Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company's Q1-Q3 revenue reached RMB 8.323 billion, a year-on-year increase of 4.0%, with total comprehensive income of RMB 1.055 billion, a year-on-year decrease of 11.7% [1] - Q3 revenue was RMB 3.286 billion, a year-on-year increase of 14.1% and a quarter-on-quarter increase of 16.5%, while comprehensive income was RMB 330 million, a year-on-year decrease of 28.3% and a quarter-on-quarter decrease of 20.4% [1] - Revenue growth was driven by strong performance in APV and the recovery of refillable products, while profitability was pressured by increased income tax expenses and rising R&D and management costs [1] - The company's self-owned brand Vaporesso saw a 71.9% year-on-year increase in H1 2024, with expectations of continued improvement in Q3 [1] - The refillable market in the US is recovering due to FDA enforcement actions, with core client VUSE's Alto tobacco flavor and Njoy menthol passing PMTA reviews [1] - The disposable e-cigarette market in Europe faced challenges due to stricter regulations, with H1 2024 revenue down 18.9% year-on-year, but a recovery is expected in Q3 [1] - The company is diversifying its product portfolio with investments in HNB, medical atomization, and beauty products, including the launch of the beauty brand Moyal and the first high-viscosity essence atomization beauty device [1] Financial Projections - The report forecasts net profit attributable to the parent company for 2024-2026 to be RMB 1.35 billion, RMB 1.79 billion, and RMB 2.28 billion, respectively, with corresponding P/E ratios of 52.4X, 39.3X, and 30.9X [2] Industry and Market Performance - The company operates in the consumer electronics industry [4] - As of October 10, 2024, the stock price was HKD 12.54, with a total market capitalization of HKD 77.452 billion and a free float of 100% [4] - The 30-day average trading volume was 18.24 million shares [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 4.89 [7][8]. Core Views - The company plans to acquire a 55% stake in the high-quality Pinglin Expressway for a consideration of RMB 758 million, which is expected to enhance profitability by approximately 9% in 2025 [2][3]. - The sale of a 60% stake in the Tianjin Xionghu Expressway is also planned, which is anticipated to avoid high capital expenditures associated with its upcoming expansion [4]. - The report highlights that the recent interest rate cuts in the U.S. are favorable for the valuation recovery of high dividend yield assets in Hong Kong [5]. Summary by Sections Acquisition and Sale - The acquisition of Pinglin Expressway is located in a densely populated area with a mature road network, and it has recorded revenues of RMB 482 million and net profits of RMB 119 million in 2023 [3]. - The Tianjin Xionghu Expressway, which is being sold, contributed approximately 0.7% to the company's profits in 2023 [2][4]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are RMB 646.45 million, RMB 742.78 million, and RMB 720.96 million respectively [2][14]. - The expected earnings per share (EPS) for 2024 and 2025 are RMB 0.39 and RMB 0.44 respectively [14]. Valuation Metrics - The target price of HKD 4.89 is based on a 10x PE ratio for the estimated EPS of RMB 0.44 for 2025, reflecting an increase from the previous target price of HKD 4.22 [12][8]. - The estimated dividend yield for 2024 is projected to be 6.8%, which is higher than the average of 6.3% from 2014 to 2023 [5][8]. Market Context - The report notes that the U.S. Federal Reserve's interest rate cuts are likely to positively impact the valuation of high dividend yield stocks in Hong Kong [5].

Investment Rating - The report maintains a "Buy" rating for 澳博控股 (880 HK) with a target price raised to HKD 4.70, corresponding to a 2025 EV/EBITDA of 10x [2][7]. Core Insights - The performance of 上葡京 has shown improvement, with EBITDA turning positive since Q4 2023, and market share increasing from 1.3% in H1 2023 to 2.1% in H1 2024. The adjusted property EBITDA margin is also gradually increasing [2][4]. - The company has strategically developed popular dining and entertainment experiences, collaborating with Hong Kong TVB to create programs targeting Greater Bay Area travelers, which has resulted in significant promotional effects [3][4]. - The report indicates that the valuation is now above pre-pandemic levels, with the average EV/EBITDA from 2016-2019 being 8.9x, while the industry average was 13-14x during that period [4]. Financial Projections - For the fiscal year 2024, the projected revenue is HKD 28,883 million, with a year-on-year growth of 33.58% [6]. - The net profit attributable to the parent company is expected to be HKD 520.03 million in 2024, a significant recovery from a loss of HKD 2,010 million in 2023 [6][12]. - The EBITDA is projected to reach HKD 3,755 million in 2024, with a further increase to HKD 4,764 million in 2025 [12]. Market Trends - During the recent National Day holiday, Macau's gaming industry saw a resurgence, with visitor numbers reaching 99 million, recovering to 119% of 2019 levels, and daily gaming revenue approaching pre-pandemic figures [5]. - The report highlights that the strategy of inviting high-profile performers has shifted, aiming to attract high-spending customers, which is expected to positively impact gaming revenue [5].

2024 年 10 月 11 日 公 司 事 项 点 评 证 券 研 究 报 告 小鹏汽车-W(9868.HK) M03为销量背书，但P7+才是关键 推荐（维持） 事项： 股价：50.6 元（港币） | --- | --- | |--------------------------|-----------------------------------| | 主要数据 | | | 行业 | 汽车 | | 公司网址 | www.xiaopeng.com | | 大股东 / 持股 | Simplicity Holding Limited/17.27% | | 实际控制人 | 何小鹏 | | 总股本 ( 百万股 ) | 1899.19 | | 流通 A 股 ( 百万股 | ) | | 流通 B/H 股 ( 百万股 | ) | | 总市值（亿元） | 874.65 | | 流通 A 股市值 ( | 亿元 ) | | 每股净资产 ( 元 ) | 17.97 | | 资产负债率 (%) | 54.66 | | 行情走势图 | | 证券分析师 王德安 投资咨询资格编号 S1060511010006 BQV509 WANGD ...

证券研究报告 | 公司点评 gszqdatemark 2024 10 10 年 月 日 安踏体育（02020.HK） 集团营运稳健，FILA 流水短期略有波动 事件：公司发布 2024Q3 经营情况公告，安踏品牌增长稳健，Fila 品牌流水波动。 根据公司披露，2024Q3 安踏品牌流水同比增长中单位数，Fila 品牌流水同比下降 低单位数，其他品牌流水同比增长 45%~50%。 安踏品牌：电商业务增长优异，品牌终端营运健康。1）电商业务向好，推动品牌 全渠道流水稳健增长。期内安踏产品力和品牌力提升同步推进，品牌定位同大众 群体对于运动鞋服的需求相契合，安踏品牌 Q3 流水同比增长中单位数。分品牌 看，我们预计成人和儿童流水均有中单位数的增长；分渠道看，安踏电商流水或有 20%+增长，整体表现仍显著优于线下，一方面系线下客流波动较大，另一方面系 安踏持续推动电商业务产品以及运营优化。2）库销比预计仍在 4-5 之间，渠道折 扣良好。我们预计截至 2024Q3 末安踏品牌库销比仍在 4-5 之间的健康水平，期 内线下折扣同比或持平，电商渠道受益于持续向好的零售环境，折扣同比或有改 善。从中长期来看，我们预计安踏 ...

公 司 事 项 点 评 证 券 研 究 报 告 2024 年 10 月 11 日 汽车 小鹏汽车-W(9868.HK) M03为销量背书，但P7+才是关键 推荐（维持） 事项： 股价：50.6 元（港币） | --- | --- | |--------------------------|-----------------------------------| | 主要数据 | | | 行业 | 汽车 | | 公司网址 | www.xiaopeng.com | | 大股东 / 持股 | Simplicity Holding Limited/17.27% | | 实际控制人 | 何小鹏 | | 总股本 ( 百万股 ) | 1899.19 | | 流通 A 股 ( 百万股 | ) | | 流通 B/H 股 ( 百万股 | ) | | 总市值（亿元） | 874.65 | | 流通 A 股市值 ( | 亿元 ) | | 每股净资产 ( 元 ) | 17.97 | | 资产负债率 (%) | 54.66 | | 行情走势图 | | 证券分析师 王德安 投资咨询资格编号 S1060511010006 BQV509 WA ...

Investment Rating - The report maintains a "Buy" rating for Sands China (1928 HK) with a target price raised to HKD 24.70, corresponding to a 2025 EV/EBITDA of 12x [2][7]. Core Views - The completion of renovations is imminent, which is expected to recover lost market share as previously diverted customers return. The Sheraton hotel will be transformed into the first luxury hotel under the Marriott brand (Londoner Macao), offering 2,405 new rooms and suites, enhancing synergy with the other two Londoner hotels. The entertainment venue, Galaxy Macau, will also reopen after renovations in December [2][3]. - The company may restart dividend payments earlier than expected, with a potential dividend of around HKD 1 for 2025 if the previous payout ratio of approximately 5% is maintained [4]. - The recent performance of the stock has been affected by low allocation from funds, indicating a potential need for reallocation in the future [2]. Summary by Sections Renovation and Market Recovery - The imminent completion of renovations is expected to enhance Sands China's capacity to attract customers, recovering market share lost during the renovation period. The reopening of the entertainment venue and the transformation of the Sheraton hotel into a luxury Marriott property are key factors in this recovery [3][4]. Dividend Expectations - With the business returning to normal post-pandemic, there is an expectation that dividends may be reinstated sooner. Historically, Sands China paid an annual dividend of HKD 1.99 per share from 2014 until the pandemic, and if this trend resumes, the 2025 dividend could be around HKD 1 [4][5]. Financial Projections - The report provides financial forecasts indicating significant revenue growth from HKD 51,057 million in 2023 to HKD 72,806 million by 2026, with a projected EBITDA of HKD 21,032 million in 2025 [6][12]. - The report also highlights a structural shift in the Macau gaming market, moving from high-end to mid-tier customers, which may influence future revenue streams [4][5].

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港股公司报告 | 公司点评 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------|--------------------------------------------------------------------| | 周大福（ 01929 ） | | 证券研究报告 \n2024 年 10 月 10 日 | | | 投资评级 ...

盈利预测：注：归母净利润和 EPS 均为 NonGAAP 口径； [Table_Contacts] [Table_Title] 【 广 发 传 媒 & 海 外 】 腾 讯 控 股 （00700.HK） 24Q3 前瞻：游戏趋势向好，广告韧性较强 [Table_Summary] 核心观点： 24Q3 业绩前瞻：预计 24Q3 收入达 1658 亿元，YoY/QoQ+7%/+3%。 24Q3 NonGAAP 归母净利润预计达 542 亿元，YoY/QoQ+21%/-5%。 NonGAAP 摊薄每股盈利为 5.68 元，YoY+22%，QoQ-5%。 预计 24Q3 游戏业绩趋势持续向好，广告彰显韧性，金融业务受消费疲 弱拖累。（1）24Q3 游戏收入预计达到 515 亿元，YoY/QoQ+12%/+6%， 其中，预计国内游戏同比增长 11%，海外游戏收入预计同比增长 14%。 国内新产品《地下城与勇士：起源》贡献增量，但去年下半年国内老游 戏的流水压力会对今年的游戏递延收入带来拖累，而海外游戏受益于 24Q1 流水增长加速，预计短期的增长提速效应更明显。（2）24Q3 社 交网络收入预计为 299 亿元，YoY+ ...