Investment Rating - The report maintains a "Buy" rating for China Heart and Heart Fertilizer with a target price of HKD 6.5, indicating a potential upside of 55% from the current price of HKD 4.2 [4][3]. Core Insights - The company reported a revenue of RMB 17.42 billion for the first three quarters, a slight decrease of 0.6% year-on-year, while net profit attributable to shareholders increased by 80.7% year-on-year to RMB 1.53 billion, aligning with expectations [2][3]. - The strong profit growth is attributed to a decrease in raw material prices and stable production operations, leading to a 5% increase in gross profit [2]. - The company sold 100% equity in Tianxin Coal Industry, generating an investment income of RMB 790 million, with a total of RMB 800 million received by the end of the third quarter [2]. Revenue Breakdown - Urea revenue accounted for RMB 5.62 billion, representing 32% of total revenue, with a sales volume of 2.768 million tons, up 33% year-on-year, despite a 14% decline in average selling price to RMB 2029 per ton [3]. - Compound fertilizer revenue was RMB 4.65 billion, making up 27% of total revenue, with stable sales volume and a gross margin increase of 5 percentage points due to higher sales of efficient fertilizers [3]. - Methanol revenue reached RMB 1.89 billion, contributing 11% to total revenue, with a 2% increase in average selling price and a 17% rise in sales volume [3]. - The report anticipates a seasonal fluctuation in demand for compound fertilizers and a gradual stabilization of fertilizer prices due to supply constraints and recovering demand [3]. Financial Performance - The company achieved a gross margin of 30% for urea, 17% for compound fertilizers, and 8% for methanol, with notable improvements in profitability across various segments [3]. - The report projects a revenue growth rate of 4.1% for FY2024, with net profit expected to increase significantly by 73.4% [5][7].

Investment Rating - The report maintains a "Buy" rating for BYD with a target price of 340.0 HKD, indicating a potential upside of 21% from the current price of 281.4 HKD [5][3]. Core Insights - BYD's revenue for the first three quarters of 2024 reached 502.25 billion RMB, representing a year-on-year growth of 18.9%. The net profit attributable to shareholders was 25.24 billion RMB, up 18.1% year-on-year, while the non-GAAP net profit was 23.19 billion RMB, reflecting a 19.9% increase [2][3]. - In Q3 2024, BYD's revenue was 201.12 billion RMB, showing a year-on-year growth of 24.0% and a quarter-on-quarter increase of 14.2%. The net profit for the same period was 11.61 billion RMB, up 11.5% year-on-year and 28.1% quarter-on-quarter [2][3]. - The sales volume in Q3 2024 reached 1.135 million vehicles, a significant increase of 37.7% year-on-year and 15.0% quarter-on-quarter. The average revenue per vehicle was 139,000 RMB, slightly up from the previous quarter [2][3]. Summary by Sections Financial Performance - For FY2024, BYD is projected to achieve sales revenue of 746.27 billion RMB, with a growth rate of 24%. The net profit is expected to reach 39.4 billion RMB, reflecting a growth rate of 31% [4]. - The overall gross margin for Q3 2024 was 21.9%, a decrease of 0.2 percentage points year-on-year but an increase of 3.2 percentage points quarter-on-quarter. The automotive business gross margin was 25.6%, showing a similar trend [2][4]. Product Development - The launch of the DM5.0 model has significantly boosted sales, with a higher proportion of sales coming from this model. The report anticipates continued strong sales growth driven by new models and government incentives for vehicle upgrades [3][2]. Market Position - The report emphasizes BYD's strong technological and cost advantages, which are expected to help maintain market share and steady performance amid increasing industry competition [3][5].

全民智驾时代来临 国证国际研究部 2024年10月30日 分析师： 王强 Jimmy（中央編號：BGJ404） jimmywang@eif.com.hk 请参阅本报告尾部免责声明 概要 Ø 自动驾驶是核心竞争力：1）燃油车时代，车企代表：丰田、大众。行业壁垒在于三大件，由于机械结构复杂且外 资车企经过百年积淀，技术及专利储备雄厚，造车门槛高。市场份额为外资与合资品牌把控。2）电动化时代，车企 代表：比亚迪。汽车结构大幅简化，核心三电均有成熟供应商方案可供采购，造车门槛大幅下降。3）智能时代，车 企代表：特斯拉。上市以来特斯拉估值持续高于传统车企，特斯拉销量不到丰田汽车的 1/5，但其市值从 2020 年之 后持续超越丰田。 Ø 24年是智驾元年：1）蔚小理的高阶智驾逐步成为车型主要配置，甚至标配。2）高阶智驾价格带下沉至20万元以内。 3）技术突破，端到端方案加速落地，利于乘客获得接近人类司机的体验 Ø 投资建议：智驾重点在整车板块。智能化带动整车行情的关键在于通过技术降本，将产品带入主流价格带（20万元 以内)，率先实现成熟好用的城市NOA(实现城区内道路的类似人类司机的点对点驾驶)的车企将享受智能化红利。 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price raised to HKD 17.0, indicating a potential upside of 32% from the current price of HKD 12.9 [4][6]. Core Insights - The company's Q3 performance met expectations, with revenue for the first three quarters reaching RMB 142.25 billion, a year-on-year increase of 19%, and a net profit of RMB 8.37 billion, up 120% year-on-year [2][4]. - The report highlights the company's high-quality development strategy and gradual improvement in performance, which supports the positive outlook [4][6]. - The company achieved a record high in per vehicle revenue during Q3, with a gross margin of 20.8%, up 1.9 percentage points year-on-year, and per vehicle revenue of RMB 173,000, a 20% increase year-on-year [3][4]. Financial Performance Summary - Revenue growth rates are projected at 26% for FY 2023, 26% for FY 2024, and 18% for FY 2025, with net profit expected to rebound significantly by 95% in FY 2024 [5][8]. - The gross margin is expected to stabilize at 21% from FY 2024 onwards, while the net profit margin is projected to improve to 6% in FY 2024 and 7% in FY 2025 [5][8]. - The report provides a detailed financial forecast, indicating a significant increase in sales revenue and net profit over the next few years, with net profit expected to reach RMB 20.42 billion by FY 2026 [5][8]. Market Position and Strategy - The company is expanding its international presence, with a target of 450,000 units in overseas sales for 2024 and plans to exceed one million units by 2030 [3][4]. - The introduction of the Hi4-Z platform is expected to strengthen the company's position in the off-road vehicle market, catering to various consumer needs [3][4].

国证国际金秋策略会 ---美国视频流媒体动态更新 国证国际研究部 2024年10月29日 分析师： 王婷 Tina WANG (CE Ref: BRF978) 请参阅本报告尾部免责声明 或證或於 目录 ➢ 一、美国流媒体市场概览 • 流媒体用户规模、观看份额、收入 • 竞争格局：三类参与者&三种模式 • 美国流媒体新趋势 • 流媒体在数字娱乐行业的地位 ➢ 二、主要流媒体经营数据对比 • 会员规模及结构对比 • ARM及订阅费用对比 • 收入及结构对比 ➢ 三、投资标的分析 • 奈飞（NFLX.US），迪士尼(DIS.US)，WBD（WBD.US） 2 美国流媒体市场概览 美国流媒体观看份额自2022年11月超过有线电视 资料来源：Nielsen，国证国际 22.6% 26.1% 41.0% 10.3% 0% 10% 20% 30% 40% 50% 广播电视 有线电视 流媒体 其他 美国流媒体订阅用户规模已超有线电视 96 93 89 84 80 76 72 81 88 95 100 101 109 112 0 20 40 60 80 2017 2018 2019 2020 2021 2022 2023 （百 ...

Investment Rating - The report maintains a "Buy" rating for Li Ning with a target price of HKD 22.8, based on a 2024 PE of 18 times [1][4]. Core Insights - Li Ning's Q3 retail revenue saw a year-on-year decline in the mid-single digits across all platforms, with offline channels experiencing a high single-digit drop, while e-commerce recorded a mid-single-digit growth. The company anticipates a recovery in Q4 due to a low base effect [2][3]. - The introduction of a joint venture with Sequoia Capital aims to expand Li Ning's overseas market presence, with Li Ning investing HKD 58 million for a 29% stake, maintaining control over the joint venture [2][3]. Summary by Sections Financial Performance - For 2024, the expected EPS is projected at HKD 1.17, with forecasts of HKD 1.29 and HKD 1.43 for 2025 and 2026 respectively. Revenue is expected to grow from HKD 28.276 billion in 2024 to HKD 32.6 billion by 2026 [2][3][8]. - The gross margin is expected to improve slightly from 48.4% in 2023 to 49.1% by 2026, while the net profit margin is projected to stabilize around 11.3% by 2026 [3][11]. Product Performance - The lifestyle and running categories have shown strong performance, with the Soft series achieving cumulative sales of approximately 2 million pairs by Q3. The running category saw high double-digit revenue growth in Q3 [2][3]. - The company has launched new outdoor products to cater to diverse consumer needs, including the "万龙甲 BREATH" series jackets and "行" family outdoor shoes [2]. Inventory and Discounts - Inventory turnover for offline channels was around 5 months in Q3, with 80% of new products having a shelf life of less than 6 months. Discounts in offline channels have deepened slightly, while e-commerce discounts have improved [2][3][11]. - The company expects discount pressures in Q4 due to traditional e-commerce shopping festivals, but overall discounts for the year are anticipated to improve compared to the previous year [2].

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia with a target price of 38.2 HKD [3][6]. Core Insights - The company reported a strong recovery in coal production in Q3 2024, achieving an equity coal production of 10.2 million tons, a year-on-year increase of 10% and a quarter-on-quarter increase of 24% [1]. - The average coal price realized in Q3 was 170 AUD/ton, reflecting a year-on-year decrease of 14% and a quarter-on-quarter decrease of 6% [1]. - The company expects to maintain its production guidance of 35-39 million tons for the full year [1]. - Cash operating costs remain unchanged at 89-97 AUD/ton, with a cash balance increase of 430 million AUD in Q3 [1]. - The report projects EPS for 2024 and 2025 to be 0.78 AUD and 0.98 AUD respectively, with a 2025 P/E ratio of 7.5x [1]. Summary by Sections Production and Sales - Q3 equity production was 10.2 million tons, with sales of 10.4 million tons, showing a year-on-year increase of 10% and a quarter-on-quarter increase of 24% [1]. - The company expects Q4 production to continue at Q3 levels, with total equity production for the first nine months of 2024 at 27.2 million tons, a 15% increase year-on-year [1]. Pricing - The average sales price for coal in Q3 was 170 AUD/ton, with a significant drop in prices for both thermal coal (157 AUD/ton, down 29% year-on-year) and metallurgical coal (259 AUD/ton, down 22% year-on-year) [1]. - The report anticipates stable coal prices in Q4 due to balanced supply and demand dynamics [1]. Cost and Capital Expenditure - The cash operating cost guidance remains at 89-97 AUD/ton, with expectations for unit costs to decrease as production increases [1]. - Capital expenditure guidance is set at 650-800 million AUD, likely at the lower end of the range [1]. Dividend Policy - The company maintains a dividend policy of distributing at least 50% of net profit after tax or free cash flow, excluding non-recurring items [1]. Financial Projections - Revenue projections for 2024 and 2025 are 6.588 billion AUD and 6.919 billion AUD respectively, with net profit estimates of 1.030 billion AUD and 1.297 billion AUD [2][10].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 1.42, based on a P/E ratio of 7.2x for 2024 and a DDM valuation method assuming r=7% and g=0% [1][3]. Core Insights - The company, Binhai Investment (2886.HK), is a leading gas distributor in China, primarily operating in Tianjin and expanding to 8 provinces and 2 cities, with a strong focus on commercial clients [1][6]. - The company has a robust shareholder structure, with major stakeholders including Tianjin TEDA Investment Holding and Sinopec Great Wall Gas, providing strong support for its development [4][6]. - The company has seen a steady increase in gas sales volume, achieving 1.55 billion cubic meters in 2023, a year-on-year growth of 9%, and expects further growth in 2024 [1][6]. - The company has diversified its gas sources and reduced procurement costs by signing contracts with multiple suppliers, enhancing its supply chain flexibility [1][10]. - The company has launched value-added services, including the sale of gas appliances and safety products, which are expected to grow rapidly, with a gross profit of HKD 23.76 million in the first half of 2024, up 31.2% year-on-year [1][10]. - The company has maintained a high dividend payout, with a dividend yield of around 7%, making it attractive to investors [1][13]. Financial Performance and Valuation Summary - The company's revenue for 2023 was HKD 6.41 billion, with a projected increase to HKD 6.98 billion in 2024, reflecting a growth rate of 8.9% [2]. - The net profit attributable to shareholders for 2023 was HKD 256.61 million, with a slight increase expected in 2024 [2]. - The earnings per share (EPS) for 2024 is projected to be HKD 0.20, with a P/E ratio of 7.2x corresponding to a target price of HKD 1.42 [1][2].

Tabl e_Bas eInfo IPO 点评 证券研究报告 2024 年 10 月 15 日 华润饮料(2460.HK) 华润饮料 2460.HK-IPO 点评 报告摘要 公司概览 华润饮料是国内领先的包装饮用水产品和饮料产品企业。2022、2023全年和2024年前四个 月，公司的收入分别为人民币126亿元、135亿元和41.5亿元，同比增长11.3%、7%、5.3%; 净利润分别为9.9亿、13.3亿、4.5亿元，同比增长15.2%、34.7%、29.5%。公司保持着稳 健的增长。 包装饮用水是主要的收入来源。公司的核心产品为[怡宝]纯净水，23年销售额达到395亿 元，是中国纯净水市场的第一品牌。包装饮用水的收入占公司总收入的99%。另有少量饮 料产品销售，品牌包括[至本清润]、[佐味茶事]、与麒麟合作的[午后奶茶]、[火咖]等。 毛利率受原材料价格影响有波动，近期明显恢复。2022、2023全年和2024年前四个月公司 毛利率分别为41.7%、44.7%、47.1%，毛利率呈现逐年改善的趋势，主要是21、22年原材 料价格高企，近两年逐渐回落，带来毛利率的改善。2022、2023全年和2024年前四 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 118, based on a 25x PE for 2024 [1][3]. Core Insights - Anta's main brand achieved mid-single-digit growth in Q3 2024, with e-commerce continuing to show over 25% growth. The inventory remains healthy with a sell-through ratio below 5 [1]. - FILA experienced a low single-digit decline in Q3 2024, impacted by market saturation and weak demand, but is expected to stabilize in Q4 due to the e-commerce peak season [1]. - Other brands, particularly in outdoor sports, showed strong performance with growth rates of 45-50%, including significant increases for specific brands like Disante and Kolon [1]. - The overall performance in Q4 is anticipated to improve due to favorable consumption policies and the upcoming Double Eleven sales event [1]. Financial Projections - Revenue is projected to grow from RMB 62,356 million in 2023 to RMB 86,578 million by 2026, reflecting a compound annual growth rate (CAGR) of approximately 10.9% [2][6]. - The net profit attributable to shareholders (excluding non-recurring items) is expected to rise from RMB 10,236 million in 2023 to RMB 15,349 million in 2026, with a growth rate of 36.8% in 2023 [2][6]. - Earnings per share (EPS) are forecasted to increase from RMB 3.69 in 2023 to RMB 5.53 in 2026 [2][6]. Market Position - Anta Sports is positioned as a leading player in the Chinese sportswear industry, expected to benefit from industry growth and consumer trends [1][3]. - The company has a diversified brand portfolio, with strategies tailored to different consumer segments, enhancing its market reach [1]. Shareholder Structure - The major shareholder is Anta International Group Holdings Limited, holding 42.45% of the shares, followed by The DSZ Family Trust and others [4]. Valuation Metrics - The report indicates a price-to-earnings (P/E) ratio of 22.54 for 2023, decreasing to 15.04 by 2026, suggesting an attractive valuation as earnings grow [2][9]. - The projected dividend yield is expected to increase from 2.20% in 2023 to 2.61% in 2026 [2]. Operational Efficiency - The gross margin is expected to improve from 62.6% in 2023 to 63.3% in 2026, indicating better cost management and pricing power [2][9]. - Inventory turnover days are projected to stabilize around 123 days, reflecting efficient inventory management practices [9]. Cash Flow Analysis - Operating cash flow is expected to fluctuate, with a significant drop anticipated in 2024, followed by recovery in subsequent years [8]. - The cash balance is projected to increase from RMB 15,228 million in 2023 to RMB 24,833 million by 2026, indicating a strengthening liquidity position [8].