Investment Rating - The investment rating for Tencent Holdings is "Buy" with the previous rating also being "Buy" [2]. Core Insights - Tencent's revenue for Q3 2024 reached 167.2 billion yuan, representing an 8% year-on-year growth. Non-IFRS operating profit was 61.3 billion yuan, up 19% year-on-year, and Non-IFRS net profit attributable to shareholders was 59.8 billion yuan, reflecting a 33% year-on-year increase [2]. - The gaming business showed strong growth, with revenue of 51.8 billion yuan in Q3, a 13% year-on-year increase. Deferred revenue reached a record high of 113.1 billion yuan, up 23% year-on-year, providing solid support for future revenue growth [2][3]. - The advertising business, particularly through the video account, has significant potential for commercialization, with Q3 marketing services revenue at 30 billion yuan, a 17% year-on-year increase [2][3]. Financial Summary - For FY2024-2026, the projected revenues are 657.1 billion yuan, 717.8 billion yuan, and 776.6 billion yuan, with year-on-year growth rates of 7.9%, 9.2%, and 8.2% respectively. Non-IFRS net profits are expected to be 222.6 billion yuan, 251.7 billion yuan, and 275.3 billion yuan, with growth rates of 41.1%, 13.1%, and 9.4% respectively [3][4]. - Key financial metrics for 2024E include total revenue of 554.6 billion yuan, a gross margin of 52.8%, and a return on equity (ROE) of 19.7% [4]. Business Segments - The gaming segment continues to thrive, with domestic game revenue of 37.3 billion yuan, a 14% year-on-year increase, driven by flagship games like "Honor of Kings" and "Peacekeeper Elite" [2]. - The social network revenue grew by 4% year-on-year to 30.9 billion yuan, with music subscription numbers increasing by 16% to 119 million [2]. - The financial technology and enterprise services segment saw revenue of 53.1 billion yuan, a 2% year-on-year increase, with growth in wealth management services due to an expanding user base [2]. Market Position - The combined monthly active accounts for WeChat and QQ reached 1.382 billion, with a net increase of 11 million quarter-on-quarter [2]. - The company is focusing on enhancing its ToB (business-to-business) services, with significant growth in cloud services and merchant technology service fees [2].

Investment Rating - The investment rating for ZTO Express is "Buy" [1] Core Views - ZTO Express reported a package volume of 8.723 billion in Q3 2024, representing a year-on-year growth of 15.9% [1] - The adjusted net profit for Q3 2024 was 2.387 billion, showing a year-on-year increase of 2.0% [1] - The company aims to maintain high-quality service and customer satisfaction while regaining market share and expanding its leading position in package volume [1] Summary by Relevant Sections Package Volume - In Q3 2024, ZTO Express achieved a package volume of 8.723 billion, with a year-on-year growth of 15.9% [1] - The company expects to guide its total package volume to 33.7 billion for the year, reflecting a year-on-year increase of 11.6% [1] Pricing and Revenue - The core revenue per package (excluding freight forwarding) was 1.20 yuan, with a year-on-year increase of 1.83% [1] - The single-package core cost decreased by 0.06 yuan year-on-year, benefiting from economies of scale and operational efficiencies [1] Profitability - The adjusted net profit per package was 0.28 yuan, showing a year-on-year decline, primarily due to a tax refund received in Q3 2023 [1] - The company maintained a healthy operating cash flow per package at 0.36 yuan, despite a year-on-year decrease of 8.7% [1] Financial Forecasts - The projected net profit for the years 2024 to 2026 is expected to be 10.204 billion, 10.971 billion, and 12.521 billion respectively, with year-on-year growth rates of 16.63%, 7.52%, and 14.13% [2] - The expected revenue for 2024 is 43.179 billion, with a year-on-year growth rate of 12.39% [2] Market Outlook - The express delivery industry continues to have growth potential, with ZTO Express expected to steadily increase its market share [1] - The expansion of e-commerce and the rise of live-streaming commerce are anticipated to drive further growth in package volumes [1]

Investment Rating - The report maintains a "Buy" rating for the company [5][20]. Core Views - The company has shown impressive growth during the "Double 11" shopping festival, with its two brands, Kefu Mei and Keli Jin, achieving significant year-on-year GMV growth of over 80% and 150% respectively [3][4]. - The target price has been raised to HKD 62.0, reflecting a potential upside of 26.3% from the current price of HKD 49.1 [5][7]. Financial Performance Summary - The company's revenue is projected to grow from RMB 3,524 million in 2023 to RMB 5,098 million in 2024, representing a year-on-year increase of 44.7% [10]. - The net profit attributable to shareholders is expected to rise from RMB 1,452 million in 2023 to RMB 1,940 million in 2024, indicating a growth of 33.6% [10]. - The report forecasts a consistent increase in revenue and net profit over the next few years, with revenue expected to reach RMB 9,025 million and net profit RMB 3,322 million by 2026 [10]. Market Performance - The company has maintained strong sales performance across various platforms during major promotional events, with Kefu Mei and Keli Jin ranking highly in multiple categories on platforms like Tmall and Douyin [4][18]. - The report highlights that Kefu Mei's collagen sticks and new product launches have contributed significantly to revenue growth, with Keli Jin also showing strong performance [5][18]. Valuation Metrics - The report provides a projected PE ratio decreasing from 30.9 in 2023 to 14.2 by 2026, indicating improving valuation as earnings grow [10]. - The return on equity (ROE) is expected to decline slightly from 40.3% in 2023 to 32.0% in 2026, reflecting a strong but stabilizing profitability [10].

Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology with a target price adjusted to HKD 55, indicating a potential upside of 19% from the current price of HKD 46.4 [2][5][21]. Core Insights - Kuaishou Technology's Q3 2024 revenue reached RMB 31.1 billion, representing a year-on-year growth of 11.4%, while adjusted net profit was RMB 3.95 billion, up 24% year-on-year, aligning with market expectations [1]. - The company's daily active users (DAU) grew to 408 million, a 5.4% increase year-on-year, and monthly active users (MAU) reached 714 million, up 4.3% year-on-year, indicating stable overall traffic growth [1]. - Advertising revenue for Q3 2024 was RMB 17.6 billion, a 20% year-on-year increase, primarily driven by external circulation advertising, particularly in media, e-commerce, and local services [1][2]. - E-commerce gross merchandise volume (GMV) was RMB 334.2 billion, growing 15.1% year-on-year, supported by a 12.2% increase in active buyers [2]. Summary by Sections Financial Performance - Q3 2024 revenue was RMB 31.1 billion, with a year-on-year growth of 11.4% [1]. - Adjusted net profit for Q3 2024 was RMB 3.95 billion, reflecting a 24% increase year-on-year [1]. - Q3 2024 advertising revenue was RMB 17.6 billion, up 20% year-on-year, with external circulation advertising as the main growth driver [1][2]. User Metrics - DAU reached 408 million, a 5.4% increase year-on-year [1]. - MAU was 714 million, growing 4.3% year-on-year [1]. - Daily average usage time was 132 minutes, with total traffic increasing by 7.3% year-on-year [1]. E-commerce Insights - E-commerce GMV for Q3 2024 was RMB 334.2 billion, a 15.1% year-on-year increase [2]. - The number of active buyers increased by 12.2% to 133 million [2]. - The gross margin for Q3 2024 was 54.3%, with a year-on-year increase of 1.2 percentage points [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 178.4 per share, based on a 2024 PE multiple of 11x for the retail business and a valuation of RMB 525 billion [2][9] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue reaching RMB 260.39 billion (YoY +5.1%) and non-GAAP net profit of RMB 13.17 billion (YoY +23.9%) [1] - The retail segment achieved revenue of RMB 224.99 billion (YoY +6.1%) and operating profit of RMB 11.61 billion (YoY +5.5%), driven by strong growth in electronics and supermarket categories [1] - The logistics segment saw a significant improvement in profitability, with revenue of RMB 44.4 billion (YoY +6.6%) and operating profit of RMB 2.09 billion (YoY +624.3%) [1] Business Segment Analysis Retail Business - Revenue reached RMB 224.99 billion in Q3 2024, with electronics and home appliances benefiting from government subsidies and the Double 11 shopping festival [1] - The segment is expected to maintain strong growth in Q4, supported by expanded subsidy coverage and increased consumer awareness [1] Logistics Business - Achieved revenue of RMB 44.4 billion in Q3 2024, with operating profit surging 624.3% YoY to RMB 2.09 billion, driven by scale effects and supply chain optimization [1] Product Revenue Breakdown - Electronics revenue grew 2.7% YoY to RMB 122.56 billion, supported by the government's appliance replacement policy [1] - Daily necessities revenue increased 8.0% YoY to RMB 82.05 billion, with supermarket and apparel categories maintaining double-digit growth [1] Service Revenue Breakdown - Platform revenue grew 6.3% YoY to RMB 20.76 billion, driven by a 20%+ increase in third-party merchant users and double-digit growth in advertising revenue [1] - Logistics and other service revenue increased 6.5% YoY to RMB 35.01 billion [1] Financial Forecasts - Revenue for 2024-2026 is projected at RMB 1,138.5 billion, RMB 1,209.8 billion, and RMB 1,287.8 billion, respectively, with adjusted net profit of RMB 42.1 billion, RMB 47.2 billion, and RMB 50.7 billion [2][9] - Gross margin is expected to improve from 14.7% in 2023 to 15.9% in 2026, while net margin is forecasted to increase from 2.23% to 3.69% over the same period [3] Valuation - The company's retail business is valued at RMB 315.665 billion based on a PE multiple, with a total equity value of RMB 524.986 billion [13] - The target price of HKD 178.4 per share implies a 29.7% upside from the current price of HKD 137.5 [4][9]

Investment Rating - Maintain "Buy" rating [5] Core Views - Adjusted net profit exceeded expectations, with significant improvement in core OTA profitability [1] - Core OTA business operating profit margin increased by 6.0 percentage points year-over-year to 31.1% [1] - Revenue from core OTA businesses grew by over 20% across all segments [1] - Monthly paying users reached a record high of 46.4 million, up 5.0% year-over-year [2] - Annual paying users reached 230 million, up 3.4% year-over-year [2] - Annual service users reached 1.88 billion, up 19.9% year-over-year [2] Business Breakdown Transportation Business - Revenue of RMB 2.03 billion, up 20.6% year-over-year [1] - International air ticket volume increased by over 110% year-over-year [1] Accommodation Business - Revenue of RMB 1.38 billion, up 22.2% year-over-year [1] - International hotel volume increased by over 130% year-over-year [1] - Cross-selling rate improved to 12% [1] Other Businesses - Revenue of RMB 610 million, up 23.7% year-over-year [1] - Elong Hotel Technology platform expanded to over 2,100 hotels [1] Vacation Business - Revenue of RMB 980 million [1] - Operating profit of RMB 23.84 million with an operating margin of 2.4% [1] Financial Forecasts - Adjusted net profit for 2024-2026 revised to RMB 2.7/3.3/3.9 billion (previously RMB 2.6/3.1/3.6 billion) [5] - PE ratios for 2024-2026 are 14/12/10x [5] - Revenue growth for 2024-2026 projected at 43%/15%/15% [2] - Net profit growth for 2024-2026 projected at 23%/26%/23% [2] Valuation Metrics - 2024E PE ratio: 20.3x [2] - 2025E PE ratio: 16.1x [2] - 2026E PE ratio: 13.0x [2] - 2024E P/B ratio: 2.0x [2] - 2025E P/B ratio: 1.8x [2] - 2026E P/B ratio: 1.6x [2] Market Position - Leading OTA player in lower-tier markets with strong competitive advantages backed by Tencent and Ctrip's traffic and inventory resources [5] - Active international market expansion expected to drive medium to long-term revenue and profit growth [5] Financial Data - 2024Q3 revenue: RMB 4.99 billion, up 51.3% year-over-year [1] - 2024Q3 adjusted net profit: RMB 910 million, up 46.6% year-over-year [1] - 2024Q3 adjusted net profit margin: 18.2% [1] - 2024Q3 core OTA operating profit: RMB 1.25 billion, up 50.4% year-over-year [1]

盈利预测： EPS 按最新股数进行计算 [Table_Contacts] [Table_Title] 【广发 传 媒 & 海 外 】 快 手 -W （01024.HK） DAU 超 4 亿，平衡收入增长和利润释放 [Table_Summary] 核心观点： ⚫ 快手发布 24Q3 财 报 ： 24Q3 总 收 入 311 亿 元 人 民 币 ， YoY/QoQ+11%/+1%，符合彭博一致预期（310 亿元）。24Q3NonGAAP 净利润为 39.48 亿元, YoY/QoQ+24%/-16%, vs.一致预期为 39.15 亿元 （超 1%）。24Q3 毛利率为 54.33%,YoY/QoQ+2.6pct/-1.0pct。24Q3 MAU 达到 7.14 亿，YoY/QoQ+4%/+3%。 DAU 达 到 4.08 亿， YoY/QoQ+5%/+3%。三季度单日时长为 132 分钟，YoY/QoQ+2%/+8%。 ⚫ 24Q3 广告稳健增长，电商 GMV 企稳。（1）24Q3 直播收入为 93.38 亿 元，YoY/QoQ-4%/+0%,vs.一致预期为 92.13 亿元，持续优化生态供给。 （2）24Q ...

Investment Rating - The report maintains a "Buy" rating for Kingsoft Corporation (03888 HK) with a target price of HKD 41 60 per share [5] Core Views - Kingsoft reported strong Q3 2024 results with revenue of RMB 2 91 billion (+41 5% YoY) and operating profit of RMB 1 14 billion (+204% YoY) The operating margin improved to 39 3% (+21 0pct YoY +7 2pct QoQ) Adjusted net profit attributable to shareholders also showed significant growth [2] - The gaming segment contributed RMB 1 71 billion in Q3 2024 (+77 7% YoY +32 8% QoQ) driven by the resilience of "JX3" and the upcoming launch of "Jie Xian Ji" which has garnered global attention with nearly 3 million pre-registrations and a peak ranking of 17th on Steam's wishlist [3] - The office segment generated RMB 1 21 billion in Q3 2024 (+10 5% YoY) with WPS AI features driving C-end subscription revenue growth of 17 2% YoY The B-end business benefited from the recovery in the domestic institutional licensing market and the expansion of SaaS transformation [3] Financial Forecasts - Revenue is projected to grow to RMB 10 37 billion in 2024 and RMB 12 29 billion in 2025 with operating profit expected to reach RMB 3 52 billion and RMB 4 18 billion respectively Net profit attributable to shareholders is forecasted at RMB 1 58 billion in 2024 and RMB 2 21 billion in 2025 [3] - The gaming segment is expected to contribute RMB 5 17 billion in 2024 (+30 0% YoY) while the office segment is projected to generate RMB 5 20 billion (+14 2% YoY) [11] - The company's gross margin is forecasted to remain stable at around 82 9% in 2024 and 83 0% in 2025 with operating margins improving to 34 0% in both years [11] Business Highlights - Gaming: "JX3" continues to show strong performance with the mobile version "JX3 Wujie" exceeding user expectations and driving growth in both mobile and PC revenues New games such as "Jie Xian Ji" "JXQ Zero" and "JX World 4" are expected to launch in 2025 [3] - Office: WPS AI features including AI Docs and WPS Lingxi are enhancing the AI office ecosystem The launch of the WPS HarmonyOS version further supports the development of AI-driven office solutions [3] Valuation - The sum-of-the-parts (SOTP) valuation assigns a 12x PE multiple to the gaming business and a 35x PE multiple to the office business resulting in a fair value of HKD 41 60 per share [3][14]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 183.64 HKD for the Hong Kong stock and 23.59 USD for the US stock, based on a 15x PE valuation for 2024 [6][4]. Core Insights - The company reported a revenue of 31.36 billion RMB for the first three quarters of 2024, representing a year-over-year increase of 12.8%. The net profit attributable to shareholders was 6.43 billion RMB, down 1.9% year-over-year, while the adjusted net profit increased by 9.2% to 7.42 billion RMB [2][3]. - In Q3 2024, the company achieved a revenue of 10.68 billion RMB, up 17.6% year-over-year, with a net profit of 2.40 billion RMB, reflecting a 2.2% increase year-over-year [2][3]. - The total business volume for the first three quarters reached 24.346 billion packages, a 13.3% increase year-over-year, with Q3 alone accounting for 8.723 billion packages, up 16.0% year-over-year [2][3]. Financial Performance Summary - The company's gross profit maintained a robust growth of 23.2% year-over-year in Q3, driven by improved service quality and customer satisfaction. The core revenue per package increased by 1.8%, despite a decline of 11.8% in industry average package prices [3]. - The company has optimized its business structure, leading to improved revenue and operating profit margins. However, the ongoing trend of smaller package sizes poses challenges to balancing service quality, volume, and overall profitability [3]. - The company plans to rebalance resource allocation and pricing strategies to regain business volume growth and enhance market share [3]. Earnings Forecast - The expected EPS for 2024, 2025, and 2026 are 11.31 RMB, 13.06 RMB, and 14.66 RMB respectively, with projected revenue growth rates of 12%, 14%, and 10% for the same years [4][5].

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