Investment Rating - The report maintains a "Buy" rating for the company Guoshengtang (02273) [1] Core Views - The company has shown strong operational data, with a focus on shareholder returns through share buybacks and increased earnings per share [4][5] - Guoshengtang is recognized as a leading player in traditional Chinese medicine services, demonstrating robust growth potential and strong cross-regional chain operation capabilities [5] Summary by Sections Recent Performance - In the third quarter of 2024, the company achieved an outpatient volume of 1.485 million visits, a year-on-year increase of approximately 25.0% [4] - The outpatient volumes for the first three quarters of 2024 were 1.074 million, 1.309 million, and 1.485 million, reflecting year-on-year growth rates of 42.1%, 24.7%, and 25.0% respectively [4] Shareholder Returns - As of October 31, 2024, the company repurchased 4.4677 million shares for a total amount of HKD 161 million, and has canceled a total of 2.5906 million shares in April and September 2024, enhancing earnings per share for long-term investors [4] Financial Forecast - The projected revenues for 2024, 2025, and 2026 are expected to be RMB 3.109 billion, RMB 4.054 billion, and RMB 5.287 billion, representing year-on-year growth rates of 34%, 30%, and 30% respectively [5][6] - The forecasted net profits for the same years are RMB 341 million, RMB 477 million, and RMB 665 million, with growth rates of 35%, 40%, and 40% respectively [5][6] - The company is expected to maintain a strong return on equity (ROE) increasing from 11% in 2023 to 20% by 2026 [6][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's performance in Q3 exceeded expectations, driven by improved electricity generation due to favorable wind conditions, with a significant recovery anticipated for the full year if the trend continues [1][3] - The company has successfully divested from thermal power assets, with investment income for the first three quarters reaching 674 million, a year-on-year increase of 6316.47%, primarily from the disposal of equity in Jiangyin Sulong Thermal Power [3] - The company is positioned as a leader in the green energy sector, with a strong focus on wind and solar power, and is expected to benefit from the injection of additional renewable energy assets from its controlling shareholder [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 26.35 billion, a year-on-year decline of 6.39%, and a net profit attributable to shareholders of 5.475 billion, down 10.61% [1] - In Q3 alone, revenue was 7.467 billion, a decrease of 9.87%, while net profit attributable to shareholders increased by 41.58% to 1.648 billion [1] - The company's electricity generation in Q3 increased by 6.39% year-on-year, showing a significant recovery compared to Q2 [1] Market Position and Future Outlook - The company has a dominant position in wind power, with a total installed capacity of 28.38 GW in wind energy and 7.97 GW in other renewable sources as of September 2024 [3] - The controlling shareholder has approximately 40 GW of unlisted renewable energy assets, which are expected to be injected into the company, enhancing its market position [3] - The company is projected to achieve net profits of 5.934 billion, 6.853 billion, and 7.310 billion for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 9, 8, and 7 [3][5]

Investment Rating - The report maintains a rating of "Buy" for Rongchang Biopharmaceuticals [2][4]. Core Views - The company achieved a revenue of 470 million RMB in Q3 2024, representing a year-on-year growth of 34.6%, with a net loss of 290 million RMB, which is a reduction of 40 million RMB compared to the previous year [3][4]. - The gross margin improved to 82.1%, an increase of 5.8 percentage points, due to enhanced product processes and increased sales scale [4]. - The company is focusing on late-stage pipelines and controlling R&D expenses, with an R&D expense ratio of 74.3%, down by 17.2 percentage points [4]. - Revenue forecasts for 2024-2026 are maintained at 1.647 billion, 2.504 billion, and 3.319 billion RMB respectively [4]. Financial Summary - Revenue for 2022A was not provided, but for 2023A it is projected at 1,083 million RMB, with a significant increase to 1,647 million RMB in 2024E, and further growth to 2,504 million RMB in 2025E and 3,319 million RMB in 2026E [1]. - The net profit figures indicate a loss of 999 million RMB in 2024E, with losses decreasing to 856 million RMB in 2025E and 299 million RMB in 2026E [1]. - The PE ratio is projected to improve from -28.33 in 2024E to -6.68 in 2026E, while the PB ratio is expected to rise from 5.82 in 2024E to 11.81 in 2026E [1].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810 HK) [3] Core Views - Xiaomi Group's 3Q24 revenue is expected to increase by 28 1% YoY to RMB 908 billion with Non-IFRS net profit projected to grow by 4% YoY to RMB 6 2 billion [2] - The IoT business is anticipated to see robust revenue growth exceeding 20% YoY in 3Q24 with毛利率 potentially surpassing 20% [2] - Xiaomi's automotive business achieved a milestone with 20 000 units delivered in October 2024 and the SU7 Ultra量产版 positioned in the premium segment with a pre-sale price of RMB 814 900 [2] - The company's 2024 R&D investment is expected to exceed RMB 14 billion [2] Market Data - Xiaomi Group's total market capitalization stands at HKD 6813 21 billion with a total share capital of 24 957 billion shares [1] - The stock's one-year low high range is HKD 11 84-27 45 with a three-month turnover rate of 72 5% [1] - The stock has shown strong performance with a 1M 3M and 1Y relative return of 26 8% 37 3% and 63 5% respectively [1] Financial Performance - Xiaomi's 3Q24 smartphone shipments are expected to increase by 3% YoY to 42 8 million units with ASP rising by 10% YoY to around RMB 1100 [2] - The company's 3Q24 smartphone毛利率 is projected to be at a yearly low of 11-12% but is expected to improve in 4Q24 [2] - The internet business is forecasted to maintain steady growth with a slight环比 decline in毛利率 due to seasonal advertising and e-commerce investments [2] Future Projections - Xiaomi's 2024-2026 Non-IFRS net profit forecasts have been上调 to RMB 238 289 and 347 billion respectively [2] - The company's 2024E 2025E and 2026E revenues are projected to be RMB 352 820 million RMB 427 584 million and RMB 488 526 million respectively [4] - The adjusted P E ratios for 2024E 2025E and 2026E are 26 21 and 18 respectively [4] Business Segments - The smartphone segment is expected to contribute RMB 188 481 million in 2024E followed by IoT and lifestyle products at RMB 98 609 million and internet services at RMB 33 198 million [4] - The automotive segment is projected to generate RMB 30 576 million in 2024E with significant growth expected in subsequent years [4] Financial Position - Xiaomi's total assets are forecasted to increase from RMB 273 507 million in 2022 to RMB 468 711 million in 2026 [5] - The company's cash and short-term investments are expected to grow from RMB 61 439 million in 2022 to RMB 175 823 million in 2026 [5] - Total liabilities are projected to rise from RMB 129 584 million in 2022 to RMB 236 881 million in 2026 [5] Cash Flow - Operating cash flow is expected to increase from RMB -4 390 million in 2022 to RMB 42 457 million in 2026 [6] - Free cash flow is projected to grow from RMB 3 247 million in 2022 to RMB 27 547 million in 2026 [6] - Net cash flow is forecasted to rise from RMB 3 304 million in 2022 to RMB 40 370 million in 2026 [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock price is expected to outperform the benchmark index by over 20% [4][13]. Core Insights - The company reported an unaudited loss attributable to owners of approximately 1.492 billion yuan for Q3 2024, with a total loss of about 2.971 billion yuan for the first three quarters of 2024 [2]. - Cash costs continue to decline, with Q3 2024 cash costs down 12.32% from Q1 2024 and 5.71% from Q2 2024, driven by increased production capacity utilization [2]. - The company achieved a 33% reduction in carbon footprint at its Leshan base, setting a new global industry record, with carbon emissions of only 24.913 kg CO2 equivalent per kg of granular silicon [3]. - The company plans to launch its SiRo carbon chain components, which will utilize its granular silicon as raw material, enhancing its competitive edge in the market [3]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 17.057 billion yuan, 30.523 billion yuan, and 42.118 billion yuan, respectively, with year-on-year changes of -49%, +79%, and +38% [4]. - The forecasted net profit attributable to the parent company for the same years is -2.921 billion yuan, 1.544 billion yuan, and 4.326 billion yuan, reflecting year-on-year changes of -216%, +153%, and +180% [4]. - The stock price corresponds to a PE ratio of 30 for 2025 and 11 for 2026, indicating potential for recovery in profitability as silicon prices stabilize [4].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company reported strong wholesale sales in October, with total sales of 227,000 units, a year-on-year increase of 25.4% and a month-on-month increase of 12.2%. Cumulatively, from January to October, total sales reached 1.716 million units, up 28.9% year-on-year [2]. - The company’s new energy vehicle (NEV) sales in October were particularly impressive, reaching 108,722 units, a year-on-year increase of 75.1% and a month-on-month increase of 19.3%, with a penetration rate of 48.0% [2]. - The launch of the Raytheon EM-i Super Electric Hybrid is expected to enhance the company's product lineup, featuring a thermal efficiency of 46.5% and a fuel consumption of only 2.62L per 100km [2]. - The company is positioned to strengthen its market share in the NEV segment, particularly in the 100,000 to 200,000 yuan price range, as new models like the Starship 7 are set to launch [2]. - The financial forecast has been adjusted, with expected revenues of 224.78 billion, 277.68 billion, and 308.83 billion yuan for 2024, 2025, and 2026 respectively, and net profits of 16.04 billion, 12.58 billion, and 16.32 billion yuan for the same years [2][3]. Summary by Sections Sales Performance - October wholesale sales reached 227,000 units, with NEV sales at 108,722 units, marking significant year-on-year growth [2]. - The company has achieved 85.8% of its annual sales target of 2 million units by the end of October [2]. New Product Launch - The Raytheon EM-i Super Electric Hybrid is set to launch in November, featuring advanced fuel efficiency and intelligent energy management capabilities [2]. Financial Projections - Revenue projections for 2024-2026 are set at 224.78 billion, 277.68 billion, and 308.83 billion yuan, with corresponding net profits of 16.04 billion, 12.58 billion, and 16.32 billion yuan [3][15]. - The expected EPS for the same period is 1.59, 1.25, and 1.62 yuan, with a P/E ratio of 8, 10, and 8 respectively [3][15].

Investment Rating - Buy rating maintained for BYD Electronic (00285 HK) [1] Core Views - 2025 net profit expected to grow steadily driven by overseas major customer progress and valuation boost [1] - 2024Q4 net profit likely to return to YoY growth benefiting from seasonal peak of Jabil structural components and accelerated growth in automotive electronics [6] - 2025 growth drivers include Jabil structural components business, automotive electronics benefiting from BYD's high-end strategy, and AI server components and robotics business [4] Financial Performance - 2024Q3 revenue reached 43 55 billion yuan, up 21% YoY, meeting expectations [5] - 2024Q3 gross margin of 8 5% exceeded expectations due to high-margin structural components business [5] - 2024Q3 net profit was 1 55 billion yuan, in line with expectations [5] Business Outlook - Jabil structural components business expected to remain stable in 2025 with cost reduction and efficiency improvement measures [6] - Automotive electronics business to continue rapid growth driven by BYD's high-end vehicle sales and ADAS penetration [6] - AI server assembly and high-margin components business expected to scale up in 2025 [6] Financial Forecasts - 2024-2026 net profit forecasts revised up to 4 6/5 6/6 2 billion yuan from 4 2/4 9/5 8 billion yuan [4] - 2024-2026 EPS forecasts at 1 9/2 2/2 6 yuan [4] - Current price of 32 55 HKD implies 2024-2026 PE of 14 7/12 1/10 8x [4] Valuation Metrics - 2024E revenue forecast at 168 15 billion yuan, up 29 4% YoY [7] - 2025E revenue forecast at 182 80 billion yuan, up 8 7% YoY [7] - 2024E net profit forecast at 4 57 billion yuan, up 13 1% YoY [7] - 2025E net profit forecast at 5 56 billion yuan, up 21 6% YoY [7] - 2024E gross margin forecast at 7 7% [7] - 2025E gross margin forecast at 7 9% [7] Market Performance - Current price: 32 55 HKD [3] - 52-week high/low: 41 05/23 20 HKD [3] - Market cap: 73 34 billion HKD [3] - 3-month turnover rate: 36 17% [3]

Investment Rating - The report maintains a "Buy" rating for China Hongqiao [3] Core Views - The alumina segment continues to perform well, with significant year-on-year profit growth driven by rising aluminum and alumina prices, alongside decreasing costs for prebaked anodes and thermal coal [1] - The company is expected to benefit from the completion of its Yunnan electrolytic aluminum base relocation, which will further reduce production costs, while domestic aluminum prices are anticipated to remain high due to rigid supply and a declining interest rate cycle [1] - The report highlights the company's comprehensive layout advantages across the entire industry chain, with ongoing energy transition efforts and increasing green energy proportions [1] Financial Performance Summary - For the first three quarters of 2024, Shandong Hongqiao achieved revenue of 110.07 billion yuan, a year-on-year increase of 12%, and a net profit of 15.75 billion yuan, up 141% year-on-year [1] - Quarterly revenue for Q1-Q3 2024 was 34.8 billion, 37.3 billion, and 38 billion yuan respectively, with Q3 showing a 14% year-on-year increase and a 2% quarter-on-quarter increase [1] - The average profit for national alumina in Q3 was 1,069 yuan per ton, reflecting a 21% quarter-on-quarter increase [1] Future Projections - The company is projected to achieve net profits of 19.84 billion, 22.14 billion, and 22.31 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 6.2, 5.6, and 5.5 times [2][3] - Revenue forecasts for 2024, 2025, and 2026 are 156.83 billion, 161.66 billion, and 164.19 billion yuan, representing year-on-year growth rates of 17%, 3%, and 2% respectively [2]

Investment Rating - The investment rating for AIA Group Limited is "Buy" (maintained) [1] Core Views - AIA Group Limited achieved a new business value of USD 3.62 billion in the first three quarters of 2024, representing a year-on-year increase of 22% (fixed exchange rate) [1] - The annualized new premium reached USD 6.76 billion, up 14.1% year-on-year, with all segments showing positive growth in new business value in Q3 [1][2] - The company continues to expand its market presence in mainland China, with new business value growth of 9% in Q3, driven by an increase in active agents and productivity [1][2] Summary by Sections New Business Performance - New business value for the first three quarters of 2024 was USD 3.62 billion, up 22% year-on-year (fixed exchange rate) [1] - Q3 new business value increased by 16.8% year-on-year, with a new business value margin of 53.3%, up 2.4 percentage points [1][2] - Annualized new premiums for Q3 were USD 6.76 billion, reflecting a 14.1% increase year-on-year [1] Market Segmentation - In mainland China, new business value grew by 9% in Q3, with both agency and bancassurance channels contributing to growth [1] - In Hong Kong, new business value increased by 24% in Q3, supported by local and MCV business growth [1] - ASEAN markets saw an 8% increase in new business value, with double-digit growth recorded in Singapore and Malaysia [1] Financial Projections - The company maintains its net profit forecasts for 2024-2026 at USD 4.8 billion, USD 5.6 billion, and USD 6.3 billion respectively [2] - The current stock price corresponds to a PEV of 1.27, 1.19, and 1.11 for 2024-2026 [2]

Investment Rating - Buy (Maintained) [1] Core Views - The company's Q3 2024 performance was significantly impacted by foreign exchange losses, with net profit attributable to the parent company dropping by 40% YoY to RMB 630 million [2] - The proprietary trading business showed significant improvement, with Q1-Q3 2024 income reaching RMB 7.46 billion, up 7% YoY [2] - The investment banking business continued to face pressure, with Q1-Q3 2024 income down 21% YoY to RMB 2.06 billion [2] - The asset management business saw a 12% YoY decline in Q1-Q3 2024 income to RMB 840 million [2] - The brokerage business revenue fell 27% YoY in Q1-Q3 2024 to RMB 2.56 billion, with Q3 revenue down 22% YoY to RMB 790 million [2] Financial Performance - Q1-Q3 2024 total operating income decreased by 23% YoY to RMB 13.449 billion [1] - Q1-Q3 2024 net profit attributable to the parent company dropped by 37.97% YoY to RMB 2.858 billion [1] - Q3 2024 revenue decreased by 10% YoY to RMB 4.539 billion [1] - Q3 2024 net profit attributable to the parent company fell by 40% YoY to RMB 630 million [1] - Q1-Q3 2024 net interest expense increased by 44% YoY to RMB 1.193 billion [2] Valuation and Forecast - 2024-2026 net profit attributable to the parent company is forecasted to be RMB 4.484 billion, RMB 5.548 billion, and RMB 5.934 billion respectively [2] - 2024-2026 EPS is projected to be RMB 0.93, RMB 1.15, and RMB 1.23 respectively [2] - Current market value corresponds to 2024-2026 PB (H) valuations of 0.68x, 0.63x, and 0.59x respectively [2] Market Data - Closing price (HKD): 14.38 [4] - 52-week low/high (HKD): 7.81/24.65 [4] - P/B ratio: 0.78x [4] - HKD market capitalization: RMB 27.375 billion [4] Fundamental Data - Net asset per share (RMB): 18.52 [5] - Asset-liability ratio: 83.35% [5] - Total shares outstanding: 4.827 billion [5] - Tradable shares: 1.904 billion [5] Business Segments - Proprietary trading: Q3 2024 income reached RMB 3.21 billion, up 26% YoY and 34% QoQ [2] - Investment banking: Q3 2024 income was RMB 780 million, up 24% YoY but down 6% QoQ [2] - Asset management: Q3 2024 income was RMB 280 million, down 5% YoY and 2% QoQ [2] - Brokerage: Q3 2024 income was RMB 790 million, down 22% YoY and 16% QoQ [2]