Investment Rating - The report maintains a **Buy** rating for Hong Kong Exchanges and Clearing Limited (HKEX) with a target price of **360 HKD**, representing a **16% upside** from the current price [3][10] Core Views - HKEX delivered **strong performance** in the first three quarters of 2024, with **revenue and other income** reaching **15.99 billion HKD** (YoY +2%), the **second-highest** in history [3] - **Net profit attributable to shareholders** increased by **5 million HKD** to **9.27 billion HKD**, driven by higher trading and clearing fees from **spot, derivatives, and commodity markets** [3] - **Spot market** revenue reached **6.35 billion HKD**, with **average daily turnover** growing **5% YoY** to **102.7 billion HKD**, supported by **economic stimulus measures** in mainland China and **global monetary easing** [3] - **Stock Connect** performance was robust, with **average daily turnover** rising **14% YoY** to **123.3 billion CNY**, contributing **1.78 billion HKD** in revenue (YoY +4%) [3][7] - **Derivatives market** saw **record-high average daily volume** of **1.516 million contracts** (YoY +12%), though revenue declined **12%** to **4.28 billion HKD** due to lower **margin investment income** [3] - **Commodities market** revenue surged **31% YoY** to **2.1 billion HKD**, driven by higher **LME trading and clearing fees** [3] - **Investment income** decreased **4% YoY** to **3.73 billion HKD**, primarily due to lower **margin requirements** and increased **interest rebates** to attract trading volume [3] Business Segment Performance - **Trading and trading system usage fees**: **4.98 billion HKD** (YoY +6%) [3] - **Clearing and settlement fees**: **3.18 billion HKD** (YoY +7%) [3] - **Listing fees**: **1.08 billion HKD** (YoY -6%) [3] - **Depository and agency services fees**: **890 million HKD** (YoY -1%) [3] - **Market data fees**: **810 million HKD** (YoY -2%) [3] - **Other income**: **1.26 billion HKD** (YoY +8%) [3] Financial Forecasts - **Revenue**: Expected to grow from **22.23 billion HKD** in 2024 to **24.38 billion HKD** in 2026 [10] - **Net profit**: Projected to increase from **12.77 billion HKD** in 2024 to **13.93 billion HKD** in 2026 [10] - **Diluted EPS**: Forecasted to rise from **10.07 HKD** in 2024 to **10.99 HKD** in 2026 [10] - **Dividend per share**: Anticipated to grow from **9.0 HKD** in 2024 to **9.9 HKD** in 2026 [10] Market Performance - **Average daily turnover** in the **Hong Kong market** reached **102.7 billion HKD** in the first three quarters of 2024, a **5% YoY increase** [3] - **Stock Connect average daily turnover** stood at **110.3 billion CNY** (YoY +4%), with **Southbound turnover** at **39.6 billion HKD** (YoY +37%) [8] - **Stock Connect revenue** accounted for **11%** of HKEX's total revenue and other income in the first three quarters of 2024 [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 6.4, indicating a potential upside of 17.89% from the last closing price of HKD 5.42 [3][4]. Core Insights - The company has experienced a revenue decline of 6.2% year-on-year in H1 2024, with total revenue reaching HKD 79.26 billion, primarily due to reduced demand from core clients. However, the cloud intelligence business showed stable growth, generating HKD 33.68 billion in revenue, a 2% increase year-on-year [2][3]. - The company has been actively repurchasing shares, having bought back and canceled nearly 260 million shares since 2023, reflecting its confidence in long-term growth [2]. - The company aims to become a comprehensive AI software and service provider, focusing on deep integration with leading clients in various industries such as finance, energy, and healthcare, while leveraging advancements in AI technologies [2][3]. Financial Summary - For the fiscal year ending December 31, 2024, the company is projected to achieve total revenue of approximately HKD 17.31 billion, a slight increase of 1.1% compared to the previous year. The net profit is expected to be around HKD 738.77 million, reflecting a year-on-year decrease of 3.56% [5]. - The gross profit margin is forecasted to stabilize at 23.39% for 2024, with the company maintaining a focus on cost management and operational efficiency [5][9]. - The company has a market capitalization of HKD 146.99 billion and a price-to-earnings ratio of 20.1 based on the current share price [4][5].

Investment Rating - The investment rating for the company is "Buy" [3][19]. Core Views - The company has demonstrated strong growth momentum with a revenue increase of 22.8% year-on-year, reaching 12.281 billion yuan for the first three quarters of 2024, and an adjusted net profit of 1.928 billion yuan, up 13.7% year-on-year [3]. - The company's overseas business continues to expand rapidly, particularly in Asia and North America, with a 39.8% year-on-year increase in overseas revenue for Q3 2024 [3]. - The gross profit margin has reached a new high of 44.9% in Q3 2024, reflecting an improvement in profitability [3]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 4.523 billion yuan, a year-on-year increase of 19.3%, and an adjusted net profit of 686 million yuan, up 6.9% year-on-year [3]. - The company’s gross profit margin for Q1-3 2024 was 44.1%, an increase of 3.7 percentage points year-on-year [3]. - The projected revenues for 2024-2026 are 17.167 billion yuan, 20.572 billion yuan, and 24.062 billion yuan, respectively, with corresponding net profits of 2.533 billion yuan, 3.198 billion yuan, and 3.998 billion yuan [6]. Domestic and Overseas Business - Domestic same-store sales faced pressure, with a decline of 1.7% in the first half of 2024, while Q3 same-store sales showed a decrease of 6.4% [3]. - The company opened 135 new domestic MINISO stores in Q3 2024, bringing the total to 4,250 stores, an increase of 448 stores year-on-year [3]. - The overseas business saw a net increase of 183 stores in Q3 2024, totaling 2,936 stores, with significant growth in Asia and North America [3]. Profitability and Cost Management - The company’s adjusted net profit margin for Q3 2024 was 15.2%, a decrease of 1.7 percentage points year-on-year [3]. - Selling and administrative expenses increased due to the accelerated opening of new stores, with selling expense ratio at 22.03% and management expense ratio at 5.22% for Q3 2024 [3]. - The company is expected to continue its strategic transaction with Yonghui, which is anticipated to be completed in the first half of 2025 [3].

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong supply chain and user experience advantages as key drivers for sustained profit growth [6][3] Core Views - The company's revenue in Q3 2024 reached RMB 260.39 billion, a year-on-year increase of 5.1%, driven by its focus on supply chain capabilities and logistics infrastructure [3] - Non-GAAP operating profit for Q3 2024 was RMB 13.08 billion, up 17.9% year-on-year, with a Non-GAAP operating margin of 5.0%, an increase of 0.5 percentage points [3] - The company's retail segment achieved a revenue of RMB 224.99 billion, with a stable operating margin, while the logistics segment saw a revenue of RMB 44.4 billion and an operating margin of 4.7%, up 4.0 percentage points year-on-year [3] - The company repurchased approximately USD 390 million worth of Class A ordinary shares from July to September 2024 and announced a new share repurchase plan of up to USD 5 billion over the next 36 months [3] Financial Performance - The company's total assets stood at RMB 643.559 billion, with a net asset attributable to the parent company of RMB 229.082 billion [2] - The company's revenue is expected to grow to RMB 11,367 billion in 2024, RMB 12,076 billion in 2025, and RMB 12,916 billion in 2026, with Non-GAAP net profit attributable to the parent company projected to be RMB 44.928 billion, RMB 47.952 billion, and RMB 51.016 billion respectively [5] - The company's gross margin is expected to increase from 14.7% in 2023 to 16.0% in 2026, with Non-GAAP net profit margin projected to be 4.0% in 2024 and 2025, and 3.9% in 2026 [5] Segment Performance - The company's product revenue in Q3 2024 was RMB 204.61 billion, up 4.8% year-on-year, with electronics and home appliances revenue reaching RMB 122.56 billion, a 2.7% increase, and general merchandise revenue growing 8.0% to RMB 82.05 billion [3] - Service revenue in Q3 2024 was RMB 55.77 billion, up 6.5% year-on-year, with platform advertising revenue increasing 6.3% to RMB 20.76 billion and logistics and other revenue growing 6.5% to RMB 35.01 billion [3] Future Outlook - The company is expected to benefit from macro policies such as the "trade-in" policy, which is likely to further stimulate consumption upgrades [3] - The company's supply chain and user experience advantages are expected to continue driving profit growth, with revenue and profit projections showing steady increases over the next three years [3][5]

Investment Rating - The report maintains a "Buy" rating for the company, citing improved profitability in renewable energy and future transformation prospects [1] Core Views - The company's wind power generation increased significantly in 2H24, with a 26.3% YoY growth in 3Q24 and a 52.6% YoY surge in September 2024 [2] - The report raises the 2024E wind power generation forecast by 3.3% to 43.2 billion kWh, driven by improved wind conditions and new grid-connected wind power installations [2] - Renewable energy net profit margin is expected to increase by 3.4 percentage points to 38% in 2024E, leading to a 9.2% upward revision of renewable energy attributable net profit to 9.18 billion yuan [2] - The company completed a share placement of 198.5 million shares, increasing total shares by 4.1% to 5.00894 billion shares [3] - The report adjusts 2024-26E renewable energy attributable net profit forecasts by +9.2%/+3.9%/-9.0%, reflecting changes in new energy installation targets and power price expectations [4] Financial Forecasts - Revenue is projected to decline by 1.24% in 2024E but grow by 8.07% and 8.50% in 2025E and 2026E respectively [6] - Attributable net profit is expected to increase by 34.49% in 2024E, reaching 14.798 billion HKD [6] - EPS is forecasted to grow from 2.95 HKD in 2024E to 3.53 HKD in 2026E [6] - ROE is projected to remain above 16% from 2024E to 2026E [6] - The target price is set at 30.69 HKD, representing a 63.4% upside from the current price of 18.78 HKD [4][8] Valuation - The report values the company's thermal power and renewable energy segments at 0.9x and 18x 2025E PB/PE respectively [4] - The target market capitalization is set at 153.708 billion HKD, with a 25% discount reflecting potential impacts of new energy spin-off [4] - The company's PE ratio is expected to decrease from 6.36x in 2024E to 5.32x in 2026E [6] Operational Highlights - Cumulative wind power generation for Jan-Oct 2024 reached 35.8 billion kWh, a 13.7% YoY increase [2] - The company's new energy impairment in 2023 was significant at 1.643 billion yuan, but the government is actively addressing renewable energy subsidy receivables [2] - The share issuance to Huarong Group's subsidiary was approved with a 94.6% voting rate, expected to dilute EPS by 7.08% initially [3]

Investment Rating - The report maintains a "Buy" rating for China Power (2380 HK) with a target price of HKD 3.92 [1] Core Views - China Power is a comprehensive clean energy platform under the State Power Investment Corporation (SPIC) with a TTM dividend yield of 6.42% and a PB (MRQ) of 0.64x, indicating significant valuation appeal [1] - The company plans to use its 63% stake in Wuling Power and 64.93% stake in Changzhou Hydropower as consideration to subscribe for new shares in Yuanda Environmental, which is expected to reduce the debt-to-asset ratio and potentially enhance valuation through A-share hydropower assets [1][3] - In 1H24, China Power's net profit attributable to shareholders increased by 53% YoY to RMB 2.57 billion, driven by strong performance in clean energy [1] Operational Performance - In 3Q24, coal-fired power sales increased by 4.6% YoY to 15.7 billion kWh, accelerating from 0.4% growth in 1H24, due to increased coal power output during peak summer demand [2] - Wind and solar power sales in October 2024 grew by 39.9% and 12.8% YoY, respectively, though the growth rate slowed compared to the 59.4% and 90.8% increases in 1-9M24, primarily due to a high base effect from the 7.5GW clean energy assets injected in October 2023 [2] Strategic Initiatives - The proposed red-chip control of A-share hydropower platform Yuanda Environmental is expected to accelerate China Power's energy transition goals and facilitate the injection of high-quality projects from SPIC [3] - Despite market concerns over the dilution of China Power's stake in hydropower assets, the company anticipates faster growth in asset and profit scale post-restructuring [3] Financial Forecasts - The report revises down China Power's new clean energy capacity additions by 33%, 9%, and 0% for 2024-2026, and adjusts wind and solar power tariffs, leading to a reduction in net profit attributable to shareholders by 2%, 8%, and 14% to RMB 5.0 billion, RMB 5.6 billion, and RMB 6.2 billion, respectively [4] - Based on 2025E forecasts, the target market capitalization is RMB 44.8 billion (HKD 48.5 billion), with a target price of HKD 3.92, derived from a sum-of-the-parts (SOTP) valuation approach [4] Valuation Metrics - The report provides detailed valuation metrics for China Power, including PE, PB, and EV/EBITDA ratios, with 2025E PE/PB for new energy, thermal power, and hydropower at 10x, 0.5x, and 1.2x, respectively [4][6] - The company's ROE is expected to improve from 9.00% in 2024E to 10.05% in 2026E, reflecting stronger profitability [6] Industry Comparison - Comparable company valuations for thermal power, hydropower, and new energy sectors are provided, with average 2025E PB ratios of 0.80x, 2.6x, and 6x, respectively [10]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected adjusted PE of 15/13/11 times for 2024-2026 [1][61] Core Views - The company's 24Q3 revenue reached RMB 4.991 billion, a 51% YoY increase, exceeding guidance, with adjusted net profit of RMB 910 million, up 46.6% YoY [1] - Core OTA revenue grew 22% YoY to RMB 4.013 billion, with a significant improvement in profitability, as the core OTA margin increased by 5.9 ppts YoY to 31.3% [1] - The company's user value has improved significantly, with ARPU growing 53% YoY to RMB 70, and GMV monetization rate increasing by 2.2 ppts YoY to 6.9% [1][56] - The company is accelerating its expansion into new traffic sources and international business, with the launch of the HopeGoo platform and the establishment of an overseas headquarters in Singapore [1][59] Business Performance Summary Core OTA Business - Accommodation booking revenue grew 22% YoY to RMB 1.38 billion in 24Q3, contributing 34.3% of OTA revenue, driven by increased room nights and improved net take rate [36][40] - Transportation ticketing revenue increased 21% YoY to RMB 2.03 billion, contributing 50.5% of OTA revenue, supported by growth in air ticket sales and improved monetization of train tickets [40][41] - Other OTA business revenue grew 24% YoY to RMB 610 million, mainly driven by hotel management and online travel business growth [41] Vacation Business - Vacation business revenue reached RMB 979 million in 24Q3, up 36% QoQ, achieving a break-even with a 2.4% profit margin [1][42] - The company has expanded its offline store network to over 900 stores by the end of 24Q3 [42] Profitability - The company's adjusted net profit margin improved by 2.7 ppts QoQ to 18.2% in 24Q3, driven by optimized user subsidies, improved international business efficiency, and reduced sales expenses [1][47] - Sales expense ratio decreased by 9.1 ppts YoY and 6.0 ppts QoQ to 29.4% in 24Q3 [1][47] User Metrics and Traffic Expansion - Average monthly paying users reached 46.4 million in 24Q3, up 5% YoY, with user purchase frequency exceeding 8 times per year, compared to 5.5 times in 2019 [1][56] - The company's app DAU surpassed 3 million before the 2024 National Day holiday, a record high, with app traffic contribution increasing from 4% to 8% between August 2023 and August 2024 [1][57] International Business Expansion - The company launched the HopeGoo international travel booking platform in mid-2024, covering six major travel categories and supporting 16 currencies [59] - Through the Yilong Hotel Technology platform, the company has expanded its international guest reception capabilities, with over 400 hotels capable of serving international guests as of July 2024 [59] Future Outlook - Core OTA revenue is expected to maintain double-digit growth in 24Q4, driven by strong performance in accommodation and transportation bookings [1][60] - The company's revenue for 2024-2026 is forecasted to be RMB 17.263 billion, RMB 20.195 billion, and RMB 23.134 billion, respectively, with adjusted net profit expected to reach RMB 2.74 billion, RMB 3.252 billion, and RMB 3.872 billion [1][61]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Views - JD Logistics is acquiring the remaining 36.43% stake in Kuaijie Express for no more than RMB 6.484 billion, resulting in full ownership of Kuaijie Express. The acquisition will be paid in three installments, consisting of a base price and profit-sharing payments [2][8]. - The acquisition is expected to enhance synergies and support international business development, with anticipated benefits including growth in Kuaijie Express's performance, deeper brand collaboration, and improved management efficiency [3][9]. Financial Summary - Revenue projections for 2024-2026 are RMB 180.3 billion, RMB 196.0 billion, and RMB 211.2 billion, with growth rates of 8.2%, 8.7%, and 7.8% respectively [4][10]. - Adjusted net profit estimates for the same period are RMB 7.26 billion, RMB 7.95 billion, and RMB 8.79 billion, with adjusted net profit margins of 4.0%, 4.1%, and 4.2% [4][10]. - The company expects Kuaijie Express's net profit to reach RMB 2.149 billion and RMB 2.351 billion in 2024 and 2025, respectively, reflecting a year-on-year growth of 9.4% [2][8]. Performance Metrics - The report indicates that Kuaijie Express's net profit for 2022 and 2023 was RMB 0.848 billion and RMB 1.447 billion, respectively, with a year-on-year growth of 70.6% in 2023 [3][9]. - The base profit for the acquisition is calculated at a 15x PE ratio, with base profits projected at RMB 0.83 billion for 2023, RMB 0.892 billion for 2024, and RMB 0.959 billion for 2025 [2][8]. Market Data - As of December 10, 2024, the closing price of the stock is HKD 14.5, with a total market capitalization of HKD 96.1 billion [6]. - The total share capital is 6.627 billion shares, and the net assets attributable to shareholders amount to RMB 50.8 billion [6].

Investment Rating - The report assigns a "Buy" rating to Sinotruk (3808 HK) with a target price of HKD 27.60 [4][6] Core Views - Sinotruk is a leading heavy-duty truck manufacturer in China with a 24.9% market share in 2023 [1] - The company benefits from dual growth drivers: domestic demand recovery and strong export performance [1][3] - Sinotruk's export sales accounted for 57.3% of total heavy truck sales in 2023, up from 11.1% in 2020 [3] - The company's revenue grew 43.9% YoY to RMB 85.49 billion in 2023, with net profit surging 217.9% to RMB 5.32 billion [1] Industry Outlook - The heavy truck industry is in the early stages of recovery, supported by logistics demand and replacement policies [2][4] - Natural gas heavy trucks are gaining popularity due to widening fuel price differentials, with penetration reaching 24.8% in 2023 [27] - The "One Belt, One Road" initiative continues to drive export growth, with Sinotruk leading in overseas sales [3][31] Company Performance - Sinotruk sold 227,000 heavy trucks in 2023 (42.7% domestic, 57.3% export) and 130,000 light trucks [1] - The company's gross margin stood at 16.7% in 2023, with heavy trucks contributing 87.5% of total revenue [1] - Sinotruk maintains a 50% dividend payout ratio, offering an attractive dividend yield of 5-6% [4] Financial Projections - Revenue is forecast to grow 13.0% to RMB 96.59 billion in 2024 and 9.6% to RMB 105.91 billion in 2025 [4][47] - Net profit is expected to increase 14.1% to RMB 6.07 billion in 2024 and another 14.1% to RMB 6.93 billion in 2025 [4][48] - The company is valued at 10x 2024 P/E, in line with industry peers [52] Strategic Advantages - Sinotruk has a strong partnership with MAN and Weichai Power, enhancing its technological capabilities [29][43] - The company has established a comprehensive overseas network, covering over 110 countries and regions [33] - Sinotruk's product portfolio is being upgraded, with new high-end models like SITRAK and Yellow River boosting average selling prices [46][47]

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