名创优品（9896.HK） 更新报告 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|---------------------------------------------------------------------------------------------------------------|---------------------------------------------------|-----------------------------|---------------|---------------------------------| | | 买入 | | ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨波司登（3998.HK） [Table_Title] 经营保持稳健，业绩略超预期 | --- | --- | --- | --- | --- | |----------|-------|-------|-------|-------| | | | | | | | 报告要点 | | | | | 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SAC：S0490524110001 SFC：BUU942 请阅读最后评级说明和重要声明 波司登（3998.HK） cjzqdt11111 2024-12-06 [Table_BaseData] 当前股价（HKD） 3.96 [Table_Title2] 经营保持稳健，业绩略超预期港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司发布 FY2025H1（2024/4/1-2024/9/30）业绩。公司实现营收 88 亿元，同比+18%，归母 净利润 11.3 亿元，同比+23%，表现略超预期（原预期收入/业绩分别 ...

来源: 公司资料, 第一上海预测 来源: Wind 比亚迪电子（0285） 更新报告 消费电子和汽车电子业务持续保持确定性增长 消费电子趋势向好：受益于海外大客户的产品品类扩充和安卓 高端智能手机需求复苏，今年公司的消费电子业务实现大幅度增 长。从业务季节性规律看，四季度表现将好于三季度。 海外大客 户订单持续攀升，公司通过平台、技术和供应链支持等协同性效 应，提升了毛利率水平。预计随着明年自动化程度持续提升， 海外大客户毛利率还有小幅提升空间。 下半年汽车电子高附加值产品开始放量：下半年主动悬架开始 量产，智能座舱、智能驾驶和热管理等高附加值产品持续出货， 加上内部持续降本，有利于化解行业降价的压力，维持稳定的毛 利率水平。预计今年汽车电子将接近 200 亿元，下半年表现优于上 半年。而明年开始，高附加值的产品实现全年利润贡献，预计明 年汽车电子收入超过 300 亿元，高于市场预期。 AI 相关业务开始贡献收入：公司拓展了企业级通用服务器、存 储服务器、AI 服务器、液冷散热、电源管理等产品及解决方案。 下半年公司将深化与各细分领域顶尖客户的合作。同时 AIDC、工 业机器人等新业务将开始落地，并实现批量交 ...

Investment Rating - The report does not explicitly mention the investment rating for Meituan-W (3690 HK) [2][3] Core Views - Meituan reported 3Q24 revenue of RMB 93 6 billion, a YoY increase of 22 4% [3] - The company's core local commerce segment saw operating profit grow by 44 4% to RMB 14 6 billion, with an operating margin of 21 0%, up 3 5 percentage points YoY [4] - Meituan's new business segment achieved revenue of RMB 24 2 billion, a YoY increase of 28 9%, with operating losses narrowing by 79 9% to RMB 1 0 billion [4] - The company's cash and cash equivalents stood at RMB 42 5 billion as of September 30, 2024 [3] Operational Highlights - Meituan's instant delivery transaction volume reached 7 08 billion orders in 3Q24, a YoY increase of 14 5% [3] - Meituan Flash Delivery expanded to more lower-tier markets, with major retailers accelerating their presence [4] - The domestic hotel room nights continued to grow steadily, with the company collaborating with suppliers to offer more diverse options [4] - Meituan Youxuan's losses continued to narrow sequentially, while other new businesses achieved profitability as a whole in 3Q24 [4] - Keeta was officially launched in Riyadh, Saudi Arabia in October [4] Financial Performance - Meituan's total expenses in 3Q24 were RMB 26 0 billion, with an expense ratio of 27 83%, down 4 55 percentage points YoY [4] - Sales and marketing expenses increased by 6 2% to RMB 18 0 billion, but the expense ratio decreased by 2 9 percentage points to 19 2% [4] - R&D investment remained stable at RMB 5 3 billion, with the expense ratio decreasing by 1 3 percentage points to 5 7% [4] - Administrative expenses increased by 10 2% to RMB 2 8 billion, with the expense ratio remaining stable at 3 0% [4] - The company's net cash flow from operating activities was RMB 15 2 billion in 3Q24 [4] Financial Projections - Meituan's revenue is expected to grow from RMB 276 7 billion in 2023 to RMB 450 2 billion in 2026, with a CAGR of 14 43% [5] - Net profit is projected to increase from RMB 13 9 billion in 2023 to RMB 56 7 billion in 2026, with a CAGR of 23 20% [5] - The company's gross margin is forecasted to remain stable around 38 23% to 38 97% from 2024 to 2026 [5] - Return on equity is expected to be around 22 42% to 22 75% from 2024 to 2026 [5]

港股公司报告 | 公司点评 | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|----------------------------------------------| | 周大福（ 01929 ） | | 证券研究报告 \n2024 年 12 月 09 日 | | | 投资评级 | | | 一口价产品增长强劲，占比提升 | 行业 | 非必需性消费 / 专业零 售 | | | 6 | 个月评级 买入（维持评级） | | 公司发布 FY25H1 财报 | | | | FY25H1 收入 394.1 亿港元同减 20.4% ， ...

港股公司报告 | 首次覆盖报告 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------- ...

CMB 国际全球市场 | 股票研究 | 公司更新 9 Dec 2024 SenseTime(20 HK) 重组以专注于 Gen AI 业务并加速盈亏平衡进展 SenseTime 在（4月12日）宣布完成了一项战略组织重组，之后公司建立了新 的"1+X"结构：1）"1"代表核心业务，将专注于AI云服务、大型模型与AI应用的 整合、通用计算机视觉（CV）模型的发展；2）"X"代表集团内的其他生态业务 ，包括智能汽车、家用机器人、智能健康医疗、智能零售等。每个生态业务将1 ）指定独立的CEO；2）拥有灵活的激励机制和融资渠道；3）利用SenseTime 的AI基础设施及大型模型（按公平交易原则支付费用）在其各自领域开发AI应 用。我们预计此次重组将帮助SenseTime专注于其生成式AI业务，加速实现盈 亏平衡，并释放其生态业务的价值。我们将盈利预测上调，现在预计SenseTim e将在2026财年实现盈亏平衡（此前预期为调整后净亏损人民币17亿元）。基 于2025财年企业价值/销售额9.0倍的估值，我们将目标价上调至港币2.00（此前 基于2025财年企业价值/销售额6.5倍的估值，目标价为港币1.36）。维持买 ...

9 Dec 2024 CMB International Global Markets | Equity Research | Company Update SenseTime (20 HK) Restructuring to focus on Gen AI business and accelerate breakeven progress SenseTime announced (4 Dec) the completion of a strategic organizational restructuring, after which the company has established a new "1+X" structure: 1) "1" stands for the core business, which will focus on AI cloud services, integration of large models & AI applications, development of general computer vision (CV) models; 2) "X" stands ...

Investment Rating - The report initiates coverage with a **Buy** rating for the company, citing a 55% upside potential based on a 10x PE valuation for 2024 [5][10] Core Views - The company is a global leader in automotive exterior parts, with a strong track record of revenue and profit growth, achieving a 19.7% CAGR in revenue and 12.2% CAGR in net profit from 2006 to 2023 [5] - The company's globalization strategy has been highly successful, with overseas revenue growing at a 29.4% CAGR from 2006 to 2023, and overseas revenue accounting for over 50% of total revenue in H1 2024 [5] - The battery shell business is a key growth driver, with orders worth RMB 125.08 billion as of H1 2024, expected to contribute significantly to future revenue [5][6] - The company's financial metrics are improving, with free cash flow turning positive in 2023, and a potential valuation re-rating as profitability and ROE improve [6] Financial Projections - Revenue is projected to grow from RMB 23.91 billion in 2024 to RMB 34.42 billion in 2026, with a CAGR of 16.0%-21.5% [6][7] - Net profit is expected to increase from RMB 2.25 billion in 2024 to RMB 3.17 billion in 2026, with a CAGR of 18.3%-18.9% [6][7] - Gross margin is forecasted to remain stable at around 27.4% from 2024 to 2026 [6][7] Business Segments - **Battery Shell Business**: Expected to generate revenue of RMB 49.5 billion in 2024, growing to RMB 106.2 billion by 2026, with gross margins improving from 21% to 22.5% [11] - **Plastic Parts Business**: Revenue is projected to grow from RMB 66.4 billion in 2024 to RMB 92.4 billion in 2026, with gross margins stable at around 24%-24.5% [11] - **Aluminum Trim Business**: Revenue is expected to increase from RMB 48.5 billion in 2024 to RMB 60.8 billion in 2026, with gross margins remaining at 37% [11] Growth Catalysts - The company's battery shell business is expected to benefit from the rapid growth of the global electric vehicle market, with a projected market size of RMB 632 billion by 2025 [171] - The company's global factory layout and diversified customer base provide a competitive advantage in the face of rising tariffs and deglobalization trends [5][6] - The company's smart exterior business is seen as a future growth driver, with potential for significant revenue contribution in the coming years [5][6] Market Position - The company is a top player in the global battery shell market, with a market share of approximately 8% in 2023 [175] - The company's global presence and strong customer relationships, including partnerships with major automakers like Tesla, BMW, and Volkswagen, position it well for continued growth [175][176] Historical Performance - The company has consistently expanded its product portfolio, from traditional exterior parts to aluminum components and battery shells, driving ASP growth from RMB 60 to nearly RMB 1,700 [169][170] - Overseas revenue has grown significantly, from RMB 124 million in 2006 to RMB 9.97 billion in 2023, with a CAGR of 29.4% [5][84]

证券研究报告 商贸零售 | 专业连锁Ⅱ 港股|首次覆盖报告 hyzqdatemark 2024 年 12 月 06 日 证券分析师 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 深耕运动品牌经销二十余载，与耐克、阿迪深度合作并不断拓展新品牌。背靠百丽 集团，公司深耕运动服饰经销行业二十余载，实现业务覆盖全国 300 余城、开设门 店 6000 余家，并通过科技提升管理效率。公司分别于 1999 年/2004 年与旗下核心 品牌耐克/阿迪建立合作关系，并持续推进合作深度，此后亦不断扩展代理品牌版图， 先后与彪马、北面、李宁、HOKA 等品牌建立合作，持续向"成为全球一流的运动 零售运营商"的目标靠拢。 | --- | --- | |------------------------------------|----------------| | | | | 基本数据 2024 | 年 12 月 05 日 | | 收盘价（港元） 一年内最高/最低（港 | 2.34 | | 元） | 6.29/2.11 | | 总市值（百万港元） | 14,510.86 | | 流通市值 ...