Investment Rating - The report maintains a "Buy" rating for Alibaba Group [5][13]. Core Insights - The company achieved revenue of 236.5 billion RMB in FY2Q2025, a year-over-year increase of 5.2%, which was 1.2% below consensus expectations. International commerce, local services, and other revenues exceeded expectations, while Taobao and Tmall commerce, as well as cloud intelligence revenues, met expectations. However, Cainiao and entertainment revenues fell short of expectations [1]. - Operating profit reached 35.2 billion RMB, a year-over-year increase of 5.0%, surpassing consensus expectations by 7.6%, primarily due to a reduction in non-cash equity incentive expenses [1]. - Adjusted EBITA was 40.6 billion RMB, down 5.3% year-over-year, which was 1.3% below consensus expectations, mainly due to increased investments in domestic and overseas e-commerce businesses [1]. - Non-GAAP net profit was 36.5 billion RMB, a year-over-year decrease of 9.1%, but exceeded consensus expectations by 2.5%, largely due to significantly higher-than-expected investment income [1]. - The report indicates that the company is focusing on its core business and user engagement, which is expected to improve the competitive landscape. Although EBITA is under pressure in the short to medium term, there are signs of a recovery in profitability, and shareholder returns are becoming more visible [1]. Revenue and Profit Forecast - Revenue forecasts for FY2025-2027 are projected at 1,001.9 billion RMB, 1,105.3 billion RMB, and 1,205.3 billion RMB, respectively. Non-GAAP net profits are expected to be 151.7 billion RMB, 174.2 billion RMB, and 192.3 billion RMB for the same periods, corresponding to current price-to-earnings ratios of 10.1, 8.8, and 8.0 times [1][13]. Business Segment Performance - **Taotian Group**: Revenue for FY2Q2025 was 99 billion RMB, a year-over-year increase of 1.4%, aligning with consensus expectations. Adjusted EBITA was 44.6 billion RMB, with a profit margin of 45.1%, slightly below expectations [1]. - **International Commerce**: Revenue reached 31.7 billion RMB, a year-over-year increase of 29.2%, exceeding consensus expectations by 1.2%. Retail business revenue grew by 35.0% [2]. - **Local Services**: Revenue was 17.7 billion RMB, a year-over-year increase of 13.8%, surpassing consensus expectations by 1.6%. The segment's losses narrowed significantly due to improved operational efficiency [3]. - **Cainiao**: Revenue was 24.6 billion RMB, a year-over-year increase of 8.0%, but fell short of expectations by 8.6% [4]. - **Cloud Intelligence Group**: Revenue was 29.6 billion RMB, a year-over-year increase of 7.1%, with adjusted EBITA of 2.7 billion RMB, reflecting a significant improvement in profitability [11]. - **Entertainment**: Revenue was 5.7 billion RMB, a year-over-year decrease of 1.5%, which was below expectations by 9.7% [12].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved its first quarterly profit since going public, with a revenue of 7.3 billion yuan in Q3 2024, representing a year-over-year increase of 26% and a quarter-over-quarter increase of 19% [1][3] - The mobile gaming segment saw significant growth, with revenue increasing by 84% year-over-year to 1.823 billion yuan, driven by the success of the exclusive game "Three Kingdoms: Strategy" [3] - The advertising business also performed well, with revenue growing by 28% year-over-year to 2.094 billion yuan, supported by improved advertising products and efficiency [3][5] Summary by Sections Operating Performance - Monthly Active Users (MAU) grew by 2% year-over-year to 348 million, while Daily Active Users (DAU) increased by 4% to 107 million [3] - User engagement metrics improved, with average daily usage time rising from 100 minutes to 106 minutes, and Average Revenue Per User (ARPU) increasing by 23% to 21 yuan [3] Financial Metrics - The company reported a gross margin of 34.9%, up 9.9 percentage points year-over-year and 4.9 percentage points quarter-over-quarter [3] - Adjusted net profit for Q3 2024 was 240 million yuan, a significant improvement from a loss of 860 million yuan in Q3 2023 [3] Mobile Gaming Business - The exclusive game "Three Kingdoms: Strategy" ranked in the top three of the iOS game sales chart for three consecutive seasons, contributing to the mobile gaming revenue surge [3] Value-Added Services - Revenue from value-added services increased by 9% year-over-year to 2.821 billion yuan, driven by growth in live streaming and other services [3] Advertising Business - The advertising revenue growth was primarily attributed to enhancements in advertising products and increased efficiency, with significant contributions from the gaming, e-commerce, and automotive sectors [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 26.21 billion yuan for Q3 2024, showing a year-over-year decline of 3.9% but a quarter-over-quarter increase of 2.8%. The net profit attributable to shareholders was 6.538 billion yuan, down 16.6% year-over-year and down 3.3% quarter-over-quarter [1][3] - The gaming segment showed strong growth, with revenue from PC games increasing by 29% year-over-year, while mobile games experienced a decline of 10% due to base effects. The company is set to release several new titles, which are expected to drive future growth [3][7] - The company’s subsidiary, Youdao, achieved a revenue of 1.57 billion yuan in Q3 2024, marking a year-over-year growth of 2.2% and a quarter-over-quarter growth of 19.0%, with significant improvements in profitability [3][8] - NetEase Cloud Music reported a revenue of 2 billion yuan in Q3 2024, reflecting a year-over-year increase of 1.3% and a quarter-over-quarter decrease of 2.0%, with a notable improvement in gross margin [7] Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 62.9%, with a slight year-over-year increase of 0.6 percentage points. The sales expense ratio was 14.5%, the R&D expense ratio was 16.9%, and the management expense ratio was 4.2% [3] - The total market capitalization is approximately 431.81 billion yuan, with a circulating market capitalization of the same amount [3] - The company’s revenue projections for FY2024-2026 are estimated at 104.3 billion, 108.3 billion, and 115.3 billion yuan, respectively, with adjusted net profits of 31.6 billion, 33 billion, and 36.1 billion yuan [8]

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 裕元集团（0551）公司公告点评 2024 年 11 月 17 日 | --- | --- | |----------------------------------------------------------------|--------------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 le 5 _ 日 S 收 to 盘 ck 价 I （ nf 港 o ] 元） | 15.88 | | 52 周股价波动（港元） | 6.78-17.48 | | 总股本（百万股） | 1609 | | 总市值（百万港元） | 25544 | | 相关研究 | | | [ 《 Ta 24 b Q le 2 _ 制 R 造 ep 产 o 能 rtI 利 n 用 fo 率 ] | 进一步提升，净利润 | | 增 157.8%》2024.8.22 | | | 《全球头部运动鞋制造商，产能利用率修复带 | | | 动盈利水平持续改善》 2024.6.30 | | | 市场表现 | | [Table_QuoteInf ...

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company is expected to see a rebound in Q4 due to low base effects and the holiday season, despite facing pressure in North America and Asia-Pacific in Q3 [7] - The company anticipates flat revenue growth for 2024, with a positive outlook for 2025 [8] - The resilience of the Samsonite brand is noted, while TUMI is impacted by weak high-end consumer spending [9] Financial Performance Summary - In Q3 2024, revenue decreased by 8.3% year-on-year to $880 million, with a gross margin of 59.3%, down 0.3 percentage points year-on-year [7] - The adjusted EBITDA margin fell by 2.7 percentage points to 17.6% compared to the previous year [7] - Net profit attributable to shareholders dropped by 39.1% to $70 million, with a net profit margin of 7.5% [7] - The company added 83 stores year-on-year, with fixed SG&A expenses increasing by 0.4% [7] Regional Performance - Q3 2024 revenue by region showed declines: Asia (-12.2%), North America (-7.9%), Europe (-2.3%), and Latin America (-8.3%) [5] - The revenue decline in Asia was attributed to high base effects from the previous year and weak consumer demand, particularly in China and India [5] - North America faced challenges due to weak retail traffic and high-end consumer spending, with TUMI's revenue down 14.2% [5] - Latin America showed strong growth in local currency terms, with a revenue increase of 13.7% [5] Brand Performance - Revenue changes for Q3 2024 compared to the previous year: Samsonite (-3.9%), TUMI (-9.5%), and American Tourister (-17%) [9] - TUMI's revenue was significantly affected by weak high-end consumer spending in North America and Asia [9] - All brands experienced growth in Latin America, with revenue increases of 19.4% for Samsonite, 27.4% for TUMI, and 6.6% for American Tourister [9] Profit Forecast and Valuation - The company is projected to achieve net profits of $343 million and $375 million for 2024 and 2025, respectively [9] - The report assigns a PE valuation range of 14-15X for 2024, translating to a fair value range of HKD 25.72-27.56 per share [9]

[Table_Title] 研究报告 Research Report 姚书桥 Barney Yao 陈昊飞 Haofei Chen 17 Nov 2024 小鹏汽车-W XPeng (9868 HK) 阿里意欲减持而非增持小鹏，非核心资产加速退出 Alibaba's Move to Trim, Not Boost, XPeng Stake: A Swift Exit from Non-Core Assets 王沈昱 Oscar Wang, CFA 王凯 Kai Wang, CFA 白玉 Jasmine Bai 陈岢葳 Daisy Chen, CFA sy.wang@htisec.com k.wang@htisec.com y.bai@htisec.com daisy.kw.chen@htisec.com barney.sq.yao@htisec.com haofei.chen@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件 11 月 14 日 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HK$ 0.75, reflecting a decrease from the previous target of HK$ 0.95 [2][3]. Core Insights - The company's revenue for the third quarter of 2024 decreased by 16.9% year-on-year to RM 150 million, with a year-to-date decline of 5.9% [2][3]. - The medical business segment remains stable, generating approximately RM 78.964 million in revenue, benefiting from contributions from key clients [3]. - The report anticipates further growth in the medical segment due to increased penetration of automation solutions and initial contributions from single-use medical devices [3]. - The performance of other business segments is mixed, with the automotive segment recording approximately RM 32.612 million, which has negatively impacted the overall performance of the automation testing equipment segment [3]. - The gross profit margin is expected to recover, with a rebound from 28.1% in Q2 2024 to 28.8% in Q3 2024, driven by higher margins in the factory automation solutions segment [3]. Financial Summary - Total revenue projections for the company are as follows: RM 691.9 million in 2023, RM 651.2 million in 2024 (estimated decline of 5.9%), RM 735.0 million in 2025, and RM 806.2 million in 2026 [8]. - The net profit for 2024 is projected to be RM 117.7 million, with a year-on-year growth of 6.7% [8]. - The company’s gross profit is expected to be RM 209.6 million in 2025, with a gross margin of 30.3% [8]. - The report indicates a cautious outlook due to macroeconomic factors affecting growth potential [3].

港股公司|公司点评|吉利汽车（00175） 销量业绩创新高，进入新时代 证券研究报告 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月16日 证券研究报告 |报告要点 三季报收入创新高、经营利润超预期。公司 2024Q3 实现销量 53.4 万辆，同比增长 18.7%，环 比增长 8.6%，创单季度销量历史新高。对应 2024Q3 营业收入 603.8 亿元，同比增长 20.5%， 环比增长 9.8%。实现单车收入 11.3 万元，同比增长 1.5%，环比增长 1.1%，主要受益车型结 构改善。《台州宣言》落地加速，吉利战略转向聚焦、整合。极氪收购沃尔沃、吉利控股所持 有的领克股权，交易完成后极氪持有领克 51%的股权，吉利汽车持有 49%。此外，吉利汽车收 购吉利控股所持有的极氪 11.3%极氪股权，持有极氪的股权比例由 51.5%上升至 62.8%。 |分析师及联系人 高登 陈斯竹 SAC：S0590523110004 SAC：S0590523100009 请务必阅读报告末页的重要声明 1 / 5 吉利汽车(00175) 销量业绩创新高，进入新时代 | --- | --- | | ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Group (9988.HK) [3] Core Views - Alibaba's revenue for FY25Q2 reached 236.5 billion RMB, a year-over-year increase of 5.2%, while GAAP net profit was 43.5 billion RMB, reflecting a year-over-year decrease of 9.1% [1] - The report highlights marginal improvement in Taobao's Customer Management Revenue (CMR) growth, driven by an increase in Gross Merchandise Volume (GMV) [2] - Cloud business revenue grew by 7.1% year-over-year, with a notable increase in AI-related product revenue [2] - The report emphasizes the potential for Alibaba's CMR business to stabilize and grow, alongside significant growth prospects in the cloud business driven by AI [2] Summary by Sections Financial Performance - Taobao's FY25Q2 revenue was 99.9 billion RMB, up 1.4% year-over-year, with retail revenue at 93.0 billion RMB, a 0.5% increase [2] - The adjusted EBITA for Taobao was 44.6 billion RMB, down 5.3% year-over-year, with a profit margin of 45.0% [2] - Cloud business revenue for FY25Q2 was 29.6 billion RMB, with an adjusted EBITA of 2.7 billion RMB, reflecting an 88.9% year-over-year increase [2] Shareholder Returns - The company repurchased 4.14 million shares for 41 billion USD in the quarter, with a total repurchase of 87 billion USD in the first half of the fiscal year [2] Future Projections - The report forecasts adjusted EPS for FY2025, FY2026, and FY2027 to be 7.63 RMB, 8.58 RMB, and 9.42 RMB respectively, with corresponding adjusted PE ratios of 11, 9, and 9 times [2]

Investment Rating - The report assigns an "Overweight" rating to the company, indicating a positive outlook on its stock performance [4] Core Views - The company's Q3 2024 performance met expectations, with revenue of $526 million (YoY -7.4%, QoQ +10.0%), gross margin of 12.2% (YoY -3.9pcts, QoQ +1.7pcts), and net profit of $44.82 million (YoY +222.6%, QoQ +571.6%) [1] - The company's 12-inch production line is nearing full capacity, with a utilization rate of 98.5% and revenue of $263 million (YoY -2.5%, QoQ +12.9%) [2] - The new 12-inch production line is expected to start trial production in December 2024, with an estimated total investment of $6.7 billion, averaging $2-2.5 billion annually from 2024 to 2026 [2] - The company's revenue guidance for Q4 2024 is $530-540 million, with a gross margin range of 11%-13% [1] Financial Performance - The company's revenue for 2024E is projected to be $1.996 billion (YoY -13%), with a gross margin of 11.2% and net profit of $103 million (YoY -63%) [3] - Revenue is expected to grow to $2.251 billion in 2025E (YoY +13%) and $2.728 billion in 2026E (YoY +21%), with net profit increasing to $157 million and $237 million, respectively [3] - The company's EPS is forecasted to be $0.07 in 2024E, $0.11 in 2025E, and $0.16 in 2026E [3] Market and Industry Insights - The company's 8-inch production line has a utilization rate of 113%, generating revenue of $263 million (YoY -11.9%, QoQ +7.2%) [2] - The demand for CIS and power management chips is increasing, with revenue from analog and power management reaching $123 million (YoY +21.8%, QoQ +21.6%) [4] - The company's IGBT and super-junction products are facing pricing and demand pressures, with revenue from discrete devices at $163 million (YoY -30.8%, QoQ +7.2%) [4] Future Outlook - The company's new 12-inch production line is expected to drive revenue growth in the medium to long term, despite short-term depreciation cost pressures [2] - The company is well-positioned to benefit from the growth in AI and new energy vehicles, which are expected to boost demand for power management chips and other products [4]