Investment Rating - The investment rating for Meituan-W (03690.HK) is "Buy" (maintained) [1] Core Views - The performance of Meituan in Q3 2024 exceeded expectations, with total revenue reaching 93.6 billion yuan, a year-on-year increase of 22%, surpassing Bloomberg's consensus estimate of 92 billion yuan. Adjusted net profit was 12.8 billion yuan, also above the consensus estimate of 11.7 billion yuan [1] - The core local business profit and new business losses were better than expected, with core local business revenue of 69.4 billion yuan (yoy +20.2%) and operating profit of 14.6 billion yuan (yoy +44.4%) [2] - The delivery profit showed steady growth, with instant delivery transaction volume (including food delivery and flash purchase orders) reaching 7.078 billion, a year-on-year increase of 14.5% [3] - The new business losses narrowed more than expected, with the overall new business achieving profitability [4] Summary by Sections Financial Performance - Total revenue for 2022 was 220.08 billion yuan, with projections of 276.85 billion yuan for 2023, 337.62 billion yuan for 2024, 390.80 billion yuan for 2025, and 447.46 billion yuan for 2026, reflecting a growth rate of 22.86% in 2022 and a projected 25.80% in 2023 [1] - Adjusted net profit for 2022 was a loss of 6.686 billion yuan, with a projected profit of 38.664 billion yuan for 2024, 49.913 billion yuan for 2025, and 64.193 billion yuan for 2026, indicating a significant recovery and growth trajectory [1] Business Segments - The core local business revenue for Q3 2024 was 69.4 billion yuan, with an operating profit margin of 21.0%, up 4 percentage points year-on-year [2] - Flash purchase volume grew by 35% year-on-year, with user numbers and transaction frequency also showing double-digit growth [3] Future Outlook - The adjusted profit forecasts for 2024-2026 have been raised to 45.248 billion yuan, 57.257 billion yuan, and 71.242 billion yuan respectively, with corresponding adjusted P/E ratios of 21, 17, and 13 times [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 211 for the next six months [3][4]. Core Insights - The company's core local business profit exceeded market expectations by 14% in Q3, with significant improvements in both food delivery and in-store travel services [10][11]. - The report anticipates a revenue growth of 19% year-on-year in Q4, with core local business and new business revenues expected to grow by 18% and 22% respectively [13]. - The company is expected to benefit from its competitive advantages in instant delivery and the ongoing digitalization of the travel sector, alongside controlled losses in overseas business ventures [13]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported revenues of HKD 276,745 million, a 26% year-on-year increase, with adjusted net profit reaching HKD 23,253 million, reflecting an 8.4% net profit margin [9][10]. - The projected revenues for 2024, 2025, and 2026 are HKD 336,889 million, HKD 392,556 million, and HKD 447,463 million respectively, with corresponding growth rates of 22%, 17%, and 14% [9][10]. - The adjusted net profit is expected to grow to HKD 43,859 million in 2024, with a net profit margin of 13% [9][10]. Shareholder Structure - The major shareholders include Wang Xing with 8.90%, BlackRock with 5.97%, and Vanguard Group with 5.20%, while other shareholders account for 74.98% [7]. Stock Performance - The stock has shown a relative return of -4.79% over the past month, but a significant increase of 76.51% over the past year [8]. - The stock price as of November 29, 2024, was HKD 168.7, with a market capitalization of HKD 1,008,936 million [5][6].

证券研究报告 名创优品 (9896 HK) 港股通 Q3 海外拓展加速，IP 战略持续显效 华泰研究 季报点评 2024 年 12 月 01 日│中国香港 零售 公司发布 24Q3 季报，三季度营收同增 19.3%至 45.2 亿元，其中国内 Miniso/ 海外 Miniso/Top Toy 分别同增 5.7%/39.8%/50.4%，海外得益于 IP 战略、 拓店加速、海运扰动缓解等，延续快速成长。经调整净利同增 6.9%至 6.9 亿元，受国内同店承压、海外直营店投入的拖累。我们认为上述不利因素均 有望在 Q4 缓解，叠加哈利波特等热门 IP 及海外旺季推动，看好 Q4 业绩增 速及利润率边际向好，以及中长期公司在 IP 战略赋能下的全球拓展前景。 海外市场及 Top Toy 增势亮眼，拓店环比加速 Q3 分业务看：1）国内 Miniso 营收同增 5.7%，受宏观环境及高基数拖累， 其中客流下降近 6%，客单价同比微增，IP 战略下高线城市客单价表现更优。 2）海外 Miniso 营收同增 39.8%，其中直营市场同增 55.4%，美国及印尼 市场重点发力；代理市场同增 26.5%，得益于 IP 策略 ...

Investment Rating - The report maintains a "Buy" rating for New Higher Education Group [6][15]. Core Views - New Higher Education Group reported FY24 revenue of RMB 2.4 billion, a year-on-year increase of 13.8%, with an adjusted net profit attributable to shareholders of RMB 770 million, up 6.1% year-on-year. The company distributed final dividends in shares, with a payout ratio of 50% [6][12]. - The company continues to optimize its student structure, with a slight decrease in total enrollment to 139,000 from 140,000 in FY23. However, the proportion of new undergraduate students increased by 4 percentage points year-on-year, and the proportion of undergraduate students rose by 1 percentage point year-on-year, leading to a 13.2% increase in tuition revenue despite the slight decline in total enrollment [6][13]. - The company has increased its investment in educational facilities, resulting in a 19.1% rise in accommodation fees, contributing to the overall revenue growth [6][13]. Financial Data and Profit Forecast - For FY24, the company's revenue cost was RMB 1.54 billion, a year-on-year increase of 16.9%. Teaching-related costs rose by 31.3%, and teacher salaries increased by 12.1% [7][14]. - The report indicates that the company will maintain capital expenditures at approximately RMB 600 million to RMB 800 million annually over the next two years due to ongoing evaluations of two undergraduate schools [7][15]. - Profit forecasts for FY25 and FY26 have been downgraded to RMB 800 million and RMB 830 million, respectively, with a new profit forecast of RMB 880 million for FY27. The target price has been adjusted to HKD 2.99 from HKD 3.46 [7][15]. Revenue and Profit Projections - The projected revenue and profit figures for the upcoming years are as follows: - FY24 Revenue: RMB 2,412 million (10% growth) - FY25 Revenue: RMB 2,617 million (estimated) - FY26 Revenue: RMB 2,844 million (estimated) - FY27 Revenue: RMB 3,119 million (estimated) - FY24 Net Profit: RMB 756 million (estimated) - FY25 Net Profit: RMB 801 million (estimated) - FY26 Net Profit: RMB 831 million (estimated) - FY27 Net Profit: RMB 881 million (estimated) [9][17].

2 Dec 2024 CMB International Global Markets | Equity Research | Company Update Meituan (3690 HK) 3Q results beat; driving earnings growth in a more holistic perspective Meituan reported (29 Nov) its 3Q24 results: revenue was RMB93.6bn, up 22% YoY, 2% higher than both our estimate and Bloomberg consensus estimate. Adj. NP reached RMB12.8bn, 4%/10% better than our estimate/consensus, due to both better-than-expected operating profit (OP) generated from core local commerce (CLC) business, aided by subsidy opti ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company is expected to maintain high growth due to its diversified product matrix and channel advantages, with projected net profits for 2024-2026 at 20.82 billion, 27.33 billion, and 35.30 billion respectively, reflecting year-on-year growth rates of 43%, 31%, and 29% [4]. - The company has achieved significant growth in its core brands during the Double 11 shopping festival, with GMV growth rates exceeding 80% and 150% year-on-year [2]. - The company is leading the establishment of industry standards, having officially released the first group standard for fermented ginseng powder, which enhances the standardization in the industry [2][4]. Summary by Sections Financial Performance - The company reported a revenue of 3.524 billion in 2023, with projections of 5.064 billion, 6.803 billion, and 8.922 billion for 2024, 2025, and 2026 respectively, indicating a year-on-year growth of 49% in 2023 and expected growth rates of 44%, 34%, and 31% in the following years [5][9]. - The net profit attributable to the parent company is projected to be 1.452 billion in 2023, increasing to 2.082 billion, 2.733 billion, and 3.530 billion in 2024, 2025, and 2026, with corresponding year-on-year growth rates of 45%, 43%, 31%, and 29% [5][9]. Product Development and Innovation - The company continues to expand its product matrix and has launched new products, including the "Focus Series" cream and the "Order Series," which have received positive market feedback [2]. - The company has invested in R&D, with R&D expenses reaching 0.49 billion in 2024, a 43.2% increase year-on-year, and has obtained 40 new patents, including international invention patents [2][4]. Market Position and Strategy - The company employs a "dual-wheel drive" strategy with its two main brands, which has led to significant sales growth and a balanced revenue structure [2]. - The company is also focusing on the integration of R&D, production, and sales to leverage its technological advantages for long-term growth [2][4].

证券研究报告 | 2024年12月01日 波司登（03998.HK） 优于大市 上半财年净利润增长 23%，品牌羽绒服主业表现亮眼 上半财年公司收入增长 18%，品牌羽绒服主业收入增长 23%。公司是国内羽 绒服龙头品牌集团。截至 9/30 的上半财年收入增长 17.8%至 88.0 亿元， 净利润增长 23.0%至 11.3 亿元，品牌羽绒服/贴牌加工/女装/多元化服 装收入分别同比变动+23%/+13%/-22%/+21%至 61/23/3/1 亿元。 集团毛利率基本稳定，同比小幅下降 0.1 百分点至 49.9%，其中品牌羽 绒服/贴牌加工毛利率分别同比变动-0.1/-0.3 百分点至 61.1%/20.1%， 品牌羽绒服业务毛利率小幅下降主要由于销售结构变化，性价比羽绒服 雪中飞同比增速达到 47%占比提升，拉低了整体毛利率，细分品牌看， 波司登/雪中飞均实现毛利率同比增长 0.9/6.0 百分点。得益于公司有 效的费用管控，销售费用率同比下降 1.4 百分点；管理费用率同比增加 0.9 百分点，主要由于授予员工的期权费用摊销增加。经营利润率提升 0.2 百分点至 16.7%，归母净利率同比增加 0. ...

Investment Rating - The report assigns a "Recommend" rating for Ascentage Pharma (6855 HK) for the first time [1] Core Views - Ascentage Pharma focuses on innovative product development and international expansion, with a strong pipeline targeting cell apoptosis pathways and next-generation small molecule TKIs [3] - The company's core product, Olverembatinib (HQP1351), is the only third-generation BCR-ABL TKI approved in China and has shown significant clinical benefits for TKI-resistant CML patients [4] - APG-2575, a BCL-2 inhibitor, has the potential to become the second globally approved BCL-2 inhibitor, with multiple Phase 3 trials underway [8] - The company has achieved profitability for the first time in H1 2024, with revenue of RMB 824 million and net profit of RMB 163 million [3] Financial Performance - Revenue for H1 2024 reached RMB 824 million, a 477% YoY increase, driven by intellectual property income of RMB 678 million [52] - Net profit for H1 2024 was RMB 163 million, marking the company's first profitable period [52] - Cash reserves stood at RMB 1.1 billion as of mid-2024, with the company filing for a US IPO to further bolster its financial position [52] Product Pipeline - Olverembatinib (HQP1351): The only third-generation BCR-ABL TKI approved in China, with two indications approved and three Phase 3 trials ongoing (POLARIS-1/2/3) [58] - APG-2575: A BCL-2 inhibitor with a domestic NDA submitted for R/R CLL/SLL, potentially becoming the second globally approved BCL-2 inhibitor [8] - APG-115 and APG-1252: Targeting MDM2-p53 and BCL-2/BCL-xL pathways, respectively, both in Phase 1b/2 trials [58] - APG-2449: A third-generation ALK inhibitor approved for Phase 3 trials in NSCLC [58] Market and Sales - Olverembatinib has achieved cumulative sales of RMB 490 million since its launch, with a 120% QoQ growth in H1 2024 [4] - The product is covered by China's national medical insurance, with access to 670 hospitals and DTP pharmacies as of mid-2024 [52] - A strategic partnership with Takeda Pharmaceuticals for global rights to Olverembatinib, with a total deal value of up to $1.3 billion [96] Clinical Development - Olverembatinib has demonstrated superior efficacy and safety in clinical trials, particularly for patients resistant to other TKIs, including ponatinib and asciminib [92] - APG-2575 has shown promising results in clinical trials for CLL/SLL, with an ORR of 73.3% and a PFS of 18.53 months in heavily pretreated patients [118] Industry and Competitive Landscape - The global CML TKI market is valued at approximately $6 billion, with second-generation TKIs dominating the market [79] - In China, the BCR-ABL TKI market is around RMB 4 billion, with second-generation TKIs also leading, but Olverembatinib is the only domestic third-generation TKI [84] - APG-2575 is positioned to compete with venetoclax, the first globally approved BCL-2 inhibitor, which achieved global sales of $2 billion in 2022 [108]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a PE ratio of 8/10/8 for the years 2024-2026 [5][3]. Core Insights - The company reported strong wholesale sales of 250,000 units in November, a year-on-year increase of 25.0% and a month-on-month increase of 10.3%. Cumulatively, sales from January to November reached 1.967 million units, up 28.4% year-on-year [3]. - New energy vehicle (NEV) sales in November were particularly impressive, totaling 122,453 units, representing an 88.3% year-on-year increase and a 12.6% month-on-month increase, with a penetration rate of 49.0% [3]. - The upcoming launch of the Galaxy Starship 7, the first plug-in hybrid product based on the GEA architecture, is expected to enhance the company's market position in the NEV segment [3]. - The company has increased its stake in Zeekr and gained control over Lynk & Co, which is anticipated to improve internal resource integration and operational efficiency [3]. - The financial forecast for 2024-2026 anticipates revenues of 224.78 billion, 277.69 billion, and 308.83 billion yuan, with net profits of 16.04 billion, 12.58 billion, and 16.32 billion yuan respectively [3][4]. Financial Summary - Projected revenues for 2024, 2025, and 2026 are 224.78 billion, 277.69 billion, and 308.83 billion yuan, with growth rates of 25.4%, 23.5%, and 11.2% respectively [4][18]. - Net profit estimates for the same years are 16.04 billion, 12.58 billion, and 16.32 billion yuan, with corresponding growth rates of 202.1%, -21.5%, and 29.7% [4][18]. - Earnings per share (EPS) are projected to be 1.59, 1.25, and 1.62 yuan for 2024, 2025, and 2026 respectively [4][18].

美团-W（03690.HK） 优于大市 核心本地业务稳健增长，关注出海业务发展 营收增长 22%，调整后利润率同比提升 7pct。本季度美团实现营业收入 936 亿元，同比增长 22%。按收入类型划分，本季度即时配送服务/交易佣金/营 销服务收入分别同比增长+21%/+25%/+18%。本季度美团实现调整后净利润 128 亿元，同比增长 124%；调整后净利润率 14%，同比提升 7pct。其中，毛 利率同比提升约 4pct，得益于成本效率提升；研发费率同比下降 1.3pct， 反映经营杠杆作用下人效比提升，销售费率同比下降 3pct 至 19%，主要由于 营销效率提升，管理费率基本与去年同期持平。 即时配送总单量同比增长 15%，外卖闪购单均盈利持续优化。我们测算，本 季度公司餐饮外卖订单量同比提升 12%，受益于高粘性用户下单频次稳 步增长以及拼好饭快速起量。广告收入提升以及单均配送成本下降带动 餐饮外卖 UE 提升。闪购订单量同比增长 36%，经营利润连续三个季度转 正受益于货币化率的提升和规模效应。根据业绩会，公司将提供补贴以 支持商家的进一步发展和业务创新，初步总金额为 10 亿元人民币。 到店酒旅 ...