticipates that the company's outbound revenue will nearly fully recover to 2019 levels, with international business expected to grow by over 30% [1]. Summary by Sections Financial Performance - Q1 2024 revenue breakdown: Hotel accommodation revenue increased by 29%, transportation by 20%, vacation packages by 129%, and business travel by 15% [1]. - Adjusted net profit for Q1 2024 was RMB 4.1 billion, exceeding expectations by 32% and 45% compared to market forecasts [1][4]. - The company maintained a stable marketing expense ratio at 19%, better than the expected 22-23% [1]. Market Outlook - The report projects a 10% decline in hotel prices in Q2 2024, with a potential marginal improvement in Q4 2024. Despite price declines, the company is expected to maintain double-digit growth in booking volumes due to strong brand recognition and supply chain advantages [1]. - The company is expected to achieve a 30.1% adjusted net profit margin in 2024, with adjusted net profit and earnings per share forecasts raised by 12% and 27% respectively [1][4]. Valuation - The target price has been adjusted from HKD 440 to HKD 509 based on a 20x P/E ratio for 2024, reflecting confidence in sustained travel demand and the company's competitive advantages in both domestic and international markets [2][4].

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 美元 5.16 美元 6.30 +22.1% 金融科技 2024 年 5 月 16 日 信也科技 (FINV US) 盈利环比企稳， Take rate 呈回升势头 盈利环比企稳。信也科技1Q24归母净利润为5.28亿元（人民币，下同）， 同比下降 24.2%，环比增长 0.6%，基本符合预期。同比看，净收入同比增 长 3.8%，但拨备费用同比增长 13%（去年同期有 1.8 亿回拨），使得盈利 同比降幅较大；环比看，净收入环比下降 1.8%，主要由于促成贷款环比 下降 7.8%，但管理费用和营销费用环比下降，税前利润环比增长 13.6%， 由于 4Q23 所得税率受一次性因素影响偏低，盈利环比略增 0.6%。 公司维持促成贷款增速的全年指引。1Q24 促成贷款同比增长 11%，其中 內地/国际市场同比分别增长 10%/40%，贷款余额同比增长 4.9%。国际业 务占促成贷款的 4.6%，同比提高 1 个百分点，占收入比重为 18.8%，同比 提高 4 个百分点。菲律宾市场业务增长强劲，促成贷款同比+194%/环比 +27%，占国际业务比重达25%。公司仍维持 ...

Investment Rating - The investment rating for Dada Group (DADA US) is Neutral, with a target price adjusted to USD 1.90, reflecting a potential downside of 5.5% from the current price of USD 2.01 [1][8]. Core Insights - Dada Group's Q1 2024 performance showed total revenue of RMB 2.45 billion, a year-on-year decline of 3%. Dada Now's revenue increased by 57%, driven by higher delivery volumes from chain brands, while JD Daojia's revenue fell by 28% due to strategic adjustments and a focus on core JD app channels [1][2]. - The company is undergoing a business adjustment phase, with an expected overall revenue decline of 5% for 2024. Dada Now's revenue growth is projected at 35%, while JD Daojia's revenue is anticipated to decrease by 30% [2][3]. - The report indicates that the second quarter may experience the most significant impact from business adjustments, with an overall revenue decline forecasted at 9% [2][3]. Financial Summary - For the fiscal year ending December 31, 2024, total revenue is projected to be RMB 9.94 billion, a decrease of 5.4% compared to 2023. Net loss is expected to be RMB 753 million, with an adjusted net profit margin of 7.6% [3][9]. - The operating costs as a percentage of revenue increased to 75% in Q1 2024, up from 55% in the same period last year, primarily due to rising costs associated with increased delivery volumes [1][5]. - The company reported a net loss of RMB 1.9 billion in Q1 2024, with an operating loss margin of 15% [5][6]. Operational Highlights - Dada Group upgraded its instant retail brand to "JD Express," achieving over 70% year-on-year growth in monthly active users and order volume in the JD ecosystem during Q1 2024 [2][5]. - The company has seen significant growth in specific product categories, with convenience store GMV increasing by over 500% and categories like alcohol and home appliances doubling in sales [2][5]. - The management team has been adjusted recently, but the business restructuring is ongoing, indicating a focus on long-term strategic goals despite short-term losses [2][3].

Investment Rating - The report maintains a "Buy" rating for QFIN US, with a target price raised from $23.00 to $25.80, indicating a potential upside of 21.1% from the current price of $21.30 [1][7]. Core Insights - The company has shown strong profit growth, with a 24.6% year-over-year increase in net profit for Q1 2024, and a 15.4% increase in net revenue, primarily driven by interest income from on-balance-sheet loans and referral service fees [1]. - The report highlights a significant shift towards a light-asset model, which now accounts for 61% of facilitated loans, despite a 9.3% year-over-year decline in facilitated loans [1][4]. - Asset quality remains stable, with a 90-day delinquency rate of 3.35%, reflecting a slight increase over the past two quarters [1]. - The net take rate has improved, reaching 3.5% in Q1 2024, up 60 basis points year-over-year, attributed to better management of early repayment issues and lower funding costs [1]. Financial Performance Summary - For Q1 2024, the company reported a net income of approximately 1.1 billion RMB, with a guidance for Q2 2024 net profit between 1.17 billion and 1.23 billion RMB, reflecting a year-over-year growth of 7.0% to 12.5% [1][3]. - The company's revenue for 2024 is projected to be 17.233 billion RMB, with a year-over-year growth of 5.8% [5]. - The report anticipates a slight decline in facilitated loan growth, projecting a decrease of 3.0% for 2024, followed by a recovery in subsequent years [6][9]. Key Financial Metrics - The report provides a detailed financial outlook, including projected net profit of 4.713 billion RMB for 2024, with a corresponding EPS of 31.0 RMB [3][8]. - The company’s price-to-earnings ratio is projected to be 5.2 for 2024, indicating a favorable valuation compared to historical performance [3]. - The net take rate is expected to stabilize around 3.61% for 2024, reflecting ongoing improvements in operational efficiency [6].

Investment Rating - The report assigns a "Buy" rating to the company, iQIYI (IQ US), with a target price of $6.70, indicating a potential upside of 15.7% from the current price of $5.79 [1][3][14]. Core Insights - iQIYI's Q1 2024 revenue reached 7.93 billion RMB, a year-over-year decline of 5% but a quarter-over-quarter increase of 3%, aligning with market expectations. Adjusted operating profit was 1.1 billion RMB, exceeding expectations of 800 million RMB and 700 million RMB from the market, resulting in an adjusted operating margin of 14%, benefiting from better-than-expected cost optimization [1][2]. - The report highlights the impact of AIGC (Artificial Intelligence Generated Content) on operational efficiency and advertising revenue growth, with advertising income increasing by 6% year-over-year to 1.5 billion RMB, driven by double-digit growth in performance advertising [2][12]. - The company is expected to face increased competition in the second quarter, leading to a slight downward adjustment in membership revenue expectations for 2024, although operating profit expectations remain unchanged due to faster-than-expected cost optimization [2][12]. Financial Overview - For the fiscal year ending December 31, 2024, the company is projected to generate revenue of 32.65 billion RMB, with a net profit of 3.50 billion RMB, reflecting a year-over-year growth of 2.4% and 23.8% respectively [3][15]. - The report provides a detailed financial outlook, including projected earnings per share (EPS) of 3.60 RMB for 2024, with a price-to-earnings (P/E) ratio of 11.6 times [3][15]. - The company’s cash flow from operations is expected to improve significantly, with operating cash flow projected at 2.78 billion RMB in 2024 [15]. Market Position and Strategy - iQIYI continues to focus on differentiated content strategies, particularly in realistic themes, which are expected to maintain its competitive edge in the market [2][12]. - The report notes that the company is exploring more opportunities for membership value-added services, which will further enhance its Average Revenue per Member (ARM) [2][12]. - The international market shows promising growth, with overseas membership revenue increasing by over 80% in regions like Hong Kong and the UK, indicating a successful local content strategy [2][12].

各位朋友大家好那今天呢其实我是想最主要和大家聊一下就是这个关于这个港股的一些情况在港股呢其实最近的这个强劲表现呢大家都其实是都有一个密切的关注那关于这个市场呢就是具体应该是有些细分的一些点我觉得应该怎么来看呢我觉得我是想给大家就是有一些更更细致的一些拆解吧那其实像之前在三月末的时候呢我们这个报告基本上就是已经 其实是当时我们的这个择时模型里面其实就已经给出了一些信号了就关于整个就是就这一波港股它其实是已经有一些就是 很明确的一些信号开出来我们当时其实就已经呼吁投资者可以开始重点关注港股了随后其实整个我们可以看到整个4月开始一直到5月至今其实都是一个很明显的一个强劲的势头那现在最近大家其实很多的一些关注点就在于说是比如说现在这个市场接下来还比如说应该会怎么走这个反弹还会不会持续那我们针对这个其实是也做了一些梳理 那我们的判断呢认为还是港股的这个这波的这个反弹还是仍然会继续的但是与此同时可能也是需要留意一些比如说一些非基本因素对于整个市场的一些扰动那但是整体来看呢就是基本上这个还是会继续往上走这一波的行情应该还是没有走完的那原因呢大概有这么几个点首先呢就是这个宏观政策支持的这个 它的支持力度不管是货币还是财政它都 ...

Investment Rating - The investment rating for the company is Neutral [11]. Core Insights - The company's Q1 2024 performance exceeded expectations with revenue of 42.1 billion RMB, a year-on-year increase of 15%, surpassing market expectations by 4% [6][9]. - The external integration revenue grew by 5%, with a customer base of 56,000, indicating a recovery in growth [6][9]. - The adjusted net profit reached 663 million RMB, marking the first profitable Q1 since its listing, driven by business structure optimization and improved operational efficiency [6][9]. Summary by Sections Q1 2024 Performance - Total revenue was 42.1 billion RMB, up 15% year-on-year, with external revenue accounting for 69% [6][9]. - Internal orders accelerated with a growth rate of 15%, benefiting from the growth of JD Retail and lowered free shipping thresholds [6][9]. - Gross margin improved by 3 percentage points to 7.7% due to customer structure adjustments and scale effects [6][9]. Outlook and Valuation - Management maintains guidance for high single-digit revenue growth and an adjusted net profit margin of 1.7%-2% for the year [6][9]. - The adjusted net profit forecast for 2024 has been raised by 8% to 2.2% net profit margin, with expectations for better performance than the upper guidance limit [6][9]. - The target price has been adjusted from 9.5 HKD to 10.1 HKD based on a 15x P/E ratio for 2024 [6][11].

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 美元 79.51 美元 111.00 +39.6% 互联网 2024 年 5 月 16 日 阿里巴巴 (BABA US) 电商 GMV 增速回暖，短期投入见成效 2024 财年 4 季度（3 月季度）业绩：总收入 2,219 亿元人民币（下同）， 同比增7%，与我们/彭博市场预期基本一致，其中，淘天+4%/国际+45%/云 +3%/本地生活+19%/菜鸟+30%/大文娱-1%。调整后每股盈利 10.14 元，同 比降 5%，基本符合我们预期/低于彭博市场预期 3%。调整后 EBITA 利润率 11%，同比微降 1 个百分点，主要由于电商业务加大投入，及菜鸟 IPO 撤 回后给予员工额外激励。 业绩要点回顾：1）淘天 GMV 同比双位数增长 ，拉动 CMR 增 5%，变现率 小幅下降，因淘宝 GMV 贡献提升及新的商业模式目前变现率较低，随着 新广告产品全站推上线，GMV 和 CMR 增速差将逐步收窄。2）国际商业收 入受速卖通 Choice（贡献 70%订单）增长及变现率提升带动，亏损扩大至 41 亿元因加大速卖通 Choice 和 Trendyol 跨境业务 ...