Investment Rating - The report maintains an "Outperform" rating for the company [4][51]. Core Views - The company's Q3 revenue and profit showed a sequential decline, but a significant recovery is expected in Q4 due to policy influences [2][35]. - The new housing business continues to outperform the market, with a GTV market share increase and a record high monetization rate [2][23]. - The existing housing business performance aligns with real estate policy trends, with expectations for a notable rebound in Q4 [2][9]. Revenue and Profit Summary - In Q3 2024, the company achieved a GTV of 736.8 billion yuan, a year-on-year increase of 12% but a quarter-on-quarter decrease of 12%. Revenue was 22.6 billion yuan, up 27% year-on-year but down 3% quarter-on-quarter [2][7]. - Adjusted net profit for Q3 2024 was 1.8 billion yuan, down 17% year-on-year and 34% quarter-on-quarter, with an adjusted net profit margin of 7.9% [2][7]. Business Segment Performance - The existing housing business had a GTV of 477.8 billion yuan in Q3 2024, a year-on-year increase of 9% but a quarter-on-quarter decrease of 16%. Revenue was 6.2 billion yuan, down 1% year-on-year and 15% quarter-on-quarter [2][9]. - The new housing business achieved a GTV of 227.6 billion yuan in Q3 2024, a year-on-year increase of 18% and a quarter-on-quarter decrease of 3%, with a market share of 12.0% [2][23]. - The new business segment showed strong growth, with home decoration and rental services contributing significantly to revenue [2][35]. Financial Forecasts - The company expects adjusted net profits of 9 billion yuan and 9.2 billion yuan for 2024 and 2025, respectively, with corresponding earnings per share of 2.50 yuan and 2.54 yuan [2][35]. - The current price-to-earnings (PE) ratios are projected at 18.3 for 2024 and 18.0 for 2025 [2][35].

Investment Rating - The report maintains a "Buy" rating for both US and Hong Kong stocks of Alibaba, with a current price of 83.13 USD and 80.70 HKD, respectively, and a target value of 119.95 USD and 116.69 HKD [6]. Core Insights - Alibaba's FY25Q2 revenue increased by 5% year-on-year to 236.5 billion RMB, while adjusted EBITA decreased by 5.3% to 40.56 billion RMB, resulting in a margin of 17.2%. The company repurchased 405 million ordinary shares valued at 4.1 billion USD, reducing the share capital by 2.1% compared to FY24Q2 [2]. - Taobao Group's revenue grew by 1% year-on-year to 98.99 billion RMB, with EBITA declining by 5% to 44.59 billion RMB. The GMV showed growth, and the monetization rate remained stable, with CMR revenue increasing by 2.5% to 70.36 billion RMB, driven by a double-digit growth in 88VIP users [3]. - Cloud Intelligence Group's revenue rose by 7% year-on-year to 29.61 billion RMB, with adjusted EBITA increasing by 89% to 2.66 billion RMB. Public cloud maintained double-digit growth, and AI-related revenue saw triple-digit year-on-year growth [3]. - The report forecasts Alibaba's non-GAAP net profit for FY2025-2027 to be 160.5 billion, 187.9 billion, and 205.7 billion RMB, respectively, applying a 10X PE valuation for Chinese commercial profits and a 2X PS valuation for cloud computing revenue [4]. Financial Summary - For FY2025, Alibaba's projected revenue is 1,008.07 billion RMB, with a growth rate of 7.1%. Non-GAAP EBITA is expected to be 164.54 billion RMB, and non-GAAP net profit is projected at 160.50 billion RMB, reflecting a growth rate of 1.4% [5]. - The report outlines a steady increase in revenue and profit margins over the next few years, with a projected non-GAAP EPS of 67.2 RMB per ADS for FY2025, and a decreasing non-GAAP P/E ratio from 9.9 in FY2023 to 6.9 in FY2027 [5].

Investment Rating - Buy rating with a target price of HKD 23.12, representing a 33.5% upside from the current price [2] Core Views - The company maintained high single-quarter net profit despite a decline in oil prices, driven by production growth and excellent cost control [2] - The company achieved a net profit of RMB 116.659 billion in the first three quarters, a year-on-year increase of 19.5% [2] - The company's oil and gas production reached 542.1 million barrels of oil equivalent in the first three quarters, with a year-on-year increase of 7.0% [2] - The company's cost per barrel of oil decreased to USD 28.14, with operating costs at USD 7.21 per barrel, placing it among the global leaders in cost control [2] - The company's capital expenditure in the first three quarters was approximately RMB 95.34 billion, a year-on-year increase of 6.6%, with high growth potential in future projects [2] Financial Performance - The company's revenue for Q3 2024 was RMB 99.254 billion, a year-on-year decrease of 13.5% but a sequential increase of 6.3% [2] - The company's net profit for Q3 2024 was RMB 36.928 billion, with a total revenue of RMB 326.024 billion for the first three quarters, a year-on-year increase of 6.3% [2] - The company's oil and gas sales contributed significantly to revenue, with domestic fields like Bozhong and Enping showing strong production growth [2] - The company's realized oil sales price increased from USD 76.8 per barrel in the first three quarters of 2023 to USD 79.0 per barrel in the same period of 2024, narrowing the discount to international oil prices [2] Production and Reserves - The company's net production in Q3 2024 was 179.6 million barrels of oil equivalent, a year-on-year increase of 7.0% [2] - Overseas production growth was driven by the successful commissioning of the Payara project in Guyana [2] - The company secured 9 new offshore exploration blocks and discovered 4 new oil and gas structures, with projects expected to come online between 2024 and 2027 [2] Financial Forecasts - The company is expected to achieve revenues of RMB 451.4 billion, RMB 465.5 billion, and RMB 476.0 billion in 2024, 2025, and 2026, respectively [2] - Net profit is forecasted to be RMB 145.2 billion, RMB 148.9 billion, and RMB 153.0 billion for 2024, 2025, and 2026, respectively [2] - The company's EPS is expected to be RMB 3.05, RMB 3.13, and RMB 3.22 for 2024, 2025, and 2026, respectively [2] Valuation Metrics - The company's PE ratio is forecasted to be 5.2x, 5.1x, and 5.0x for 2024, 2025, and 2026, respectively [2] - The company's PB ratio is expected to be 1.2x, 1.1x, and 1.0x for 2024, 2025, and 2026, respectively [2] - The dividend yield is projected to be 8.3%, 8.5%, and 8.8% for 2024, 2025, and 2026, respectively [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 6.30 [2][4]. Core Views - Despite facing macro challenges, the company has managed to improve profit margins and maintain stable dividends [2]. - The company is expected to continue expanding its market presence, particularly in the overseas markets, while addressing trade challenges through strategic manufacturing locations [2][4]. Financial Overview - For FY2025, the company reported total revenue of HKD 84.7 billion, a decrease of 7.4% year-on-year, with main revenue declining by 7.1% [2]. - The gross profit margin improved to 39.5%, benefiting from a reduction in raw material costs [2]. - The net profit attributable to shareholders was HKD 11.4 billion, with a net profit margin of 51.5% [2]. - The company plans to increase its store count in China by 500-600 stores [2]. Market Performance - The Chinese market saw a decline in revenue by 17.2%, while North American revenue increased by 5.7% [2]. - The company continues to lead in global functional sofa sales, with a significant increase in overseas market revenue [2]. - The average selling price (ASP) in the Chinese market decreased by 10%, impacting overall revenue [2]. Product Performance - Sofa sales in China decreased by 5.8%, while bedding sales grew by 26.6% [2]. - The company is focusing on new product development and enhancing its sales team to drive growth [2]. Future Outlook - The report anticipates that the decline in the Chinese market will narrow in the second half of the fiscal year, supported by government subsidies [2]. - The company is well-positioned to capitalize on long-term growth opportunities in the functional sofa market, which currently has low penetration in China [2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 18.68 [4][7]. Core Insights - The company reported a revenue of USD 19.9 million in Q3 2024, representing a year-over-year increase of 14.6%. Operating profit reached USD 14.9 million, up 52.0% year-over-year, with an operating margin of 7.5%, an increase of 1.8 percentage points [1]. - The company has successfully balanced store opening speed with single-store quality, leading to improved same-store sales and turnover rates. The Southeast Asia region showed stable growth, while management adjustments in East Asia yielded significant results [1][2]. - The new CEO has focused on enhancing global store management and supply chain efficiency, which is expected to continue driving high turnover rates into the peak season [1][3]. Revenue and Profitability - Q3 2024 restaurant and takeaway revenue reached USD 19.1 million and USD 0.03 million, respectively, with year-over-year increases of 14.5% and 8.3%. The average daily sales per store were USD 17,700, up 9.9% year-over-year [2]. - The gross margin improved to 67.0%, an increase of 1.5 percentage points year-over-year, driven by higher average spending per customer and global supply chain optimization [2]. Store Expansion and Management - As of Q3 2024, the company operated 121 stores across various regions, with a net addition of 6 stores in the first nine months of 2024. The company is actively implementing the "Pomegranate Plan" to explore new store models, including halal hot pot and noodle shops [3]. - The management has introduced a dual-manager policy to enhance store performance and employee motivation, which has shown positive results in Q3 [3]. Financial Projections - The report revises the earnings per share (EPS) estimates for 2024, 2025, and 2026 to USD 0.06, USD 0.08, and USD 0.09, respectively, reflecting the company's growth potential and improved profitability [4][6]. - The target price of HKD 18.68 corresponds to a 30x price-to-earnings (PE) ratio based on the 2025 earnings estimates, indicating a premium valuation due to the company's leading position in the Chinese restaurant market [4][12].

Investment Rating - The report maintains an "Outperform" rating for the company [4][51]. Core Insights - The company's Q3 revenue and profit showed a sequential decline, but a significant recovery is expected in Q4. The adjusted net profit for Q3 2024 was 1.8 billion yuan, down 17% year-on-year and 34% quarter-on-quarter [2][4][35]. - The new housing business continues to outperform the market, with a GTV of 227.6 billion yuan in Q3 2024, representing an 18% year-on-year increase [2][23]. - The company’s new track business is maintaining good growth momentum, with home decoration and rental services showing significant revenue increases [2][35]. Revenue and Profit Summary - In Q3 2024, the company achieved a GTV of 736.8 billion yuan, a 12% increase year-on-year but a 12% decrease quarter-on-quarter. Revenue was 22.6 billion yuan, up 27% year-on-year but down 3% quarter-on-quarter [2][7]. - The adjusted net profit margin for Q3 2024 was 7.9%, with a gross margin of 23%, both showing a decline compared to previous periods [2][7]. Business Segment Performance - The existing housing business GTV was 477.8 billion yuan in Q3 2024, a 9% year-on-year increase but a 16% decrease quarter-on-quarter. Revenue from this segment was 6.2 billion yuan, down 1% year-on-year and 15% quarter-on-quarter [2][9]. - The new housing business's GTV market share increased to 12.0%, up 1.7 percentage points from Q2 2024, with a revenue of 7.7 billion yuan, reflecting a 31% year-on-year growth [2][23]. - The new track business accounted for 4% of GTV and 38% of revenue, with home decoration revenue growing by 33% year-on-year and rental service revenue increasing by 118% year-on-year [2][35]. Financial Forecasts - The report forecasts adjusted net profits of 9 billion yuan for 2024 and 9.2 billion yuan for 2025, with corresponding earnings per share of 2.50 yuan and 2.54 yuan, leading to a PE ratio of 18.3 and 18.0 respectively [2][4][35].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Views - The company is the largest and fastest-growing enterprise in the trendy toy industry, with a strong IP-centric strategy and successful overseas expansion, contributing nearly 30% of revenue by H1 2024 [4] - The trendy toy market in China has grown from 6.8 billion yuan in 2015 to 60 billion yuan in 2023, with a CAGR exceeding 30%, and the company holds an 8.5% market share, ranking first [4] - The company's IP development, operation, and supply chain capabilities are leading, with a membership base of 38.93 million by H1 2024, contributing over 90% of sales and a repurchase rate of around 45% [5] Business Overview - The company has a comprehensive IP matrix, with core IPs like SKULLPANDA, MOLLY, DIMOO, and THE MONSTERS showing strong growth and long lifecycles [5] - The company's IP commercialization success rate is high, and its category expansion strategy, including games, theme parks, plush toys, and building blocks, has been well-received [6] - Overseas revenue has shown phenomenal growth, with stores opened in over 20 countries/regions, and overseas revenue accounting for nearly 30% by H1 2024 [6] Growth Drivers - The company's IP commercialization success rate is high, and its category expansion strategy has driven rapid same-store growth domestically [6] - Overseas revenue has shown phenomenal growth, with sufficient space for further store openings, and cultural export has been smooth [6] - The company's membership system, with 38.93 million members by H1 2024, contributes over 90% of sales and has a repurchase rate of around 45% [5] Financial Performance - The company's revenue and net profit have maintained rapid growth, with a 62% YoY increase in revenue to 4.56 billion yuan in H1 2024 [60] - The company's gross margin has remained above 60%, with a net margin recovering to over 15% by H1 2024 [69] - The company's operating cash flow has shown a clear upward trend, reaching 1.91 billion yuan in H1 2024 [74] Industry Overview - The trendy toy market in China has grown from 6.8 billion yuan in 2015 to 60 billion yuan in 2023, with a CAGR exceeding 30%, and is expected to reach 110 billion yuan by 2026 [17] - The market concentration in China's trendy toy industry is low, with the company holding an 8.5% market share, ranking first [22] - Consumers' primary reasons for purchasing trendy toys are the element of surprise and their love for the IPs, with 46.78% of consumers citing surprise and 38.95% citing IP as their main motivations [27] Valuation and Investment Recommendation - The report forecasts adjusted net profits of 2.61 billion yuan, 3.51 billion yuan, and 4.24 billion yuan for 2024-2026, representing YoY growth of 141%, 35%, and 21%, respectively [138] - The company's absolute valuation is estimated at 91.1-112.1 HKD, with a relative valuation of 84.2-103.6 HKD, based on a 2025 PE multiple of 30-40x [149]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% [7][10]. Core Insights - The company's performance and valuation are at a low point, with expectations for a turning point approaching. The Q3 pipeline was weak, but Q4 is anticipated to show improvement with new game releases contributing positively [7]. - The company is expected to see revenue growth in 2025, driven by new game launches and a recovering gaming market. The adjusted revenue forecasts for 2024-2026 are 105.6 billion, 116.7 billion, and 122.6 billion respectively [7][9]. - Shareholder returns are expected to be attractive, with significant cash dividends and share buybacks accelerating. The total shareholder return for the year is projected to reach 2.61 billion USD, resulting in a return rate of 4.7% [8]. Summary by Sections Market Data - Closing price is 133.60 HKD, with a market capitalization of 428.96 billion HKD. The stock has a 52-week high of 180.50 HKD and a low of 116.00 HKD [3]. Financial Performance - For Q3 2024, the company reported revenue of 26.21 billion, a year-over-year decrease of 4%. The adjusted net profit was 7.50 billion, down 13% year-over-year [10]. - The company’s revenue and net profit forecasts for 2024-2026 are adjusted to reflect a more conservative outlook, with net profits expected to be 32.08 billion, 35.56 billion, and 37.91 billion respectively [9][10]. Game Segment Performance - The online gaming segment saw a slight decline, while the PC gaming segment experienced significant growth, with a 29% year-over-year increase in Q3 [12]. - The company is launching several new games, including "Fragpunk" and "Marvel: Secret Wars," which are expected to drive growth in 2025 [7]. Shareholder Returns - The company has accelerated its share buyback program, with Q3 buybacks totaling 500 million USD, contributing to a total of 9.6 billion USD in buybacks for the first three quarters of 2024 [8].

Investment Rating - The report maintains a "Buy" rating for Bilibili-W (9626 HK) [5] Core Views - Bilibili achieved its first quarterly profit in 24Q3, with Non-GAAP net profit of RMB 236 million [5] - Revenue reached RMB 7 306 billion in 24Q3, up 26% YoY [5] - Gross profit surged 76% YoY to RMB 2 547 billion, with gross margin increasing 9 9 percentage points to 34 9% [5] - The company announced a share repurchase plan of up to $200 million over the next 24 months [5] Business Performance Revenue Breakdown - Advertising revenue grew 28% YoY to RMB 2 09 billion in 24Q3, driven by improved platform infrastructure, optimized algorithms, and enriched ad products [5] - Value-added services revenue increased 9% YoY to RMB 2 82 billion, with 21 97 million paying members and over 80% annual subscription or auto-renewal rate [5] - Mobile games revenue surged 84% YoY to RMB 1 82 billion, mainly due to the strong performance of the long-term operation game "Three Kingdoms: Strategic World" [5] Operational Data - DAU reached 107 million and MAU reached 348 million in 24Q3, both hitting record highs [6] - Average daily usage time reached 106 minutes, also a historical high [6] - Daily video views increased 23% YoY in 24Q3 [6] - Nearly 2 7 million UP主 earned income on Bilibili in the first three quarters of 2024 [6] Profitability - Operating cash flow reached RMB 2 226 billion in 24Q3, marking the fifth consecutive quarter of positive operating cash flow [6] - Deferred revenue surged 159% YoY to RMB 381 million in 24Q3 [6] Future Outlook - Revenue is expected to reach RMB 26 7 billion in 2024 and RMB 30 6 billion in 2025 [7]

Investment Rating - The report maintains an "Outperform" rating for the company [2][13][31] Core Insights - The company has shown steady revenue growth and improved profit margins, achieving a revenue of CNY 14.27 billion (+10.2%) and a net profit of CNY 0.77 billion (+72.8%) for the first half of FY25 [7][23] - The consolidation of the advertising business in the health category has enhanced operational efficiency and pricing capabilities, contributing to the simultaneous improvement of gross and net profit margins [23][27] - The self-operated pharmaceutical business and the pharmaceutical e-commerce platform business have reported revenues of CNY 12.12 billion (+5.9%) and CNY 1.71 billion (+67.5%) respectively, while the medical health and digital services segment saw a decline in revenue [24][25][26] Financial Performance - Revenue projections for FY25 and FY26 are CNY 29.78 billion and CNY 32.80 billion, with expected year-on-year growth rates of 10.2% and 10.1% [10][30] - The net profit forecasts for FY25 and FY26 remain at CNY 1.56 billion and CNY 1.98 billion, reflecting improved operational efficiency and steady growth in the advertising business [10][30] - The company's gross profit margin is projected to increase to 23.9% in FY25 and 24.5% in FY26, indicating a positive trend in profitability [6][10] Valuation - Using the DCF valuation method, the company's equity value is estimated at HKD 87.15 billion, corresponding to a target share price of HKD 5.42, reflecting a 14.5% downward adjustment from previous estimates [13][31]