Investment Rating - Maintain BUY rating with a target price increase from HK$14.00 to HK$19.00, representing a 36.7% upside from the current price of HK$13.90 [2][5]. Core Insights - Geely Automobile's 3Q24 NEV sales and profitability are strong, with expectations for continued momentum into FY25, leading to significant core profit growth [2]. - 3Q24 operating profit of RMB3.0 billion exceeded estimates by 13%, despite a slight revenue miss of 2% compared to prior forecasts [2]. - The company has raised its FY25E sales volume forecast by 18% to 2.38 million units, driven by positive reception of new NEV models [2]. Financial Performance Summary - 3Q24 revenue was RMB60.4 billion, with a gross profit margin (GPM) of 15.6%, slightly improved from 15.5% in FY24E [2][10]. - The net profit forecast for FY25E has been revised up by 43% to RMB12.4 billion, reflecting strong NEV performance and cost control measures [2][7]. - The company reported a net profit of RMB2.45 billion in 3Q24, which was largely in line with previous forecasts, excluding an impairment loss of RMB2.76 billion from Lynk & Co [2][10]. Sales and Production Outlook - NEV sales volume is projected to surge by 51% year-on-year to 1.32 million units in FY25E, constituting 55% of total sales volume [2]. - The sales volume for Geely increased by 15.8% year-on-year in 3Q24, with a total of 533,960 units sold [6][10]. Valuation Metrics - Zeekr is valued at 0.7x the revised FY25 core revenue, implying a valuation of US$8.3 billion [2]. - Geely's other businesses are valued at 12x FY25E P/E, supporting the overall target price increase [2][9]. Earnings Revision - Revenue estimates for FY25E have been raised to RMB276.93 billion, reflecting a 5.8% increase from previous estimates [7][8]. - The gross profit for FY25E is projected at RMB43.08 billion, with a gross margin of 15.6% [7][8].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings Limited (00700.HK) [1][10]. Core Insights - Tencent's net profit showed strong performance in Q3 2024, with revenue reaching 167.2 billion RMB, a year-on-year increase of 8%, aligning with Factset consensus expectations. Gross margin improved from 49% to 53%, driven by a higher proportion of high-margin businesses and enhanced profitability in cloud services [1]. - Non-IFRS net profit attributable to shareholders was 59.8 billion RMB, up 33% year-on-year, exceeding Factset consensus by 12%, primarily due to a 19% decrease in income tax expenses compared to the previous year [1]. - Domestic gaming business growth accelerated, with value-added services revenue at 82.7 billion RMB (up 9% year-on-year), and domestic game revenue reaching 37.3 billion RMB (up 14% year-on-year), supported by strong performances from established games and new releases [1]. - AI-driven advertising continues to empower growth, with marketing services revenue at 30 billion RMB (up 17% year-on-year), and search revenue more than doubling, benefiting from improved ad targeting through AI models [1]. - The mini-program ecosystem is expanding, with transaction volume reaching 2 trillion RMB in Q3 2024, and the recent upgrade of WeChat mini-stores is expected to enhance e-commerce capabilities [1]. - The company repurchased approximately 35.9 billion HKD worth of shares in Q3 2024, with plans to exceed 100 billion HKD in buybacks for the year [1]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 653.2 billion RMB, 721.4 billion RMB, and 791.8 billion RMB, respectively. Non-IFRS net profit estimates for the same years are 221.3 billion RMB, 240.7 billion RMB, and 264.9 billion RMB [2][5]. - Key financial metrics include a gross margin of 53% for 2024, with a projected increase to 54.7% in 2025 and 54.9% in 2026. Non-IFRS net profit margin is expected to be 33.9% in 2024, slightly decreasing in subsequent years [2][8]. - The company’s cash flow from operating activities is projected to be 308.4 billion RMB in 2024, increasing to 376.0 billion RMB by 2026 [6].

[Table_AuthorInfo] | --- | --- | |----------------------------------------------------------------------------------------------------------------------|------------------| | 股票数据 | | | 1 [ 1 T 月 ab 1 l 3 e 日 _S 收 t 盘 o 价 ck （ In H f K o D ] ） | 7.06 | | 52 周股价波动（HKD） | 4.01-7.55 | | 总股本（亿股） | 43.19 | | 总市值/流通市值（亿元 HKD ） | 312/312 | | 相关研究 | | | [ 《 T 统 a 一 bl 企 e_ 业 R 中 e 国 p （ o 0 r 2 t 2 In 0） fo 半 ] 续维持良好成长性，盈利能力大幅修复》 2024.08.11 | 年报点评：饮料继 | | 《2023 年年报点评：盈利能力&分红提升，期 待 24 年收入增速复苏》 2024.03.08 | | | 《单三季度 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance exceeded expectations, with significant revenue growth driven by increased sales volume and higher average selling prices (ASP) [2][3] - The company is making progress in its globalization strategy and accelerating its smart driving technology development [4] - The financial forecasts for 2024-2026 have been adjusted upwards due to better-than-expected Q3 results, reflecting a strong position in the mainstream new energy vehicle market [5] Summary by Sections Financial Performance - Q3 2024 revenue reached RMB 9.86 billion, with year-on-year growth of 74.3% and quarter-on-quarter growth of 83.9% [2] - The net loss attributable to equity holders for Q3 was RMB 690 million, an improvement from RMB 990 million in Q3 2023 and RMB 1.2 billion in Q2 2024 [2] - Adjusted net loss for Q3 was RMB 540 million, compared to RMB 790 million in Q3 2023 and RMB 1.08 billion in Q2 2024 [2] Sales and Margins - The company sold 84,000 vehicles in Q3, representing a year-on-year increase of 89.2% and a quarter-on-quarter increase of 57.4% [3] - The gross margin for Q3 was 8.1%, with improvements driven by economies of scale and a higher proportion of high-margin models [3] - The company reported a reduction in per-vehicle loss to RMB 8,000 in Q3, down from RMB 22,000 in both Q3 2023 and Q2 2024 [3] Globalization and Technology Development - As of October 2024, the company has opened 339 dealerships in Europe, all offering sales and after-sales services [4] - The company plans to expand its presence in the Asia-Pacific, Middle East, Africa, and South America markets, aiming for over 500 channels by 2025 [4] - The company is investing in advanced smart driving technology, with plans to implement high-level driving functions based on a large model by mid-2025 [4] Financial Projections - The revised net profit forecasts for 2024-2026 are RMB -3.33 billion, RMB 1.0 billion, and RMB 2.41 billion, respectively [5] - The company is positioned well in the new energy vehicle market, with clear advantages in R&D, channel management, and supply chain [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a breakeven point in domestic vehicle sales earlier than anticipated, with local manufacturing overseas likely to boost export growth. The revenue forecasts for 2024-2026 have been revised upwards due to strong order backlog and competitive pricing of B platform models, with projected revenues of 32.49 billion, 55.84 billion, and 77.72 billion yuan respectively, reflecting year-on-year growth rates of 94.0%, 71.9%, and 39.2% [2][3] - The company's gross margin is expected to improve rapidly, with Non-GAAP net profit forecasts adjusted to -2.83 billion, -690 million, and 1.87 billion yuan for 2024-2026, indicating a significant turnaround in profitability [2][3] - The B platform models are expected to solidify the company's competitive edge in terms of smart technology, with the new B10 model set to launch in 2025, which is anticipated to drive sales growth in the coming years [2][3] Financial Summary and Valuation Metrics - The company reported a revenue of 9.86 billion yuan in Q3 2024, a 74% increase year-on-year, with an average selling price (ASP) increase of approximately 15,000 yuan to 115,000 yuan [2] - The Non-GAAP net loss for Q3 2024 was 540 million yuan, better than expected, driven by a gross margin increase of 5.3 percentage points to 8.1% [2] - The company delivered 86,200 vehicles in Q3 2024, with a target of 250,000 deliveries for the full year, indicating strong demand and order growth [2][3]

Investment Rating - The report maintains a "Recommend" rating for Tencent Holdings (0700 HK) [6] Core Views - Tencent's Q3 2024 revenue reached RMB 1672 billion, up 8% YoY, with gross profit of RMB 888 billion, up 16% YoY, and a gross margin of 53%, up 4 percentage points YoY [1] - Non-IFRS operating profit was RMB 613 billion, up 19% YoY, and Non-IFRS net profit was RMB 598 billion, up 33% YoY, with an adjusted net margin of 35 8%, up 7 percentage points YoY [1] - The report forecasts 2024 2025 2026 revenues of RMB 6586 7123 7702 billion, and Non-IFRS net profits of RMB 2230 2403 2583 billion, with adjusted P E ratios of 16X 14X 13X based on the closing price on November 14, 2024 [4] Value-Added Services - Value-added services revenue in Q3 2024 was RMB 827 billion, up 9% YoY [2] - Domestic games revenue was RMB 373 billion, up 14% YoY, with flagship games like "Honor of Kings" and "Peacekeeper Elite" showing steady growth [2] - International games revenue was RMB 145 billion, up 9% YoY, with "PUBG M" and "Brawl Stars" performing well, and "VALORANT" seeing over 30% YoY growth in key overseas markets [2] - Social networks revenue was RMB 309 billion, up 4% YoY, with music subscription revenue up 20% YoY and paid members reaching 119 million, up 16% YoY [2] Marketing Services - Marketing services revenue in Q3 2024 was RMB 300 billion, up 17% YoY, driven by strong demand for video accounts, mini-programs, and WeChat Search ads [3] - Video accounts marketing revenue grew over 60% YoY in Q3 2024, with long-term potential from increased ad load rates, AI-powered ad creation, and WeChat's internal ad ecosystem [3] - Mini-program transaction volume exceeded RMB 2 trillion in Q3 2024, up by double-digit percentages YoY [3] FinTech and Business Services - FinTech and business services revenue in Q3 2024 was RMB 531 billion, up 2% YoY [4] - FinTech revenue was flat YoY, with payment transaction volume up 10% YoY despite a decline in average transaction value [4] - Business services revenue and gross profit grew YoY, driven by increased cloud services revenue and higher e-commerce transaction volumes [4] - Tencent released an upgraded version of its foundational model, Tencent Hunyuan Turbo, in Q3 2024, which doubled training and inference efficiency while halving inference costs [4] Financial Projections - The report forecasts 2024 2025 2026 revenues of RMB 6586 7123 7702 billion, with growth rates of 8 1% 8 2% 8 1% respectively [5] - Adjusted net profits are projected to be RMB 222971 240262 258316 billion for 2024 2025 2026, with growth rates of 41% 8% 8% respectively [5] - EPS based on adjusted net profit is forecasted to be RMB 24 06 25 93 27 87 for 2024 2025 2026, with P E ratios of 16X 14X 13X [5] Balance Sheet and Cash Flow - Total assets are projected to grow from RMB 1756788 billion in 2024E to RMB 2128540 billion in 2026E, with cash and cash equivalents increasing from RMB 259882 billion to RMB 457531 billion over the same period [8] - Operating cash flow is forecasted to grow from RMB 232365 billion in 2024E to RMB 278297 billion in 2026E, driven by increased net profit and stable depreciation and amortization [9] - Net cash flow is expected to increase from RMB 87562 billion in 2024E to RMB 110957 billion in 2026E [9] Profitability and Valuation - Gross margin is projected to increase from 53 08% in 2024E to 54 74% in 2026E, with net margin remaining stable around 28 7% [10] - ROE is forecasted to decline slightly from 19 63% in 2024E to 17 12% in 2026E, while ROIC remains stable around 13% [10] - P B ratio is expected to decrease from 3 6X in 2024E to 2 7X in 2026E, reflecting improved valuation metrics [10]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 0.75, representing a potential upside of 44% from the current price of HKD 0.52 [2][12]. Core Insights - The company has shown a strong growth trend in wind power generation, with a total equity generation of 682.04 GWh in October 2024, marking a year-on-year increase of 16.27%. Wind power generation specifically increased by 18.98% [5][9]. - The company is actively adjusting its business strategy to reduce costs and improve efficiency in response to a competitive market environment. Management expenses decreased by 4.1% year-on-year, and the average financing cost dropped by 45 basis points to 4.15% [6][10]. - Recent share buybacks have enhanced earnings per share (EPS), with a total of 29.93 million shares repurchased at prices between HKD 0.53 and HKD 0.54, totaling HKD 15.96 million. The current valuation metrics indicate a dynamic PE of approximately 3.5 times and a PB of about 0.46 times, highlighting a low valuation level and a dividend yield of around 7.69% [7][11]. Financial Summary - The company reported a revenue of RMB 2.679 billion in 2022, with a projected revenue of RMB 3.235 billion for 2024, reflecting a year-on-year growth of 25% [8][17]. - Net profit is expected to grow from RMB 964 million in 2023 to RMB 1.121 billion in 2024, indicating a growth rate of 16.3% [8][17]. - The company’s total assets are projected to be RMB 30.455 billion in 2024, with total liabilities of RMB 21.825 billion, resulting in a shareholder equity of RMB 8.371 billion [17][18].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Viewpoints - In October 2024, the company achieved a significant year-on-year increase in vehicle deliveries, reaching 38,177 units, which is a 109.7% growth. The monthly order volume also set a record, exceeding 42,000 units, with all three models C10, C11, and C16 each receiving over 10,000 orders [3] - The B10 model was officially unveiled overseas, marking a key step in the company's global strategy. The B10 is designed for young global users and is built on the latest LEAP3.5 technology architecture, emphasizing intelligence, style, fun, and quality. The company has established over 200 dealerships across 13 European countries and plans to expand to 500 dealerships by the end of 2025 [3] - The company remains among the top three in sales among new energy vehicle manufacturers, with continuous improvements in user experience. Recent models have received high praise from consumers and media, and the C16 model has won multiple awards for its chassis and body design [4] - The company forecasts a net profit attributable to shareholders of -3.703 billion RMB in 2024, -1.08 billion RMB in 2025, and a positive profit of 854 million RMB in 2026, with a corresponding PE ratio of 46.37 in 2026 [4][5] Financial Summary - The company expects to achieve operating revenue of 29.906 billion RMB in 2024, with a growth rate of 78.58%. By 2026, the revenue is projected to reach 79.932 billion RMB, with a growth rate of 47.47% [5][6] - The net profit attributable to shareholders is projected to improve from -4.216 billion RMB in 2023 to a positive 854 million RMB in 2026, indicating a significant turnaround [5][6] - The company's total assets are expected to grow from 32.563 billion RMB in 2024 to 61.452 billion RMB in 2026, reflecting a strong growth trajectory [6][7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a total revenue of 9.86 billion yuan for Q3 2024, with a quarter-on-quarter growth of 89.3% and a year-on-year growth of 74.3%, despite a net loss attributable to shareholders of 690 million yuan [2] - The gross margin improved to 8.1% in Q3 2024, an increase of 5.3 percentage points year-on-year, attributed to changes in product sales structure, ongoing cost management, and economies of scale from increased sales [2] - The C-series products are performing well, with over 40,000 new orders in October 2024, and the company expects to exceed its annual sales target of 250,000 vehicles [3] - The company plans to unveil a new model, the B10, at the Guangzhou Auto Show on November 15, 2024, featuring advanced technology for high-level assisted driving [3] Financial Performance Summary - The company is projected to achieve net profits of -3.703 billion yuan in 2024, -1.080 billion yuan in 2025, and 854 million yuan in 2026, with a corresponding PE ratio of 46.37 in 2026 [5] - Revenue is expected to grow significantly from 16.747 billion yuan in 2023 to 79.932 billion yuan in 2026, reflecting a growth rate of 295.41% in 2023 and 78.58% in 2024 [4][6] - The gross margin is forecasted to improve from 0.48% in 2023 to 14.00% in 2026, while the net profit margin is expected to turn positive by 2026 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a year-on-year sales growth of 22% in October, with total sales reaching 171,000 units. The sales of new energy vehicles (NEVs) surged by 82.7% to 109,000 units, including a 131.9% increase in battery electric vehicle (BEV) sales and a 17.1% increase in plug-in hybrid electric vehicle (PHEV) sales [3][4] - The company has launched its next-generation hybrid system, the "Raytheon EM Super Hybrid," featuring a new combustion system with a thermal efficiency of 46.5%, the highest in the industry for mass production [4] - The company is expected to achieve net profits of 15.021 billion, 10.374 billion, and 14.110 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding price-to-earnings (PE) ratios of 8.66, 12.54, and 9.22 [4] Summary by Sections Sales Performance - In October, the company sold 171,000 vehicles, marking a 22% increase year-on-year. The Galaxy series saw sales of 63,000 units, up over 83%, while the Lynk brand sold 31,000 units, a 26% increase [3] - The company has expanded its international presence, launching the New Emgrand model in Mexico and debuting the Lynk Z20 in Milan, Italy [3] Financial Forecast - Projected revenues for 2024, 2025, and 2026 are 226.176 billion, 283.373 billion, and 354.944 billion RMB respectively, with growth rates of 26.21%, 25.29%, and 25.26% [5][7] - The expected net profit for 2024 is 15.021 billion RMB, with a significant increase of 182.97% compared to 2023 [5][7] Product Development - The new hybrid system integrates advanced AI for energy management and control, resulting in a 15% reduction in average fuel consumption and over a 30% decrease in thermal management power consumption [4]