【华安证券港股互联网金荣】业绩韧性持续验证，关注估值修复机会

Investment Rating - Industry rating: Overweight [1] Core Views - The performance resilience continues to validate operational strength, benefiting from macroeconomic expectations recovery [1] - In Q2 2024, 80% of covered Hong Kong internet companies reported revenues exceeding market consensus, indicating growth above industry rates [1] - 90% of internet companies surpassed market profit expectations, reflecting strict operational discipline and rapid adjustment capabilities [1] - The adjustment of low-price strategies by leading e-commerce platforms is expected to ease competition and improve operational efficiency in H2 2024 [1] - The stable policy outlook and continuous interconnectivity are expected to help internet companies address shortcomings and enhance operational efficiency [1] - Shareholder returns are being increased through buybacks and dividends, with Tencent and Meituan significantly repurchasing shares [1] Summary by Relevant Sections Financial Performance - In Q2 2024, Tencent's expected profit is 211,577 million HKD, with a YoY increase of 34.17% [4] - Meituan's expected profit for 2024 is 38,622 million HKD, reflecting a 66% YoY increase [4] - Alibaba's expected profit for FY2025 is 150,815 million HKD, with a slight decline of 4% YoY [4] - Kuaishou's expected profit for 2024 is 17,581 million HKD, showing a 71% YoY increase [4] Investment Recommendations - Focus on leading companies in the local lifestyle sector, such as Meituan and Trip.com, with PEG ratios of 0.59 and 0.75 respectively [2] - In the short video sector, Kuaishou is recommended due to its dual-driven growth strategy [2] - Bilibili is expected to turn profitable in 2025, driven by game product catalysts [2] - Xiaomi is highlighted for its potential benefits from AI mobile phones and rapid growth in its automotive business [2]