Investment Rating - The report assigns an "Accumulate" rating to Yihai International [5] Core Viewpoints - Yihai International has successfully reduced its reliance on related party revenue, with third-party revenue accounting for 66% in H1 2024, indicating a shift towards independent growth [1][29] - The company is expanding its product lines, leveraging the Haidilao brand for hot pot base and developing sub-brands for diversified offerings, achieving a CAGR of 20% for hot pot seasonings and 68% for convenience foods from 2017 to 2023 [2][20] - Organizational reforms and market penetration strategies are enhancing operational efficiency and driving overseas market growth, with a CAGR of 37.4% in overseas business from 2017 to 2023 [3] Summary by Sections 1. Traditional Hot Pot Seasoning Leader, Expanding into Compound and Convenience Foods - Yihai International, established in 2005, is the largest supplier of mid-to-high-end hot pot seasonings in China, originally a supplier for Haidilao [12] - The company has diversified its product offerings, with hot pot seasonings, compound seasonings, and convenience foods contributing to stable revenue growth [20] - The revenue structure is stabilizing, with hot pot seasonings, compound seasonings, and convenience foods accounting for 67%, 10%, and 23% of total revenue in 2023, respectively [20] 2. Low Barriers and Intensifying Competition in the Market - The hot pot seasoning market is experiencing a compound annual growth rate (CAGR) of 12% from 2019 to 2023, driven by the popularity of hot pot dining [35] - The market is characterized by low technical barriers and intense competition, leading to a long-tail distribution of brands and significant product homogeneity [35] 3. Yihai's Advantages: Leveraging Haidilao Brand and Operational Efficiency - The company benefits from a concentrated shareholding structure, with key stakeholders having extensive experience in the food industry, enhancing management stability [30][32] - Yihai International is utilizing the operational expertise gained from Haidilao to improve its own management and operational efficiency [32] 4. Profit Forecast and Valuation - The projected revenue for Yihai International for 2024, 2025, and 2026 is estimated at 67.79 billion, 76.63 billion, and 85.65 billion RMB, respectively, with corresponding net profits of 8.25 billion, 9.64 billion, and 10.89 billion RMB [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.52, indicating a potential upside of 31% from the current price of HKD 3.45 [6][11]. Core Insights - The company reported a total revenue of RMB 15.789 billion for the first three quarters of 2024, representing an 18.7% year-on-year increase, while the net profit attributable to shareholders was RMB 1.495 billion, a slight decrease of 0.74% year-on-year [3][8]. - The company's power generation in October 2024 showed significant improvement, with a total output of 1,202.6 GWh, up 21.3% year-on-year, primarily driven by wind power generation [4][9]. - The company is focusing on enhancing its profitability through wind power, with plans to maintain an additional installed capacity of 800 MW for 2024 and a target of 1 GW for the following year [4][9]. - The LNG trade volume for the first nine months reached approximately 1.03 million tons, with expectations of achieving profitability in the LNG terminal operations by next year [5][10]. Financial Performance Summary - For 2024, the company expects total revenue to reach RMB 23.324 billion, reflecting a 15% year-on-year growth, with net profit projected at RMB 2.329 billion, a 5.5% increase [7][26]. - The company's gross margin is expected to decline slightly from 28% in 2022 to 24% in 2024, while EBITDA margin is projected to decrease from 24% to 21% over the same period [27]. - The company’s total assets are estimated to grow from RMB 79.017 billion in 2023 to RMB 82.070 billion in 2024, with shareholder equity expected to increase from RMB 21.877 billion to RMB 23.707 billion [26][27].

%% %% 丨证券研究报告丨 港股研究丨公司点评丨零跑汽车（9863.HK） [Table_Title] 零跑汽车 10 月销量点评：月交付超 3.8 万辆持 续创新高，单月订单超 4.2 万辆 | --- | --- | |--------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 零跑汽车 10 月交付突破 3.8 万辆创历史新高，同比增长 109.7% ，环比增长 13.1% 。展望未 | | 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 零跑汽车（9863.HK） cjzqdt11111 2024-11-10 港股研究丨公司点评 [Table_BaseData] 当前股价（HKD） 31.00 注：股价 ...

公 司 研 究 执业证书编号： S1480519050005 越秀交通基建（01052.HK）：收购平临 高速，优质资产将增厚公司业绩 事件：公司拟作价 7.58 亿元收购河南越秀平临高速公路有限公司(后简称项目 公司)55%股权，项目公司主业为运营平临高速；同时，公司拟通过公开挂牌 方式出售天津津雄高速 60%股权，转让价格不低于 1.91 亿元。 平临高速地理位置较为优越：平临高速是我国高速路网 18 条东西干线之一的 宁洛高速（G36）的重要组成部分，是连接豫西北的洛阳与豫中的平顶山、漯 河及周口的主要干道，亦是连接中国西北部及东南沿海地区的主要物流通道。 平临高速项目收购价格合理，内部回报率达 9.2%：公告显示，平临高速全长 106.45 公里，双向四车道，剩余收费年限约 9 年（2033 年 10 月 24 日到期）。 截至 24 年 7 月 31 日，项目公司总资产 23.08 亿元，净资产 13.60 亿元，资产 负债率为 41.1%。公司拟作价 7.58 亿元收购项目公司 55%股权，较市场评估 价的 7.87 亿元折让 3.6%。 公司市场评估价格的计算基于华设集团编制的交通研究报告，报告 ...

2024 年 11 月 11 日 公司研究 广告需求尚待改善，关注百度文库等 AI 业务新进展 ——百度集团-SW（9888.HK）24Q3 业绩前瞻 要点 业绩前瞻：我们预计百度集团 24Q3 总收入同比下降 3.9%至 331.2 亿元，百 度核心总收入同比下降 2.0%至 260.4 亿元。我们预计百度集团 24Q3 核心非 GAAP 下经营利润 63.9 亿元，同比下降 4.2%，对应经营利润率 24.5%；百度 集团 24Q3 非 GAAP 下净利润 58.3 亿元，对应净利率 17.6%。 1、在线营销业务：Q3 广告业务弱势尚未好转，静待宏观环境改善和 AI 商业 化带来新增长。我们预计 24Q3 百度核心收入 260.4 亿元，同比下降 2.0%。 其中在线营销服务同比下降 5.0%至 187.2 亿元，广告下滑主要系：1）宏观 环境延续较弱趋势，房地产、招商加盟、交通、医疗等百度主要广告主仍缺乏 营销投入动力。根据 CTR 媒介智讯，24M1-M8 广告市场整体花费同比上涨 3.1%，行业回暖幅度较为有限。2）生成式 AI 对用户搜索的改造仍在进展中， AIGC 内容占百度搜索结果页面比例有 ...

理想汽车（LI.O/2015.HK） 更新报告 买入 2024 年 11 月 8 日 智能驾驶推送加速，车辆毛利率回升明显 公司 Q3 业绩符合预期：公司 2024 年 Q3 实现车辆销售收入 413.2 亿元，同比增长 22.9%，环比增长 36.3%。2024 年 Q3 汽车总交付 量为 15.3 万辆，同比增长 45.4%。Q3 车辆毛利率提升至 20.9%。 净利润 28.1 亿元，同比减少 0.3%。新产品 L6 抬升整体销量，平 均月销量达到 25000 台，进一步扩大 20 万元及以上的国内新能源 汽车市场份额，理想市场份额由 2024 年 Q2 的 14.4%增加至 Q3 的 17.3%，公司计划目标四季度至明年进一步提升 L6 产能。公司预指 引 4 季度交付量为 16-17 万辆，收入指引 432 亿-459 亿元。 费用率改善明显：公司 2024 年 Q3 研发费用率 6%，同比减少 2.1pct，环比减少 3.5pct；SG&A 费用率分别为 7.8%，同比增长 0.5pct，环比减少 1.1pct。新产品推出放缓，部分研发费用降 低，智驾方面路径变化导致研发成本减少，雇员薪酬减少。此 ...

公司研究·海外公司快评 汽车·乘用车 投资评级：优于大市（维持） 证券分析师： 唐旭霞 0755-81981814 tangxx@guosen.com.cn 执证编码：S0980519080002 证券分析师： 杨钐 0755-81982771 yangshan@guosen.com.cn 执证编码：S0980523110001 小鹏汽车-W（09868.HK） 小鹏新车型 P7+上市当天订单超 3 万辆，新品周期持续向上 优于大市 事项： 事件：11 月 7 日，小鹏 P7+正式上市，共推出三款车型，包括小鹏 P7+长续航 Max、超长续航 Max 以及限 定版 Max，售价区间为 18.68-21.88 万元，上市即交付。据官方数据，小鹏 P7+上市 12 分钟大定突破 1 万 台，截止 11 月 7 日 24 点，小鹏 P7+大定 31528 台。 请务必阅读正文之后的免责声明及其项下所有内容 证券研究报告 | 2024年11月11日 国信汽车观点：P7+的两大使命为：1）让更多人享受到豪华行政轿车的空间和舒适；2）让更多燃油车用 户体验到标配高阶智能的乐趣。空间体验是同档次车中最大：小鹏 P7+有 5 ...

证券研究报告 | 2024年11月11日 华虹半导体（01347.HK） 优于大市 3Q24 业绩略超指引，产能利用率持续提升 3Q24 毛利率与收入略超指引，4Q24 收入预计环比增长。公司发布未经审核 业绩：3Q24 实现销售收入 5.263 亿美元(YoY -7.4%，QoQ +10.0%)，略超指 引（5.0-5.2 亿美元），毛利率为 12.2%(YoY -3.9pct，QoQ +1.7pct)，略 超指引(10%-12%)，营收、毛利率与产能利用率均实现环比增长。进入 2024 年公司产能利用率逐季提升，根据公司指引预计 4Q24 销售收入约 5.3-5.4 亿美元，保持温和增长，毛利率约 11%-13%，产品结构与运营效率持续优化。 晶圆交付量环比增长 8.5%，产能利用率提升至 105.3%。截至 3Q24 末，公司 月产能折合 8 英寸为 39.1 万片，3Q24 付运晶圆折合 8 英寸为 1200 千片(YoY +11.4%，QoQ+8.5%)，产能利用率持续增加至 105.3%(YoY+18.5pct， QoQ+7.4pct)。其中 8 英寸晶圆收入 263.14 亿美元(YoY-11. ...

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (09888 HK) [1] Core Views - Baidu's Q3 2024 revenue is expected to be 33 4 billion yuan, a year-on-year decline of 3%, with Baidu Core revenue at 26 3 billion yuan, down 1% year-on-year [2] - Adjusted operating profit is forecasted at 6 6 billion yuan, with Baidu Core's adjusted operating profit margin at 24% [2] - Advertising revenue is expected to decline by nearly 5% year-on-year due to macroeconomic impacts, while cloud computing revenue is projected to grow by nearly 14% year-on-year [3] - Baidu's AI business continues to gain traction, with its generative AI and cloud computing leading in the Chinese market [3] - The company's AI-driven search transformation is expected to further enhance its core business capabilities [4] Financial Performance Summary Revenue and Profit - Total revenue for 2024E is projected at 133 582 million yuan, a slight decline of 0 76% year-on-year [1] - Non-GAAP net profit attributable to shareholders is expected to be 27 153 million yuan in 2024E, down 5 55% year-on-year [1] - EPS (Non-GAAP) for 2024E is forecasted at 9 68 yuan per share [1] Segment Performance - Advertising revenue remains under pressure, with a projected 5% decline in Q3 2024 [3] - Cloud computing revenue is expected to grow by 14% year-on-year in Q3 2024, driven by AI contributions [3] - Non-cloud and non-advertising businesses are expected to remain stable [3] AI and Cloud Computing - Baidu's AI business has established a leading position in China's generative AI and cloud computing markets, with a 32 4% share in the "Model as a Service (MaaS)" market and a 17% share in the "AI Large Model Solutions" market [3] - The company's AI-driven search transformation is expected to further enhance its core business capabilities [4] Valuation and Shareholder Returns - The 2024E Non-GAAP P/E ratio is projected at 8 45x [1] - The company's ongoing share buybacks reflect its commitment to shareholder returns [4] Financial Projections Income Statement - Total revenue for 2024E is projected at 133 582 million yuan, with a slight decline of 0 76% year-on-year [1] - Non-GAAP net profit attributable to shareholders is expected to be 27 153 million yuan in 2024E, down 5 55% year-on-year [1] Balance Sheet - Total assets are projected to grow from 406 759 million yuan in 2023A to 477 993 93 million yuan in 2026E [12] - The debt-to-equity ratio is expected to decrease from 35 44% in 2023A to 29 15% in 2026E [14] Cash Flow - Operating cash flow is expected to increase from 36 615 million yuan in 2023A to 45 902 06 million yuan in 2026E [13] - Capital expenditures are projected to decrease from 4 335 million yuan in 2023A to 3 400 million yuan in 2026E [13] Key Financial Ratios - ROE is expected to increase from 8 34% in 2023A to 8 48% in 2026E [14] - The gross margin is projected to remain stable, ranging from 50 82% to 52 15% from 2024E to 2026E [14] - The net profit margin is expected to improve from 15 09% in 2023A to 18 49% in 2026E [14]

Investment Rating - The report maintains a rating of "Accumulate" for China Pacific Insurance (2328) [1]. Core Views - The company is actively exploring high-quality development paths for new energy vehicle insurance, leveraging advantages in pricing, channels, and claims to continuously optimize the comprehensive cost ratio, achieving better underwriting profitability than the industry average [3][4]. Summary by Sections Company Overview - China Pacific Insurance held a 2024 Capital Market Open Day on November 8, showcasing its exploration and practices in the high-quality development of new energy vehicle insurance [4]. Investment Recommendations - The company is committed to providing comprehensive risk protection for new energy vehicles, benefiting from its strengths in pricing, channels, claims, risk reduction, and integration, which positively impacts its underwriting profitability [4]. - The projected EPS for 2024-2026 is set at 1.56, 1.63, and 1.70 RMB, with a target price of 15.84 HKD per share, corresponding to a P/B of 1.4 times for 2024 [4]. Market Performance - Since 2020, the retail sales of new energy vehicles in China have grown at a compound annual growth rate (CAGR) of 59%, with the penetration rate of new energy passenger vehicles reaching 45.79% in the first nine months of 2024 [4]. - The company has effectively implemented the new national policy focusing on commercial insurance for new energy vehicles, enhancing the quality and scope of underwriting and improving profitability levels [4]. Strategic Initiatives - The company has established a group-level strategic project team focusing on new energy vehicle insurance, with a development strategy that includes pricing, channels, claims, risk reduction, and ecological integration [4]. - The company’s market share in new energy vehicle commercial insurance reached 34.45% in the first nine months of 2024, an increase of 1.49 basis points year-on-year, with a comprehensive cost ratio better than the industry average [4]. Financial Projections - The insurance revenue for 2024 is projected at 484,097 million RMB, reflecting a growth of 6% from 2023 [7]. - The net profit for 2024 is expected to be 34,653 million RMB, representing a significant increase of 41% compared to 2023 [7].