盈利预测：（本文除特殊说明外均采用人民币为货币单位） [Table_Title] 【广发批零社服&海外】华住集团-S （01179.HK）/华住（HTHT.O） Q3 收入处于指引区间下限，开店持续领先 [Table_Summary] 核心观点： ⚫ 公司发布 24Q3 业绩：（1）24Q3：收入 64.4 亿元/YoY+2.4%，处于此 前 2%-5%的指引区间，归母净利润 12.7 亿元/YoY-4.8%，经调净利润 13.7 亿元/YoY-10.8%。（2）24Q1-3：收入 178.7 亿元/YoY+9.6%，归 母净利润 30.0 亿元/YoY-10.3%，经调净利润 34.0 亿元/YoY+13.4%。 ⚫ 境内房价受高基数影响，入住率相对企稳。24Q3 境内酒店 RevPAR /ADR/Occ 分别为 256 元/301 元/84.9%，同比分别-8.1%/-7.0%/-1.0 pct，境外酒店 RevPAR/ADR/Occ 分别为 82 欧元/117 欧元/69.8%， 同比分别+3.7%/+2.5%/+0.8pct。 ⚫ 开店继续提速，保持领先。24Q3 境内新开酒店 774 家，创单季度新 ...

Investment Rating - The report maintains a "Buy" rating for Tongcheng Travel with a target price of HKD 20.18 per share, based on a 25-year 13X PE valuation [2][6] Core Views - Tongcheng Travel's 24Q3 GMV grew 2.4% YoY to RMB 72.8 billion, with revenue increasing 51.3% YoY to RMB 4.99 billion [1] - Adjusted net profit for 24Q3 rose 46.6% YoY to RMB 910 million, with an adjusted net margin of 18.2% [1] - 24Q3 adjusted EBITDA increased 51.6% YoY to RMB 1.32 billion, maintaining a 26.4% margin [1] - MPU grew 5% YoY to 46.4 million, while APU increased 3.4% YoY to 230 million, and ARPU surged 53.2% YoY [1] Business Segment Performance - Transportation ticketing revenue grew 20.6% YoY to RMB 2.03 billion in 24Q3 [2] - Accommodation booking revenue increased 22.2% YoY to RMB 1.38 billion in 24Q3 [2] Operational Highlights - Sales expense ratio decreased 9.1pp YoY to 29% in 24Q3, reflecting improved marketing efficiency [2] - International ticket volume grew over 110% YoY, and international hotel room nights increased over 130% YoY in 24Q3 [2] - Cross-selling rate improved to 12% [2] Financial Projections - Revenue is forecasted to grow 44.2% YoY to RMB 17.2 billion in 2024, with further growth of 17.2% and 19.5% in 2025 and 2026 respectively [2] - Non-IFRS net profit is expected to reach RMB 2.72 billion in 2024, growing 24.4% YoY, with continued growth of 22.6% and 20.5% in 2025 and 2026 [2] - Non-GAAP EPS is projected to increase from RMB 1.21 in 2024 to RMB 1.78 in 2026 [4]

[Table_Page] 公告点评|医疗保健设备与服务 证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------|---------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------|----------------------------------------------------------------------------------------------|------------------------------------------------------------------|-------------------|----------------------- ...

中国石油（857.HK） 更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------|---------------------------------------------------------------------------------------------------------|---------------------------------------------|----------------------------|----------------|-----------------------------------------------------------|--------------------------|-------|---------------------|-------------------------------| | | | 买入 | | | | | | | 2024 年 11 月 27 日 | | | 业绩符合预期，天然气业务增速明显 | | | ...

荣昌生物（9995） 更新报告 买入 2024 年 11 月 27 日 费用管控成效显著，集中资源加速重点管线推进 环比维持双位数增长，控费显著亏损收窄：公司 2024 年 Q3 实现营收 4.67 亿元，同比增长 34.6%，环比也维持了双位数增长，达 13.6%。前三季度累计 收入同比增长57.1%。随着生产规模扩大及工艺改进，公司Q3毛利率82.1%， 环比大幅提升 4.1 pts。公司 Q3 销售费用率 49.9%，连续两个季度维持在 50% 以下。研发费用环比下降 26.9%，费用率 74.3%。得益于有效的控费举措，公 司 Q3 归母净亏损 2.91 亿元，环比缩窄 32.6%，明显改善。截止 9 月 30 日， 公司在手现金及现金等价物 11.2 亿元，贷款授信额度 28 亿元。 泰它西普持续增长，MG 递交上市申请：泰它西普 Q3 销售收入约 2.7 亿元， 同比增长约43%。销售的增长主要来源于专家对产品疗效和安全性的认识不断 提升、医院医生覆盖的扩大、患者 DoT 的显著延长。MG 适应症已于 10 月递交 上市申请，有望在 2025H2 获批，泰它西普也将正式覆盖神免领域。维迪西妥 单抗 ...

资料来源: 公司资料, 第一上海预测 资料来源: 彭博 贝壳（2423.HK/BEKE.US） 更新报告 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------|---------------------------------|-----------------------------------------|----------------------------------------------------------|---------------------------|--------------|--------------------------------------------------- ...

Investment Rating - Buy (Maintained) [1] Core Views - 2024Q3 revenue met market expectations, while adjusted net profit fell short of expectations [2] - Advertising business remains under pressure, but generative AI continues to transform the ecosystem [3] - Non-advertising business: Generative AI drives growth in cloud computing [4] - Increased customer acquisition and cloud-related costs were partially offset by expense control [5] Financial Performance - 2024Q3 revenue was RMB 33.6 billion, down 3% YoY, in line with Bloomberg consensus [2] - Non-GAAP operating profit was RMB 7 billion, down 8% YoY, below Bloomberg consensus [2] - Non-GAAP net profit was RMB 5.9 billion, down 19% YoY, below Bloomberg consensus [2] - Share repurchase amount since 2024Q3 was USD 161 million, with cumulative repurchase under the 2023 plan reaching approximately USD 1.4 billion [2] Advertising Business - 2024Q3 Baidu Core revenue was RMB 26.5 billion, flat YoY, in line with Bloomberg consensus [3] - Online marketing revenue was RMB 18.8 billion, down 4% YoY [3] - Over 20% of search results now include generative AI content, up from 18% in Q2 [3] - Advertising business is expected to remain weak in Q4, but generative AI is expected to have a positive impact in the medium to long term [3] Non-Advertising Business - Cloud revenue grew 11% YoY in 2024Q3, driven by generative AI [4] - Daily API calls for the Wenxin series models reached 1.5 billion in November 2024, up from 600 million in August [4] - AI accounted for 11% of cloud revenue in 2024Q3, up from 4.8% in 23Q4 [4] - Autonomous driving service "Luobo Kuaipao" provided 988,000 orders in Q3, up 20% YoY [4] - Fully autonomous orders accounted for over 70% of total orders nationwide, increasing to 80% in October 2024 [4] Cost and Expense Management - Baidu Core non-GAAP gross margin was 59.1% in 2024Q3, down 1.4 percentage points YoY [5] - Baidu Core non-GAAP sales and administrative expenses were RMB 4.7 billion, accounting for 17.8% of Baidu Core revenue, up 0.8 percentage points YoY [5] - Baidu Core non-GAAP R&D expenses were RMB 4.3 billion, accounting for 16.4% of Baidu Core revenue, down 2.1 percentage points YoY [5] Financial Forecasts - 2024E revenue is forecasted at RMB 132.4 billion, down 1.67% YoY [1] - 2024E net profit attributable to parent company is forecasted at RMB 24.4 billion, up 20.17% YoY [1] - 2024E Non-GAAP net profit is forecasted at RMB 27.1 billion, down 5.78% YoY [1] - 2024E EPS is forecasted at RMB 8.70, with a P/E ratio of 8.60 [1] Market Data - Closing price (HKD): 80.45 [8] - 52-week low/high (HKD): 75.20/119.90 [8] - Price-to-book ratio: 0.87 [8] - Market capitalization (HKD million): 183,461.35 [8] Key Financial Ratios - 2024E Non-GAAP EPS (RMB): 8.70 [18] - 2024E ROE: 9.13% [18] - 2024E gross margin: 50.16% [18] - 2024E net profit margin: 18.45% [18] - 2024E debt-to-asset ratio: 31.84% [18]

海 ＃investSuggestion＃ 主要财务指标 外 证券研究报告 ＃industryId＃ 消费行业 ＃ 02057.HK ＃中dy通Com快pa递ny＃ -W 港股通（沪、深） ＃title＃ 收入利润均衡增长 增持 （ 维持 ） ＃createTime1＃ 2024 年 11 月 25 日 投资要点 ＃summary＃ 散单件与逆向件快速增长保障单票价格：2024Q3公司收入 107亿元人民币， 同比增长 17.6%，其中快递服务/货运代理服务/物料销售分别同比变动 +18.1%/+0.8%/+27.6%。快递服务收入占比 91.9%，2024Q3 收入增长主要 受包裹量同比增长 15.9%（2024Q3 包裹量 87.2 亿件）及单票价格增长 1.8% 带动，单票价格增长主要受益于直客收入占比提升。受益于电商平台退货 件占比持续提升，直客业务收入(含派费收入)增长 122.1%，此外随着系统 性地加深与各大电商平台在逆向物流、偏远地区配送及增值服务等方面的 合作，散单件实现了超过 40%的同比增长。 单票成本持续优化：单位运输成本同比减少 9.7%（4 分），主要受益于高 效路线规划、装载率提升 ...

请务必阅读正文之后的信息披露和重要声明 海 外 研 究 公 司 点 评 报 告 | --- | --- | |------------------------------|------------| | | | | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-11-22 | | 收盘价（港元） | 28.55 | | 总股本（百万股） | 24,963 | | 流通股本（百万股） | 16,246 | | 归母净资产（百万人民币） | 177,244 | | 总资产（百万人民币） | 350,945 | | 每股净资产（元人民币） | 7.10 | 数据来源：iFind，兴业证券经济与金融研究院整理 注：汇率以2024/11/22为基准，1元人民币=1.0744港 元 ＃相关rel报ate告dReport＃ 《【兴证海外 TMT】小米集团 24Q2 点评：营收利润超预期， 汽车业务前景可期》-2024.8.23 《【兴证海外 TMT】小米集团 23Q4 公司点评：手机高端化奏 效 ， 新 车 预 订 表 现 强 劲 》 -2024.04.02 《【兴证海外 TMT】小米集团 ...

证券研究报告 纺织服饰 | 饰品 港股|首次覆盖报告 hyzqdatemark 2024 年 11 月 28 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 投资要点： 中国古法手工金器专业第一品牌。公司致力于推出兼具文化、时尚属性及可展示高 品质的产品，涵盖日常配饰、日用金器及摆件等，为中国黄金珠宝市场主要品牌中 唯一专注设计、生产加工和销售古法黄金产品的品牌。根据弗若斯特沙利文，以 2023 年收入口径计，公司在中国古法黄金珠宝市场及黄金珠宝的市占率分别为 2.0%及 0.6%，2022-2023 年在中国所有黄金珠宝品牌中，公司单店销售额稳居首位。 2017-2023 年，公司营收及归母净利润 CAGR 分别为 39.5%/53.0%，营收及利润 端均维持快速增长态势。 公司核心竞争优势涵盖产品、研发及渠道三方面。1）产品：毛利率更高的足金镶嵌 产品营收占比逐年提升，溢价空间突出。拆分产品营收来看，足金镶嵌产品营收由 21 年的 6.0 亿元提至 24H1 年的 21.5 亿元，21-23 年 CAGR 高达 71.8%，24H1 占整 体营收比重达 61 ...