Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is enhancing its comprehensive strength in vehicle manufacturing and sales through ADAS technology [1] - The sales outlook is optimistic due to the successful launch of models M03 and P7+, which have exceeded pre-order expectations, indicating improved product definition and marketing capabilities [2][3] - Revenue forecasts for 2024-2026 have been revised upwards to 417.6 billion, 840.5 billion, and 1,040.3 billion CNY respectively, reflecting a strong growth trajectory [2] - Non-GAAP net profit estimates for the same period have been adjusted to -54.6 million, -28.1 million, and 2.07 million CNY, with corresponding EPS of -2.9, -1.5, and -0.1 CNY [2] - The company is expected to achieve better relative performance, with a recommendation to actively consider opportunities in Q1 2025 [2] Financial Summary and Valuation Metrics - Revenue (in million CNY) for the years 2022A to 2026E is projected as follows: 26,855, 30,676, 41,759, 84,047, and 104,031 respectively, with year-on-year growth rates of 28.0%, 14.2%, 36.1%, 101.3%, and 23.8% [3] - Net profit (in million CNY) is forecasted to be -8,428, -9,444, -5,462, -2,810, and 207 for the same years, with a consistent year-on-year change of 0% [3] - Gross margin is expected to improve from 11.5% in 2022 to 15.6% in 2026, while net margin is projected to shift from -31.4% to 0.2% over the same period [3] - The price-to-sales (P/S) ratio is anticipated to decrease from 3.5 in 2022 to 1.0 in 2026, indicating a more favorable valuation as revenue grows [3]

Investment Rating - The report maintains an "OUTPERFORM" rating for China Petroleum & Chemical Corporation (386 HK) with a target price of HK$6.09, compared to the current price of HK$4.31 [1][4]. Core Insights - In the first three quarters of 2024, the company reported a revenue of RMB 236,654.1 million, a year-on-year decrease of 4.2%, and a net profit attributable to shareholders of RMB 44,247 million, down 16.5% year-on-year. In Q3 alone, the net profit was RMB 8,544 million, reflecting a significant decline of 52.1% year-on-year [2][5]. - The decline in oil prices has adversely affected the company's profitability across all business segments, with Brent crude oil prices averaging USD 81.76, USD 85.03, and USD 78.71 per barrel in the first three quarters of 2024, leading to a general downturn in earnings [2][5]. Business Segment Summaries Exploration and Production - In Q3, the company achieved an oil and gas equivalent production of 128 million barrels, a year-on-year increase of 1.68% but a quarter-on-quarter decrease of 0.37%. The revenue for this segment was RMB 69,620 million, down 6.09% year-on-year, with an operating profit of RMB 13,547 million, a slight decline of 1.62% quarter-on-quarter [12][2]. Refining - The refining segment reported a revenue of RMB 376,731 million in Q3, a decrease of 7.31% year-on-year, and an operating loss of RMB 539 million, marking the first quarterly loss of 2023. The drop in crude oil prices has increased operational pressures due to higher refining costs and inventory losses [14][3]. Chemicals - The chemical segment generated revenue of RMB 135,465 million in Q3, a slight increase of 0.45% year-on-year, but faced an operating loss of RMB 1,732 million. The segment has been under significant pressure since 2022, with the ethylene-naphtha spread remaining low at USD 191.37 per ton, well below the historical average of USD 425 per ton [17][19]. Marketing and Distribution - The marketing and distribution segment saw revenue of RMB 448,978 million in Q3, down 8.16% year-on-year, with an operating profit of RMB 2,589 million, a significant decline of 64.91% year-on-year [3][11]. Earnings Forecast - The company is expected to have EPS of RMB 0.60, RMB 0.61, and RMB 0.63 for 2024, 2025, and 2026 respectively, with a BPS of RMB 6.92 for 2024. The reasonable valuation range is set between HK$5.54 and HK$6.09, corresponding to a PE of 10 times for 2024 [22][4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - The company has undergone a significant brand transformation and strategic focus on its core down jacket business, leading to substantial revenue and profit growth [10][15]. - The down jacket market in China has shown robust growth, with the company positioned to capture high-end market demand through product innovation and brand enhancement [15][24]. - The company has implemented a unique supply chain model that reduces inventory risk and enhances operational efficiency [43]. Summary by Sections Historical Review: The Rise and Renewal of the Company - The company, primarily engaged in down jacket production, has evolved through three main phases since its listing in 2007: diversification (2007-2013), product and channel adjustments (2014-2017), and a focus on its core business (2018-present) [10][11]. Multi-Dimensional Exploration of Brand Renewal - The company achieved a compound annual growth rate (CAGR) of 15% in revenue and 41% in profit during its first three-year strategic transformation [15]. - The brand has focused on product diversification, channel optimization, and a refined supply chain to enhance operational efficiency [15][43]. Future Growth Drivers for the Brand - The down jacket market in China grew from 69.3 billion yuan in 2014 to 146.1 billion yuan in 2021, with a CAGR of 11.2% [15]. - The company is expanding into outdoor apparel and functional clothing, launching popular products like ski jackets and sun protection clothing [15][24]. Earnings Forecast and Investment Recommendations - The company is projected to achieve a net profit of 3.62 billion yuan by 2025, with price-to-earnings (P/E) ratios of 13, 11, and 10 for FY2025-2027, compared to the average of comparable companies [2][15].

Investment Rating - Maintains an **OUTPERFORM** rating with a target price of HK$24.19 [1] - The current price is HK$17.30 as of November 11, 2024 [1] Core Views - The company achieved a revenue of RMB 326.024 billion in the first three quarters of 2024, a year-on-year increase of 6.26% [1] - Net profit attributable to shareholders reached RMB 116.659 billion, up 19.47% year-on-year, with diluted EPS of RMB 2.45 [1] - Despite a decline in Brent crude prices, the company maintained strong profitability through cost reduction and increased production [1] - Single-quarter net profit has remained above RMB 30 billion since Q1 2022, driven by growth in oil and gas production and lower production costs [1][6] Financial Performance - Q3 2024 Brent crude average price was $78.71/barrel, down 8.40% year-on-year, but the company still achieved year-on-year net profit growth [1] - Oil and gas equivalent production in Q3 2024 was 179.50 million barrels, up 7.04% year-on-year, with oil liquid production at 139.1 million barrels (up 7.58%) and natural gas production at 235.5 billion cubic feet (up 5.28%) [1] - Forecasted EPS for 2024-2026 are RMB 2.97, 3.00, and 3.08, respectively, with a 2024 BPS of RMB 15.68 [1][7] Valuation and Peer Comparison - The company is valued at a 2024E P/B multiple of 1.4x, with a target price of RMB 21.95/HK$24.19 [1][7] - Compared to peers, the company's valuation is higher than PetroChina (0.64x P/B) and Sinopec (0.57x P/B) but lower than ExxonMobil (2.02x P/B) [2] Key Financial Metrics - Revenue for 2024E is projected at RMB 444.187 billion, up 7% year-on-year, with net profit expected to grow 14% to RMB 141.224 billion [4] - Gross profit margin is forecasted to remain strong at 51.1% in 2024E, with ROE at 18.9% [4] - The company's debt-to-asset ratio is expected to decrease to 31.5% in 2024E, reflecting improved financial health [4]

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Views - Tencent Holdings (700) is expected to announce its Q3 2024 financial results on November 13, 2024, with a subsequent earnings call at 20:00 Beijing time [1] - Visible Alpha consensus estimates Q3 2024 revenue at 167 billion RMB, an 8% YoY increase [1] - Value-added services are expected to contribute 82.3 billion RMB, up 8.71% YoY [1] - Advertising revenue is projected to rise 15.18% YoY to 29.6 billion RMB, driven by video accounts [1] - Cloud and fintech revenues are anticipated to reach 53.5 billion RMB, a 2.75% YoY increase [1] - Non-GAAP net profit is forecasted to grow 19.55% YoY to approximately 53.7 billion RMB [1] Revenue Breakdown - Value-added services: 82.3 billion RMB, +8.71% YoY [1] - Advertising: 29.6 billion RMB, +15.18% YoY [1] - Cloud and fintech: 53.5 billion RMB, +2.75% YoY [1] Gaming Segment - Tencent's evergreen gaming strategy continues to drive growth, with AI enhancing monetization efficiency [1] - Domestic games like Peacekeeper Elite maintain 100 million users, while DNF remains stable on the game bestseller list [1] - Overseas games, including the overseas version of Honor of Kings, performed well, ranking in the top three on Sensor Tower's China mobile game overseas market download list in July [1] - New game Delta Action reached 25 million registered users within a week of its launch in late September [1] Advertising Business - Advertising revenue is expected to benefit from the rapid development and operational optimization of video accounts [1] - AI technology is enhancing the efficiency of Tencent's advertising 3.0 platform, supporting high gross margins in the advertising business [1] Cloud and Fintech - Cloud business is focusing on operational efficiency and cost reduction while pursuing high-quality growth [1] - Fintech is expected to see increased demand due to the rising market environment for large models and the commercialization progress of projects like mini-programs [1] - The interconnection between WeChat Pay and Taobao Tmall starting in September is anticipated to significantly boost Q4 2024 and 2025 technical service fees [1] Overall Outlook - The company's overall revenue is expected to improve, with continued cost reduction and efficiency improvements [1] - Sales and management expense ratios are lower than expected, with promising data from video accounts anticipated [1] - Management is expected to provide further insights during the earnings call regarding new game releases and future commercialization strategies [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 48.96, equivalent to 14 times the expected EV/EBITDA for 2025 [1]. Core Views - The company's Q3 2024 performance met expectations, with a net revenue increase of 10.5% year-on-year, although it decreased by 2.3% quarter-on-quarter [1]. - The introduction of smart gaming tables and the launch of new products are expected to help the company regain market share, which is estimated to exceed 20% [1][2]. - The company has a strong balance sheet and management execution capabilities, contributing to confidence in its long-term development [1]. Financial Summary - Total net revenue for 2022 was HKD 11,474 million, with a significant increase to HKD 35,683.6 million in 2023, and projected revenues of HKD 43,358.2 million for 2024 [2]. - EBITDA for 2023 was HKD 9,955 million, with forecasts of HKD 12,278.2 million for 2024 and HKD 14,220.4 million for 2025, indicating a growth trend [2]. - Net profit for 2023 was HKD 6,828 million, with projections of HKD 9,166.4 million for 2024 and HKD 10,301.6 million for 2025, reflecting a positive outlook [2]. Operational Highlights - The company's EBITDA margin is expected to improve, with rates projected at 28.3% for 2024 and 29.9% for 2025 [2]. - The occupancy rates for the "Galaxy Macau™" and StarWorld Hotel were reported at 98% and 100%, respectively, indicating strong demand [1]. - The company plans to continue expanding its offerings, including the development of new hotel brands and entertainment facilities [1].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6][8]. Core Views - The company achieved a revenue of 42.87 billion CNY in Q3 2024, representing a year-on-year increase of 23.6%, and a net profit attributable to shareholders of 2.81 billion CNY, a slight decrease of 0.3% year-on-year [3][4]. - In Q3 2024, the company sold 153,000 vehicles, with an average selling price of approximately 270,000 CNY, marking a year-on-year increase in sales volume of 45.4% and a quarter-on-quarter increase of 40.8% [3][4]. - The L6 model accounted for nearly 50% of total sales, with a monthly average sales volume of 51,000 units [3][4]. - The gross margin improved to 21.5% in Q3, driven by economies of scale, with vehicle gross margin at 20.9% [4]. - The company expects Q4 2024 deliveries to be between 160,000 and 170,000 units, representing a year-on-year growth of 21.4% to 29.0% [4][6]. Summary by Sections Financial Performance - Q3 2024 revenue was 42.87 billion CNY, with vehicle sales revenue of 41.32 billion CNY, showing a year-on-year increase of 22.9% [3][4]. - The net profit (GAAP) for Q3 was 2.81 billion CNY, while the non-GAAP net profit was 3.84 billion CNY, reflecting a year-on-year increase of 10.6% [4][6]. Sales and Production - The company sold 153,000 vehicles in Q3 2024, with the L6 model contributing 75,000 units, L7 at 34,000 units, L8 at 19,000 units, L9 at 22,000 units, and MEGA at 2,000 units [3][4]. - The average selling price decreased by 49,000 CNY year-on-year and by 9,000 CNY quarter-on-quarter [3][4]. Future Outlook - The company has a clear product roadmap with plans for new models and an expanding retail network, aiming to increase retail centers to 800 by the end of the year [5][6]. - Projected net profits for 2024-2026 are 8.1 billion, 14.68 billion, and 20.08 billion CNY respectively, with corresponding PE ratios of 23.1X, 12.8X, and 9.3X [6].

Investment Rating - The report maintains a "Buy" rating for Leap Motor (9863.HK) and raises the target price to HKD 43.2, indicating a potential upside of 27% [1][5]. Core Insights - Leap Motor's Q3 automotive sales saw significant growth, with a notable improvement in gross margin. The company anticipates reaching a sales target of 500,000 new energy vehicles next year, driven by new models and overseas sales growth [1][2]. - The current price-to-sales ratio for Leap Motor is 0.9x, which is considered attractive compared to other comparable new energy vehicle manufacturers [1][3]. Summary by Sections Financial Performance - In Q3, Leap Motor achieved revenue of RMB 9.86 billion, a year-on-year increase of 74% and a quarter-on-quarter increase of 84%. The gross margin for Q3 was 8.1%, up 6.9 percentage points year-on-year and 5.3 percentage points quarter-on-quarter [2][8]. - The company expects continued improvement in gross margin in Q4, potentially exceeding the annual target of 5% [2][3]. Sales and Production Outlook - Leap Motor's sales target for next year is set at 500,000 units, with a gross margin target of 10%. The average selling price of vehicles is expected to improve due to increased sales of the C16 model [3][9]. - The company plans to launch three new B-series models next year, with the B10 expected to start deliveries in April [3][4]. Valuation - The valuation is based on a sum-of-the-parts approach, applying a price-to-sales ratio of 0.9x for automotive sales and 2.0x for services and other income, leading to a target price of HKD 43.2 [3][10]. - The report highlights that Leap Motor's historical average price-to-sales ratio since its listing is 0.9x, indicating that the current valuation is in line with historical performance [11].

Investment Rating - The report maintains a "Buy" rating for Geely Automobile [4][10]. Core Views - Geely Automobile is actively transforming into the new energy vehicle (NEV) sector, with three major brands targeting different market segments. The company is transitioning from a technology investment phase to a product output phase, with a robust new car launch plan that includes nine key NEV models across various price ranges [8][14]. - The report forecasts significant sales growth for Geely, projecting total sales of 2.143 million and 2.782 million vehicles for 2024 and 2025, respectively, representing year-on-year growth of 30.0% and 29.8% [2][10]. Summary by Sections 1. Introduction: Sales Potential from New Car Plans - Geely's three brands—Galaxy, Lynk & Co, and Zeekr—are positioned for the NEV market, focusing on cost-effectiveness, personalization, and high-end smart electric vehicles [14]. - The company aims to cover a wide price range with new models, enhancing its market presence [14]. 2. New Car Plans Progressing Smoothly 2.1 Galaxy Brand: Expanding Market Coverage - The Galaxy E5 and Star Wish models have been launched, targeting the A-class SUV and A0-class sedan markets, with competitive pricing [6][29]. - The Galaxy E5 achieved sales of 12,230 units in its first month, indicating strong market acceptance [6][21]. 2.2 Zeekr Brand: Accelerating Model Matrix Expansion - Zeekr has increased its new car release cadence, with models like Zeekr 009 and Zeekr X contributing to a sales increase from 72,000 units in 2022 to 119,000 units in 2023, a growth of 65.0% [6][10]. - Future models like Zeekr 7X and Zeekr MIX are expected to further enhance sales [6]. 2.3 Lynk & Co Brand: Transitioning to NEV - Lynk & Co has launched its first native NEV architecture, with significant sales growth in 2023 and 2024 [6][10]. - The brand's NEV sales reached 96,000 units in the first eight months of 2024, a year-on-year increase of 449.6% [6][10]. 3. Profit Forecast and Investment Recommendations - The report projects total sales for Geely from 2024 to 2026 to be 2.143 million, 2.782 million, and 3.280 million vehicles, with corresponding revenues of 239.03 billion, 325.52 billion, and 395.69 billion yuan [10]. - The expected earnings per share (EPS) for the same period are 1.63, 1.26, and 1.64 yuan, with a three-year compound annual growth rate (CAGR) of 45.8% [10].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][2][5]. Core Insights - The company is backed by Luye Pharma, showcasing strong capabilities in research, production, and commercialization of large molecules, including biosimilars and innovative antibodies [1][4][8]. - The biosimilar segment is positioned for rapid growth, with several products already approved in China and plans for international expansion [1][15]. - The innovative drug pipeline includes promising candidates such as BA1106 and BA1302, which have significant market potential [3][4][12]. Summary by Sections Company Overview - The company was established in 2013 and is indirectly 67.28% owned by Luye Pharma Group, with a well-balanced executive team experienced in production, research, and commercialization [1][4][8]. Biosimilars - The company has a leading position in the biosimilar market, with products like Bevacizumab and Dexamethasone approved in China, and plans for international clinical trials [1][15]. - The biosimilar products are ranked favorably in both Chinese and U.S. markets, indicating strong commercial prospects [15]. Innovative Drugs - The innovative drug pipeline includes BA2101, a long-acting IL4R monoclonal antibody, and BA1106, a novel anti-CD25 monoclonal antibody, both of which are in advanced clinical stages [4][12]. - The company has successfully established partnerships for its innovative drugs, enhancing its market presence [12]. Financial Projections - Revenue forecasts for 2024-2026 are projected at 720 million, 1.02 billion, and 1.49 billion RMB, respectively, with net profits expected to turn positive by 2024 [1][5][12]. - The company has recently achieved its first profit, demonstrating improved cost efficiency and operational effectiveness [12].