Investment Rating - Maintains an **OUTPERFORM** rating with a target price of HK$24.19 [1] - The current price is HK$17.30 as of November 11, 2024 [1] Core Views - The company achieved a revenue of RMB 326.024 billion in the first three quarters of 2024, a year-on-year increase of 6.26% [1] - Net profit attributable to shareholders reached RMB 116.659 billion, up 19.47% year-on-year, with diluted EPS of RMB 2.45 [1] - Despite a decline in Brent crude prices, the company maintained strong profitability through cost reduction and increased production [1] - Single-quarter net profit has remained above RMB 30 billion since Q1 2022, driven by growth in oil and gas production and lower production costs [1][6] Financial Performance - Q3 2024 Brent crude average price was $78.71/barrel, down 8.40% year-on-year, but the company still achieved year-on-year net profit growth [1] - Oil and gas equivalent production in Q3 2024 was 179.50 million barrels, up 7.04% year-on-year, with oil liquid production at 139.1 million barrels (up 7.58%) and natural gas production at 235.5 billion cubic feet (up 5.28%) [1] - Forecasted EPS for 2024-2026 are RMB 2.97, 3.00, and 3.08, respectively, with a 2024 BPS of RMB 15.68 [1][7] Valuation and Peer Comparison - The company is valued at a 2024E P/B multiple of 1.4x, with a target price of RMB 21.95/HK$24.19 [1][7] - Compared to peers, the company's valuation is higher than PetroChina (0.64x P/B) and Sinopec (0.57x P/B) but lower than ExxonMobil (2.02x P/B) [2] Key Financial Metrics - Revenue for 2024E is projected at RMB 444.187 billion, up 7% year-on-year, with net profit expected to grow 14% to RMB 141.224 billion [4] - Gross profit margin is forecasted to remain strong at 51.1% in 2024E, with ROE at 18.9% [4] - The company's debt-to-asset ratio is expected to decrease to 31.5% in 2024E, reflecting improved financial health [4]

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Views - Tencent Holdings (700) is expected to announce its Q3 2024 financial results on November 13, 2024, with a subsequent earnings call at 20:00 Beijing time [1] - Visible Alpha consensus estimates Q3 2024 revenue at 167 billion RMB, an 8% YoY increase [1] - Value-added services are expected to contribute 82.3 billion RMB, up 8.71% YoY [1] - Advertising revenue is projected to rise 15.18% YoY to 29.6 billion RMB, driven by video accounts [1] - Cloud and fintech revenues are anticipated to reach 53.5 billion RMB, a 2.75% YoY increase [1] - Non-GAAP net profit is forecasted to grow 19.55% YoY to approximately 53.7 billion RMB [1] Revenue Breakdown - Value-added services: 82.3 billion RMB, +8.71% YoY [1] - Advertising: 29.6 billion RMB, +15.18% YoY [1] - Cloud and fintech: 53.5 billion RMB, +2.75% YoY [1] Gaming Segment - Tencent's evergreen gaming strategy continues to drive growth, with AI enhancing monetization efficiency [1] - Domestic games like Peacekeeper Elite maintain 100 million users, while DNF remains stable on the game bestseller list [1] - Overseas games, including the overseas version of Honor of Kings, performed well, ranking in the top three on Sensor Tower's China mobile game overseas market download list in July [1] - New game Delta Action reached 25 million registered users within a week of its launch in late September [1] Advertising Business - Advertising revenue is expected to benefit from the rapid development and operational optimization of video accounts [1] - AI technology is enhancing the efficiency of Tencent's advertising 3.0 platform, supporting high gross margins in the advertising business [1] Cloud and Fintech - Cloud business is focusing on operational efficiency and cost reduction while pursuing high-quality growth [1] - Fintech is expected to see increased demand due to the rising market environment for large models and the commercialization progress of projects like mini-programs [1] - The interconnection between WeChat Pay and Taobao Tmall starting in September is anticipated to significantly boost Q4 2024 and 2025 technical service fees [1] Overall Outlook - The company's overall revenue is expected to improve, with continued cost reduction and efficiency improvements [1] - Sales and management expense ratios are lower than expected, with promising data from video accounts anticipated [1] - Management is expected to provide further insights during the earnings call regarding new game releases and future commercialization strategies [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 48.96, equivalent to 14 times the expected EV/EBITDA for 2025 [1]. Core Views - The company's Q3 2024 performance met expectations, with a net revenue increase of 10.5% year-on-year, although it decreased by 2.3% quarter-on-quarter [1]. - The introduction of smart gaming tables and the launch of new products are expected to help the company regain market share, which is estimated to exceed 20% [1][2]. - The company has a strong balance sheet and management execution capabilities, contributing to confidence in its long-term development [1]. Financial Summary - Total net revenue for 2022 was HKD 11,474 million, with a significant increase to HKD 35,683.6 million in 2023, and projected revenues of HKD 43,358.2 million for 2024 [2]. - EBITDA for 2023 was HKD 9,955 million, with forecasts of HKD 12,278.2 million for 2024 and HKD 14,220.4 million for 2025, indicating a growth trend [2]. - Net profit for 2023 was HKD 6,828 million, with projections of HKD 9,166.4 million for 2024 and HKD 10,301.6 million for 2025, reflecting a positive outlook [2]. Operational Highlights - The company's EBITDA margin is expected to improve, with rates projected at 28.3% for 2024 and 29.9% for 2025 [2]. - The occupancy rates for the "Galaxy Macau™" and StarWorld Hotel were reported at 98% and 100%, respectively, indicating strong demand [1]. - The company plans to continue expanding its offerings, including the development of new hotel brands and entertainment facilities [1].

%% %% 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] 理想汽车三季报点评： L6 销量占比近 50%，规 模效应拉动毛利率提升明显 | --- | --- | |-----------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 2024Q3 理想销量 | | 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 2024-11-11 港股研究丨公司点评 [Table_BaseData] 当前股价（HKD） 96.05 注：股价为 2024 年 11 月 8 日收盘价 [Table_Title 理想汽车三季报点评： 2] L6 销量占比近 50%，规 模效应拉动毛利率提升明显 [Table_Summary2] 事件描述 理想汽车三季度实现营收 428.7 亿元，同比+23.6 ...

浦银国际研究 浦银国际 公司研究 公司研究 | 新能源汽车行业 零跑汽车（9863.HK）：三季度毛利率 大幅改善 我们重申零跑汽车的"买入"评级。我们上调零跑汽车（9863.HK）目 标价至 43.2 港元，潜在升幅 27%。 重申零跑汽车的"买入"评级：零跑三季度汽车销量大幅增长，同时 毛利率环比改善明显。根据当前新增订单情况，我们预期明年零跑的 新能源车销量有望冲击 50 万台。预计明年销量增长主要来源于 C 系列 的改款、B 系列的新增车型以及海外销量的增长。同时，借助平台化模 块化和多域融合，公司持续优化整车成本。进一步看，零跑将在明年 量产交付具备端到端 AI 大模型能力的车型，持续推动智驾平民化。零 跑汽车当前市销率为 0.9x，相较于可比新势力估值具备吸引力，重申 "买入"评级。 三季度汽车毛利率大幅改善，四季度料将持续提升：零跑三季度收入达 到人民币 98.6 亿元，同比增长 74%，环比增长 84%，超过我们此前预 测，主要得益于汽车销量大幅增长。三季度综合毛利率为 8.1%，同比 增长 6.9 个百分点，环比大幅改善，增长 5.3 个百分点。这主要因为 C10、C16 等车型产品占比提升 ...

证券研究报告 港股公司|公司深度|吉利汽车（00175） 从新车计划看吉利汽车销量空间 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月12日 证券研究报告 |报告要点 银河 E5、星愿等车型上市热销，充分验证公司具备塑造新能源爆款车型的能力。展望未来， 吉利汽车已规划上市车型数量仍在增加，车型矩阵将进一步得到拓展。随着 2024H2 上市的热 销车型产能逐渐爬坡，有望与 2025 年上市新车的销量形成合力，推动公司新能源销量保持较 高增速。我们预计 2024/2025 年吉利汽车有望实现销量 214.3/278.2 万辆，同比分别增长 30.0%/29.8%。其中，银河/领克/极氪 2024 年有望分别贡献新能源销量 29.6/16.7/21.7 万辆， 同比 254.3%/157.2%/82.8%。 |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 / 28 港股公司|公司深度 glzqdatemark2 2024年11月12日 吉利汽车(00175) 从新车计划看吉利汽车销量空间 | - ...

博安生物（06955.HK） 生物制品 证券研究报告/公司研究简报 2024 年 11 月 10 日 仿创结合大分子新锐，盈利能力+创新实力快速提升 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for China Pacific Insurance (02328.HK) is "Outperform the Market" [1][2][9]. Core Views - The rapid growth in electric vehicle sales has significantly boosted the demand for electric vehicle insurance, although challenges such as high premiums and underwriting losses persist due to changes in owner demographics, high repair barriers, and insufficient data [2][9]. - China Pacific Insurance is leveraging its market position to build a comprehensive risk protection system for electric vehicles, achieving notable advantages in data reserves, marketing models, product offerings, and claims services [2][9]. - The company expects that as the electric vehicle industry matures and renewal rates improve, the loss ratio will stabilize, positively impacting the overall combined ratio (COR) [2][9]. Summary by Sections Electric Vehicle Insurance Development Status - The number of electric vehicles in China has surged from 1.11 million in 2020 to 7.13 million by September 2024, with a compound annual growth rate (CAGR) of 59% [3]. - China Pacific Insurance has seen a continuous growth in the number of electric vehicle policies, maintaining a growth rate of around 60% from 2020 to 2023, with a compound annual growth rate of premiums at 86.4% from 2021 to 2023, significantly outpacing the industry average [3]. Challenges in Electric Vehicle Insurance - The current claims ratio for electric vehicles is approximately 1.4 times that of traditional fuel vehicles, with occurrence rates about 2.5 times higher, leading to lower underwriting profitability [4][5]. - Factors contributing to high claims include a higher proportion of operational vehicles, a younger customer base with less driving experience, and high repair costs due to limited repair channels and expensive parts [5][6]. Competitive Advantages of China Pacific Insurance - The company has established a specialized team for electric vehicle pricing, utilizing extensive global data to enhance risk identification and pricing strategies [7]. - It has developed a comprehensive service network covering all urban and rural areas in China, ensuring robust post-sale support [7]. - The claims process is optimized through a dedicated team of electric vehicle claims experts and partnerships with over 660 repair facilities [7]. Future Outlook - As the electric vehicle market matures, the loss ratio and claims are expected to improve, aided by increased customer conversion and renewal rates, which will enhance data accumulation for better risk modeling and pricing [8][9].

Investment Rating - The report assigns an **Overweight** rating to the company, with a target price of RMB 10 [1][3] Core Views - The company is positioned as a leading player in the global kitchenware market, leveraging its product development capabilities, brand strength, and flexible supply chain [2][3] - The company has achieved rapid revenue and profit growth, with revenue increasing from RMB 675 million in 2021 to RMB 1,583 million in 2023, representing a CAGR of 53.1% [3][4] - Adjusted net profit grew from RMB 32 million in 2021 to RMB 243 million in 2023, with a CAGR of 177% [3][4] - The company's gross margin improved from 18.7% in 2021 to 35.7% in 2023, and further to 41.6% in Q1 2024 [3][4] Business Model and Strategy - The company operates primarily through a **DTC (Direct-to-Consumer)** model, with Amazon, Walmart, and Tmall being its key sales platforms, accounting for over 85% of revenue [3][42] - The company has a diversified product portfolio, with over 2,500 SKUs covering cookware, kitchenware, and drinkware [29][38] - The company has transitioned from OEM to ODM and finally to its own brand, CAROTE, which now accounts for 90% of its revenue [3][36] - The company has a flexible, asset-light supply chain model, similar to SHEIN, which allows for rapid product turnover and cost efficiency [4][29] Market Position and Competitive Advantages - The company ranks among the top five in the online cookware market in key regions, including China (4th), the US (2nd), Western Europe (3rd), Southeast Asia (2nd), and Japan (3rd) [4][29] - The company has a strong presence in the US market, which accounted for 60% of its revenue in Q1 2024, followed by China at 19% [3][46] - The company's product development capabilities are a key competitive advantage, with an average development cycle of 50 days for core cookware products, significantly faster than industry standards [32][37] Financial Performance - Revenue is expected to grow from RMB 2,232 million in 2024 to RMB 4,020 million in 2026, with a CAGR of 33% [19][20] - Net profit is projected to increase from RMB 350 million in 2024 to RMB 643 million in 2026, with a CAGR of 35% [19][20] - The company's ROE improved significantly from 44.9% in 2021 to 166.8% in Q1 2024, driven by higher profitability and asset turnover [55][56] Industry Overview - The global kitchenware market is expected to grow from USD 107 billion in 2023 to USD 120.5 billion in 2028, with a CAGR of 2.4% [4][63] - Cookware, kitchenware, and drinkware are the main segments, with cookware accounting for 28.9% of the market in 2023 [4][63] - The US, China, and Western Europe are the largest markets, accounting for 16.7%, 25.5%, and 22.8% of the global cookware market, respectively [68][69] Risks and Challenges - The company faces risks related to third-party platform operations, international trade friction, and increasing industry competition [4] - The company's reliance on Amazon and other e-commerce platforms exposes it to potential changes in platform policies and fees [4][42]

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (02328.HK) [1] Core Views - The report emphasizes the need for a developmental mindset to address the challenges of transforming and upgrading the new energy vehicle insurance sector [3] - It highlights the increasing penetration of new energy vehicles and the expected growth in insurance premiums, projecting that by 2025, the premium scale for new energy vehicle insurance will reach 194.7 billion, accounting for approximately 20.1% of total vehicle insurance premiums [2][3] - The report outlines the company's proactive approach in implementing green insurance innovations and developing a comprehensive risk management model that covers the entire lifecycle of vehicles [3] Summary by Relevant Sections Earnings Forecast and Valuation - Insurance service revenue is projected to grow from 424.4 billion in 2022 to 569.8 billion by 2026, with a compound annual growth rate (CAGR) of approximately 7.5% [1] - The net profit attributable to shareholders is expected to increase from 29.2 billion in 2022 to 34.5 billion by 2026, reflecting a recovery after a decline in 2023 [1] - The return on equity (ROE) is forecasted to stabilize around 12% in the coming years [1] New Energy Vehicle Insurance Insights - The report identifies that the claims ratio for new energy vehicle insurance is significantly higher, approximately 2.5 times that of traditional fuel vehicles, due to factors such as high operational vehicle ratios and a younger customer demographic [2][3] - It notes that the company has achieved underwriting profitability for new energy household commercial insurance as of January to October 2024, indicating a positive trend in the sector [3] Strategic Initiatives - The company is focusing on new products, technologies, and business models to better meet the needs of vehicle owners and adapt to industry trends [3] - The report discusses the company's commitment to enhancing its capabilities in pricing, operations, innovation, and risk management to support the growth of new energy vehicle insurance [3]