Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 51.46 [6] Core Views - The company is focused on nephrology and anti-infective fields, with differentiated products entering the commercialization phase [2] - Nefecon (Nefucon) is expected to enter the 2024 national medical insurance catalog, with strong potential for volume growth through price reduction [3] - The company has a fully integrated mRNA platform and is expanding its mRNA product pipeline [16] - The company's products address unmet medical needs in IgA nephropathy and multi-drug resistant infections, with significant clinical and commercial potential [3][4] Financial Data and Valuation - The company's revenue is expected to grow significantly, with projected revenues of RMB 7.0 billion, RMB 15.6 billion, and RMB 25.6 billion for 2024, 2025, and 2026, respectively [5] - The net profit attributable to the parent company is expected to be RMB -979 million, RMB -320 million, and RMB 171 million for 2024, 2025, and 2026, respectively [5] - The DCF valuation suggests a fair value of HKD 51.46 per share, with a fair market value of HKD 16.8 billion [5] Product Pipeline and Commercialization - Nefecon (Nefucon) is the first drug globally approved for the treatment of IgA nephropathy, with significant clinical value and potential to become a foundational treatment [3][18] - Eravacycline (Yijia) has shown strong efficacy in treating multi-drug resistant infections, with rapid commercialization and revenue growth [4] - Etrasimod (Yiqu Mod) has the potential to become a first-line treatment for moderate to severe ulcerative colitis in China, with NDA submission expected in 2024 [2][104] Market Potential and Competitive Landscape - The prevalence of IgA nephropathy in China is 1.5-2 times higher than in Europe and 3-6 times higher than in the US, with a large and growing patient base [3][38] - The company has a competitive advantage in the multi-drug resistant infection market, with complementary products addressing unmet clinical needs [4][96] - The company's mRNA platform and pipeline have the potential to drive long-term growth, with a focus on oncology and autoimmune diseases [16][33] Strategic Focus and Future Outlook - The company is transitioning from a licensing model to a dual-driven model of strong R&D and commercialization capabilities [16] - The company is strategically focused on nephrology and anti-infective fields, with a pipeline that could address the needs of approximately 10 million patients with glomerular diseases [77] - The company's products are expected to achieve peak annual sales of RMB 10 billion, driven by the commercialization of four core products [29][30]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 34.1, indicating a potential upside of 20.5% from the recent closing price of HKD 28.3 [3]. Core Insights - Xiaomi Group's total revenue for Q3 2024 reached RMB 92.51 billion, a year-on-year increase of 30.5%, surpassing market expectations. All business segments showed robust growth, particularly the "Smartphone × AIoT" segment, which generated RMB 82.8 billion, up 16.8% year-on-year. The innovative automotive business reported revenue of RMB 9.7 billion, with nearly 40,000 SU7 vehicles delivered in Q3, aiming for a total of 130,000 deliveries for the year [1][2]. - The smartphone segment recorded revenue of RMB 47.5 billion in Q3 2024, a 13.9% increase year-on-year, with a shipment of 43.1 million units, reflecting a 3.1% growth. The average selling price (ASP) per unit rose by 10.6% to RMB 1,102.2. Xiaomi's market share in mainland China increased by 1.2 percentage points to 14.7%, ranking fourth in the region [2]. - The Internet services segment also showed steady growth, with revenue reaching RMB 8.5 billion in Q3 2024, a 9.1% year-on-year increase. The number of global monthly active users reached 685.8 million, up 10.1% year-on-year [2]. Financial Summary - In Q3 2024, Xiaomi's adjusted net profit was RMB 6.25 billion, a 4.4% increase year-on-year, slightly exceeding market expectations. The gross margin for the IoT and lifestyle products segment reached a historical high of 20.8%, up 2.9 percentage points year-on-year [1][2]. - The automotive segment's revenue for Q3 was RMB 9.7 billion, with a gross margin of 17.1%. The adjusted net loss for this segment was RMB 1.5 billion, indicating controlled losses as production capacity ramps up [2][3]. - The report projects continued revenue growth, with Q4 2024 expected to generate RMB 96.4 billion, reflecting a year-on-year growth of 31.6% [7].

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） Q3 毛利率超预期，继续重点推荐 2024 年 11 月 20 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 26855 | 30676 | 40106 | 90715 | 152484 | | 同比 (%) | 27.95 | 14.23 | 30.74 | 126.19 | 68.09 | | 归母净利润（百万元） | (9139) | (10376) | (5622) | 1289 | 7353 | | 同比 (%) | (87.92) | (13.53) | 45.82 | 122.93 | 470.39 | | EPS- 最新摊薄（元 / 股） | (4.81) ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 58.5, while the current stock price is HKD 49.85 as of November 18, 2024 [2]. Core Insights - The company achieved significant growth during the Double 11 shopping festival, with its brands 可复美 and 可丽金 recording GMV growth of over 80% and 150% respectively [5][7]. - The company has established itself as an industry leader by publishing the first group standard for fermented ginseng powder, enhancing its market position [10]. Financial Performance - The total market capitalization of the company is HKD 51.257 billion, with a total share capital of 1.028 billion shares [3]. - Revenue projections for 2024, 2025, and 2026 are HKD 5.064 billion, HKD 6.839 billion, and HKD 8.592 billion respectively, with corresponding growth rates of 43.7%, 35.0%, and 25.6% [11]. - The net profit attributable to the parent company for the same years is projected to be HKD 1.922 billion, HKD 2.440 billion, and HKD 2.872 billion, with growth rates of 32.4%, 26.9%, and 17.7% respectively [11]. Shareholder Structure - The shareholder structure indicates that the founding couple holds 57% of the shares, while other shareholders hold the remaining 43% [4]. Market Performance - The company's stock has shown a relative return of 34.89% over the past twelve months [13].

Investment Rating - The report maintains a "Buy" rating for Tencent Music (TME) with a target price of 13.75 USD per ADS, equivalent to 53.45 HKD per share [5][54]. Core Views - Tencent Music's Q3 2024 total revenue reached 70.15 billion RMB, showing a year-over-year increase of 7% and a quarter-over-quarter decrease of 2%, slightly above consensus expectations of 70 billion RMB. The Non-GAAP net profit was 18.14 billion RMB, up 29% YoY but down 3% QoQ, with a Non-GAAP net profit margin of 25.9% [2][11]. - The online music business continues to grow steadily, with Q3 2024 revenue of 54.8 billion RMB, a 20% increase YoY and a 1% increase QoQ. Subscription revenue contributed 38.4 billion RMB, also up 20% YoY and 3% QoQ [3][21]. - The company aims to increase its SVIP membership to over 10 million and enhance the Average Revenue Per User (ARPU) value, which is projected to rise to 11 RMB in Q4 2024 [3][45]. Summary by Sections Financial Performance - Q3 2024 total revenue: 70.15 billion RMB, YoY +7%, QoQ -2% [2][11] - Non-GAAP net profit: 18.14 billion RMB, YoY +29%, QoQ -3% [2][11] - Non-GAAP net profit margin: 25.9%, YoY +4.4 percentage points, QoQ -0.3 percentage points [2][11] - Q3 2024 gross margin: 42.6%, slightly above consensus of 42.4%, YoY +7 percentage points, QoQ +0.6 percentage points [3][37]. Business Segments - Online music revenue in Q3 2024: 54.8 billion RMB, YoY +20%, QoQ +1% [3][21] - Subscription revenue: 38.4 billion RMB, YoY +20%, QoQ +3% [3][21] - Non-subscription revenue: 16.4 billion RMB, YoY +20%, QoQ -2% [3][21] - Social entertainment revenue: 15.35 billion RMB, YoY -24%, QoQ -12%, but showing signs of stabilization [34]. Future Projections - Q4 2024 revenue expected to be 73 billion RMB, YoY +6%, with Non-GAAP net profit projected at 20 billion RMB, YoY +29% [3][45]. - Long-term revenue projections for 2024-2025: 282 billion RMB and 311 billion RMB, with growth rates of 1.7% and 10.3% respectively [3][45]. - Expected Non-GAAP net profit for 2024-2025: 74.23 billion RMB and 88.84 billion RMB, with growth rates of 25.3% and 19.7% respectively [3][45].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant revenue growth of approximately 29% year-on-year for Q3 2024, with domestic revenue increasing by about 27% in RMB terms and overseas revenue growth around 30% [2] - The company has been actively involved in the evolving landscape of copyright protection and AI, with recent lawsuits in the AI sector potentially increasing the demand for its services as a third-party provider [2] - The company is exploring opportunities in digital content rights and asset protection in line with the trends of Web3.0 and AI, aiming to enhance operational efficiency and reduce customer acquisition costs through platform upgrades [3] - The company executed a share buyback of 875,000 shares for a total of HKD 1.9763 million, reflecting management's confidence in the company's future [3] Financial Projections - The company's net profit forecasts for 2024-2026 have been revised upwards to HKD 737.9 million, HKD 1.2538 billion, and HKD 2.3078 billion respectively, indicating strong growth potential [4] - The current stock price corresponds to price-to-sales (P/S) ratios of 3.5, 2.7, and 2.1 for 2024-2026, suggesting a favorable valuation outlook [4]

证券研究报告 港股公司|公司点评|小鹏汽车-W（09868） 小鹏汽车 Q3 财务数据点评：毛利率改 善，盈亏平衡有望兑现 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月20日 证券研究报告 |报告要点 2024 年 11 月 19 日，小鹏汽车发布第三季度财务数据。小鹏汽车 2024Q3 交付 4.7 万辆，同比 增长 16.3%。对应实现总收入 101.0 亿元，同比+18.4%，环比+24.5%。我们预计公司 2024/2025/2026 年销量分别为 19/42/64 万辆，对应营业收入分别为 434.0/922.9/1382.8 亿 元，同比分别增长 41.5%/112.6%/49.8%；归母净利润分别为-65.1/7.0/34.2 亿元。优质车型 上市有望迎来销量拐点，智能驾驶迭代催化和车型上市节奏有望助力公司实现财务数据的反 转，大众合作或进一步扩大公司营收和技术能力。维持"买入"评级。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年11月20日 小鹏汽 ...

Investment Rating - The report upgrades JD com (9618 HK/JD US) to a "Buy" rating with a target price of HKD 162/USD 42 [4][5] Core Views - JD com's core categories, particularly digital appliances, are benefiting from the trade-in policy, driving a recovery in sales [4] - Q3 2024 revenue reached RMB 260 4 billion, up 5 1% YoY, with digital appliances growing 2 7% YoY [4] - Daily necessities revenue grew 8 0% YoY, with supermarket, apparel, and sports/outdoor categories achieving double-digit growth [4] - Active users grew double-digit YoY for four consecutive quarters, with a 20% YoY increase in shopping users during Double 11 [4] - Q3 2024 gross margin reached 17 3%, up 1 7pp YoY, with adjusted net profit growing 24% YoY to RMB 13 2 billion [5] - JD Retail's operating margin improved by 2 6pp YoY to 5 2%, while JD Logistics' operating margin increased by 4 0pp YoY to 4 7% [5] - The company repurchased USD 3 9 billion in Q3 2024, totaling USD 3 6 billion in the first three quarters [5] Financial Performance and Forecasts - Revenue is expected to grow 5 7% YoY in Q4 2024, with full-year revenue projected at RMB 1,135 4 billion for FY24E [4][7] - Gross profit is forecasted to reach RMB 178 3 billion in FY24E, up 11 7% YoY [7] - Adjusted net profit is expected to grow 27 4% YoY to RMB 44 8 billion in FY24E [7] - The company aims for a high single-digit net profit margin in the long term, driven by economies of scale, product mix optimization, and 3P contributions [5] Valuation and Market Expectations - The target price of HKD 162/USD 42 implies a 10x FY24E P/E ratio [5] - The current price of HKD 137 2/USD 35 19 offers a potential upside of 18%/19% [8] - The 52-week price range for JD com is HKD 81 55-192 3/USD 20 8-47 8 [8] Industry Context - The report covers JD com within the broader internet and e-commerce sector, highlighting its competitive positioning and growth drivers [4][32]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's Q3 performance exceeded expectations, with revenue reaching a historical high of 92.5 billion yuan, representing a year-over-year increase of 30.5%, surpassing Bloomberg's consensus estimate by 2.5% [2] - The adjusted net profit for Q3 was recorded at 6.25 billion yuan, exceeding Bloomberg's consensus estimate by 5.8% [2] - The automotive business showed significant improvement, with a gross margin of 17.1%, which is notably higher than the market expectation of 12.1% [2] - The report anticipates further improvement in automotive gross margins in Q4, driven by increased production capacity and reduced unit production costs [2] - The smartphone segment demonstrated a strong performance with a year-over-year shipment increase of 3.1%, and the average selling price (ASP) rose by 10.6% year-over-year [2][4] - The IoT business continued to grow robustly, with major appliances driving margin improvements, achieving a gross margin of 20.8% in the latest quarter [4] Summary by Sections Financial Performance - Q3 revenue was 92.5 billion yuan, up 30.5% year-over-year, and adjusted net profit was 6.25 billion yuan, exceeding expectations [2] - The automotive business revenue reached 9.7 billion yuan, surpassing market expectations by 8.9% [2] - The company expects revenues of 357.4 billion yuan, 436 billion yuan, and 515.7 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 31.9%, 22%, and 18.3% [4] Business Segments - Smartphone revenue was 47.45 billion yuan, reflecting a year-over-year increase of 13.9% [2] - IoT revenue was 26.1 billion yuan, up 26.3% year-over-year [2] - The automotive segment's gross margin improved significantly, indicating a positive trend for future quarters [2] Future Outlook - The report projects adjusted net profits of 24 billion yuan, 28.1 billion yuan, and 35.7 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 24.6%, 16.8%, and 27% [4] - The company is expected to benefit from the strong market response to its new product launches, particularly the Xiaomi 15 series, which has seen rapid sales growth [2][4]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Corporation (3888 HK) [1] Core Views - Kingsoft achieved strong revenue growth in Q3 2024, with total revenue reaching RMB 2 915 billion (YoY +41 5%, QoQ +17 8%) and net profit attributable to shareholders of RMB 413 million (YoY +1351 1%, QoQ +5 1%) [1][3] - The company's gaming business showed remarkable growth, with revenue reaching RMB 1 708 billion (YoY +77 7%, QoQ +32 8%), driven by the success of "JX3" and "JX3 Boundless" [3] - Office software and services revenue reached RMB 1 207 billion (YoY +9 9%, QoQ +1 6%), supported by AI-powered product innovations and domestic subscription growth [3] Financial Performance - Gross profit reached RMB 2 454 billion (YoY +46 4%, QoQ +20 2%), with a gross margin of 84 2% (YoY +2 8pct, QoQ +1 7pct) [3] - Operating expenses improved significantly, with sales expense ratio at 12 5% (YoY -8 9pct, QoQ -2 8pct), R&D expense ratio at 29 5% (YoY -3 1pct, QoQ -0 4pct), and administrative expense ratio at 5 7% (YoY -3 4pct, QoQ -0 6pct) [3] - The company's market capitalization stood at HKD 39 013 70 million as of November 19, 2024 [3] Office Software Business - Kingsoft continued to optimize WPS AI, launching WPS AI 2 0 with four new assistants to enhance user experience and subscription conversion [3] - The company expanded its SaaS transformation with WPS 365, targeting large-scale private enterprises and local state-owned enterprises [3] - AI innovations included text companion, AI Docs intelligent document library, and the WPS Lingxi AI assistant, further advancing the AI office ecosystem [3] Gaming Business - "JX3 Boundless" exceeded expectations in terms of returning users, while the annual expansion pack for "JX3" introduced new features that enhanced player engagement [3] - The sci-fi mecha game "JXJ" completed its first public test in August, generating significant global interest with nearly 3 million pre-registrations and ranking 17th on Steam's wishlist [3] - The mobile game "JXQZ Zero" has obtained its license and is planned for release next year [3] Valuation and Forecast - The report raises revenue forecasts for FY2024-2026 to RMB 10 3/11 6/12 8 billion, with net profit attributable to shareholders expected to reach RMB 1 45/1 81/2 05 billion [6] - The target price is set at RMB 36 (HKD 39), based on a SOTP valuation method, implying a target market capitalization of RMB 47 5 billion [6] - The company's PE ratio is projected to be 25/20/18x for FY2024-2026, with EPS of RMB 1 1/1 4/1 5 [6]