Investment Rating - The report maintains a "Buy" rating for Wynn Macau (1128 HK) [1] Core Views - Wynn Macau's Q3 2024 performance fell short of expectations, with market share remaining stable [1] - The company aims to maximize EBITDA by focusing on product and service enhancements, despite intense competition in Macau [2] - Q3 2024 adjusted property EBITDAR margin declined QoQ, though it improved compared to Q3 2019 levels [3] - Revenue recovery in Q3 2024 reached 81 2% of Q3 2019 levels, with gaming and non-gaming net revenues recovering to 78 9% and 93 8% respectively [3] - Adjusted property EBITDAR for Q3 2024 was USD 260 million, down 6 2% QoQ but recovering to 87 3% of 2019 levels [3] Financial Performance Revenue - Q3 2024 gaming revenue reached USD 880 million, recovering to 70 4% of Q3 2019 levels [1] - VIP gaming revenue recovered to 25 3% of Q3 2019 levels [1] - Mass market (including slots) gaming revenue recovered to 106 7% of Q3 2019 levels [1] - Total revenue forecast for 2024-2026: HKD 28 737 million, HKD 31 039 million, and HKD 32 661 million respectively [1] Profitability - Adjusted property EBITDA forecast for 2024-2026: HKD 8 995 million, HKD 9 587 million, and HKD 10 018 million respectively [1] - EV/Adjusted property EBITDA multiples for 2024-2026: 7 89x, 7 40x, and 7 08x respectively [1] - EPS forecast for 2024-2026: HKD 0 48, HKD 0 56, and HKD 0 64 respectively [1] Operational Metrics - Hotel occupancy rate reached 99% in July 2024 [2] - Daily operating expenses increased by 2 0% QoQ to USD 2 55 million in Q3 2024 [3] - Adjusted property EBITDAR margin was 30 2% in Q3 2024, down 1 5 percentage points QoQ but up 2 1 percentage points compared to Q3 2019 [3] Market Position - Wynn Macau's mass market recovery (106 7%) lagged behind the industry average (107 1%) in Q3 2024 [1] - VIP recovery (25 3%) was significantly below the industry average (42 1%) in Q3 2024 [1] - The company plans to optimize and expand F&B facilities and renovate Chairman's Club to enhance service quality [2] Valuation - Target price: HKD 8 2 [4] - Current price: HKD 6 00 [5] - 52-week range: HKD 4 74 - HKD 8 30 [5]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of $6 [1]. Core Insights - The company reported Q2 2024 financial results that met expectations, achieving revenue of 1.26 billion yuan, a year-on-year increase of 31%, with a gross margin of 23%, up 1 percentage point quarter-on-quarter [2]. - Revenue growth is attributed to the continuous mass production of vehicles equipped with the company's technology products, which have been installed in over 6.9 million vehicles globally, representing a 32% year-on-year increase [4]. - The company is expected to achieve total revenues of 5.85 billion yuan in 2024, 8.2 billion yuan in 2025, and 10.53 billion yuan in 2026, with corresponding price-to-sales ratios of 1.2, 0.9, and 0.7 [2]. Financial Performance Summary - For 2023, the company reported total revenue of 4.666 billion yuan, with a projected increase to 5.852 billion yuan in 2024, 8.201 billion yuan in 2025, and 10.530 billion yuan in 2026, reflecting growth rates of 31.2%, 25.4%, 40.1%, and 28.4% respectively [2][6]. - The net profit attributable to the parent company is projected to improve from a loss of 940 million yuan in 2023 to a profit of 295 million yuan in 2026, indicating a significant turnaround [2][6]. - The company’s earnings per share are expected to turn positive, reaching 0.11 yuan in 2025 and 0.87 yuan in 2026 [2]. Strategic Developments - The company has accelerated its global strategy, with five new projects focused on overseas models, including a collaboration with a well-known European automaker [4]. - A new manufacturing base in Fuyang, Zhejiang, commenced mass production in April 2024, marking a key milestone in enhancing the company's vertical integration and supply chain capabilities [4].

Investment Rating - The report maintains a "Buy" rating for Galaxy Entertainment [1] Core Views - The company's performance slightly exceeded expectations, with cost control measures expected to continue reducing expense ratios and improving EBITDA profit margins [2] - In Q2 2024, the company achieved net revenue of HKD 10.92 billion, recovering to 82.8% of Q2 2019 levels, with gaming and non-gaming revenues at HKD 8.60 billion and HKD 1.48 billion respectively [2][3] - The company is focusing on enhancing its non-gaming family entertainment offerings to strengthen long-term competitiveness [3] Financial Forecasts - Revenue projections for 2024-2026 are HKD 45.62 billion, HKD 50.31 billion, and HKD 53.49 billion respectively, with adjusted property EBITDA forecasts of HKD 12.75 billion, HKD 15.38 billion, and HKD 16.66 billion [3] - The current stock price corresponds to EV/EBITDA multiples of 9.1, 7.6, and 7.0 for 2024, 2025, and 2026 respectively [3] - The target price is set at HKD 46.6 [3] Market Share and Performance - The company's total gaming revenue in Q2 2024 was HKD 10.34 billion, recovering to 68.0% of Q2 2019 levels, with market share increasing to 18.9% [3] - The VIP gaming revenue recovery is slower than the industry average, but the company has increased its market share by 1.5 percentage points to 10.8% [3] Investment in Infrastructure - The company invested HKD 1.1 billion in property renovations in Q2, with significant funds allocated to the construction of Galaxy Phase 3 and 4, aiming to attract high-value customers [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's total gaming revenue for Q2 2024 reached USD 1.21 billion, recovering to 74.5% of the level seen in Q2 2019. The Macau properties generated USD 1.05 billion, recovering to 69.6% of the same period in 2019 [2][3] - The company has taken measures to enhance liquidity, including debt extensions and bond issuances, resulting in a cash reserve of USD 670 million for Macau and USD 1.3 billion at the group level, sufficient to meet the USD 300 million refinancing requirement due in July next year [2] - The average daily operating expenses in Q2 2024 increased to USD 2.9 million, primarily due to new hires and a 2.5% salary increase. It is expected that the annual average operating expenses will return to approximately USD 3 million as events and shows resume [3] - The company's Q2 2024 net revenue was USD 1.16 billion, aligning closely with market expectations, and recovering to 80.4% of Q2 2019 levels. Adjusted EBITDA was USD 300 million, slightly below market expectations [3] - The report revises the company's net income forecasts for 2024-2026 to HKD 37.62 billion, HKD 41.06 billion, and HKD 42.95 billion, respectively, and adjusts the adjusted EBITDA forecasts to HKD 9.69 billion, HKD 11.74 billion, and HKD 12.62 billion [3] Financial Projections - Total revenue for 2023 is projected at HKD 29.53 billion, with expected growth rates of 179.5% in 2023, 27.4% in 2024, 9.1% in 2025, and 4.6% in 2026 [2][3] - The adjusted property EBITDA for 2023 is estimated at HKD 7.51 billion, with projections of HKD 9.69 billion in 2024, HKD 11.74 billion in 2025, and HKD 12.62 billion in 2026 [2][3] - The current stock price corresponds to EV/EBITDA multiples of 7.1, 5.9, and 5.5 for 2024, 2025, and 2026, respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q2 2024 was below expectations, with a profit margin decrease of 2.3 percentage points to 31.7% [3] - The company achieved gaming revenue of $880 million, recovering to 64.3% of the same period in 2019, with VIP and mass market revenues at $140 million and $740 million respectively [2][3] - The management indicated that despite a decline in market share in Q2 2024, the market share has rebounded to expected levels by July 2024 due to strong mass market betting and high hotel occupancy rates [3] Financial Performance Summary - Total revenue for 2023 is projected at HKD 24,268 million, with expected growth to HKD 30,193 million in 2024, HKD 32,396 million in 2025, and HKD 34,142 million in 2026, reflecting a year-on-year growth of 330% in 2023 and 24.4% in 2024 [2][6] - Adjusted property EBITDA is forecasted to be HKD 7,467 million in 2023, increasing to HKD 9,674 million in 2024, HKD 10,187 million in 2025, and HKD 10,740 million in 2026 [2][6] - The adjusted property EBITDA margin is expected to remain stable, with a slight decrease in 2024 [3] Market Share and Competitive Position - The company's market share in mass gaming and overall gaming revenue decreased by 1.5 percentage points to 13.9% and 12.6% respectively in Q2 2024 [2][3] - The management plans to focus on enhancing product and service quality while maintaining a cautious approach to investments amid competitive market conditions [3] Earnings Forecast and Valuation - The net income forecast for 2024-2026 has been revised down to HKD 30.19 billion, HKD 32.40 billion, and HKD 34.14 billion respectively [3] - The target price for the stock is set at HKD 9.5, corresponding to an EV/Adjusted Property EBITDA of 7.3x for 2024, 7.0x for 2025, and 6.6x for 2026 [3]

固安捷 （GWW.N） 证券研究报告·公司点评报告·贸易公司与经销商 [Table_Main] 2024 年二季度业绩点评：24Q2 业绩稳中有 升，HTS 业务持续跑赢行业 增持（维持） [Table_Author]2024 年 8 月 6 日 分析师 李润泽 (852) 3982 3213 leonli@dwzq.com.hk | --- | --- | --- | --- | --- | |-------------------------------------|--------|--------|--------|--------| | 盈利预测与估值 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万美元） | 16,478 | 17,194 | 18,239 | 19,539 | | 同比（ % ） | 8.2 | 4.3 | 6.1 | 7.1 | | 归母净利润（百万美元） | 1,829 | 1,870 | 2,050 | 2,261 | | 同比（ % ） | 18.2 | 2.3 | 9.6 | 10.3 | | 每股收益（美元 / 股） | 37. ...

Investment Rating - Investment Rating: N/A [11] Core Insights - The report highlights the diversified business development of NIP Group, focusing on esports as the core, with well-known brands like eStar Gaming and Ninjas in Pyjamas [12][45] - The esports industry is rapidly developing with significant commercialization potential, and NIP Group is actively expanding its "esports+" business model [12][45] - The company aims to become a global comprehensive digital sports group through horizontal expansion and vertical resource integration [12][45] Revenue Forecast & Valuation - Revenue projections for 2024-2026 are USD 90.8 million, USD 104.6 million, and USD 133.5 million, with year-over-year growth rates of 8.5%, 15.2%, and 27.6% respectively [3][14] - Adjusted EBITDA is expected to be USD 7.2 million, USD 14.0 million, and USD 22.0 million for the same period [3][14] Business Segments - Esports Club Operations: The company operates two esports brands, Ninjas in Pyjamas and eStar Gaming, allowing for broader game coverage and revenue diversification [12][45] - Digital Talent Management: The company has signed over 36,000 KOLs, with a total audience exceeding 33 million, enhancing brand influence and fanbase [12][45] - Event Production: NIP Group has hosted over 400 events since 2020, boosting industry vitality and brand recognition [12][45] "Esports+" Model - The company has entered the 2.0 stage of the "esports+" model, generating income through advertising, sponsorships, and live streaming, while exploring opportunities in esports education and digital collectibles [12][45]

Investment Rating - The report initiates coverage with an "Outperform" rating for Huanxi Media, reflecting confidence in its strategy and growth potential [2][54]. Core Insights - Huanxi Media emphasizes the belief that "content is king" in the film industry, binding top directors and creative teams to consistently produce high-quality content. The company has established a unique equity structure that aligns the interests of shareholder directors with the company's long-term goals [2][12]. - The film industry is experiencing a rapid recovery, with significant box office growth expected in 2024. Huanxi Media is well-positioned to capitalize on this trend through its strong film reserves and strategic partnerships [28][43]. - The company is actively developing its online video platform, "Huanxi Premier," aiming to create a Chinese equivalent of Netflix, which combines subscription and pay-per-view models [47][80]. Summary by Sections 1. Content is King, Pioneering a New Model in the Film Industry - Huanxi Media has successfully integrated renowned directors as shareholders, fostering a collaborative environment that enhances content quality. This model reduces performance pressure on directors while aligning their interests with the company's success [2][12][75]. 2. Rapid Recovery of the Film Industry, AI Assisting Cost Reduction and Efficiency - The Chinese film market has shown strong recovery, with total box office revenue reaching 549 billion yuan in 2023, a significant increase from previous years. The report anticipates continued growth in 2024, driven by high-quality content [28][43]. 3. Rich Film Reserves, Actively Developing Online Video Platform - Huanxi Media's film "Man Jiang Hong" achieved a total box office of 4.54 billion yuan, becoming the highest-grossing suspense film in Chinese history. The company has a robust pipeline of upcoming films, including collaborations with top directors [43][44]. - The online video platform "Huanxi Premier" is designed to curate high-quality films and TV programs, enhancing user experience through strategic partnerships with major entertainment companies [47][81]. 4. Earnings Forecast and Investment Recommendations - Revenue projections for Huanxi Media are estimated at HKD 817 million, HKD 902 million, and HKD 969 million for 2024, 2025, and 2026, respectively. Net profit is expected to be HKD 123 million, HKD 178 million, and HKD 193 million over the same period [54][76].

证券研究报告·公司深度研究·分销和零售商 家得宝 （HD.N） [ MTab Rle_M Oain专] 题系列（二）：MRO 业务打开成长 [Table_Autho2r0] 24年 6月 11日 空间，与零售和 PRO 业务协同共赢 分析师 中性（首次） 李润泽 (852) 3982 3213 leonli@dwzq.com.hk 盈利预测与估值 FY2023A FY2024E FY2025E FY2026E 营业收入（百万美元） 157,403 159,041 162,130 166,251 股[T价ab走le_势Pi cQuote] 同比（%） 4.1 1.0 1.9 2.5 归母净利润（百万美元） 17,105 15,721 17,852 18,418 同比（%） 4.1 -8.1 13.6 3.2 每股收益（美元/股） 17.2 15.9 18.0 18.6 P/E（倍） 19.3 21.0 18.5 17.9 数据来源：iFind，东吴证 券（香港） 投资要点 数据来源：iFind，东吴证券研究所 ◼ 家得宝是全美家居建材连锁零售商龙头，主要跟踪美国已开工新建住宅和建材家具 零售库销比。公司主要收入 ...

东吴证券（香港） 请务必阅读正文之后的免责声明部分 固安捷 （GWW.N） 证券研究报告·公司点评报告·贸易公司与经销商 [Table_Author]2024 年 6 月 3 日 | --- | --- | --- | --- | --- | |-------------------------------------|--------|-------------------|--------|--------| | 盈利预测与估值 | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万美元） | 16,478 | 17,194 | 18,239 | 19,539 | | 同比（ % ） | 8.21 | 4.35 | 6.08 | 7.13 | | 归母净利润（百万美元） | 1,829 | 1,870 | 2,050 | 2,260 | | 同比（ % ） | 18.23 | 2.24 | 9.61 | 10.27 | | 每股收益（美元 / 股） | | 37.23 38.06 41.72 | | 46.00 | | P/E （倍） | 24.72 | 24.18 | 2 ...