Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.42 HKD, indicating a potential upside of 79% from the current price of 35.50 HKD [2][4]. Core Insights - The company achieved a turnaround in Q3 2024, reporting a revenue of 255 million USD, a 309% year-on-year increase, and a net profit of 27.9 million USD, reversing a loss of 58.7 million USD from the previous year [2]. - The recovery in the Q3 performance is attributed to rising gold and copper prices, with gold reaching 2,629.95 USD/ounce, a 12.8% increase since June, and copper prices remaining historically high due to tightening supply and increased demand from the renewable energy sector [2]. - The resumption of operations at the Jiama mine has led to a decrease in cash production costs to 3.85 USD/pound, a 4.9% reduction from the previous quarter [2]. - The company has provided production guidance for 2024, expecting gold production from the Changshanhao mine to be between 3.3 to 3.5 tons and copper production from the Jiama mine to be between 43,200 to 44,500 tons [2]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported revenues of 1.10 billion USD, which decreased by 3% year-on-year. In 2023, revenues dropped significantly to 459.43 million USD, a 58% decline [3][5]. - The forecast for 2024 anticipates a revenue increase to 764.01 million USD, representing a 66% growth, with net profit projected to recover to 95.4 million USD [3][5]. - The company’s earnings per share (EPS) is expected to rise from -0.06 USD in 2023 to 0.24 USD in 2024, reflecting a significant recovery [3][5]. - The price-to-earnings (PE) ratio is projected to be 19.2 in 2024, decreasing to 5.0 in 2025 and 4.7 in 2026, indicating an attractive valuation compared to historical levels [3][5].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [5] Core Views - Tencent reported a revenue of 167.2 billion RMB for Q3 2024, representing an 8% year-on-year increase. The adjusted net profit attributable to shareholders was approximately 59.8 billion RMB, a significant 33% increase compared to the previous year, exceeding Bloomberg's consensus estimate of 54.4 billion RMB [2][4] - The gaming sector is experiencing a strong product cycle, with domestic game revenue increasing by 14% to 37.3 billion RMB, driven by titles such as "Valorant," "Honor of Kings," and "Peacekeeper Elite." International game revenue grew by 9% to 14.5 billion RMB, supported by strong performances from "PUBG MOBILE" and "Brawl Stars" [3] - The advertising revenue saw a 17% increase to 30 billion RMB, fueled by strong demand for ads on video accounts, mini-programs, and WeChat search, along with the branding boost from the Olympics [4] Summary by Sections Financial Performance - Q3 2024 revenue breakdown: Gaming (51.8 billion RMB), Social Networks (30.9 billion RMB), FinTech and Enterprise Services (53.1 billion RMB), Advertising (30 billion RMB) [2] - Adjusted net profit for Q3 2024 was 59.8 billion RMB, with significant contributions from equity method investments and a reduced effective tax rate of 14% [2][3] Business Segments - Gaming: Domestic revenue increased by 14% to 37.3 billion RMB, while international revenue grew by 9% to 14.5 billion RMB. The company expects higher international game revenue to reflect in Q4 and next year's figures [3] - FinTech and Enterprise Services: Revenue growth slowed, with payment transaction volume increasing by about 10%, but average transaction value declined [3] - Advertising: Revenue increased by 17% to 30 billion RMB, with significant growth potential in video account ads and WeChat search ads [4] Future Projections - Revenue forecasts for 2024-2026 are 657.3 billion RMB, 702.3 billion RMB, and 752.0 billion RMB, respectively. Non-GAAP net profit estimates are approximately 223.5 billion RMB, 243.1 billion RMB, and 266.2 billion RMB for the same period [4][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved a revenue of 7.306 billion yuan in Q3 2024, representing a year-over-year increase of 25.85% [5] - The adjusted net profit for Q3 2024 was 236 million yuan, marking a turnaround from loss to profit, successfully meeting the target for adjusted operating profit [5] - The mobile gaming segment exceeded expectations with revenue of 1.818 billion yuan, up 83.8% year-over-year [5] - The advertising business continued to show high growth, with a daily active user count of 107.3 million, a year-over-year increase of 4.4% [5] - The company is expected to achieve revenues of 26.74 billion, 30.17 billion, and 32.84 billion yuan in 2024, 2025, and 2026 respectively, with adjusted net profits projected at -37 million, 1.854 billion, and 2.897 billion yuan for the same years [6] Financial Performance Summary - Total revenue for 2023 was 22.528 billion yuan, with a projected increase to 26.742 billion yuan in 2024, reflecting a growth rate of 19% [7] - The adjusted net profit for 2023 was -3.412 billion yuan, with a significant recovery expected in 2024 to -37 million yuan [7] - The company’s gross margin is projected to improve from 24.2% in 2023 to 39.5% in 2026 [10] - The net profit margin is expected to turn positive in 2025, reaching 2.3% [10] - The company’s total assets are projected to grow from 33.159 billion yuan in 2023 to 35.463 billion yuan in 2026 [9]

%% %% 丨证券研究报告丨 港股研究丨公司点评丨小鹏汽车-W（9868.HK） [Table_Title] 小鹏汽车 2024 年 10 月销量点评：单月交付再 创新高，10 月交付 2.4 万辆 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 小鹏汽车发布 2024 年 10 月销量。 10 月公司共交付新车 23917 台，同比增长 19.6% ，环比增 | | | 12.0% 。 2024 年 1-10 月，公司累计交付新车共 122478 台，同比增长 20.7% 。智能驾驶持 | | | | | | 续领先，随着渠道变革和营销体系加强，叠加强势新车周期开启，公司销量有望稳步提升。 MONA | | | 和 P7+ 开启公司新车周期。规模提升、平台和技术降本效果将进一步体现，叠加软件盈利 | | | ...

Investment Rating - The report maintains a "Buy" rating for Bilibili (09626) [6][8]. Core Views - Bilibili achieved a revenue of 7.3 billion CNY in Q3 2024, representing a year-on-year growth of 26%, driven primarily by gaming and advertising businesses. The adjusted net profit was 240 million CNY, marking the first profitable quarter with a profit margin of 3.2% [6]. - The company announced a share repurchase plan, intending to buy back up to 200 million USD worth of shares over the next two years [7]. - User metrics reached new highs, with a Monthly Active User (MAU) count of 348 million, a year-on-year increase of 2%, and a Daily Active User (DAU) count of 107 million, a year-on-year increase of 4% [7]. - The report highlights the strong performance of the game "Three Kingdoms: Strategizing the World," which contributed significantly to gaming revenue, achieving 1.8 billion CNY in Q3, a year-on-year increase of 84% [10]. - Advertising revenue also saw substantial growth, reaching 2.1 billion CNY in Q3, a historical high with a year-on-year increase of 28% [10]. Financial Summary - Revenue projections for Bilibili are as follows: - 2022: 21,899 million CNY - 2023: 22,528 million CNY - 2024E: 26,738 million CNY - 2025E: 30,657 million CNY - 2026E: 33,038 million CNY [5][14]. - The adjusted net profit forecast for 2024 has been revised to -87 million CNY, while projections for 2025 and 2026 have been increased to 1.71 billion CNY and 3.088 billion CNY, respectively [8]. - The report indicates a significant improvement in gross margin, which reached 35% in Q3, reflecting a year-on-year increase of 10 percentage points [11].

Investment Rating - The report maintains a "Neutral" rating for the company with a target price adjusted to HKD 5.06 [3][5][16]. Core Views - The company is expected to face continued pressure on its performance in the short term, primarily due to a decline in the revenue of its pharmaceutical segment, which has resulted in a year-on-year revenue drop of 4.9% to RMB 22.686 billion for the first three quarters [1][2]. - The decline in revenue is attributed to several factors, including a 14.5% quarter-on-quarter decrease in the pharmaceutical segment's revenue, impacted by price controls and increased competition [1][2]. - The company has increased its R&D spending, leading to a rise in the R&D expense ratio by 2.1 percentage points [1]. Summary by Sections Financial Performance - For the first three quarters, the company's revenue decreased by 4.9% to RMB 22.686 billion, and net profit attributable to shareholders fell by 15.9% to RMB 3.78 billion [1]. - The third quarter saw a significant decline in revenue and net profit, with year-on-year drops of 17.8% and 51.5%, respectively [1]. - The pharmaceutical segment, which has the highest gross margin, experienced a revenue decline, leading to a 3.1 percentage point drop in gross margin for the third quarter [1]. Revenue Forecast - The revenue forecast for the pharmaceutical business remains unchanged, with an expected year-on-year decline of 7.0% in 2024, followed by a gradual recovery in 2025-2026 [2]. - New drug approvals are anticipated to partially offset the impact of price reductions, but significant revenue recovery is not expected in the short term due to market competition and price controls [2]. Adjustments to Projections - Revenue projections for raw materials and functional foods have been slightly lowered, with 2024-2026 revenue estimates adjusted down by 1.0%, 1.6%, and 1.6%, respectively [3]. - R&D expense forecasts for 2024-2026 have been increased by 7.8% to 11.5%, while net profit estimates for the same period have been reduced by 3.7%, 4.8%, and 2.2% [3].

Investment Rating - The report maintains a "Hold" rating for Alibaba Group [5][17]. Core Insights - Alibaba's FY2Q25 revenue reached RMB 236.5 billion, a year-on-year increase of 5%, slightly below market expectations by 1%. Adjusted net profit was RMB 36.5 billion, down 9% year-on-year, but better than market expectations by 3% [3][5]. - The Taobao and Tmall segment showed stable growth with a revenue increase of 1% to RMB 99 billion, driven by a double-digit growth in order volume. The average order value decreased, but the number of buyers reached a historical high during the "Double Eleven" shopping festival [4]. - The international e-commerce segment saw a significant revenue increase of 29% to RMB 31.7 billion, primarily driven by the AliExpress Choice business [4]. - Cloud business revenue grew by 7% year-on-year to RMB 29.6 billion, with public cloud products experiencing double-digit growth and AI-related products achieving triple-digit growth. The adjusted EBITA margin improved to 9% [5]. Financial Summary - FY25E revenue forecast is adjusted to RMB 990.5 billion, with a net profit forecast of RMB 140.7 billion. For FY26E, revenue is projected at RMB 1,064.4 billion and net profit at RMB 145.4 billion [5][7]. - The adjusted target price is set at HKD 91 and USD 94, corresponding to FY25E/FY26E P/E ratios of 11.6x and 11.2x respectively [5][17].

联想集团（0992.HK）FY2Q25 业绩点评 业绩增长提速，AI 布局迈入收获季 2024 年 11 月 19 日 ➢ 事件：11 月 15 日，联想集团发布 2025 年财年二季报，FY2Q25 公司实现 营收 178.50 亿美元，YoY+23.87%，QoQ+15.56%；实现净利润 3.59 亿美元， YoY+43.85%，QoQ+47.74%。 ➢ FY2Q25 增长再提速，战略转型见成效。FY2Q25 公司净利润大幅增长，营 收同比连续四个季度实现提速；销售毛利率达 15.66%，YoY-1.84pct，QoQ0.91pct；销售净利率为 2.01%，YoY+0.28pct，QoQ+0.37pct。公司持续加大 围绕人工智能和研发的投入，FY2Q25 研发费用达 5.48 亿美元，同比增长 10%。 PC 以外业务占比达 46%，同比增加 5pct，战略转型执行效果清晰。 ➢ IDG：AI PC 渗透速度超预期，手机业务市场份额创新高。FY2Q25 该业务 实现营收 135 亿美元，YoY+17%，QoQ+18.42%，实现运营利润率 7.3%。 FY2Q25 联想 PC 业务营业收入同比增长 ...

小米集团-W（1810.HK）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 24Q3 业绩持续增长，汽车业务规模效应凸显 2024 年 11 月 18 日 ➢ 事件：11 月 18 日，小米集团发布 2024 年三季报，公司 2024Q3 实现营收 925.07 亿元（YoY+30.0%，QoQ+4.1%），经调整净利润 62.52 亿元（YoY+4.4%， QoQ+1.2%）。24Q3 毛利率为 20.41%（YoY-2.3pct，QoQ-0.3pct），净利率 为 5.77%（YoY-1.1pct，QoQ+0.1pct）。 ➢ 24Q3 业绩表现强劲，单季营收创历史新高，净利率逐季提升。24Q3，公 司实现营收 925.07 亿元（YoY+30.0%，QoQ+4.1%），创历史新高，分业务来 看，智能手机/IoT 与生活消费产品/互联网服务/高科技电动汽车业务分别实现营 收 475/261/85/97 亿元，同比分别增长 13.9%/26.3%/9.1%/-，在总营收中的 占比分别为 54.7%/28.5%/9.6%/6.3%。公司盈利实现稳健增长，经调整净利润 62.52 ...

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992) with a target price based on the last closing price of HKD 9.17 [1]. Core Insights - Lenovo Group's performance slightly exceeded expectations, with rapid growth across all business segments. The company reported a revenue of USD 33.297 billion for the first half of FY24/25, representing a year-on-year increase of 22%, and a net profit of USD 600.2 million, up 41% year-on-year [3][4]. Financial Performance - For the first half of FY24/25, Lenovo's gross margin was 16.08%, a decrease of 1.40 percentage points compared to the same period last year, primarily due to the rapid growth of the Infrastructure Solutions Group, which has a relatively lower margin [3]. - The sales expense ratio decreased by 0.71 percentage points to 5.12%, while the management expense ratio fell by 0.32 percentage points to 4.20% [3]. Business Segment Performance - The Intelligent Devices Group achieved revenue of USD 24.936 billion, a year-on-year increase of 14.52%, with an operating profit margin of 7.29%, up 0.41 percentage points from the previous year. The growth was driven by increased average selling prices and the rise of products like AIPC and smartphones [4]. - The Infrastructure Solutions Group reported revenue of USD 6.465 billion, a significant year-on-year increase of 65.13%, with strong growth in servers, storage, and high-performance computing [4]. - The Solutions Services Group generated revenue of USD 4.050 billion, reflecting a year-on-year growth of 11.54%, with an operating profit margin of 20.69% [4]. Future Outlook - The demand for artificial intelligence is driving rapid growth in the Infrastructure Solutions Group, with non-PC revenue reaching a record high of 46% of total revenue. The company has risen to the fifth position globally and third in China in the infrastructure solutions market [4]. - The report projects EPS for FY24/25, FY25/26, and FY26/27 to be USD 0.10, USD 0.12, and USD 0.14, respectively, maintaining a "Buy" rating based on positive revenue and profit growth trends [5][6].