Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential upside of over 15% in the next 12 months [16]. Core Views - The company has shown strong operational growth, with a 25% year-on-year increase in patient visits in Q3 2024, and a 13.5% quarter-on-quarter increase [1]. - The management has raised the target for new store openings in 2024 to between 18 and 25, reflecting an aggressive expansion strategy [1]. - The company is benefiting from favorable government policies that support private healthcare institutions, which is expected to enhance its growth prospects [1]. - The company plans to increase shareholder returns, targeting a dividend and buyback ratio of 30-50% of net profit over the next 3-5 years [1]. Financial Performance - For FY24E, the company expects revenue of RMB 3,031 million, a 30.5% increase year-on-year, with adjusted net profit projected at RMB 388 million, reflecting a 27.4% growth [2][11]. - The adjusted earnings per share (EPS) for FY24E is forecasted to be RMB 1.59, with a projected adjusted P/E ratio of 21.1 [2][14]. - The company has achieved a significant increase in store openings, with 19 new stores added in 2024, compared to 9 in the previous year [1]. Market Position and Strategy - The company is positioned as a leader in the private traditional Chinese medicine sector, with a robust internal control system that supports sustainable growth amid regulatory scrutiny [1]. - The management has indicated that the acquisition cost for new stores is decreasing, with current P/S valuations around 0.8x, which is expected to remain below 1.0x for future acquisitions [1]. - The company has expanded its presence to 74 offline traditional Chinese medicine institutions across 20 cities, significantly increasing its market density in economically strong regions [1].

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Insights - The company's performance has been impacted by a decline in fee-based businesses, while proprietary investments have shown improvement year-on-year [4][6]. - For the first three quarters of 2024, the company reported revenues of 13.45 billion and a net profit attributable to shareholders of 2.86 billion, representing year-on-year declines of 23.0% and 38.0% respectively [4]. - The company continues to enhance its cross-border business capabilities and has received recognition for its role in the internationalization of the Renminbi [5]. - The company's market share in credit business has improved, with a market share of 2.40% as of Q3, up by 0.11 percentage points year-on-year [5]. - The company has also seen an increase in its underwriting market share for both equity and debt, with equity underwriting reaching 31.98 billion, a year-on-year decrease of 68.4%, and a market share of 16.2%, up by 4.93 percentage points [5]. - The proprietary investment segment has shown significant growth, with Q3 2024 proprietary investments reaching 3.21 billion, reflecting increases of 25.0% year-on-year and 32.8% quarter-on-quarter [6]. - The report projects net profits for 2024 and 2025 to be 7.04 billion and 8.31 billion respectively, with corresponding H-share P/E ratios of 8.89 and 7.53 [6]. Summary by Sections Financial Performance - The company achieved operating revenue of 13.45 billion and net profit of 2.86 billion for the first three quarters of 2024, with declines of 23.0% and 38.0% year-on-year [4]. - The weighted average return on equity (ROE) decreased by 2.20 percentage points to 2.64% [4]. Business Segments - Revenue from brokerage, investment banking, asset management, and proprietary trading was 2.56 billion, 2.06 billion, 0.84 billion, and 7.47 billion respectively, with year-on-year changes of -27.1%, -21.4%, -11.7%, and +6.8% [4]. Market Position - The company has been recognized as one of the most active market makers in the "HKD-RMB dual counter model," contributing to the internationalization of the Renminbi [5]. - The company is actively expanding its client base in emerging markets and countries involved in the Belt and Road Initiative [5]. Future Outlook - The report expresses a positive long-term outlook for the company, emphasizing its competitive advantages in brokerage, investment banking, asset management, and trading [6].

2024 年 11 月 3 日 收益表现 % 1M 3M 1Y 相对 10.0 -12.2 31.2 绝对 0.2 8.9 47.3 资料来源：Wind 公司研究 中国石油集团入股助力股权优化，加强战略合作利好长远发展 ——中石化炼化工程（2386.HK）公告点评 买入（维持） 当前价：5.54 港元 要点 作者 事件： 公司发布公告，为深化中国石化集团与中国石油集团的战略合作，优化公司的 股权结构，中国石化集团已将持有的公司 21998 万股内资股股份划转给中国石油集 团，约占公司公告日已发行总股本的 5%。 点评： 股权结构得到进一步优化，合作互补共谋发展 股权划转完成后，中国石化集团直接持有公司 268787.6 万股，约占公司总股 本的 61.09%，中国石化集团仍为公司控股股东；中国石油集团直接持有公司 21998 万股，约占公司总股本的 5.00%，中国石油集团成为公司第二大股东。本次股权划 转是继公司 2013 年在香港上市之后的再一次股权重大调整，公司股权结构得到进 一步优化，有利于公司在全体股东的支持下，持续提升治理水平、增进市场认同并 促进价值实现。 中国石化与中国石油是中国能源行业的两大 ...

Investment Rating - The report maintains a "BUY" rating for the company, with a revised 12-month target price of HK$35.5, implying a 0.5x FY24E P/Group EV and 1.1x FY24E P/BV [1][4]. Core Insights - The company reported a significant increase in NPAT, up 65.5% YoY to RMB38.3 billion, with 3Q NPAT growing 173.6% YoY to RMB13.2 billion, driven by increased investment income and net fair value gains [1]. - Headline NBV rose 37.9% YoY to RMB14.2 billion in 9M24, with 3Q NBV on a like-for-like basis surging 75.3% YoY to RMB5.2 billion, attributed to margin expansions and a recovery in regular-paid new business sales [1][4]. - The company expects strong par sales momentum to continue into FY25, with participating policy sales gaining traction prior to a settlement rate cut [1][4]. Financial Performance - For FY24, the company anticipates a 37% YoY increase in headline NBV and NPAT/OPAT growth of 57%/3% YoY [1]. - EPS forecasts for FY24-26 have been revised up by 29%/6%/3% to RMB4.45/3.93/4.25, reflecting a more certain outlook for profitability and NBV growth [1][4]. - The NBV margin is expected to rise to 23.0% in 3Q24, up 5.9 percentage points YoY, driven by elevated sales of floating interest rate products and strengthened regular-paid new sales [1][4]. Investment Income - The company reported net fair value gains of RMB21.2 billion in 3Q24, a significant recovery from a net loss of RMB7.25 billion in 3Q23, benefiting from a rally in the equity market [1][4]. - The net investment yield landed at 3.9% in 9M24, with total investment yield at 6.3%, showing a positive trend driven by the equity market performance [1][4]. Valuation Metrics - The stock is currently trading at 0.4x FY24E P/EV and 0.9x FY24E P/BV, which is above the 3-year historical average [1][4]. - The report indicates a target valuation of RMB260.6 billion, with an implied P/EV of 0.55x and an implied P/BV of 1.12x [5].

证 券 研 究 报 告 新东方-S（09901.HK）FY25Q1 季报点评 推荐（维持） 收入稳健增长，核心主业利润率如期改善 目标价：79 港元 当前价：48.5 港元 事项： ❖ 公司发布 FY25Q1 季报，实现总营收为 14.35 亿美元（YOY+31%），Non-GAAP 归母净利润为 2.65 亿美元（YOY+40%）。此外，公司指引 FY25Q2 实现收入 （不含甄选）8.51-8.72 亿美元（YOY+25%-28%）。 评论： ❖ 收入端：FY25Q1 营收基本符合预期。FY25Q1 总营收为 14.35 亿美元 （YOY+31%，VS 预期 14.42 亿美元），其中核心教育业务（不含甄选）收入 YOY+33.5%，位于此前指引上沿（YOY+31%-34%），教育主业维持较高景气 度。分业务看，出国考试准备 YOY+19%，出国咨询 YOY+21%，成人及大学 生国内考试准备 YOY+30%，教育新业务 YOY+50%，教育新业务维持高增。 此外，公司文旅业务增速亮眼，Q1 收入 YOY+221%，后续值得期待。公司 指引 FY25Q2 实现收入（不含甄选）8.51-8.72 亿美元（Y ...

Investment Rating - The report maintains a "Buy" rating for BYD with a target price of 340.0 HKD, indicating a potential upside of 21% from the current price of 281.4 HKD [5][3]. Core Insights - BYD's revenue for the first three quarters of 2024 reached 502.25 billion RMB, representing a year-on-year growth of 18.9%. The net profit attributable to shareholders was 25.24 billion RMB, up 18.1% year-on-year, while the non-GAAP net profit was 23.19 billion RMB, reflecting a 19.9% increase [2][3]. - In Q3 2024, BYD's revenue was 201.12 billion RMB, showing a year-on-year growth of 24.0% and a quarter-on-quarter increase of 14.2%. The net profit for the same period was 11.61 billion RMB, up 11.5% year-on-year and 28.1% quarter-on-quarter [2][3]. - The sales volume in Q3 2024 reached 1.135 million vehicles, a significant increase of 37.7% year-on-year and 15.0% quarter-on-quarter. The average revenue per vehicle was 139,000 RMB, slightly up from the previous quarter [2][3]. Summary by Sections Financial Performance - For FY2024, BYD is projected to achieve sales revenue of 746.27 billion RMB, with a growth rate of 24%. The net profit is expected to reach 39.4 billion RMB, reflecting a growth rate of 31% [4]. - The overall gross margin for Q3 2024 was 21.9%, a decrease of 0.2 percentage points year-on-year but an increase of 3.2 percentage points quarter-on-quarter. The automotive business gross margin was 25.6%, showing a similar trend [2][4]. Product Development - The launch of the DM5.0 model has significantly boosted sales, with a higher proportion of sales coming from this model. The report anticipates continued strong sales growth driven by new models and government incentives for vehicle upgrades [3][2]. Market Position - The report emphasizes BYD's strong technological and cost advantages, which are expected to help maintain market share and steady performance amid increasing industry competition [3][5].

Investment Rating - The report reiterates a "Buy" rating for Xiaomi Group-W (01810 HK) with a target price of 31 HKD [3][4] Core Views - Xiaomi Group released the Xiaomi 15 series smartphones, Xiaomi SU7 Ultra mass production version, and 16 other hardware and software products at its October 29th launch event [1] - Global smartphone shipments grew 4 0% YoY in Q3 2024 to 316 1 million units Xiaomi maintained its position as a top 3 global player with 42 8 million shipments and 13 5% market share [2] - Xiaomi's smartphone gross margin is expected to bottom out in Q3 2024 and improve thereafter as screen and memory cost increases stabilize [2] - The AIoT business is benefiting from China's home appliance trade-in subsidy program and overseas IoT expansion driving revenue growth [2] - Xiaomi SU7 deliveries exceeded 20 000 units in October 2024 and full-year deliveries are expected to reach 120 000 units [3] Financial Projections - Revenue is forecast to grow 28%/25%/16% YoY in 2024/2025/2026 to 347 8/434 5/504 3 billion RMB [3] - Non-GAAP net profit is projected at 31 7/35 4/40 5 billion RMB in 2024/2025/2026 representing 18%/12%/14% YoY growth [3] - The automotive business is expected to turn profitable in 2026 with 3 4 billion RMB in net profit after losses of 7 2/2 0 billion RMB in 2024/2025 [3] Business Segment Analysis - Smartphone revenue is forecast to grow 20%/8%/7% YoY in 2024/2025/2026 to 189 0/203 2/218 3 billion RMB with gross margin improving from 12 7% to 13 9% [13] - IoT and lifestyle products revenue is projected to increase 19%/11%/11% YoY in 2024/2025/2026 to 95 5/106 1/117 7 billion RMB with gross margin rising from 20 0% to 21 4% [13] - Internet services revenue is expected to grow 10%/7%/7% YoY in 2024/2025/2026 to 33 1/35 4/38 0 billion RMB maintaining a 75% gross margin [13] - Automotive revenue is forecast to surge from 27 2 billion RMB in 2024 to 127 8 billion RMB in 2026 with gross margin improving from 16 0% to 19 7% [13]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1]. Core Insights - The report highlights significant improvements in profitability, with a focus on the recovery of gross margins and optimization of expense ratios. The company is expected to enter a new vehicle cycle in 2024-2025, maintaining a positive outlook [4][3]. - The company has shown strong sales performance, with Q3 deliveries reaching 153,000 units, representing a year-on-year increase of 40.8% [2]. - The report projects net profits for 2024, 2025, and 2026 to be 12.17 billion, 19.36 billion, and 26.83 billion RMB respectively, corresponding to P/E ratios of 18.7, 11.8, and 8.5 [4]. Summary by Sections Financial Performance - Revenue for 2023 is projected at 123.85 billion RMB, with a growth rate of 173.48% compared to 2022. The net profit for 2023 is expected to be 11.70 billion RMB, with a growth rate of 681.65% [1]. - Q3 revenue reached 42.87 billion RMB, with automotive business revenue at 41.32 billion RMB, reflecting a year-on-year increase of 22% [2]. - The gross margin for Q3 was reported at 21.5%, with a slight decline from previous quarters, while the automotive business gross margin was 20.9% [2]. Cost Management - R&D and SGA expenses for Q3 were 2.59 billion and 3.36 billion RMB respectively, with a decrease in expense ratios compared to previous periods [2]. - The report indicates a significant reduction in unit costs, with the cost per vehicle dropping to 214,000 RMB [3]. Future Outlook - The company anticipates Q4 deliveries between 160,000 and 170,000 units, with revenue projections of 43.2 to 45.9 billion RMB, indicating a year-on-year growth of 3.5% to 10% [3]. - The company is preparing for a new cycle of pure electric vehicles in 2025, with strong order stability and an extensive charging infrastructure already in place [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong growth in patient visits, with a total of 1.485 million visits in Q3 2024, representing a year-on-year increase of approximately 25% [3][4] - The company is expanding its business both organically and through acquisitions, having opened 74 traditional Chinese medicine clinics across 20 cities, including Singapore [5] - Revenue and profit forecasts for 2024-2026 indicate significant growth, with expected revenues of 3.118 billion, 3.923 billion, and 4.898 billion RMB, reflecting year-on-year growth rates of 34%, 26%, and 25% respectively [6][12] Summary by Sections Financial Performance - For 2024, the company is projected to achieve a net profit of 349 million RMB, with a year-on-year growth of 38% [6][12] - The company’s revenue for 2023 was 2.323 billion RMB, with a growth rate of 43% [12] - The projected return on equity (ROE) is expected to increase from 10.94% in 2023 to 16.31% by 2026 [12] Market Position - The company is recognized as a leading brand in the traditional Chinese medicine service sector, with a strong brand recognition and market influence [6] - The company’s operational resilience is highlighted by the robust growth in patient visits, particularly in established clinics [4][5] Future Outlook - The company is expected to continue its growth trajectory, with a focus on expanding its operational footprint both domestically and internationally [5][6] - The forecasted earnings per share (EPS) are projected to rise from 1.06 RMB in 2024 to 2.50 RMB by 2026 [12]

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (1876.HK) [4] Core Insights - Budweiser APAC reported a revenue of $5.104 billion for the first three quarters of 2024, with a year-on-year decline of 6.1% [1] - EBITDA for the same period was $1.579 billion, also reflecting a year-on-year decrease of 6.2% [1] - In Q3 2024, revenue was $1.705 billion, down 9.4% year-on-year, while EBITDA fell by 16.6% to $479 million [1] - The company experienced a decline in sales volume of 8.1% for the first three quarters and 11.4% in Q3 [1] - The average price per ton of beer increased by 2.2% year-on-year for both the first three quarters and Q3 [1] Regional Performance - In the Western region of Asia, Q3 revenue and EBITDA decreased by 15.1% and 25.9% year-on-year, respectively, with sales volume down 13.5% [1] - Conversely, the Eastern region of Asia saw revenue and EBITDA growth of 15.7% and 33.3% year-on-year in Q3, with sales volume up 3.9% [1] - In India, Budweiser's high-end and super high-end product lines achieved double-digit revenue growth, with high-end products accounting for over two-thirds of revenue [1] - In South Korea, Q3 sales volume grew in the single digits, contributing to a double-digit revenue increase for the first three quarters [1] Financial Forecasts and Valuation - The report lowers the net profit forecasts for 2024-2026 to $797 million, $907 million, and $996 million, representing reductions of 15%, 13%, and 13% respectively [2] - The current stock price corresponds to a PE ratio of 17x for 2024, 15x for 2025, and 14x for 2026 [2] - The company is expected to maintain a competitive advantage in the high-end and super high-end segments [2]