Investment Rating - Maintains a "Buy" rating with a target price raised to $125 [7][9] Core Views - Sea's 3Q24 revenue reached $4.33 billion, up 30.8% YoY, surpassing market expectations by 6.4% [5] - Adjusted EBITDA for 3Q24 was $520 million, exceeding market expectations by 8.4% [5] - Adjusted net profit for 3Q24 was $330 million, 6.2% above market expectations [5] E-commerce Business - E-commerce revenue in 3Q24 was $3.18 billion, up 43% YoY, with core market revenue growing 49% and value-added services revenue up 29% [5] - GMV increased 25% YoY to $25.1 billion, with total orders up 24% to 2.8 billion [5] - Adjusted EBITDA for e-commerce turned positive at $34.5 million, with $30.9 million from Asia and $3.5 million from other markets [5] - The company maintains its full-year GMV growth guidance of around 25% [5] Digital Financial Services - Digital financial services revenue in 3Q24 was $620 million, up 38% YoY, driven by consumer and SME lending [6] - Loan principal increased 73% YoY to $4.6 billion, with a non-performing loan ratio improving to 1.2% [6] - Adjusted EBITDA for digital financial services was $190 million, up 13% YoY [6] Digital Entertainment - Digital entertainment revenue in 3Q24 was $500 million, down 16% YoY due to deferred revenue, but game revenue grew 24% YoY to $560 million [6] - Quarterly active users increased 16% YoY, and quarterly paying users grew 24% [6] - Adjusted EBITDA for digital entertainment was $310 million, up 34% YoY [6] - Free Fire remained the top-downloaded mobile game globally in 3Q24, with daily active users exceeding 100 million [6] Financial Projections - Revenue forecasts for 2024E and 2025E were raised to $16.3 billion and $18.9 billion, respectively [7] - Adjusted net profit for 2024E and 2025E is projected at $1.09 billion and $1.73 billion, respectively [8] - Adjusted target P/E ratios for 2024E, 2025E, and 2026E are 69.0x, 43.5x, and 31.9x, respectively [8] Valuation and Market Performance - The current stock price is $107.65, with a 52-week range of $34.35 to $117.52 [9] - The total market capitalization stands at $61.61 billion [9] - The stock has shown significant outperformance relative to the S&P 500 index over the past year [9]

财务模型更新 | 互联网行业 浦银国际研究 浦银国际 财务模型更新 虎牙 股价表现 （HUYA.US） 资料来源：Bloomberg、浦银国际 虎牙（HUYA.US）：直播业务短期 承压，新业务保持强劲 业绩略优于预期：公司 3Q24 收入为人民币 15.4 亿元，同比下降 7.6%， 环比持平，高于市场预期 1.4%。其中直播收入为 11.3 亿元，同比下降 26%，主要是行业疲软以及公司战略调整所致；平台移动 MAU 环比微 增至 8,400 万，季度付费用户同比增长 9.5%至 460 万，主要受游戏相 关服务驱动。受直播收入下滑影响，公司毛利率同比下降 1.4pp 至 13.2%。公司保持审慎的运营策略，经营费用环比平稳，经营亏损 0.32 亿元。调整后净利润为 0.78 亿元，高于市场预期的 0.64 亿元；调整后 净利率为 5.1%。截至三季度末，回购计划额度剩余约 0.39 亿美元。 游戏相关服务加速增长：3Q24 游戏相关服务、广告及其他收入为 4.1 亿元，同比增长 209%，环比增长 33%，收入贡献占比进一步提升至 27%，主要受益于公司加强与腾讯等游戏公司合作，推动游戏发行、广 告服务 ...

Investment Rating - The report maintains a "Buy" rating for the US and Hong Kong stocks of BeiGene, with target prices adjusted to $255 and HK$153 respectively. The A-share rating is downgraded to "Hold" with a target price of RMB 181 [1][3][7]. Core Insights - The report highlights that BeiGene's total revenue for Q3 2024 reached $1.002 billion, representing a year-over-year increase of 28.2% and a quarter-over-quarter increase of 7.8%. Product revenue was $993 million, up 66.9% year-over-year and 7.8% quarter-over-quarter, slightly below expectations due to lower-than-expected sales of Zanubrutinib in the US [1][3][4]. - The global sales of Zanubrutinib in Q3 2024 amounted to $690 million, a 93.0% increase year-over-year and an 8.3% increase quarter-over-quarter. US sales were $504 million, up 86.5% year-over-year, while European sales surged by 217.2% year-over-year to $97.3 million [1][3][4]. - The report notes a temporary decline in gross margin due to accelerated depreciation from new production lines, with an overall product gross margin of 82.8% in Q3 2024 [1][3][4]. Financial Performance Summary - For Q3 2024, the adjusted non-GAAP operating profit was $65.63 million, an improvement from $48.46 million in Q2 2023. The net loss for the quarter was $121 million, which aligns with expectations but is lower than previous forecasts due to slightly lower revenue gross margins and higher R&D expenses [1][3][4]. - The report projects a slight reduction in revenue forecasts for 2024, with net losses adjusted to $740 million for 2024 and $350 million for 2025, while estimating a near breakeven point by 2026 [3][4]. R&D Pipeline Progress - The report indicates that BeiGene's R&D pipeline is progressing well, with key focus areas including BCL2, BTK CDAC, and CDK4 inhibitors. The BCL2 project has enrolled over 1,300 patients, with several trials expected to complete enrollment by early 2025 [2][3][4]. - The company anticipates that by the end of 2024, a total of 12 solid tumor products will enter clinical trials, with 8 already initiated this year [2].

Investment Rating - The report maintains a "Buy" rating for Zai Lab (ZLAB.US/9688.HK) and slightly lowers the target price to $55 for US shares and HK$43 for Hong Kong shares [1][4]. Core Insights - In Q3 2024, Zai Lab's net loss significantly narrowed to $41.67 million, a decrease of 39.7% year-over-year and 48.1% quarter-over-quarter, primarily due to lower-than-expected selling and administrative expenses [1]. - Product revenue for Q3 2024 reached $101.8 million, representing a 47% year-over-year increase and a 1.7% quarter-over-quarter increase, aligning with consensus expectations [1]. - The gross margin for product sales was stable at 64.1%, with a slight decrease of 0.8 percentage points quarter-over-quarter [1]. - The company continues to see strong growth in Efgartigimod, with Q3 2024 revenue of $27.3 million, a remarkable increase of 458% year-over-year and 17.6% quarter-over-quarter [1]. - Zai Lab has achieved approximately 65% market potential coverage for Efgartigimod, with around 10,000 myasthenia gravis patients having used the drug, and a stable monthly addition of about 1,000 new patients [1]. Financial Summary - The report projects a narrowing of net loss to $260 million for 2024, with slight adjustments to the 2025 and 2026 net loss and profit forecasts based on updated financial information [1][4]. - Revenue forecasts for 2024, 2025, and 2026 are $402 million, $651 million, and $995 million respectively, with year-over-year growth rates of 50.6%, 62.2%, and 52.8% [4][5]. - The report anticipates that Zai Lab will continue to expand its product pipeline, with several key drugs expected to be commercialized in China by the end of 2024 and early 2025 [1][4]. Market Expectations - The current stock price for Zai Lab is $29.0, with a potential upside of 90% to the target price of $55.0 [2]. - The stock has a 52-week price range of $13.4 to $36.6, and the total market capitalization is approximately $2.885 billion [2]. - For the Hong Kong shares, the current price is HK$23.4, with a potential upside of 84% to the target price of HK$43.0 [3].

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Investment Rating - The report maintains a "Buy" rating for the Hong Kong stock of the company and adjusts the target price to HKD 9.2, indicating a potential upside of 23% from the current price of HKD 7.5 [2][4][12] - The A-share target price is raised to RMB 14.5, but the rating is downgraded to "Hold" due to the stock being in a reasonable valuation range [2][4][6] Core Insights - The company has raised its full-year sales guidance for the drug Orelabrutinib to a growth rate of 45% year-on-year, driven by strong sales performance and new indications being added to insurance coverage [3][4] - In Q3 2024, the company reported a significant narrowing of net losses to RMB 13.57 million, a decrease of 87.5% year-on-year, attributed to better-than-expected R&D expenses and favorable foreign exchange gains [2][3] - The company achieved revenue of RMB 278 million in Q3 2024, representing a 74% year-on-year increase, with Orelabrutinib sales contributing RMB 276 million, up 75.5% year-on-year [2][3] Financial Performance Summary - For the first nine months of 2024, total revenue reached RMB 698 million, a 29.8% increase year-on-year, with Orelabrutinib product revenue at RMB 693 million, up 45% year-on-year [2][3] - The gross margin improved to 86% compared to 81.2% in the same period last year, while the net loss attributable to shareholders for the nine months was RMB 275 million, down 53.7% year-on-year [2][3] - The company forecasts total revenue for 2024 to be RMB 989 million, with a projected growth rate of 34% year-on-year [7][10] Clinical Development and Pipeline - The company is advancing two TYK2 inhibitors for autoimmune indications, with clinical trials for ICP-332 and ICP-488 progressing as planned [4][6] - The management expects Orelabrutinib's overseas potential for progressive multifocal leukoencephalopathy (PML) indications to reach approximately USD 3 billion in sales [3][4] - Clinical trials for the ITP indication are expected to complete by 2025, with ongoing discussions with the FDA for other indications [3][4]

浦银国际研究 浦银国际 公司研究 公司研究 | 新能源汽车行业 零跑汽车（9863.HK）：三季度毛利率 大幅改善 我们重申零跑汽车的"买入"评级。我们上调零跑汽车（9863.HK）目 标价至 43.2 港元，潜在升幅 27%。 重申零跑汽车的"买入"评级：零跑三季度汽车销量大幅增长，同时 毛利率环比改善明显。根据当前新增订单情况，我们预期明年零跑的 新能源车销量有望冲击 50 万台。预计明年销量增长主要来源于 C 系列 的改款、B 系列的新增车型以及海外销量的增长。同时，借助平台化模 块化和多域融合，公司持续优化整车成本。进一步看，零跑将在明年 量产交付具备端到端 AI 大模型能力的车型，持续推动智驾平民化。零 跑汽车当前市销率为 0.9x，相较于可比新势力估值具备吸引力，重申 "买入"评级。 三季度汽车毛利率大幅改善，四季度料将持续提升：零跑三季度收入达 到人民币 98.6 亿元，同比增长 74%，环比增长 84%，超过我们此前预 测，主要得益于汽车销量大幅增长。三季度综合毛利率为 8.1%，同比 增长 6.9 个百分点，环比大幅改善，增长 5.3 个百分点。这主要因为 C10、C16 等车型产品占比提升 ...

Investment Rating - The report maintains a "Buy" rating for Unity (U.US) with a target price raised to $25, indicating a potential upside of 29% from the current price of $22.21 [4][7][18]. Core Insights - Unity's Q3 2024 revenue reached $447 million, exceeding market expectations of $410 million. The strategic revenue segment was $429 million, showing a 2% year-over-year decline. Adjusted EBITDA was $92 million, also above prior guidance. The company has raised its Q4 guidance, expecting strategic revenue between $422 million and $427 million, corresponding to a 0%-1% year-over-year growth [2][4]. - Subscription revenue continues to show double-digit growth, with Q3 2024 Create Solutions revenue at $132 million, a 5% year-over-year increase. The company has shifted back to a seat-based subscription model, which is expected to enhance revenue predictability and developer adoption [3][4]. - Unity's advertising segment is making positive strides, with Q3 2024 Grow Solutions revenue at $298 million, a 5% year-over-year decline. The company is investing in a new data platform to improve user acquisition and monetization performance [4]. Financial Summary - For FY 2024E, Unity's revenue is projected at $1.787 billion, with adjusted EBITDA margin expected to be 21%. For FY 2025E, revenue is forecasted at $1.805 billion, with an adjusted EBITDA margin of 23% [6][10]. - The company reported a total revenue of $1.391 billion in FY 2022, which increased to $2.187 billion in FY 2023. However, a decline is expected in FY 2024E, followed by a slight recovery in FY 2025E and FY 2026E [10][11].

浦银国际 公司研究 中芯国际 （981.HK/688981.CH） 美元百万 2022 2023 2024E 2025E 2026E 营业收入 7,273 6,322 8,020 9,724 10,411 营收同比增速 34% (13%) 27% 21% 7% 毛利率 38.0% 19.3% 17.1% 20.2% 28.0% 净利润 1,818 903 583 923 1,810 净利润增速 7% (50%) (35%) 58% 96% 基本每股收益（美元） 0.23 0.11 0.07 0.12 0.23 港股 EV/EBITDA 12.5 14.9 14.7 12.8 11.8 A 股 EV/EBITDA 12.5 14.9 14.7 12.8 11.8 E=浦银国际预测 资料来源：公司公告、浦银国际 浦银国际研究 公司研究 | 半导体行业 中芯国际（981.HK/688981.CH）：三季度 毛利率超市场预期 维持中芯国际的"买入"评级，上调港股目标价至 32.6 港元，潜在 升幅 15%，上调 A 股目标价至人民币 117.0 元，潜在升幅 15%。 维持中芯国际"买入"评级：中芯国际处于半导体基本 ...

Core Viewpoints - A new round of fiscal stimulus has been introduced, focusing on resolving local government debt, which is expected to benefit debt resolution concept stocks [2][3] - The fiscal stimulus plan includes a "6+4+2" trillion yuan local government debt resolution scheme, increasing the local debt limit by 6 trillion yuan for replacing existing hidden debts, with an annual allocation of 2 trillion yuan from 2024 to 2026 [3] Market Focus - The short-term market is anticipated to focus on structural trends, with attention on high-quality Hong Kong high-dividend stocks and blue-chip stocks with significant buybacks [2][4] - As policies take effect, there is an expectation of improved corporate earnings, leading to a potential shift in market focus from policy to fundamentals [4] Investment Opportunities - Short-term trading opportunities may arise in sectors likely to benefit from local government debt resolution, including: 1. Asset Management Companies (AMCs) that have experience in debt management and are expected to see improved fundamentals due to policy support [5] 2. Urban Investment Platforms, which will focus on resolving debts through asset management [5] 3. Public-Private Partnership (PPP) concept stocks, particularly in environmental sectors like landscaping and ecological governance [5] - The real estate and banking sectors are also expected to benefit from local government debt resolution, potentially stabilizing the real estate market and improving bank asset quality [5]