证 券 研 究 报 告 固生堂（02273.HK）2024 年三季报点评 推荐（维持） 三季度经营趋势维持高景气，扩张稳步推进 目标价：62.1 港元 当前价：36.55 港元 事项： 10 月 28 日公司公布三季度经营数据，公司 24Q3 诊疗人次 148.5 万，同比增 长约 25%，其中新成立的医疗机构诊疗人次 7.7 万，在整体增速中贡献约 6.5pct。此外，2024 年 9 月以来，公司用 2,674 万港元 10 次回购公司股份，合 计回购约 75.2 万股，彰显公司长期发展的信心。 评论： 公司核心线下业务增长动能强劲，扩张节奏始终保持在较快速度。分业务看， 2024 单三季度，公司诊疗人次同比增长约 25%，同时客单价增长约 3%，我们 预计整体收入实现 30%左右的增速。门店扩张方面，今年以来公司的新增门店 数量达到 19 家，其中自建 4 家，并购 15 家，数量保持在较高水平；同时随着 公司年初收购新加坡宝中堂后，成为中医医疗服务出海的重要里程碑。 自有医生贡献持续提升，助力公司盈利能力改善。根据管理层交流，截至 24Q3 公司的自有医生收入占比提升到 36%以上，相比去年持续提升。 ...

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC (01876.HK) with a target price of HKD 10, compared to the current price of HKD 8.11 [1][3]. Core Views - The company reported a total revenue of USD 5.104 billion and normalized EBITDA of USD 1.579 billion for the first three quarters of 2024, reflecting a year-on-year decline of 6.1% and 6.2% respectively. The normalized net profit attributable to the parent company was USD 777 million, showing a decline of 11.6% [1]. - In Q3 alone, the company achieved total revenue of USD 1.705 billion and normalized EBITDA of USD 479 million, with year-on-year declines of 9.4% and 16.6% respectively. The normalized net profit for Q3 was USD 225 million, down 25% [1]. - The report highlights the pressure on sales in the China region due to weak consumption in dining and nightlife, increased competition, and high base effects from the previous year. In contrast, the Indian market showed strong growth, particularly in high-end and super-premium product segments [1][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, Budweiser APAC's total revenue was USD 5.104 billion, with a normalized EBITDA of USD 1.579 billion, both down 6.1% year-on-year. The normalized net profit was USD 777 million, down 11.6% [1]. - In Q3 2024, total revenue was USD 1.705 billion, with normalized EBITDA of USD 479 million, reflecting declines of 9.4% and 16.6% year-on-year respectively. The normalized net profit for Q3 was USD 225 million, down 25% [1][2]. Regional Performance - In the Asia-Pacific West region, sales were weak, with a year-on-year decline in volume and price of 14.2% and 2.1% respectively. The pressure was attributed to weak dining and nightlife consumption, intensified competition, and a high base from the previous year [1]. - Conversely, the Asia-Pacific East region saw a recovery in sales, with a year-on-year increase in volume of 3.9% and a price increase of 11.4%, driven by market investments and new product launches [1][3]. Strategic Adjustments - The company is actively adjusting its strategy in the China market by enhancing its presence in the non-retail beverage segment and increasing investments in the mid-range price segment. The report notes that the high-end potential in China remains significant, with expectations for gradual recovery in operations as policies take effect [1][3]. - In South Korea, the company plans to increase prices for high-end products starting November 1, which is expected to support profit growth in the coming year [1].

Investment Rating - The report maintains a "Buy" rating for Budweiser APAC, with a target price of HKD 10, compared to the current price of HKD 8.11 [4][17]. Core Views - The company reported a total revenue of USD 5.104 billion and normalized EBITDA of USD 1.579 billion for the first three quarters of 2024, reflecting a year-on-year decline of 6.1% and 6.2% respectively. The normalized net profit attributable to the parent company was USD 777 million, down 11.6% year-on-year [1][2]. - In Q3 alone, the company achieved total revenue of USD 1.705 billion and normalized EBITDA of USD 479 million, with year-on-year declines of 9.4% and 16.6% respectively. The normalized net profit for Q3 was USD 225 million, down 25.0% year-on-year [1][2]. - The report highlights the ongoing pressure in the Chinese market due to weak sales and increased costs, while the Indian market continues to show strong growth, particularly in the premium segment [2][3]. Summary by Sections Financial Performance - For the first three quarters of 2024, Budweiser APAC's total revenue was USD 5.104 billion, with a normalized EBITDA of USD 1.579 billion, both showing a year-on-year decline of 6.1% and 6.2% respectively. The normalized net profit was USD 777 million, down 11.6% [1]. - In Q3 2024, the company reported total revenue of USD 1.705 billion and normalized EBITDA of USD 479 million, with year-on-year declines of 9.4% and 16.6% respectively. The normalized net profit for Q3 was USD 225 million, down 25.0% [1][2]. Regional Performance - In the Asia-Pacific West region, sales in China saw a year-on-year decline of 14.2% in volume and 2.1% in price, attributed to weak dining and nightlife consumption, increased competition, and a high base from the previous year. Conversely, India continued to show strong growth, particularly in high-end products [2]. - The Asia-Pacific East region experienced a recovery in sales, with a year-on-year increase of 3.9% in volume and an 11.4% increase in price, driven by increased market investment and new product launches [2]. Strategic Adjustments - The company is actively adjusting its strategy in the Chinese market by enhancing its presence in the home beverage segment and increasing investment in the mid-range price segment. The company aims to leverage its high-end brand potential, which currently has a sales share of about 17%, compared to 35% in many mature markets [2][3]. - In South Korea, the company plans to increase prices for high-end products by 8.1% starting November 1, which is expected to support profit growth in the coming year [2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price raised to HKD 17.0, indicating a potential upside of 32% from the current price of HKD 12.9 [4][6]. Core Insights - The company's Q3 performance met expectations, with revenue for the first three quarters reaching RMB 142.25 billion, a year-on-year increase of 19%, and a net profit of RMB 8.37 billion, up 120% year-on-year [2][4]. - The report highlights the company's high-quality development strategy and gradual improvement in performance, which supports the positive outlook [4][6]. - The company achieved a record high in per vehicle revenue during Q3, with a gross margin of 20.8%, up 1.9 percentage points year-on-year, and per vehicle revenue of RMB 173,000, a 20% increase year-on-year [3][4]. Financial Performance Summary - Revenue growth rates are projected at 26% for FY 2023, 26% for FY 2024, and 18% for FY 2025, with net profit expected to rebound significantly by 95% in FY 2024 [5][8]. - The gross margin is expected to stabilize at 21% from FY 2024 onwards, while the net profit margin is projected to improve to 6% in FY 2024 and 7% in FY 2025 [5][8]. - The report provides a detailed financial forecast, indicating a significant increase in sales revenue and net profit over the next few years, with net profit expected to reach RMB 20.42 billion by FY 2026 [5][8]. Market Position and Strategy - The company is expanding its international presence, with a target of 450,000 units in overseas sales for 2024 and plans to exceed one million units by 2030 [3][4]. - The introduction of the Hi4-Z platform is expected to strengthen the company's position in the off-road vehicle market, catering to various consumer needs [3][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 131.42 [7][9]. Core Insights - The company reported Q3 2024 revenue of RMB 42.9 billion, representing a year-on-year increase of 24% and a quarter-on-quarter increase of 35%. GAAP net profit was RMB 2.8 billion, showing a slight decrease of 0.1% year-on-year but a significant increase of 155% quarter-on-quarter [1]. - The company achieved a quarterly vehicle delivery of 150,000 units, with a month average sales surpassing 50,000 for the first time, reflecting a 41% quarter-on-quarter increase [2]. - The rapid expansion of the company's charging network, with 1,000 supercharging stations and over 4,500 charging piles, is expected to enhance user experience and support the launch of pure electric vehicles in 2025 [3]. - The OTA 6.4 upgrade enhances driving capabilities in congested and complex road conditions, utilizing a deep learning model based on 4 million clips of data [4]. Financial Projections and Valuation - Revenue projections for 2024-2026 are RMB 141.9 billion, RMB 216.9 billion, and RMB 275.2 billion, respectively. GAAP net profits are expected to be RMB 6.2 billion, RMB 12.7 billion, and RMB 18.4 billion for the same period [6][29]. - The report compares the company with peers like Geely and BYD, suggesting a valuation premium of 2x PE over the average 2025E PE of 14x, adjusting the target price to HKD 131.42 [9][10].

Investment Rating - The report maintains a "Recommended" rating for the company [3][7]. Core Insights - The company achieved a record high operating profit in Q3, with significant improvements in cash flow and cost management [5][6]. - The increase in L6 model sales has led to a decline in average revenue per vehicle, but gross margin has improved [5][6]. - The company has provided conservative guidance for Q4 deliveries and revenue, indicating a strategic approach to avoid demand overextension into the next year [7]. Financial Performance Summary - In Q3 2024, the company reported revenue of 42.87 billion yuan, with quarter-on-quarter growth of 23.6% and year-on-year growth of 35.3% [5]. - The net profit attributable to shareholders reached 2.81 billion yuan, reflecting a quarter-on-quarter increase of 155.2% [5]. - The operating cash flow for Q3 was 11 billion yuan, and cash reserves stood at 106.5 billion yuan by the end of Q3 2024 [5]. Sales and Delivery Insights - The company delivered 153,000 vehicles in Q3 2024, marking a year-on-year increase of 45.4% [5]. - The average revenue per vehicle decreased to 270,000 yuan, down 0.9 thousand yuan from the previous quarter [5]. - The gross margin for vehicle sales in Q3 was 20.9%, an increase of 2.2 percentage points from the previous quarter [5][6]. Cost Management and Profitability - R&D expenses in Q3 were 2.59 billion yuan, down 8.2% year-on-year, contributing to improved operating profit of 3.43 billion yuan [6]. - The company achieved a single-vehicle operating profit of 22,000 yuan, an increase of 18,000 yuan from the previous quarter [6]. Future Outlook - The company expects Q4 deliveries to be between 160,000 and 170,000 vehicles, with revenue guidance of 43.2 billion to 45.9 billion yuan [5][7]. - The report anticipates continued growth in the company's L series models, with potential for further enhancements in product capabilities [7].

2024 年 11 月 01 日 汽车 理想汽车-W(2015.HK) 三季度营业利润创新高，L系列改进空间仍大 推荐(维持) 事项: 骰价: 107.4 元 ( 港币 ) | --- | --- | |---------------------|----------------| | | | | 主要教据 | | | 行业 | 汽车 | | 公司网址 | ir lixlang.com | | 大殷东/持殷 | | | 实际控制人 | | | 总殷本(百万股) | | | 流通 A 殷(百万股) | | | 流通 B/H 殷(百万胶) | | | 总市值（亿元） | 2089.27 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | | | 资产负债率(%) | 31.38 | | | 56.70 | 行情走势图 2024-03-14 2024-07-26 证券分析师 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGDEAN002@pingan.com.cn 王曝海 投资咨询资格编号 S1060523080001 BVG944 WANGGENHAI964@ning ...

Investment Rating - The report maintains a "Buy" rating for Bank of China Hong Kong (2388 HK) with a target price of HKD 31.90 [8]. Core Views - The report highlights a recovery in net interest margins and improvement in non-interest income growth, driven by strategic initiatives and market conditions [2][3][4]. - The bank's asset quality shows slight fluctuations but remains better than the market average, with a non-performing loan ratio of 1.11% as of Q3 2024 [5]. - The report projects a target price-to-book (PB) ratio of 0.95 for 2025, reflecting the bank's strategic depth and expected valuation premium [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, operating income and operating profit before impairment provisions increased by 10.7% and 13.4% year-on-year, respectively [2]. - Interest income grew by 10.4% year-on-year, with a net interest margin of 1.63% as of Q3 2024, showing a slight quarter-on-quarter increase [3]. Asset Quality - The non-performing loan ratio increased by 5 basis points to 1.11% at the end of Q3 2024, indicating some volatility but still outperforming the market average [5]. - The annualized credit cost is reported at 0.26%, reflecting a year-on-year increase of 0.04 percentage points [5]. Non-Interest Income - Non-interest income grew by 45.7% year-on-year in the first three quarters of 2024, with significant contributions from insurance, fund distribution, and foreign exchange trading [4]. - Fee income from loans decreased due to weak credit demand, but other non-interest income sources showed robust growth [4]. Strategic Initiatives - The bank is actively managing its asset-liability structure to capitalize on rising market interest rates and improve bond investment yields [3]. - The bank is also focusing on digital transformation in its Southeast Asia operations, aiming to leverage opportunities from the "Belt and Road" initiative [5]. Valuation Metrics - The projected book value per share (BVPS) for 2024, 2025, and 2026 is HKD 31.90, HKD 33.58, and HKD 35.40, respectively, with corresponding PB ratios of 0.80, 0.76, and 0.72 [6][14]. - The report indicates a dividend yield of 7.25% for 2024, increasing to 7.93% by 2026 [14].

Investment Rating - The investment rating for BYD Electronics is maintained as "Buy" with a target price of HKD 45.50 [3][9]. Core Insights - BYD Electronics reported a revenue of RMB 43.5 billion for Q3 2024, representing a year-on-year increase of 21% and a quarter-on-quarter increase of 3%. The gross margin improved to 8.5%, which is better than the company's previous guidance of 7-8% for the second half of 2024. The net profit attributable to shareholders was RMB 1.55 billion, up 1% year-on-year and 70% quarter-on-quarter [6][7][9]. Summary by Sections Financial Performance - Q3 2024 revenue reached RMB 43.5 billion, with a year-on-year growth of 21% and a quarter-on-quarter growth of 3%. The gross margin was 8.5%, showing a year-on-year decrease of 1.2 percentage points but a quarter-on-quarter increase of 1.7 percentage points [6][7]. - The net profit attributable to shareholders for Q3 2024 was RMB 1.55 billion, reflecting a year-on-year increase of 1% and a quarter-on-quarter increase of 70% [6][7]. Growth Drivers - The revenue growth in Q3 2024 was primarily driven by seasonal stocking from major North American clients and growth in the automotive business. The revenue structure is expected to improve further in Q4 2024 as new flagship models are launched [6][8]. - The company anticipates long-term growth to be driven by three main areas: North American client business, automotive business, and data center business, with a focus on expanding product offerings in collaboration with its parent company [8][9]. Valuation and Forecast - The target price of HKD 45.50 is based on a 2025E PE ratio of 17.44x, which is higher than the comparable company average of 15.64x, reflecting the company's enhanced position in the Apple supply chain. Expected net profits for 2024-2026 are RMB 42.4 billion, RMB 53.9 billion, and RMB 58.8 billion, respectively [9][10].

Investment Rating - Buy rating maintained with a target price of HKD 379.22, implying a 28.5% upside from the current price of HKD 295.00 [1][2][6] Core Views - 3Q24 gross margin exceeded expectations at 21.9%, up 3.2 percentage points QoQ, driven by improved auto business margin due to lower lithium carbonate prices, economies of scale, and DMI 5.0 model ramp-up [1] - 3Q24 net profit rose 11.5% YoY and 28.1% QoQ to RMB 11.6 billion, with revenue up 24.0% YoY and 14.2% QoQ to RMB 201.1 billion [1] - Operating expenses surged QoQ, with sales/management/R&D expenses up 27.8%/20.1%/52.0% respectively, hitting record highs due to increased spending on premium models and smart features [1] - 4Q24 sales expected to rise to 1.3-1.5 million units (vs 1.13 million in 3Q24) on seasonal strength and DMI 5.0 model ramp-up, with further margin improvement potential from economies of scale [2] - Premium models and exports yet to contribute meaningfully, with Denza Z9 GT starting deliveries in September and Fangchengbao's Leopard 8 not yet launched [2] - Overseas sales impacted by EU tariffs in 3Q24, but new market entries (Vietnam, Pakistan, Tunisia) and upcoming overseas plant production expected to boost export volumes [2] Financial Forecasts - 2024-26E net profit forecasts raised by 14%/19.4%/23.3% to reflect higher sales volume and margin improvement from premium models and exports [2] - 2024E revenue forecast at RMB 764.8 billion (+27.0% YoY), with net profit of RMB 41.1 billion (+36.9% YoY) [3] - 2025E revenue forecast at RMB 905.4 billion (+18.4% YoY), with net profit of RMB 52.4 billion (+27.4% YoY) [3] - 2026E revenue forecast at RMB 1,056.9 billion (+16.7% YoY), with net profit of RMB 64.5 billion (+23.1% YoY) [3] - Gross margin expected to improve from 20.5% in 2024E to 21.4% in 2026E, with net margin rising from 5.4% to 6.1% over the same period [8] Industry Context - BYD maintains strong position in sub-RMB 200k passenger vehicle market with vertical supply chain and high-margin advantages [2] - Increasing focus on premium models (Denza, Fangchengbao) and smart features through partnerships (e.g., Huawei) [2] - Overseas expansion ongoing with new market entries and local production, though near-term headwinds from EU tariffs [2]