Investment Rating - The report maintains a "Buy" rating for China Ping An, suggesting investors pay attention to the company [2]. Core Views - China Ping An is a comprehensive financial company that continues to deepen its "one customer, multiple products, one-stop service" model to meet diverse financial needs [2]. - The operating profit of the three core businesses remains robust, with a total operating profit attributable to shareholders of RMB 113.82 billion for the first three quarters of 2024, representing a year-on-year increase of 5.5% [2]. - The new business value from the agent channel has significantly improved, with a year-on-year increase of 34.1% in new business value for life and health insurance [2]. Financial Performance Summary - For the first three quarters of 2024, the group achieved an operating profit of RMB 113.82 billion, a 5.5% increase year-on-year, and a net profit of RMB 119.18 billion, a 36.1% increase year-on-year [2]. - The annualized operating ROE as of September 30, 2024, was 15.9%, a decrease of 0.1 percentage points year-on-year [2]. - The new business value for life and health insurance reached RMB 35.16 billion, a 34.1% increase year-on-year, with the agent channel's new business value growing by 31.6% [2]. - The property insurance service revenue for the first three quarters of 2024 was RMB 246.02 billion, a 4.5% increase year-on-year, with operating profit increasing by 39.7% [2]. - The investment portfolio of insurance funds grew to over RMB 5.32 trillion, a 12.7% increase from the beginning of the year, with an annualized comprehensive investment return rate of 5.0%, up 1.3 percentage points year-on-year [2]. Key Financial Indicators - The projected operating revenue for 2024 is RMB 990.9 billion, with a year-on-year growth of 8.4% [3]. - The projected net profit attributable to shareholders for 2024 is RMB 128.3 billion, representing a year-on-year increase of 49.7% [3]. - The projected new business value for 2024 is RMB 40.4 billion, with a year-on-year growth of 30.0% [3]. - The projected EPS for 2024 is RMB 7.24, compared to RMB 4.84 in 2023 [3].

Investment Rating - The report maintains a "Buy" rating for Pop Mart (09992 HK) [1][4] Core Views - Pop Mart's Q3 2024 revenue growth exceeded expectations, driven by strong domestic online business and rapid overseas expansion [4] - The company's revenue is expected to grow 120-125% YoY in Q3 2024, with domestic business up 55-60% and overseas business surging 440-445% [4] - Profit forecasts have been revised upwards, with projected net profits of 2 7/3 59/4 54 billion yuan for 2024-2026, corresponding to EPS of 2 01/2 68/3 38 yuan [4] Domestic Business Performance - Retail store revenue grew 30-35% YoY in Q3 2024, up from 25% in H1 2024 [5] - Robot store revenue increased 20-25% YoY, compared to 16% in H1 2024 [5] - Blind box machine revenue surged 55-60% YoY, a significant improvement from 7% in H1 2024 [5] - E-commerce and other online platforms saw overall revenue growth of 135-140%, with Douyin up 115-120% and Tmall flagship store up 155-160% [5] - Wholesale and other channels grew 45-50% YoY [5] - The company had 457 domestic retail stores as of October 2024, an increase of 24 stores from H1 2024 [5] Overseas Business Expansion - Overseas revenue grew 440-445% YoY in Q3 2024, accelerating from 259 6% in H1 2024 [6] - The company had 113 overseas stores as of Q3 2024, with 23 new stores added since H1 2024 [6] - Regional store distribution: 48 in East Asia, 26 in Southeast Asia, 10 in Europe, 13 in Australia, and 16 in North America [6] - TikTok US sales reached $11 89 million (~84 7 million yuan), while Thailand sales hit 840 million THB (~180 million yuan) [6] Financial Projections - Revenue is projected to grow from 12 17 billion yuan in 2024E to 20 3 billion yuan in 2026E, with YoY growth rates of 93 1%/33 2%/25 2% [7] - Net profit is expected to increase from 2 7 billion yuan in 2024E to 4 535 billion yuan in 2026E, with YoY growth rates of 149 4%/33 1%/26 2% [7] - Gross margin is forecast to improve from 64 0% in 2024E to 64 2% in 2026E [7] - Net margin is projected to remain stable at 22 2-22 3% from 2024E to 2026E [7] - ROE is expected to peak at 25 2% in 2025E before slightly declining to 24 0% in 2026E [7] - P/E ratio is forecast to decrease from 28 7x in 2024E to 17 1x in 2026E [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant revenue increase of 120%-125% year-on-year for Q3 2024, with mainland China revenue growing by 55%-60% and revenue from Hong Kong, Macau, and overseas markets increasing by 440%-445% [2][3] - The growth is driven by the release of key IP products and new product launches, with a notable performance from The Monsters plush products and new series contributing to revenue growth [2] - The company is expected to continue its rapid growth driven by high-quality IP and improved supply chain capabilities [2][3] Revenue and Profit Forecast - Total revenue is projected to reach RMB 12,745 million in 2024, with a year-on-year growth rate of 100.87% [1] - The adjusted net profit forecast for 2024-2026 has been raised to RMB 2,937.34 million, RMB 3,817.63 million, and RMB 4,706.84 million respectively, corresponding to P/E ratios of approximately 31, 24, and 20 times [3] Market Performance - The company has seen significant growth in both offline and online channels, with retail store revenue increasing by 30%-35% year-on-year and online flagship store revenue on platforms like Tmall and Douyin growing by 155%-160% and 115%-120% respectively [2] - The overseas market has also accelerated, with Labubu gaining traction in Thailand and overseas revenue accounting for over 45% of total revenue by September [3] Financial Metrics - The report highlights a projected EPS of RMB 2.10 for 2024, with a significant increase in net profit margins and return on equity [1][3]

> 开源证券 公 司 研 究 非银金融/多元金融 现货交易情绪逐季回暖，关注业绩改善和估值回升机遇 香港交易所（00388.HK） 2024 年 10 月 23 日 ——2024 前三季香港交易所业绩点评 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/10/23 | | 当前股价 ( 港元 ) | 314.80 | | 一年最高最低 ( 港元 ) | 397.80/212.20 | | 总市值 ( 亿港元 ) | 3,991.15 | | 流通市值 ( 亿港元 ) | 3,991.15 | | 总股本 ( 亿股 ) | 12.68 | | 流通港股 ( 亿股 ) | 12.68 | | 近 3 个月换手率 (%) | 55.76 | 股价走势图 -40% -20% 0% 20% 40% 60% 2023-10 2024-02 2024-06 香港交易所 恒生指数 数据来源：聚源 开 源 证 券 证 券 研 究 报 告 港股公司信息更新报告 相关研究报告 《降息催化周期性拐点，政策面积极且 资产 ...

隐证券 纺织服饰/服装家纺 2024Q3 索康尼表现亮眼，主品牌经营指标稳健 特步国际（01368.HK） 2024 年 10 月 23 日 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/22 | | 当前股价 ( 港元 ) | 5.710 | | 一年最高最低 ( 港元 ) | 7.410/3.610 | | 总市值 ( 亿港元 ) | 151.00 | | 流通市值 ( 亿港元 ) | 151.00 | | 总股本 ( 亿股 ) | 26.45 | | 流通港股 ( 亿股 ) | 26.45 | | 近 3 个月换手率 (%) | 24.54 | 股价走势图 -72% -48% -24% 0% 24% 48% 2023-10 2024-02 2024-06 特步国际 恒生指数 数据来源：聚源 相关研究报告 《2024H1 电商及童装亮眼，上调专业 运动分部指引—港股公司信息更新报 告》-2024.8.22 《2024Q2 电商表现亮眼，高质量运营 下流水稳健增长 ...

Investment Rating - The report maintains a "BUY" rating for Ping An, with a revised target price of HK$65.1, representing a 35.2% upside from the current price of HK$48.15 [2][5]. Core Insights - Ping An reported robust earnings growth in Q3, with Group net profit and Life & Health (L&H) New Business Value (NBV) more than doubling year-on-year. The Group's Operating Profit After Tax (OPAT) attributable to shareholders grew 5.5% YoY to RMB 113.8 billion, indicating a steady recovery trajectory [1][10]. - The L&H NBV rose 34.1% YoY to RMB 35.2 billion in the first nine months of 2024, with Q3 showing a remarkable growth of 110.2% YoY to RMB 12.8 billion, driven by margin expansion and a stable agency force [1][11]. - The Property & Casualty (P&C) segment saw OPAT surge 455% YoY to RMB 4.0 billion in Q3, supported by improved underwriting and a better combined ratio [1][12]. Summary by Sections Earnings Performance - Group NPAT rose 36.1% YoY in the first nine months of 2024, with a significant surge of 1.51x YoY in Q3. The L&H segment's OPAT grew 3.0% YoY, while P&C's OPAT saw a dramatic increase [1][10][15]. - The report revises FY24-26 EPS forecasts upward by 14%/7%/3% to RMB 7.44/7.57/7.90, reflecting a clearer outlook for profitability [5][6]. New Business Value (NBV) - The L&H NBV margin increased to 25.4%, with expectations to rise to ~26% by the end of FY24. The agency force stabilized at 362,000 agents, contributing significantly to the NBV growth [1][11][7]. - Bancassurance NBV surged 68.5% YoY, driven by a favorable product mix and margin expansions [1]. Investment Performance - The comprehensive investment yield (CIY) reached 5%, up 1.2 percentage points YoY, indicating a positive investment experience variance that could enhance the Group's embedded value [6][14]. - The report anticipates better-than-expected earnings in the second half of 2024, supported by rebounding investment income and a low base from Q4 2023 [1][5]. Valuation Metrics - The stock is currently trading at 0.54x FY24 P/EV and 0.81x FY24 P/B, which is above the historical average for H-share listed Chinese insurers. The report suggests limited downside risk due to the turnaround in fundamentals [1][5][9]. - The sum-of-the-parts valuation assigns target multiples of 1.19x for L&H, 0.72x for P&C, and 0.90x for banking, leading to a target valuation of RMB 1,059 billion for the Group [8][9].

Investment Rating - The report maintains a "BUY" rating for Yancoal Australia with a target price of HK$42, indicating a potential upside of 36.1% from the current price of HK$30.85 [1][11][18]. Core Insights - Yancoal's sales volume in Q3 2024 increased by 21% year-on-year, with total attributable sales volume reaching 10.4 million tonnes, which is 73% of the full-year estimate of 37.3 million tonnes [1][2]. - The average selling price (ASP) for blended coal dropped by 14% year-on-year in Q3 2024, with metallurgical coal ASP decreasing by 28% year-on-year [1][2]. - The company reported a revenue of approximately A$1.78 billion in Q3 2024, reflecting a 5% year-on-year increase [1][2]. - Yancoal's financial position remains solid, with a gross cash balance of A$1.98 billion as of the end of September 2024 [1][2]. Sales Volume and Production - In Q3 2024, metallurgical coal sales volume increased by 17% year-on-year to 9 million tonnes, while thermal coal sales volume rose by 19% year-on-year to 27.3 million tonnes [1][2]. - The total marketable coal production for Yancoal in Q3 2024 was 12.4 million tonnes, a 2% increase year-on-year [2][3]. Financial Performance - For FY 2024, Yancoal is expected to generate revenue of A$7.138 billion, down from A$7.778 billion in FY 2023, reflecting a year-on-year decline of 8.2% [1][13]. - The net profit for FY 2024 is projected to be A$1.389 billion, a decrease of 23.7% compared to FY 2023 [1][13]. - The earnings per share (EPS) for FY 2024 is estimated at A$1.05, down from A$1.38 in FY 2023 [1][13]. Valuation and Assumptions - The valuation is based on net present value (NPV) calculated from future cash flows, with long-term thermal and metallurgical coal prices assumed at A$130/tonne and A$200/tonne respectively starting in 2027 [11][12]. - The report uses a weighted average cost of capital (WACC) of 6.7% for its valuation [11][12].

Investment Rating - Maintain BUY rating with a target price of HK$4 25 based on 13x FY25E P/E [1][30] Core View - FIT Hon Teng is identified as the GB200 server winner in the H-share tech space, benefiting from the GB200 server ramp in 2025 [1] - AI server revenue is estimated to reach US$484mn/823mn, accounting for 11%/16% of FIT's earnings in 2025/26E [1] - In the bull case, revenue could reach US$886mn in FY25E [1] - FIT is expected to benefit from GB200 server rack ramp with share gains over the next few years [1] Earnings Summary - Revenue is forecasted to grow from US$4 531mn in FY22 to US$7 347mn in FY26E, with a YoY growth of 30 8% in FY25E [2][26] - Net profit is expected to increase from US$170 1mn in FY22 to US$384 9mn in FY26E, with a YoY growth of 62 8% in FY25E [2][26] - EPS is projected to rise from US$2 42 cents in FY22 to US$5 42 cents in FY26E [2][26] AI Server Opportunity - FIT is a key component supplier for GB200 NVL72/36, including compute tray connectors/cables, NVLink copper cables, power busbar, liquid cooling components, and GPU sockets [1] - GB200 server revenue is estimated to reach US$422mn/886mn (base/bull) in FY25E [1] - Compute tray connector/cables and NVLink copper cables are expected to deliver US$115mn/291mn in FY25E [1] - Liquid cooling components and GPU sockets are forecasted to generate US$0 6mn/4 6mn in FY25E [1] Latest Developments - FIT is developing CPO solutions and launched the conceptual design of FITConn 800G high-speed connector module for AI connectivity [1] - Hon Hai showcased GB200 NVL72 racks and liquid cooling components at HHTD 2024 [1] - FIT is under qualification for server UQDs and is developing UDQs for use inside the server and on the CDM [19] Valuation - Trading at 9 5x FY25 P/E, valuation remains attractive compared to 42%/63% EPS growth in FY24/25E [1] - Upcoming catalysts include GB200 updates and 3Q24 results in November [1] Financial Summary - Revenue is expected to grow from US$4 531mn in FY22 to US$7 347mn in FY26E, with a YoY growth of 30 8% in FY25E [26] - Net profit is forecasted to increase from US$170 1mn in FY22 to US$384 9mn in FY26E, with a YoY growth of 62 8% in FY25E [26] - EPS is projected to rise from US$2 42 cents in FY22 to US$5 42 cents in FY26E [26]

证券研究报告·公司点评报告·其他金融(HS) 香港交易所（00388.HK） 2024 年三季报点评：市场活力迸发，业绩高 峰渐近 2024 年 10 月 23 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|------------------------------------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万港元） | | | 18,456 20,516 22,625 24,275 25,614 | | | | 同比（ % ） | -11.90% | 11.16% | 10.28% | 7.29% | 5.52% | | 归母净利润（百万港元） | | | 10,078 11,862 12,835 13,946 14,888 | | | | 同比（ % ） | -19.60% | 17.70% | 8.21% ...

证券研究报告 | 公司点评 gszqdatemark 2024 10 23 年 月 日 特步国际（01368.HK） 流水稳健增长，库存健康，KP 剥离进度顺利推进 特步品牌 2024Q3 流水增长中单位数，运营稳健。公司发布 2024 年 Q3 经营情况公告，特步品牌流水同比增长中单位数，Q3 零售折扣水平约 75 折，截至 Q3 末渠道存货周转天数在 4 个月左右，运营质量稳健，整体表 现符合预期。10 月份以来受益于消费环境边际改善以及假期消费带动，我 们预计公司终端流水增速或在双位数，对比 Q3 有所提升。 ➢ 产品优化助力电商业务增速优异，线下渠道流水受限于客流波动预 计持平。2024Q3 特步品牌终端流水同比增长中单位数，分渠道来看： 我们预计电商渠道流水增速亮眼，增速预计在高双位数，线上渠道的 快速增长一方面系电商消费环境改善，另一方面系公司产品结构优 化，2024 年以来公司线上高性价比产品逐步丰富；我们预计 Q3 线 下渠道流水持平略增，受限于消费环境波动，客流表现有所波动。 ➢ 渠道库存保持在健康水位，终端折扣环比 Q2 持平。根据公司披露， 2024Q3 终端折扣整体在 75 折左右，同 ...