Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The launch of the new model P7+ is expected to create a strong market response, with pricing set at 186,800 RMB for the long-range Max version and 198,800 RMB for the super long-range Max version [2] - The P7+ is positioned as an AI intelligent driving hatchback, featuring a spacious interior and advanced technology that aims to redefine the mainstream family sedan market [3][4] Financial Projections - Revenue forecasts for 2024 to 2026 have been revised upwards to 40.4 billion, 90.7 billion, and 152.5 billion RMB respectively, with net profit projections adjusted to -4.2 billion, 1.3 billion, and 7.4 billion RMB [5] - The report indicates a positive cycle of volume, price, and profit is beginning to accelerate [5] - The company is expected to achieve a significant increase in revenue growth rates, with projections of 31.66% in 2024 and 124.61% in 2025 [12]

Investment Rating - The report gives a "Recommend" rating to the company with a reasonable value per share range of HKD 22 78 to HKD 31 51 [1][4] Core Views - The company is a leader in the LiDAR industry and is entering a period of rapid growth with revenue increasing nearly 6 times from 2020 to 2023 reaching RMB 1 12 billion [1] - The company has three major product platforms M E and R covering ADAS robots and Robotaxi with new products MX M3 and M2 launched this year to further improve cost performance [1] - The company is expanding its production capacity with the MARS manufacturing base expected to have an initial capacity of 1 million units and the new product MX will be mass produced and delivered in the first half of next year [1] - The LiDAR market is expected to grow significantly with the global automotive LiDAR market projected to reach USD 3 6 billion by 2029 with a CAGR of 38% from 2023 to 2029 [1] - The company is transitioning into an AI driven robotics company with its self developed SoC chip reducing costs and enabling the penetration of LiDAR into the 150k 200k RMB price range for vehicles [1] Revenue and Profit Forecast - The company is expected to achieve revenues of RMB 1 83 billion RMB 2 916 billion and RMB 4 771 billion in 2024 2025 and 2026 respectively [1][2] - Net profit is forecasted to be RMB 575 million RMB 427 million and RMB 11 million in 2024 2025 and 2026 respectively [1][2] Market Position and Growth - The company holds a 37% market share in the LiDAR market ranking first and has secured mass production orders for 80 models from 22 automotive OEMs and Tier 1 suppliers [1][12] - The company has a diversified customer base including 2600+ robotics customers such as Alibaba and Neolix and is expanding into service robots humanoid robots and Robotaxi [1][12] Product and Technology - The company has three major LiDAR platforms M E and R covering automotive and robotics applications with new products MX M3 and M2 leading the industry in cost performance [1][25] - The company has self developed SoC chips which reduce the cost of control and transceiver modules enabling the price of the new product MX to drop below USD 200 [1][68] Production Capacity - The company is building the MARS manufacturing base with an initial capacity of 1 million units and the new product MX will be mass produced and delivered in the first half of next year [1][27] Financial Performance - In H1 2024 the company achieved revenue of RMB 727 million a year on year increase of 120 97% driven by strong sales of ADAS products [1][28] - The gross margin of ADAS products turned positive to 11 20% in H1 2024 compared to 35 50% in the same period last year [1][28] Future Growth Drivers - The company is leveraging its hardware AI and chip technology stacks to grow into a robotics technology platform company expanding into humanoid robots service robots and Robotaxi [1][88] - The company has self developed AI perception software HyperVision which provides high quality perception information and enhances its integrated product capabilities [1][83]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 77.36, indicating a potential upside of 54.7% from the current closing price of HKD 50.00 [3][4][15]. Core Insights - The launch of the Xiaopeng P7+ at a price range of RMB 186,800 to RMB 218,800 is seen as positive, aligning with previous expectations. The P7+ is positioned as an AI vehicle, featuring advanced AI technologies and a focus on comfort and spaciousness [1][2]. - The company is expected to have a strong product year ahead, with the M03 and P7+ models likely to positively influence future releases. There is potential for upward adjustments in sales forecasts due to the market not yet pricing in the impact of range-extended vehicles [3][6]. Summary by Sections Company Overview - Xiaopeng Motors has launched the P7+ model, which is equipped with the AI Tianji 5.4.0 system and features OTA upgradeable range capabilities. The model has already seen significant demand, with over 10,000 pre-orders within 12 minutes of its launch [1]. Financial Projections - Revenue is projected to grow from RMB 26,855 million in 2022 to RMB 39,627 million in 2024, reflecting a year-on-year growth of 29.2%. However, net losses are expected to decrease from RMB 10,376 million in 2023 to RMB 4,848 million in 2024 [6][17]. - The company anticipates a significant increase in cash flow and assets, with cash and cash equivalents expected to rise from RMB 14,714 million in 2023 to RMB 24,302 million in 2024 [17]. Market Position and Strategy - Xiaopeng Motors is expanding its global presence, aiming to enter 60 countries by next year, up from 30 currently. The company has also developed the Turing AI chip, which is designed for use in AI vehicles and robots, indicating a strong focus on technological advancement [2][3].

Investment Rating - Investment rating for the company is not explicitly stated in the report, but it suggests investors to pay attention to the opportunities in the green energy business [1]. Core Insights - The company, Yimei International (1870.HK), has shifted focus from engineering to green energy, particularly in the domestic electricity market and overseas photovoltaic projects, with a keen interest in Southeast Asia [1]. - The green energy business is expected to grow rapidly and become a key driver of future performance [1]. - The company has made significant strides in the domestic electricity market, capitalizing on the ongoing market reforms, and has obtained sales licenses in several provinces [1]. - Yimei International has acquired a 51.22% stake in Future Energy Auckland Ltd, enhancing its presence in the renewable energy sector in New Zealand [1]. - The company is actively pursuing opportunities in Southeast Asia, particularly in the Philippines and Vietnam, where government policies support renewable energy growth [1]. Summary by Sections Company Overview - Yimei International was listed on the Hong Kong Stock Exchange in 2019 and has transitioned to focus on green energy business [1]. - The company’s green energy initiatives include domestic electricity sales and overseas renewable energy projects [1]. Financial Performance - In 2023, the company reported a net profit of 2,005 million HKD, with a net profit of 462 million HKD in the first half of 2024 [2]. - The revenue contribution from the green energy business is expected to increase significantly [1]. Market Opportunities - The domestic electricity market has seen a rise in market transactions, increasing from 39% in 2019 to 61.4% in 2023 [1]. - The company plans to expand its sales business in provinces with mature spot markets [1]. - Yimei International has signed memorandums of understanding for renewable energy projects in the Philippines and Vietnam, targeting significant solar and hydropower developments [1].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700.HK) [3]. Core Views - The gaming industry is experiencing a recovery in market sentiment, driven by stable regulatory policies and improved supply of game licenses, with significant revenue growth expected in the coming years [1][11]. - Tencent's domestic evergreen games are performing well, and its overseas growth targets remain solid, with a focus on expanding its global distribution capabilities [1][25]. - The report forecasts Tencent's revenue for 2024, 2025, and 2026 to be 659.1 billion, 715.4 billion, and 773.0 billion RMB respectively, with adjusted net profits of 214.6 billion, 240.4 billion, and 260.0 billion RMB [2][3]. Summary by Sections 1. Gaming Industry: Policy Risks Easing and Market Sentiment Recovering - The gaming industry in China is showing signs of recovery, with a 13.9% year-on-year increase in actual sales revenue in 2023, reaching 302.96 billion RMB [7]. - The number of game licenses issued has significantly improved, with 1,072 domestic and 90 imported game licenses granted by the end of October 2024, surpassing previous years [11][12]. - The average revenue per user (ARPU) for games has increased, with mobile game ARPU growing by 17.1% in 2023 [7]. 2. Company Gaming Business: Strong Domestic Performance and Stable Overseas Growth - Tencent's domestic evergreen games are seeing a revenue rebound, with flagship titles like "Honor of Kings" and "Peacekeeper Elite" benefiting from gameplay updates [1]. - The new game "MDnF" is expected to significantly contribute to revenue in the second half of 2024 [1]. - Tencent's global distribution capabilities are expanding, with successful titles like "PUBG Mobile" and "Brawl Stars" maintaining strong performance in international markets [1][25]. 3. Profit Forecast and Investment Recommendations - The report projects Tencent's revenue and adjusted net profit growth for the next three years, with corresponding price-to-earnings ratios of 17X, 15X, and 14X for 2024, 2025, and 2026 respectively [2][3]. - The investment recommendation is based on the anticipated recovery in the gaming market and Tencent's strong position within it [1][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company, Shandong Hongqiao, reported a net profit of 15.754 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 141.43%. The company continues to build an integrated upstream and downstream industrial chain while actively integrating overseas bauxite resources [2][6]. - The company is expected to achieve net profits of 19.59 billion, 21.27 billion, and 22.59 billion yuan for 2024-2026, with year-on-year growth rates of 70.93%, 8.58%, and 6.22%, respectively. The corresponding EPS for these years is projected to be 2.07, 2.24, and 2.38 yuan, with current stock prices corresponding to P/E ratios of 7.02, 6.47, and 6.09 times [2][6]. Financial Performance Summary - For the first three quarters of 2024, Shandong Hongqiao achieved operating revenue of 110.068 billion yuan, a year-on-year increase of 12.47%, and a net profit of 15.754 billion yuan, a year-on-year increase of 141.43% [6][9]. - The average price of electrolytic aluminum increased by 5.9% year-on-year in the first three quarters of 2024, while the average price in Q3 increased by 3.9% year-on-year but decreased by 4.6% quarter-on-quarter. The prices of prebaked anodes and coal decreased by 22.9% and 10.6% year-on-year, respectively, in the first three quarters of 2024 [6][9]. - The theoretical profit of alumina in Q3 2024 was approximately 1,069 yuan/ton, an increase of 886 yuan/ton year-on-year and 188 yuan/ton quarter-on-quarter. The company has a total annual alumina production capacity of 19.5 million tons as of H1 2024 [6][9]. Earnings Forecast and Valuation - The company is projected to have operating revenues of 132.79 billion, 133.16 billion, and 135.58 billion yuan for 2024-2026, with year-on-year growth rates of -0.62%, +0.28%, and +1.82%, respectively. The expected EBITDA for these years is 37.147 billion, 38.880 billion, and 40.769 billion yuan [6][9]. - The company’s net profit is forecasted to be 19.59 billion, 21.27 billion, and 22.59 billion yuan for 2024-2026, with corresponding P/E ratios of 7.02, 6.47, and 6.09 times [6][9].

Investment Rating - The investment rating for the company is "Buy" [2][5]. Core Insights - In October 2024, the company delivered 23,917 new vehicles, representing a year-on-year growth of 20% and a month-on-month growth of 12%. Cumulatively, from January to October 2024, the total deliveries reached 122,478 vehicles, with a year-on-year increase of 21% [2][7]. - The company expects sales for 2024, 2025, and 2026 to be 180,000, 450,000, and 670,000 vehicles respectively, with corresponding revenues of 43.6 billion, 79.3 billion, and 104.6 billion yuan, reflecting growth rates of 42%, 82%, and 32% [2][7]. - The net profit attributable to the parent company is projected to be -5.05 billion yuan in 2024, -0.5 billion yuan in 2025, and 2.3 billion yuan in 2026 [2][7]. Summary by Sections Delivery Performance - The company achieved a record high in deliveries for October 2024, with 23,917 vehicles delivered, marking a 20% increase year-on-year and a 12% increase month-on-month [2][7]. - The MONA M03 model has been well-received, with over 10,000 units delivered in its first two months [7]. Product Development - The P7+ model was launched in October 2024, with a pre-sale order exceeding 30,000 units within 1 hour and 48 minutes [7]. - The P7+ features a new pure vision solution and is equipped with end-to-end AI driving capabilities, enhancing user experience and customer retention [7]. Global Expansion - The company is accelerating its global strategy, with recent market entries in the Middle East, including the UAE, Israel, Egypt, Jordan, and Lebanon [7]. - Future plans include further expansion into Europe, ASEAN, Latin America, and Oceania [7]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 43.6 billion, 79.3 billion, and 104.6 billion yuan, with growth rates of 42%, 82%, and 32% respectively [8]. - The company anticipates a turnaround in financial performance with the launch of new models and advancements in smart driving technology [7][8].

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - In October 2024, the company delivered 51,443 vehicles, representing a year-on-year growth of 27.3%. The projected revenue for 2024-2026 is expected to be 147.3 billion, 205.4 billion, and 280 billion yuan, with year-on-year growth rates of 19.0%, 39.4%, and 36.3% respectively. The net profit attributable to the parent company is projected to be 8.53 billion, 14.24 billion, and 23.72 billion yuan, with growth rates of -27.1%, 67.0%, and 66.6% respectively. The EPS is expected to be 4.02, 6.71, and 11.18 yuan per share, with a 3-year CAGR of 40.6% [2][6]. Summary by Sections Delivery Performance - The company achieved a delivery of 51,443 vehicles in October 2024, marking a 27.3% increase year-on-year. Cumulatively, 393,000 vehicles were delivered by the end of October 2024. The company has maintained its position as the leading Chinese brand in the 200,000 yuan and above new energy vehicle segment for seven consecutive months [6][7]. Product and Technology Development - The company has accelerated its software capabilities with the AD Max version, which has been rolled out to all users of the AD Max platform. The penetration rate of the city NOA mileage for testing users has exceeded 50%. The company is expected to maintain high R&D investment, enhancing user satisfaction through superior intelligent features [6][7]. Ecosystem and Infrastructure - As of October 31, 2024, the company has established 475 retail centers across 144 cities and 444 after-sales service centers covering 223 cities. The company has also deployed 1,004 charging stations and 4,910 charging piles nationwide, supporting its smart electric strategy [6][7]. Financial Projections - The company’s projected financials for 2024-2026 include revenues of 147.3 billion, 205.4 billion, and 280 billion yuan, with corresponding net profits of 8.53 billion, 14.24 billion, and 23.72 billion yuan. The EPS is expected to grow to 4.02, 6.71, and 11.18 yuan per share over the same period [2][6][7].

Investment Rating - Buy rating (first coverage) [7] Core Views - Crystal International is a leading global apparel manufacturer with a diversified product portfolio and strong partnerships with top global brands [1][6] - The company has a robust global production layout, with 82% of its workforce located overseas, primarily in Vietnam [1][18] - Crystal International's revenue is expected to grow steadily, with projected revenues of $2.47B, $2.81B, and $3.18B for 2024-2026, representing a CAGR of 13.5%, 13.8%, and 13.0% respectively [3] - Net profit is forecasted to grow at a CAGR of 21%, 17%, and 16% for the same period, with a PE ratio of 8x, 7x, and 6x, significantly lower than industry peers [3] Product Portfolio - Crystal International offers a diversified product portfolio across five categories: casualwear (28%), sportswear & outdoor (22%), denim (21%), intimatewear (18%), and sweaters (10%) [1][17] - The company has deep partnerships with 7 out of the top 10 global apparel brands, including Uniqlo, Levi's, GAP, Victoria's Secret, Nike, and Adidas [1][17] - Sportswear & outdoor category has been a key growth driver since 2016, with a CAGR of 14.1% from 2017-2023 [31][32] Global Production Layout - Crystal International has 23 factories across 5 countries, with 82% of its workforce located overseas, primarily in Vietnam (49%) [1][18] - The company has been expanding its upstream fabric production through acquisitions and self-built factories since 2021, enhancing vertical integration and shortening delivery times [1][18] Financial Performance - Crystal International's revenue has fluctuated in recent years due to external factors, but is expected to recover in 2024 with H1 revenue and net profit growing by 8.4% and 14.1% YoY respectively [23][24] - Gross margin has remained stable at 19%-20%, with net margin steadily improving to 7%-8% in recent years [24][25] - The company has a strong dividend policy, with a payout ratio of 60% in H1 2024 and a projected full-year dividend yield of 7%+ [39][40] Industry Overview - The global apparel retail market is expected to grow at a CAGR of 5.3% from 2024-2028, with sportswear being the fastest-growing category at a CAGR of 6.2% [42][43] - The top 10 global apparel brands have increased their market share from 6.6% in 2014 to 9.9% in 2023, with 7 of them being Crystal International's clients [44][45] - The apparel manufacturing industry is highly fragmented, with Crystal International holding a 0.4% market share, second only to Shenzhou International's 0.7% [52][53] Competitive Advantages - Crystal International's "Co-creation" business model allows it to collaborate closely with clients on product design, material selection, and production planning, enabling faster time-to-market and higher success rates [64][68] - The company has a strong R&D focus, with annual R&D expenditures of $20-40M and a portfolio of 48 patents covering various production technologies [69][70] - Crystal International's diversified product portfolio and global production footprint give it a competitive edge over peers, allowing it to offer one-stop solutions to clients [58][59]

Investment Rating - The report assigns an "Overweight" rating to China Cinda (01359 HK) with a current price of HKD 1 43 and a target price of HKD 1 81 [1] Core Views - China Cinda is a leading player in the non-performing asset management (NPA) sector with a diversified financial services portfolio The NPA business accounts for 58 3% of revenue 52 7% of pre-tax profit and 57 3% of total assets as of 2023 [2] - The company is expected to benefit from economic recovery with increased NPA supply and improved disposal efficiency The NPA business achieved a gross yield of 4 3% in H1 2024 slightly down from the peak of 7 6% in 2021 [3] - Financial services particularly Nanyang Commercial Bank and Cinda Securities are poised for performance improvement driven by favorable interest rate environments and capital market opportunities [3] Financial Performance - Revenue is projected to grow from RMB 76 167 7 million in 2023 to RMB 84 637 4 million in 2026 with a CAGR of 3 68% [1] - Net profit attributable to shareholders is expected to increase from RMB 5 820 9 million in 2023 to RMB 9 376 5 million in 2026 with a CAGR of 23 05% [1] - EPS is forecasted to rise from RMB 0 11 in 2023 to RMB 0 20 in 2026 [1] NPA Business Analysis - The NPA business is the core revenue driver with traditional disposal debt-to-equity swaps and restructuring as key strategies The traditional disposal business has seen a decline in IRR from 18 6% in 2014 to 7 4% in 2023 [25][26] - Debt-to-equity swaps primarily focus on energy sector companies with cautious market-oriented approaches [31] - Restructuring business mainly involves real estate and manufacturing sectors with a typical cycle of 1-2 years [33] Financial Services Business - Nanyang Commercial Bank contributes significantly to the financial services segment with 67 5% of revenue and 52 4% of pre-tax profit in 2023 [52] - Cinda Securities is expected to benefit from capital market recovery with asset management business gaining importance [60] Valuation and Investment Recommendation - The NPA business is valued at 11x PE with a target value of RMB 45 087 billion while the financial services business is valued at 5x PE with a target value of RMB 17 607 billion [3] - The total target value is RMB 62 694 billion corresponding to a target price of HKD 1 81 per share [3] Industry Context - The NPA industry has evolved through policy-oriented commercial transformation and comprehensive commercialization stages with China Cinda playing a pivotal role since its establishment in 1999 [11][15][16] - Recent policies including tax incentives and local debt resolution initiatives have enhanced the importance of AMCs in the financial system [22][23]