Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [5]. Core Insights - The beauty and personal care sector in Hong Kong has shown significant growth during the Double Eleven shopping festival, with total sales reaching 1.4 trillion yuan, a year-on-year increase of 26.6% [2][4]. - Domestic brands continue to gain traction, with a shift in consumer focus from face masks to moisturizers and creams, highlighting the popularity of skin repair products [2]. - Notable products include the Proya Early C Late A Dual Antioxidant Essence 3.0 and the Ruby Cream 3.0, which have resonated well with consumers [2]. Summary by Sections Sales Performance - During the Double Eleven event, the beauty category on comprehensive e-commerce platforms generated sales of 963 billion yuan, marking a 22.5% increase year-on-year, ranking fourth among ten categories [2]. - The growth in live-streaming e-commerce was particularly strong, with a year-on-year increase of 54.6% [2]. Brand Performance - Proya led the beauty sales rankings on major platforms such as Tmall and Douyin, with market shares of 3.9% and 3.4% respectively [3]. - Other domestic brands like Han Shu and Ke Fu Mei also performed well, indicating a strong presence in the market [3]. Company Highlights - Jiuzhi Biological's flagship brands, Ke Fu Mei and Ke Li Jin, reported GMV growth of over 80% and 150% respectively, with Ke Fu Mei's collagen stick topping sales charts [4]. - Shangmei's Han Shu brand saw total sales increase by over 44%, with new products achieving significant sales milestones [4].

Investment Rating - The report maintains a "Buy" rating for Trip.com Group (9961 HK/TCOM US) with an updated target price of HKD 571 (9961 HK) and USD 73 (TCOM US) based on a 16x 2025 P/E ratio [1][3][6] Core Views - Trip com Group s 3Q24 net profit exceeded expectations by 40 25 compared to the report s and market estimates respectively driven by improved operational efficiency and effective cost control [1][2] - The company s domestic hotel ADR decline narrowed to low single digits while supply increased by approximately 7 YoY International hotel and air ticket bookings exceeded 2019 levels by over 20 [1][2] - The report is optimistic about Trip com s steady growth prospects in 2025 with expected revenue growth of 16 and adjusted net profit margins maintaining above 30 [3] Business Segment Highlights - **Accommodation Booking**: Domestic hotel ADR decline narrowed to low single digits compared to a double digit decline in 2Q24 Domestic platform hotel supply grew 6 7 YoY [2] - **Transportation Ticketing**: Revenue growth accelerated significantly compared to previous quarters contributing 36 of total revenue [2] - **Package Tours**: Revenue reached RMB 1 56 billion up 17 52 YoY QoQ recovering to 95 of 3Q19 levels Outbound package tour revenue grew over 100 YoY [2] - **Corporate Travel**: Revenue increased 11 4 YoY QoQ to RMB 660 million with continued growth in customer numbers [2] International Business - Outbound hotel and air ticket bookings exceeded 2019 levels by 20 while international passenger traffic recovered to 93 of 3Q19 levels [3] - Trip com s international OTA platform saw over 60 YoY growth in hotel and air ticket bookings with the Asia Pacific region accounting for approximately 70 of bookings Inbound hotel bookings grew 100 YoY [3] - International OTA platform revenue contributed 9 to the group s total revenue with cross selling rates from air tickets to hotels continuing to improve [3] Financial Forecasts - Revenue is expected to grow 16 YoY in 2025 driven by domestic supply advantages and higher user spending post pandemic 3Q24 user spending increased 20 compared to pre pandemic levels [3] - Adjusted net profit is projected to maintain above 30 with AI driven operational efficiency improvements [3] - Key financial metrics for 2025E include revenue of RMB 61 18 billion adjusted net profit of RMB 21 7 billion and an adjusted net profit margin of 35 5 [5][13] Valuation - The target price is based on a 16x 2025 P/E ratio reflecting confidence in the company s growth trajectory and profitability [3][6] - The report highlights Trip com s strong market position and operational efficiency as key drivers for its valuation [3]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile, with a target price raised to HKD 19.0, indicating a potential upside of 37% from the current price of HKD 13.9 [4][6]. Core Insights - Geely Automobile's performance exceeded expectations in the first three quarters of 2024, achieving revenue of RMB 167.68 billion, a year-on-year increase of 36%, and a net profit of RMB 13.05 billion, up 358% year-on-year [1][2]. - The growth in performance is attributed to steady sales growth and optimization of the product mix, with cumulative sales from January to October reaching 1.716 million units, a 28.9% increase year-on-year [2][3]. - The introduction of the new generation Raytheon EM-i hybrid technology is expected to accelerate product updates, enhancing fuel efficiency and electric drive efficiency [3]. Financial Performance Summary - For FY2024E, sales revenue is projected to reach RMB 239.34 billion, reflecting a growth rate of 34% [5]. - The net profit for FY2024E is estimated at RMB 15.78 billion, representing a significant increase of 197% compared to FY2023A [5]. - The gross margin for FY2024E is expected to be 15.5%, slightly up from 15.3% in FY2023A [5]. - The average ROE is projected to rise to 17.9% in FY2024E, indicating improved profitability [5]. Strategic Developments - Geely is strategically integrating its brands, with plans to transfer 11.3% of Zeekr Intelligent Technology shares to Geely Automobile, increasing its stake to approximately 62.8% [3]. - The restructuring aims to reduce redundant investments across market segments and enhance collaboration in branding, product development, technology, supply chain, marketing, and international expansion [3].

Investment Rating - The investment rating for Tencent Holdings is "Buy" with a target price of HKD 496.8, representing a potential upside of 23% from the recent closing price of HKD 403.8 [6]. Core Insights - Tencent's Q3 FY2024 results exceeded market expectations, with a revenue increase of 8% year-on-year to HKD 167.19 billion, driven by robust growth in gaming and advertising sectors. The Non-GAAP net profit attributable to shareholders was HKD 59.81 billion, reflecting a 33% year-on-year increase [1][3]. Business Performance Summary - **User Engagement**: The combined monthly active accounts for WeChat and WeChat reached 1.382 billion, a 3% increase year-on-year. QQ's mobile terminal monthly active accounts were 562 million, up 0.7% year-on-year. The small program transaction ecosystem saw over HKD 2 trillion in transaction volume, growing by over 10% year-on-year [2][9]. - **Gaming Sector**: Tencent's gaming revenue was HKD 51.8 billion, a 12.6% year-on-year increase. Domestic game revenue grew by 14% to HKD 37.3 billion, driven by popular titles such as "Honor of Kings" and "PUBG MOBILE." International game revenue reached HKD 14.5 billion, a 9% year-on-year increase, marking a quarterly record [11][12]. - **Advertising and Marketing Services**: The marketing services revenue grew by 17% year-on-year to HKD 29.99 billion, supported by strong demand for ads on video accounts and mini-programs. Financial technology and enterprise services revenue was HKD 53.09 billion, a 2% year-on-year increase, with growth in wealth management services offset by a decline in payment services due to weak consumer spending [3][16]. - **Profitability Metrics**: The overall gross margin stabilized at 53%, benefiting from increased contributions from high-margin revenue sources such as domestic gaming and advertising. The adjusted net profit for Q3 was HKD 59.81 billion, significantly exceeding expectations [1][21]. - **Shareholder Value**: Tencent has been actively repurchasing shares, with a target of HKD 100 billion for the year, having already completed over HKD 90 billion in buybacks, which is expected to enhance shareholder returns [23].

Investment Rating - The investment rating for Lenovo Group is "Buy" with a target price of HKD 11.0, representing a potential upside of 20.0% from the recent closing price of HKD 9.17 [4]. Core Insights - Lenovo Group reported a total revenue of approximately USD 17.85 billion for Q2 of the fiscal year 2024/25, marking a year-on-year growth of 24%, driven by the global investment surge in artificial intelligence [1][5]. - The company experienced significant growth across its three main business segments: Intelligent Devices Group (IDG) revenue grew by 17.4%, Infrastructure Solutions Group (ISG) revenue surged by 65.1%, and Solutions and Services Group (SSG) revenue increased by 12.9% [5]. - Despite a decline in overall gross margin by 1.8 percentage points to 15.7%, the net profit attributable to shareholders rose significantly by 44% to approximately USD 359 million [1][5]. Summary by Sections Financial Performance - For Q2, Lenovo's revenue reached USD 17.85 billion, a 24% increase year-on-year, with net profit at USD 359 million, up 44% [1][5]. - The gross margin decreased to 15.7%, primarily due to the low-margin ISG business [1]. Business Segment Analysis - IDG's revenue growth was driven by a 3% increase in PC shipments and a significant rise in average selling prices, with a market share nearing 24% [5]. - ISG's revenue growth of 65% was propelled by cloud infrastructure demand, with a notable increase in sales of Neptune liquid-cooled servers by over 48% [5]. - SSG's revenue reached USD 2.16 billion, marking the 14th consecutive quarter of double-digit growth, contributing 32% to the group's operating profit [5]. Market Outlook - The report anticipates continued growth in net profit for the fiscal years 2024/25 and 2025/26, projected at USD 1.25 billion and USD 1.47 billion, respectively [5]. - The global IT services market is expected to maintain double-digit growth, with AI services being a key driver [5].

Investment Rating - Investment rating: Not available [3] Core Views - The report indicates that Longyuan Power has shown marginal improvement in its Q3 2024 performance, with a focus on increasing high-quality renewable energy assets while disposing of thermal power assets. The company has added 2.7 GW of new renewable capacity and disposed of 1.2 GW of thermal capacity year-to-date. It plans to acquire 2 GW of high-quality renewable assets from its controlling shareholder, China Energy Group, which is expected to enhance its valuation [9][10]. Financial Performance Summary - For Q3 2024, Longyuan Power reported a revenue decrease of 9.8% year-on-year to RMB 7.47 billion, while operating profit increased by 13.3% to RMB 2.89 billion, and net profit surged by 29.9% to RMB 1.65 billion. For the first three quarters, revenue decreased by 6.4% to RMB 26.35 billion, operating profit fell by 10% to RMB 10.04 billion, and net profit decreased by 11.4% to RMB 5.67 billion. The Q3 net profit growth indicates a significant improvement compared to the first half of the year [10]. Operational Highlights - As of September 30, 2024, Longyuan Power's total installed capacity was 37 GW, with wind power accounting for 28.4 GW, thermal power at 660 MW, and other renewable sources at 8 GW. The company has actively increased its renewable capacity while reducing thermal power assets, with a focus on wind and solar projects [10]. Acquisition Plans - Longyuan Power announced plans to acquire renewable power generation assets from China Energy Group, including eight companies with a total installed capacity of 2.03 GW, of which 1.45 GW is operational and 0.58 GW is under construction. The acquisition price is set at RMB 1.69 billion, reflecting the company's strategy to integrate high-quality renewable assets [10]. Market Valuation - The current valuation for Longyuan Power is approximately 7 times the expected PE for 2025. The report suggests that the company is well-positioned to capitalize on the wind power construction window and has expectations for asset injections from its controlling shareholder, indicating potential for valuation enhancement [10].

Investment Rating - The report maintains a "Buy" rating for the company with a 6-month target price of HKD 22.5, representing a 27% upside from the current price [7][4] Core Views - The company's core OTA business profitability improved significantly, driving overall net profit above expectations [1][2] - Core OTA operating margin increased by 6 percentage points YoY to 31% in Q3 2024 [1][2] - Adjusted net profit reached a record high of RMB 910 million in Q3 2024, exceeding expectations by 14% [2] - The company's overall monetization rate improved to 6.9% in Q3 2024, up from 4.6% in Q3 2023 [3] Business Performance - Total revenue in Q3 2024 reached RMB 4.991 billion, a 51% YoY increase [2] - Core OTA revenue grew 22% YoY, with accommodation booking and transportation ticketing revenues increasing by 22% and 21% respectively [2] - Vacation business contributed RMB 980 million, accounting for 20% of total revenue [2] - International ticket bookings increased by over 110% YoY, while international hotel room nights grew by over 130% [3] User Metrics - APU (Annual Paying Users) reached 230 million, with annual spending per user increasing 15% YoY to RMB 1,095 [3] - MPU (Monthly Paying Users) grew 5% YoY to 46.4 million [3] - Black Whale membership exceeded 78 million, with spending 2.7 times that of regular users [3] Financial Projections - Core OTA revenue is expected to grow 18% in 2025, driven by cross-selling, user value growth, and international business expansion [4] - Adjusted net profit margin is projected to improve to 17% in 2025 [4] - The company is valued at 14x 2025 P/E, with a target price of HKD 22.5 [4] Operational Highlights - Accommodation booking ADR declined less than 5% YoY, with room nights maintaining growth [3] - Air ticket bookings grew 20% YoY, outperforming the overall civil aviation growth rate of 12% [3] - 15-day cross-selling rate improved by 2 percentage points to 12% [3]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 34.1, indicating a potential upside of 20.5% from the recent closing price of HKD 28.3 [3]. Core Insights - Xiaomi Group's total revenue for Q3 2024 reached RMB 92.51 billion, a year-on-year increase of 30.5%, surpassing market expectations. All business segments showed robust growth, particularly the "Smartphone × AIoT" segment, which generated RMB 82.8 billion, up 16.8% year-on-year. The innovative automotive business reported revenue of RMB 9.7 billion, with nearly 40,000 SU7 vehicles delivered in Q3, aiming for a total of 130,000 deliveries for the year [1][2]. - The smartphone segment recorded revenue of RMB 47.5 billion in Q3 2024, a 13.9% increase year-on-year, with a shipment of 43.1 million units, reflecting a 3.1% growth. The average selling price (ASP) per unit rose by 10.6% to RMB 1,102.2. Xiaomi's market share in mainland China increased by 1.2 percentage points to 14.7%, ranking fourth in the region [2]. - The Internet services segment also showed steady growth, with revenue reaching RMB 8.5 billion in Q3 2024, a 9.1% year-on-year increase. The number of global monthly active users reached 685.8 million, up 10.1% year-on-year [2]. Financial Summary - In Q3 2024, Xiaomi's adjusted net profit was RMB 6.25 billion, a 4.4% increase year-on-year, slightly exceeding market expectations. The gross margin for the IoT and lifestyle products segment reached a historical high of 20.8%, up 2.9 percentage points year-on-year [1][2]. - The automotive segment's revenue for Q3 was RMB 9.7 billion, with a gross margin of 17.1%. The adjusted net loss for this segment was RMB 1.5 billion, indicating controlled losses as production capacity ramps up [2][3]. - The report projects continued revenue growth, with Q4 2024 expected to generate RMB 96.4 billion, reflecting a year-on-year growth of 31.6% [7].

Investment Rating - The report assigns a score of 5.6 for the IPO of SF Holding, suggesting investors to subscribe to the offering [3]. Core Insights - SF Holding is a leading global integrated logistics service provider, with services including express delivery, freight services, cold chain logistics, same-city delivery, supply chain services, and international logistics. It ranks as the largest integrated logistics provider in China and Asia, and the fourth largest globally based on 2023 revenue [1]. - The company achieved revenues of 207.2 billion, 267.5 billion, and 258.4 billion yuan in 2021, 2022, and 2023 respectively, with a compound annual growth rate (CAGR) of 11.7%. The net profit attributable to shareholders was 4.74 billion, 6.3 billion, and 8.23 billion yuan for the same years, with a CAGR of 31.9% [1]. - The IPO price range is set at 32.3-36.3 HKD per share, with total issuance expected to be between 5.491-6.171 billion HKD, leading to a post-issue market capitalization of 161.054-180.999 billion HKD [3]. Company Overview - SF Holding operates the largest air cargo fleet in Asia with 99 cargo aircraft and the largest ground transportation fleet globally with 186,000 vehicles, covering 202 countries and regions [1]. - The company has a market share of 2.6% in the Chinese market, with specific shares in express delivery (11.7%), time-sensitive express (63.9%), less-than-truckload (1.7%), cold chain logistics (2.2%), same-city delivery (13.8%), and end-to-end supply chain (3.2%) [2]. Industry Status and Outlook - The global third-party logistics market was valued at 5.24 trillion USD in 2023 and is projected to reach 6.7 trillion USD by 2028, with a CAGR of approximately 5.2%. The Asian market is the largest and fastest-growing segment [2]. - The logistics industry is characterized by a fragmented competitive landscape, with the top five global logistics service providers holding only 6.2% market share [2].

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 58.5, while the current stock price is HKD 49.85 as of November 18, 2024 [2]. Core Insights - The company achieved significant growth during the Double 11 shopping festival, with its brands 可复美 and 可丽金 recording GMV growth of over 80% and 150% respectively [5][7]. - The company has established itself as an industry leader by publishing the first group standard for fermented ginseng powder, enhancing its market position [10]. Financial Performance - The total market capitalization of the company is HKD 51.257 billion, with a total share capital of 1.028 billion shares [3]. - Revenue projections for 2024, 2025, and 2026 are HKD 5.064 billion, HKD 6.839 billion, and HKD 8.592 billion respectively, with corresponding growth rates of 43.7%, 35.0%, and 25.6% [11]. - The net profit attributable to the parent company for the same years is projected to be HKD 1.922 billion, HKD 2.440 billion, and HKD 2.872 billion, with growth rates of 32.4%, 26.9%, and 17.7% respectively [11]. Shareholder Structure - The shareholder structure indicates that the founding couple holds 57% of the shares, while other shareholders hold the remaining 43% [4]. Market Performance - The company's stock has shown a relative return of 34.89% over the past twelve months [13].