Investment Rating - The report assigns a "Buy" rating for Tencent Holdings with a target price of 540 HKD, indicating a potential upside of 33.9% from the last closing price [1][19]. Core Insights - Tencent's Q3 2024 performance exceeded market expectations, with revenue reaching 167.2 billion RMB, a year-on-year increase of 8% and a quarter-on-quarter increase of 4%. Net profit attributable to shareholders was 54 billion RMB, reflecting a significant year-on-year growth of 47% [1][2]. - The report highlights the effectiveness of Tencent's evergreen game strategy and the promising future of WeChat's small shop initiative, which is expected to enhance the company's e-commerce capabilities [1][14]. Revenue Overview - In Q3 2024, Tencent's revenue from value-added services was 82.7 billion RMB, up 9% year-on-year. Social network revenue grew by 4% to 29.7 billion RMB, driven by music subscription services and mobile game sales [2][3]. - The gaming segment reported domestic revenue of 32.7 billion RMB, a 14% increase year-on-year, primarily due to the success of "Honor of Kings" and "Peacekeeper Elite" [3][8]. - International gaming revenue reached 13.3 billion RMB, marking a 9% year-on-year increase, supported by titles like "PUBG MOBILE" [3][8]. Advertising and Marketing Services - The advertising business upgraded to marketing services, generating 30 billion RMB in Q3 2024, a 17% increase year-on-year, benefiting from growth in video accounts and WeChat search revenues [3][17]. - The report notes that the advertising loading rate is currently below industry standards but has significant growth potential as Tencent enhances its advertising technology [3][17]. Financial Technology and Enterprise Services - Financial technology and enterprise services revenue was 53 billion RMB, reflecting a 2% year-on-year increase. The growth in wealth management services offset declines in payment revenues [3][4]. - The gross margin for financial technology and enterprise services improved to 48%, driven by increased efficiency in cloud services and technology service fees [4]. Game Development Strategy - Tencent's focus on evergreen games aims to maintain player engagement and revenue over the long term. Key titles include "Honor of Kings" and "Peacekeeper Elite," which continue to show strong performance [8][9]. - The report emphasizes the importance of community interaction and continuous content updates in sustaining the success of these games [8][9]. E-commerce Initiatives - WeChat's small shop initiative is highlighted as a critical component of Tencent's e-commerce strategy, with expectations for significant growth as infrastructure and features are enhanced [14][15]. - The report indicates that the integration of WeChat's small shop with the broader ecosystem will facilitate better customer engagement and sales conversion [14][15]. Future Outlook - The report maintains a positive long-term outlook for Tencent's various business segments, anticipating continued robust growth driven by strategic initiatives and market expansion [19].

Investment Rating - The report maintains a "Buy" rating for JD Logistics (2618 HK) with a target price raised to HKD 18.00, indicating a potential upside of 20.6% from the current closing price of HKD 14.92 [1][4][7]. Core Insights - JD Logistics reported a strong performance in Q3, exceeding market expectations, with a projected net profit of over RMB 2 billion for Q4, corresponding to a profit margin of over 4% [1][2]. - The company is expected to enter a relatively stable profit margin phase in 2025, with a projected adjusted net profit of RMB 7.9 billion for 2024, reflecting a 30% increase from previous estimates [2][3]. - The report highlights the company's cost reduction strategies, including product upgrades, network optimization, and increased automation, which have significantly improved profitability [1][2]. Financial Performance Summary - For Q3 2024, JD Logistics achieved a revenue of RMB 44.4 billion, a year-on-year increase of 7%, with a gross profit margin improvement of nearly 4 percentage points to 12% [1][5]. - The adjusted net profit for Q3 was RMB 2.6 billion, approximately double the previous year, resulting in a net profit margin of 5.8%, the highest quarterly level since the company went public [1][3]. - The report projects total revenue for 2024 to reach RMB 180.83 billion, with a profit margin of 4.4% [2][9]. Earnings Forecast Changes - The adjusted net profit forecast for 2024 has been increased to RMB 7.9 billion, with a profit margin of 4.4%, and for 2025, the adjusted net profit is projected at RMB 7.9 billion [3][9]. - Revenue estimates for 2024 and 2025 have been slightly adjusted, with 2024 revenue expected at RMB 180.83 billion and 2025 at RMB 193.08 billion [3][9]. Market Position and Valuation - JD Logistics' market capitalization is approximately HKD 98.86 billion, with a year-to-date stock price increase of 52.56% [4][5]. - The stock has a 52-week high of HKD 16.34 and a low of HKD 6.80, indicating significant volatility and growth potential [4][5].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 18.3, indicating a potential upside of 20.8% from the last closing price of HKD 15.18 [4]. Core Insights - The company reported a 20.7% year-on-year decline in adjusted net profit for the first half of 2024, with total revenue increasing by 1.0% to HKD 8.57 billion. Excluding COVID-19 impacts, non-COVID revenue grew by 7.7% [1]. - The decrease in profit is attributed to a reduction in high-margin revenue from the R&D segment and the ramp-up phase of overseas factories, leading to a 2.8 percentage point drop in gross margin to 39.1% [1]. - The company has a strong cash position with net cash of HKD 7.37 billion and reported a free cash flow of -HKD 600 million for the first half of 2024 [1]. Summary by Sections Financial Performance - For the first half of 2024, the company’s revenue was HKD 8.57 billion, with a gross profit margin of 39.1%, down from the previous year [1]. - Adjusted net profit decreased by 20.7% to HKD 2.25 billion, with an adjusted profit margin of 26.2% [1]. - The company’s total project count increased by 61 to 742, showcasing its competitiveness in the R&D sector [2]. Project Pipeline - The company has 359 preclinical projects and 311 early-stage clinical projects, indicating a slowdown in the pipeline flow from preclinical to clinical stages [2]. - The XDC project segment saw significant growth, with revenue increasing by 88.1% to HKD 1.61 billion, contributing 18.8% to total revenue [2]. - The company’s WuXiBody platform projects increased to 50, reflecting recognition from major international firms [2]. Market and Policy Impact - A recent U.S. legislative proposal could potentially impact about 2% of the company’s total projects, introducing uncertainty into future operations [2]. - The company has initiated a share buyback program, repurchasing approximately 130 million shares at a cost of about HKD 1.94 billion [2]. Valuation Metrics - The report projects revenue growth from HKD 17.03 billion in 2023 to HKD 22.24 billion by 2026, with a compound annual growth rate (CAGR) of 11.2% [3]. - The forecasted earnings per share (EPS) is expected to decline from HKD 0.82 in 2023 to HKD 0.75 in 2024, before recovering to HKD 0.97 by 2026 [3]. - The company’s price-to-earnings (P/E) ratio is projected to be 16.8 in 2024, reflecting a valuation adjustment due to the anticipated profit decline [3].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6]. Core Insights - The company achieved profitability for the first time since its listing, with a significant increase in gross profit margin and a strong performance in its gaming and advertising segments [1][2]. - The gaming revenue reached 1.82 billion HKD in Q3 2024, representing a year-on-year growth of 84%, driven by the success of the game "Three Kingdoms: Strategy of the World" [1]. - Advertising revenue also saw a robust increase of 28% year-on-year, totaling 2.09 billion HKD in Q3 2024, supported by enhanced capabilities in the e-commerce sector [1]. Financial Performance Summary - In Q3 2024, the company reported revenue of 7.31 billion HKD, a year-on-year increase of 16%, and a Non-GAAP net profit of 236 million HKD, marking a turnaround from losses [1]. - The gross profit margin improved to 34.9%, up 9.88 percentage points year-on-year, with gross profit increasing by 76% to 2.55 billion HKD [1]. - The company plans to repurchase up to 200 million USD of its publicly traded securities over the next 24 months, enhancing shareholder returns [1]. User Engagement and Community Development - The company reported an average of 107 million daily active users in Q3 2024, a 4% increase year-on-year, with an average usage time of 106 minutes per day, up 6% [1]. - Monthly interactions within the community reached 19.3 billion, reflecting a 14% year-on-year growth, indicating a healthy ecosystem [1]. Future Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 26.74 billion HKD, 31.21 billion HKD, and 34.76 billion HKD, respectively [2]. - Non-GAAP net profits are expected to improve significantly, with projections of -0.07 billion HKD in 2024, 2.24 billion HKD in 2025, and 3.76 billion HKD in 2026 [2].

Investment Rating - The report maintains a "Buy" rating for Tencent (700.HK) and raises the target price to HKD 500, indicating a potential upside of 24% from the current price of HKD 403.80 [7][11][19]. Core Insights - Tencent's 3Q24 revenue reached RMB 167.2 billion, a year-on-year increase of 8.0%, aligning with market expectations. Adjusted net profit rose by 33% year-on-year to RMB 59.8 billion, exceeding market expectations by 10% [5][6]. - Domestic gaming revenue rebounded with a 14% year-on-year growth to RMB 37.3 billion, driven by flagship games like "Honor of Kings" and "Peacekeeper Elite." International gaming revenue also grew by 9% year-on-year to RMB 14.5 billion, supported by strong performances from "PUBG MOBILE" and "Brawl Stars" [6][7]. - The WeChat ecosystem continues to evolve, with advertising revenue increasing by 17% year-on-year to RMB 30 billion, primarily driven by video accounts and mini-programs. Financial technology and enterprise services revenue grew by 2% year-on-year to RMB 53.1 billion, although it fell short of expectations [7][8]. Financial Performance Summary - For FY24E, Tencent's revenue is projected to reach RMB 655.5 billion, with adjusted net profit expected to be RMB 212.5 billion, reflecting a growth rate of 34.8% [9][12]. - The gross margin improved by 3.6 percentage points year-on-year to 53.1%, while the adjusted net profit margin increased to 35.8%, showing improvements both year-on-year and quarter-on-quarter [5][6]. - Deferred revenue grew by 22% year-on-year, indicating strong future growth potential in gaming [6][7]. Market Position and Outlook - The report highlights Tencent's strong competitive position in the domestic gaming market and the ongoing enhancements in its WeChat ecosystem, which are expected to drive future growth [6][7]. - The target price adjustment reflects a positive outlook on Tencent's profitability and ongoing share buybacks, which are anticipated to provide strong support for the stock price [7][8].

Investment Rating - The report assigns an "Outperform" rating to the company, indicating a positive outlook on its future performance [4] Core Views - The company is a leading domestic AI technology service provider, leveraging large language models, NLP, deep machine learning, and cloud computing to offer Model-as-a-Service (MaaS) and Business-as-a-Service (BaaS) solutions [1] - MaaS focuses on decision-making AI, helping businesses digitize their KYC and KYP processes, while BaaS uses generative AI for intelligent customer interaction and transaction facilitation [1] - The company's services are widely applied across industries such as banking, consumer finance, insurance, e-commerce, automotive, logistics, and energy [1] Financial Performance - In 2023, the company achieved revenue of approximately RMB 2.68 billion, a 31% YoY increase, with MaaS revenue at RMB 891 million (17% YoY growth) and BaaS revenue at RMB 1.79 billion (38% YoY growth) [2] - The company maintained a high gross margin of 73% in 2023, with operating profit reaching RMB 347 million, a 48% YoY increase [4] - In H1 2024, revenue grew 6% YoY to RMB 1.32 billion, with BaaS revenue increasing 11% YoY to RMB 900 million, while MaaS revenue declined 2% YoY to RMB 421 million [4] Business Segments - MaaS is the company's core business, generating stable cash flow through model output and evaluation services, with over 7,000 clients and 165 core clients in H1 2024 [6] - BaaS is the company's second growth curve, utilizing generative AI for intelligent marketing and operations, supporting over 50 million daily intelligent voice communications with a semantic understanding accuracy rate exceeding 97% [7] - BaaS financial cloud revenue grew 20% YoY in H1 2024, while BaaS insurance cloud revenue declined 3% YoY [4] Market Potential - The company is expanding its BaaS model into new sectors such as healthcare, with plans to deploy multi-modal AvatarGPT in non-financial retail scenarios like hotels, malls, and airports [8] - The company expects BaaS to facilitate transactions exceeding RMB 200 billion, with increasing bargaining power as user data and profiles expand [8] Share Repurchase - The company expanded its share repurchase plan to HKD 375 million, demonstrating confidence in its business prospects and commitment to creating shareholder value [10] Valuation and Forecast - The report forecasts 2024-2026 revenue of RMB 2.89 billion, RMB 3.26 billion, and RMB 3.76 billion, with YoY growth rates of 7.92%, 12.56%, and 15.48%, respectively [11] - Net profit is expected to be RMB 291 million, RMB 387 million, and RMB 495 million for 2024-2026, with EPS of RMB 0.59, RMB 0.79, and RMB 1.01 [11] - The company's 2025E PE is estimated at 18-20x, with a fair value range of HKD 15.44-17.15 [11]

[Table_MainInfo] 公司研究/汽车与零配件/汽车 证券研究报告 零跑汽车（9863）公司公告点评 2024 年 11 月 15 日 | --- | --- | |----------------------------------------------------------------|------------------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 le 4 _ 日 S 收 to 盘 ck 价 I （ nf 港 o ] 币） | 32.20 | | 52 周股价波动（港币） | 18.64-42.20 | | 总股本/流通股本（百万股） | 1337/1116 | | 总市值 / 流通市值（百万港币） | 43050/35949 | | 相关研究 | | | [ 《 Ta 经 b 营 le 稳 _R 健 e 向 po 好 r ， tIn 智 fo 驾 ] | 投入加大，全方位与 | | Stellantis 开展合作》 2024.08.16 | | | 《零跑汽车（ 09863 | ）：厚积薄发，轻资产出 | | 海加速推进》 2024.07.16 ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (1810 HK) with a target price of HKD 36.00 [4][9][12] Core Views - Xiaomi's stock price has risen 85% year-to-date, significantly outperforming the Hang Seng Tech Index by 67 percentage points [4] - The company's revenue is expected to grow 28% YoY in 3Q24, driven by its automotive and IoT businesses [4] - Xiaomi's SUV launch in 2025Q1 is anticipated to sustain rapid revenue growth, with Non-GAAP profit projected to increase by 55% in 2025 [4] - The new target price of HKD 36 includes an estimated valuation of HKD 8.7 per share for Xiaomi's automotive business [4][12] Smartphone/IoT/Internet Business - Xiaomi's smartphone shipments reached 42.8 million units in 3Q24, a 3.3% YoY increase, with a global market share of 13.5% [5] - Smartphone gross margin is expected to be 11.8% in 3Q24, pressured by rising raw material costs [5] - IoT revenue is projected to grow 20% YoY in 3Q24, with gross margin exceeding 20%, the highest since its IPO, driven by strong overseas and wearable product sales [5] - Internet business revenue is expected to grow 9.8% YoY in 3Q24, with gross margin remaining strong at 75% [5] Automotive Business - Xiaomi's automotive revenue is forecasted to exceed RMB 9 billion in 3Q24, a 42.8% QoQ increase [6] - Automotive shipments in 3Q24 are estimated to be close to 40,000 units, with gross margin improving to 17% [6] - The company's second-phase automotive factory is expected to be completed by June 2025, with total annual capacity potentially reaching 400,000 units [6] - Xiaomi's automotive business is projected to achieve breakeven in 2025, benefiting from economies of scale and reduced expense ratios [6] Financial Projections - Xiaomi's revenue for 2024E, 2025E, and 2026E is forecasted at RMB 348.2 billion, RMB 471.6 billion, and RMB 574.1 billion, respectively, representing YoY growth of 28.5%, 35.4%, and 21.8% [8] - Non-GAAP net profit for 2024E, 2025E, and 2026E is projected at RMB 24.7 billion, RMB 38.3 billion, and RMB 47.2 billion, respectively, with YoY growth of 27.9%, 55.4%, and 23.3% [8] - The company's PE ratio for 2025E is estimated at 16.69x, with a PB ratio of 3.03x [8] Valuation Methodology - The target price of HKD 36 is based on a SOTP valuation method, assuming a forward HKD/RMB exchange rate of 0.92 [12] - Xiaomi's existing businesses are valued at 17.3x 2025E PE, equivalent to HKD 27.3 per share, while the automotive business is valued at 2x 2025E PS, equivalent to HKD 8.7 per share [12][13] Industry Comparison - Xiaomi's 2025E PE ratio of 16.69x is lower than the industry average of 18.56x for comparable companies [14] - The company's automotive business valuation multiple of 2x 2025E PS is higher than the industry average of 0.86x, reflecting expectations of rapid growth and synergies with its smartphone business [14]

Investment Rating - The investment rating for Hua Hong Semiconductor is maintained as "Buy" with a target price of HKD 29.40 [3][6]. Core Insights - Hua Hong Semiconductor reported Q3 revenue of USD 526 million, a 10.0% increase quarter-on-quarter, and a gross margin of 12.2%, exceeding previous guidance [3][13]. - The company expects Q4 revenue to grow by 1.7% quarter-on-quarter, with a gross margin forecasted to remain stable between 11% and 13% [3][5]. - ASP (Average Selling Price) has stabilized after six consecutive quarters of decline, with Q3 ASP increasing by 1.2% to USD 415 [4][17]. Revenue and Profitability - Q3 revenue was USD 526 million, a decrease of 7.4% year-on-year but an increase of 10.0% quarter-on-quarter, surpassing the company's prior guidance [13][17]. - The gross margin for Q3 was 12.2%, which is a 1.7 percentage point increase from the previous quarter, driven by improved capacity utilization [3][17]. - The company anticipates Q4 revenue to be in the range of USD 530-540 million, with a gross margin of 11%-13% [18]. Capacity Utilization and ASP - The capacity utilization for 8-inch and 12-inch wafers improved to 113.0% and 98.5%, respectively, in Q3 [4][17]. - The ASP for Q3 was USD 415, reflecting a recovery after a prolonged decline [4][17]. Future Outlook - For Q4, Hua Hong expects overall market growth to slow, with specific pressure on the automotive and industrial sectors [5][18]. - The company is set to commence operations at its Wuxi Phase II facility in December, which is expected to gradually ramp up production capacity [5][19]. - The forecast for 2024 includes a slight revenue increase driven by modest price increases, with expectations for ASP to recover gradually [18][19]. Financial Projections - Revenue projections for 2024, 2025, and 2026 have been adjusted to USD 1.996 billion, USD 2.030 billion, and USD 2.296 billion, respectively [6][15]. - Net profit forecasts for the same years are adjusted to USD 0.893 billion, USD 0.713 billion, and USD 0.520 billion, respectively [6][15].

%% %% 丨证券研究报告丨 港股研究丨公司点评丨理想汽车-W（2015.HK） [Table_Title] 理想汽车点评：10 月销量超 5.1 万辆，连续 27 周获中国市场新势力品牌销量第一 | --- | --- | |-----------------------------------------------------------------------------------------------------------|-------| | | | | | | | 。理想汽车产品优势和品 牌设计深入人心，后续车型规划清晰，直营渠道结构持续优化，"双能战略"有望进一步扩大理 | | | | | 分析师及联系人 [Table_Author] 高伊楠 王子豪 SAC：S0490517060001 SAC：S0490524070004 SFC：BUW101 请阅读最后评级说明和重要声明 理想汽车-W（2015.HK） cjzqdt11111 [Table_BaseData] 当前股价（HKD） 88.50 注：股价为 2024 年 11 月 13 日收盘价 [Table_Title 理想汽车点评： ...