国海证券：晨会纪要2024年第199期-20241119

Geely Automobile - Geely Automobile reported a 36% YoY increase in total revenue to RMB 167.68 billion and a 358.48% YoY increase in net profit to RMB 13.05 billion for the first three quarters of 2024 [7] - In Q3 2024, Geely's revenue reached RMB 60.38 billion, up 20.5% YoY, with a net profit of RMB 2.46 billion, up 92.4% YoY [8] - Geely's new energy vehicle (NEV) sales in Q3 2024 reached 225,700 units, accounting for 42.26% of total sales, up 11.48 percentage points YoY [9] - Geely acquired an additional 11.3% stake in Zeekr, increasing its ownership to 62.8%, and Zeekr acquired a 51% stake in Lynk & Co for RMB 9.37 billion [10] Wanhua Chemical - Wanhua Chemical's MDI price rebounded in October 2024, with the company's Q4 price difference index at the 13.27th percentile historically [15] - Wanhua's key projects include a 1.5 million tons/year MDI technical renovation project in Fujian and a 10,000 tons/year vanillin industrial chain project [16] - In October 2024, the average price of pure MDI was RMB 18,248/ton, down 11.67% YoY, while the price difference between pure MDI and raw materials increased by 2.71% MoM [20] - Wanhua's Q4 2024 net profit is expected to reach RMB 3.9 billion, driven by improved price differences and operational efficiency [15] Alibaba Group - Alibaba's FY2025Q2 revenue reached RMB 2.365 trillion, up 5% YoY, with a net profit of RMB 43.5 billion, up 63% YoY [29] - Taotian Group's revenue grew 1% YoY to RMB 99 billion in Q3 2024, with a take rate remaining stable and order volume growing double-digit YoY [30] - Alibaba's cloud business revenue grew 7% YoY to RMB 29.6 billion in Q3 2024, with AI-related revenue growing triple-digit YoY for five consecutive quarters [32] - Alibaba repurchased 414 million shares worth $4.1 billion in Q3 2024, with $22 billion remaining under its share repurchase program [32] JD Group - JD Group's Q3 2024 revenue reached RMB 260.4 billion, up 5% YoY, with a net profit of RMB 12.8 billion, up 56% YoY [76] - JD Retail's revenue grew 6% YoY to RMB 225 billion in Q3 2024, driven by a 20% YoY increase in third-party merchant users and a 30% YoY increase in orders [78] - JD Logistics' revenue grew 7% YoY to RMB 44.4 billion in Q3 2024, with an operating profit margin of 4.7%, up 4 percentage points YoY [79] - JD Logistics partnered with Taotian Group to provide supply chain solutions for Taobao and Tmall merchants, expected to contribute to future revenue growth [79] Lenovo Group - Lenovo's FY2025H1 revenue reached $33.3 billion, up 21.92% YoY, with a net profit of $602 million, up 41.37% YoY [90] - Lenovo's Intelligent Devices Group revenue grew 15% YoY to $24.9 billion in FY2025H1, driven by strong performance in PCs and smartphones [92] - The Infrastructure Solutions Group revenue grew 65% YoY to $6.5 billion in FY2025H1, with operating losses narrowing and approaching breakeven [94] - Lenovo's Solutions and Services Group revenue reached a record $2.165 billion in FY2025Q2, with an operating profit margin of 20% [95] Aluminum Industry - China's aluminum export tax rebate will be canceled starting December 1, 2024, potentially increasing export costs and reducing export volumes [41] - Domestic alumina prices continued to rise in November 2024, with tight supply due to production disruptions in Guinea and environmental restrictions in China [47] - Aluminum processing industry faced challenges in November 2024, with weak demand in the construction sector and potential impacts from the export tax rebate cancellation [43] - The aluminum industry is expected to maintain high profitability due to limited supply growth and strong demand, with a "recommended" rating for the sector [48]