Investment Rating - The report maintains a "Buy" rating for 康方生物 (9926) [4][3] Core Insights - The clinical data for 卡度尼利 in first-line cervical cancer is impressive, with significant benefits observed across the entire population. The company has completed a new round of stock placement to accelerate global development of new drugs [3][4] - The revenue forecasts for 2024-2026 have been revised upwards to 29.40 billion, 47.76 billion, and 67.55 billion RMB respectively, compared to the previous estimates of 29.24 billion, 47.69 billion, and 65.95 billion RMB [4] - The ODAC meeting has further refined the first-line gastric cancer population, enhancing 卡度尼利's competitive advantage [4] Summary by Sections Clinical Data - The results from the Phase III clinical study for 卡度尼利 combined with platinum-based chemotherapy ± bevacizumab for first-line treatment of persistent, recurrent, or metastatic cervical cancer showed a progression-free survival (PFS) of 12.7 months versus 8.1 months for the control group (HR=0.62) and overall survival (OS) results of NR versus 22.8 months (HR=0.64) [4][8] - In the gastric cancer setting, 卡度尼利 demonstrated significant overall survival benefits, particularly in patients with low PD-L1 expression [4][9] Financial Overview - The company successfully raised approximately 19.42 billion HKD through a new stock placement, with over 8.2 billion HKD expected to be allocated for accelerating clinical development of core products globally [4][5] - The current market capitalization of 康方生物 is approximately 58.835 billion HKD, with a share price range over the past year between 31.80 and 74.40 HKD [5][4] Competitive Landscape - The FDA's recent ODAC meeting supported the segmentation of PD-1 drug applications based on PD-L1 expression levels, which positions 卡度尼利 favorably against existing treatments for gastric cancer [4][9] - The report highlights that 卡度尼利's treatment regimen offers significant survival benefits compared to PD-1 monoclonal antibodies, particularly in populations with low PD-L1 expression [4][8]

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company issued a positive profit warning, expecting a net profit of approximately USD 100 million for the first nine months, a year-on-year increase of over 300% [2] - The flagship brand EGO performed strongly, driving accelerated revenue growth in Q3 [2] - The company is confident in achieving its full-year revenue growth target of over 20%, with H2 revenue growth expected to reach 30% [2] - Q3 performance exceeded expectations, leading to an upward revision of full-year earnings [3] - The company's gross margin continues to improve due to cost dilution, driven by product structure optimization, scale effects, and declining lithium battery costs [3] - Channel destocking has ended, and interest rate cuts are expected to catalyze sustained high revenue growth in H2 [3] - The company's valuation is attractive, with projected revenues of USD 1.67 billion, USD 1.97 billion, and USD 2.24 billion for 2024-2026, and net profits of USD 130 million, USD 150 million, and USD 170 million, respectively [3] Financial Performance - Q3 net profit is expected to be approximately USD 38 million, following a net profit of USD 62 million in H1 2024 [2] - The company's revenue growth is accelerating, driven by strong terminal sales of the EGO brand, a low base in 2023, and restocking orders after channel destocking [2] - The company's gross margin improved in H1, benefiting from product structure optimization, scale effects, and lower lithium battery costs [3] - The company's revenue growth is expected to remain strong in H2, supported by year-end promotions, preparations for 2025 inventory, and improved channel inventory health [3] - The company's PE ratios for 2024-2026 are projected at 11x, 9x, and 8x, respectively [3] Industry Outlook - The OPE (Outdoor Power Equipment) industry has significant upward potential, with the company well-positioned to benefit from this trend [3] - Federal Reserve interest rate cuts are expected to boost demand for post-real estate cycle products and enhance consumer purchasing power for big-ticket items, particularly in the OPE category [3] Financial Projections - The company's revenue is expected to grow by 21.19% in 2024, 18.13% in 2025, and 13.87% in 2026 [4] - Net profit attributable to the parent company is projected to grow by 14.51% in 2025 and 12.46% in 2026 [4] - The company's gross margin is expected to be 33.35% in 2024, 32.53% in 2025, and 32.38% in 2026 [6] - ROE is projected to be 11.11% in 2024, 10.61% in 2025, and 10.04% in 2026 [6] - The company's EPS is expected to be USD 0.25 in 2024, USD 0.29 in 2025, and USD 0.33 in 2026 [6]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 2.35, indicating a potential upside of 54.6% from the current price of HKD 1.52 [1][31]. Core Insights - The company is a leading provider of supply chain financial technology solutions, leveraging technological innovation to drive growth. It was established in 2016 and became the first listed Chinese supply chain financial technology company on the Hong Kong Stock Exchange in 2021 [2][31]. - The company has a robust business model focused on supply chain financial technology solutions, which includes core enterprise cloud and financial institution cloud services. The company has achieved a cumulative service asset scale of over CNY 1.3 trillion, holding the largest market share in the industry [1][6]. - The company has diversified its customer base across various industries, with a significant increase in the number of core enterprise cloud clients and partners, reaching 726 and 1,750 respectively as of mid-2024 [7][31]. Summary by Sections Company Overview - The company focuses on providing supply chain financial technology solutions using advanced technologies such as AI, blockchain, and big data. It aims to optimize payment cycles and enhance the transparency and connectivity of the supply chain financial ecosystem [2][6]. Business Model - The main solutions offered include supply chain financial technology solutions and emerging solutions, with a focus on core enterprise cloud and financial institution cloud services. The company serves a wide range of core enterprises and financial institutions, facilitating efficient supply chain financing [6][8]. Financial Performance - The company reported a total asset processing volume of CNY 1,659 billion in the first half of 2024, representing a year-on-year growth of 17%. The revenue for the same period was CNY 400 million, showing a 4% increase compared to the previous year [19][31]. - The adjusted net profit for 2023 was negative due to changes in product structure and pricing, but it is expected to improve in the coming years as the gross margin recovers [21][31]. Market Position - The company holds a 20.9% market share in the domestic supply chain financial technology solutions sector, serving over 29,000 small and micro enterprises across China [25][31]. - The report highlights the increasing demand for integrated technology solutions in the supply chain finance sector, driven by the digital transformation of core enterprises and financial institutions [25][31]. Future Outlook - The company is expected to maintain a compound annual growth rate (CAGR) of 14% from 2024 to 2026 in asset processing volume, supported by a strong cash reserve of CNY 5.1 billion as of mid-2024 [24][31]. - The acquisition of a treasury management solution provider is anticipated to broaden the company's business scope and enhance its service offerings [29][31].

流通 A 股市值（亿股）： 82.50 证券研究报告 纺织服饰 361 度（01361.HK） 买入-B(维持) 24Q3 零售流水延续良好增长，线上渠道快于线下 2024 年 10 月 18 日 公司研究/公司快报 公司近一年市场表现 资料来源：最闻，山西证券研究所 2024Q3 主品牌线下流水增速延续，电商渠道增长快于线下。2024Q3，361 度主品牌线下零售流水同比增长 10%，361 度童装品牌线下零售流水同比增长 10%，361 度电商平台零售流水同比增长 20%以上。童装表现继续优于成人装， 市场数据：2024 年 10 月 17 日 成人装线下渠道增速与 2 季度基本持平。电商渠道增长快于线下渠道，零售流水 收盘价（港元）： 3.990 同比增长 20%以上。2024 年国庆期间（10.1-10.7 日），线下零售流水同比增长 年内最高/最低（港元）： 4.850/3.150 20%+，电商零售流水同比增长约 30%。国庆期间，公司线上、线下零售流水均 流通 A 股/总股本（亿 股）： 20.68/20.68 有所提速。 事件描述 10 月 14 日，公司发布 2024 年第三季度经营数据。2 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant growth in adjusted net profit from 2024 to 2026 [1] Core Views - The company's brand momentum is strong, with leading same-store sales and store expansion performance, indicating a positive fundamental outlook [1] - The company is in a rapid store expansion phase, with a plan to open 240 new stores in 2024, aiming to surpass 1,000 stores by the end of the year, representing a year-over-year growth rate of over 30% [1] - The company's 1H24 revenue reached RMB 2.04 billion, a 48% increase year-over-year, with adjusted net profit turning positive at RMB 50.89 million and adjusted EBITDA growing by 84% to RMB 230 million [1] - Despite industry pressures, the company achieved a 3.6% year-over-year growth in same-store sales in 1H24 [1] Financial Performance and Projections - Revenue is projected to grow from RMB 4.282 billion in 2024E to RMB 6.945 billion in 2026E, with a compound annual growth rate (CAGR) of 28.01% [3] - Net profit attributable to the parent company is expected to increase significantly from RMB 19 million in 2024E to RMB 199 million in 2026E, with a CAGR of 359.25% [3] - Adjusted net profit is forecasted to grow from RMB 1.1 billion in 2024E to RMB 3.2 billion in 2026E, with a CAGR of 95% [1] - The company's ROE (Return on Equity) is expected to improve from 0.91% in 2024E to 8.44% in 2026E [3] Store Expansion and Market Position - The company is on track to reach the milestone of 1,000 stores by the end of 2024, reflecting a strong expansion strategy [1] - The company's competitive advantage in the pizza category is highlighted, with a focus on rapid store expansion and market penetration [1] Shareholder and Brand Relationship - Domino's Pizza LLC, a major shareholder, sold 10 million shares (7.66% of the company's equity) but remains supportive of the company's long-term growth, holding a 6.21% stake post-sale [1] - The sale is seen as a liquidity improvement measure, with no impact on the company's master franchise agreement with Domino's Pizza, Inc [1] Financial Ratios and Valuation - The company's P/E ratio is expected to decrease from 426.82 in 2024E to 41.29 in 2026E, indicating improving profitability and valuation [3] - The P/B ratio remains stable at 3.89 from 2024E to 2026E, reflecting consistent asset valuation [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 78.47 [7][8]. Core Insights - The company is expected to achieve a milestone of 1,000 stores by Q4 2024, indicating strong growth potential and improved profitability due to economies of scale [2][4]. - The major shareholder, Domino's Pizza LLC, is selling 10 million shares, which is 7.66% of the issued share capital, but this is not expected to negatively impact the company's operations or franchise relationships [2][3]. - The company has shown resilience with a positive same-store sales growth for 29 consecutive quarters, and the membership base has reached 21.7 million, contributing to demand growth [4]. Summary by Sections Company Overview - As of September 30, 2024, the company operates 978 stores, with a net increase of 210 stores in the year and 64 stores in Q3 [4]. - The company has achieved a turnaround in profitability with positive adjusted and net profit in the first half of 2024 [2]. Financial Projections - Revenue projections for 2024-2026 are estimated at RMB 40.80 billion, RMB 53.69 billion, and RMB 68.24 billion respectively, with a significant growth rate of 33.73% in 2024 [6][12]. - The adjusted EPS is forecasted to be RMB 0.81, RMB 1.40, and RMB 2.54 for 2024-2026 [5][12]. Valuation Metrics - The report uses a price-to-sales (PS) ratio of 2.3x for 2024, reflecting a premium due to the company's strong growth prospects [5]. - The company’s market capitalization is approximately HKD 9.003 billion, with a closing price of HKD 69.00 as of October 17, 2024 [8].

来源：公司年报、国金证券研究所 达势股份 (01405.HK) 事件 10 月 17 日，公司自愿公告主要股东出售股份情况，公司主要股东 之一 Domino's Pizza LLC 于 2024 年 10 月 17 日开盘前以场外大 手交易方式出售合计 1000 万股公司股份、占公司股本 7.66%。 点评 品牌方减持释放流动性，仍看好公司长期发展。品牌方附属公司 Domino's Pizza LLC 于 2020 年 5 月首次成为公司股东（4.62 美 元/股，总金额约 4000 万美元），并于 2021 年 1 月及 12 月增持公 司（每股成本分别为 4.91/6.95 美元，总金额分别约 4000 万美元 /5000 万美元），本次减持后持股比例为 6.21%，余下股份禁售期 为 90 天（预期按照交割日 2024 年 10 月 21 日起计算）。根据美联 社2024年10月17日报导，达美乐比萨首席执行官Russell Weiner 表示"对达势股份的股权投资一直是我们的一项强劲投资，但更 重要的是，我们为达势股份提供了成长资本，同时也帮助其管理 团队保持专注，推动他们的业务发展，他们在这方面做得 ...

Investment Rating - The report maintains a "Buy" rating for JD Logistics with a target price raised to HK$17.68 from HK$15.79, indicating a potential upside of 26% from the current price of HK$14.00 [1][5]. Core Insights - JD Logistics is expected to see a continued improvement in profit margins, with a projected increase of 2.1 percentage points, leading to a year-on-year adjusted net profit growth of 65% in Q3 2024 [1]. - Revenue growth for Q3 2024 is anticipated to be slightly below previous forecasts due to a weak macroeconomic environment, with an expected year-on-year growth of 5.4% [1][2]. - The report highlights that the company’s gross margin is projected to rise to 10.0% in Q3 2024, up from 7.9% in Q3 2023, driven by operational efficiencies and cost control measures [1][3]. Summary by Sections Financial Performance - Revenue for 2024 is estimated at RMB 178,442 million, reflecting a 7.1% growth compared to 2023 [2]. - Adjusted net profit for 2024 is projected to be RMB 4,291 million, representing a 116.1% increase year-on-year [2][4]. - The earnings per share (EPS) for 2024 is forecasted to be RMB 0.68, up from RMB 0.61, marking a 12.5% increase [4][5]. Revenue Breakdown - Revenue from external customers is expected to grow by 7.6% in 2024, while revenue from related parties is projected to increase by 6.0% [2]. - The contribution from JD Group is anticipated to be RMB 53,067 million in 2024, while revenue from other sources is expected to reach RMB 125,375 million [2]. Valuation - The report employs a discounted cash flow (DCF) model for valuation, maintaining a WACC of 12.1% and a perpetual growth rate of 2.0% [5]. - The stock is currently trading at a discount of 21% to the adjusted target price, with a P/E ratio of 18.7 for 2024 and a CAGR of 20.5% for EPS from 2024 to 2026 [5].

%% %% 丨证券研究报告丨 港股研究丨公司点评丨波司登（3998.HK） [Table_Title] 零售趋势向好，打造多品牌集团 | --- | --- | --- | --- | |-----------------------------------------------------------------------|--------------------------------------|-------|-------| | 报告要点 | | | | | [Table_Summary] 波司登宣布投资加拿大奢侈羽绒服品牌 Moose Knuckles | ， Moose Knuckles 已在中国、北美和 | | | 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SFC：BUU942 请阅读最后评级说明和重要声明 波司登（3998.HK） cjzqdt11111 2024-10-17 [Table_BaseData] 当前股价（HKD） 4.75 注：股价为 2024 年 10 月 16 日收盘价 [Table_Title2] 零售趋势向好 ...

%% %% 丨证券研究报告丨 港股研究丨公司点评丨 361 度（1361.HK） [Table_Title] 零售领跑行业，产品渠道升级 报告要点 [Table_Summary] 公司发布 2024Q3 零售运营数据，2024Q3 线下大装流水同比~10%增长，童装流水~10%增长， 电商流水 20%+增长，流水表现符合预期。 分析师及联系人 [Table_Author] 于旭辉 柯睿 SAC：S0490518020002 SFC：BUU942 请阅读最后评级说明和重要声明 [Table_BaseData] 当前股价（HKD） 4.12 注：股价为 2024 年 10 月 16 日收盘价 361 度（1361.HK） cjzqdt11111 [Table_Title2] 零售领跑行业，产品渠道升级港股研究丨公司点评 [Table_Rank]投资评级 买入丨维持 [Table_Summary2] 事件描述 公司发布 2024Q3 零售运营数据，2024Q3 线下大装流水同比~10%增长，童装流水~10%增长， 电商流水 20%+增长，流水表现符合预期。 事件评论 ⚫ 流水稳健增长，折扣库存稳定。2024Q3 公 ...