Investment Rating - The report maintains an "Accumulate" rating for Geely Automobile [1][9] Core Views - Geely Automobile reported a total revenue of 167.68 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 36.01%. The net profit attributable to shareholders reached 13.05 billion RMB, up 358.48% year-on-year, with total sales of 1.4897 million vehicles, a 32.09% increase year-on-year [3][9] - The company has increased its stake in Zeekr to 62.8% by acquiring an additional 11.3% of shares, while Zeekr has acquired 51% of Lynk & Co [3][8] - Geely's Q3 2024 performance showed a revenue of 60.38 billion RMB, with a year-on-year increase of 20.50% and a quarter-on-quarter increase of 9.80%. The net profit attributable to shareholders was 2.455 billion RMB, reflecting a year-on-year increase of 92.40% [5][9] Summary by Sections Revenue and Profitability - In Q3 2024, Geely's average revenue per vehicle (ASP) was 113,100 RMB, with a year-on-year increase of 0.44 thousand RMB and a quarter-on-quarter decrease of 0.15 thousand RMB. The gross margin for Q3 was 15.58%, showing a year-on-year increase of 0.14 percentage points [5][9] - The company’s sales, administrative, and financial expense ratios were 4.47%, 5.82%, and -0.19% respectively, indicating a significant reduction in sales and administrative expense ratios year-on-year [5][9] Sales Performance - Geely's Q3 2024 sales reached 534,000 vehicles, a year-on-year increase of 15.77% and a quarter-on-quarter increase of 11.24%. The sales of new energy vehicles reached 225,700 units, with a year-on-year increase of 58.92% [5][9] - The new energy penetration rate reached 42.26%, up 11.48 percentage points year-on-year [5][9] Strategic Developments - The acquisition of Lynk & Co by Zeekr is expected to enhance resource integration and brand positioning, improving overall operational efficiency and market expansion capabilities [8][9] - The company is projected to achieve revenues of 203.3 billion RMB, 222.4 billion RMB, and 233.3 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 16.03 billion RMB, 11.96 billion RMB, and 15.21 billion RMB [9][10]

[Table_MainInfo] 公司研究/汽车与零配件 证券研究报告 耐世特（1316）公司信息点评 2024 年 11 月 18 日 | --- | --- | |-------------------------------------------------------------------|------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 le 5 _ 日 S 收 to 盘 c 价 k （ In 元 fo ） ] | 3.11 | | 52 周股价波动（元） | 2.29-5.46 | | 总股本（百万股） | 2510 | | 流通 A 股（百万股） | 0 | | B 股/H 股（百万股） | 2510 | | 相关研究 | | | [ 《 Ta 继 b 续 le 看 _R 好 e 亚 p 太 or 区 tI 增 nf 长 o] 潜力》 | 2024.08.16 | | 《发布激励计划》 2024.07.15 | | | 《持续看好亚太区增长潜力》 | 2024.03.29 | 市场表现 [Table_QuoteInfo] | --- | --- | --- ...

港股公司报告 | 公司点评 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|------------------------------------| | 裕元集团（ 00551 ） | 投资评级 | 2024 年 11 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨吉利汽车（0175.HK） [Table_Title] 吉利汽车 2024 年 10 月销量点评：新车周期强 势开启，新能源销量创历史新高 | --- | --- | |----------|-------| | | | | 报告要点 | | 分析师及联系人 [Table_Author] 高伊楠 张扬 SAC：S0490517060001 SAC：S0490524030004 SFC：BUW101 请阅读最后评级说明和重要声明 吉利汽车（0175.HK） cjzqdt11111 2024-11-17 港股研究丨公司点评 [Table_BaseData] 当前股价（HKD） 13.18 注：股价为 2024 年 11 月 15 日收盘价 [Table_Title 吉利汽车 2024 2] 年 10 月销量点评：新车周期强 势开启，新能源销量创历史新高 [Table_Summary2] 事件描述 吉利汽车发布 2024 年 10 月销量。公司 10 月汽车销量为 22.7 万辆，同比+28.0%，环比+12.2%。 2024 年 1-10 月累计销量 171.6 ...

Investment Rating - The report maintains a BUY rating for CSPC Pharmaceutical, despite ongoing sales pressure and a downward revision of the target price from HK$6.21 to HK$5.97, indicating a potential upside of 16.3% from the current price of HK$5.13 [1][3]. Core Insights - CSPC's total revenue for 9M24 decreased by 3.5% YoY to RMB22.69 billion, with attributable net profit falling by 15.9% YoY to RMB3.78 billion, representing 71% and 64% of previous full-year estimates respectively [1]. - The company faces significant sales pressure from legacy products, particularly in CNS, oncology, cardiovascular, and respiratory disease segments, with notable YoY declines in sales [1]. - New product sales are expected to partially offset the decline from legacy products, with management targeting RMB2.0 billion in sales from new products in 2024E and forecasting further growth in 2025E [1]. Financial Performance Summary - Revenue for FY24E is projected at RMB29.47 billion, a decrease of 6.3% YoY, with net profit expected to decline by 19.0% to RMB4.92 billion [2][8]. - Gross profit margin is anticipated to be 70.42% in FY24E, decreasing to 69.45% in FY25E [2][11]. - The company’s operating profit is expected to decline to RMB6.26 billion in FY24E, with a further decrease to RMB5.90 billion in FY25E [2][11]. Sales and Product Insights - Sales from finished drugs in 3Q24 were RMB5.21 billion, reflecting an 18.9% YoY decrease, primarily due to price cuts and regulatory pressures [1]. - The anticipated inclusion of Duomeisu in the national VBP from March 2025 is expected to lead to further price reductions and continued sales pressure [1]. - CSPC has out-licensed global rights for a pre-clinical stage product to AstraZeneca, which could provide additional profit sources in the future [1].

2024 年 11 月 17 日 公司研究 领克与极氪公告合并，新能源车转型迎收获期 ——吉利汽车（0175.HK）2024 年三季度业绩点评报告 要点 买入（维持） 3Q24 业绩同环比显著改善：2024 年前三季度公司总收入同比+36.0%至 1,676.8 亿元，归母净利润同比+358%至 130.5 亿元（扣非后归母净利润 61.3 亿元）。3Q24 总收入同比+20.5%/环比+9.8%至 603.8 亿元，归母净利润同 比+92%/环比-73%至 24.6 亿元（扣非后归母净利润 27.6 亿元）。公司 3Q24 单车 ASP（剔除领克后）环比+2.8%至 11.1 万元，扣非后单车盈利<0.6 万元。 架构化降本带动盈利改善，极氪首次扭亏为盈：2024 年前三季度公司毛利率 同比+0.5pcts 至 15.3%，3Q24 毛利率同比+0.1pcts/环比-0.9pcts 至 15.6%。 2024 年前三季度公司 SG&A 费用率同比-1.3pcts 至 11.6%，3Q24 SG&A 费 用率同比-2.3pcts/环比-2.1pcts 至 10.3%。1）公司毛利率环比下降受到会计 准则调整+ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][17][29]. Core Views - The report highlights a short-term improvement in profitability and sustained long-term growth momentum despite a weak retail environment affecting revenue growth. The company has managed to improve its profitability through strict discount control and healthy inventory management [2][17]. - The company’s online channel has shown robust growth, with a 13% increase in revenue, particularly driven by the Douyin platform, which saw a 100% year-on-year revenue increase [1][17]. - The company is strategically closing underperforming stores and upgrading others to enhance efficiency, resulting in a 14% decline in revenue from physical stores [1][17]. Summary by Sections Financial Performance - In Q3, the company's revenue decreased by 10.8% year-on-year to 4.0 billion CNY, while net profit attributable to shareholders increased by 40.0% to 0.1 billion CNY. The gross margin improved by 1.5 percentage points to 33.5% due to strict discount control [1][17]. - The company’s total sales and management expenses decreased by 7.8% year-on-year to 1.37 billion CNY, although the fixed cost ratio increased due to declining revenue [1][17]. - The company’s inventory increased by 12% year-on-year to 5.5 billion CNY, with inventory turnover days rising by 7 days to 152 days [1][17]. Future Outlook - The company expects a positive sales growth in October, with a 4.7% year-on-year increase in operating income to 1.72 billion CNY, attributed to the early Double Eleven promotional activities [1][17]. - The report projects net profits for 2024-2026 to be 4.9 billion CNY, 6.2 billion CNY, and 7.6 billion CNY, reflecting a slight downward adjustment from previous estimates [2][17]. - The target price has been adjusted to 0.59-0.69 HKD, corresponding to a 6-7x PE for 2024 [2][17].

Investment Rating - The report maintains a "Buy" rating for Alibaba Group (9988.HK) [6][8]. Core Insights - In Q2 FY2025, the company reported a revenue increase of 5.21% year-on-year, with net profit attributable to ordinary shareholders rising by 58.36% [3][6]. - The company has a significant marketing investment, with 88VIP membership reaching 46 million, showing double-digit growth [5][6]. - The adjusted non-GAAP net profit forecast for FY2025 has been reduced by 5% to 155.1 billion yuan, while forecasts for FY2026 and FY2027 have been increased by 1% and 7% respectively [6]. Financial Performance Summary - For 1HFY2025, the company achieved a revenue of 479.739 billion yuan, a year-on-year increase of 4.53%, and a net profit of 68.143 billion yuan, up 9.84% [3]. - The comprehensive gross margin for 1HFY2025 was 39.52%, an increase of 0.97 percentage points year-on-year [4]. - The company repurchased 4.14 million shares for 4.1 billion USD, with 22 billion USD remaining under the buyback plan [5]. Profitability Metrics - The comprehensive gross margin for Q2 FY2025 was 39.10%, up 1.23 percentage points year-on-year [4]. - The period expense ratio for 1HFY2025 was 25.10%, an increase of 3.84 percentage points year-on-year [4]. - The company’s revenue projections for FY2025 to FY2027 are 1,011.7 billion yuan, 1,181.0 billion yuan, and 1,180.9 billion yuan respectively, with growth rates of 7.49%, 8.73%, and 7.36% [7][17].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1] Core Insights - Tencent's Q3 2024 revenue reached 167.2 billion RMB, representing an 8% year-over-year increase and a 4% quarter-over-quarter increase. Operating profit was 53.3 billion RMB, up 20% year-over-year and 5% quarter-over-quarter. Net profit attributable to shareholders was 53.2 billion RMB, reflecting a 47% year-over-year increase and a 12% quarter-over-quarter increase [1][11][18] - The gaming revenue accelerated with a 13% year-over-year growth, driven by both domestic (14%) and international (9%) markets. The deferred revenue reached a record high, indicating strong future revenue potential [30][31] - The marketing services business grew by 17% year-over-year, supported by demand for advertising on platforms like WeChat and mini-programs, demonstrating resilience in the advertising sector despite macroeconomic pressures [47][48] Summary by Sections Financial Performance - Q3 2024 overall gross margin increased by 3.6 percentage points year-over-year, remaining stable quarter-over-quarter. Non-IFRS operating profit grew by 19% year-over-year, while Non-IFRS net profit increased by 33% to 59.8 billion RMB [18][22] - Free cash flow for the quarter was 58.5 billion RMB, significantly up from 40.4 billion RMB in the previous quarter, indicating strong cash generation capabilities [27] Business Segments Value-Added Services - Gaming revenue for Q3 2024 was 51.8 billion RMB, accounting for 31% of total revenue, with a year-over-year growth of 13%. The deferred revenue balance reached 113.1 billion RMB, a 23% increase year-over-year [30][31] - The social network segment reported a 4% year-over-year increase in revenue, driven by sales of virtual goods and subscription services [41] Marketing Services - Marketing services revenue increased to 30 billion RMB, a 17% year-over-year growth, driven by demand for video ads and mini-programs [47] - The video account advertising revenue saw over 60% year-over-year growth, indicating strong demand and potential for further monetization [48] Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 2% year-over-year to 53.1 billion RMB, with growth in wealth management services offsetting declines in payment services due to weak consumer spending [49] - The cloud business is expected to continue growing, supported by the launch of new AI models and improved operational efficiencies [49][52] Shareholder Returns - Tencent plans to repurchase over 100 billion HKD worth of shares in 2024, which, along with cash dividends, is expected to provide strong support for the stock price [53] Earnings Forecast - The report projects revenues for FY2024-2026 to be 654.5 billion RMB, 699.1 billion RMB, and 747.9 billion RMB respectively, with Non-IFRS net profits of 223.3 billion RMB, 251.8 billion RMB, and 275 billion RMB [54]

证券研究报告 | 2024年11月17日 阿里巴巴-W（09988.HK） 优于大市 2QFY25 财报点评：测算淘天 GMV yoy+2%，淘天以外业务降本 增效成效显著 整体表现：收入平稳增长，淘天以外业务降本增效成效显著。2QFY2025，公 司实现营业收入 2365 亿元，同比增长 5%，增速平稳。其中国际数字商业集 团、云业务、本地生活集团、菜鸟集团对增速拉动明显，淘天集团和大文娱 增速相对平淡。本季度公司 Non-GAAP 净利润为 365 亿元，同比下降 9%， Non-GAAP 净利率 15%；经调整 EBITA 同比下降 5%至 406 亿元，经调整 EBITA 利润率同比下降 2pct，主要由于国内电商业务加大投入。公司本季度回购 41 亿美元（5200 万股 ADs），已考虑员工持股计划下发行的股份后，回购计 划使得流通股净减少 2.1%。目前股份回购计划仍有 220 亿美金额度（效期至 2027 年 3 月）。 淘天集团：收入增长平淡，公司将持续在商家和用户端投入。本季度淘天集 团收入同比+1%至 990 亿元，其中零售客户管理收入同比+2%，直营及其他收 入同比-5%，批发商业同比+ ...