Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (2328 HK) with a target price raised from HKD 12.0 to HKD 14.9, indicating a potential upside of 22.1% [1][2][7]. Core Insights - The significant growth in net profit for the third quarter is primarily driven by investment income, with a year-on-year increase of 38% for the first three quarters, aligning with the company's previous earnings forecast [1][2]. - The insurance service revenue growth remains stable, with a 5.3% year-on-year increase in the first three quarters, while the growth rates for auto and non-auto insurance are 4.7% and 6.1%, respectively [1][2]. - The combined ratio for auto insurance improved to 96.8%, a decrease of 0.6 percentage points year-on-year, while the non-auto insurance segment experienced underwriting losses, leading to a combined ratio of 100.5% for the first three quarters, an increase of 1.9 percentage points year-on-year [1][2]. Financial Performance Summary - Total investment income for the first three quarters increased by 70% year-on-year, exceeding the annual total investment income forecast for 2023 by 32%. The annualized total investment return stands at 4.4%, up by 1.7 percentage points year-on-year [2][4]. - The report projects a 31% year-on-year increase in net profit for 2024, with a return on equity (ROE) expected to reach 13% [2][5]. - The forecast for insurance service revenue is set at RMB 483,629 million for 2024, reflecting a year-on-year growth rate of 5.8% [4][5]. - The underwriting profit is expected to decline by 3.2% in 2024, with total investment income projected to rise by 51.5% [5][6]. Stock Performance Metrics - The stock has shown a year-to-date increase of 31.47%, with a market capitalization of approximately HKD 84.17 billion and an average daily trading volume of 18.79 million shares [3][8]. - The stock's 52-week high and low are HKD 14.04 and HKD 8.69, respectively [3].

交银国际研究 公司更新 收盘价 目标价 潜在涨幅 港元 4.40 港元 3.80↑ -13.6% 新能源 2024 年 10 月 31 日 凯盛新能 (1108 HK) 光伏玻璃价格大跌导致亏损扩大，维持中性 光伏玻璃价格大跌导致亏损扩大：公司 3 季度收入 7.16 亿元人民币（下 同），同/环比下降 63%/54%，归母/扣非净亏损 1.93/2.06 亿元，环比扩大 298%/265%。根据卓创资讯，3 季度 2.0 毫米光伏玻璃均价环比下跌 22%， 导致毛利率创出-18.8%的新低，同/环比下降 31.5/24.7 个百分点，销售/管 理/研发/财务费用率 0.6%/4.6%/6.3%/2.4%，同比提高 0.2/2.7/2.8/1.2 个百 分点。扣非归母净利率-28.7%，同/环比下降 31.9/25.1 个百分点。存货环 比增长35%，仍持续累库。公司10 月冷修合肥新能源650 吨产线，今年已 冷修 2150 吨，在产产能降至 4350 吨，其中低成本的 1200 吨窑炉占比升 至 55%，有望推动成本下降。 行业持续减产但需求不及预期，导致玻璃价格不断创新低：在亏损和库存 压力下，9 月以 ...

Investment Rating - The report maintains a "Buy" rating for CITIC Securities (6030 HK) with a target price raised to HKD 25.00, indicating a potential upside of 21.7% from the current price of HKD 20.55 [1][7]. Core Insights - The report highlights that CITIC Securities has seen a positive turnaround in profit growth, with a year-on-year increase of 2.3% in net profit attributable to shareholders for the first three quarters, and a significant 21.9% increase in the third quarter alone, driven by policy expectations and a rebound in the stock market [1][2]. - The growth in revenue is primarily attributed to self-operated investment income, which surged by 37% year-on-year, contributing 13.7 percentage points to core revenue growth, despite a 3.8% decline in core revenue overall [2][3]. - The report anticipates continued support from policy measures aimed at stabilizing the capital market, which will benefit leading brokerage firms as market activity remains robust, with average daily trading volume in October approaching RMB 2 trillion [2][3]. Financial Performance Summary - For the first three quarters, the core revenue decreased by 3.8%, while self-operated investment income increased by 37%, leading to a 12.5% growth in core revenue in the third quarter [2][3]. - The report provides updated profit forecasts, projecting a 17.7% year-on-year increase in net profit for 2024, with a target price based on a price-to-book ratio of 1.1 times for 2025 [2][3]. - Key financial metrics for CITIC Securities include: - Operating income for 2024E is projected at RMB 64,941 million, with a year-on-year growth of 8.1% [5][8]. - Net profit attributable to shareholders is expected to reach RMB 23,174 million in 2024E, reflecting a 17.7% increase compared to the previous year [5][8]. - Total assets are forecasted to grow to RMB 1,704,120 million by 2024E, representing a 30.2% increase [5][8].

Investment Rating - The report maintains an "Overweight" rating for ASMPT (0522 HK) [4] Core Views - Q3 2024 revenue exceeded expectations at $429 million (HK$3 34 billion), up 0 1% QoQ but down 3 7% YoY, beating market expectations by 4% [1] - Semiconductor Solutions revenue grew 14% YoY and 8% QoQ to $229 million, driven by strong demand for advanced packaging [1] - SMT revenue declined 18% YoY and 8% QoQ to $199 million due to slow recovery in the traditional semiconductor cycle [1] - Q3 2024 gross margin improved by 0 94 ppts to 41%, with Semiconductor Solutions margin up 4 ppts to 48 6%, offsetting a 3 4 ppt decline in SMT margin [1] - Net profit was HK$23 8 million, down 83% QoQ due to HK$108 million in FX losses, but would have been flat QoQ excluding FX impact [1] - New orders in Q3 2024 totaled $406 million, up 1 5% QoQ, driven by semiconductor business growth [1] - TCB equipment is expected to accelerate shipments in Q4 2024 and 2025, supported by AI-related capital expenditure and HBM customer orders [1] Financial Performance - 2024E revenue is projected at HK$13 248 million, with net profit of HK$492 million [2] - 2025E revenue is forecasted at HK$15 766 million, with net profit of HK$1 073 million [2] - 2026E revenue is expected to reach HK$17 345 million, with net profit of HK$1 632 million [2] - EPS for 2024E, 2025E, and 2026E is projected at HK$1 19, HK$2 59, and HK$3 94, respectively [2] Business Segments - Semiconductor Solutions revenue is expected to grow from HK$6 766 million in 2024E to HK$10 478 million in 2026E [6] - SMT revenue is projected to remain relatively flat, from HK$6 482 million in 2024E to HK$6 868 million in 2026E [6] - Gross margin for Semiconductor Solutions is expected to remain strong, while SMT margin continues to face pressure [6] Key Developments - TCB equipment secured a bulk order from a leading HBM manufacturer in October 2024, with deliveries expected in Q4 2024 and Q1 2025 [1] - The company continues to win orders from leading IDM and foundry customers for C2W and C2S applications [1] - AI-related advanced packaging demand is driving growth in TCB equipment orders and improving long-term gross margin prospects [1] Market Data - Current share price: HK$87 0 [4] - Market capitalization: HK$36 062 billion [4] - 52-week range: HK$65 05 - HK$119 [4] - 3-month turnover rate: 79 6% [4]

Investment Rating - The report maintains an "Accumulate" rating for AIA Group Limited (1299) with a target price of HKD 89.80 per share, corresponding to a 2024 P/EV of 1.81 times [4][7]. Core Insights - The company's new business value (NBV) for the first three quarters of 2024 increased by 19.6% (actual exchange rate) / 22% (fixed exchange rate), meeting expectations. The growth was driven by improvements in both new business and value rates, with core channels maintaining good performance [2][7]. - The diversified product strategy is expected to enhance value growth momentum, addressing customer needs and regulatory guidance, which is anticipated to mitigate risks associated with interest spreads and improve profitability [7]. Financial Summary - For the fiscal years 2022A to 2026E, the company’s revenue is projected to grow from USD 19,110 million in 2022 to USD 22,470 million in 2026, reflecting a compound annual growth rate (CAGR) of approximately 7.3% [6]. - The net profit is expected to increase from USD 282 million in 2022 to USD 6,147 million in 2026, with a significant growth rate of 25.3% in 2024E [6]. - The price-to-earnings (PE) ratio is projected to decrease from 328.94 in 2022 to 12.12 in 2026, indicating improved valuation over time [6]. Business Performance - The core regions of the business showed resilience, with NBV growth in mainland China at 9% and Hong Kong at 24%. The growth in Hong Kong was supported by local customers and mainland visitors, with agent and bancassurance channels performing well [7]. - The annualized new premium for the first three quarters of 2024 increased by 14.1% (actual exchange rate) / 16% (fixed exchange rate), driven by both agent and partner distribution channels [7].

Investment Rating - The report maintains a BUY rating for the company, BYD, with a revised target price of HK$350, up from HK$262, reflecting improved investor sentiment [2][5]. Core Insights - The company's 3Q24 gross margin of 21.9% exceeded expectations, providing confidence for sales forecasts for 4Q24 and FY25, despite higher SG&A and R&D expenses [2]. - The sales volume forecast for FY24 has been increased by 4% to 4.02 million units, with FY25 projected to rise 13% YoY to 4.55 million units [2]. - The company prioritizes market share and global expansion over rapid earnings growth, which may complicate forecasts for SG&A and R&D expenses [2]. Financial Performance - 3Q24 net profit was RMB11.6 billion, 15% lower than previous forecasts, attributed to unexpected forex losses despite higher government grants and VAT refunds [2]. - Revenue growth from FY21 to FY26 shows a significant increase, with FY24E revenue projected at RMB725.7 billion, up from RMB602.3 billion in FY23 [9]. - The gross profit margin is expected to slightly decrease from 20.6% in FY24E to 20.3% in FY25E, while net profit is projected to rise from RMB36.0 billion in FY24E to RMB47.5 billion in FY25E [7][8]. Valuation Metrics - The company’s P/E ratio is projected to decrease from 21.9x in FY24E to 16.6x in FY25E, indicating a more attractive valuation as earnings grow [14]. - The return on equity (ROE) is expected to remain strong, projected at 25.5% for FY25E, down slightly from 24.0% in FY24E [13]. Market Position - BYD continues to have the best resources to withstand the ongoing price war in the automotive sector, which supports its competitive position [2]. - The company’s aggressive overseas expansion strategy is expected to drive revenue growth, with selling expenses projected to rise in line with revenue growth [2].

31 Oct 2024 Earnings Summary CMB International Global Markets | Equity Research | Company Update GAC Group (2238 HK) 3Q miss; new models, cost cut as key in FY25 GAC posted the largest quarterly net loss (RMB1.4bn) in 3Q24 since at least 2013, partly due to the FX loss and lower government grants. Management is determined to revive its homegrown brands with a plethora of new models in 2025. The market demand for GAC Toyota and GAC Honda has also recovered a bit recently aided by the peak season and stimulus ...

Investment Rating - The report maintains a "Buy" rating for Haier Smart Home (6690 HK) with a target price of HKD 37.59, indicating a potential upside of 26.1% from the current closing price of HKD 29.80 [1][3][8]. Core Insights - Haier's overseas business continues to drive revenue growth, with a 3.8% year-on-year increase in Q3, while domestic sales declined by 3% [2][3]. - The company has improved its localization in the U.S. market, increasing its self-manufacturing and sales ratio to 98%, which enhances its ability to mitigate potential tariff risks [2]. - The overall profit outlook for the year remains positive, with expectations of a 15% growth in net profit [3]. Financial Performance Summary - For the first three quarters of 2024, Haier's revenue and net profit grew by 2.2% and 15.3% year-on-year, reaching RMB 203 billion and RMB 15.1 billion, respectively [1]. - In Q3 alone, revenue and net profit showed a slight increase of 0.5% and 13.2% year-on-year, with a gross margin improvement to 31.3% [1][2]. - The company has optimized its expense ratios, with sales and management expense ratios improving by 0.5% and 0.1% year-on-year in Q3 [1]. Revenue and Profit Forecast - Revenue projections for Haier are set to increase from RMB 261.4 billion in 2023 to RMB 273.3 billion in 2024, reflecting a growth rate of 4.5% [5]. - Net profit is expected to rise from RMB 16.6 billion in 2023 to RMB 19.6 billion in 2024, indicating a growth rate of 17.9% [5]. - The earnings per share (EPS) is forecasted to grow from RMB 1.79 in 2023 to RMB 2.11 in 2024 [5].

Investment Rating - The investment rating for the company is Neutral, with a target price of HKD 13.15, indicating a potential downside of 11.1% from the current price of HKD 14.80 [1][7]. Core Insights - The company's performance has significantly declined due to a sharp drop in photovoltaic glass prices, resulting in a net loss of RMB 203 million in Q3 2023, marking the first loss since its listing [1]. - Revenue for Q3 2023 was RMB 3.91 billion, down 37% year-on-year and 21% quarter-on-quarter, which was far below market expectations of a profit of RMB 100 million [1]. - The report anticipates that the industry will begin to balance supply and demand due to ongoing production cuts, but significant price recovery will require further reductions in production capacity [1]. - The report suggests that potential government supply-side reforms could accelerate industry consolidation and benefit leading companies with lower energy consumption [1]. Financial Overview - Revenue projections for the company are as follows: RMB 21.524 billion in 2023, RMB 17.881 billion in 2024 (down 16.9% year-on-year), RMB 20.130 billion in 2025, and RMB 23.444 billion in 2026 [2][8]. - Net profit estimates are projected to be RMB 2.760 billion in 2023, RMB 1.114 billion in 2024 (down 59.6% year-on-year), RMB 1.137 billion in 2025, and RMB 2.297 billion in 2026 [2][8]. - The report indicates a significant adjustment in earnings forecasts, with a reduction of 44% for 2024, 49% for 2025, and 29% for 2026 [1]. Market Dynamics - The photovoltaic glass market has seen a drastic price decline, with average prices for 2.0mm and 3.2mm glass dropping by 22% and 11% respectively in Q3 2023 [1]. - Despite production cuts, demand has not met expectations, leading to continued inventory accumulation and further price declines of 8% and 10% since September [1]. - The report highlights that the industry has reduced production capacity by 9% compared to peak levels, with the company itself reducing output by 20% since August [1]. Valuation Metrics - The estimated price-to-book ratio for the company is projected to be between 0.8 and 1.9 times for the next 12 months, reflecting the volatility in earnings and policy expectations [1]. - The report uses a price-to-book ratio of 1.2 times for 2025 as a valuation benchmark, which corresponds to the target price of HKD 13.15 [1].

Investment Rating - The report maintains a "Buy" rating for Rongchang Biopharma (9995 HK) with a target price of HKD 24.00, indicating a potential upside of 45.6% from the current price of HKD 16.48 [1][3][5]. Core Insights - The company's 3Q24 core product sales continue to grow, with significant progress in overseas clinical registrations. The financial forecast for 2024 has been adjusted upwards based on better-than-expected performance in 3Q24 [1][3]. - The report highlights that the sales of the core products, Taitasip and Vidisizumab, are expected to expand further in the domestic market and continue steady progress in overseas clinical trials [1][3]. - The company has sufficient cash reserves of approximately RMB 1.12 billion and a credit line of RMB 2.8 billion to support its operations without needing to secure business development (BD) transactions in the near term [1][2]. Financial Performance Summary - In 3Q24, Rongchang Biopharma reported a revenue of RMB 470 million, a year-on-year increase of 34.6%. The sales of Taitasip reached RMB 270 million, up 43% year-on-year, while Vidisizumab sales were around RMB 200 million, up 25% year-on-year [2][3]. - The net loss for 3Q24 was RMB 290 million, a significant reduction from RMB 430 million in 2Q24. The gross margin improved to 82.1%, an increase of 5.8 percentage points year-on-year [2][3]. - The report projects a 6% increase in the 2024 revenue forecast to RMB 1.74 billion, with Taitasip and Vidisizumab expected to generate sales of RMB 960 million and RMB 760 million, respectively [3][4]. Future Outlook - Key upcoming milestones include the initiation of the second phase of the overseas SLE III trial for Taitasip in 4Q24, with data readout expected in 1H25. The report also notes ongoing registration and critical clinical trials for various indications in China [3][4]. - The report emphasizes the importance of monitoring the registration progress of Vidisizumab for breast cancer and the timeline for overseas submissions based on the progress of the first-line UC III trial [3][4].