Investment Rating - Maintain "Buy" rating for Hua Hong Semiconductor (1347 HK) [1][3] Core Views - 3Q24 revenue of $526M exceeded guidance and market expectations, driven by higher wafer shipments [1] - Gross margin of 12 2% beat guidance and consensus, supported by improved capacity utilization [1] - Net profit surged 223% YoY to $44 82M, significantly above $20 66M consensus, due to FX gains and government subsidies [1] - Demand recovery is uneven across segments, with strong growth in RF, power management ICs (BCD), and CIS, while high-voltage products like IGBT remain under pressure [1] - Capacity utilization reached 105 3%, driving wafer shipments up 11 4% YoY to 1 2M units [1] - ASP increased 1 2% QoQ to $415, marking a recovery from the 24Q2 low [1] - 4Q24 guidance suggests moderate growth, with revenue expected at $530-540M and gross margin at 11-13% [1] - Hua Hong Manufacturing's new 12-inch line is on track for trial production by end-2024, with capacity expansion to 115K wafers/month by end-2025 [1] Financial Performance Revenue and Profitability - 3Q24 revenue: $526M, down 7 4% YoY but up 10% QoQ, above guidance of $500-520M and consensus of $515M [1] - 8-inch revenue: $263M, down 12% YoY, up 7% QoQ, accounting for 50% of total revenue [1] - 12-inch revenue: $263M, down 2 5% YoY, up 12 9% QoQ, also 50% of total revenue [1] - Gross margin: 12 2%, above guidance of 10-12% and consensus of 12%, down 3 9pct YoY but up 1 7pct QoQ [1] - Net profit: $44 82M, up 223% YoY and 572% QoQ, significantly above consensus of $20 66M [1] Future Projections - 2024-2026 net profit forecasts revised to $110M, $209M, and $268M, representing YoY growth of -60 6%, +89 8%, and +28 2% respectively [1] - 2024-2026 EPS estimates: $0 06, $0 12, $0 16 [2] - 2024-2026 revenue forecasts: $2B, $2 34B, $2 84B [2] Operational Highlights - 3Q24 capacity utilization: 105 3%, up 18 5pct YoY and 7 4pct QoQ [1] - 8-inch utilization: 113% [1] - 12-inch utilization: 98 5% [1] - Wafer shipments: 1 2M units, up 11 4% YoY and 8 5% QoQ [1] - ASP: $415, up 1 2% QoQ from 24Q2 low [1] Valuation - Current valuation: 46x 2024 PE, 24x 2025 PE [1] - PB ratio: 0 8x for both 2024 and 2025 [1] - Market cap: HK$50 84B [3] - Share price: HK$22 90 [3] Industry and Market Context - Semiconductor demand is recovering unevenly, with strong growth in RF, power management ICs, and CIS, but challenges persist in high-voltage products [1] - Market competition is intensifying due to capacity expansion, limiting ASP growth potential [1] - Hua Hong Manufacturing's new 12-inch line is expected to contribute to capacity expansion and support long-term growth [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Views - The company's net profit for 2025 may face pressure, but a cyclical recovery is expected to provide a temporary boost to valuation, hence the "Buy" rating is maintained [1]. - The net profit forecast for 2024 has been revised upwards from $90 million to $110 million due to increased foreign exchange gains and government subsidies [1]. - For 2025-2026, net profit estimates have been downgraded from $160 million and $250 million to $90 million and $120 million respectively, reflecting a year-on-year growth rate of -62% and -14% [1]. Financial Performance - In Q3 2024, the company reported revenue of $526 million, a 10% quarter-on-quarter increase, slightly exceeding the upper guidance of $500-520 million [2]. - The gross margin for Q3 2024 was 12.2%, which was below market expectations of 13.1% but above the company's guidance of 10-12% [2]. - The net profit for Q3 2024 was $45 million, significantly higher than the Bloomberg consensus estimate of $19 million, primarily due to foreign exchange gains and increased government subsidies [2]. Future Guidance - The company's guidance for Q4 2024 indicates expected revenue in the range of $530-540 million, which corresponds to a quarter-on-quarter growth rate of 2%, lower than the Bloomberg consensus estimate of $560 million [3]. - The gross margin guidance for Q4 2024 is set at 11-13%, which is also below the market expectation of 16% [3]. - The company anticipates a slight increase in average selling price (ASP) due to delayed shipments reflecting previous price hikes, while overall shipment volume is expected to remain flat or slightly decline due to seasonal factors [3]. Financial Summary and Valuation Metrics - The company's revenue for 2024 is projected at $1.998 billion, a year-on-year decrease of 12.6% [4]. - The net profit for 2024 is expected to be $106 million, reflecting a year-on-year decline of 62.3% [4]. - The projected gross margin for 2024 is 10.6%, with a net margin of 5.3% [4]. - The price-to-earnings (P/E) ratio for 2024 is estimated at 27.9, while the price-to-book (P/B) ratio is 0.7 [4].

Investment Rating - The report initiates coverage on Zhixing Automotive Technology (01274 HK) with a "Buy" rating [1] Core Views - Zhixing Automotive Technology is a leading full-stack autonomous driving solution provider in China, driven by both product innovation and customer expansion [2] - The company has secured over 40 vehicle models for its autonomous driving solutions, with Geely being its largest customer [2] - The global autonomous driving solutions market is expected to reach nearly RMB 10 trillion by 2030, with China accounting for a significant portion [3] - Zhixing is expected to achieve revenue of RMB 1 58 billion in 2024, with a year-on-year growth of 30%, and turn profitable by 2026 [4] Financial Performance and Valuation - Revenue for 2024E is projected at RMB 1 576 million, with a year-on-year growth of 29 54% [1] - Net profit for 2024E is expected to be -RMB 140 85 million, improving significantly from -RMB 195 11 million in 2023A [1] - The company's revenue in 2023 was RMB 1 216 million, a decline of 8 27% year-on-year, but actual product deliveries increased by 58% [50] - In H1 2024, revenue reached RMB 636 million, up 17 11% year-on-year, with autonomous driving solutions contributing RMB 613 million [51] Product and Market Analysis - Zhixing's product portfolio covers L2 to L2++ autonomous driving levels, with iFC, iDC, and SuperVision™ series [2] - The company has established a subsidiary in Germany to support domestic automakers in enhancing their competitiveness in overseas markets [2] - The global autonomous driving solutions market is expected to grow significantly, with L3-L5 solutions projected to reach RMB 966 6 billion by 2030 [3] - China's L3-L5 autonomous driving penetration rate is expected to reach 80 2% by 2030, surpassing the global average by 16 7 percentage points [3] Competitive Advantages - Zhixing has a strong R&D focus, with 250 R&D personnel accounting for 74 18% of its workforce [45] - The company has a comprehensive product matrix, including SuperVision™, iDC Mid, and iDC High, with plans to launch iFC 3 0 in 2024 [39] - Zhixing's SuperVision™ solution, which supports point-to-point navigation, has been deployed in Geely's popular models, including the Zeekr 001 and 009 [2] - The company has a strong cost control strategy, with iDC Mid achieving a gross margin of 15 1% in H1 2023 [95] Industry Trends - The global autonomous driving solutions market is expected to grow rapidly, driven by increasing demand for high-level autonomous driving (L3-L5) [3] - China's autonomous driving market is expected to lead globally, with L3-L5 penetration rates projected to reach 80 2% by 2030 [3] - The average selling price (ASP) of L3-L5 autonomous driving solutions is around RMB 10,000, significantly higher than that of L1-L2 solutions [86] Strategic Partnerships and Expansion - Zhixing has partnered with Mobileye to develop advanced autonomous driving solutions, including the SuperVision™ system [26] - The company has established a joint venture with Hangsheng Electronics to develop integrated cockpit and autonomous driving products [111] - Zhixing's German subsidiary has helped a major domestic automaker pass the EU's new GSR regulations, enhancing its competitiveness in overseas markets [49]

Investment Rating - Buy (Maintained Rating) [1] Core Views - The company reported a steady growth in patient visits, with 1.485 million visits in Q3 2024, a 25% year-on-year increase, meeting expectations [2] - New clinics contributed significantly to the growth, with 77,000 visits from newly established medical institutions, accounting for 6.5% of the 25% growth rate, while existing clinics saw an 18.5% increase in visits [3] - The company expanded its network by adding 19 new clinics by the end of September 2024, including 4 self-built and 15 acquired, focusing on the Yangtze River Delta and central provincial capital cities, enhancing its revenue and profitability potential [3] - The traditional Chinese medicine (TCM) healthcare industry is experiencing strong demand, supported by favorable policies, and the company, as a leading TCM healthcare chain, has excellent cross-regional operational capabilities and significant advantages in brand, talent, and resources, indicating strong long-term growth potential [4] Financial Forecasts - Revenue forecasts for 2024-2026 are maintained at RMB 2.99 billion, RMB 3.89 billion, and RMB 4.97 billion, respectively [4] - Net profit attributable to shareholders for 2024-2026 is projected to be RMB 329 million, RMB 447 million, and RMB 585 million, respectively [4] - Earnings per share (EPS) for 2024-2026 are forecasted at RMB 1.34, RMB 1.82, and RMB 2.39, respectively [7] Operational Highlights - The company achieved a total of 1.485 million patient visits in Q3 2024, with new clinics contributing 77,000 visits and existing clinics seeing 1.408 million visits, a 18.5% year-on-year increase [3] - By the end of September 2024, the company added 19 new clinics, with a focus on the Yangtze River Delta and central provincial capital cities, forming a multi-clinic layout in key cities [3] Financial Data - As of November 7, 2024, the closing price was HKD 40.45, with a total market capitalization of HKD 9.78 billion [5] - The company's net asset value per share was HKD 10.43, with a debt-to-asset ratio of 31.33% [5] - The stock's highest and lowest prices over the past year were HKD 52.40 and HKD 32.70, respectively [5] Growth and Profitability Metrics - Revenue growth rates for 2023-2026 are projected at 43%, 28.5%, 30%, and 27.8%, respectively [13] - Net profit growth rates for 2023-2026 are forecasted at 37.6%, 30.5%, 35.7%, and 31%, respectively [13] - Gross margin, net margin, ROE, and ROA are expected to show steady improvements over the forecast period [13] Valuation Metrics - The company's P/E ratios for 2023-2026 are 35.1, 26.9, 19.8, and 15.1, respectively [7] - P/B ratios for the same period are 3.8, 3.6, 3.0, and 2.6, respectively [7]

Investment Rating - The report maintains an "Outperform" rating for Gushengtang (02273 HK) [3][7] Core Views - Gushengtang's Q3 2024 patient visits increased by 25% YoY to 1 485 million with newly established medical institutions contributing 6 5% to this growth [3][5] - The company demonstrated strong business resilience as a leading private TCM chain service provider maintaining high growth in patient visits despite weak overall consumer sentiment [4][6] - Gushengtang has established a comprehensive TCM physician training system and possesses strong potential for expansion and internal growth [4][7] Business Performance - Q1 Q2 and Q3 2024 patient visits were 1 074 million 1 309 million and 1 485 million respectively showing YoY growth rates of 42% 25% and 25% [4] - Cumulative patient visits for the first three quarters of 2024 reached 3 868 million a 29% YoY increase [6] - The company added 19 new stores in the first three quarters of 2024 (4 self built and 15 acquired) mainly in the Yangtze River Delta and central provincial capital cities [6] Financial Projections - Revenue for 2024 2025 and 2026 is projected to be RMB 3 059 billion RMB 3 992 billion and RMB 5 129 billion respectively with YoY growth rates of 31 7% 30 5% and 28 5% [4][7] - Adjusted net profit attributable to the parent company for 2024 2025 and 2026 is expected to be RMB 414 million RMB 523 million and RMB 659 million respectively with YoY growth rates of 35 9% 26 3% and 26 0% [4][7] - The current stock price corresponds to PE ratios of 24 1x 19 1x and 15 1x for 2024 2025 and 2026 respectively [4][7] Valuation and Comparison - Gushengtang's 2024E 2025E and 2026E EPS are projected to be RMB 1 68 RMB 2 12 and RMB 2 67 respectively with corresponding PE ratios of 24 1x 19 1x and 15 1x [9] - The company's PEG ratio for 2024E is 0 6 indicating potential undervaluation compared to peers [9]

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Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 32.00, indicating a potential upside of 12.1% from the current closing price of HKD 28.55 [1][3][8]. Core Insights - The company's 3Q24 performance showed continued improvement, with revenue reaching USD 2.171 billion, a historical high, driven by increased demand in consumer electronics and higher product prices. The gross margin was 20.5%, exceeding expectations [1][2]. - The management's guidance for 4Q24 indicates revenue growth of 0-2% year-on-year and a gross margin of 18-20%, slightly above previous forecasts [1][3]. - The company is progressing steadily with its capacity expansion plans, expecting to add 30,000 12-inch wafers in 2023/24 and a slower pace in 2025, aligning with market demand recovery in the semiconductor sector [2][3]. Financial Summary - For 2024, the revenue forecast has been slightly adjusted to USD 8.017 billion with a gross margin of 17%. The 2025 revenue is projected at USD 9.094 billion with a gross margin of 20.1% [3][9]. - The net profit for 2024 is estimated at USD 664 million, with a significant increase expected in 2025 to USD 1.028 billion [5][9]. - The company’s capital expenditures for 2024 have been revised down to USD 7.67 billion, with expectations of a decrease in capital spending in the second half of 2024 [1][3]. Market Position - The company has a market capitalization of approximately HKD 170.9 billion and has shown a year-to-date price change of 43.76% [4][9]. - The stock has a 52-week high of HKD 33.30 and a low of HKD 14.02, indicating significant volatility and potential for growth [4][9]. Performance Metrics - The gross margin for 3Q24 was reported at 20.5%, a 0.6 percentage point increase year-on-year, while the net profit margin was 6.9% [6][9]. - The company’s earnings per share (EPS) for 2024 is projected at USD 0.65, with a recovery expected in subsequent years [5][9]. Capacity and Demand Outlook - The management anticipates a double-digit growth in wafer shipments for 2025, primarily driven by the recovery in consumer electronics, smartphones, and personal computers [2][3]. - Despite a slow recovery in industrial and automotive sectors, the company plans to invest in power and analog devices to meet customer demand, including from new energy vehicle manufacturers [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 3Q24 performance met expectations, with daily operating expenses remaining stable [1] - Total gaming revenue in 3Q24 reached USD 1.21 billion, recovering to 72.1% of 3Q19 levels [1] - Macau property gaming revenue was USD 1.01 billion, recovering to 66.4% of 2019 levels [1] - The company's recovery pace continues to lag behind the industry, with VIP/mass market share declining by 0.4pct/0.2pct respectively in 3Q24 [1] - Measures to attract high-quality customers have shown effectiveness, with mass market betting volume increasing over 20% during the National Day Golden Week [1] Financial Performance - 3Q24 net revenue was USD 1.18 billion, recovering to 81.7% of 3Q19 levels [2] - Gaming/non-gaming net revenue reached USD 940 million/USD 230 million, recovering to 76.0%/118.0% of 3Q19 levels respectively [2] - Adjusted property EBITDA was USD 320 million, recovering to 77.1% of 2019 levels [2] - Adjusted property EBITDA margin improved by 1.3pct to 27.4% in 3Q24 [2] Operational Outlook - Daily operating expenses are expected to remain around USD 3 million [3] - The "House of Dancing Water" show is expected to reopen in 2Q25, adding USD 100,000 to daily operating costs [3] - 4Q24 capital expenditure is estimated at USD 120 million, with 2025 capex projected at USD 400 million [3] - The Sri Lanka project, with 687 rooms opened in October 2024, is expected to open its gaming area in 2H25 [3] - Dividend resumption is anticipated in 2H25, subject to debt repayment progress [3] Financial Forecasts - 2024-2026 revenue forecasts are revised to HKD 36.62/40.24/42.52 billion [3] - Adjusted property EBITDA forecasts are revised to HKD 9.47/11.34/12.46 billion for 2024-2026 [3] - Current share price implies 2024/2025/2026 EV/EBITDA multiples of 7.3/6.1/5.6x [3] - Target price is revised to HKD 6.6 [3] Market Data - Current share price: HKD 4.95 [7] - 52-week range: HKD 3.83-6.95 [7] - Market capitalization: HKD 7.51 billion [7] - Price-to-book ratio: 24.9x [7]

Investment Rating - The report maintains a "Buy" rating for MGM China (2282.HK) [1] Core Views - The company's revenue and profit continue to recover in Q3 2024, with a total revenue of HKD 7.25 billion, which is 125.5% of Q3 2019 levels, meeting market expectations [2] - The management has declared a special dividend of HKD 0.35 per share, reflecting confidence in the long-term prospects of the Macau business [3] - The report projects a decrease in net income forecasts for 2024-2026 to HKD 31.38 billion, HKD 33.64 billion, and HKD 35.19 billion respectively, with adjusted property EBITDA estimates lowered to HKD 9.24 billion, HKD 10.21 billion, and HKD 10.85 billion [3] Summary by Sections Revenue and Profitability - In Q3 2024, the company achieved total revenue of HKD 7.25 billion, recovering to 125.5% of Q3 2019 levels, with gaming revenue at HKD 6.24 billion (120.4% of Q3 2019) and non-gaming revenue at HKD 1.01 billion (168.2% of Q2 2019) [2] - The adjusted property EBITDA for Q3 2024 was HKD 1.98 billion, recovering to 128.1% of the same period in 2019, slightly below market expectations [2] Non-Gaming Business Development - The company's non-gaming initiatives are expected to enhance its competitiveness in the mid-market segment, with strong performance during the recent Golden Week, achieving 120% of 2019 visitor levels [2] - Upcoming projects, including the collaboration with director Zhang Yimou for the "MGM 2049" show and the new MGM Museum set to open in 2025, are anticipated to further boost visitor traffic [2] Market Position and Share - In Q3 2024, the company reported total gaming revenue of HKD 7.92 billion, recovering to 113.5% of 2019 levels, with VIP and mass market revenues at HKD 0.73 billion and HKD 7.19 billion respectively [3] - The company's market share for VIP and mass market segments saw a slight decline, with market shares of 5.7% and 17.4% respectively [3] Financial Forecasts - The report revises the net income forecasts for 2024-2026 to HKD 31.38 billion, HKD 33.64 billion, and HKD 35.19 billion, with adjusted property EBITDA forecasts lowered to HKD 9.24 billion, HKD 10.21 billion, and HKD 10.85 billion [3] - The current stock price corresponds to EV/adjusted property EBITDA multiples of 6.9, 6.2, and 5.9 for the years 2024, 2025, and 2026 respectively [3]

证券研究报告·海外公司点评·汽车(HS) 小鹏汽车-W（09868.HK） P7+正式上市，爆款可期！ 2024 年 11 月 08 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|---------|--------|--------|--------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 26855 | 30676 | 40388 | 90715 | 152484 | | 同比 (%) | 27.95 | 14.23 | 31.66 | 124.61 | 68.09 | | 归母净利润（百万元） | (9139) | (10376) | (4175) | 1289 | 7353 | | 同比 (%) | - | - | - | - | 470.35 | | EPS- 最新摊薄（元 / 股） | (4.81) | (5.46) | (2.20) | 0.68 | ...