20 Nov 2024 CMB International Global Markets | Equity Research | Company Update Trip.com (TCOM US) Solid business growth momentum continues Trip.com Group (TCOM) released (19 Nov) 3Q24 results: total revenue was RMB15.9bn, up 16% YoY, 2% better than Bloomberg consensus estimates; non-GAAP operating income (OP) was RMB5.5bn, 6% better than consensus thanks to more optimized-than-expected sales and marketing spend. Excluding equity in income of affiliates (RMB558mn), non-GAAP net income of RMB5.4bn was 13% ah ...

市值上限(百万美元) 平均 3 个月 t / o(百万美元) 52w 高 / 低(美元) 已发行股份总数(百万) 40,292.9 100.9 68.43/32.76 657.1 来源 ： FactSet 股权结构 百度实体 摩根士丹利 来源 ： 港交所 10.8% 5.8% 份额业绩 绝对 相对 1-mth 3-mth 6-mth 0.1% -1.5% 42.9% 35.9% 7.9% -4.2% CMB 国际全球市场 | 股票研究 | 公司更新 20 Nov 2024 Trip. com (TCOM US) 稳健的业务增长势头持续 Trip.com集团（TCOM）于（19年11月）发布了2024年第三季度财报：总收入 为人民币159亿元，同比增长16%，超出彭博一致预期2%；非GAAP运营利润 为人民币55亿元，超出预期6%，得益于销售和营销支出比预期更为优化。扣除 联营公司收益（5.58亿元）后，非GAAP净利润为人民币54亿元，超出预期13 %。国内业务量的增长比我们先前的预期更加稳健，出境业务复苏进展顺利。 对Trip.com国际扩张的额外投资应有助于长期收入和盈利增长。考虑到更好的 营收增长预期带 ...

20 Nov 2024 2,001.2 6.6 12.24/7.13 235.2 股权结构 来源 ： FactSet Sina 阿里巴巴 来源 ： 公司数据 37.3% 28.9% 份额业绩 绝对 相对 1-mth 3-mth 6-mth -6.4% -7.9% 1.9% -3.0% -11.9% -21.8% CMB 国际全球市场 | 股票研究 | 公司更新 微博 (WB US) 第 3 季度的结果在奥运会上表现出色 ； 第 4 季度的前景仍然面临压力 微博于11月19日公布了2024年第三季度（3Q24）财报：净收入同比增长5%（ 按恒定货币计算，同比增长3%），达到4.65亿美元，比彭博社一致预期超出7 %，主要得益于广告收入的稳定和增值服务（VAS）收入的超预期增长；非GA AP净利润同比增长2%至1.39亿美元，超出预期16%，主要由于收入表现优异和 运营效率提升。展望未来，管理层对宏观经济政策刺激持谨慎乐观态度，但认 为政策效果将需要一段时间才能显现。对于2024年第四季度（4Q24E），我们 预计在恒定货币基础上广告收入将下降4%，主要原因是基数较高以及某些与消 费相关的垂直领域广告需求疲软。我 ...

20 Nov 2024 CMB International Global Markets | Equity Research | Company Update Tongcheng Travel (780 HK) Travel demand remains resilient Tongcheng Travel (TC) reported 3Q24 results: total revenue was RMB5.0bn, up 51% YoY (2Q24: +48% YoY), 3% better than Bloomberg consensus estimates; adjusted net income was RMB910mn, up 47% YoY, 11% better than consensus. OPM of core OTA businesses improved to 31.1% in 3Q24 (3Q23: 25.2%), driven by optimization of marketing strategies. Booking volume growth of TC's transpo ...

2024 年 11 月 18 日 市值 目标价 上行/ P/E (x) P/B (x) ROE (%) 公司名称 股份代码 评级 (百万美 元) (LC) 下行空 间 FY25E FY26E FY25E FY26E FY25E FY26E 联影医疗 688271 CH 买入 14,098.3 162.81 21% 50.5 40.6 5.2 4.8 0.1 0.1 百济神州 BGNE US 买入 20,470.2 276.02 43% 391.7 29.3 71.2 57.4 0.0 0.2 药明康德 603259 CH 买入 21,086.3 72.37 37% 13.6 11.7 2.3 2.0 0.2 0.2 巨子生物 2367 HK 买入 6,540.2 66.15 34% 19.4 15.2 5.2 4.2 0.3 0.3 三生制药 1530 HK 买入 1,791.9 9.46 64% 6.4 5.8 0.7 0.6 0.1 0.1 信达生物 1801 HK 买入 7,818.6 55.21 48% nm 32.7 4.3 3.7 (0.0) 0.1 科伦博泰 6990 HK 买入 4,624.6 ...

18 Nov 2024 CMB International Global Markets | Equity Research | Company Update Alibaba (BABA US) Results inline; solid execution towards achieving development goal Alibaba reported inline-with-Bloomberg consensus 2QFY25 (March year-end) results: total revenue was RMB236.5bn, up 5.2% YoY, while adjusted EBITA/non-GAAP net income for the quarter was RMB40.6bn/36.5bn, -5.3%/- 9.0% YoY, owing to incremental investment in user experience improvement for Taobao & Tmall (T&T) Group (5% YoY decline in EBITA), and ...

18 Nov 2024 CMB International Global Markets | Equity Research | Company Update CSPC Pharmaceutical (1093 HK) Product sales under pressure 3Q24 results missed. In 9M24, CSPC's total revenue decreased by 3.5% YoY to RMB22.69bn and attributable net profit fell by 15.9% YoY to RMB3.78bn, accounting for 71% and 64% of our previous full-year estimates, respectively. In 3Q24, total revenue was RMB6.40bn (-17.8% YoY) and attributable net profit was RMB758mn (-50.4% YoY). GP margin decreased to 67.7% in 3Q24 (vs 70 ...

15 Nov 2024 CMB 国际全球市场 | 股票研究 | 公司更新 网易(NTES 美国) 内联第三季度业绩 ； 关注 12 月新游戏的发布 网易宣布2024年第三季度财务结果：总收入同比下滑4%至人民币262亿元，基 本符合彭博一致预期；营业利润同比下降5%至人民币71.5亿元，符合彭博一致 预期的人民币72.2亿元。2024年第三季度收入同比下降，主要由于基数较高以 及某些新游戏表现不及预期。展望未来，我们预计将在不久后推出新的游戏产 品。 漫威竞争对手 and 风相遇的地方 在2024年12月将是关键的催化剂，其 表现将主导网易在2025财年的估值和收入增长。我们下调了2024至2026财年的 总收入预测，降幅为5-6%，以反映某些新游戏表现不及预期的情况。我们调整 了基于收益折现法的目标股价至125.5美元（此前目标价为130.0美元）。维持 买入评级。 由于高基数效应 ， 游戏收入承压。 游戏 & 相关增值服务收入在2024年第三季度同比下降4%，达到人民币209亿元。移动 游戏收入同比下降10%，降至人民币143亿元，主要原因是基数较高的影响（注 ：原文中"high-base effect" ...

15 Nov 2024 CMB International Global Markets | Equity Research | Company Update NetEase (NTES US) Inline 3Q24 results; eyes on new game launch in December NetEase announced 3Q24 financial results: total revenue declined by 4% YoY to RMB26.2bn, largely in line with Bloomberg consensus estimate; operating profit was down by 5% YoY to RMB7.15bn, in line with consensus estimate of RMB7.22bn. 3Q24 revenue was down YoY, mainly due to the high-base effect and softer-than-expected performance of certain new game ti ...

15 Nov 2024 CMB International Global Markets | Equity Research | Company Update Bilibili (BILI US) Strong mobile games and ad businesses support solid 3Q24 results BiliBili reported 3Q24 results: total revenue was up by 26% YoY to RMB7.31bn, 3/2% ahead of our/Bloomberg consensus estimate; the company achieved quarterly breakeven and recorded an adjusted net income of RMB236mn (vs. adjusted net loss of RMB878mn in 3Q23), ahead of our/consensus estimate of RMB195/217mn. The solid 3Q24 print is mainly due to t ...