Investment Rating - The investment rating for Alibaba -W (09988) is "Buy" with a target price of 85.25 HKD, maintaining the rating for the next six months [1]. Core Views - The report indicates that Alibaba's performance met expectations, with continuous profit release from cloud intelligence and local services. The company reported a revenue of 236.5 billion CNY for FY25Q2, slightly below Bloomberg consensus by 1.2% [1]. - Adjusted EBITA was 40.6 billion CNY, also below consensus by 1.3%, while adjusted net profit was 36.4 billion CNY, in line with expectations [1]. - The company has repurchased 414 million shares for a total of 4.1 billion USD, with a remaining buyback capacity of 22 billion USD as of September 30, 2024 [1]. Business Segment Summaries Taobao Tmall Group - Revenue for FY25Q2 was 99 billion CNY, slightly below consensus by 0.1%. Retail revenue was 93 billion CNY, with customer management revenue at 70.4 billion CNY and direct sales revenue at 22.6 billion CNY. Adjusted EBITA reached 44.6 billion CNY, below consensus by 2.9% [1]. - The company is increasing investments in strategic initiatives, including competitive pricing, customer service, membership benefits, and technological innovation, which are expected to enhance purchase frequency and shopping experience [1]. - The number of 88VIP members grew by double digits year-on-year, reaching 46 million, indicating increased purchasing frequency among high-end consumers [1]. Cloud Intelligence Group - Revenue for FY25Q2 was 29.6 billion CNY, with adjusted EBITA of 2.7 billion CNY. The overall revenue grew over 7% year-on-year, driven by double-digit growth in public cloud services, particularly AI-related products [1]. - AI-related product revenue has seen triple-digit growth for five consecutive quarters, showcasing strong demand and adoption [1]. Other Business Segments - Cainiao reported revenue of 24.6 billion CNY with adjusted EBITA of 55 million CNY, driven by growth in cross-border logistics solutions [1]. - Local services generated revenue of 17.7 billion CNY, with adjusted EBITA of -400 million CNY, primarily due to order growth from Ele.me and marketing services [1]. - AIDC reported revenue of 31.7 billion CNY with adjusted EBITA of -2.9 billion CNY, benefiting from the expansion of cross-border business, particularly the AliExpress "Choice" business [1]. Financial Projections - The report projects Alibaba's revenue for FY 2025-2027 to be 990.6 billion CNY, 1,080.3 billion CNY, and 1,165.4 billion CNY respectively. The expected net profit attributable to shareholders (Non-GAAP) for the same period is projected to be 157.1 billion CNY, 176.3 billion CNY, and 189.5 billion CNY respectively [1].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HKD 430 [1]. Core Insights - Tencent's Q3 2024 performance exceeded expectations, with a Non-IFRS net profit of CNY 598.13 billion, a year-on-year increase of 33%, surpassing the Bloomberg consensus estimate of CNY 543.69 billion [1]. - The company's revenue for Q3 2024 was CNY 1,672 billion, reflecting an 8% year-on-year growth, slightly below expectations [1]. - The report highlights the resilience of Tencent's advertising business and the strong performance of its gaming segment, particularly in the domestic market [1]. Financial Performance - Non-IFRS net profit for Q3 2024 was CNY 598.13 billion, with a Non-IFRS net profit margin of 35.8%, up 6.7 percentage points year-on-year [36]. - The company's tax expenses were CNY 89 billion, significantly lower than the expected CNY 124.2 billion, contributing to the net profit growth [36]. - Tencent's revenue from value-added services reached CNY 827 billion, a 9.17% increase year-on-year, driven by strong performance in domestic gaming [45]. WeChat Ecosystem - The WeChat ecosystem continues to grow, with a combined monthly active user count of 1.38 billion, a 3% year-on-year increase [58]. - WeChat's mini-programs achieved a transaction volume exceeding CNY 2 trillion, reflecting over a 10% year-on-year growth [59]. - The introduction of WeChat Shops is expected to enhance sales conversion rates and provide a standardized trading environment for merchants [63]. Gaming Segment - Domestic gaming revenue for Q3 2024 was CNY 373 billion, a 14% year-on-year increase, driven by flagship games like "Honor of Kings" and "Peacekeeper Elite" [66]. - The overseas gaming revenue was CNY 145 billion, a 9% year-on-year increase, although slightly below expectations due to extended revenue deferral periods [75]. - The report anticipates continued growth in the gaming segment, supported by new product launches and the ongoing success of established titles [66]. Social Network and Marketing Services - Social network revenue for Q3 2024 was CNY 309 billion, a 4% year-on-year decline, primarily due to decreased revenue from music and game live streaming services [79]. - Marketing services revenue reached CNY 300 billion, a 17% year-on-year increase, benefiting from the growth of mini-programs and increased advertising spending within the WeChat ecosystem [45][79]. - The report expects the marketing services segment to continue delivering above-industry growth due to the low base effect and the expansion of WeChat's advertising capabilities [79].

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 automotive gross margin exceeded expectations in Q3, with revenue reaching RMB 10.1 billion, a 24.5% increase quarter-on-quarter, and vehicle sales of 46,000 units, up 54.0% quarter-on-quarter [1]. - The company continues to benefit from ongoing revenue from partnerships, particularly with Volkswagen, and has maintained effective cost control, with R&D and sales expenses increasing slightly but decreasing as a percentage of revenue [1][2]. - The forecast for Q4 indicates total revenue between RMB 15.3 billion and RMB 16.2 billion, representing a year-on-year increase of approximately 17.2% to 24.1%, with vehicle deliveries expected to be between 87,000 and 91,000 units, a year-on-year increase of about 44.6% to 51.3% [2][3]. Financial Overview - Revenue projections for the company are as follows: RMB 30.7 billion in 2023, RMB 39.6 billion in 2024, RMB 61.2 billion in 2025, and RMB 67.7 billion in 2026, with respective year-on-year growth rates of 14.2%, 29.2%, 54.5%, and 10.5% [7]. - The company is expected to incur net losses of RMB 10.4 billion in 2023, RMB 4.8 billion in 2024, RMB 2.4 billion in 2025, and RMB 1.3 billion in 2026 [7]. - The gross margin is projected to improve, with a forecasted gross margin of 12.8% in 2024, 13.8% in 2025, and 14.7% in 2026 [14]. Market Position - The company has a significant backlog of nearly 100,000 orders for its popular models, which is expected to support sales in Q4 and Q1 of the following year [2][3]. - The report highlights that the pricing of vehicles has decreased, primarily due to a higher proportion of lower-priced models, yet the gross margin has shown signs of recovery [2][3]. Analyst Commentary - Analysts believe that the product strength and value proposition of the M03 and P7+ models will positively influence the sales of new models set to be released next year [3]. - The market has not yet fully priced in the potential sales boost from the upcoming extended-range models, suggesting there is still room for upward adjustments in sales forecasts for next year [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 24.00, indicating a potential upside of 35.6% from the current price of HKD 17.70 [1][4][12]. Core Insights - The core OTA business is expected to grow faster than the industry average, with revenue projections of RMB 17.2 billion for 2024 and RMB 19.8 billion for 2025, reflecting growth rates of 19% and 16% respectively. The operating profit margin is anticipated to exceed 26%, leading to net profits of RMB 2.7 billion and RMB 3.4 billion for the respective years [1][2]. - The company reported a 51% year-on-year revenue increase in Q3 2024, reaching RMB 5 billion, which surpassed market expectations. The core OTA business revenue grew by 22%, driven by significant increases in both transportation and accommodation segments [2][3]. - The forecast for Q4 2024 anticipates a revenue increase of 29% to RMB 40.5 billion, with the core OTA segment expected to grow by 10% [2][9]. Financial Projections - Revenue forecasts for 2024 and 2025 have been slightly adjusted, with total revenue expected to be RMB 17.2 billion and RMB 19.8 billion respectively, reflecting growth rates of 44.2% and 15.7% [3]. - The adjusted operating profit margin is projected to improve to 16.3% for 2024 and 17.5% for 2025, with net profit margins expected to be 16.0% and 17.0% respectively [3][9]. - The company’s gross profit margin is forecasted to be 64.4% in 2024, slightly down from previous estimates, but still indicating strong profitability [3]. Market Performance - The stock has shown a year-to-date increase of 22.58%, with a market capitalization of approximately HKD 40.4 billion [6]. - The stock's 52-week high and low are HKD 22.30 and HKD 12.70 respectively, indicating significant volatility and potential for growth [6]. Summary of Earnings - The company achieved a net profit of RMB 9.1 billion in Q3 2024, a 47% increase year-on-year, exceeding market expectations by 11% [2][3]. - The operational efficiency is improving, with marketing expenses as a percentage of revenue decreasing to 29%, which is better than the anticipated 33% [2]. Conclusion - The report indicates a positive outlook for the company, driven by strong growth in the core OTA business, improved operational efficiency, and favorable market conditions, supporting the "Buy" rating and the revised target price [1][4][12].

Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Views - The company reported better-than-expected performance for FY2025 Q2, with total revenue of $17.85 billion, up 23.87% year-on-year and 15.56% quarter-on-quarter, and a net profit of $3.59 billion, up 43.80% year-on-year and 47.29% quarter-on-quarter [1] - The high-end product strategy is showing results, particularly with the Edge and Razr smartphone series, which have seen strong overseas sales [1] - The Infrastructure Solutions Group (ISG) is narrowing its operating losses and improving its market position, with a revenue increase of 65.12% year-on-year [1] - The Solutions and Services Group (SSG) has stable operating profit margins and increasing sustainable revenue, with a revenue increase of 12.85% year-on-year [1] - The company expects to benefit from the AI wave, with adjusted net profit forecasts for FY2025, FY2026, and FY2027 being $1.26 billion, $1.47 billion, and $1.76 billion respectively [1] Summary by Sections Financial Performance - For FY2025 H1, Lenovo achieved revenue of $33.297 billion, a year-on-year increase of 21.92%, and a net profit of $6.02 billion, up 41.36% [1] - FY2025 Q2 revenue was $17.85 billion, with a year-on-year growth of 23.87% and a quarter-on-quarter growth of 15.56% [1] Business Segments - **Intelligent Devices Group (IDG)**: Revenue of $13.514 billion in FY2025 Q2, up 17.37% year-on-year; PC market share reached 23.98% [1] - **Infrastructure Solutions Group (ISG)**: Revenue of $3.305 billion in FY2025 Q2, up 65.12% year-on-year; operating loss narrowed [1] - **Solutions and Services Group (SSG)**: Revenue of $2.165 billion in FY2025 Q2, up 12.85% year-on-year; operating profit margin at 20.4% [1] Profitability and Valuation - The report adjusts net profit forecasts for FY2025, FY2026, and FY2027 to $1.26 billion, $1.47 billion, and $1.76 billion respectively, with corresponding P/E ratios of 11.4, 9.8, and 8.2 [1]

Investment Rating - The report maintains a **Buy** rating for Kingsoft Corporation (3888 HK) with a target price of HKD 33 00, implying a potential upside of 13 0% from the current closing price of HKD 29 20 [1][4] Core Views - Kingsoft's Q3 2024 performance exceeded expectations, driven by strong growth in gaming revenue, with total revenue increasing by 42% YoY to RMB 2 92 billion and adjusted operating profit surging by 168% YoY to RMB 1 20 billion [1] - The gaming segment saw a significant YoY/QoQ growth of 78%/33%, primarily due to the success of *JX3: Infinite* and the October update for *JX3*, which boosted user engagement and revenue [2] - WPS revenue grew by 10% YoY, with personal subscriptions increasing by 17% YoY, while B2B SaaS transformation impacts are gradually diminishing [2] - The report forecasts a 30% YoY growth in gaming revenue for 2024, with new game releases in 2025 expected to sustain healthy growth trends [2] - WPS is expected to focus on AI+ collaboration, with AI product upgrades and feature optimizations enhancing user stickiness and paid conversions [2] Financial Model Updates - Revenue forecasts for 2024E, 2025E, and 2026E have been revised upwards by 6%, 7%, and 6% respectively, with gaming revenue expected to grow by 13%, 16%, and 14% over the same periods [3] - Adjusted operating profit margins are projected to improve, reaching 35%, 36%, and 37% for 2024E, 2025E, and 2026E respectively [3] - Adjusted net profit margins are expected to rise to 26%, 24%, and 25% for 2024E, 2025E, and 2026E, reflecting strong profitability [3] Industry and Peer Comparison - Kingsoft is categorized under the gaming sector, with peers such as Tencent Holdings (700 HK) and NetEase (NTES US) also holding Buy ratings [11] - The report covers a broad range of internet and education companies, with notable Buy ratings for companies like Baidu (BIDU US), Bilibili (BILI US), and Pinduoduo (PDD US) [11] Financial Performance Overview - Kingsoft's Q3 2024 revenue reached RMB 2 92 billion, with gaming and other business revenue contributing RMB 1 71 billion, up 78% YoY, and WPS revenue at RMB 1 21 billion, up 10% YoY [6] - Adjusted operating profit for Q3 2024 stood at RMB 1 20 billion, with an operating margin of 41%, up 19 percentage points YoY [6] - The company's gross margin improved to 84% in Q3 2024, up 3 percentage points YoY, driven by higher gaming revenue and operational efficiencies [6]

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][10]. Core Views - The company achieved a revenue of 10.1 billion yuan in Q3 2024, with a quarter-on-quarter growth of 18.4% and a year-on-year growth of 24.5%. The loss for the quarter was 1.81 billion yuan, which narrowed by 53.5% year-on-year but expanded by 40.7% quarter-on-quarter [5]. - The sales volume of the M03 model increased, leading to a decline in average revenue per vehicle, but the gross margin improved. The company delivered 46,533 vehicles in Q3, exceeding previous delivery guidance [5][6]. - The gross margin for the automotive sales business was 8.6%, an increase of 14.7% year-on-year and 2.2 percentage points quarter-on-quarter, attributed to cost reduction efforts and a higher proportion of overseas model sales [5][6]. - The company expects Q4 2024 deliveries to be between 87,000 and 91,000 units, representing a year-on-year growth of 44.6% to 51.3%, with total revenue projected to be between 15.3 billion and 16.2 billion yuan [5][10]. Financial Performance Summary - Q3 service and other business revenue reached 1.31 billion yuan, with a gross margin of 60.1%, contributing positively to the overall gross margin of 15.3% for the quarter [6]. - The company plans to enter a strong product cycle in 2025, with at least four new models expected to be launched, including an extended-range vehicle with a pure electric range exceeding 400 kilometers [10]. - Revenue forecasts for 2024 to 2026 are set at 41.4 billion, 78.1 billion, and 102.9 billion yuan, respectively, with net profit projections of -6.1 billion, -1.7 billion, and +1.4 billion yuan [10].

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 投资要点： [Table_Summary] 投资建议：维持增持评级。考虑 24H2 起白酒进入产业调整期，中 高档及以上价位带面临压力，下调公司 2024-26 年经调整 EPS 至 0.49 元（前值 0.59 元）、0.52 元（0.73 元）、0.55 元（0.89 元），当 前股价对应 2024 年 12X PE。 Q3 行业降速，公司坚持品质经营。24Q3 及国庆白酒大盘动销平淡， 公司注重结构和盈利，主动放慢渠道进度。其中主品牌珍酒通过升 级、扩产等实现优能优品的战略导向，珍十五再度获得专业赛事认 可并将推出升级后的四代珍十五，品质和知名度的提升有助于推动 消费场景和客群不断扩张；珍三十独立事业部运营后将以流通渠道 开发为目标，推进速度受次高端价位带白酒运行情况影响；高档酒 定位独特、渠道竞争相对较小，预计仍保持较快增长。第二品牌李 渡当前仍处于省内拓价位带、省外做市场阶段，预计延续此前趋势、 增速快于集团整体。 强化品牌力，拔高市场形象。公司致力于品牌培育，体验式营销是 重要抓手，2024 年在品鉴会、回厂游等的基础 ...

Investment Rating - The report maintains a "Buy" rating for Alibaba-W (09988 HK) [1][3] Core Views - Alibaba's FY2025Q2 revenue growth was slightly below expectations, with a 5% YoY increase to RMB 2365 billion, missing the Bloomberg consensus estimate of RMB 2394 billion [1][18] - Non-GAAP net profit attributable to shareholders was RMB 36 5 billion (YoY -9%), exceeding the Bloomberg consensus estimate of RMB 356 2 billion [1][18] - Taotian Group's GMV showed healthy growth, with a 1% YoY increase in revenue to RMB 989 94 billion, driven by double-digit order growth [2][25] - International Digital Commerce revenue exceeded expectations, with strong growth in Choice and improved unit economics [2][31] - Local Living Services saw significant narrowing of losses, with continued growth in Amap and Ele me orders [2][31] - Alibaba Cloud achieved double-digit growth in public cloud products, with AI-related products maintaining triple-digit YoY growth for five consecutive quarters [2][37] Business Performance Summary Taotian Group - Revenue increased 1% YoY to RMB 989 94 billion, with customer management revenue up 2% [2][25] - 88VIP members exceeded 46 million, with GMV growth driven by increased purchase frequency, partially offset by lower average order value [2][25] - EBITA margin declined 3 17 percentage points YoY to 45 04%, reflecting increased investment [2][25] International Digital Commerce - Revenue grew 29% YoY to RMB 316 72 billion, with EBITA margin at -9 17% [2][31] - International retail commerce revenue increased 37% YoY to RMB 256 18 billion, driven by cross-border business growth, particularly AliExpress Choice [2][31] - International wholesale commerce revenue rose 11% YoY to RMB 60 54 billion [2][31] Local Living Services - Revenue increased 14% YoY to RMB 177 25 billion, driven by order growth in Amap and Ele me [2][31] - Losses narrowed significantly due to improved operational efficiency and business scale [2][31] Alibaba Cloud - Revenue grew 7% YoY to RMB 296 10 billion, with public cloud products driving double-digit growth [2][37] - AI-related products achieved triple-digit YoY growth for five consecutive quarters [2][37] Cainiao - Revenue increased 8% YoY to RMB 246 47 billion, driven by cross-border logistics fulfillment solutions [2][32] Financial Forecasts - FY2025/FY2026/FY2027 EPS forecasts maintained at RMB 8 09/8 76/9 48, with corresponding Non-GAAP P/E ratios of 10 0/9 3/8 6x [3][37] - Revenue is expected to grow from RMB 941 168 billion in FY2024A to RMB 1 194 600 billion in FY2027E, with a CAGR of 8 3% [1][44] - Net profit attributable to shareholders is projected to increase from RMB 80 009 billion in FY2024A to RMB 134 062 billion in FY2027E [1][44]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [1] Core Views - The Q3 performance of Geely Automobile met market expectations, with a single-quarter revenue of 60.378 billion yuan, reflecting a quarter-on-quarter increase of 20.5% and a year-on-year increase of 9.8%. The net profit for the quarter was 2.455 billion yuan, with a year-on-year increase of 92.4% but a quarter-on-quarter decrease of 72.8% [2][3] - The report highlights the strategic synergy from the merger of brands, which is expected to enhance operational efficiency and reduce competition within the group [4] Financial Performance Summary - Total revenue for Geely in 2022 was 148.565 billion yuan, with projections of 179.846 billion yuan for 2023, 250.809 billion yuan for 2024, 316.050 billion yuan for 2025, and 344.520 billion yuan for 2026, indicating a year-on-year growth rate of 45.63% in 2022 and 39.46% in 2024 [1] - The net profit attributable to shareholders was 5.260 billion yuan in 2022, with forecasts of 5.308 billion yuan for 2023, 16.816 billion yuan for 2024, 13.575 billion yuan for 2025, and 15.988 billion yuan for 2026, showing a significant increase of 216.78% in 2024 [1][4] - The report notes that the earnings per share (EPS) is projected to rise from 0.52 yuan in 2022 to 1.67 yuan in 2024, with a price-to-earnings (P/E) ratio of 7.57 for 2024 [1][4] Sales and Profitability Metrics - In Q3, Geely achieved total sales of 534,000 units, with a year-on-year increase of 18.7% and a quarter-on-quarter increase of 11.3%. The average selling price per vehicle was approximately 130,000 yuan [3] - The gross margin for Q3 2024 was reported at 15.6%, with a slight year-on-year increase of 0.1 percentage points [3] - The report indicates that the net profit per vehicle for Geely brand vehicles was 0.55 thousand yuan, reflecting a year-on-year increase of 76% [3]