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]

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company is transitioning towards gold mining and processing as its main business focus, highlighted by its name change to "万国黄金集团有限公司" [1]. - The strategic partnership with Zijin Mining's subsidiary is expected to accelerate the development of the company's gold mining projects in the Solomon Islands [1]. - The company has significant mineral resources, including a designed annual processing capacity of over 3 million tons at the Jinling gold mine, which is projected to become a world-class gold mine [1][4]. Financial Performance - For the first half of 2024, the company reported a gold concentrate production of 22,256 tons, with gold ingots and concentrates accounting for over 50% of its revenue and gross profit [1]. - The company’s total revenue for the period ending June 30, 2024, was approximately RMB 927.86 million, with a pre-tax profit of RMB 355.54 million [3]. - The Jinling gold mine contributed RMB 260 million in pre-tax profit with a gross margin of 60.8% [4]. Project Development - The Jinling gold mine has a current ore reserve of 28.7 million tons with a gold grade of 1.32%, and it is still in the open-pit mining phase [4]. - Future plans include increasing the mining and processing volume to 2.5 million tons in 2024 and 3.8 million tons in 2025 [4]. - The company aims to reduce its gold production cost, currently at RMB 263 per gram, as production capacity increases and recovery rates improve [4]. Market Position - The company’s market capitalization is approximately HKD 8.032 billion, with a share price of HKD 9.70 [1]. - The company’s stock has seen a 52-week high of HKD 10.02 and a low of HKD 2.73 [1].

腾讯控股（00700.HK）首次覆盖报告：深度系列（一） [盈利预测与财务指标 Table_Forcast] 游戏业务进入复苏通道，视频号力争增量空间 2024 年 09 月 24 日 ➢ 互联网行业绝对龙头，股东回报方式多样化：腾讯向全球用户提供全方位的 互动娱乐产品和服务，在即时通信、社交、游戏、数字内容等领域具备行业龙头 优势，并拥有多元的增值服务变现模式。为应对大股东长期减持计划，2024 年 公司计划回购规模有望翻倍至 1000 亿港元以上，截至 2024 年 9 月 23 日，公 司累计回购金额达 864 亿港元。近年来，公司提供股票分红、现金分红等多样化 的股东回报以提振市场信心。 ➢ 内生高质量增长动能恢复，高毛利业务占比提升：收入端，24Q2，公司实 现总收入 1611 亿元，同比+8%。其中，本土游戏/海外游戏/社交网络/网络广告 / 金 科 及 企 服 业 务 收 入 分别为 346/139/303/299/504 亿元，分别 同 比 +9%/+9%/+2%/+19%/+4%。利润端，24Q2 毛利润 859 亿元，同比+21.3%， 毛利率 53.3%，同比+5.8pct。毛利率的改善 ...

港股公司报告 | 公司点评 分子分母端或共振，中期利润率回升能见度有望提升 1、分母侧利好或只是开始，分子侧市场关注的宏观预期正企稳 从分母端看，SaaS 类资产对分母端较为敏感。随着降息周期的开启，公司 估值有望持续受益。从分子端看，随着宏观预期企稳，市场此前的担心如 业务或受中小企业经营情况拖累有望得到缓解。金蝶股价在 2024 年跑输恒 生科技约 45%，分子分母端共振下公司有望迎来均值回归。 2、重申重视公司韧性，强刚需下公司全年需求我们预计稳定 我们持续强调，公司主力产品财务云产品是企业刚需且费用不高（根据公 司公告，星空2023 年Arpu 值在5 万，为A 股上市公司单人平均薪酬的25%）。 根据公司公告，2024 年 H1 公司续费率稳定在 95%。考虑公司业务韧性， 我们预计公司 2024 年收入接近 15%。 3、降本增效更坚决，预计中期研发费用率降至 20%以下 互联网行业的降本增效始于 2021 年年末，财务端在 2022 年下半年开始体 现，如腾讯、阿里。软件行业 24 年年初普遍进行了更坚决更有力的降本增 效，若行业需求稳定预计在 2025 年财务端有望得到体现。考虑金蝶历史研 发 ...