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 ...

15 Nov 2024 CMB International Global Markets | Equity Research | Company Update JD.com (JD US) More proactively driving growth amid improving sentiment JD.com (JD) reported (14 Nov) 3Q24 results: revenue was RMB260.4bn, up 5.1% YoY (3Q23: 1.7%；2Q24: 1.2%), in line with Bloomberg consensus; nonGAAP NP was RMB13.2bn, up 24% YoY, and was 16% ahead of consensus, thanks to a 6% beat on JD Retail's (JDR) OP aided by stronger-than-expected scale effect, and strong profitability improvement of JD Logistics (JDL). M ...

15 Nov 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update Geely Automobile (175 HK) 3Q24 NEV sales and profits pave way for FY25 Maintain BUY. Despite an unexciting net profit, its SG&A cost control and NEV profitability were impressive in 3Q24. We expect the current strong NEV sales momentum to extend into 2025, leading to substantial core profit growth. 3Q24 operating profit beat. Geely's 3Q24 revenue was 2% lower than our prior forecast. GPM in 3Q24 was 0.3ppts lowe ...

2024 年 11 月 14 日 招银国际环球市场 | 宏观研究 | 宏观视角 美国经济 去通胀速度放缓 10 月 CPI 通胀与上月基本持平，符合市场预期，去通胀速度放缓。分类来看， 二手车、能源服务和房租价格反弹，但其他价格回落。目前实际利率仍在高位， 就业市场延续放缓，政策利率仍有进一步下降空间。但中长期内特朗普政策计划 可能推升通胀水平并增加通胀不稳定性，降低政策利率下降空间。他的减税和去 监管政策将刺激需求，关税政策将推升商品价格，移民政策可能减少劳工供应而 推升服务通胀，加强对美联储控制则可能削弱货币政策独立性而增加通胀不稳定 性。美联储已显示对进一步降息更加谨慎，可能采用小幅渐进降息方式，更加缓 慢地推动政策利率逐渐向中性利率趋近。我们预计美联储 12 月可能降息 25 个基 点，明年或进一步降息 50 个基点，明年末联邦基金利率可能降至 3.75%-4%。 美国 10 年国债收益率可能从今年末的 4.2%降至明年末的 4%。 CPI 增速符合市场预期，食品、能源及核心商品延续去通胀。10 月 CPI 环 比增速从 0.18%小幅升至 0.24%，与市场预期的 0.21%基本持平；CPI 同 比 ...

点击蓝字 关注我们 招商银行全资附属机构 2024年双十一收官，公司两大核心品牌可复美与可丽金线上增速靓丽。双十一期间（10月8日至11月11 日），可复美与可丽金的线上全渠道GMV分别同比增长超80%和超150%，较今年"618"均有提速。可复美和 可丽金在抖音平台爆发式增长，双十一期间分别同比增长超100%和超500%。根据《天下网商》联合天猫发 布的品牌成交排行榜（10月21日至11月11日），可复美在天猫快消品牌销售榜名列第14，护肤品牌销售榜名 列第12，在国货品牌排名第三。可复美在抖音电商双十一大促护肤品牌总榜中名列第四，国货品牌第三。 双十一大促于10月拉开序幕，可复美和可丽金增长强劲。2024年各大平台双十一大促较往年均有所提前，普 遍从10月中上旬开启，较2023年提前约10天。叠加双十一大促开启以及错期影响，据魔镜数据库统计， 10M24可复美线上GMV同比强劲增长90%，其中天猫淘宝和抖音平台GMV分别同比增长83%和120%。可复 美在抖音平台进行成功的营销投入，如搭建抖音自播间矩阵，因此驱动可复美在抖音平台快速增长。 可复美胶原棒延续高增长，新品表现亮眼。经典产品可复美重组胶原蛋白敷 ...

2024 年 11 月 14 日 财务资料 招银国际环球市场 | 睿智投资 | 公司更新 巨子生物 (2367 HK) 双十一收官，双品牌强势增长 2024 年双十一收官，公司两大核心品牌可复美与可丽金线上增速靓丽。双十一 期间（10 月 8 日至 11 月 11 日），可复美与可丽金的线上全渠道 GMV 分别同 比增长超 80%和超 150%，较今年"618"均有提速。可复美和可丽金在抖音平台 爆发式增长，双十一期间分别同比增长超 100%和超 500%。根据《天下网商》 联合天猫发布的品牌成交排行榜（10 月 21 日至 11 月 11 日），可复美在天猫快 消品牌销售榜名列第 14，护肤品牌销售榜名列第 12，在国货品牌排名第三。可 复美在抖音电商双十一大促护肤品牌总榜中名列第四，国货品牌第三。 双十一大促于 10 月拉开序幕，可复美和可丽金增长强劲。2024 年各大平台 双十一大促较往年均有所提前，普遍从 10 月中上旬开启，较 2023 年提前约 10 天。叠加双十一大促开启以及错期影响，据魔镜数据库统计，10M24 可 复美线上 GMV 同比强劲增长 90%，其中天猫淘宝和抖音平台 GMV 分别同 ...

14 Nov 2024 CMB International Global Markets | Equity Research | Company Update Tencent (700 HK) Higher consumer internet revenue contribution boosted margin Tencent announced inline 3Q24 results: total revenue was up by 8% YoY to RMB167.2bn, in line with our/Bloomberg consensus estimate of RMB166.8/167.9bn; non-IFRS operating profit grew by 19% YoY to RMB61.3bn, in line with our estimate of RMB61.4bn. Looking ahead, we remain positive on earnings growth in 4Q24E driven by the acceleration in games revenue ...

14 Nov 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update FIT Hon Teng (6088 HK) Upbeat 3-year guidance reaffirmed our positive view; Raise TP to HK$4.38 We raise TP to HK$4.38 (40% upside) following a strong set of three-year guidance (2025-27) announced for the first time: 1) 20% revenue CAGR during FY25-27E, 2) GPM/OPM target of 22%/8% by FY27E. Mgmt. reiterated key growth drivers into 2025-27: 1) Al server/networking: biz momentum backed by GB200 ramp and product p ...

14 Nov 2024 CMB International Global Markets | Equity Research | Company Update BeiGene (BGNE US) Growing non-GAAP profit ■ Strong product sales. In 3Q24, BeiGene recorded product sales of US$993mn (+8% QoQ, +67% YoY). The 9M24 total product sales reached US$2.66bn, representing 69% of our previous FY24 estimate. In 3Q24, sales of zanubrutinib (Zanu) increased 8% QoQ or 93% Yo Y to US$690mn. The growth rate in Q3 was notably slower compared to the 30% QoQ increase in Q2, primarily due to a one- off sales or ...