Investment Rating - The report maintains a "Neutral" investment rating for NIO Inc. [4] Core Views - The third-quarter results of NIO Inc. met expectations, with new brand launches driving positive sales momentum [4] - Total sales for the first three quarters reached 149,000 units, a year-on-year increase of 35.7% [4] - Total revenue for the same period was 46.03 billion yuan, up 19.5% year-on-year [4] - The gross margin improved to 9.1%, an increase of 4.5 percentage points year-on-year [4] - The net profit attributable to shareholders was a loss of 15.53 billion yuan, a reduction in loss by 30 million yuan year-on-year [4] Summary by Sections Sales and Revenue - In Q3 2024, total sales were 62,000 units, with year-on-year and quarter-on-quarter increases of 11.6% and 7.8% respectively [4] - Total revenue for Q3 was 18.67 billion yuan, with a year-on-year decrease of 2.1% and a quarter-on-quarter increase of 7.0% [4] Profitability - The gross margin for Q3 was 10.7%, with year-on-year and quarter-on-quarter increases of 2.7 and 1.0 percentage points respectively [4] - The net profit attributable to shareholders for Q3 was a loss of 5.14 billion yuan, with an increase in loss of 510 million yuan year-on-year and 20 million yuan quarter-on-quarter [4] Product and Market Dynamics - The average revenue per vehicle decreased to 273,000 yuan for the first three quarters, down 11.2% year-on-year [5] - The sales mix shifted towards lower-priced models, with the proportion of sales from models priced below 400,000 yuan increasing from 82.5% in Q3 2023 to 89.8% in Q3 2024 [5] - The launch of the new brand, Ladao, is expected to significantly contribute to sales growth, with the Ladao L60 model receiving 65,000 orders shortly after its launch [5] Financial Forecasts - Revenue forecasts for 2024-2026 have been adjusted upwards due to strong demand for new models, with projected revenues of 66.51 billion yuan, 93.90 billion yuan, and 116.39 billion yuan respectively [6] - The net profit forecast for 2024 has been revised down to a loss of 19.3 billion yuan, while the forecasts for 2025 and 2026 have been adjusted to losses of 13.6 billion yuan and 9.1 billion yuan respectively [6]

证券研究报告 | 半年报点评 gszqdatemark 2024 11 27 年 月 日 周大福（01929.HK） 短期销售仍有下降，期待后续公司盈利能力改善 公司 FY2025H1 营收同比下降 20%，归母净利润同比下降 44.4%。公司披露 FY2025H1 年报，由于消费环境波动公司营收同比下降 20%至 394.08 亿港元，受 益于产品结构优化以及金价上行，毛利率提升 6.5pcts 至 31.4%，经营利润率同比 提升 4pcts 至 17.2%，综合考虑黄金借贷公允价值变动的影响后，归母净利润同 比下降 44.4%至 25.3 亿港元，整体表现同公司此前披露的业绩预告相一致。公司 派发中期股息 0.2 港元/股，派息率 78.9%，同时公司发布公告拟采用不超过 20 亿港元用于回购公司股票。 内地：FY2025H1 内地营收下降 18.8%，聚焦单店运营，产品力提升。FY2025H1 内地营收同比下降 18.8%至330.31 亿港元，其中零售/批发渠道营收同比-21.9%/- 16.4%。 ➢ 渠道端：FY2025H1 呈现净关店态势，聚焦单店运营。截止期末公司于中国 内地拥有 6968 ...

Investment Rating - The investment rating for Lenovo Group is "Buy" (首次) [2] Core Views - Lenovo Group reported a strong performance in FY25H1 with revenue of $33.3 billion, a year-over-year increase of 21.9%, and a net profit of $600 million, up 41.4% year-over-year [2] - The ISG (Infrastructure Solutions Group) business showed exceptional growth, achieving revenue of $3.31 billion in FY25Q2, a year-over-year increase of 65.1% [2] - The company is expected to maintain a positive growth trajectory in the PC market, driven by the dual forces of industry recovery and its own AIPC (AI-Enhanced PC) products [2] Financial Performance Summary - FY25E revenue is projected at $65.13 billion, with a year-over-year growth of 14.5% [4] - The net profit for FY25E is estimated at $1.255 billion, reflecting a year-over-year increase of 24.1% [4] - The company’s ROE is expected to rise to 19% in FY25E [4] Business Segment Performance - The IDG (Intelligent Devices Group) business generated $13.51 billion in revenue for FY25Q2, a year-over-year increase of 17% [2] - The SSG (Solutions and Services Group) business achieved revenue of $2.17 billion in FY25Q2, with a year-over-year growth of 12.9% [2] - The ISG business is expected to continue benefiting from strong demand for AI servers, with a significant increase in orders for liquid-cooled servers [2] Future Outlook - Revenue projections for FY25-27 are $65.13 billion, $70.21 billion, and $75.36 billion respectively [4] - Net profit projections for FY25-27 are $1.255 billion, $1.608 billion, and $1.901 billion respectively [4] - The company is expected to maintain a P/E ratio of 11.5 in FY25E, decreasing to 7.6 by FY27E [4]

Investment Rating - The report maintains a "Recommend" rating for Tehai International (9658 HK) [4] Core Views - Tehai International achieved strong Q3 2024 results with revenue of $199 million, up 14 6% YoY, and operating profit of $15 million, up 52 0% YoY [3] - The company's profitability improved significantly, with operating margin reaching 7 5%, up 1 8 percentage points YoY, and net profit attributable to shareholders turning positive at $37 72 million [3] - Tehai International's localization strategy and Red Pomegranate Plan are driving market penetration and synergies with its parent brand Haidilao [3] Business Performance - Restaurant revenue grew 14 5% YoY to $191 million, driven by both higher traffic and average spending per customer [3] - Overall table turnover rate increased to 3 8 times per day, with the highest rate in East Asia at 4 3 times per day [3] - Average customer spending rose 8 9% YoY to $25 8, with the highest in North America at $43 5 [3] - Total customer traffic reached 7 4 million, up 4 2% YoY, supporting growth in delivery and other businesses [3] Store Network and Operations - The company had 121 restaurants as of Q3 2024, with no new openings in the quarter but a net increase of 6 stores year-to-date [3] - Same-store sales grew 5 6%, with East Asia showing the strongest growth at 20 5% [3] - Same-store table turnover rate remained stable at 3 7 times per day [3] Cost Management and Profitability - Gross margin improved to 67%, up 1 4 percentage points YoY, driven by supply chain optimization and process improvements [3] - Employee cost ratio was 33 1%, up 0 2 percentage points, while rental and related expenses decreased to 2 7%, down 0 4 percentage points [3] - Other expenses ratio decreased to 9 4%, down 1 2 percentage points [3] Financial Forecasts - Revenue is expected to grow from $794 million in 2024 to $1 008 billion in 2026, with a CAGR of 12 6% [3][28] - Net profit attributable to shareholders is projected to increase from $38 million in 2024 to $68 million in 2026 [3][28] - The company's P/E ratio is forecasted to decline from 28x in 2024 to 16x in 2026, reflecting expected earnings growth [3][28] Valuation and Metrics - The stock is trading at 12 72 HKD as of November 26, 2024 [4] - Key valuation metrics include a P/B ratio of 2 9x for 2024 and 2 2x for 2026, and an EV/EBITDA of 6 56x for 2024 and 5 03x for 2026 [28]

Investment Rating - Buy (Maintained) [1] Core Views - Huazhu Group's Q3 revenue was at the lower end of guidance, with operating profit down 10% YoY [2] - Domestic business net profit declined 1% YoY, while DH business narrowed its operating loss [2] - Domestic business accelerated store openings, with 774 new stores in Q3, reaching a total of 10,707 stores by Q3 2024 [3] - RevPAR declined 8% YoY due to a high base, but Q4 revenue growth guidance is 2-5%, indicating a narrowing decline [3] - Huazhu Group is a leader in the hotel industry, with competitive advantages in brand, traffic, and technology, and has expanded against the trend during the pandemic [4] Financial Performance - Q3 revenue was RMB 6.442 billion, up 2.4% YoY, at the lower end of the 2-5% guidance range [2] - Q3 net profit attributable to shareholders was RMB 1.273 billion, down 5% YoY, with adjusted net profit of RMB 1.372 billion, down 11% YoY [2] - Domestic business revenue was RMB 5.162 billion, up 1% YoY, contributing RMB 1.356 billion in net profit, down 1% YoY [2] - DH business revenue was RMB 1.28 billion, up 9% YoY, with a net loss of RMB 83 million, narrowing from the previous year [2] Store Expansion - Total stores reached 10,707 by Q3 2024, up 18.6% YoY, with 95% being franchised stores [3] - Q3 saw 774 new store openings, with a net increase of 556 stores, and a target of 2,200 new stores for the full year [3] - Domestic room count reached 1.03 million, up 20% YoY, with franchised rooms at 950,000, up 23% YoY [3] RevPAR and Occupancy - Overall RevPAR in Q3 was RMB 256, down 8.4% YoY, with occupancy at 84.9%, down 1.0 pct YoY [3] - Huazhu's RevPAR was RMB 244, down 2.4% YoY, with occupancy at 82.6%, up 0.8 pct YoY [3] - Q4 revenue growth guidance is 1-5%, implying a low single-digit decline in RevPAR, narrowing from Q3 [3] Financial Forecasts - Adjusted net profit forecasts for 2024-2026 are RMB 3.684 billion, RMB 4.065 billion, and RMB 4.481 billion, respectively [4] - PE ratios for 2024-2026 are 22x, 20x, and 18x, respectively [4] Market Data - Closing price: HKD 26.90 [7] - 52-week low/high: HKD 20.80/34.40 [7] - Price-to-book ratio: 6.86x [7] - Market capitalization: HKD 86.36 billion [7] Financial Ratios - ROE for 2023A: 33.66%, expected to decline to 18.39% by 2026E [12] - Gross margin for 2023A: 34.46%, expected to rise to 36.50% by 2026E [12] - Net profit margin for 2023A: 18.67%, expected to be 15.58% by 2026E [12]

证券研究报告 计算机 | IT 服务Ⅱ 港股|首次覆盖报告 hyzqdatemark 2024 年 11 月 26 日 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 于炳麟 SAC：S1350524060002 yubinglin@huayuanstock.com 证券分析师 公司是亚太地区领先的科技服务平台，持续为股东提供稳定回报。公司深耕 IT 分销 30 余年， 公司 1991 年成立，2002 年在香港上市，专注于提供全品类、一站式的信息化服务，为合作 伙伴提升运营效率、降低交易成本，推动科技企业数智化转型。公司业绩稳健增长，跨越经 济周期，近期 2016~2023 年营收 CAGR 约为 6.3%。2024 上半年公司已实现营业收入 401 亿港元，同比增长 17.8%。公司重视股东回报，积极回馈投资人。公司自上市以来连续 22 年 ROE 大于 10%，2023 年度 ROE 达 11.7%，上市以来回购及分红派息高达 33 亿港元。公司 长年以来保持 30%的现金分红，2023 年现金分红比例上升至 40%。 | --- | --- | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Insights - The company's Q3 2024 revenue reached 31.1 billion CNY, representing a year-over-year increase of 11.4%, which aligns with expectations [2] - Adjusted net profit for Q3 2024 was 3.95 billion CNY, up 24.4% year-over-year, slightly exceeding consensus estimates [2] - Daily Active Users (DAU) reached a record high of 408 million, growing 5.4% year-over-year, while Monthly Active Users (MAU) increased by 4.3% to 714 million [2] - E-commerce Gross Merchandise Volume (GMV) for Q3 2024 was 334.2 billion CNY, up 15.1% year-over-year, driven by strategic initiatives and a significant increase in new merchant registrations [2] - Online marketing revenue grew by 20.0% year-over-year to 17.63 billion CNY, primarily fueled by external marketing clients and the expansion of the In-Apps Ads short video model [2] - The company expects total revenue for 2024-2026 to be 127.29 billion CNY, 141.41 billion CNY, and 155.69 billion CNY respectively, with adjusted net profits projected at 17.64 billion CNY, 22.67 billion CNY, and 27.83 billion CNY [2] Financial Summary - Total revenue for 2023 is projected at 113.47 billion CNY, with a growth rate of 20% [6] - The company anticipates a significant increase in adjusted net profit from 10.27 billion CNY in 2023 to 17.64 billion CNY in 2024, reflecting a growth rate of 72% [6] - Earnings per share (EPS) is expected to rise from 2.36 CNY in 2024 to 6.45 CNY by 2026 [6] - The price-to-earnings (P/E) ratio is projected to decrease from 20.86 in 2024 to 6.40 by 2026, indicating improved valuation metrics over time [6]

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology (快手) [4][8] Core Views - Kuaishou's Q3 2024 revenue reached 31.131 billion RMB, a year-on-year increase of 11.4%, driven by a 20% growth in core business revenue [4][5] - The company is experiencing steady user growth, with Daily Active Users (DAU) and Monthly Active Users (MAU) reaching 408 million and 714 million respectively, reflecting year-on-year growth of 5.4% and 4.3% [5] - Kuaishou's e-commerce Gross Merchandise Volume (GMV) for Q3 2024 was 334.2 billion RMB, up 15% year-on-year, with a significant increase in active merchants [6][7] Summary by Sections Market Data - Closing price as of November 25, 2024, was HKD 46.35, with a market capitalization of HKD 1,999.35 billion [2] Financial Performance - Q3 2024 adjusted net profit was 3.948 billion RMB, a 24.4% increase year-on-year, with a profit margin of 12.7% [4] - Revenue projections for 2024-2026 have been adjusted upwards to 127.3 billion, 145.3 billion, and 160.9 billion RMB respectively [8][9] User Engagement - User engagement metrics show an average daily usage time of 132.2 minutes, with total usage time increasing by 7.3% year-on-year [5] Commercialization Progress - Online marketing revenue for Q3 2024 was 17.6 billion RMB, a 20% increase year-on-year, with significant growth in various sectors [6] - The company has launched AI applications that have rapidly gained traction, with over 5 million users and significant content generation [7] Future Outlook - The report anticipates continued user growth and commercialization in Q4 2024, with expectations of narrowing overseas losses [7][8]

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - In October 2024, the company's total electricity sales volume reached 9,750,483 MWh, representing a year-on-year increase of 20.59%. For the first ten months of 2024, the total sales volume was 108,220,668 MWh, up 30.56% compared to the same period last year [2][3]. - The performance of different power generation types in October 2024 showed significant growth in wind and coal power, with wind power increasing by 39.89% and coal power by 30.42%. In contrast, hydropower experienced a seasonal decline of 25.15% [3]. - The overall electricity sales data indicates strong performance, with wind, coal, and natural gas generation all achieving high growth rates. The growth in wind power is attributed to improved wind resources and the acquisition of assets from the parent company, as well as the increase in self-built wind and solar capacity [3]. Summary by Category Electricity Sales Volume - Total electricity sales volume for October 2024 was 9,750,483 MWh, a 20.59% increase year-on-year. The first ten months of 2024 saw a total of 108,220,668 MWh, up 30.56% from the previous year [2]. - Breakdown by generation type for October 2024: - Hydropower: 825,616 MWh, down 25.15% year-on-year - Wind power: 2,292,301 MWh, up 39.89% year-on-year - Photovoltaic: 1,824,368 MWh, up 12.83% year-on-year - Coal power: 4,467,964 MWh, up 30.42% year-on-year - Natural gas: 203,777 MWh, up 28.10% year-on-year [2]. Future Outlook - The company is expected to maintain stable growth in performance and dividends in the medium to long term. The restructuring of hydropower assets is anticipated to enhance overall valuation, making it a key area of focus [3].

Investment Rating - The report maintains a "Buy" rating for Alibaba Pictures (1060.HK) with a target price of HKD 0.54, compared to the current price of HKD 0.41 [2]. Core Insights - Alibaba Pictures reported FY25H1 revenue of RMB 3.05 billion, a year-on-year increase of 17%, with a gross profit of RMB 1.32 billion, reflecting an 18% growth. The adjusted EBITDA was RMB 640 million, up 39% year-on-year, while the net profit attributable to shareholders decreased by 27% to RMB 337 million due to investment impairments [2][5]. - The growth in revenue is primarily driven by the performance of the live entertainment market and the consolidation of the Damai platform. The company aims to increase the share of live entertainment revenue to 20%-30% of total revenue [2][5]. Summary by Sections Revenue Performance - The revenue breakdown shows that content business revenue was RMB 1.22 billion, down 17.3% year-on-year, attributed to a sluggish film market. The company has around 70 films in its pipeline, with 35 awaiting release, including key titles like "Feng Shen Part II" and "The Murder Case 3" [2]. - Ticketing and technology platform revenue reached RMB 1.23 billion, a significant increase of 138.6% year-on-year, driven by the rapid growth of Damai's ticketing business [2]. - The IP derivatives business generated RMB 600 million, a decline of 3.4% year-on-year, mainly due to last year's inclusion of Damai's agency revenue [2]. AI Investments and Innovations - The company is enhancing its AI capabilities across various business forms, including virtual filming and digital avatars. Two virtual filming studios are operational, and three more are under construction, aimed at reducing production costs and improving user experience [2]. - The introduction of digital personas has led to successful commercial collaborations, and AI is expected to participate in 70% of material production in the future [2]. Profit Forecast and Valuation - The profit forecast for FY25-FY27 has been revised down to RMB 531 million, RMB 849 million, and RMB 1.026 billion, respectively, reflecting a decrease of 35%, 10%, and 1% from previous estimates [2]. - The valuation has been adjusted to an 18x PE ratio based on FY26 earnings, maintaining the target price of HKD 0.54 [2].