Investment Rating - The report gives a "Recommend" rating for Maoyan Entertainment (01896 HK) with a target price of 11 2 HKD [1][7] Core Views - Maoyan Entertainment is a leading online entertainment ticketing and content service provider in China with major shareholders including Tencent Meituan and Light Chaser Animation [1] - The company's main businesses are online entertainment ticketing (48% of 24H1 revenue) entertainment content services (47%) and advertising other services (5%) [1] - The film industry is expected to recover in 2025 with a new product cycle and Maoyan's film-related business is well-positioned to benefit from this recovery [1][6] - The company's live entertainment ticketing business is a new growth driver with 24H1 concert music festival GMV growing over 3x YoY [1][3] Business Analysis Online Entertainment Ticketing - The online movie ticketing market has stabilized into a "one super one strong" duopoly with Maoyan and Tao Piao Piao dominating [1][104] - Maoyan benefits from strong traffic advantages through its partnerships with Tencent and Meituan [1][115] - The movie ticketing business provides a stable cash flow base while live entertainment ticketing is a high-growth emerging segment [1][3] Entertainment Content Services - Maoyan has proven its film distribution capabilities ranking among the top 3 domestic distributors since 2021 [1][136] - The company's big data from its ticketing platform helps improve film selection and distribution success rates [1][136] - Future growth opportunities lie in deeper participation in film production and distribution including increasing investment shares and attempting more lead production projects [1][3] Industry Outlook - The Chinese film market is expected to recover in 2025 after a challenging 2024 with box office down 22% YoY to 38 4 billion RMB [1][72] - Both domestic and imported films are expected to enter a new release cycle in 2025 with major titles like "Nezha 2" and "Avatar 3" [1][80] - Long-term growth potential remains as China's per capita movie viewing frequency (1 23 times in 2019) is still far below the US level (3 8 times) [1][89] Financial Projections - Revenue is forecasted to grow from 4 04 billion RMB in 2024 to 5 79 billion RMB in 2026 [1][7] - Adjusted net profit is expected to increase from 663 million RMB in 2024 to 1 07 billion RMB in 2026 [1][7] - The target valuation of 12 9 billion HKD is based on 13x 2025 PE [1][7]

Investment Rating - The report maintains a "Buy" rating for Alibaba Group (9988.HK) [1] Core Views - Alibaba's commercialization strategy is steadily advancing, focusing on high-quality GMV growth, with core business showing robust growth [4][39] - The company reported a revenue of 236.5 billion yuan for FY2025Q2, reflecting a year-over-year increase of 5% [2][12] - The adjusted EBITDA for the same period was 47.3 billion yuan, down 4% year-over-year [2][12] Financial Performance Summary - **Overall Performance**: For FY2025Q2, Alibaba achieved a net profit of 43.5 billion yuan, a significant increase of 63% year-over-year, and a 81% increase quarter-over-quarter [2][12][13] - **Segment Performance**: - **Taobao Group**: Revenue reached 99 billion yuan, with a year-over-year growth of 1%. The adjusted EBITA was 44.6 billion yuan, with an EBITA margin of 45% [4][39] - **International Digital Commerce Group**: Revenue grew by 29% year-over-year to 31.7 billion yuan, driven by strong growth in cross-border business [44] - **Cloud Intelligence Group**: Revenue increased by 7% year-over-year to 29.6 billion yuan, with AI-related revenue showing triple-digit growth for five consecutive quarters [49] - **Profitability Metrics**: The operating profit margin was 14.9%, and the net profit margin was 18.4% for FY2025Q2 [36] Revenue Forecast and Valuation - The report adjusts revenue forecasts for FY2025-2027, estimating revenues of 1,005.9 billion yuan, 1,110.6 billion yuan, and 1,222.8 billion yuan respectively [51] - The target market capitalization for FY2025 is set at 2,055.6 billion yuan, corresponding to a target price of 107 yuan per share [51][52]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$30.40, representing a potential upside of 31% from the current price of HK$23.20 [1][8][9] Core Insights - The company has shown a recovery path, with a 10% quarter-on-quarter revenue growth in Q3 2024, although the price increase was less than expected [1][4] - The gross margin for Q3 2024 exceeded expectations at 12.2%, compared to the forecast of 11.5% [1][4] - The management indicated strong growth in consumer electronics, but weakness persists in industrial and automotive sectors [1][4] - Revenue forecasts for 2025 have been adjusted downwards to a 23% year-on-year growth, a reduction of 5% from previous estimates [1][5] Financial Summary - The company reported a net profit of US$45 million in Q3 2024, which was 9% higher than the forecast [4] - The projected earnings per share (EPS) for 2024 is US$0.08, with subsequent years expected to rise to US$0.12 in 2025 and US$0.16 in 2026 [1][5] - Revenue for 2024 is forecasted at US$2,003 million, with a projected increase to US$2,461 million in 2025 and US$2,953 million in 2026 [5][14] Valuation - The valuation approach is based on a price-to-book (P/B) ratio, with a target P/B of 1.0 times and an estimated book value per share of US$3.87 for 2025 [8][9] - The report highlights that the company’s long-term return on equity (ROE) prospects remain challenging due to high capital expenditures and competitive pressures in traditional processes [8][9] Market Comparison - The company’s current market capitalization is approximately US$5.13 billion, with a P/E ratio of 38.7 for the next fiscal year [9] - Compared to peers, the company has a lower P/B ratio of 0.8, indicating potential undervaluation relative to its competitors [9]

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 520.00, representing a potential upside of approximately 28.8% from the current price of HKD 403.80 [2][17]. Core Insights - The report highlights strong growth in the gaming sector, particularly in domestic games, driven by titles such as "Dungeon & Fighter Mobile" and other flagship games, with a projected 4Q24 year-on-year growth of 16% for both domestic and international games [2][14]. - The advertising segment continues to show robust growth, with a year-on-year increase of 17%, supported by WeChat features [2][10]. - The report notes a significant increase in net profit, with a year-on-year growth of 33% in 3Q24, surpassing previous forecasts [2][10]. Financial Performance Summary - The total net revenue for 3Q24 was RMB 167.19 billion, reflecting an 8% year-on-year increase [10]. - The gaming revenue for 3Q24 reached RMB 51.80 billion, with a 13% year-on-year growth, and domestic games grew by 14% [10]. - The report projects a total revenue of RMB 658.95 billion for 2024, with a slight adjustment reflecting a 0% change from previous estimates [15]. Revenue Breakdown - Domestic mobile game revenue is expected to reach RMB 131.79 billion in 2024, showing a 9.5% year-on-year increase [8]. - The report indicates that the advertising segment's gross margin has slightly decreased, while the overall revenue structure is shifting towards higher-margin businesses [14][15]. - The financial technology and enterprise services segment is projected to grow by 2% year-on-year in 4Q24, indicating a stable performance despite market challenges [10][14]. Earnings Per Share (EPS) Forecast - The report updates the EPS forecast for 2024 to RMB 22.82, reflecting a 1% increase from previous estimates [2][15]. - For 2025, the EPS is projected to be RMB 25.46, a 3% increase from earlier forecasts [2][15]. - The 2026 EPS forecast is set at RMB 28.32, also reflecting a 3% increase [2][15].

Investment Rating - The report maintains an "Accumulate" rating for Geely Automobile [1][9] Core Views - Geely Automobile reported a total revenue of 167.68 billion RMB for the first three quarters of 2024, representing a year-on-year increase of 36.01%. The net profit attributable to shareholders reached 13.05 billion RMB, up 358.48% year-on-year, with total sales of 1.4897 million vehicles, a 32.09% increase year-on-year [3][9] - The company has increased its stake in Zeekr to 62.8% by acquiring an additional 11.3% of shares, while Zeekr has acquired 51% of Lynk & Co [3][8] - Geely's Q3 2024 performance showed a revenue of 60.38 billion RMB, with a year-on-year increase of 20.50% and a quarter-on-quarter increase of 9.80%. The net profit attributable to shareholders was 2.455 billion RMB, reflecting a year-on-year increase of 92.40% [5][9] Summary by Sections Revenue and Profitability - In Q3 2024, Geely's average revenue per vehicle (ASP) was 113,100 RMB, with a year-on-year increase of 0.44 thousand RMB and a quarter-on-quarter decrease of 0.15 thousand RMB. The gross margin for Q3 was 15.58%, showing a year-on-year increase of 0.14 percentage points [5][9] - The company’s sales, administrative, and financial expense ratios were 4.47%, 5.82%, and -0.19% respectively, indicating a significant reduction in sales and administrative expense ratios year-on-year [5][9] Sales Performance - Geely's Q3 2024 sales reached 534,000 vehicles, a year-on-year increase of 15.77% and a quarter-on-quarter increase of 11.24%. The sales of new energy vehicles reached 225,700 units, with a year-on-year increase of 58.92% [5][9] - The new energy penetration rate reached 42.26%, up 11.48 percentage points year-on-year [5][9] Strategic Developments - The acquisition of Lynk & Co by Zeekr is expected to enhance resource integration and brand positioning, improving overall operational efficiency and market expansion capabilities [8][9] - The company is projected to achieve revenues of 203.3 billion RMB, 222.4 billion RMB, and 233.3 billion RMB for 2024, 2025, and 2026 respectively, with net profits of 16.03 billion RMB, 11.96 billion RMB, and 15.21 billion RMB [9][10]

[Table_MainInfo] 公司研究/汽车与零配件 证券研究报告 耐世特（1316）公司信息点评 2024 年 11 月 18 日 | --- | --- | |-------------------------------------------------------------------|------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 le 5 _ 日 S 收 to 盘 c 价 k （ In 元 fo ） ] | 3.11 | | 52 周股价波动（元） | 2.29-5.46 | | 总股本（百万股） | 2510 | | 流通 A 股（百万股） | 0 | | B 股/H 股（百万股） | 2510 | | 相关研究 | | | [ 《 Ta 继 b 续 le 看 _R 好 e 亚 p 太 or 区 tI 增 nf 长 o] 潜力》 | 2024.08.16 | | 《发布激励计划》 2024.07.15 | | | 《持续看好亚太区增长潜力》 | 2024.03.29 | 市场表现 [Table_QuoteInfo] | --- | --- | --- ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [1]. Core Views - The company has reported strong earnings with a significant increase in manufacturing revenue in October, continuing a high growth trend [1]. - The company is the largest manufacturer of sports, leisure, and outdoor footwear globally, with a diverse client portfolio and production bases [1]. - The report indicates an upward adjustment in profit forecasts due to continued growth in manufacturing revenue and a positive turnaround in retail business [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 6.1 billion USD, a year-on-year increase of 1.5%, with an operating profit margin (OPM) of 6.6%, up by 2.7 percentage points [1]. - The net profit attributable to shareholders reached 330 million USD, a substantial increase of 141% [1]. - Manufacturing revenue for the same period was 4.1 billion USD, reflecting a 9% year-on-year growth, with a gross margin of 19.6%, up by 1.6 percentage points [1]. Production and Sales - The company shipped 187 million pairs of footwear in the first three quarters of 2024, marking a 16.2% increase year-on-year [1]. - The production capacity utilization rate was reported at 92%, an increase of 16 percentage points [1]. - In October 2024, manufacturing revenue grew by 21.3% year-on-year, contributing to a cumulative increase of 10.2% for the year [1]. Future Projections - The company expects revenues for FY24-26 to be 8.65 billion USD, 9.65 billion USD, and 10.94 billion USD respectively, with net profits projected at 460 million USD, 540 million USD, and 620 million USD [1]. - The earnings per share (EPS) are forecasted to be 0.28 USD, 0.33 USD, and 0.38 USD for the respective years [1].

Investment Rating - The investment rating for Geely Automobile is "Buy" and is maintained [10]. Core Views - Geely Automobile's October 2024 sales reached 227,000 units, representing a year-on-year increase of 28.0% and a month-on-month increase of 12.2%. Cumulative sales from January to October 2024 reached 1.716 million units, up 31.5% year-on-year [6][8]. - The company is experiencing strong growth in new energy vehicle (NEV) sales, with October NEV sales hitting a record high of 109,000 units, a year-on-year increase of 75.1% and a month-on-month increase of 19.3%. NEVs accounted for 48.0% of total sales, up 13.6 percentage points year-on-year [6][8]. - The GEA platform is expected to initiate a new product cycle, enhancing profitability and driving significant sales growth for new models like the Galaxy E5 and the Xingyuan [7][8]. Summary by Sections Sales Performance - In October 2024, Geely's total sales were 227,000 units, with a year-on-year increase of 28.0% and a month-on-month increase of 12.2%. The cumulative sales for the first ten months of 2024 reached 1.716 million units, reflecting a year-on-year growth of 31.5% [6]. Brand Performance - By brand, Geely's sales in October were 171,000 units, up 22.4% year-on-year and 10.2% month-on-month. The Galaxy model saw sales of 63,000 units, a remarkable year-on-year increase of 363.1% and a month-on-month increase of 118.6% [6][8]. New Energy Vehicles - The NEV segment showed robust performance, with October sales of 109,000 units, a year-on-year increase of 75.1% and a month-on-month increase of 19.3%. The share of NEVs in total sales reached 48.0%, marking a significant increase [6][8]. Future Outlook - The GEA platform is set to support a new product cycle, with expectations for continued strong sales growth. The Galaxy E5 has already achieved 40,000 deliveries within 85 days of its launch, indicating strong market demand [7][8].

Investment Rating - The report maintains a BUY rating for CSPC Pharmaceutical, despite ongoing sales pressure and a downward revision of the target price from HK$6.21 to HK$5.97, indicating a potential upside of 16.3% from the current price of HK$5.13 [1][3]. Core Insights - CSPC's total revenue for 9M24 decreased by 3.5% YoY to RMB22.69 billion, with attributable net profit falling by 15.9% YoY to RMB3.78 billion, representing 71% and 64% of previous full-year estimates respectively [1]. - The company faces significant sales pressure from legacy products, particularly in CNS, oncology, cardiovascular, and respiratory disease segments, with notable YoY declines in sales [1]. - New product sales are expected to partially offset the decline from legacy products, with management targeting RMB2.0 billion in sales from new products in 2024E and forecasting further growth in 2025E [1]. Financial Performance Summary - Revenue for FY24E is projected at RMB29.47 billion, a decrease of 6.3% YoY, with net profit expected to decline by 19.0% to RMB4.92 billion [2][8]. - Gross profit margin is anticipated to be 70.42% in FY24E, decreasing to 69.45% in FY25E [2][11]. - The company’s operating profit is expected to decline to RMB6.26 billion in FY24E, with a further decrease to RMB5.90 billion in FY25E [2][11]. Sales and Product Insights - Sales from finished drugs in 3Q24 were RMB5.21 billion, reflecting an 18.9% YoY decrease, primarily due to price cuts and regulatory pressures [1]. - The anticipated inclusion of Duomeisu in the national VBP from March 2025 is expected to lead to further price reductions and continued sales pressure [1]. - CSPC has out-licensed global rights for a pre-clinical stage product to AstraZeneca, which could provide additional profit sources in the future [1].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile (0175.HK) [4] Core Views - Geely's total revenue for the first three quarters of 2024 increased by 36.0% year-on-year to RMB 167.68 billion, with net profit attributable to shareholders rising by 358% to RMB 13.05 billion [1] - The company has announced a merger between Lynk & Co and Zeekr, aiming to optimize its equity structure and accelerate internal restructuring [3] - The gross margin for the first three quarters of 2024 improved by 0.5 percentage points to 15.3%, with a notable reduction in SG&A expense ratio [2] Summary by Sections Financial Performance - In Q3 2024, total revenue reached RMB 60.38 billion, up 20.5% year-on-year and 9.8% quarter-on-quarter, while net profit attributable to shareholders was RMB 2.46 billion, a 92% increase year-on-year but a 73% decrease quarter-on-quarter [1] - The ASP (average selling price) per vehicle, excluding Lynk & Co, increased by 2.8% quarter-on-quarter to RMB 111,000 [1] Cost Management and Profitability - The gross margin for Q3 2024 was 15.6%, reflecting a slight year-on-year increase but a decrease from the previous quarter [2] - The SG&A expense ratio decreased by 1.3 percentage points year-on-year to 11.6% for the first three quarters of 2024, with a more significant reduction in Q3 [2] Strategic Developments - The merger of Lynk & Co into Zeekr is part of a broader strategy to enhance resource integration and platform-based operations, which is expected to improve profitability [3] - The report anticipates that the restructuring will lead to a clearer product matrix and enhanced competitive advantages in the market [3] Future Outlook - The profit forecasts for 2024 to 2026 have been revised upward by 3.8%, 23.7%, and 26.2% respectively, with a target price adjustment to HK$18.08, corresponding to a 13.5x PE for 2025 [4]