Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved revenue of 4.523 billion yuan in Q3 2024, representing a year-on-year increase of 19.3%, with adjusted net profit of 686 million yuan, up 6.9% [2] - The report maintains profit forecasts for 2024-2026, expecting net profit attributable to shareholders to be 2.73 billion, 3.39 billion, and 4.16 billion yuan respectively, with current price-to-earnings ratios of 19.1, 15.4, and 12.6 times [2] - The company is focusing on quality retail and interest consumption strategies, with expectations for high-quality growth driven by its store type matrix and O2O strategy in China, accelerated overseas store expansion, and continued profitability from TOP TOY [2] Summary by Sections Domestic Performance - In Q3 2024, MINISO's revenue was 2.44 billion yuan, a 5.7% increase, with offline revenue growing by 3.8% [2] - The company added 324 new stores year-to-date, reaching a total of 4,250 stores, and aims to achieve a net increase of 350-450 stores in 2024 [2] - The report anticipates improved store efficiency driven by differentiated consumer demand and increased O2O touchpoints, with expectations for Q4 performance boosted by IP collaborations [2] Overseas Expansion - In Q3 2024, overseas revenue reached 2.732 billion yuan, a 43% increase, with direct and agency market revenues growing by 45% and 22% respectively [2] - The company added 449 new stores overseas, totaling 2,936 stores, with a target of 650-700 new stores for the year [2] - The report highlights steady same-store growth across various regions, with expectations for continued improvement in store efficiency during the Q4 peak season [2] Profitability - The gross margin for Q3 2024 was 44.9%, an increase of 3.1 percentage points year-on-year, driven by a higher proportion of overseas high-margin direct sales [2] - The operating expense ratio for Q3 2024 was 27.3%, up 5.9 percentage points year-on-year, primarily due to increased costs associated with store expansion [2] - The adjusted operating profit margin was 15.2%, reflecting a decrease of 1.8 percentage points year-on-year, attributed to rising expense ratios from rapid store expansion [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][4]. Core Insights - The company's performance continues to exceed expectations, with Q3 2024 revenue reaching 93.6 billion RMB, a year-on-year increase of 22.4%, surpassing market consensus of 92 billion RMB. Operating profit was 13.7 billion RMB, up 307.5% year-on-year, with an operating margin of 14.6%, an increase of 10.2 percentage points year-on-year. Adjusted net profit was 12.8 billion RMB, a 124.0% year-on-year increase, also above market expectations of 11.8 billion RMB [4]. - The core local business revenue was 69.4 billion RMB, growing 20.2% year-on-year, with operating profit of 14.6 billion RMB, up 44.4% year-on-year. The new business segment generated 24.2 billion RMB in revenue, a 28.9% increase, with operating losses narrowing by 79.9% to 1 billion RMB [4]. - The company's instant delivery orders reached 7.1 billion, a 14.5% year-on-year increase, with daily average orders hitting 76.93 million. The food delivery segment saw a recovery in average order value, with a decrease in the decline rate compared to previous months [4]. - The company is strategically expanding into overseas markets, with the launch of KeeTa in Riyadh, Saudi Arabia, indicating significant growth potential in the local delivery market [4]. Financial Summary - For the fiscal year 2023, the company reported revenue of 276.745 billion RMB, with a projected increase to 337.075 billion RMB in 2024, representing a year-on-year growth of 21.8%. Adjusted net profit is expected to rise from 23.253 billion RMB in 2023 to 44.254 billion RMB in 2024, reflecting a growth rate of 90.3% [3][8]. - The adjusted net profit margin is projected to improve from 8.4% in 2023 to 13.1% in 2024, with adjusted EPS increasing from 3.78 RMB to 7.19 RMB [3][8]. - The company has been actively repurchasing shares, having bought back over 600 million USD worth of stock since early September, amounting to approximately 4.2% of its shares [4].

Investment Rating - The report maintains a "Buy" rating for the company [2][3]. Core Views - The company reported a significant revenue increase of 32.1% year-over-year, achieving 18.86 billion RMB in the first half of 2024, driven by a recovery in the smartphone market and growth in automotive and VR business segments [3]. - The gross profit reached 3.25 billion RMB, reflecting a 52.4% year-over-year increase, while net profit surged by 142.0% to 1.11 billion RMB, exceeding market expectations [3]. - The smartphone segment is expected to benefit from the demand recovery and product structure improvement, with a projected smartphone shipment of 1.24 billion units in 2024 [3]. - The automotive business is also on an upward trajectory, with a forecasted global shipment of 340 million automotive cameras in 2024, representing a 30.8% year-over-year growth [3]. - The XR business is gaining traction, with anticipated annual sales of over 2 million units for AI glasses, indicating a growing market for AR applications [3]. - The company is projected to achieve revenues of 38.2 billion RMB, 44.2 billion RMB, and 48.3 billion RMB for the years 2024, 2025, and 2026 respectively, with net profits expected to reach 2.54 billion RMB, 3.25 billion RMB, and 3.65 billion RMB in the same years [3]. Summary by Sections Financial Performance - The company reported a revenue of 18.86 billion RMB for the first half of 2024, a 32.1% increase year-over-year, surpassing the consensus estimate of 17.22 billion RMB [3]. - The net profit for the same period was 1.11 billion RMB, a 142.0% increase year-over-year, exceeding the expected 1.03 billion RMB [3]. - The gross margin improved significantly, reflecting better profitability in smartphone camera modules [3]. Business Segments - **Smartphone Business**: The company saw a recovery in smartphone demand, with a shipment of 1.108 billion camera lenses, a 17.1% increase year-over-year, and a slight decline in camera module shipments [3]. - **Automotive Business**: The company shipped 88.5 million automotive lenses in the first ten months of 2024, a growth of 11.6% year-over-year, with expectations for continued growth in the coming years [3]. - **XR Business**: The company is positioned as a supplier for AI glasses, with significant sales growth anticipated in the AR market [3]. Future Outlook - The company is expected to benefit from trends in AI smartphones and high-end product demand, with a positive outlook for its automotive and XR segments [3]. - Revenue projections for 2024-2026 indicate strong growth, with net profit margins expected to improve [3].

港股公司报告 | 公司点评 | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------|---------------------------------------------------- ...

Investment Rating - Buy (Maintained) [7] Core Views - The company's Q3 2024 performance was largely in line with expectations, with revenue reaching RMB 6.442 billion, a YoY increase of 2.45%, within the guidance range of 2%-5% [2] - Domestic RevPAR declined due to a high base effect, with ADR having a greater impact, while overseas operational indicators remained stable [3] - The company continues to expand its hotel network and upgrade its products, raising its full-year store opening guidance to 2,400 stores (previously 2,200 stores) [4] - Operating costs and expenses increased YoY due to business expansion, but the company's performance remained largely in line with expectations [5] - The company emphasized its dividend and share repurchase plans to enhance shareholder returns, including a USD 1 billion share repurchase plan over five years [6] Financial Performance - Q3 2024 revenue: RMB 6.442 billion, up 2.45% YoY, with domestic revenue at RMB 5.162 billion (up 0.96% YoY) and overseas revenue at RMB 1.280 billion (up 8.94% YoY) [2] - Q3 2024 net profit attributable to shareholders: RMB 1.273 billion, down 4.79% YoY [2] - Domestic RevPAR: RMB 256, down 8.1% YoY, with ADR at RMB 301, down 7.0% YoY [3] - Overseas RevPAR: EUR 82, up 3.7% YoY, with ADR at EUR 117, up 2.5% YoY [3] Expansion and Operations - Q3 2024 domestic store openings: 774 new stores (3 directly operated, 771 franchised), with a net increase of 557 stores [4] - Pipeline: 2,899 stores in the domestic market, with 1,082 economy and 1,817 mid-to-high-end hotels [4] - The company is accelerating its store expansion, with a focus on upgrading its product offerings and optimizing its brand portfolio [4] Shareholder Returns - The company announced a 3-year shareholder return plan, including a maximum distribution of USD 2 billion and a USD 1 billion share repurchase plan over five years [6] - In the first three quarters of 2024, the company repurchased approximately USD 270 million worth of shares and returned approximately USD 470 million to shareholders through dividends and share repurchases [6] Future Outlook - The company expects Q4 2024 revenue growth of 1%-5% (excluding DH growth) [12] - Forecasted revenue for 2024-2026: RMB 23.774 billion, RMB 25.455 billion, and RMB 27.561 billion, with YoY growth rates of 8.6%, 7.1%, and 8.3%, respectively [12] - Forecasted net profit attributable to shareholders for 2024-2026: RMB 3.839 billion, RMB 4.524 billion, and RMB 5.134 billion, with YoY growth rates of -5.9%, 17.8%, and 13.5%, respectively [12] Financial Ratios - 2024E P/E: 20.1x, 2025E P/E: 17.1x, 2026E P/E: 15.0x [12] - 2024E P/B: 4.6x, 2025E P/B: 3.6x, 2026E P/B: 2.9x [13]

%% %% 丨证券研究报告丨 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车点评：11 月销量 4.9 万辆，智驾迭代 推动 AD Max 销售占比超过 70% | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 理想 2024 年 11 月销量 4.9 万辆，同比增长 18.8% ，环比下滑 5.3% 。理想汽车产品优势和品 | | 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 理想汽车-W（2015.HK） cjzqdt11111 2024-12-03 港股研究丨公司点评 [Table_BaseData] 当前股价（ ...

Investment Rating - The report maintains a "Buy" rating for China Gas [5] Core Views - China Gas reported a slight decline in revenue and net profit for the fiscal year 2023/24, with revenue at HKD 35.105 billion, down 2.6% year-on-year, and net profit at HKD 1.761 billion, down 3.8% year-on-year, primarily due to delays in government subsidies and increased costs [5][6] - The company's gas sales volume increased by 0.9% year-on-year to 17.13 billion m³, with town gas sales up 1.4% [5] - The retail gas gross margin improved by HKD 0.02/m³ to HKD 0.59/m³, with residential gas prices rising to HKD 2.85/m³, an increase of HKD 0.08/m³ year-on-year [5] - The company experienced a decline in new residential user connections, down 14% year-on-year, but saw significant growth in industrial and commercial connections [5] - Value-added services and comprehensive energy businesses showed rapid growth, contributing positively to the company's performance [5] Summary by Sections Financial Performance - For the fiscal year 2023/24, the company reported revenue of HKD 81.41 billion, a decrease of 11.5% year-on-year, and a net profit of HKD 3.185 billion, down 25.8% year-on-year [6][9] - The earnings per share (EPS) for 2024/25 is projected to be HKD 0.73, with subsequent years showing growth [6][9] Business Segments - The gas sales business showed a recovery trend, with a focus on increasing commercial user connections through market development strategies [5] - The connection and engineering business accounted for 22.6% of the company's total pre-tax profit, indicating a stabilization in this segment [5] Future Outlook - The report anticipates a recovery in gas sales volume and profitability in the second half of the fiscal year, driven by improved pricing mechanisms and recovering industrial demand [5] - The company has adjusted its profit forecasts for the fiscal years 2024/25 to 2026/27, reflecting a more conservative outlook due to various operational challenges [5]

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 7.13 HKD and a fair value of 8.06 HKD [2]. Core Insights - The company reported a decline in revenue for FY25H1, with a total of 27.9 billion HKD, down 20.4% year-on-year, primarily due to significant fluctuations in gold prices leading to losses from gold lending contracts [2][4]. - The adjusted gross profit margin improved to 31.4%, an increase of 6.5 percentage points year-on-year, driven by a doubling in the contribution from product retail value and a 14.2% increase in average selling prices [2][4]. - The company plans to utilize up to 20 billion HKD of internal resources for share buybacks and has declared an interim dividend of 0.2 HKD per share [2][4]. Financial Performance Summary - For FY25, the company expects net profits of 5.4 billion HKD, 6.5 billion HKD, and 5.4 billion HKD for the fiscal years 2025 to 2027, respectively [2][4]. - The main revenue for 2023 was 94.684 billion HKD, with a projected growth rate of -4.3% for 2024, followed by a recovery of 14.8% in 2025 [4]. - The EBITDA for 2023 was 9.67 billion HKD, with projections of 11.207 billion HKD for 2024 and 10.112 billion HKD for 2025 [4]. - The company’s return on equity (ROE) is expected to be 16.5% in 2023, increasing to 24.7% in 2024, before stabilizing around 16.8% in the following years [4].

Investment Rating - The report gives the company a "Buy" rating with a target price of HKD 47.20 per share for 2024 [4] Core Views - The company is a leading provider of decision intelligence solutions in China, focusing on platform-centric solutions that help enterprises achieve intelligent transformation [2] - The decision intelligence market is vast and diverse, with generative AI offering significant opportunities for reshaping enterprise software and improving product standardization [2][75] - The company emphasizes commercialization and practical application in specific industry scenarios, avoiding direct competition with giants like OpenAI [2][81] - Generative AI enhances the value proposition for downstream customers, but profitability and market expansion potential remain to be observed [2][82] Financial Projections - Revenue is projected to be RMB 5.076 billion, RMB 5.963 billion, and RMB 7.006 billion for 2024, 2025, and 2026, respectively [3] - The company is expected to achieve positive EBITDA and net profit by 2026, with EBITDA turning positive at RMB 126 million and net profit at RMB 177 million [3] Business Overview - The company offers three main business segments: the Prophet AI Platform, SHIFT Intelligent Solutions, and AIGS services, with the Prophet AI Platform contributing 60% of revenue in 2023 [74] - The company has developed four core technologies: automated machine learning, transfer learning, environmental learning, and automated reinforcement learning, which are widely applied in its decision intelligence solutions [113] - The company has expanded its industry coverage, with financial and energy sectors being its strongholds, while manufacturing, retail, and healthcare sectors show growth potential [126] Market and Industry Analysis - Decision intelligence is a typical application scenario for generative AI, with large language models (LLMs) empowering the entire decision-making process [147][148] - The decision intelligence platform market is highly competitive, with participants ranging from vertical industry solution providers to cross-industry technology suppliers [158] - In China, the company leads the decision AI market with a 22.6% market share, ahead of major internet companies like Baidu, Alibaba, Huawei, and Tencent [160][163] Competitive Analysis - The company is compared with Palantir, a global leader in big data analytics, with both companies leveraging generative AI to enhance their decision intelligence platforms [191] - While Palantir focuses on real-time decision-making platforms and global high-value clients, the company emphasizes industry-specific models and localized solutions for the Chinese market [80] Growth Strategy - The company adopts a "Prophet Inside" model, embedding its AI platform capabilities into industry-specific products and solutions, which aligns with the trend of product standardization driven by generative AI [178][181] - The company collaborates with ecosystem partners to expand its industry applications, covering over 20 industries and various scenarios, which is expected to drive future growth [182]

证券研究报告 美容护理 | 化妆品 港股|首次覆盖报告 hyzqdatemark 2024 年 12 月 04 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 投资要点： 深耕化妆品行业二十载，多品牌战略突出重围。公司成立于 2002 年，专注于护肤品 及母婴护理产品的研发、生产及销售。基于多品牌运营战略，公司成功打造韩束、 一叶子及红色小象等多个品牌，22 年底公司在战略层面进行调整，主品牌韩束业绩 大幅增长，根据公司年报，23 年全年韩束在抖音渠道完成 GMV33.4 亿，较 22 年增 长 374%，24H1 韩束在抖音平台 GMV 达 34.4 亿，并取得"抖音电商护肤品牌总榜 H1"第一的靓丽成绩。 "产品+营销+渠道"三重驱动，助力主品牌抖音实现亮眼高增。1）产品：大单品红 蛮腰定位极致性价比的抗初老套盒，与竞品比较价格优势明显。从抖音官旗看，韩 束红蛮腰"水+乳+精华+霜+洁面"套盒定价为 399 元/套，与竞品相比，单品配置完 备且价格优势明显，同时大促时赠送原装赠品力度较强。从韩束抖音用户画像来看， 18-35 岁消费者占比达 75%，并形成了 ...