Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.0 [1] Core Views - The company's Q3 2024 performance exceeded expectations, with net revenue reaching HKD 7.5 billion, recovering to 91% of Q3 2019 levels [1] - Adjusted EBITDA for Q3 2024 was HKD 1.04 billion, surpassing the expected HKD 1.0 billion and recovering to 109.2% of Q3 2019 levels [1] - The company's market share in the gaming sector increased by 1.3 percentage points to 13.9% in Q3 2024 [1] - The new property, Grand Lisboa Palace, turned profitable in Q3 2024, contributing HKD 1.42 billion in gaming revenue, a 17.2% increase quarter-over-quarter [1] Financial Performance - Total revenue for 2023A was HKD 21,623.2 million, with a projected increase to HKD 28,921.2 million in 2024E, HKD 31,408.8 million in 2025E, and HKD 33,521.4 million in 2026E [1] - Adjusted property EBITDA for 2023A was HKD 1,928.0 million, expected to rise to HKD 3,786.5 million in 2024E, HKD 4,712.1 million in 2025E, and HKD 5,427.4 million in 2026E [1] - Earnings per share (EPS) for 2023A was -HKD 0.28, projected to improve to HKD 0.03 in 2024E, HKD 0.18 in 2025E, and HKD 0.31 in 2026E [1] Market Share and Operational Improvements - The company's market share in the VIP segment recovered to 26.9% of 2019 levels, while the mass market segment (including slot machines) recovered to 101.8% of 2019 levels [1] - Grand Lisboa Palace's adjusted property EBITDA reached HKD 165 million in Q3 2024, marking a turnaround from losses [1] - The company plans to enhance service quality by introducing new VIP programs, opening more leisure restaurants, and renovating the Sky Phoenix VIP area [1] Operational Costs - Daily operating expenses in Q3 2024 were approximately HKD 20.9 million, a 5.2% increase quarter-over-quarter, primarily due to higher summer traffic [1] - Grand Lisboa Palace's daily operating expenses were HKD 7.6 million, up 8.4% quarter-over-quarter, reflecting its growth phase and increased marketing personnel [1] Valuation Metrics - The company's EV/Adjusted EBITDA for 2024E is 11.7x, expected to decrease to 9.4x in 2025E and 8.2x in 2026E [1] - The current price-to-book (P/B) ratio is 1.41x, with a market capitalization of HKD 19.46 billion [2][3]

Investment Rating - The report maintains a "Buy" rating for Baidu Group with a target price of 137 HKD, indicating an expected upside of over 20% within the next six months [1]. Core Insights - Baidu's total revenue for Q3 2024 is projected to be 33.6 billion CNY, a year-on-year decrease of 2.5%. The Non-GAAP net profit is expected to be 6.2 billion CNY, down 14% year-on-year [1]. - The report anticipates that Baidu Core revenue will be 26.3 billion CNY, a decline of 1.2% year-on-year, with online marketing revenue at 18.7 billion CNY, down 5% [1]. - The AI cloud business is expected to grow, with revenue projected at 5 billion CNY, reflecting a 14% year-on-year increase. The user base for Wenxin Yiyan is expected to reach 430 million, with daily usage hitting 1.5 billion [1]. Summary by Sections Financial Performance - Total revenue for Q3 2024 is expected to be 33.6 billion CNY, down 2.5% year-on-year. Non-GAAP net profit is projected at 6.2 billion CNY, a decrease of 14% [1]. - Baidu Core revenue is anticipated to be 26.3 billion CNY, with online marketing revenue at 18.7 billion CNY, down 5% year-on-year [1]. Business Segments - Non-online marketing revenue is expected to grow by 10% year-on-year, reaching 7.5 billion CNY. iQIYI's revenue is projected to be 7.6 billion CNY, down 5% [1]. - The AI cloud business is projected to achieve 5 billion CNY in revenue, marking a 14% increase year-on-year [1]. Future Outlook - The report suggests that while advertising recovery may be slower than expected, there could be a turning point next year. The application of large language models is expected to drive growth in Baidu's cloud business [1]. - The report emphasizes the ongoing development of AI applications and the establishment of an intelligent agent platform, which has attracted 150,000 enterprises and 800,000 developers [1].

Investment Rating - The report maintains a "Buy" rating for the company, reflecting expectations of significant growth in the next 6-12 months [2][6] Core Views - The company achieved a revenue of RMB 130.7 billion in the first three quarters of 2024, a 9.5% YoY increase, with a net profit of RMB 4.47 billion, turning from a loss to a profit [2] - In Q3 2024, revenue reached RMB 44.4 billion, up 6.6% YoY, with a net profit of RMB 2.2 billion, a 929% YoY increase [2] - The company's cost reduction and efficiency improvement efforts have significantly enhanced profitability, with Q3 gross margin increasing by 3.8 percentage points to 11.7% [2] - The company has expanded its overseas presence by opening new warehouses in Malaysia and the US, and has partnered with Taotian Group to integrate with the Taobao and Tmall platforms [2] Financial Performance - Revenue from JD Group grew by 8.1% in Q3 2024, higher than the overall growth rate, driven by growth in fast-moving consumer goods, 3C, and apparel sectors [2] - Revenue from integrated supply chain customers reached RMB 20.7 billion in Q3 2024, with internal JD Group revenue growing 8.1% and external revenue growing 1.2% [2] - Other customer revenue increased by 7.6% to RMB 23.7 billion, mainly due to increased business volume in express and freight services [2] - Operating costs in Q3 2024 were RMB 39.2 billion, up only 2.2% YoY, reflecting improved operational efficiency and cost control [2] Future Projections - The report raises the net profit forecast for 2024-2026 to RMB 6.7 billion, RMB 7.7 billion, and RMB 8.8 billion, respectively, up from previous estimates of RMB 4.6 billion, RMB 5.2 billion, and RMB 5.9 billion [2] - Revenue growth is expected to slow to 9.63% in 2024, 5.70% in 2025, and 5.89% in 2026, reflecting a maturing market [4] - Net profit growth is projected to be 984.16% in 2024, 15.13% in 2025, and 14.24% in 2026, indicating strong profitability improvements [4] Operational Efficiency - The company's operating costs in Q3 2024 were driven by a 4.8% increase in employee compensation, reflecting workforce expansion [2] - Gross profit in Q3 2024 was RMB 5.2 billion, up 57% YoY, with a net profit margin increasing by 4.5 percentage points to 5% [2] - The company's ROE is expected to improve significantly, reaching 12.17% in 2024, 12.29% in 2025, and 12.30% in 2026 [4] Strategic Initiatives - The company has integrated with Taobao and Tmall platforms, allowing consumers to track JD Logistics shipments within the Taobao and Tmall apps, which is expected to boost business volume [2] - Overseas expansion continues with new warehouses in Malaysia and the US, enhancing global logistics capabilities [2]

Investment Rating - Strong Buy (Maintained) with a target price range of HKD 21.9-24.8 [1] Core Views - The company's Q3 2024 performance exceeded expectations, with revenue reaching RMB 60.4 billion, a 20% YoY increase, and net profit attributable to shareholders of RMB 2.455 billion, a 92% YoY increase [1] - The company plans to increase its stake in Zeekr to 62.8% through the acquisition of shares held by its parent company, and Zeekr intends to acquire Lynk & Co shares from Geely Holding and Volvo to achieve a 51% controlling stake and consolidation [1] - The Geely brand's performance in Q3 2024 was strong, with sales of 410,000 units, a 15% YoY increase, and net profit of RMB 2.62 billion, an 81% YoY increase, driven by the success of the Galaxy E5 and improved profitability in the Galaxy series [2] - Zeekr's performance remained stable, with sales of 55,000 units in Q3 2024, a 51% YoY increase, and a net profit of RMB 10 million, turning profitable compared to the previous quarter [2] - The company's strategic integration of internal resources, including the consolidation of Lynk & Co by Zeekr, is expected to streamline operations and improve efficiency in high-end brand management, product lines, and R&D [2] - The company is expected to see rapid growth in sales and operating performance in the next two years, driven by its successful new product cycle and global expansion, with projected sales of 2.15 million, 2.56 million, and 2.89 million units for 2024-2026, with new energy vehicle penetration rates of 40%, 54%, and 62% respectively [2] - The company's net profit attributable to shareholders for 2024-2026 is forecasted to be RMB 16 billion, RMB 13.6 billion, and RMB 17.5 billion, with corresponding P/E ratios of 8.1x, 9.5x, and 7.4x [2] Financial Highlights - Q3 2024 revenue: RMB 60.4 billion, +20% YoY [1] - Q3 2024 net profit attributable to shareholders: RMB 2.455 billion, +92% YoY [1] - Geely brand Q3 2024 sales: 410,000 units, +15% YoY, net profit: RMB 2.62 billion, +81% YoY [2] - Zeekr Q3 2024 sales: 55,000 units, +51% YoY, net profit: RMB 10 million [2] - 2024-2026 projected sales: 2.15 million, 2.56 million, and 2.89 million units, with new energy vehicle penetration rates of 40%, 54%, and 62% respectively [2] - 2024-2026 projected net profit attributable to shareholders: RMB 16 billion, RMB 13.6 billion, and RMB 17.5 billion [2] Strategic Integration - The company is undergoing significant internal resource integration, including the consolidation of Lynk & Co by Zeekr, which is expected to streamline operations and improve efficiency in high-end brand management, product lines, and R&D [2] - The integration is expected to resolve past issues of resource redundancy and overlap, leading to more effective management of the company's high-end brands and product lines [2] Future Outlook - The company is expected to see rapid growth in sales and operating performance in the next two years, driven by its successful new product cycle and global expansion [2] - The company's strategic integration of internal resources is expected to create synergies and improve future performance [2] - The company's focus on global operations, self-developed intelligent driving, in-car systems, and chips is expected to strengthen its competitive position in key growth areas such as overseas markets and intelligent capabilities [2]

证 券 研 究 报 告 吉利汽车（00175.HK）2024 年三季报点评 强推（维持） 三季报亮眼，战略性整合推进 目标价区间：21.9-24.8 港元 当前价：13.90 港元 事项： 公司发布三季报，3Q24 营收 604 亿元，同比增长 20%，归母净利 24.55 亿元， 同比增长 92%。同时公司发布公告，拟通过收购母公司所持极氪股权以增持 极氪至 62.8%，极氪拟收购母公司（吉利控股）与沃尔沃所持领克股份并增资， 以实现控股 51%与并表。 评论： 3Q24 吉利主品牌表现超预期。公司 3Q24 销量 53 万辆、同比+19%、环比+11%， 归母净利 24.6 亿元、同比+92%、环比+57%（不考虑 2Q 出售收益）。其中投 资收益-1.1 亿元、同比+0.3 亿元、环比-4.5 亿元，估计主要受到领克计提影响。 分板块看： 1）吉利品牌油车、出口、银河，盈利提升超预期。3Q24 其销量 41 万辆、同 比+15%、环比+14%。净利 26.2 亿元、同比+81%、环比+60%（不考虑 2Q 出 售收益），同环比大幅增长，预计主要受到银河 E5 热销后带来银河系列的盈 利改善，同时出口稳定 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company has experienced a significant improvement in sales margins in October, although it faces pressure in achieving its annual sales target. For the period from January to October 2024, the company achieved sales of 91 billion yuan, a year-on-year decrease of 24.8%, completing 61.9% of its 2024 sales target of 147 billion yuan [1][4]. - The company is actively acquiring core land reserves and participating in land storage to revitalize assets. In the first ten months of 2024, the company added a total construction area of 1.95 million square meters in key cities such as Guangzhou, Beijing, and Shanghai, with a focus on high-quality land acquisition [2]. - The company’s financial condition remains stable, with a net debt ratio of 58.6% and a cash-to-short-term debt ratio of 1.53 times as of mid-2024, indicating a strong credit advantage [2]. Summary by Sections Sales Performance - In October 2024, the company achieved sales of 13.36 billion yuan, representing a year-on-year increase of 46.8% and a month-on-month increase of 85.3% [1]. Land Acquisition and Asset Management - The company has focused on acquiring land in core first- and second-tier cities, with 62% of the newly added land area located in Guangzhou, Beijing, and Shanghai. The company plans to transfer three plots of land to the Guangzhou Land Development Center for storage, with a total area of approximately 230,000 square meters and a total consideration of about 13.5 billion yuan [2]. Financial Performance - For the first half of 2024, the company reported revenue of 35.34 billion yuan, a year-on-year increase of 10.1%. However, the comprehensive gross margin decreased by 4.0 percentage points to 13.7%, and the net profit attributable to shareholders was 1.83 billion yuan, down 15.9% year-on-year [2]. - The company’s expected basic EPS for 2024-2026 has been revised down to 0.76, 0.91, and 0.95 yuan, respectively, with the current stock price corresponding to a PE ratio of 7.4, 6.2, and 5.9 times for the same period [3].

Investment Rating - Buy (Maintained) [1] Core Views - Geely Auto's Q3 2024 performance met expectations, with a strong new product cycle driving growth [1] - Revenue in Q3 2024 reached RMB 60.378 billion, up 20.50% YoY, with net profit of RMB 2.455 billion, up 92.40% YoY [1] - The Galaxy brand and exports contributed significantly to revenue growth, with Galaxy E5 driving a 51.54% YoY increase in sales [1] - Zeekr's gross margin improved significantly, contributing to stable profitability for the group [1] - The company expects continued growth in Q4 2024 and 2025, driven by new models like the Galaxy L6/L7 and the StarShip 7 [1] Financial Performance Revenue and Profit - 2024E revenue is projected at RMB 216.289 billion, up 20% YoY, with net profit of RMB 16.209 billion, up 214% YoY [1] - 2025E revenue is expected to reach RMB 263.751 billion, with net profit of RMB 12.175 billion [1] - 2026E revenue is forecasted at RMB 311.402 billion, with net profit of RMB 14.540 billion [1] Key Financial Ratios - 2024E ROE is projected at 18%, with a P/E ratio of 8.0x [1] - 2025E ROE is expected to be 12%, with a P/E ratio of 10.6x [1] - 2026E ROE is forecasted at 13%, with a P/E ratio of 8.9x [1] Product and Market Performance - Galaxy brand sales in Q3 2024 reached 72,300 units, up 110.95% YoY, driven by the Galaxy E5 [1] - Exports in Q3 2024 totaled 116,600 units, up 60.25% YoY [1] - The average selling price (ASP) in Q3 2024 was RMB 130,000, up 0.58% YoY [1] Future Outlook - The company plans to launch new models, including the Galaxy L6/L7 and StarShip 7, which are expected to drive further growth [1] - The new Thor EM-i powertrain, with a thermal efficiency of 46.5%, is expected to enhance the performance of upcoming models [1] - The company anticipates continued growth in revenue and profitability, supported by a strong product pipeline and market expansion [1] Financial Projections Balance Sheet - 2024E cash and equivalents are projected at RMB 68.710 billion, up from RMB 36.775 billion in 2023A [2] - 2024E total assets are expected to reach RMB 205.500 billion, up from RMB 192.598 billion in 2023A [2] Income Statement - 2024E operating income is projected at RMB 216.289 billion, with operating profit of RMB 7.282 billion [2] - 2025E operating income is expected to reach RMB 263.751 billion, with operating profit of RMB 11.517 billion [2] Cash Flow - 2024E operating cash flow is projected at RMB 35.017 billion, up from RMB 22.342 billion in 2023A [2] - 2025E operating cash flow is expected to be RMB 21.025 billion [2]

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's performance continues to decline, with a slight revenue increase but a significant drop in profitability. For the three months ending September 30, 2024, the unaudited consolidated revenue was approximately RMB 5.154 billion, a 3.1% increase from RMB 4.998 billion in the same period of 2023. However, the gross profit decreased by 12.7% to RMB 1.289 billion from RMB 1.476 billion in the previous year, and the net profit attributable to shareholders fell by 37.3% to RMB 0.357 billion from RMB 0.570 billion [3]. - The decline in performance is primarily attributed to the mining equipment sector, which has faced significant setbacks due to falling coal prices, leading to reduced purchasing intentions from coal enterprises. The company’s revenue from tunneling machines and comprehensive mining equipment has also decreased year-on-year [3]. - New business ventures, including the oil equipment business acquired in 2023, have not met expectations and are currently incurring losses, further dragging down overall performance [3]. Financial Summary - Revenue projections for 2024 and 2025 are estimated at RMB 21.324 billion and RMB 23.229 billion, respectively, reflecting year-on-year growth rates of 5.16% and 8.93% [3]. - The net profit attributable to shareholders is projected to be RMB 1.956 billion in 2024 and RMB 2.231 billion in 2025, with growth rates of 1.38% and 14.09% respectively [3]. - Key financial metrics indicate a net profit margin of 9.17% for 2024, increasing to 10.04% by 2026 [5]. Key Financial Indicators - The company’s revenue for 2023 is reported at RMB 20.278 billion, with a growth rate of 30.52%. The EBITDA for the same year is RMB 2.846 billion, with a projected increase to RMB 3.108 billion in 2024 [4][5]. - The return on equity (ROE) is expected to be 15.24% in 2024, slightly decreasing from 15.94% in 2023 [5]. - The company’s total assets are projected to grow from RMB 34.963 billion in 2023 to RMB 50.266 billion by 2026 [4]. Market Context - The mining equipment market outlook remains uncertain, with the company’s growth heavily reliant on the performance of its mining vehicle products and new product launches [3]. - The report highlights the challenges faced by the coal mining sector, which is expected to continue impacting the company’s performance in the short term [3].

2024 年 11 月 15 日 公司研究 毛利率持续提升，4Q 将继续受益于以旧换新 ——京东集团-SW（9618.HK）2024 年三季报点评 要点 公司 3Q2024 营收同比增长 5.12%，Non-GAAP 归母净利润同比增长 23.85% 公司公布 2024 年三季报：1-3Q2024 实现营业收入 8118.33 亿元，同比增长 4.27%，实现 GAAP 归母净利润 315.05 亿元，同比增长 51.63%，实现 Non-GAAP 口径下归母净利润 365.33 亿元，同比增长 36.39%。 单季度拆分来看，3Q2024 实现营业收入 2603.87 亿元，同比增长 5.12%，实 现 GAAP 归母净利润 117.31 亿元，同比增长 47.82%，实现 Non-GAAP 口径下 归母净利润 131.74 亿元，同比增长 23.85%。 公司 3Q2024 综合毛利率上升 1.65 个百分点，期间费用率上升 0.76 个百分点 1-3Q2024 公司综合毛利率为 16.11%，同比上升 1.18 个百分点。单季度拆分 来看，3Q2024 公司综合毛利率为 17.30%，同比上升 1.65 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 32.00, indicating a potential upside of 19.63% from the current stock price of HKD 26.75 [1][3]. Core Insights - The company's revenue for Q3 2024 reached USD 2.17 billion, representing a year-on-year growth of 34.0% and a quarter-on-quarter increase of 14.2%, aligning with market expectations [1]. - The production capacity utilization rate has improved to 90.4%, up 13.3 percentage points year-on-year and 5.2 percentage points quarter-on-quarter [1]. - The average selling price (ASP) of wafers reached USD 966, showing a slight year-on-year increase of 0.5% and a quarter-on-quarter rise of 15.5% [1]. - The company anticipates a revenue increase of 0%-2% for Q4 2024, projecting revenue between USD 2.17 billion and USD 2.21 billion, which is above market consensus [1]. - The AI sector is expected to be a major growth driver in the coming year, with domestic substitution demand gradually being released [1]. Summary by Sections Financial Performance - Q3 2024 operating profit was USD 170 million, a year-on-year increase of 94.4%, while net profit attributable to shareholders grew by 58.3% to USD 150 million, with a net profit margin of 6.9% [1]. - The company’s gross margin improved by 6.6 percentage points to 20.5% quarter-on-quarter [1]. - The projected revenue for 2025 is expected to grow by 28.1% year-on-year, reaching USD 8.1 billion [1]. Capacity and Demand - The company plans to add an average of 50,000 pieces of 12-inch wafer capacity annually, with new orders primarily coming from AI edge products [1]. - The total monthly capacity is expected to reach 920,000 equivalent 8-inch wafers by 2025 [1]. Market Position - The company currently holds a 5.5% share in the global wafer foundry market, which is projected to increase to 8.0% by the end of the year [1]. - The report highlights that one-third of the supply chain is expected to complete domestic substitution in the long term [1].