Investment Rating - Buy rating maintained for BYD Electronic (00285 HK) [1] Core Views - 2025 net profit expected to grow steadily driven by overseas major customer progress and valuation boost [1] - 2024Q4 net profit likely to return to YoY growth benefiting from seasonal peak of Jabil structural components and accelerated growth in automotive electronics [6] - 2025 growth drivers include Jabil structural components business, automotive electronics benefiting from BYD's high-end strategy, and AI server components and robotics business [4] Financial Performance - 2024Q3 revenue reached 43 55 billion yuan, up 21% YoY, meeting expectations [5] - 2024Q3 gross margin of 8 5% exceeded expectations due to high-margin structural components business [5] - 2024Q3 net profit was 1 55 billion yuan, in line with expectations [5] Business Outlook - Jabil structural components business expected to remain stable in 2025 with cost reduction and efficiency improvement measures [6] - Automotive electronics business to continue rapid growth driven by BYD's high-end vehicle sales and ADAS penetration [6] - AI server assembly and high-margin components business expected to scale up in 2025 [6] Financial Forecasts - 2024-2026 net profit forecasts revised up to 4 6/5 6/6 2 billion yuan from 4 2/4 9/5 8 billion yuan [4] - 2024-2026 EPS forecasts at 1 9/2 2/2 6 yuan [4] - Current price of 32 55 HKD implies 2024-2026 PE of 14 7/12 1/10 8x [4] Valuation Metrics - 2024E revenue forecast at 168 15 billion yuan, up 29 4% YoY [7] - 2025E revenue forecast at 182 80 billion yuan, up 8 7% YoY [7] - 2024E net profit forecast at 4 57 billion yuan, up 13 1% YoY [7] - 2025E net profit forecast at 5 56 billion yuan, up 21 6% YoY [7] - 2024E gross margin forecast at 7 7% [7] - 2025E gross margin forecast at 7 9% [7] Market Performance - Current price: 32 55 HKD [3] - 52-week high/low: 41 05/23 20 HKD [3] - Market cap: 73 34 billion HKD [3] - 3-month turnover rate: 36 17% [3]

Investment Rating - The report maintains a "Buy" rating for China Hongqiao [3] Core Views - The alumina segment continues to perform well, with significant year-on-year profit growth driven by rising aluminum and alumina prices, alongside decreasing costs for prebaked anodes and thermal coal [1] - The company is expected to benefit from the completion of its Yunnan electrolytic aluminum base relocation, which will further reduce production costs, while domestic aluminum prices are anticipated to remain high due to rigid supply and a declining interest rate cycle [1] - The report highlights the company's comprehensive layout advantages across the entire industry chain, with ongoing energy transition efforts and increasing green energy proportions [1] Financial Performance Summary - For the first three quarters of 2024, Shandong Hongqiao achieved revenue of 110.07 billion yuan, a year-on-year increase of 12%, and a net profit of 15.75 billion yuan, up 141% year-on-year [1] - Quarterly revenue for Q1-Q3 2024 was 34.8 billion, 37.3 billion, and 38 billion yuan respectively, with Q3 showing a 14% year-on-year increase and a 2% quarter-on-quarter increase [1] - The average profit for national alumina in Q3 was 1,069 yuan per ton, reflecting a 21% quarter-on-quarter increase [1] Future Projections - The company is projected to achieve net profits of 19.84 billion, 22.14 billion, and 22.31 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 6.2, 5.6, and 5.5 times [2][3] - Revenue forecasts for 2024, 2025, and 2026 are 156.83 billion, 161.66 billion, and 164.19 billion yuan, representing year-on-year growth rates of 17%, 3%, and 2% respectively [2]

Investment Rating - The investment rating for AIA Group Limited is "Buy" (maintained) [1] Core Views - AIA Group Limited achieved a new business value of USD 3.62 billion in the first three quarters of 2024, representing a year-on-year increase of 22% (fixed exchange rate) [1] - The annualized new premium reached USD 6.76 billion, up 14.1% year-on-year, with all segments showing positive growth in new business value in Q3 [1][2] - The company continues to expand its market presence in mainland China, with new business value growth of 9% in Q3, driven by an increase in active agents and productivity [1][2] Summary by Sections New Business Performance - New business value for the first three quarters of 2024 was USD 3.62 billion, up 22% year-on-year (fixed exchange rate) [1] - Q3 new business value increased by 16.8% year-on-year, with a new business value margin of 53.3%, up 2.4 percentage points [1][2] - Annualized new premiums for Q3 were USD 6.76 billion, reflecting a 14.1% increase year-on-year [1] Market Segmentation - In mainland China, new business value grew by 9% in Q3, with both agency and bancassurance channels contributing to growth [1] - In Hong Kong, new business value increased by 24% in Q3, supported by local and MCV business growth [1] - ASEAN markets saw an 8% increase in new business value, with double-digit growth recorded in Singapore and Malaysia [1] Financial Projections - The company maintains its net profit forecasts for 2024-2026 at USD 4.8 billion, USD 5.6 billion, and USD 6.3 billion respectively [2] - The current stock price corresponds to a PEV of 1.27, 1.19, and 1.11 for 2024-2026 [2]

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance was significantly impacted by foreign exchange losses, with net profit attributable to the parent company dropping by 40% YoY to RMB 630 million [2] - The proprietary trading business showed significant improvement, with Q1-Q3 2024 income reaching RMB 7.46 billion, up 7% YoY [2] - The investment banking business continued to face pressure, with Q1-Q3 2024 income down 21% YoY to RMB 2.06 billion [2] - The asset management business saw a 12% YoY decline in Q1-Q3 2024 income to RMB 840 million [2] - The brokerage business revenue fell 27% YoY in Q1-Q3 2024 to RMB 2.56 billion, with Q3 revenue down 22% YoY to RMB 790 million [2] Financial Performance - Q1-Q3 2024 total operating income decreased by 23% YoY to RMB 13.449 billion [1] - Q1-Q3 2024 net profit attributable to the parent company dropped by 37.97% YoY to RMB 2.858 billion [1] - Q3 2024 revenue decreased by 10% YoY to RMB 4.539 billion [1] - Q3 2024 net profit attributable to the parent company fell by 40% YoY to RMB 630 million [1] - Q1-Q3 2024 net interest expense increased by 44% YoY to RMB 1.193 billion [2] Valuation and Forecast - 2024-2026 net profit attributable to the parent company is forecasted to be RMB 4.484 billion, RMB 5.548 billion, and RMB 5.934 billion respectively [2] - 2024-2026 EPS is projected to be RMB 0.93, RMB 1.15, and RMB 1.23 respectively [2] - Current market value corresponds to 2024-2026 PB (H) valuations of 0.68x, 0.63x, and 0.59x respectively [2] Market Data - Closing price (HKD): 14.38 [4] - 52-week low/high (HKD): 7.81/24.65 [4] - P/B ratio: 0.78x [4] - HKD market capitalization: RMB 27.375 billion [4] Fundamental Data - Net asset per share (RMB): 18.52 [5] - Asset-liability ratio: 83.35% [5] - Total shares outstanding: 4.827 billion [5] - Tradable shares: 1.904 billion [5] Business Segments - Proprietary trading: Q3 2024 income reached RMB 3.21 billion, up 26% YoY and 34% QoQ [2] - Investment banking: Q3 2024 income was RMB 780 million, up 24% YoY but down 6% QoQ [2] - Asset management: Q3 2024 income was RMB 280 million, down 5% YoY and 2% QoQ [2] - Brokerage: Q3 2024 income was RMB 790 million, down 22% YoY and 16% QoQ [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 42.45 [2][3][10]. Core Insights - The company has shown impressive product sales performance, with a revenue increase of over 40% year-on-year to RMB 2.3 billion in the third quarter, driven by strong sales of its oncology drug, Dabu Shu, and the introduction of a new lung cancer drug, Dabu Te [1][2]. - The company is expected to maintain rapid revenue growth, with a projected annual revenue increase of 43.1% to RMB 8.2 billion for the full year [1]. - Concerns have been raised regarding the company's governance, particularly related to the lack of transparency in the announcement of the sale of a 20.39% stake in its subsidiary Fortvita, which is intended to support international business efforts [1][2]. Financial Summary - The company’s total revenue for 2024 is forecasted at RMB 8.459 billion, with growth rates of 36.2% and 36.3% expected for 2025 and 2026, respectively [2][7]. - Shareholder net loss for 2024 is projected to be RMB 708 million, with a return to profitability expected in 2025 and 2026, with net profits of RMB 1.9 billion and RMB 4.5 billion, respectively [2][7]. - The company’s cash flow projections indicate a gradual improvement, with free cash flow turning positive in the coming years [5][7]. Market Performance - The stock closed at HKD 33.80, with a market capitalization of HKD 55.284 billion and a circulating share ratio of 84.94% [3][10]. - The stock has traded within a 52-week range of HKD 28.3 to HKD 52.15, indicating volatility in market sentiment [3][10]. Valuation Metrics - The report adjusts the DCF model's beta coefficient to 1.1 and the WACC to 8.2%, reflecting governance risks [2][5]. - The intrinsic value per share is estimated at HKD 42.45, aligning with the target price set by the report [5][6].

Investment Rating - The report maintains a "Buy" rating for Xintian Green Energy (956 HK) with a target price of HKD 4.33, indicating a potential upside of 22.2% from the current price of HKD 3.54 [5][13]. Core Insights - The company's Q3 2024 performance met expectations, with total revenue increasing by 18.7% year-on-year to RMB 3.65 billion, while net profit attributable to shareholders decreased by 3.1% to RMB 66.77 million. Excluding non-recurring items, the actual net profit rose by 8.0% to RMB 62.39 million [1][3]. - The gas segment showed strong performance, with gas sales volume increasing by 21.4% year-on-year to 935 million cubic meters in Q3 2024, and a projected growth in gas sales volume for FY24-26 [3][4]. - Wind power generation slightly declined due to unfavorable wind resources, with a forecasted decrease of 7.1% in FY24, but expected growth in FY25 and FY26 [2][8]. Financial Performance Summary - For the first three quarters of 2024, total revenue rose by 20.3% to RMB 15.79 billion, while net profit attributable to shareholders fell by 0.7% to RMB 1.50 billion. The actual net profit showed a slight increase of 0.04% to RMB 1.48 billion [1][7]. - The report projects FY24 revenue of RMB 25.997 billion, with a growth rate of 28.2%, and net profit of RMB 2.302 billion, reflecting a growth rate of 4.3% [4][10]. - The company’s earnings per share (EPS) is forecasted to be RMB 0.54 for 2024, with a projected increase to RMB 0.76 by 2026 [10][11]. Operational Metrics - Wind power generation for Q3 2024 was 2,253 GWh, a decrease of 2.7% year-on-year, while the total for the first three quarters was 9,697 GWh, down 3.4% [2][7]. - The gas sales volume for FY24 is expected to reach 6.05 billion cubic meters, with a compound annual growth rate (CAGR) of 20.6% from 2023 to 2026 [8][9]. Valuation Adjustments - The report slightly lowers the net profit forecasts for FY24-26 by 0.4%, 1.3%, and 4.0% respectively, while increasing the target price-to-earnings (P/E) ratio for FY25 from 5.5x to 6.0x [3][9].

Investment Rating - The investment rating for ASMPT is "Buy" (maintained) [1] Core Views - The traditional business is recovering slowly, with profit improvement expected to be driven by TCB volume growth [3][4] - The SMT business is dragging down the company's performance, with the recovery in 2024 not meeting expectations [3][4] - The company has adjusted its net profit forecasts for 2024-2026 downwards due to weak SMT demand, with expected profits of 4 billion, 12 billion, and 22 billion HKD respectively [4][6] Financial Summary - Q3 2024 revenue was 429 million USD, a slight increase of 0.1% quarter-on-quarter, within the guidance range of 370-430 million USD [3] - New orders increased by 1.5% quarter-on-quarter, with the semiconductor segment growing by 7%, while SMT orders declined by 5% [3] - The company expects Q4 2024 revenue to be between 380-460 million USD, with a median estimate indicating a 2% decline quarter-on-quarter [3] - Revenue projections for 2024-2026 show a decline in 2024 followed by growth in subsequent years, with year-on-year growth rates of -41%, 177%, and 88% respectively [4][6] Market Position and Outlook - The company is positioned to benefit from advancements in TCB technology, particularly in HBM applications, which are expected to drive future growth [5] - The current stock price of 83.75 HKD corresponds to P/E ratios of 81.7, 29.5, and 15.7 for 2024-2026 [4][6] - The traditional packaging business is still at the recovery starting point, with AI advanced packaging expected to remain a long-term focus [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 4.5 per share, indicating a potential upside of 22.6% from the current price of HKD 3.65 [2][6][19]. Core Insights - The company has demonstrated steady revenue and profit growth in the first half of 2024, with revenue reaching RMB 1,646.4 million, a year-on-year increase of 8.6%, and a net profit attributable to shareholders of RMB 322.2 million, up 22.2% [4][7][15]. - The company is repositioning itself as a "global supplier," focusing on automotive plastic parts surface treatment, despite a slight decline in sales volume [10][11]. - The gross profit margin improved to 37.3% in the first half of 2024, up from 33.4% in the same period of 2023, attributed to stable sales costs and improved operational efficiency at the Mexican factory [5][15][19]. Summary by Sections Financial Performance - As of June 30, 2024, the company had cash reserves of RMB 978 million, a 46.6% increase from the end of 2023, and bank loans decreased by 11.6% to RMB 62.3 million [3][9][19]. - The company’s total assets were RMB 51.8 billion, with a net asset value of RMB 38.6 billion [3]. Market Position and Strategy - The global automotive sales are expected to see slight growth in 2024, with an estimated total of over 92 million vehicles sold, the highest since 2018 [10]. - The company’s sales volume of automotive parts decreased from approximately 193.5 million units in the first half of 2023 to about 189.2 million units in the first half of 2024, while the average selling price increased by 11.1% [10][11]. Future Projections - The company forecasts revenues of RMB 31.85 billion, RMB 34.38 billion, and RMB 36.78 billion for 2024, 2025, and 2026, respectively, with net profits projected at RMB 6.33 billion, RMB 6.96 billion, and RMB 7.53 billion [6][19]. - The average net profit growth rate over the next three years is estimated at 7.5% [19].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and market position [8]. Core Insights - The company has demonstrated stable revenue growth with a total revenue of 42.87 billion yuan in Q3 2024, reflecting a year-on-year increase of 23.6% and a quarter-on-quarter increase of 35.3% [3]. - The automotive business revenue for Q3 2024 was approximately 41.32 billion yuan, with year-on-year and quarter-on-quarter growth of 22.9% and 36.3%, respectively [3]. - The company delivered 153,000 vehicles in Q3 2024, marking a year-on-year increase of 45.4% and a quarter-on-quarter increase of 40.8% [3]. - The gross profit for the automotive business in Q3 2024 was 8.65 billion yuan, with a gross margin of 20.9%, showing a year-on-year increase of 0.3 percentage points and a quarter-on-quarter increase of 2.2 percentage points [4]. - The company has a strong cash reserve, with net cash from operating activities amounting to 11 billion yuan in Q3 2024 and free cash flow of 9.1 billion yuan [6]. Revenue and Profitability - The report projects the company's revenue for 2024 to be between 123.85 billion yuan and 144.89 billion yuan, with a growth rate of 173.5% [9]. - The net profit attributable to the parent company is expected to be 11.7 billion yuan in 2024, with a significant growth rate of 681.7% [9]. - The company anticipates vehicle deliveries in Q4 2024 to be between 160,000 and 170,000 units, corresponding to a year-on-year growth of 21.4% to 29.0% [6]. Research and Development - R&D expenses for Q3 2024 were 2.59 billion yuan, showing a decrease of 8.2% year-on-year, indicating a reduction in design and development costs [5]. - The company is advancing in smart driving technology, with recent updates enhancing its capabilities and positioning it among the industry leaders [7]. Market Position and Future Outlook - The company operates 479 retail centers and 436 after-sales service centers across 145 cities, indicating a robust distribution network [6]. - The report highlights the company's ability to leverage user insights and efficient organizational structure to innovate product offerings, particularly in the electric vehicle segment [8].

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (1876.HK) with a target price of HKD 9.85, indicating a potential upside of 21.5% from the current price of HKD 8.11 [4][21]. Core Views - Short-term performance is expected to be challenging due to a decline in consumer spending in the Chinese beer market, with a projected 9.4% year-on-year decrease in overall organic revenue for Q3 2024, driven by an 11.4% drop in sales volume [2][10]. - Despite short-term difficulties, the long-term outlook remains positive due to Budweiser APAC's strong product and brand mix in the premium and super-premium segments, which could provide significant earnings elasticity as consumer spending recovers [2][11]. - The company's current valuation is considered attractive, and its strong management capabilities and backing from AB InBev enhance its appeal to foreign investors [2][11]. Summary by Sections Financial Performance - For Q3 2024, Budweiser APAC reported a 9.4% decline in organic revenue, with sales volume down 11.4% and a slight average price increase of 2.2% [2][10]. - The normalized EBITDA decreased by 16.6% year-on-year, reflecting the negative operating leverage from the significant revenue drop [10][11]. - The company anticipates that the downward trend in revenue and EBITDA will likely continue into Q4 2024 [2][11]. Market Analysis - In the Chinese market, Q3 2024 sales volume fell by 14.2%, attributed to a higher proportion of on-premise sales channels, which were more adversely affected than off-premise channels [2][11]. - The management noted that there has been no significant impact from policy stimulus on beer demand in Q4 2024, suggesting continued pressure on sales and average pricing [2][11]. - Conversely, the South Korean market showed resilience with a double-digit year-on-year growth in organic revenue for Q3 2024, driven by price increases and improved product mix [12][11]. Financial Projections - Revenue projections for Budweiser APAC are expected to decline to USD 6.245 billion in 2024, a decrease of 8.9% year-on-year, with a gradual recovery anticipated in subsequent years [3][18]. - The net profit is projected to drop to USD 700 million in 2024, reflecting a significant year-on-year decline of 17.8% [3][18]. - The report highlights a low price-to-earnings (PE) ratio of 19.6x for 2024, which is expected to improve to 15.3x by 2025, indicating potential for valuation recovery [3][18].