港股公司报告 | 公司点评 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------|------------------------------------------------- ...

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 基本面稳健，流动性改善 达势股份(1405) [Table_Industry] 社会服务业 [Table_Invest] 评级： 增持 ——达势股份公司更新 | --- | --- | --- | |----------|-------------------------------------|-----------------------------| | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 宋小寒 ( 分析师 ) | | | 021-38677706 | 010-83939087 | | | liuyuenan@gtjas.com | songxiaohan026736@gtjas.com | | 登记编号 | S0880516030003 | S0880524080011 | 本报告导读： 公司维持高开店与同店正增，大股东减持后流动性有望释放。 投资要点 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company has established significant self-research capabilities in both hardware and software, enhancing its product lineup and opening growth opportunities through international expansion [3][4] - The company has formed a joint venture with Stellantis to facilitate its global strategy, leveraging Stellantis' extensive distribution network [3][4] - Revenue is projected to grow significantly, with expectations of reaching 299.06 billion RMB in 2024, 542.03 billion RMB in 2025, and 799.32 billion RMB in 2026 [4][34] Summary by Sections 1. Self-Research and Product Development - The company, founded in 2015, has developed comprehensive self-research capabilities in core technologies for electric vehicles, including the production of key components and cloud-based solutions [3][8] - The product matrix includes five pure electric models and four extended-range models, with significant delivery growth from 1.7 thousand units in 2021 to 17.3 thousand units in the first nine months of 2024, reflecting a year-on-year increase of 94.6% [8][12] 2. Revenue Growth and Financial Performance - The company’s revenue has increased from 631 million RMB in 2020 to 16.75 billion RMB in 2023, with a 52.16% year-on-year growth in the first half of 2024 [12][13] - The net loss has narrowed from 5.11 billion RMB in 2020 to 2.21 billion RMB in the first half of 2024, indicating improving financial health [12][13] 3. Market Expansion and Sales Network - The company has rapidly expanded its sales network from 49 stores in 2019 to 560 stores by 2023, covering 182 cities [16][17] - The penetration rate of new energy vehicles in China is expected to reach 60.1% by 2026, indicating a favorable market environment for the company [18][19] 4. Strategic Partnerships and Globalization - The partnership with Stellantis involves a joint venture, with Stellantis holding 51% and the company holding 49%, aimed at expanding into international markets [11][30] - The company plans to establish 500 sales points in Europe by the end of 2025 and expand into Asia-Pacific, the Middle East, Africa, and South America starting in the fourth quarter of 2024 [31][32] 5. Financial Projections and Valuation - The company is expected to achieve vehicle sales of 250,000 units in 2024, 440,000 units in 2025, and 630,000 units in 2026, with a corresponding increase in average selling price [33][34] - The projected price-to-sales ratios for 2024, 2025, and 2026 are 1.17, 0.65, and 0.44 respectively, indicating a favorable valuation compared to peers [36][37]

达势股份（1405.HK）事件点评 股东结构有所更新，流动性有望进一步改善 2024 年 10 月 17 日 [盈利预测与财务指标 Table_Forcast] ➢ 事件：10 月 17 日达势股份发布公告，公司主要股东 Domino's Pizza LLC 以场外大宗交易方式出售 1000 万股股份，占总股本的 7.66%，股份买家包括机 构投资者。Domino's Pizza LLC 持股将从此次出售前的 13.87%下降至 6.21%， 并承诺其持有剩余股份将被禁售，禁售期自股份交割日（预期为 2024 年 10 月 21 日）起 90 天。 ➢ Domino's Pizza LLC 股份变化梳理：Domino's Pizza LLC 为达美乐品牌 方全资子公司，曾在 2020 年 5 月、2021 年 1 月各向达势投资 4000 万美元， 2021 年 12 月再度与独立第三方公司投资合计 5000 万美元为公司提供成长资 本，截至 24H1 Domino's Pizza LLC 为公司第二大股东。Domino's Pizza LLC 此次股份出售前持有达势约 1810 万股股份，占总股本 13.8 ...

Investment Rating - The report gives a "Recommend" rating for China Tobacco Hong Kong (6055 HK) [1][4] Core Views - China Tobacco Hong Kong is positioned as the key platform for China Tobacco's overseas expansion, with its importance significantly increasing in the context of domestic tobacco growth slowing down and the necessity of going global [1][14] - The company is transitioning from a tobacco trader to a tobacco producer, with potential for asset injections from its parent company, China Tobacco, which could drive future growth [1][4] - The global tobacco market is undergoing a transformation towards new tobacco products (e g, heated tobacco), and China Tobacco Hong Kong could leverage this trend through acquisitions and market entry strategies [1][36] Industry Analysis - China's tobacco tax revenue accounted for approximately 7% of fiscal revenue in 2023, leading to a conservative policy stance on new tobacco products domestically [1][5] - In contrast, developed markets like the US and EU have seen a decline in tobacco tax revenue as a percentage of fiscal revenue (0 5%-1%), with ESG considerations becoming a priority, leading to more favorable policies for new tobacco products [1][5] - China's strong government execution and centralized regulatory framework have resulted in stricter controls on new tobacco products compared to overseas markets [1][11] Company Analysis - China Tobacco Hong Kong's revenue and profit in 2023 were RMB 11 8 billion and RMB 600 million, respectively, with a market cap of RMB 12 1 billion as of October 16, 2024, significantly lower than global tobacco giants [1][14] - The company's current profits are largely derived from business transfers from China Tobacco, including tobacco leaf import/export and duty-free cigarette exports [1][14] - The company is expected to see revenue growth driven by its tobacco leaf import, cigarette export, and new tobacco export businesses, with projected revenue of HKD 13 58 billion, HKD 15 24 billion, and HKD 17 01 billion for 2024-2026, respectively [44][46] Valuation and Financial Projections - The report forecasts net profits of HKD 850 million, HKD 990 million, and HKD 1 152 billion for 2024-2026, with corresponding P/E ratios of 14x, 12x, and 11x, indicating significant valuation upside compared to global peers [1][4] - The company's valuation is attractive compared to global tobacco giants like Philip Morris International and Japan Tobacco, which trade at average P/E multiples of 18x, 18x, and 17x for 2024-2026 [47][48] Strategic Opportunities - China Tobacco Hong Kong could benefit from global geopolitical shifts and the "Belt and Road" initiative, providing opportunities for market entry and expansion in emerging markets [36][37] - The company is expected to accelerate its overseas expansion through acquisitions of production capacity, distribution channels, and brands, particularly in the taxed cigarette market [1][4]

Investment Rating - The report maintains an "OUTPERFORM" rating for China Resources Gas with a target price of HK$37.94, up from the previous target [3][10]. Core Insights - The company has experienced steady growth in gas sales driven by residential and commercial users, with total retail gas sales volume increasing by 5.3% year-on-year to 20.9 billion cubic meters in the first half of 2024 [8][9]. - Revenue for the first half of 2024 reached HK$20.08 billion, a 7.7% increase from the previous year, while operating profit rose by 18.3% to HK$5.56 billion [7][9]. - The integrated energy business has shown comprehensive growth, enhancing revenue and profitability through diversification into kitchen appliances, insurance, and home products [9][10]. Financial Summary - The company reported a net profit of HK$3.46 billion for the first half of 2024, a decrease of 2.5% year-on-year, with gross margin at 18.6% and operating profit margin at 10.7% [7][8]. - For FY24-26, the main operating revenue is adjusted to HK$102.65 billion, HK$108.36 billion, and HK$114.39 billion, with corresponding net profits of HK$5.43 billion, HK$5.70 billion, and HK$5.98 billion [10]

海外公司报告 | 公司动态研究 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

总股本（万股） 1,240,465.93 《联想集团（00992）FY2024/25 Q1 财报点评： 2024 年 10 月 17 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 联系人 ： 陈重伊 S0350124090017 chency@ghzq.com.cn [Table_Title] 携手 Meta 发布 AI 智能体，迈出 AI 智能体实践 新纪元 ——联想集团（00992）点评报告 最近一年走势 事件: 联想集团于北京时间 10 月 16 日在 Tech World 大会上公布了下一阶段 Smarter AI for all 远景，并展示了全面的人工智能解决方案、服务和设 备组合。会上，联想宣布和英伟达在多个领域展开合作，包括联手推出 搭载液冷技术的服务器产品、车计算领域推出人工智能计算 DCU 等。 投资要点: 正式推出个人 AI 智能体，帮助实现横跨多个设备、生态系统的 AI 体验。 联想正式发布了联想 PC 上的个人 AI 智能体——AI Now。AI Now 基于 Meta Llama 模型进行构建， ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2] Core Insights - Tencent's gaming revenue is increasingly driven by international markets, with overseas revenue growing significantly, accounting for 30% of total gaming revenue in 2023 [2][4] - The report emphasizes the importance of operational changes and strategic adjustments in Tencent's gaming subsidiaries, particularly Supercell, to enhance monetization and user engagement [4][5] - The gaming industry is experiencing a shift towards service-oriented models (GaaS), which Tencent is well-positioned to leverage due to its extensive experience in game monetization [19][20] Summary by Sections 01 Overview of Tencent's Overseas Gaming and Market - Tencent's gaming revenue is heavily reliant on overseas markets, with a notable increase in the share of international revenue from 15% in 2019 to 30% in 2023 [2][4] - The company has adopted a strategy of acquiring subsidiaries and collaborating on game development to enhance its presence in international markets [9][11] 02 Supercell and Riot Games Organizational Adjustments - Supercell, a key component of Tencent's overseas gaming strategy, has seen a revenue increase of 70% in the first half of 2024, driven by successful game launches and operational changes [27][28] - Riot Games is focusing on core titles like "League of Legends" and "Valorant," with organizational restructuring aimed at improving player experience and operational efficiency [35][37] 03 Insights on Tencent's Gaming Operations - Tencent is actively restructuring its gaming operations to enhance monetization strategies, including the introduction of new game features and community engagement initiatives [4][5] - The company is also focusing on the importance of high-quality game development and operational management to maintain user interest and revenue growth [4][5] 04 Valuation Insights for Overseas Game Companies - The report discusses the stable valuation of mature overseas gaming companies, highlighting that firms with strong IP and diverse game portfolios maintain stable valuations even during periods of slow revenue growth [4][5] - Tencent's extensive investment in overseas gaming companies has resulted in a rich IP portfolio and significant operational experience, positioning it favorably in the market [4][5] 05 Investment Recommendations - The report recommends maintaining a focus on Tencent's strong competitive position in the global gaming market, particularly as it continues to innovate and adapt its gaming portfolio [5] - Projected revenue growth for Tencent's gaming segment is expected to accelerate in the second half of 2024 and into 2025, driven by successful game launches and operational improvements [5]

Investment Rating - The investment rating for Anta Sports (02020.HK) is "Buy" (maintained) [1] Core Views - The report indicates that Anta Sports experienced a slight miss in revenue expectations due to unfavorable conditions in Q3, but there are expectations for sales improvement in Q4 [1][3] - The company is recognized as a leading multi-brand sportswear player in China, with ongoing improvements in store operations, product positioning, and brand strategy [3] Summary by Relevant Sections Revenue and Profit Forecast - Total revenue for 2022 was 53.651 billion RMB, with projections of 62.356 billion RMB for 2023, 68.637 billion RMB for 2024, 75.773 billion RMB for 2025, and 83.703 billion RMB for 2026, reflecting a growth rate of 8.76%, 16.23%, 10.07%, 10.40%, and 10.47% respectively [2] - Net profit attributable to shareholders was 7.590 billion RMB in 2022, expected to rise to 10.236 billion RMB in 2023, 13.473 billion RMB in 2024, 13.482 billion RMB in 2025, and 15.189 billion RMB in 2026, with growth rates of -1.68%, 34.86%, 31.62%, 0.07%, and 12.67% respectively [2] Brand Performance - Anta brand retail revenue grew in the mid-single digits year-on-year in Q3 2024, with both adult and children's segments showing similar growth [3] - FILA brand revenue declined in the low single digits year-on-year in Q3 2024, with expectations for better performance in bulk orders compared to children's and trendy brands [3] - Other brands saw a significant revenue increase of 45-50% year-on-year in Q3 2024, with Descente and KOLON growing by 35-40% and 65-70% respectively [3] Operational Insights - Anta brand maintained a healthy inventory turnover ratio of less than five months, with discounts remaining stable [3] - The company has adapted to the challenging consumer environment by innovating in channels and products, such as launching new store formats and cost-effective running shoes [3] Financial Ratios and Valuation - The report adjusts the net profit forecasts for 2024-2026 to 13.472 billion RMB, 13.482 billion RMB, and 15.189 billion RMB respectively, with corresponding P/E ratios of 14, 14, and 13 [3][12] - Key financial ratios for 2024E include an EPS of 4.76 RMB, ROE of 20.72%, and a debt-to-equity ratio of 27.71% [12]