Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Insights - The company reported Q3 2024 revenue of RMB 93.577 billion, a year-over-year increase of 22.38%. The GAAP net profit was RMB 12.865 billion, with a NON-GAAP net profit of RMB 12.829 billion, resulting in a NON-GAAP net profit margin of 13.71% [3][11]. - The core local business showed resilience with revenue of RMB 69.373 billion, up 20.25% year-over-year, and operating profit of RMB 14.582 billion, up 44.44% year-over-year. New business revenue reached RMB 24.204 billion, a 28.91% increase year-over-year, although it incurred an operating loss of RMB 1.026 billion [3][11][18]. - The company is optimistic about its overseas expansion, particularly with the launch of Keeta in Riyadh, Saudi Arabia, which is expected to drive growth in new business segments [3][23]. Summary by Sections Q3 2024 Performance - Revenue for Q3 2024 was RMB 93.577 billion, a 22.38% increase year-over-year. The core local business generated RMB 69.373 billion in revenue, with an operating profit of RMB 14.582 billion [3][11][18]. - The company reported a total of 7.078 billion instant delivery transactions, reflecting a 14.54% year-over-year growth [3][11]. Business Segments - The core local business maintained strong growth, with a year-over-year revenue increase of 20.25% and an operating profit margin improvement of 3.52 percentage points to 21.02% [3][11][18]. - New business revenue grew by 28.91% year-over-year, with significant improvements in loss reduction across various segments, excluding Meituan Preferred [3][23]. Profitability Forecast and Investment Recommendations - The company expects revenues of RMB 336.5 billion and RMB 396.6 billion for 2024 and 2025, respectively, with adjusted net profits of RMB 45.9 billion and RMB 57.1 billion [3][24][25]. - The report raises the company's fair value estimate to HKD 189.36 per share, reflecting confidence in the core business's strong barriers and profitability [3][24][25].

Investment Rating - The report does not provide a specific investment rating for the company [2]. Core Insights - The company, Nanxun Holdings (01982.HK), achieved a total revenue of HK$ 438.79 million for the first half of the fiscal year ending September 2024, reflecting a year-on-year growth of 2.2% and an increase in gross margin to 19.9% [2][6]. - The company declared an interim dividend of HK$ 0.098 per share [2]. - Sales of knitted products experienced a slight decline, with a 5.0% decrease in sales volume compared to the same period last year, despite a positive impact from an increase in average selling prices [2]. - The cashmere yarn business showed significant growth, with a year-on-year increase of 26.8% to HK$ 420 million, driven by both domestic and export demand [2]. - The company is focusing on optimizing operational efficiency, benefiting from improved operational efficiency in existing factories in Vietnam and rental income from the central factory [2]. Summary by Sections Financial Performance - Total revenue for the fiscal year 2023/24 is projected at HK$ 4,378.9 million, with a slight decline expected in sales volume for 2024/25 [2][9]. - The gross profit for the fiscal year 2023/24 is expected to be HK$ 774.2 million, with a gross margin of 17.7% [9]. - Net profit for the fiscal year 2023/24 is projected at HK$ 380.7 million, reflecting a year-on-year growth of 140.5% [9]. Market Position - The company has a market capitalization of HK$ 2.1 billion and a price-to-earnings ratio of 5.5x [6]. - The company is positioned within a competitive landscape, with peers such as Shenzhou International and others showing varying financial metrics [6]. Operational Insights - The company is experiencing challenges in the fabric business, with ongoing concerns about the absorption of new production capacity [2]. - The company is not planning to reduce its dividend payout ratio despite the pressures from new factory setups in Vietnam [2].

Investment Rating - The report assigns a stock rating of NR (Not Rated) for Nameson (01982.HK) [3]. Core Insights - Nameson reported a 2.2% year-over-year increase in revenue for the first half of FY 2024/25, achieving a gross margin of 19.9% [3]. - The company announced a dividend of HKD 0.098 per share [4]. - There was a 5.0% year-over-year decline in revenue from knitwear products, attributed to a decrease in sales volume despite a slight rebound in average selling price (ASP) [4]. - The cashmere yarn business showed strong performance with a 26.8% year-over-year growth, reaching HKD 418.5 million [4]. - The company provided conservative guidance indicating a potential slight drop in sales volume for FY 2024/25 [4]. Financial Performance - Revenue for FY 2022/23 was HKD 4,602.3 million, with a year-over-year growth of 13.9% [9]. - The gross profit for FY 2022/23 was HKD 745.5 million, with a gross margin of 16.2% [9]. - Net profit for FY 2022/23 was HKD 158.3 million, reflecting a year-over-year decline of 42.6% [9]. - The company reported a return on equity (ROE) of 6.2% for FY 2022/23, which is expected to improve to 15.0% in FY 2023/24 [12]. Market Position and Competitors - Nameson has a market capitalization of HKD 2.1 billion and a P/E ratio of 5.5 [7]. - The average P/E ratio among peers is 10.1, indicating that Nameson is trading at a discount compared to its competitors [7]. - The company has gained two new customers in the EU and Canada, which may contribute positively to future revenue [4]. Operational Efficiency - The report highlights improving operating efficiency in existing factories in Vietnam and rental income from a factory in China as key factors for potential margin improvement [4]. - The company is facing short-term headwinds due to new factories for knitwear and fabric products [4].

Investment Rating - Outperform rating maintained for Lenovo Group (00992 HK) [2][5][13] Core Views - AI PC penetration accelerating, driving earnings growth [2] - Smart Devices and Infrastructure Solutions Groups performed strongly [2][8] - AI integration with products deepening, AI PC accounted for 14% of China notebook shipments in FY2Q2025 [2][8] - Smartphone overseas markets growing rapidly, Motorola achieved double-digit growth [2][8] - Infrastructure Solutions Group revenue surged 65 1% YoY in FY2Q2025, losses narrowing [2][8] Financial Performance - FY1H2025 revenue reached $33 297 billion, up 22% YoY [2][8] - FY1H2025 net profit was $602 million, up 41% YoY [2][8] - FY2Q2025 revenue was $17 850 billion, up 24% YoY and 16% QoQ [2][8] - FY2Q2025 net profit was $359 million, up 44% YoY and 47% QoQ [2][8] - Smart Devices Group revenue was $24 936 billion, up 15% YoY [2][8] - Infrastructure Solutions Group revenue was $6 465 billion, up 65% YoY [2][8] - Solutions Services Group revenue was $4 050 billion, up 12% YoY [2][8] Profitability - FY2Q2025 gross margin was 15 7%, down 0 9 ppts QoQ [2][9] - FY2Q2025 operating expense ratio was 13 2%, down 0 8 ppts QoQ [2][9] - FY2Q2025 net margin was 2 2%, up 0 5 ppts QoQ [2][9] Financial Forecasts - FY2025-2027 revenue forecast raised to 660/719/767 billion yuan [13] - FY2025-2027 net profit forecast adjusted to 12 50/13 90/15 78 billion yuan [13] - FY2025-2027 PE ratios estimated at 12/10/9x [13] Business Segments - Smart Devices Group benefited from overseas smartphone expansion and premium PC shipments [2][8] - Infrastructure Solutions Group driven by AI server demand and Neptune liquid cooling solution [2][8] - Solutions Services Group saw slower growth in high-margin business [2][9]

Investment Rating - The report assigns a "Buy" rating for Miniso (9896.HK) based on its strong performance and positive outlook for Q4 sales [1]. Core Views - Miniso's revenue for Q3 2024 reached 4.523 billion RMB, representing a year-on-year increase of 19.3%, with adjusted net profit of 686 million RMB, up 6.9% [1]. - The company is expected to benefit from robust sales performance in both domestic and overseas markets during the peak season in Q4 2024 [1]. - The report highlights the steady growth in the Chinese mainland market and the rapid expansion in overseas markets, with a significant increase in revenue from international operations [1]. Summary by Sections Financial Performance - For Q1-Q3 2024, Miniso achieved total revenue of 12.281 billion RMB, a year-on-year increase of 22.8%, with adjusted net profit of 1.928 billion RMB, up 13.7% [1]. - Revenue breakdown shows that the Chinese mainland and overseas markets generated 7.738 billion RMB and 4.543 billion RMB, respectively, with growth rates of 14% and 41% [1]. Market Expansion - As of September 30, 2024, Miniso had a total of 4,250 stores in the Chinese mainland, with a net increase of 324 stores in Q1-Q3 2024 [1]. - The overseas market saw a revenue increase of 41.5%, with a total of 2,936 stores, reflecting a net increase of 449 stores [1]. Product and Brand Development - The company is deepening collaborations with top global IPs such as Disney and Warner Bros, launching a range of co-branded products, including those featuring the Harry Potter franchise [1]. - Top Toy brand also showed strong growth, with a revenue increase of 42.5% in Q1-Q3 2024, and the first overseas store opened in Bangkok, Thailand [1]. Profitability and Cost Management - The gross margin improved to 44.1%, up 3.7 percentage points year-on-year, driven by an increase in high-margin product sales and the contribution from Top Toy [1]. - Selling and administrative expenses as a percentage of revenue increased to 20.51% and 5.33%, respectively, reflecting the costs associated with store expansion [1].

Investment Rating - The report maintains an "Outperform" rating for Lenovo Group (00992 HK) [2][5][13] Core Views - AI PC penetration is accelerating, driving performance growth [2] - Smart Devices and Infrastructure Solutions business groups performed strongly, with AI driving growth [2][8] - FY1H2025 revenue reached $33 297 billion, up 22% YoY, with net profit of $602 million, up 41% YoY [2][8] - FY2Q2025 revenue was $17 850 billion, up 24% YoY and 16% QoQ, with net profit of $359 million, up 44% YoY and 47% QoQ [2][8] Business Performance Smart Devices Business Group - Revenue reached $24 936 billion, up 15% YoY [2] - Strong performance driven by successful overseas smartphone market expansion and increased share of high-value PC shipments [2][8] Infrastructure Solutions Business Group - Revenue reached $6 465 billion, up 65% YoY [2] - Growth driven by strong demand for AI servers and the company's core advantages in liquid cooling (Neptune solution) [2][8] - Operating loss narrowed to $36 million, with profitability expected in CY2025 [2] Solutions and Services Business Group - Revenue reached $4 050 billion, up 12% YoY [2] Financial Metrics - FY2Q2025 gross margin was 15 7%, down 0 9 ppts QoQ due to product mix changes and slower growth in high-margin solutions services [2][9] - FY2Q2025 operating expense ratio was 13 2%, down 0 8 ppts QoQ [2][9] - FY2Q2025 net profit margin was 2 2%, up 0 5 ppts QoQ [2][9] AI and Market Trends - AI PC penetration in China reached 14% of notebook shipments in FY2Q2025 [2] - Smartphone business achieved double-digit growth in Asia-Pacific, Europe-Middle East-Africa, and North America markets [2] - Foldable smartphones successfully entered the high-end market [2] Financial Forecasts - Revenue forecasts for FY2025-2027 were raised to $66 0/71 9/76 7 billion (from $62 3/67 6/72 1 billion) [13] - Net profit forecasts for FY2025-2027 were adjusted to $1 250/1 390/1 578 billion (from $1 288/1 635/1 901 billion) [13] - Current P/E ratios are 12/10/9x for FY2025-2027 [13] Valuation and Key Metrics - Closing price: HK$9 11 [5] - Market cap: HK$113 006 billion [5] - 52-week high/low: HK$11 83/7 50 [5] - 3-month average daily turnover: HK$585 54 million [5]

证券研究报告·海外公司点评·纺织及服饰(HS) 波司登（03998.HK） FY2025H1 业绩点评：主品牌高质量增长，期 待旺季销售 2024 年 12 月 02 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业总收入（百万元） | 16774 | 23214 | 26428 | 30076 | 34180 | | 同比 (%) | 3.46 | 38.39 | 13.85 | 13.80 | 13.65 | | 归母净利润（百万元） | 2139 | 3074 | 3607 | 4100 | 4661 | | 同比 (%) | 3.70 | 43.74 | 17.35 | 13.66 | 13.68 | | EPS- 最新摊薄（元 / 股） | 0.19 | 0.28 | 0.33 ...

Investment Rating - The report maintains a "Buy-A" rating for MINISO (09896.HK) [1][7] Core Views - MINISO's domestic business shows a steady increase in average transaction value, with gross margin continuing to improve in Q3 2024 compared to previous quarters [1][3] - The company achieved a revenue of 12.281 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 22.8%, and an adjusted net profit of 1.928 billion yuan, up 13.7% year-on-year [1][3] Summary by Sections Company Performance - For Q3 2024, MINISO reported a revenue of 4.523 billion yuan, a year-on-year increase of 19.3%, with domestic revenue growing by 8.7% and overseas revenue by 39.8% [3][6] - The company has opened 324 new stores in China, bringing the total to 4,250 stores by the end of Q3 2024 [3][6] Financial Metrics - The gross margin for Q1-Q3 2024 was 44.1%, an increase of 3.7 percentage points year-on-year, with Q3 gross margin at 44.9%, up 3.1 percentage points [6][7] - The adjusted net profit margin for Q1-Q3 2024 was 15.7%, down 1.3 percentage points year-on-year [6][7] Future Outlook - The company aims to achieve a net increase of 900-1100 stores in 2024, with a revenue growth target of 20%-30% year-on-year [7][9] - Revenue projections for 2024-2026 are 17.349 billion, 21.166 billion, and 25.418 billion yuan respectively, with adjusted net profits of 2.828 billion, 3.452 billion, and 4.135 billion yuan [7][9]

Investment Rating - Buy (Maintained) [1] Core Views - The company achieved revenue of 12.28 billion yuan in 2024Q1-3, a year-on-year increase of 22.8%, with Non-IFRS net profit of 1.93 billion yuan, up 13.7% year-on-year [2] - In 2024Q3, the company's revenue was 4.52 billion yuan, up 19.3% year-on-year, and Non-IFRS net profit was 686 million yuan, up 6.9% year-on-year [2] - Domestic MINISO revenue in 2024Q3 was 2.44 billion yuan, up 6% year-on-year, with 135 new stores opened, bringing the total to 4,250 stores [2] - Overseas market revenue in 2024Q3 was 1.81 billion yuan, up 39.8% year-on-year, with 183 new stores opened, bringing the total to 2,936 stores [3] - TOP TOY brand revenue in 2024Q3 was 270 million yuan, up 50.1% year-on-year, with 39 new stores opened, bringing the total to 234 stores [3] - The company expects 2024Q4 revenue to grow 20-25% year-on-year, with overseas MINISO revenue growing 45-50% year-on-year, and TOP TOY maintaining a growth rate of over 50% [3] Financial Forecasts - Revenue for 2024E is projected at 17.14 billion yuan, up 23.87% year-on-year, with net profit attributable to shareholders of 2.53 billion yuan, up 12.24% year-on-year [1] - Non-IFRS net profit for 2024E is projected at 2.80 billion yuan, up 18.77% year-on-year [1] - EPS for 2024E is projected at 2.01 yuan per share, with a P/E ratio of 17.73 [1] - Revenue for 2025E is projected at 20.33 billion yuan, up 18.59% year-on-year, with net profit attributable to shareholders of 3.01 billion yuan, up 18.86% year-on-year [1] - Non-IFRS net profit for 2025E is projected at 3.24 billion yuan, up 15.61% year-on-year [1] - EPS for 2025E is projected at 2.39 yuan per share, with a P/E ratio of 14.92 [1] Key Financial Ratios - ROE for 2024E is projected at 24.58%, with a gross margin of 44.83% and a net profit margin of 14.75% [12] - ROE for 2025E is projected at 26.07%, with a gross margin of 46.44% and a net profit margin of 14.79% [12] - ROE for 2026E is projected at 26.56%, with a gross margin of 47.25% and a net profit margin of 14.66% [12] - P/B ratio for 2024E is projected at 4.34, with an EV/EBITDA of 11.21 [12] - P/B ratio for 2025E is projected at 3.86, with an EV/EBITDA of 10.41 [12] - P/B ratio for 2026E is projected at 3.43, with an EV/EBITDA of 8.64 [12] Market Data - Closing price as of the report date is 38.70 HKD [6] - The company's market capitalization is 48.62 billion HKD [6] - The P/B ratio is 5.12, with a debt-to-asset ratio of 40.72% [6]

Investment Rating - The report does not provide a specific investment rating for Mobvista (1860 HK) [2] Core Business - Mobvista is a global leader in mobile advertising and marketing technology, primarily serving mobile app developers and helping Chinese developers expand overseas [2] - The company focuses on programmatic advertising and data-driven marketing, with its core business relying on the Mintegral platform [2] - Key business segments include: (i) programmatic advertising solutions, (ii) data analytics and operations services, (iii) SaaS tool matrix development and sales, and (iv) multi-scenario traffic monetization services [2] - Advertising technology accounts for 98 6% of revenue, with programmatic advertising being the major contributor, while marketing technology currently represents 1 4% of revenue but is in a rapid expansion phase [2] Market Outlook - The global mobile advertising and marketing technology market is expected to exceed $500 billion by 2025, with programmatic advertising growing at a 16 2% CAGR [2] - Mid-tail and long-tail traffic are becoming increasingly important due to privacy protection and antitrust policies, presenting significant growth opportunities [2] Competitive Landscape - The global ad tech platform market is dominated by Google AdMob and Meta Audience Network in the head traffic segment, while mid-tail and long-tail traffic are controlled by programmatic advertising platforms including AppLovin, Unity Ads, and Mintegral [2] - Mobvista has strengthened its competitiveness in ROI improvement for advertisers, global traffic coverage, and data analytics efficiency through continuous algorithm optimization and service enhancement [2] Future Prospects - The company plans to focus on advertising services for mid-core games, utility apps, and e-commerce sectors, which are experiencing rapid growth [2] - The mid-core game sector, in particular, is expected to reach a market potential of hundreds of billions of dollars by 2025 due to the popularity of hybrid monetization models [2] - Mintegral platform currently handles trillions of ad requests annually, with revenue and profit steadily increasing alongside global business expansion [2]