28 Oct 2024 Earnings Summary (YE 31 Dec) FY22A FY23A FY24E FY25E FY26E Revenue (RMB mn) 137,340 173,212 204,470 236,000 258,850 YoY growth (%) 0.7 26.1 18.0 15.4 9.7 Net profit (RMB mn) 8,266.0 7,021.6 12,768.3 14,022.8 13,886.9 YoY growth (%) 22.9 (15.1) 81.8 9.8 (1.0) EPS (Reported) (RMB) 0.91 0.80 1.45 1.57 1.54 P/E (x) 14.4 16.5 9.1 8.4 8.5 P/B (x) 1.8 1.7 1.5 1.3 1.2 Yield (%) 2.1 2.2 3.9 4.2 4.1 ROE (%) 13.0 10.5 17.3 16.7 14.7 Source: Company data, Bloomberg, CMBIGM estimates CMB International Global ...

25 Oct 2024 CMB International Global Markets | Equity Research | Company Update Goertek (002241 CH) 3Q24 recovery on track; Poised to benefit from XR/TWS/gaming product launches in 2H24/FY25E Goertek's 3Q24 revenue/ net profit rose +2%/+138% YoY, exceeding previous market expectations. 3Q24 GPM lifted to 11.4% (-2.2 ppts QoQ/+1.2 ppts YoY), mainly due to improving efficiency and better scale effect. Looking into 4Q24/FY25E, we expect Goertek's earnings will continue to rebound given improving GPM YoY, prude ...

25 Oct 2024 CMB International Global Markets | Equity Research | Company Update ServiceNow (NOW US) Solid 3Q24 results; riding on GenAI tailwind ServiceNow announced 3Q24 results: total revenue increased by 22% YoY to US$2.80bn, 2% ahead of Bloomberg consensus estimate; non-GAAP net income was up by 29% YoY to US$775mn, 7% ahead of consensus estimate due to top-line outperformance and opex efficiencies. 3Q24 cRPO grew by 23.5% YoY at constant currency, which was 150bps above previous guidance, driven by the ...

24 Oct 2024 CMB International Global Markets | Equity Research | Initiation EDA Group Holdings (2505 HK) Riding on tide of B2C export e-commerce industry development BUY (Initiate) EDA Group (EDA) is a one-stop end-to-end supply chain solutions provider for e-commerce vendors. It offers supply chain solutions that encompass crossborder logistics, overseas warehousing, and fulfilment delivery services that are seamlessly integrated into EDA Cloud. EDA Cloud is EDA's self-developed platform that houses a comp ...

24 Oct 2024 CMB 国际全球市场 | 股权研究 | 启动 EDA 集团控股(2505 HK) | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------- ...

24 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Innolight (300308 CH) Solid 3Q with intact near-term prospects; Maintain BUY Innolight released its 3Q results. Revenue went up by 115.2% YoY/9.4% QoQ, while net profit went up by 104.4% YoY/3.3% QoQ, in-line with our expectations. Mgmt. attributed the slower sequential revenue growth (9.4% in 3Q24 vs. 31.3%/23% in 1Q/2Q24) to two main factors: 1) supply chain bottlenecks of key components (like DSPs & EMLs), an ...

24 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update New Oriental (EDU US) Soft consumption weighs on demand for highASP businesses; intact long-term outlook New Oriental announced 1QFY25 results on 23 Oct: net revenue grew by 30.5% YoY to US$1,435mn (or +33.5% YoY if excluding East Buy revenue), in line with our/consensus estimate of US$1,396mn/1,442mn; non-GAAP net income grew by 39.8% YoY to US$265mn, largely in line with our/consensus estimate of US$256/258mn, ...

23 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update iQIYI (IQ US) Recovery still takes time We expect iQiyi 3Q24 results (total revenue & operating profit) to be largely inline with our previous expectation in Aug and the consensus estimate. We forecast 3Q24 total revenue to decline by 10% YoY and 3% QoQ to RMB7.2bn, as macro uncertainty weighed on ad budgets and lack of blockbuster content impacted membership revenue growth. We expect 3Q24 non-GAAP net income to ...

23 Oct 2024 CMB International Global Markets | Equity Research | Company Update Ping An (2318 HK) Robust 3Q doubled in NBV and earnings growth Ping An recorded robust 3Q earnings with Group net profit and L&H NBV doubled in third quarter. Group OPAT attributable to shareholders grew 5.5% YoY to RMB 113.8bn, translating into a 22.1% YoY increase in 3Q24 on track for a steady recovery (1Q24: -3.0%/2Q24: +1.9% YoY). L&H and P&C accelerated attributable OPAT growth to 8%/455% YoY in 3Q, driven in part by more p ...

18 Oct 2024 CMB International Global Markets | Equity Research | Company Update Yancoal Australia (3668 HK) | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--- ...