Investment Rating - The report gives J&T Express-W (1519 HK) a "Buy" rating, with an initial coverage [5][58] Core Views - J&T Express is a global logistics company with a strong presence in 13 countries, ranking as the 6th largest express service provider in China and showing robust growth in new markets [2][3] - The company's agent-based model, inherited from the "BBK" system, ensures strong policy execution and network stability, facilitating rapid international expansion [2][3] - J&T's profitability has turned positive in 2024, with significant improvements in cash flow and gross profit, indicating self-sustaining growth [3][8] - The company's global network layout and growth potential are highly promising, with a focus on profitability in China, market leadership in Southeast Asia, and strong growth momentum in new markets [5][58] Market Performance China Market - J&T entered the Chinese market late but quickly gained traction with competitive pricing and an efficient agent model, achieving a daily parcel volume of over 48 million and a market share of 11% in H1 2024 [3][24] - The company shifted its strategy from scale-first to profit-first, leading to positive EBITDA in China in 2023, driven by cost optimization and capacity expansion [3][24] - J&T's asset-light approach, combining heavy investments in transportation and automation with leased land and buildings, has helped reduce costs significantly [24][34] Southeast Asia Market - J&T has maintained its leading position in Southeast Asia for four consecutive years, with a 27.4% market share in H1 2024 and a 42% YoY increase in parcel volume [4][42] - The company leverages its unique agent model and competitive pricing to consolidate its market position, with further growth expected as e-commerce platforms like TikTok Shop and Temu expand in the region [4][42] - J&T's cost structure in Southeast Asia continues to improve, with significant reductions in per-parcel costs, driving profitability [42][48] New Markets - J&T has expanded into new markets such as the Middle East and Latin America, achieving a 63.9% YoY increase in parcel volume in H1 2024 and a market share of 6.1% [4][52] - The company has significantly reduced losses in new markets, with EBITDA improving to -$7.8 million in H1 2024, driven by higher-quality non-e-commerce clients and improved operational efficiency [52][56] Financial Projections - The report forecasts J&T's net profit for 2024-2026 to be $150 million, $390 million, and $500 million, respectively, with PE ratios of 41.4X, 16.4X, and 12.7X [5][58] - Revenue is expected to grow at a CAGR of 15% from 2024 to 2026, driven by strong performance in China, Southeast Asia, and new markets [58][59]

Investment Rating - The investment rating for Tencent Holdings (00700) is "Buy" with a target price of 476 HKD, maintaining the rating [1]. Core Views - The acceleration of AI business implementation and the trend of platform interconnectivity are expected to create new growth points for the company [1]. - Tencent's new generation model "Tencent Mix Yuan Turbo" has shown significant performance improvements, with training efficiency up by 108%, inference efficiency up by 100%, and inference costs down by 50% compared to previous models [1]. - The company has integrated its AI infrastructure under the brand "Tencent Cloud Intelligence," which has already served 90% of domestic large model vendors [1]. - The gaming revenue is expected to continue to increase quarter-on-quarter in the second half of the year, supported by the launch of "Dungeon & Fighter: Origin" [1]. Summary by Sections Investment Rating - Current Price: 387.6 HKD - Target Price: 476 HKD - 6-Month Rating: Buy (Maintain Rating) [1]. Company Performance - Tencent's total shares outstanding: 9,342.57 million shares - Total market capitalization: 3,621,180.68 million HKD - Net asset value per share: 100.81 HKD - Debt-to-asset ratio: 43.95% [1]. AI Business Development - The new model "Tencent Mix Yuan Turbo" has achieved the highest score in domestic large model evaluations, outperforming competitors like GPT-4o [1]. - The company has nearly 700 internal business units utilizing the Mix Yuan model, with API calls reaching approximately 300 million [1]. Gaming Sector Insights - The new game "Delta Action" is set to launch on September 26, which may enhance Tencent's market position in the shooting game category [1]. - The performance of "Dungeon & Fighter: Origin" has been strong, consistently ranking high in the iOS game sales charts since its launch [1]. Investment Recommendations - The company is expected to see a gradual increase in gaming revenue in the second half of the year, with a focus on the operational rhythm of "Dungeon & Fighter: Origin" [1]. - As of September 23, 2024, the company's stock is projected to have a PE ratio of 16x/13x/12x for the years 2024/2025/2026, indicating a relatively low valuation compared to historical averages [1].

Investment Rating - Maintains an "Overweight" rating for the company [4][19] Core Views - The company reported its 2024 interim results, with the basic building materials segment still in loss, but the loss narrowed in Q2 The new materials segment, including fiberglass, blades, and membranes, continues to show incremental growth potential [5][20] - Revenue for the first half of 2024 reached RMB 83 471 billion, up 18 5% YoY, while net profit attributable to the parent company was -RMB 2 018 billion, turning from profit to loss, below expectations [5][20] - The company's cement and clinker sales volume in H1 2024 was 114 million tons, down 19 9% YoY, exceeding the industry's 10% decline in sales volume [5][20] - The new materials segment achieved revenue of RMB 23 55 billion in H1 2024, up 0 6% YoY, with a gross margin of 23 7%, down 2 30 percentage points YoY [5][20] - The engineering services segment achieved revenue of RMB 20 57 billion in H1 2024, up 1 7% YoY, with a gross margin of 18 6%, up 1 0 percentage point YoY [5][20] Financial Summary - Revenue for 2024E is projected to be RMB 183 306 billion, down 13% YoY, with net profit expected to be RMB 1 175 billion, down 70% YoY [7][22] - Revenue for 2025E is projected to be RMB 192 933 billion, up 5% YoY, with net profit expected to be RMB 2 276 billion, up 94% YoY [7][22] - Revenue for 2026E is projected to be RMB 204 757 billion, up 6% YoY, with net profit expected to be RMB 2 987 billion, up 31% YoY [7][22] Valuation and Market Data - The current stock price is HKD 2 20, with a 52-week price range of HKD 2 06-4 11 [6][21] - The current market capitalization is HKD 18 556 billion, with 8 435 million shares outstanding [6][21] - The target price is adjusted to HKD 3 23 based on a 25-year PE of 11 97x for comparable companies [5][20] Industry and Segment Analysis - The cement segment's loss narrowed in Q2, with industry-wide peak-shifting and price increase intentions strengthening in Q3 [5][20] - The new materials segment faces increased competition and price pressure, leading to a decline in profitability despite volume growth [5][20] - The engineering services segment saw growth in overseas and maintenance services, with overseas new contracts up 9% YoY and maintenance new contracts up 41% YoY in H1 2024 [5][20] Capital Expenditure and Financial Health - Capital expenditure in H1 2024 was RMB 13 billion, up 8% YoY, with a shift towards new materials, overseas investments, and equity investments [5][20] - The company's accounts receivable stood at RMB 86 6 billion, down RMB 3 4 billion YoY, with a debt-to-asset ratio of 60%, indicating manageable financial risks [5][20]

Investment Rating - Maintains an "Overweight" rating with a target price of 6.58 RMB [5] Core Viewpoints - The company is a core partner of Huawei Cloud, benefiting significantly from the development of Huawei's AI Cloud [5] - The company has integrated hardware and software capabilities for HarmonyOS, aiding its industry implementation [5] - The company has released multiple AI innovative products, with potential for exceeding expectations in development [5] Financial Summary - Revenue for 2024E is projected at 17,945 million RMB, a 5% increase from 2023A [8] - Net profit for 2024E is expected to be 774 million RMB, a 9% increase from 2023A [8] - PE ratio for 2024E is estimated at 13.45, decreasing from 21.06 in 2023A [8] Market Data - Current stock price is 4.17 HKD [6] - 52-week price range is 3.45-6.83 HKD [6] - Current market capitalization is 11,449 million HKD [6] Product and Partnership Highlights - The company won the "Peak Climbing Partner Award" at Huawei Cloud Night, highlighting its contribution to Huawei Cloud's capabilities and sales growth [5] - Released 8 innovative hardware products based on KaihongOS at Huawei Connect, including edge computing terminals, smart gateways, robots, and charging piles [5] - Signed a strategic cooperation agreement with MiniMax to collaborate on AI Agent development, combining MiniMax's foundational model capabilities with the company's industry application expertise [5] - Launched the LMOps platform to reduce barriers in large model application development and introduced AI solutions for industries like power, finance, and auditing [5]

Investment Rating - The report provides a positive outlook on Xin Ao Energy, indicating that the stock buyback and equity incentive plans are likely to boost market confidence [1]. Core Viewpoints - The implementation of stock buyback and equity incentive plans is expected to enhance investor sentiment and support the company's stock price [1]. Summary by Relevant Sections - The report highlights that Xin Ao Energy's recent initiatives, including stock buybacks, are strategic moves aimed at reinforcing market confidence and potentially increasing shareholder value [1].

Investment Rating - The report maintains a rating of "Buy" for the company [5]. Core Insights - The company has launched a "dual-energy strategy" to enhance its product matrix and expand its market presence, focusing on family-oriented vehicles [16][53]. - The sales volume has shown significant growth, with July 2024 deliveries reaching 51,000 units, a year-on-year increase of 49.4% [2]. - The company aims to establish a comprehensive product lineup by 2025, including one flagship model, five range-extended models, and five high-voltage pure electric models [51]. Summary by Sections 1. Company Overview - The company focuses on family vehicles, aiming to create a "mobile home" and enhance user happiness [16]. - The product matrix has been enriched with models like the L series and the newly launched MEGA, targeting various family needs [22][50]. 2. Market Trends - The penetration rate of new energy vehicles in the passenger car market reached 44.7% in the first eight months of 2024, with significant growth in plug-in hybrid and range-extended models [34]. - The average retail price of passenger cars has increased from 153,000 yuan in 2020 to 179,000 yuan in 2024, indicating a trend towards higher-end models [36]. 3. Sales Performance - The company achieved a total delivery of 239,981 vehicles in 2024, a year-on-year increase of 38.5% [2]. - The average sales per store reached 265 million yuan in 2023, significantly higher than in 2022, reflecting improved operational efficiency [2][24]. 4. Financial Performance - In the first half of 2024, the company reported revenues of 57.31 billion yuan, a year-on-year increase of 21% [32]. - The forecast for revenues from 2024 to 2026 is 167.98 billion, 226.19 billion, and 274.53 billion yuan, respectively, with corresponding net profits of 11.25 billion, 16.41 billion, and 23.53 billion yuan [68]. 5. Strategic Initiatives - The company is enhancing its charging network, aiming to establish over 2,000 supercharging stations by 2024 [55]. - The introduction of advanced driving technologies, such as the "no-map" NOA feature, is expected to improve user experience and operational efficiency [56][58]. 6. Competitive Landscape - The market share of domestic brands reached 51% in 2024, with new forces like the company gaining traction among consumers [40]. - The company is positioned to benefit from the growing acceptance of domestic brands and the increasing demand for family-oriented vehicles [45].

52 周价格区间（港币） 11.02-20.35 近一月换手（%） 1.4241 2024 年 09 月 23 日 公司研究 评级：增持(首次覆盖) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn [Table_Title] 2024H1 动力稳健、储能高增，盈利水平同比提 升，持续打造硬核产品力 ——中创新航（03931）动态研究 最近一年走势 事件: 中创新航于 8 月 29 日晚间发布 2024 年中期业绩公告：2024 年上半年， 公司实现营业收入 124.7 亿元，同比增长 1%；2024 年上半年期内利润 4.2 亿元，同比增长 57%；归母净利润 2.5 亿元，同比增长 70%。此外， 8 月 28 日，2024 中创新航全球生态大会成功举办，全场景新品发布推进 领先技术的产业化。 投资要点: 相对恒生指数表现 2024/09/23 营收相对稳健，盈利水平同比提升。在电池价格下降的行业背景下， 表现 1M 3M 12M 2024 年上半年公司营收同比微增，主要原因在于储能业务同比实现 高增。分产品看，上半年销售动力电池收入 97.2 亿元，同比下降 ...

Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company is a leading producer of pearlescent pigments in China, with a comprehensive product range that includes over 2000 varieties across high, medium, and low-end categories, serving various industries such as coatings, automotive paints, cosmetics, aerospace, and more [2][3] - The company has successfully integrated the acquisition of CQV and is in the process of acquiring Merck's surface solutions business for €665 million, which is expected to enhance its market position and customer-centric strategy [3] - The company has commercialized synthetic mica-based fire-resistant materials for new energy batteries, marking a significant breakthrough in its R&D efforts [3] - Profit forecasts indicate a net profit of 304 million, 440 million, and 551 million RMB for 2024, 2025, and 2026 respectively, with a projected PE valuation of 20-22 times for 2024 [3][4] Financial Performance - The company reported total revenue of 910 million RMB in 2022, with a projected increase to 1056 million RMB in 2024, reflecting a year-on-year growth of 16% [4][5] - The gross profit margin is expected to stabilize around 48% to 49.5% from 2024 to 2026 [6][8] - The company's net profit margin is projected to improve from 17.19% in 2023 to 27.76% by 2026 [8] Market Position and Competitors - The company has established a global marketing network, exporting products to over 100 countries and regions [2] - Comparatively, the company's valuation metrics are competitive against peers in the industry, with a projected PE ratio that aligns with market averages [7]

港股通 证券研究报告 名创优品 (9896 HK) 拟 63 亿入股永辉，深化线下零售布局 华泰研究 动态点评 2024 年 9 月 24 日│中国香港 零售 拟收购永辉 29.4%股权成为第一大股东，战略协同强化线下零售布局 9 月 23 日，名创优品发布公告，拟通过协议转让收购牛奶公司、京东世贸、 宿迁涵邦分别持有的永辉 21.08%、4.05%、4.27%股权，合计作价 62.7 亿 人民币。本次交易完成后，名创优品将通过全资附属公司骏才国际持有永辉 超市 29.4%股份，并成为第一大股东，收购完成后财务层面二者不合并财务 报表，公司拟以权益法确认永辉投资收益。我们认为名创未来仍将以兴趣消 费为核心持续打造 IP 产品，并通过与永辉的业务资源共享，提升双方供应 链的规模优势、渠道的运营效率，此次收购永辉超市对名创利润端的影响需 持续跟踪，后续需观察永辉超市的调改成效。我们暂不考虑股权收益、维持 24-26 年经调整净利预期 28.8、36.8、46.0 亿元，参考可比公司 24 年彭博 一致预期 25xPE，考虑直营市场短期对公司 OPM 仍有小幅拖累，维持公司 24 年 20xPE，维持目标价 51. ...

Investment Rating - The report initiates coverage on Tencent Holdings (00700 HK) with a "Recommend" rating [3] Core Views - Tencent is an absolute leader in the internet industry with diversified shareholder return methods The company plans to double its share buyback scale to over HKD 100 billion in 2024 [2] - The company's high-quality endogenous growth momentum has recovered with high-margin businesses accounting for a larger proportion In Q2 2024 Tencent achieved total revenue of RMB 1611 billion up 8% YoY with gross profit of RMB 859 billion up 213% YoY and gross margin of 533% up 58 percentage points YoY [2] - Tencent's game business is improving and the commercialization space for Video Accounts is vast Key drivers include the recovery of flagship games strong performance of new games and the rapid growth of Video Account advertising revenue [3] Financial Analysis Revenue - In 2023 Tencent's revenue reached RMB 6090 billion up 98% YoY with financial technology and enterprise services and game businesses contributing the most [20] - In Q2 2024 Tencent's domestic game revenue was RMB 346 billion up 9% YoY while overseas game revenue was RMB 139 billion up 9% YoY [22] Profitability - Tencent's gross profit in 2023 was RMB 293109 billion up 228% YoY with gross margin increasing from 431% in 2022 to 481% in 2023 [24] - In Q2 2024 Tencent's Non-IFRS net profit was RMB 573 billion up 526% YoY with a Non-IFRS net margin of 356% up 104 percentage points YoY [2] Business Highlights Games - Domestic games are recovering with flagship games like "Honor of Kings" and "Peacekeeper Elite" showing positive growth in Q2 2024 [32] - Overseas games are performing well with "PUBG MOBILE" and "NIKKE" showing strong growth Supercell's games are also contributing significantly to overseas revenue [39][41] Video Accounts - Video Account advertising revenue grew over 80% YoY in Q2 2024 driven by increased user engagement and live streaming e-commerce [52] - The commercialization potential of Video Accounts is vast with further growth expected from increased ad load rates and user engagement [54] Financial Technology - Tencent's financial technology business saw slower growth in Q2 2024 with payment transaction volume stabilizing and wealth management revenue growing double-digit YoY [3] - The company is focusing on improving payment penetration and convenience with initiatives like "foreign card binding" and "Hong Kong wallet expansion" [64] Social Networks - Social network revenue in Q2 2024 was RMB 303 billion up 2% YoY driven by growth in music and video subscription revenue as well as mini-game platform service fees [46] - Mini-games on WeChat have shown strong growth with MAU exceeding 500 million and high user retention rates [48] Valuation and Forecast - The report forecasts Tencent's revenue for 2024 2025 and 2026 to be RMB 6607 billion RMB 7214 billion and RMB 7819 billion respectively with Non-IFRS net profit of RMB 2159 billion RMB 2421 billion and RMB 2588 billion respectively [3] - Based on the closing price on September 23 2024 the adjusted PE ratios for 2024 2025 and 2026 are 15X 14X and 13X respectively [3]