Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company's Q3 2024 revenue increased by 17.8% YoY to RMB 3.25 billion, with net profit attributable to shareholders surging 169.7% YoY to RMB 350 million [4] - Adjusted net profit for Q3 2024 reached RMB 570 million, up 36% QoQ, meeting expectations [4] - The average Shanghai gold price in Q3 2024 rose to RMB 569/g, up RMB 17/g from Q2 2024 and RMB 109/g YoY [4] - The company's Haiyu gold mine project is progressing smoothly, with key underground connections completed, and is expected to commence production in mid-2025 [4] - The company established a joint venture with Zijin Mining to explore gold resource acquisitions and development opportunities [4] Financial Performance - The company's revenue is expected to grow from RMB 8.424 billion in 2023 to RMB 15.485 billion in 2026, with a CAGR of 22.5% [5] - Net profit attributable to shareholders is projected to increase from RMB 686 million in 2023 to RMB 2.775 billion in 2026, with a CAGR of 59.2% [5] - Gross margin is forecasted to improve from 40.0% in 2023 to 50.2% in 2026 [5] - ROE is expected to rise from 3.6% in 2023 to 11.0% in 2026 [5] Operational Highlights - The company's Haiyu gold mine is expected to reach full production capacity of 16 tons/year by end-2027 [4] - The company's self-produced gold output is projected to nearly triple from 2023 to 2028 [4] - The company reduced its interest-bearing debt by RMB 840 million in Q3 2024 [4] Valuation Metrics - The company's PE ratio is expected to decline from 56.8x in 2023 to 14.6x in 2026 [8] - The PB ratio is forecasted to decrease from 2.07x in 2023 to 1.61x in 2026 [8] - EPS is projected to grow from RMB 0.21 in 2023 to RMB 0.82 in 2026 [8]

招金矿业（01818.HK）2024 年三季报点评 ➢ 事件：公司发布 2024 年三季报。2024Q1-Q3 公司实现营业收入 78.4 亿 元，同比增长 25.7%，实现净利润为 8.8 亿元，同比增长 141.1%，扣非归母净 利 9.39 亿元，同比增长 54.46%。单季度看，2024Q3 公司实现营收 28.3 亿元， 同比增长 3.27%，环比下降 8.13%；实现净利润 3.28 亿元，同比增长 191.55%， 环比下降 1.08%，扣非归母净利 3.86 亿元，同比增长 65.96%，环比增长 12.08%， 业绩基本符合我们预期。 ➢ 分析：金价高企是公司业绩表现优异的核心原因。价格：2024Q1-Q3COMEX 金均价 2290 美元/盎司，同比+18.58%；Q3 单季度 COMEX 金均价 2473 美元 /盎司，同比+28.39%，环比+5.76%。费用：公司费用水平略有降幅。根据原始 公布报表计算，2024 年前三季度研发/管理/财务费用分别为 1.98/7.69/3.38 亿 元，占营收比重 2.44%/9.51%/4.18%，同比下降 0.91/1.21/0.85pct。利 ...

[Table_MainInfo] 公司研究 证券研究报告 [Table_InvestInfo] [Table_AuthorInfo] | --- | --- | |---------------------------------------------------------------|---------------| | 股票数据 | | | 1 [ 0 Ta 月 b 1 le 1 _ 日 S 收 to 盘 ck 价（ In 港 fo 元 ] ） | 23.75 | | 52 周股价波动（港元） | 12.12-25.85 | | 总股本（百万股） | 24956.83 | | 总市值 / 流通市值（百万港元） | 592725/485426 | | 相关研究 | | [Table_ReportInfo] 公司是全球领先的消费电子和智能硬件公司。小米集团成立于 2010 年，专注于 高性价比智能手机的研发、生产与销售。自公司成立以来，小米集团不断拓展 产品线，覆盖了智能手机、笔记本电脑、智能电视、智能家居、可穿戴设备、 智能汽车等多个领域。2018 年，小米在香港联合交易所上市。根据 Canalys 数 ...

Investment Rating - The report maintains a "Buy" rating for Anta Sports [4][5] Core Views - The retail performance of Anta Sports shows brand differentiation, with the Anta brand achieving single-digit growth in Q3 2024, while FILA experienced a slight decline. Other brands saw a growth of 45-50%, driven by strong brand power and outdoor trends [4][5] - Online sales growth outpaced offline, with Anta's e-commerce continuing to grow over 20%. The company is preparing for the upcoming Double Eleven shopping festival, aiming to outperform peers while balancing scale growth and profit margins [4][5] - Inventory levels remain healthy, with discount rates improving steadily. Anta's offline discount rates remained stable year-on-year, while online discounts improved. This indicates that retail growth is not solely reliant on discounting, reflecting high-quality sales growth [4][5] Summary by Sections Retail Performance - Anta brand showed single-digit growth in Q3 2024, with both adult and children's segments performing well. FILA brand saw a low single-digit decline, while other brands grew by 45-50% [4][5] - The performance of Kolon Sport and DESCENTE brands remained strong, with growth rates of 65-70% and over 30%, respectively [4] Channel Analysis - Online sales growth was superior to offline, with Anta's e-commerce achieving over 20% growth. The company is innovating in offline store formats to capture price-sensitive consumers [4][5] Financial Outlook - The company expects a recovery in sales during the National Day holiday, with a focus on cost control to enhance profit visibility for the year. The sales target for the year relies on achieving higher growth in Q4 [5] - The projected net profit for 2024 is adjusted to 134.1 billion RMB, reflecting a slight decrease from previous estimates, with a PE ratio of 19 times [5][6]

传媒 证 券 研 究 报 告 上 市 公 司 公 司 点 评 / 公 司 点 评 2024 年 10 月 11 日 腾讯控股 (00700) ——24Q3 前瞻：游戏和视频号持续拉动增长 报告原因：有新的信息需要补充 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 10 日 | | 收盘价（港币） | 438.80 | | 恒生中国企业指数 | 7620.74 | | 52 周最高/最低（港币） | 482.40/260.20 | | H 股市值（亿港币） | 40,718.96 | | 流通 H 股（百万股） | 9,279.62 | | 汇率（人民币/港币） | 1.0987 | 投资要点： 买入（维持）事件： ⚫ 我们预计腾讯 24Q3 实现营业收入 1658 亿元，同比增长 7%；调整后归母净利润 535 亿元， 同比增长 19%。 ⚫ 近期政策积极信号释放，带来资本市场提振，腾讯投资公司估值亦提升；未来对消费展 望有望转向乐观但需要时间。腾讯基本面确定性仍 ...

隐证券 纺织服饰/服装家纺 公 司 研 究 安踏体育（02020.HK） 2024 年 10 月 11 日 Q3 FILA 流水波动，期待 Q4 电商旺季下流水表现 ——港股公司信息更新报告 投资评级：买入（维持） | --- | --- | |-------------------------|---------------| | 日期 | 2024/10/10 | | 当前股价 ( 港元 ) | 100.10 | | 一年最高最低 ( 港元 ) | 107.50/60.200 | | 总市值 ( 亿港元 ) | 2,832.06 | | 流通市值 ( 亿港元 ) | 2,832.06 | | 总股本 ( 亿股 ) | 28.29 | | 流通港股 ( 亿股 ) | 28.29 | | 近 3 个月换手率 (%) | 25.82 | 股价走势图 -32% -16% 0% 16% 32% 2023-10 2024-02 2024-06 安踏体育 恒生指数 数据来源：聚源 相关研究报告 《2024H1 核心利润超预期，百亿回购 提振信心 —港股公司信息更新报告》 -2024.8.30 《Q2 零售波动下流水符合 ...

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 488 临床数据优异，慢病管线加速推进 [Table_Invest] 评级： 增持 ——诺诚健华公司跟踪点评 | --- | --- | |------------------|--------------------------| | | | | | | | 股票研究 /[ | Table_Date] 2024.10.11 | | | | | 诺诚健华 | (9969) | | [Table_Industry] | 医药 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------|-----------------------------------|----------------------------|-------|--------|--------------------------|--------- ...

Investment Rating - The report assigns a "Buy" rating for the stock with a 6-month target price of HKD 10.75, representing a significant upside from the current price of HKD 5.58 [3] Core Business and Strategy - The company focuses on high-margin diagnostic and diagnostic upgrade products, leveraging its X-431 product line which represents advanced domestic diagnostic technology [3] - It has established connections with over 300 million vehicles globally through diagnostic devices, holding a 70% market share in China and generating 800,000 daily diagnostic reports [3] - The company is transitioning to a light-asset model, cutting low-margin product lines and focusing on R&D, brand building, and flexible production adjustments [3] - It is expanding into the new energy vehicle (NEV) market with products like SDS, EVS, and AAS, covering the entire lifecycle of NEVs with over 90% customer satisfaction [3] Financial Performance and Growth Drivers - H1 2024 gross margin increased by 7 percentage points to 47%, driven by higher overseas and software revenue contributions [4] - Overseas revenue surged 90% YoY to CNY 629 million in H1 2024, accounting for 63% of total revenue, up from 42% in 2022 and 45% in 2023 [4] - Software revenue grew 49% YoY in 2023 to CNY 127 million, with paid software customers increasing by 106% and software upgrades by 72% [5] - The company expects net profit to reach CNY 300 million in 2024 and CNY 390 million in 2025, with a current PE ratio of 6x and 5x respectively [6] Market Position and Competitive Advantages - The company is a pioneer in the automotive aftermarket, with over 30 years of experience and a comprehensive product portfolio covering diagnostics, maintenance, and lifting equipment [12] - It has a strong R&D team with hundreds of patents and a global presence, including R&D centers in the US, Germany, Japan, and South Korea [12] - The company has transitioned into the vehicle networking space with its golo series, establishing a leading position in the industry [13] - It is exploring the commercial value of automotive big data and has built a blockchain-based automotive data ecosystem [14][16] Industry Trends and Opportunities - The automotive aftermarket is benefiting from the increasing NEV penetration and the corresponding demand for diagnostic and maintenance services [3] - The US aftermarket is dominated by independent repair shops, which account for 70% of the market, providing a significant opportunity for the company's diagnostic products [41] - In China, the aftermarket is shifting from 4S shops to third-party repair shops, with NEV adoption driving industry reshuffling and creating new opportunities [44][45] - The industry is trending towards intelligence, new energy, and connectivity, with the company well-positioned to benefit from these trends [47][48] Product Evolution and Innovation - The company has streamlined its product portfolio, reducing hardware products by 74.36% and focusing on high-margin software and services [28] - It has launched the X-431 EV MAX, a comprehensive diagnostic device for NEVs, and is building a "sales + service + car management" ecosystem for NEVs [29] - The company's super remote diagnosis system leverages 5G technology to enable remote vehicle diagnostics, reducing costs and improving efficiency for repair shops [35] - Its diagnostic products cover over 95% of NEV models, with advanced features like battery pack analysis and fault code reading [34]

证券研究报告 港股通 中银航空租赁 (2588 HK) 3Q24：7 架飞机交付 华泰研究 公告点评 投资评级(维持): 目标价(港币): 租赁 2024年10月11日│中国香港 3Q24 交付 7 架飞机，融资成本降低 中银航空租赁（BOCA）在 10 月 10 日披露了 3Q24 运营数据。3Q24 末， 公司自有飞机数量小幅提升至 430 架（2Q24：429 架），飞机交付数量为 7 架，相比中报预计的下半年交付 37 架仍然有差距。公司或会在年内积极寻 求购后回租和融资租赁的机会来扩充资本开支。另外公司保持出售飞机的节 奏，3Q24 售出 6 架自有飞机。另外自有飞机利用率环比持平，机龄和剩余 租期保持健康。融资方面，公司三季度发行了年息为 4.625%的七年期 5 亿 美元债券，低于上半年超过 5%的融资成本，体现 BOCA 的融资能力。9 月 份波音工人罢工再度加剧了飞机供应链的压力，供小于求的情况会进一步推 升飞机租金和价值，但也会在下半年拖累飞机交付，基于此我们小幅下调 2024/25/26 年归母净利润的预测至 7.5/7.0/7.8 亿美元（前值：7.6/7.1/7.9 亿美元），预计 ...

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690 HK) with a target price of HKD 235.6, up from the previous target of HKD 169.0 [2][7] Core Views - Policy tailwinds and consumption recovery are expected to boost Meituan's growth, with stronger profit elasticity anticipated [2] - Meituan's local life services leadership is expected to benefit from improved market confidence and operational efficiency [2] - The report forecasts 3Q24 revenue of RMB 92.1 billion (+21% YoY) and non-IFRS net profit of RMB 11.2 billion (+96% YoY) [2] - For 2024-2026, the report projects revenues of RMB 327.3/382.2/442.1 billion and non-IFRS net profits of RMB 40.2/58.8/75.2 billion [2] Business Segment Analysis Food Delivery Business - Meituan's food delivery business continues to deepen supply-side reforms, with 120 million users for its "Pinhaofan" service as of August 2024 [3] - New models like "satellite stores" and "collection stores" are helping merchants reduce costs and improve efficiency [3] - 3Q24 delivery orders are expected to reach 7.1 billion (+15% YoY), with food delivery orders at 6.1 billion (+12% YoY) [3] - Unit economics (UE) for food delivery is projected to improve to RMB 1.32 (from RMB 1.1 in 3Q23) [3] In-store Business - In-store GTV is expected to grow 30% YoY in 3Q24, driven by increased online penetration and category expansion [4] - Revenue from in-store services is projected to increase 23% YoY in 3Q24 [4] - Operating profit margin (OPM) for in-store business is forecasted at 36% for 3Q24 [4] New Initiatives - New business revenue is expected to grow 26% YoY in 3Q24 [5] - Meituan's self-operated Xiaoxiang supermarket is focusing on high-quality growth, with losses narrowing sequentially [5] - Overall operating loss for new businesses is projected to narrow to RMB 1.8 billion in 3Q24 [5] Financial Projections - Revenue growth is forecasted at 18.3%, 16.8%, and 15.7% for 2024-2026 respectively [6] - Net profit attributable to parent company is expected to grow 118.7%, 54.6%, and 31.2% for 2024-2026 [6] - ROE is projected to improve from 17.5% in 2024 to 21.8% in 2026 [6] - PE ratios are estimated at 26.4x, 18.1x, and 14.1x for 2024-2026 [2] Valuation - The target price of HKD 235.6 is based on a SOTP model, with valuations for different business segments [9][10] - Food delivery: HKD 125.0 (22x 2025E PE) - In-store: HKD 90.8 (24x 2025E PE) - New initiatives: HKD 19.8 (1.2x 2025E PS)