Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Views - The company is expected to achieve a revenue growth exceeding 20% for the full year, driven by strong terminal sales performance and improved operational efficiency [2][3]. - The net profit for the first three quarters of 2024 is projected to be approximately $100 million, reflecting a year-on-year increase of over 300% compared to $2.3 million in the same period last year [2]. Summary by Sections Earnings Performance - The company has ended its destocking cycle, which has contributed to profit growth through scale recovery and cost control [2]. - Key factors supporting profit growth include strong terminal sales of EGO, the end of the destocking cycle, optimized operational expenses, and improved gross margins due to enhanced operational efficiency [2]. Outlook - Based on the growth momentum observed in the first nine months of 2024, the company is confident in achieving its revenue growth target of over 20% for the full year [2]. - The earnings forecast has been adjusted, with expected revenues for 2024-2026 projected at $1.68 billion, $2.02 billion, and $2.36 billion, respectively. The net profit attributable to the parent company is expected to be $134 million, $170 million, and $204 million for the same period [2][3]. Financial Summary - The company reported total revenue of $1.37 billion in 2023, with a year-on-year decline of 30.89%. However, a recovery is anticipated with a projected revenue of $1.68 billion in 2024, reflecting a growth of 22.19% [3][4]. - The gross margin is expected to improve to 32.08% in 2024, up from 28.14% in 2023 [3][4].

Investment Rating - The report initiates coverage on GDS Holdings with a "Recommend" rating [2][3] Core Views - GDS Holdings is a global leader in data center services, with a strong presence in China and expanding into Southeast Asia and Northeast Asia [2] - The company's revenue has shown steady growth, with overseas business surging by 494% YoY in 2023 [2] - The domestic market for data centers in China is growing due to increasing demand for computing power and digital transformation [2] - Southeast Asia's data center market has significant growth potential, driven by rapid expansion in the digital economy and AI technology [2] - The company is expected to achieve revenues of 114.2/135.8/160.1 billion RMB in 2024-2026, with EBITDA of 48.6/55.5/64.5 billion RMB [2] Company Overview - GDS Holdings has transitioned from a service-oriented model to a resource-driven model since 2009, expanding its data center coverage across key regions in China and internationally [2][6] - The company has a robust portfolio of self-developed and third-party data centers, with a total net floor area of 565,062 square meters as of December 31, 2023 [9] - GDS Holdings uses a VIE structure for its operations in mainland China and directly controls its subsidiaries in Southeast Asia and Northeast Asia [10] Financial Performance - In 2023, GDS Holdings reported total revenue of 9,957 billion RMB, with a 6.8% YoY growth [2][15] - The company's overseas business revenue reached 223 billion RMB in 2023, with a 494% YoY increase [15] - EBITDA margin improved to 24.7% in the first half of 2024, indicating a recovery in profitability [19] Market Trends - China's data center market is experiencing a clusterization trend, with deployments shifting from central to peripheral areas and from east to west [25][26] - The Southeast Asian digital economy is expanding rapidly, with a projected growth rate of 15.8% over the next five years, surpassing the US and EU [36] - AI technology is driving increased demand for data centers in Southeast Asia, with the AI market expected to grow at a CAGR of 28.53% from 2024 to 2030 [42] Strategic Initiatives - GDS Holdings is focusing on green data center solutions, aiming to achieve carbon neutrality by 2030 [34] - The company is accelerating its overseas expansion, particularly in Southeast Asia, with new data center projects in Malaysia and Indonesia [48] - GDS Holdings has partnered with overseas power companies to ensure stable electricity supply and is exploring fuel cell power solutions [49] Valuation and Forecast - The company's EV/EBITDA is projected to be 14/12/10x for 2024-2026, with a revenue CAGR of 14.7%/18.9%/17.9% [2][54] - GDS Holdings is expected to increase its operational area to 67/80/87 million square meters by 2026, with a corresponding rise in revenue [50]

证券研究报告·海外公司点评·纺织及服饰(HS) 361 度（01361.HK） 24Q3 流水点评：流水保持稳健较快增长，产 品矩阵持续夯实 2024 年 10 月 17 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） | 7085 | 8518 | 10028 | 11609 | 13397 | | 同比 (%) | 17.61 | 20.24 | 17.72 | 15.77 | 15.40 | | 归母净利润（百万元） | 747.12 | 961.43 | 1,131.34 | 1,329.39 | 1,547.59 | | 同比 (%) | 24.17 | 28.68 | 17.67 | 17.51 | 16.41 | | EPS- 最新摊 ...

Investment Rating - The report initiates coverage on GDS Holdings (9698 HK) with a "Recommend" rating [2][54] Core Views - GDS is a leading data center service provider in China and Southeast Asia, with a strong domestic presence and rapid overseas expansion [2][6] - The company's revenue grew steadily to RMB 9,957 billion in 2023, with overseas business surging 494% YoY [2] - Domestic computing power demand is increasing, driving data center development, while Southeast Asia presents significant growth potential [2][36] - GDS is expected to achieve revenues of RMB 114 2/135 8/160 1 billion in 2024-2026, with EBITDA of RMB 48 6/55 5/64 5 billion [2][54] Company Overview - GDS transformed from a service-oriented to resource-driven model since 2009, expanding data center coverage across major Chinese cities and entering Southeast Asian markets [2][6] - The company operates 93 self-developed data centers with a total net floor area of 565,062 m² as of December 31, 2023 [9] - GDS uses a VIE structure for its mainland China operations and directly controls overseas subsidiaries [10] Financial Performance - 2023 revenue reached RMB 9,957 billion, with service income accounting for 99 99% [15] - Overseas business grew rapidly, with service income increasing 494% YoY to RMB 223 billion in 2023 [15] - EBITDA margin recovered to 24 7% in 1H2024, indicating improved profitability [19] Domestic Market - China's data center industry shows clustering trends, with deployments shifting from central to peripheral areas and east to west [25][26] - The company focuses on liquid cooling, energy storage, and hydrogen energy technologies to achieve carbon neutrality by 2030 [34] - GDS actively participates in China's East Data West Computing project, transferring data center layouts from first-tier cities to surrounding areas [33] Southeast Asia Expansion - Southeast Asia's digital economy is growing rapidly, with IDC predicting a 15 8% growth rate, surpassing the US and EU [36] - The region's e-commerce market is booming, with platforms like Shopee leading the way [38] - GDS has established data centers in Malaysia and Indonesia, with plans to expand further in the region [48] Technology and Innovation - GDS is developing innovative solutions like the Turbo series, focusing on liquid cooling, energy storage, and hydrogen energy [34] - The company is exploring fuel cell power solutions in collaboration with SK ecoplant [49] Future Outlook - GDS is expected to increase its operational area to 670,000/800,000/870,000 m² in 2024-2026 [50] - The company's gross margin is projected to rise to 21 4%/24 7%/27 9% in 2024-2026 [50] - GDS's EV/EBITDA is forecasted at 14/12/10x for 2024-2026, below the industry average of 17x [54]

Investment Rating - The investment rating for JD Group is "Outperform the Market" (maintained) [2][6] Core Views - JD Group is expected to report strong revenue and profit performance for Q3 2024, with revenue projected to reach 259.6 billion yuan, a year-on-year increase of 5%. The Non-GAAP net profit margin is anticipated to improve by 0.1 percentage points to 4.3% [3][4] - The company is expected to benefit significantly from the national subsidy policy for trade-in programs, which was officially issued at the end of August 2024. Revenue forecasts for 2024-2026 have been adjusted slightly downward by 0.1% for each year, while adjusted net profit forecasts have been reduced by 9% for 2024 and 2025, and by 8% for 2026 [6][4] Summary by Relevant Sections Revenue and Profit Forecast - Q3 2024 revenue is expected to be 259.6 billion yuan, with JD Retail revenue growth at 5%. The growth in the electronics category is expected to turn positive, and the daily necessities category is projected to grow in the high single digits. The POP model is expected to grow faster than the market average [3][4] - The company is maintaining disciplined spending, which has enhanced its bargaining power and led to a recovery in gross margins. This is expected to drive adjusted net profit growth of 6% year-on-year [4][6] Market Dynamics - The GMV (Gross Merchandise Volume) is expected to see high single-digit growth in Q3, primarily driven by the trade-in program for electronics. The number of active merchants is expected to maintain double-digit growth, and the number of active purchasing users is projected to grow in double digits year-on-year [4][6] Financial Adjustments - The revenue forecasts for 2024-2026 have been adjusted to 1,134.2 billion yuan, 1,201.6 billion yuan, and 1,280.9 billion yuan respectively. The adjusted net profit forecasts for the same period are 41.9 billion yuan, 46.9 billion yuan, and 52 billion yuan respectively [6][4]

Investment Rating - The report maintains a **Buy** rating for Meituan (3690 HK) with a target price of HKD 228, implying a potential upside of 24.2% from the current price of HKD 183.60 [1][2] Core Views - Meituan's profit growth trend is expected to remain sustainable, leading to an upward revision of 2025 profit forecasts and target price [1] - The company is expected to report a 21% YoY increase in total revenue for Q3 2024, slightly above Bloomberg/Visible Alpha (VA) consensus of 20% [1] - Net profit is projected to surge 98% YoY to RMB 11.4 billion in Q3 2024, with a net margin of 12.3%, outperforming Bloomberg/VA expectations of 106%/109% growth [1] - Local commerce (CLC) is expected to grow 20% YoY, with delivery order volume up 14%, revenue up 18%, and profit up 36% [1] - In-store, hotel, and travel (IHT) business is forecasted to grow 20% in revenue and 32% in profit, with a margin of 35% [1] - New businesses are expected to grow 25% YoY, with quarterly losses narrowing to RMB 1.86 billion [1] Financial Projections - Local commerce revenue is projected to grow 21% in 2024 and 18% in 2025, with adjusted operating profit increasing 30% and 27%, respectively [2] - IHT revenue is expected to accelerate, growing 23% in 2024 and 30% in 2025, with adjusted operating profit increasing 20% and 33%, respectively [2] - New business losses are expected to narrow further in 2025, following a trend of reduced losses in H2 2024 [2] - Adjusted net profit growth is forecasted at 78% in 2024 and 25% in 2025, with a 2025 PEG ratio of 1x and a P/E of 25x [2] Industry Position - Meituan maintains a leading position in China's instant retail and delivery industry [2] - The company's food delivery business, despite high online penetration, continues to meet diverse user needs through products like "Pinhao Fan" [2] - Flash delivery faces competition but has significant market potential, with scale effects and category diversification being key to monetization [2] - Local life services market competition is largely under control, with emerging industry investments still in early stages [2] Financial Data Highlights - Revenue is projected to grow from RMB 276.7 billion in 2023 to RMB 420.2 billion in 2026, with a CAGR of 8.7% from 2024 to 2026 [3] - Net profit is expected to increase from RMB 23.3 billion in 2023 to RMB 59.8 billion in 2026, with a CAGR of 15.5% from 2024 to 2026 [3] - EPS is forecasted to grow from RMB 3.71 in 2023 to RMB 9.59 in 2026 [3] - P/E ratio is expected to decline from 45.1x in 2023 to 17.5x in 2026, reflecting improving profitability [3]

Investment Rating - The investment rating for Anta Sports is "Buy" (maintained) [2] Core Views - Anta Sports demonstrates resilience during the downturn, with expectations for a bottoming out in sales during the National Day holiday period, which exceeded expectations [2] - The company is expected to maintain high growth rates across its various brands, with a notable performance from the main brand and a healthy inventory level [2][3] - The report anticipates that e-commerce sales will outperform offline sales, continuing a trend of over 20% growth [2] Financial Summary - **Revenue Forecasts**: - 2022A: 53,651 million - 2023A: 62,356 million (growth rate: 16%) - 2024E: 70,710 million (growth rate: 13%) - 2025E: 79,308 million (growth rate: 12%) - 2026E: 88,319 million (growth rate: 11%) [2][3] - **Net Profit Forecasts**: - 2022A: 7,590 million - 2023A: 10,236 million (growth rate: 35%) - 2024E: 13,530 million (growth rate: 32%) - 2025E: 14,166 million (growth rate: 5%) - 2026E: 15,974 million (growth rate: 13%) [2][3] - **Earnings Per Share (EPS)**: - 2022A: 2.68 - 2023A: 3.62 - 2024E: 4.78 - 2025E: 5.01 - 2026E: 5.65 [2][3] - **Cash Flow**: - 2023A: 6.94 - 2024E: 3.75 - 2025E: 4.67 - 2026E: 5.91 [2][3] - **Return on Equity (ROE)**: - 2023A: 24% - 2024E: 23% - 2025E: 20% - 2026E: 18% [2][3] Market Position and Strategy - Anta Sports is focusing on multi-brand operations to cover segmented users and enhance domestic product capabilities, capitalizing on emerging sports trends [2] - The company is expected to continue improving its channel reform and customer targeting strategies, particularly through the Super Anta and Champion stores [2][3] - The report highlights the importance of maintaining stable discount levels and improving online sales channels [2][3]

23/1023/1123/1224/0124/0224/0324/0524/0624/0724/0824/0924/10 证券研究报告 | 公司点评 | 服装家纺 | --- | --- | |----------------------------------|------------------------------------------| | 波司登 (03998) | 报告日期： 2024 年 10 月 16 日 | | 旺季开门红，新战投推进国际化进程 | | | ——波司登点评报告 | | 投资要点 ❑ 新财年防晒服业务专业度加码、助力新财年夏季业绩突破： 3 月公司推出新一代专业防晒衣，以突出的专业性能（UPF100+、高于 国标 66%凉感、透气效果提升 35%+）打造差异化，并推出与 Christelle Kocher（香奈儿旗下高级手工坊艺术总监）的联名产品、与时尚芭莎合作打 造 SHOWROOM、与北京电影节合作大秀助力话题度提升，在产品系列上除 已有的骄阳系列 24 年新增都市轻户外系列扩大覆盖生活场景，产品系列扩 张为新财年防晒服业务延续高增打下坚实基础。 ❑ 叠变系列为代表的多 ...

买入（维持） 股价（2024年10月15日） 47.45 港元 目标价格 60.47 港元 52 周最高价/最低价 63.45/37.55 港元 总股本/流通 H 股（万股） 431,585/356,986 H 股市值（百万港币） 204,787 国家/地区 中国 行业 传媒 报告发布日期 2024 年 10 月 16 日 1 周 1 月 3 月 12 月 绝对表现% -9.96 24.38 -0.84 -25.16 相对表现% -7.05 7.4 -13.62 -39.22 恒生指数% -2.91 16.98 12.78 14.06 项雯倩 021-63325888*6128 xiangwenqian@orientsec.com.cn 执业证书编号：S0860517020003 香港证监会牌照：BQP120 李雨琪 021-63325888-3023 liyuqi@orientsec.com.cn 执业证书编号：S0860520050001 香港证监会牌照：BQP135 快手 3Q24 前瞻：流量端稳健增长，内容 和商业化均衡发展 核心观点 ⚫ 整合内容与商业资源、奥运转播效应助推平台 DAU 和时长预计环 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.15 per share, based on a 15x PE valuation for 2025 [4] Core Views - The company has entered into an exclusive licensing agreement with AstraZeneca for the global development, manufacturing, and commercialization of its Lp(a) inhibitor YS2302018 The deal includes a $100 million upfront payment, up to $370 million in potential development milestone payments, and up to $1.55 billion in potential sales milestone payments, along with tiered royalties [2] - YS2302018, a small molecule Lp(a) inhibitor developed using the company's AI-driven drug design platform, shows promising preclinical results with excellent pharmacokinetics, efficacy, and safety Lp(a) is a potential target for lipid management, and multiple therapies, including siRNA, ASO, and small molecule inhibitors, are under development globally [2] - The company is accelerating its internationalization efforts, with over 2,000 R&D personnel and eight major technology innovation platforms, including nanomedicine, siRNA, and ADC In H1 2024, R&D expenses reached RMB 2.542 billion, accounting for 18.8% of pharmaceutical revenue The company has over 130 innovative drug projects in its pipeline, with nearly 50 new products/indications expected to be submitted for approval in the next five years [2] Financial Projections - Revenue is projected to grow from RMB 30.937 billion in 2022 to RMB 38.991 billion in 2026, with a CAGR of 5.9% [3] - Net profit attributable to shareholders is expected to increase from RMB 6.091 billion in 2022 to RMB 7.339 billion in 2026, with a CAGR of 4.7% [3] - EPS is forecasted to grow from RMB 0.51 in 2022 to RMB 0.62 in 2026 [3] - ROE is expected to decline slightly from 19.7% in 2022 to 15.7% in 2026, reflecting the company's ongoing investment in R&D and international expansion [3] Financial Ratios - The company maintains a strong balance sheet, with total assets projected to grow from RMB 41.770 billion in 2022 to RMB 60.355 billion in 2026 [7] - The debt-to-asset ratio is expected to decrease from 24.2% in 2022 to 20.4% in 2026, indicating improving financial health [8] - Operating cash flow is forecasted to remain robust, increasing from RMB 7.627 billion in 2022 to RMB 7.951 billion in 2026 [7] - The company's valuation multiples are attractive, with a forward PE of 12.2x for 2024 and an EV/EBITDA of 7.0x, reflecting its growth potential and strong market position [3]