Investment Rating - The investment rating for the company is "Buy" [1][3]. Core Insights - The main brand's Q3 revenue met expectations, with healthy operational metrics, and the performance of Saucony was particularly strong, leading to optimistic expectations for Q4 [3]. - The company maintains its net profit forecasts for 2024-2026 at 1.26 billion, 1.43 billion, and 1.60 billion RMB, corresponding to PE ratios of 10, 9, and 8 times respectively [3]. - The main brand's Q3 revenue showed a single-digit year-on-year growth, with offline sales slightly increasing and e-commerce sales growing at a high double-digit rate [3]. - Saucony's Q3 revenue grew by over 50% year-on-year, continuing its rapid growth trajectory [3]. - The overall consumption environment remains under pressure, with a slight decline in foot traffic and single-store performance for the main brand's offline stores compared to H1 [3]. - The company plans to maintain its store count for 2024, with upgrades to store image and size expected to enhance average store efficiency [3]. - There is an expectation for double-digit revenue growth for the main brand in October, driven by strong performance during the National Day holiday and the upcoming Double Eleven sales [3]. - The company anticipates a high probability of 50% year-on-year revenue growth for Saucony in 2024 [3]. Financial Summary - The company reported revenues of 14.35 billion RMB for 2023, with a projected growth of 4% for 2024 [5]. - The net profit for 2023 was 1.03 billion RMB, with an expected growth of over 20% for 2024 [5]. - The PE ratio for 2024 is projected at 10.0, decreasing to 8.6 by 2026 [5].

Investment Rating - The report maintains an "Accumulate" rating for TCL Electronics, indicating a positive outlook for the stock [2][7]. Core Views - The Q3 television shipment data exceeded expectations, with a significant increase in global shipments and a strong focus on high-end products [2]. - The company is benefiting from the domestic appliance replacement program, showing robust domestic sales and improved global competitiveness [2]. - The report forecasts earnings per share (EPS) for 2024-2026 to be HKD 0.56, 0.68, and 0.76 respectively, representing year-on-year growth of +90%, +21%, and +13% [2]. Summary by Sections - **Q3 Shipment Performance**: In Q3, TCL Electronics shipped 7.49 million televisions globally, a 19.7% increase year-on-year. Domestic shipments were 1.49 million (up 5%), while overseas shipments reached 5.99 million (up 24%) [2]. - **Market Performance**: North American shipments increased by 28%, driven by targeted marketing strategies, while European markets saw a 35.5% increase in shipments for the first three quarters [2]. - **Product Strategy**: The company is leading the trend towards larger and higher-end televisions, with shipments of 65 inches and above increasing by 16.8% and those of 75 inches and above by 35.3% [2]. - **Panel Pricing and Cost Management**: Panel prices have stabilized, alleviating cost pressures for televisions. The average prices for various panel sizes remained unchanged in early October [2]. - **Financial Projections**: The report projects revenue growth from HKD 78.986 billion in 2023 to HKD 94.213 billion in 2024, with net profit expected to rise significantly [4].

浦银国际研究 浦银国际 公司研究 李宁 10 20 30 40 （2331.HK） 公司研究 | 消费行业 李宁（2331.HK）：3Q24 运营数据略好于 市场预期，但 4Q24 不确定性依然较大 转机未至，维持"持有"评级：尽管李宁 3Q24 流水表现略好于市场预 期，但依然大幅落后于主要的国产竞争对手（图表 3）。同时，管理层在 电话会上表示公司短期渠道库存压力有所加大，并强调 4Q24 的收入表 现有较大的不确定性。我们认为尽管李宁 2024 年业绩确定性有所增强， 但在公司品牌力、基本面与终端销售趋势尚未出现显著恢复迹象的情况 下，投资者应对李宁股价表现保持谨慎，不宜轻易抄底。我们维持盈利 预测不变，但将估值滚动至 2025 年，从而小幅上调李宁目标价至 15.94 港元（基于 12x 2025E P/E）。维持李宁"持有"评级。 3Q24 流水表现略好于预期：李宁 3Q24 全渠道整体流水同比下滑中单 位数，略好于市场预期的中单位数至高单位数的下滑。其中，线下渠道 流水同比下滑高单位数，好于市场预期的低双下滑。线下直营门店 3Q24 流水同比下降中单位数，略好于加盟商线下门店流水表现（高单位数下 ...

港股通 证券研究报告 香港交易所 (388 HK) 3Q24：成交回暖支撑业绩 投资评级(维持): 目标价(港币): 华泰研究 季报点评 2024 年 10 月 23 日│中国香港 其他多元金融 香港交易所（港交所）3Q24 业绩：收入/归母净利润 53.7/31.5 亿港币，同 比+5.7/+6.5%，环比-0.9/-0.3%；净利润基本符合 31.1 亿港币的彭博预期。 净利润环比基本持平，主因 9 月下旬港股成交额快速提升，3Q24 日均成交 额（ADT）为 1,188 亿港币。10 月份的市场交投活跃度仍然较高，联储年 内可能继续降息也将支撑港股市场成交额，进而利好港交所业绩。"买入"。 交易类业务：3Q24 成交额环比基本持平，10 月 ADT 有望创历史新高 3Q24 香港市场 ADT HKD1,188 亿港币（2Q24：1,216 亿港币）。衍生品和 商品市场有所降温，3Q24 LME ADV 为 64.2 万张（2Q24：73.0 万张）；衍 生品合约 ADV 148.2 万张（2Q24：156.5 万张）。衍生品和商品在交易费和 交易系统使用费收入中占比降至 48%（2Q24：50%）。互联 ...

Investment Rating - The report maintains a "Buy" rating for Li Ning with a target price of HKD 22.8, based on a 2024 PE of 18 times [1][4]. Core Insights - Li Ning's Q3 retail revenue saw a year-on-year decline in the mid-single digits across all platforms, with offline channels experiencing a high single-digit drop, while e-commerce recorded a mid-single-digit growth. The company anticipates a recovery in Q4 due to a low base effect [2]. - The introduction of a joint venture with Sequoia Capital aims to expand Li Ning's overseas market presence, with Li Ning investing HKD 58 million for a 29% stake, maintaining control over the joint venture [2]. - The company reported a healthy inventory turnover, with a 5-month turnover rate and 80% of inventory being new products, although discounts are expected to increase in Q4 due to traditional e-commerce shopping festivals [2]. Financial Projections - The projected EPS for 2024, 2025, and 2026 is expected to be HKD 1.17, HKD 1.29, and HKD 1.43 respectively, with revenue growth rates of 2.5%, 7.9%, and 6.9% for the same years [3][8]. - The report indicates a decline in net profit for 2024, with a projected decrease of 4.7% compared to the previous year, followed by a recovery in subsequent years [3][11]. - The gross margin is expected to improve slightly from 48.4% in 2023 to 49.1% by 2026, while the net profit margin is projected to stabilize around 10.7% to 11.3% over the same period [3][11].

证券研究报告·海外公司点评·纺织及服饰(HS) 特步国际（01368.HK） 24Q3 流水点评：主品牌流水环比放缓、折扣 及库存控制较好，索康尼延续高增 2024 年 10 月 24 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|----------|----------|----------|----------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 12930 | 14346 | 14957 | 15660 | 17520 | | 同比 (%) | 29.13 | 10.94 | 4.26 | 4.70 | 11.87 | | 归母净利润（百万元） | 921.69 | 1,030.01 | 1,235.47 | 1,416.71 | 1,647.83 | | 同比 (%) | 1.47 | 11.75 | 19.95 | 14.67 | 16.31 | ...

来源：公司年报、国金证券研究所 买入（维持评级） 事件 李宁 10.22 发布 3Q24 经营数据，全平台零售流水下滑中单位数， 其中线下渠道流水下滑高单位数（直营同比下滑中单位数，批发同 比下滑高单位数），电商流水同比增长中单位数，符合预期。 同日李宁发布成立合资公司公告，其全资子公司 LN Co 与 Founder Co、红杉中国成立合资公司，合计注资 2 亿港元，持股比例分别为 29%、26%、45%，创始人李宁先生与李宁公司合计对 JV 持股达 55%， 拟借助国际机构等多方资源探索国际业务发展。 经营分析 三季度流水仍承压，存货维持健康。由于客流整体偏弱，公司积极 动态调整折扣，并加大高性价比款、快反产品的投放，以减轻渠道 存货压力。3Q24 折扣同比加深低单位数、ASP 下降中单位数，销售 量同比微降低单位数。期末库销比 5 左右，略微高于去年同期，其 中直营略高于批发，且库龄 80%以上是 6 个月内新品，保持健康， 环比有提升主要系冬装、双十一备货加大所致。 展望 Q4 及全年：指引维持。公司国庆期间表现显著好转，线上流 水增长 30%~40%，线下流水回正至个位数增长。预计在旺季催化、 客流 ...

股 票 研 究 证 券 研 究 报 告 单季利润环比持平，期待 Q4 业绩释放 香港交易所(0388) [Table_Industry] 综合金融 [Table_Invest] 评级： 增持 ——香港交易所 2024 年三季报点评 | --- | --- | --- | --- | |----------|-------------------------------------|---------------------------|---------------------------| | | | | | | | [table_Authors] 刘欣琦 ( 分析师 ) | 吴浩东 ( 分析师 ) | 王思 玥 ( 研究助理 ) | | | 021-38676647 | 010-83939780 | 021-38031024 | | | liuxinqi@gtjas.com | wuhaodong029780@gtjas.com | wangsiyue028676@gtjas.com | | 登记编号 | S0880515050001 | S0880524070001 | S0880123070151 | ...

Investment Rating - The report maintains a "Buy" rating for Li Ning with a target price of HKD 22.8, based on a 2024 PE of 18 times [1][4]. Core Insights - Li Ning's Q3 retail revenue saw a year-on-year decline in the mid-single digits across all platforms, with offline channels experiencing a high single-digit drop, while e-commerce recorded a mid-single-digit growth. The company anticipates a recovery in Q4 due to a low base effect [2][3]. - The introduction of a joint venture with Sequoia Capital aims to expand Li Ning's overseas market presence, with Li Ning investing HKD 58 million for a 29% stake, maintaining control over the joint venture [2][3]. Summary by Sections Financial Performance - For 2024, the expected EPS is projected at HKD 1.17, with forecasts of HKD 1.29 and HKD 1.43 for 2025 and 2026 respectively. Revenue is expected to grow from HKD 28.276 billion in 2024 to HKD 32.6 billion by 2026 [2][3][8]. - The gross margin is expected to improve slightly from 48.4% in 2023 to 49.1% by 2026, while the net profit margin is projected to stabilize around 11.3% by 2026 [3][11]. Product Performance - The lifestyle and running categories have shown strong performance, with the Soft series achieving cumulative sales of approximately 2 million pairs by Q3. The running category saw high double-digit revenue growth in Q3 [2][3]. - The company has launched new outdoor products to cater to diverse consumer needs, including the "万龙甲 BREATH" series jackets and "行" family outdoor shoes [2]. Inventory and Discounts - Inventory turnover for offline channels was around 5 months in Q3, with 80% of new products having a shelf life of less than 6 months. Discounts in offline channels have deepened slightly, while e-commerce discounts have improved [2][3][11]. - The company expects discount pressures in Q4 due to traditional e-commerce shopping festivals, but overall discounts for the year are anticipated to improve compared to the previous year [2].

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited (00388) is "Buy" (maintained) [3]. Core Views - The report highlights that the company achieved a record high quarterly profit in Q3 2024, with expectations for further performance improvement as the market recovers [3][5]. - The total revenue and other income for the first three quarters of 2024 reached HKD 15.993 billion, a year-on-year increase of 2%, while the net profit attributable to shareholders was HKD 9.27 billion, remaining flat compared to the previous year [2][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue and other income of HKD 5.372 billion, a year-on-year increase of 6% but a quarter-on-quarter decrease of 1%. The net profit for the quarter was HKD 3.145 billion, reflecting a year-on-year increase of 7% and flat compared to the previous quarter [2][5]. - The company’s trading and settlement fees increased due to a rise in average daily trading volume (ADT) in the cash, derivatives, and commodities markets [5]. Segment Performance - Trading and trading system usage fees for the first three quarters of 2024 amounted to HKD 4.979 billion, up 6% year-on-year, driven by improved trading activity due to economic stimulus policies [5]. - Investment income for the first three quarters was HKD 3.728 billion, a decrease of 4% year-on-year, primarily due to reduced investment income from margin and settlement funds [5]. Market Outlook - The report indicates a recovery in market trading activity, with the cash market ADT reaching HKD 113.3 billion for the first three quarters, a year-on-year increase of 3% [5]. - The IPO market showed signs of recovery, with 42 companies listed on the main board in the first three quarters, raising HKD 55.6 billion, a year-on-year increase of 126% [5]. Earnings Forecast and Valuation - The company is expected to achieve total revenues of HKD 21.927 billion, HKD 23.768 billion, and HKD 26.393 billion for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 7%, 8%, and 11% [5][6]. - The net profit attributable to shareholders is projected to be HKD 12.398 billion, HKD 12.980 billion, and HKD 14.324 billion for the same years, with growth rates of 5% for both 2024 and 2025, and 10% for 2026 [5][6].