Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant revenue growth of approximately 29% year-on-year for Q3 2024, with domestic revenue increasing by about 27% in RMB terms and overseas revenue growth around 30% [2] - The company has been actively involved in the evolving landscape of copyright protection and AI, with recent lawsuits in the AI sector potentially increasing the demand for its services as a third-party provider [2] - The company is exploring opportunities in digital content rights and asset protection in line with the trends of Web3.0 and AI, aiming to enhance operational efficiency and reduce customer acquisition costs through platform upgrades [3] - The company executed a share buyback of 875,000 shares for a total of HKD 1.9763 million, reflecting management's confidence in the company's future [3] Financial Projections - The company's net profit forecasts for 2024-2026 have been revised upwards to HKD 737.9 million, HKD 1.2538 billion, and HKD 2.3078 billion respectively, indicating strong growth potential [4] - The current stock price corresponds to price-to-sales (P/S) ratios of 3.5, 2.7, and 2.1 for 2024-2026, suggesting a favorable valuation outlook [4]

证券研究报告 港股公司|公司点评|小鹏汽车-W（09868） 小鹏汽车 Q3 财务数据点评：毛利率改 善，盈亏平衡有望兑现 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月20日 证券研究报告 |报告要点 2024 年 11 月 19 日，小鹏汽车发布第三季度财务数据。小鹏汽车 2024Q3 交付 4.7 万辆，同比 增长 16.3%。对应实现总收入 101.0 亿元，同比+18.4%，环比+24.5%。我们预计公司 2024/2025/2026 年销量分别为 19/42/64 万辆，对应营业收入分别为 434.0/922.9/1382.8 亿 元，同比分别增长 41.5%/112.6%/49.8%；归母净利润分别为-65.1/7.0/34.2 亿元。优质车型 上市有望迎来销量拐点，智能驾驶迭代催化和车型上市节奏有望助力公司实现财务数据的反 转，大众合作或进一步扩大公司营收和技术能力。维持"买入"评级。 |分析师及联系人 高登 SAC：S0590523110004 请务必阅读报告末页的重要声明 1 / 5 港股公司|公司点评 glzqdatemark2 2024年11月20日 小鹏汽 ...

Investment Rating - The report upgrades JD com (9618 HK/JD US) to a "Buy" rating with a target price of HKD 162/USD 42 [4][5] Core Views - JD com's core categories, particularly digital appliances, are benefiting from the trade-in policy, driving a recovery in sales [4] - Q3 2024 revenue reached RMB 260 4 billion, up 5 1% YoY, with digital appliances growing 2 7% YoY [4] - Daily necessities revenue grew 8 0% YoY, with supermarket, apparel, and sports/outdoor categories achieving double-digit growth [4] - Active users grew double-digit YoY for four consecutive quarters, with a 20% YoY increase in shopping users during Double 11 [4] - Q3 2024 gross margin reached 17 3%, up 1 7pp YoY, with adjusted net profit growing 24% YoY to RMB 13 2 billion [5] - JD Retail's operating margin improved by 2 6pp YoY to 5 2%, while JD Logistics' operating margin increased by 4 0pp YoY to 4 7% [5] - The company repurchased USD 3 9 billion in Q3 2024, totaling USD 3 6 billion in the first three quarters [5] Financial Performance and Forecasts - Revenue is expected to grow 5 7% YoY in Q4 2024, with full-year revenue projected at RMB 1,135 4 billion for FY24E [4][7] - Gross profit is forecasted to reach RMB 178 3 billion in FY24E, up 11 7% YoY [7] - Adjusted net profit is expected to grow 27 4% YoY to RMB 44 8 billion in FY24E [7] - The company aims for a high single-digit net profit margin in the long term, driven by economies of scale, product mix optimization, and 3P contributions [5] Valuation and Market Expectations - The target price of HKD 162/USD 42 implies a 10x FY24E P/E ratio [5] - The current price of HKD 137 2/USD 35 19 offers a potential upside of 18%/19% [8] - The 52-week price range for JD com is HKD 81 55-192 3/USD 20 8-47 8 [8] Industry Context - The report covers JD com within the broader internet and e-commerce sector, highlighting its competitive positioning and growth drivers [4][32]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The report highlights that the company's Q3 performance exceeded expectations, with revenue reaching a historical high of 92.5 billion yuan, representing a year-over-year increase of 30.5%, surpassing Bloomberg's consensus estimate by 2.5% [2] - The adjusted net profit for Q3 was recorded at 6.25 billion yuan, exceeding Bloomberg's consensus estimate by 5.8% [2] - The automotive business showed significant improvement, with a gross margin of 17.1%, which is notably higher than the market expectation of 12.1% [2] - The report anticipates further improvement in automotive gross margins in Q4, driven by increased production capacity and reduced unit production costs [2] - The smartphone segment demonstrated a strong performance with a year-over-year shipment increase of 3.1%, and the average selling price (ASP) rose by 10.6% year-over-year [2][4] - The IoT business continued to grow robustly, with major appliances driving margin improvements, achieving a gross margin of 20.8% in the latest quarter [4] Summary by Sections Financial Performance - Q3 revenue was 92.5 billion yuan, up 30.5% year-over-year, and adjusted net profit was 6.25 billion yuan, exceeding expectations [2] - The automotive business revenue reached 9.7 billion yuan, surpassing market expectations by 8.9% [2] - The company expects revenues of 357.4 billion yuan, 436 billion yuan, and 515.7 billion yuan for 2024, 2025, and 2026 respectively, with year-over-year growth rates of 31.9%, 22%, and 18.3% [4] Business Segments - Smartphone revenue was 47.45 billion yuan, reflecting a year-over-year increase of 13.9% [2] - IoT revenue was 26.1 billion yuan, up 26.3% year-over-year [2] - The automotive segment's gross margin improved significantly, indicating a positive trend for future quarters [2] Future Outlook - The report projects adjusted net profits of 24 billion yuan, 28.1 billion yuan, and 35.7 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 24.6%, 16.8%, and 27% [4] - The company is expected to benefit from the strong market response to its new product launches, particularly the Xiaomi 15 series, which has seen rapid sales growth [2][4]

Investment Rating - The report maintains a "Buy" rating for Kingsoft Corporation (3888 HK) [1] Core Views - Kingsoft achieved strong revenue growth in Q3 2024, with total revenue reaching RMB 2 915 billion (YoY +41 5%, QoQ +17 8%) and net profit attributable to shareholders of RMB 413 million (YoY +1351 1%, QoQ +5 1%) [1][3] - The company's gaming business showed remarkable growth, with revenue reaching RMB 1 708 billion (YoY +77 7%, QoQ +32 8%), driven by the success of "JX3" and "JX3 Boundless" [3] - Office software and services revenue reached RMB 1 207 billion (YoY +9 9%, QoQ +1 6%), supported by AI-powered product innovations and domestic subscription growth [3] Financial Performance - Gross profit reached RMB 2 454 billion (YoY +46 4%, QoQ +20 2%), with a gross margin of 84 2% (YoY +2 8pct, QoQ +1 7pct) [3] - Operating expenses improved significantly, with sales expense ratio at 12 5% (YoY -8 9pct, QoQ -2 8pct), R&D expense ratio at 29 5% (YoY -3 1pct, QoQ -0 4pct), and administrative expense ratio at 5 7% (YoY -3 4pct, QoQ -0 6pct) [3] - The company's market capitalization stood at HKD 39 013 70 million as of November 19, 2024 [3] Office Software Business - Kingsoft continued to optimize WPS AI, launching WPS AI 2 0 with four new assistants to enhance user experience and subscription conversion [3] - The company expanded its SaaS transformation with WPS 365, targeting large-scale private enterprises and local state-owned enterprises [3] - AI innovations included text companion, AI Docs intelligent document library, and the WPS Lingxi AI assistant, further advancing the AI office ecosystem [3] Gaming Business - "JX3 Boundless" exceeded expectations in terms of returning users, while the annual expansion pack for "JX3" introduced new features that enhanced player engagement [3] - The sci-fi mecha game "JXJ" completed its first public test in August, generating significant global interest with nearly 3 million pre-registrations and ranking 17th on Steam's wishlist [3] - The mobile game "JXQZ Zero" has obtained its license and is planned for release next year [3] Valuation and Forecast - The report raises revenue forecasts for FY2024-2026 to RMB 10 3/11 6/12 8 billion, with net profit attributable to shareholders expected to reach RMB 1 45/1 81/2 05 billion [6] - The target price is set at RMB 36 (HKD 39), based on a SOTP valuation method, implying a target market capitalization of RMB 47 5 billion [6] - The company's PE ratio is projected to be 25/20/18x for FY2024-2026, with EPS of RMB 1 1/1 4/1 5 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported Q3 2024 revenue of 2.915 billion yuan, a year-over-year increase of 41.52% and a quarter-over-quarter increase of 17.83%, with net profit attributable to shareholders of 413 million yuan, a year-over-year increase of 1351.11% and a quarter-over-quarter increase of 5.11%, exceeding expectations [1][2] Summary by Sections Gaming Business - The gaming segment achieved revenue of 1.708 billion yuan in Q3 2024, representing a year-over-year increase of 77.66% and a quarter-over-quarter increase of 32.81%, accounting for 58.60% of total revenue. The strong performance was driven by the successful launch of "Jian Wang 3: Wujie" mobile game and the 15th anniversary events of "Jian Wang 3," which led to record high daily active users [2] - The company has revised its full-year gaming revenue guidance from over 20% growth to 30% growth, supported by a robust pipeline of new games [2] Office Business - The office segment generated revenue of 1.207 billion yuan in Q3 2024, with a year-over-year increase of 9.88% and a quarter-over-quarter increase of 1.61%, accounting for 41.40% of total revenue. The growth was primarily due to the launch of WPS AI 2.0, which enhanced user engagement and conversion rates [3] - The monthly active users for the main office products reached 618 million, reflecting a year-over-year increase of 4.9% [3] Cost Control and Profitability - The company maintained good cost control, with sales, management, and R&D expenses of 365 million, 166 million, and 861 million yuan respectively. The year-over-year changes were -17.26%, -11.32%, and +28.12% respectively [4] - The company reported a share of losses from joint ventures amounting to 428 million yuan, primarily attributed to long-term asset impairments at a joint venture [4] Earnings Forecast and Valuation - The earnings per share (EPS) estimates for 2024-2026 have been raised to 1.11, 1.38, and 1.68 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 24, 20, and 16 times based on the current stock price. The outlook remains positive due to the strong growth in gaming and the ongoing AI strategy in the office business [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 77.36, indicating a potential upside of 48.9% from the current price of HKD 51.95 [1][4][3]. Core Insights - The company's automotive gross margin exceeded expectations in Q3, with a revenue of RMB 10.1 billion, a quarter-on-quarter increase of 24.5%, and vehicle sales of 46,000 units, reflecting a quarter-on-quarter growth of 54.0% [1][2]. - The collaboration revenue with Volkswagen continues to contribute positively, while service and other revenues remained stable at RMB 1.31 billion [1]. - The gross margin for Q3 was 15.3%, up 1.3 percentage points quarter-on-quarter, with automotive gross margin at 8.6%, showing a recovery of 2.2 percentage points [1][2]. - The company has maintained effective cost control, with R&D and selling expenses increasing slightly by 11.3% and 3.8% respectively, while the proportion of these expenses to revenue decreased [1][2]. Financial Performance Summary - For Q4, the company expects total revenue to be between RMB 15.3 billion and RMB 16.2 billion, representing a year-on-year increase of approximately 17.2% to 24.1% [2]. - Vehicle delivery volume is projected to be between 87,000 and 91,000 units, with a year-on-year increase of approximately 44.6% to 51.3% [2]. - The average selling price (ASP) of vehicles has decreased to RMB 189,000, primarily due to a higher proportion of lower-priced models like M03 [2]. - The company anticipates continued improvement in gross margins due to economies of scale and optimized Bill of Materials (BOM) costs, with a 25% reduction in BOM costs for the P7+ model [2][3]. Financial Data Overview - Revenue projections for the company are as follows: RMB 30.68 billion in 2023, RMB 39.63 billion in 2024, RMB 61.23 billion in 2025, and RMB 67.67 billion in 2026, with respective year-on-year growth rates of 14.2%, 29.2%, 54.5%, and 10.5% [7][14]. - The company is expected to report a net loss of RMB 10.38 billion in 2023, narrowing to RMB 4.85 billion in 2024, and further to RMB 2.36 billion in 2025 [7][14]. - The projected earnings per share (EPS) are expected to improve from RMB -5.96 in 2023 to RMB -2.78 in 2024, and RMB -1.36 in 2025 [7][14].

Investment Rating - The report maintains a **Buy** rating for Tongcheng Travel with a target price of **HKD 25.8**, up from the previous target of HKD 23.1 [5][8] Core Views - **Revenue Growth**: Tongcheng Travel reported 3Q24 revenue of RMB 5 billion, a 51% YoY increase, slightly exceeding expectations of RMB 4.9 billion [1][2] - **Profitability**: Adjusted net profit for 3Q24 reached RMB 910 million, a 47% YoY increase, surpassing expectations by 10.2% [1][3] - **Outbound Travel**: Outbound hotel bookings and air ticket sales saw triple-digit growth, with international room nights up 130% YoY and international ticket volume up 110% YoY [2] - **User Value Focus**: The company shifted its strategy from user growth to maximizing user value, resulting in a 53% YoY increase in ARPU to RMB 70 [4] Revenue Breakdown - **Core OTA Business**: Revenue from core OTA business reached RMB 4 billion, a 22% YoY increase, driven by improved commission rates and strong outbound travel demand [2] - **Accommodation Business**: Revenue grew 22% YoY, exceeding expectations by 3%, with international room nights up 130% YoY [2] - **Transportation Business**: Revenue increased 22% YoY, surpassing expectations by 1.3%, supported by a 110% YoY growth in international ticket volume [2] Profitability and Cost Control - **Operating Profit**: Operating profit for 3Q24 was RMB 970 million, a 63% YoY increase, exceeding expectations by 26% [3] - **Cost Efficiency**: The company achieved significant cost control, with total expense ratio 4 percentage points lower than expected [3] - **Core OTA Profit**: Core OTA platform operating profit reached RMB 1.2 billion, 8.2% above expectations [3] User Metrics - **Monthly Active Paying Users**: Average monthly paying users reached 46.4 million, a 5% YoY increase [4] - **Annual Paying Users**: Annual paying users grew to 230 million, a 3.4% YoY increase [4] - **ARPU Growth**: ARPU increased to RMB 70, up 53% YoY, driven by improved marketing efficiency and cross-selling strategies [4] Financial Forecasts - **Revenue Forecast**: Expected revenue for 2024-2026 is RMB 17.3 billion, RMB 21.9 billion, and RMB 26.5 billion, respectively [5][12] - **Adjusted Net Profit Forecast**: Adjusted net profit for 2024-2026 is projected at RMB 2.77 billion, RMB 3.67 billion, and RMB 4.51 billion, respectively [5][12] - **Valuation**: The target price of HKD 25.8 is based on a 15x PE multiple for 2025, reflecting a discount to the peer average of 19.5x [5][14] Peer Comparison - **Valuation Multiples**: Tongcheng Travel's 2025 PE multiple of 15x is lower than peers such as Booking (23.9x) and Airbnb (29.8x) [15]

Investment Rating - Maintains a "Buy" rating with a target price of HKD 36.00 [1][4] Core Views - Xiaomi's 3Q24 revenue grew by 30% YoY, with smartphone xAIoT business revenue increasing by 16.8% YoY and non-GAAP net profit rising by 4%, exceeding expectations by 3% [1] - The automotive and IoT businesses achieved record-high gross margins, with automotive gross margin at 17.1%, surpassing the industry average of 16.27% for BYD, NIO, XPeng, and Li Auto in 2Q24 [1] - IoT gross margin increased by 1 percentage point QoQ to 20.8%, driven by product innovation, organizational reforms, and channel development [1] - The company expects SUV launch in 2025Q1 to drive rapid revenue growth, with smartphone gross margin recovery and reduced automotive losses contributing to a 55% non-GAAP profit growth in 2025 [1] Automotive Business - Automotive revenue in 3Q24 reached RMB 9.7 billion, with 39,800 units delivered at an average price of RMB 238,700 [2] - Gross margin for the automotive business improved by 1.7 percentage points QoQ to 17.1%, attributed to rapid scaling and strong supply chain bargaining power [2] - Management expects further gross margin improvement in 4Q24 and raised the 2024 delivery target to 130,000 units [2] - The company anticipates SUV launch in 2025Q1, with overall sales expected to reach 400,000 units in 2025 [2] Smartphone xAIoT Business - Smartphone shipments in 3Q24 were 42.75 million units, up 3% YoY and 1.1% QoQ, with a global market share of 13.6% [3] - IoT sales grew by 26% YoY, with gross margin reaching a record high of 20.8%, driven by overseas revenue, increased share of major appliances and wearables, and refined operations [3] - Smartphone gross margin declined by 0.5 percentage points QoQ to 11.7% due to rising raw material costs [3] - DRAM price reductions and the expansion of major appliance business overseas are expected to drive IoT growth in 2025 [3] Financial Forecasts - Revenue for 2024E, 2025E, and 2026E is projected at RMB 354.7 billion, RMB 471.6 billion, and RMB 574.1 billion, respectively, with YoY growth rates of 30.9%, 33.0%, and 21.8% [5] - Non-GAAP net profit for 2024E, 2025E, and 2026E is forecasted at RMB 25.0 billion, RMB 38.6 billion, and RMB 47.6 billion, respectively [5] - EPS for 2024E, 2025E, and 2026E is expected to be RMB 1.00, RMB 1.55, and RMB 1.91, respectively [5] Valuation - The target price of HKD 36.00 is based on a SOTP valuation method, with a 22x 2025E target PE [16] - The existing business is valued at 17.1x 2025E PE, while the automotive business is valued at 2x 2025E PS [16]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.09 HKD based on a PE valuation of 18.92 times for comparable companies [2][5]. Core Insights - The company's revenue and net profit attributable to shareholders increased by 22% and 41% respectively in the first half of the fiscal year, with growth of 24% and 44% in the second fiscal quarter, reaching 178.5 million and 359 million USD [1]. - The IDG smart device business group saw a revenue growth of 15% in the first half of the fiscal year, driven by strong performance in personal computers and smartphones, with PC revenue up 12% and smartphone revenue up 43% [1]. - The ISG infrastructure solutions business group achieved a record revenue growth of 65% to 6.5 billion USD in the first half of the fiscal year, with significant contributions from storage, software, and services [1]. - The SSG solutions services business group reported a 12% increase in revenue to 4 billion USD, benefiting from strong demand for "as-a-service" and AI-driven solutions, maintaining a high operating profit margin of 21% [1]. Financial Summary - The company's projected earnings per share for the fiscal years 2024/25 to 2026/27 are 0.10, 0.12, and 0.14 USD respectively, with adjustments made to revenue and pre-tax profit margin forecasts [2][11]. - The company's revenue for FY24E is estimated at 65,259 million USD, with a projected growth rate of 15% [4]. - The net profit attributable to shareholders is forecasted to reach 1,271 million USD in FY24E, reflecting a growth rate of 26% [4].