Investment Rating - The investment rating for the company is "Buy" [4][6]. Core Insights - The company reported a strong production performance in Q3 2024, achieving copper production of 114,700 tons, a year-on-year increase of 22% and a quarter-on-quarter increase of 26%. Zinc production was 46,400 tons, showing a year-on-year decline of 22% and a quarter-on-quarter decline of 8%. The growth in copper production, combined with an upward price cycle for copper, indicates strong momentum for the company's performance [6][4]. - The forecasted net profit attributable to the parent company for 2024-2026 is projected to be $260 million, $365 million, and $467 million, representing year-on-year growth rates of 2793%, 40.35%, and 27.81% respectively. The earnings per share (EPS) are expected to be HKD 0.17, HKD 0.23, and HKD 0.30, with corresponding price-to-earnings (PE) ratios of 15.9, 11.4, and 8.9 times [6][4]. Summary by Sections Production Performance - In Q3 2024, the company achieved a copper concentrate production of 90,600 tons from the Las Bambas mine, marking an 11% year-on-year increase and a 29% quarter-on-quarter increase. This is the highest quarterly production since 2021. The commencement of operations at the Chalcobamba mine has contributed to optimizing resource utilization and maximizing copper output [6][4]. - The Kinsevere expansion project began production in September 2024, with Q3 2024 electrolytic copper production reaching 13,000 tons, a 6% year-on-year increase and a 12% quarter-on-quarter increase [6][4]. Financial Forecasts - The company's revenue is projected to grow from $4.35 billion in 2023 to $4.48 billion in 2024, with a growth rate of 3.1%. The EBITDA is expected to increase from $1.46 billion in 2023 to $1.75 billion in 2024 [7][11]. - The net profit for 2024 is forecasted at $260 million, a significant recovery from $9 million in 2023, with a projected net profit margin improvement [7][11]. Valuation Metrics - The current market capitalization is approximately HKD 32.26 billion, with a total share capital of 12,129 million shares. The book value per share is HKD 1.37, and the debt-to-asset ratio stands at 68.28% [4][6]. - The company’s price-to-book (P/B) ratio is projected to decrease from 2.0 in 2023 to 1.2 in 2024, indicating an improvement in valuation metrics [7][11].

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 同店降幅边际收窄，定价黄金延续高增 周大福(1929) [Table_Industry] 批零贸易业 [Table_Invest] 评级： 增持 ——周大福 FY2025Q2 主要经营数据点评 股票研究 /[Table_Date] 2024.10.25 | --- | --- | --- | |----------|-------------------------------------|------------------| | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 苏颖 ( 分析师 ) | | | 021-38677706 | 021-38038344 | | | liuyuenan@gtjas.com | suying@gtjas.com | | 登记编号 | S0880516030003 | S0880522110001 | 本报告导读： FY2025Q ...

Investment Rating - The report maintains a "Buy" rating for Pop Mart (09992 HK) [3] Core Views - Pop Mart's overseas business has entered a rapid development phase with a focus on the DTC (Direct To Customer) model, achieving significant growth in overseas revenue [1] - The company's overseas revenue in H1 2024 increased by 259 6% YoY to RMB 1 351 billion, accounting for 29 7% of total revenue [1] - Southeast Asia is the fastest-growing market, with revenue increasing by 478 3% YoY to RMB 556 million in H1 2024 [1] Channels - Pop Mart has rapidly expanded its offline stores and robot stores overseas, with 92 stores and 162 robot stores as of June 2024 [1] - The company adopts a "platform + independent station" strategy for online channels, leveraging third-party platforms and building its own independent sites to strengthen brand influence [1] Operations - Pop Mart focuses on product customization and localized promotion, collaborating with international brands and local artists to enhance cultural integration [1] - The company actively operates on international social media platforms and collaborates with KOLs to promote its products [1] Supply Chain - Pop Mart has established overseas bonded warehouses in Southeast Asia and North America, supporting its global supply chain system [1] - The company has achieved a stable inventory level of around RMB 900 million in H1 2024, despite high overseas sales growth [1] Market Potential - The global toy market is expanding, with the Southeast Asian market showing strong growth potential due to its young population and cultural similarities with China [1] - Pop Mart's focus on Southeast Asia is expected to drive long-term growth, leveraging the region's market potential and demographic dividend [1] Financial Projections - The company's revenue is expected to grow significantly, with overseas revenue projected to reach RMB 5 149 billion in 2024, representing a 383% YoY increase [1] - Pop Mart's net profit is forecasted to grow by 117 5% YoY in 2024, reaching RMB 2 354 billion [1] Valuation - The report estimates Pop Mart's target market value at RMB 90 5 billion for 2025, corresponding to a 30x PE ratio, maintaining a "Buy" rating [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Insights - The company reported a revenue of 15.993 billion HKD for the first three quarters of 2024, representing a year-on-year increase of 2%, with a net profit of 9.270 billion HKD, which is a slight increase of 0.1% year-on-year. The growth is attributed to economic stimulus measures from mainland China and global central banks adopting monetary easing policies, leading to improved investment sentiment [4][10] - The average daily trading volume for the stock market has reached new highs, with the Northbound and Southbound trading of the Shanghai-Hong Kong Stock Connect averaging 123.3 billion HKD and 38.3 billion HKD respectively, showing increases of 14.0% and 19.3% year-on-year [4] - The company maintains a reasonable valuation range of 353.20 to 368.20 HKD, with estimated revenues for 2024, 2025, and 2026 projected at 22.917 billion HKD, 24.885 billion HKD, and 26.848 billion HKD respectively, reflecting year-on-year growth rates of 12%, 9%, and 8% [4][13] Summary by Sections Financial Performance - For Q3 2024, the company achieved revenue of 5.372 billion HKD, a year-on-year increase of 6%, while net profit was 3.145 billion HKD, up 7% year-on-year [4] - The return on equity (ROE) for the first three quarters was 18.2%, a decrease of 0.6 percentage points year-on-year [4] Trading Activity - The cash market segment generated revenue of 6.351 billion HKD, a year-on-year increase of 1.9%, accounting for 40% of total revenue. The average daily trading amount in the cash market increased by 3% to 113.3 billion HKD [4] - The derivatives market saw a record number of contracts traded, with a total of 1.516 million contracts in Q3, marking a 12% increase year-on-year [4] Project and Investment Income - The company’s project income for the first three quarters was 1.466 billion HKD, a year-on-year increase of 17.7%, with internal investment income of 1.408 billion HKD, reflecting a year-on-year increase of 19.6% [4] - The annualized investment return was 5.48%, an increase of 0.93 percentage points year-on-year [4] Valuation and Estimates - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 10.32 HKD, 11.22 HKD, and 12.07 HKD respectively, with corresponding price-to-earnings (PE) ratios of 34.2 to 35.7 for 2024 [10][13]

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Viewpoints - The company has turned a profit after previously being in the red, with a net profit of $32.524 million in the first half of the year, compared to a loss of $8.952 million in the same period last year [1] - The company's revenue for the first half of the year was $2.07 billion, a year-on-year increase of 15.8%, with a gross margin of 20.4%, up 4.5 percentage points year-on-year [1] - The company's net profit margin is 1.6%, and the operating profit margin is 5.5% [1] - The company's management has provided guidance for full-year revenue growth in the high single digits, with gross margin expected to increase by 2.1 percentage points [1] - The company is advancing its "3+3" strategy, focusing on three key industries (EV, 5G AIoT, Audio) and three core technologies (copper to optical, wired to wireless, components to system products) [1] - The company plans to increase the revenue contribution from its "3+3" strategy to 30% in 2024 and 40% in 2025 [1] - The company's network infrastructure business is expected to benefit from NVIDIA's AI server and optical module development [1] - The company has secured orders from NVIDIA for compute trays, with a total value in the billions [1] - The company recently completed the acquisition of 70% of Huayun Optoelectronics to enhance its R&D capabilities in high-speed networks and optical markets [1] - The company is collaborating with MediaTek to develop CPO sockets, which will provide low-power solutions for AI servers [1] - The company's EV business is expected to grow by more than 50% for the full year, benefiting from synergies from acquisitions [1] - The company's Belkin brand business is expected to generate revenue of $700-800 million this year, with stable revenue and improving gross margins [1] Industry and Market Performance - The company operates in the TMT (Technology, Media, and Telecommunications) industry [1] - The company's stock price is currently at HKD 2.98, with a market capitalization of HKD 21.724 billion [1] - The company's 52-week high/low is HKD 3.95/HKD 0.88 [1] Strategic Developments - The company has been actively integrating resources through mergers and acquisitions, such as acquiring Belkin and Prettl SWH (renamed Voltaira) [1] - The company's network infrastructure business is expected to benefit from NVIDIA's AI server developments, with management raising guidance for network infrastructure revenue growth from mid-double digits to high double digits [1] - The company is focusing on expanding its presence in the EV market, particularly through its involvement in Tesla's supply chain and the production of CPD products [1] - The company is also working on developing 800G DR8 and SR8/DR8 optical products, with completion expected by the end of 2025 [1]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][18]. Core Views - The report highlights the official release of HarmonyOS NEXT (pure Harmony) and the dual-driven growth of the Harmony ecosystem through both pure and open-source Harmony, which is expected to drive performance growth [4][5][18]. - The report emphasizes the significant market potential for pure Harmony, with the company being a diamond service provider for native Harmony application development and training, benefiting from the ecosystem's expansion [4][11][18]. - The report notes the recovery of Huawei's smartphone market share, which is accelerating the development of the Harmony system, making it the second-largest operating system in China [6][9][18]. Summary by Sections Company Overview - The company has been involved in the development of the Harmony operating system since 2012 and became one of the first HarmonyOS development service providers in March 2024, with over 50,000 certified Harmony engineers and more than 7,000 native Harmony applications and services launched [11][18]. Market Trends - The report discusses the transition to an interconnected world, with the number of global IoT device connections expected to reach 24.6 billion by 2025, indicating a shift from mobile devices to a broader range of smart devices [6][8]. Financial Forecast - The revenue forecast for 2024-2026 has been adjusted to 18.03 billion, 20.20 billion, and 22.29 billion yuan, respectively, with growth rates of 5.3%, 12.0%, and 10.3% [4][18]. - The net profit forecast for the same period is 721 million, 866 million, and 1.09 billion yuan, with corresponding P/E ratios of 20, 17, and 13 times [4][18]. Strategic Partnerships - The company has a deep partnership with ShenKaiHong, focusing on developing industry solutions based on open-source Harmony, which is expected to gradually release performance [13][14][18]. Technological Innovations - The report outlines three core technological concepts of the Harmony system: "one-time development, multi-end deployment," "modular and flexible integration," and "unified ecosystem with native intelligence," which enhance user experience across various scenarios [8][9][18].

证 券 研 究 报 告 吉利汽车（00175.HK）重大事项点评 强推（维持） 极氪 MIX 上市，吉利电动智能转型全面加速 目标价区间：16.5-18.9 港元 当前价：13.90 港元 | --- | --- | --- | --- | --- | |-----------------------|---------|---------------------|---------|---------| | | 2023A | 2024E | 2025E | 2026E | | 主营收入 ( 百万元 ) | 179,204 | 237,282 | 296,117 | 340,621 | | 同比增速 (%) | 21.1% | 32.4% | 24.8% | 15.0% | | 归母净利润 ( 百万元 ) | 5,166 | 15,050 | 11,836 | 15,060 | | 同比增速 (%) | 0.8% | 191.3% | -21.4% | 27.2% | | 每股盈利 ( 元 ) | | 0.51 1.49 1.18 1.50 | | | | 市盈率 ( 倍 | | ) 26.0 8.9 11 ...

新东方-S（9901.HK）2025 财年一季报点评 事件：10 月 23 日晚间，公司发布 FY2025Q1 业绩。2024 年 6-8 月总收入 14.35 亿美元，yoy+30.5%，归母净利润 2.45 亿美元，yoy+48.4%；Non-GAAP 经 营利润 3.00 亿美元，yoy+22.6%，Non-GAAP 归母净利润 2.65 亿美元， yoy+39.8%。 ➢ Q1 非甄选业务收入同比增长 33.5%，新业务保持快速增长。2024 年 6-8 月公司非甄选业务收入 12.78 亿美元，yoy+33.5%，贴近指引上限（yoy +31~34%），符合我们的预期。分业务看，出国考培/出国咨询/成人大学生/新 业务/高中收入 yoy+18.8%/20.7%/30.4%/49.8%/20~21%，文旅业务实现收入 约 9000 万美金。新业务主要包括非学科课程（占比 50%+）、智能学习系统（占 比约 33%）。Q1 公司非学科课程报名 48.4 万人次，yoy+11%，表观增速较低 主要系今年招生节奏提前、Q4 计入了更多的人次。Q1+Q4 结合来看，非学科 课程报名人次 yoy+27%，两项核 ...

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 海外持续发力，静待旺季表现 名创优品(9896) [Table_Industry] 批零贸易业 [Table_Invest] 评级： 增持 ——名创优品 2024Q3 业绩前瞻 股票研究 /[Table_Date] 2024.10.25 | --- | --- | --- | |----------|-------------------------------------|------------------| | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 苏颖 ( 分析师 ) | | | 021-38677706 | 021-38038344 | | | liuyuenan@gtjas.com | suying@gtjas.com | | 登记编号 | S0880516030003 | S0880522110001 | 本报告导读： 预计 2024Q3 海外代理增 ...

上 市 公 司 证 券 研 究 报 告 商业贸易 公 司 点 评 / 公 司 点 评 报告原因：有业绩公布需要点评 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 24 日 | | 收盘价（港币） | 2.76 | | 恒生中国企业指数 | 7359.14 | | 52 周最高/最低（港币） | 6.96/2.11 | | H 股市值（亿港币） | 171.15 | | 流通 H 股（百万股） | 6,201.22 | | 汇率（人民币/港币） | 1.0899 | 一年内股价与基准指数对比走势： -51% -1% 49% HSCEI 滔搏 资料来源：Bloomberg 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 刘佩 A0230523070002 liupei@swsresearch.com 研究支持 刘佩 A0230523070002 liupei@swsresearch.com 联系人 刘佩 (8621)23 ...