Investment Rating - The report maintains a "Buy" rating for Tencent Holdings [1] Core Insights - Tencent's Q3 2024 revenue reached 167.2 billion RMB, representing an 8% year-over-year increase and a 4% quarter-over-quarter increase. Operating profit was 53.3 billion RMB, up 20% year-over-year and 5% quarter-over-quarter. Net profit attributable to shareholders was 53.2 billion RMB, reflecting a 47% year-over-year increase and a 12% quarter-over-quarter increase [1][11][18] - The gaming revenue accelerated with a 13% year-over-year growth, driven by both domestic (14%) and international (9%) markets. The deferred revenue reached a record high, indicating strong future revenue potential [30][31] - The marketing services business grew by 17% year-over-year, supported by demand for advertising on platforms like WeChat and mini-programs, demonstrating resilience in the advertising sector despite macroeconomic pressures [47][48] Summary by Sections Financial Performance - Q3 2024 overall gross margin increased by 3.6 percentage points year-over-year, remaining stable quarter-over-quarter. Non-IFRS operating profit grew by 19% year-over-year, while Non-IFRS net profit increased by 33% to 59.8 billion RMB [18][22] - Free cash flow for the quarter was 58.5 billion RMB, significantly up from 40.4 billion RMB in the previous quarter, indicating strong cash generation capabilities [27] Business Segments Value-Added Services - Gaming revenue for Q3 2024 was 51.8 billion RMB, accounting for 31% of total revenue, with a year-over-year growth of 13%. The deferred revenue balance reached 113.1 billion RMB, a 23% increase year-over-year [30][31] - The social network segment reported a 4% year-over-year increase in revenue, driven by sales of virtual goods and subscription services [41] Marketing Services - Marketing services revenue increased to 30 billion RMB, a 17% year-over-year growth, driven by demand for video ads and mini-programs [47] - The video account advertising revenue saw over 60% year-over-year growth, indicating strong demand and potential for further monetization [48] Financial Technology and Enterprise Services - Revenue from financial technology and enterprise services grew by 2% year-over-year to 53.1 billion RMB, with growth in wealth management services offsetting declines in payment services due to weak consumer spending [49] - The cloud business is expected to continue growing, supported by the launch of new AI models and improved operational efficiencies [49][52] Shareholder Returns - Tencent plans to repurchase over 100 billion HKD worth of shares in 2024, which, along with cash dividends, is expected to provide strong support for the stock price [53] Earnings Forecast - The report projects revenues for FY2024-2026 to be 654.5 billion RMB, 699.1 billion RMB, and 747.9 billion RMB respectively, with Non-IFRS net profits of 223.3 billion RMB, 251.8 billion RMB, and 275 billion RMB [54]

证券研究报告 | 2024年11月17日 阿里巴巴-W（09988.HK） 优于大市 2QFY25 财报点评：测算淘天 GMV yoy+2%，淘天以外业务降本 增效成效显著 整体表现：收入平稳增长，淘天以外业务降本增效成效显著。2QFY2025，公 司实现营业收入 2365 亿元，同比增长 5%，增速平稳。其中国际数字商业集 团、云业务、本地生活集团、菜鸟集团对增速拉动明显，淘天集团和大文娱 增速相对平淡。本季度公司 Non-GAAP 净利润为 365 亿元，同比下降 9%， Non-GAAP 净利率 15%；经调整 EBITA 同比下降 5%至 406 亿元，经调整 EBITA 利润率同比下降 2pct，主要由于国内电商业务加大投入。公司本季度回购 41 亿美元（5200 万股 ADs），已考虑员工持股计划下发行的股份后，回购计 划使得流通股净减少 2.1%。目前股份回购计划仍有 220 亿美金额度（效期至 2027 年 3 月）。 淘天集团：收入增长平淡，公司将持续在商家和用户端投入。本季度淘天集 团收入同比+1%至 990 亿元，其中零售客户管理收入同比+2%，直营及其他收 入同比-5%，批发商业同比+ ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Group [5][13]. Core Insights - The company achieved revenue of 236.5 billion RMB in FY2Q2025, a year-over-year increase of 5.2%, which was 1.2% below consensus expectations. International commerce, local services, and other revenues exceeded expectations, while Taobao and Tmall commerce, as well as cloud intelligence revenues, met expectations. However, Cainiao and entertainment revenues fell short of expectations [1]. - Operating profit reached 35.2 billion RMB, a year-over-year increase of 5.0%, surpassing consensus expectations by 7.6%, primarily due to a reduction in non-cash equity incentive expenses [1]. - Adjusted EBITA was 40.6 billion RMB, down 5.3% year-over-year, which was 1.3% below consensus expectations, mainly due to increased investments in domestic and overseas e-commerce businesses [1]. - Non-GAAP net profit was 36.5 billion RMB, a year-over-year decrease of 9.1%, but exceeded consensus expectations by 2.5%, largely due to significantly higher-than-expected investment income [1]. - The report indicates that the company is focusing on its core business and user engagement, which is expected to improve the competitive landscape. Although EBITA is under pressure in the short to medium term, there are signs of a recovery in profitability, and shareholder returns are becoming more visible [1]. Revenue and Profit Forecast - Revenue forecasts for FY2025-2027 are projected at 1,001.9 billion RMB, 1,105.3 billion RMB, and 1,205.3 billion RMB, respectively. Non-GAAP net profits are expected to be 151.7 billion RMB, 174.2 billion RMB, and 192.3 billion RMB for the same periods, corresponding to current price-to-earnings ratios of 10.1, 8.8, and 8.0 times [1][13]. Business Segment Performance - **Taotian Group**: Revenue for FY2Q2025 was 99 billion RMB, a year-over-year increase of 1.4%, aligning with consensus expectations. Adjusted EBITA was 44.6 billion RMB, with a profit margin of 45.1%, slightly below expectations [1]. - **International Commerce**: Revenue reached 31.7 billion RMB, a year-over-year increase of 29.2%, exceeding consensus expectations by 1.2%. Retail business revenue grew by 35.0% [2]. - **Local Services**: Revenue was 17.7 billion RMB, a year-over-year increase of 13.8%, surpassing consensus expectations by 1.6%. The segment's losses narrowed significantly due to improved operational efficiency [3]. - **Cainiao**: Revenue was 24.6 billion RMB, a year-over-year increase of 8.0%, but fell short of expectations by 8.6% [4]. - **Cloud Intelligence Group**: Revenue was 29.6 billion RMB, a year-over-year increase of 7.1%, with adjusted EBITA of 2.7 billion RMB, reflecting a significant improvement in profitability [11]. - **Entertainment**: Revenue was 5.7 billion RMB, a year-over-year decrease of 1.5%, which was below expectations by 9.7% [12].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved its first quarterly profit since going public, with a revenue of 7.3 billion yuan in Q3 2024, representing a year-over-year increase of 26% and a quarter-over-quarter increase of 19% [1][3] - The mobile gaming segment saw significant growth, with revenue increasing by 84% year-over-year to 1.823 billion yuan, driven by the success of the exclusive game "Three Kingdoms: Strategy" [3] - The advertising business also performed well, with revenue growing by 28% year-over-year to 2.094 billion yuan, supported by improved advertising products and efficiency [3][5] Summary by Sections Operating Performance - Monthly Active Users (MAU) grew by 2% year-over-year to 348 million, while Daily Active Users (DAU) increased by 4% to 107 million [3] - User engagement metrics improved, with average daily usage time rising from 100 minutes to 106 minutes, and Average Revenue Per User (ARPU) increasing by 23% to 21 yuan [3] Financial Metrics - The company reported a gross margin of 34.9%, up 9.9 percentage points year-over-year and 4.9 percentage points quarter-over-quarter [3] - Adjusted net profit for Q3 2024 was 240 million yuan, a significant improvement from a loss of 860 million yuan in Q3 2023 [3] Mobile Gaming Business - The exclusive game "Three Kingdoms: Strategy" ranked in the top three of the iOS game sales chart for three consecutive seasons, contributing to the mobile gaming revenue surge [3] Value-Added Services - Revenue from value-added services increased by 9% year-over-year to 2.821 billion yuan, driven by growth in live streaming and other services [3] Advertising Business - The advertising revenue growth was primarily attributed to enhancements in advertising products and increased efficiency, with significant contributions from the gaming, e-commerce, and automotive sectors [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company reported a revenue of 26.21 billion yuan for Q3 2024, showing a year-over-year decline of 3.9% but a quarter-over-quarter increase of 2.8%. The net profit attributable to shareholders was 6.538 billion yuan, down 16.6% year-over-year and down 3.3% quarter-over-quarter [1][3] - The gaming segment showed strong growth, with revenue from PC games increasing by 29% year-over-year, while mobile games experienced a decline of 10% due to base effects. The company is set to release several new titles, which are expected to drive future growth [3][7] - The company’s subsidiary, Youdao, achieved a revenue of 1.57 billion yuan in Q3 2024, marking a year-over-year growth of 2.2% and a quarter-over-quarter growth of 19.0%, with significant improvements in profitability [3][8] - NetEase Cloud Music reported a revenue of 2 billion yuan in Q3 2024, reflecting a year-over-year increase of 1.3% and a quarter-over-quarter decrease of 2.0%, with a notable improvement in gross margin [7] Financial Performance Summary - For Q3 2024, the company achieved a gross margin of 62.9%, with a slight year-over-year increase of 0.6 percentage points. The sales expense ratio was 14.5%, the R&D expense ratio was 16.9%, and the management expense ratio was 4.2% [3] - The total market capitalization is approximately 431.81 billion yuan, with a circulating market capitalization of the same amount [3] - The company’s revenue projections for FY2024-2026 are estimated at 104.3 billion, 108.3 billion, and 115.3 billion yuan, respectively, with adjusted net profits of 31.6 billion, 33 billion, and 36.1 billion yuan [8]

[Table_MainInfo] 公司研究/纺织与服装/服装与奢侈品 证券研究报告 裕元集团（0551）公司公告点评 2024 年 11 月 17 日 | --- | --- | |----------------------------------------------------------------|--------------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 le 5 _ 日 S 收 to 盘 ck 价 I （ nf 港 o ] 元） | 15.88 | | 52 周股价波动（港元） | 6.78-17.48 | | 总股本（百万股） | 1609 | | 总市值（百万港元） | 25544 | | 相关研究 | | | [ 《 Ta 24 b Q le 2 _ 制 R 造 ep 产 o 能 rtI 利 n 用 fo 率 ] | 进一步提升，净利润 | | 增 157.8%》2024.8.22 | | | 《全球头部运动鞋制造商，产能利用率修复带 | | | 动盈利水平持续改善》 2024.6.30 | | | 市场表现 | | [Table_QuoteInf ...

Investment Rating - The report maintains an "Outperform" rating for the company [7] Core Views - The company is expected to see a rebound in Q4 due to low base effects and the holiday season, despite facing pressure in North America and Asia-Pacific in Q3 [7] - The company anticipates flat revenue growth for 2024, with a positive outlook for 2025 [8] - The resilience of the Samsonite brand is noted, while TUMI is impacted by weak high-end consumer spending [9] Financial Performance Summary - In Q3 2024, revenue decreased by 8.3% year-on-year to $880 million, with a gross margin of 59.3%, down 0.3 percentage points year-on-year [7] - The adjusted EBITDA margin fell by 2.7 percentage points to 17.6% compared to the previous year [7] - Net profit attributable to shareholders dropped by 39.1% to $70 million, with a net profit margin of 7.5% [7] - The company added 83 stores year-on-year, with fixed SG&A expenses increasing by 0.4% [7] Regional Performance - Q3 2024 revenue by region showed declines: Asia (-12.2%), North America (-7.9%), Europe (-2.3%), and Latin America (-8.3%) [5] - The revenue decline in Asia was attributed to high base effects from the previous year and weak consumer demand, particularly in China and India [5] - North America faced challenges due to weak retail traffic and high-end consumer spending, with TUMI's revenue down 14.2% [5] - Latin America showed strong growth in local currency terms, with a revenue increase of 13.7% [5] Brand Performance - Revenue changes for Q3 2024 compared to the previous year: Samsonite (-3.9%), TUMI (-9.5%), and American Tourister (-17%) [9] - TUMI's revenue was significantly affected by weak high-end consumer spending in North America and Asia [9] - All brands experienced growth in Latin America, with revenue increases of 19.4% for Samsonite, 27.4% for TUMI, and 6.6% for American Tourister [9] Profit Forecast and Valuation - The company is projected to achieve net profits of $343 million and $375 million for 2024 and 2025, respectively [9] - The report assigns a PE valuation range of 14-15X for 2024, translating to a fair value range of HKD 25.72-27.56 per share [9]

Investment Rating - The report does not explicitly provide an investment rating for XPeng [1]. Core Insights - Alibaba's recent increase in XPeng ADS holdings from 6.65 million to 31.31 million shares is interpreted as a conversion of ordinary shares to ADS rather than a significant increase in investment [2][10]. - Alibaba's strategic shift indicates a focus on core businesses by divesting non-core assets, with a notable reduction in its stake in XPeng from 10.2% to below 5% through multiple sell-offs [4][10]. - The divestment aligns with Alibaba's broader strategic adjustments, including organizational restructuring and leadership changes, aimed at optimizing its business structure [4][10]. Summary by Sections Event - On November 14, Alibaba disclosed an increase in its XPeng ADS holdings to 31.31 million as of September 30, up from 6.65 million on June 30 [2][9]. Comments - The market misinterpreted Alibaba's increased ADS as a bullish signal, while it is likely a conversion for easier trading in the U.S. market [3][10]. - Alibaba's relationship with XPeng began in 2018, with significant investments made prior to XPeng's Nasdaq listing in 2020 [4][10]. - Recent sell-offs include 25 million ADS in December 2023 for approximately $391 million and 33 million ADS in March 2024, indicating a trend towards further reductions [4][10]. Strategic Shift - Alibaba's divestment from XPeng is part of a strategy to focus on its core e-commerce and cloud computing businesses, reflecting a broader trend of optimizing its asset portfolio [4][10].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HK$ 0.75, reflecting a decrease from the previous target of HK$ 0.95 [2][3]. Core Insights - The company's revenue for the third quarter of 2024 decreased by 16.9% year-on-year to RM 150 million, with a year-to-date decline of 5.9% [2][3]. - The medical business segment remains stable, generating approximately RM 78.964 million in revenue, benefiting from contributions from key clients [3]. - The report anticipates further growth in the medical segment due to increased penetration of automation solutions and initial contributions from single-use medical devices [3]. - The performance of other business segments is mixed, with the automotive segment recording approximately RM 32.612 million, which has negatively impacted the overall performance of the automation testing equipment segment [3]. - The gross profit margin is expected to recover, with a rebound from 28.1% in Q2 2024 to 28.8% in Q3 2024, driven by higher margins in the factory automation solutions segment [3]. Financial Summary - Total revenue projections for the company are as follows: RM 691.9 million in 2023, RM 651.2 million in 2024 (estimated decline of 5.9%), RM 735.0 million in 2025, and RM 806.2 million in 2026 [8]. - The net profit for 2024 is projected to be RM 117.7 million, with a year-on-year growth of 6.7% [8]. - The company’s gross profit is expected to be RM 209.6 million in 2025, with a gross margin of 30.3% [8]. - The report indicates a cautious outlook due to macroeconomic factors affecting growth potential [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company achieved record high sales and revenue in Q3 2024, with sales reaching 534,000 units, a year-on-year increase of 18.7% and a quarter-on-quarter increase of 8.6% [10] - Q3 2024 revenue was 60.38 billion yuan, representing a year-on-year growth of 20.5% and a quarter-on-quarter growth of 9.8% [10] - The company is focusing on strategic integration and consolidation, as evidenced by the completion of acquisitions involving its subsidiaries and partnerships [10] Summary by Sections Financial Performance - Q3 2024 net profit attributable to shareholders was 2.46 billion yuan, a year-on-year increase of 92.3% but a quarter-on-quarter decline of 72.8% [10] - The gross margin for Q3 2024 was 15.6%, down 2.7 percentage points year-on-year and 0.9 percentage points quarter-on-quarter [10] - The company expects total sales of 2.143 million, 2.782 million, and 3.280 million units for 2024, 2025, and 2026 respectively, with corresponding revenues of 239.03 billion, 325.52 billion, and 395.69 billion yuan [10] Strategic Developments - The "Taizhou Declaration" was officially released by Geely Holding Group, outlining five major initiatives to drive strategic transformation [10] - The company has completed the acquisition of a 30% stake in Lynk & Co from Volvo and a 20% stake from Geely Holding, valuing Lynk & Co at 18 billion yuan [10] - Following these transactions, the ownership structure of Zeekr and Lynk & Co has been adjusted to enhance operational efficiency and reduce internal competition [10] Market Outlook - The company is expected to benefit from a favorable new car cycle, leading to an increase in both sales and market share [10] - Projected revenue growth rates for 2024, 2025, and 2026 are 32.9%, 36.2%, and 21.6% respectively, with net profit growth rates of 209.1%, -22.4%, and 29.3% [11]