Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised from HKD 25 to HKD 32, indicating a potential upside of 16.6% [1][2][4]. Core Insights - The company has shown robust earnings performance, with a significant year-on-year increase in net profit of 65.5% for the first three quarters, aligning with prior earnings forecasts [1]. - The new business value has increased by 37.9% year-on-year, with a new business value rate of 20.1%, up by 6.2 percentage points compared to the previous year [1][2]. - The individual insurance channel's quality continues to improve, with a 3.3% increase in premium scale, primarily driven by new business contributions from agents [1][2]. Financial Performance Summary - For the fiscal year ending December 31, 2022, the company reported total revenue of RMB 332,140 million, with a projected revenue of RMB 405,133 million for 2024, reflecting a year-on-year growth of 25.1% [3][9]. - The net profit for 2022 was RMB 37,381 million, with an expected increase to RMB 46,099 million in 2024, indicating a growth rate of 69.1% [3][9]. - The earnings per share (EPS) is projected to rise from RMB 3.89 in 2022 to RMB 4.79 in 2024, representing a significant increase [3][9]. Business Segment Insights - The property and casualty insurance segment saw a premium income growth of 7.7%, with a combined cost ratio of 98.7%, which is stable year-on-year but has increased by 1.6 percentage points compared to the first half of the year [2][5]. - Investment income has significantly increased, with total investment income rising to a rate of 4.7%, up by 2.3 percentage points year-on-year, primarily due to higher stock investment returns [2][5]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to be 5.2 for 2024, indicating a favorable valuation compared to its historical performance [3][9]. - The price-to-embedded value (P/EV) is expected to be 0.4 in 2024, suggesting that the stock is undervalued relative to its embedded value [3][9].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised from HKD 20.5 to HKD 30.5, indicating a potential upside of 18.2% from the current closing price of HKD 25.80 [1][2][3]. Core Insights - The company has demonstrated significant earnings resilience, with a net profit growth of 116.7% year-on-year for the first three quarters, slightly exceeding the previously forecasted range of 95-115% [1][2]. - The new business value growth rate of 79.2% year-on-year is leading among peers, reflecting strong performance in the insurance sector [2]. - Investment income has seen a notable increase, with a total investment return rate of 6.8%, up 4.5 percentage points year-on-year, outperforming industry peers [2]. - The company is optimizing its premium structure, although it still relies heavily on bank insurance channels, with a 1.9% year-on-year increase in premium income [1][2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of RMB 26,044 million, representing a 198.9% increase compared to 2023 [5][10]. - The total revenue for 2024 is estimated at RMB 140,014 million, reflecting a significant recovery from a 33.8% decline in 2023 [5][10]. - The company’s investment assets are expected to grow by 20.2% in 2024, contributing to overall financial stability [11]. - The report highlights a projected return on average equity (ROAE) of 25.2% for 2024, indicating strong profitability [11]. Business Metrics - The company’s new business value is expected to reach RMB 5,680 million in 2024, with a year-on-year growth rate of 87.8% [7][11]. - The insurance service revenue is projected to decline slightly by 3.0% in 2024, but investment income is expected to rebound significantly [6][10]. - The company’s market capitalization is approximately HKD 135.4 billion, with a daily trading volume of 16.92 million shares [4].

Investment Rating - The report maintains a "Neutral" rating for the company, Datang New Energy (1798 HK), with a target price of HKD 1.92, indicating a potential downside of 13.9% from the current price of HKD 2.23 [2][8]. Core Views - The company's Q3 earnings were impacted by weak wind power generation, resulting in a 46% year-on-year decline in profit to RMB 110 million. The total profit for the first three quarters decreased by 17% year-on-year to RMB 1.87 billion, reaching 77% of the annual forecast [1][2]. - The total power generation in Q3 saw a year-on-year decline of 1.6%, with wind power generation decreasing by 4.8% and photovoltaic generation increasing by 33.1%. The weak earnings were primarily due to lower wind speeds this year [1][2]. - The company's net debt-to-equity ratio improved to 133% in the first three quarters, down from 150% at the end of 2023, with expectations for a further decline to 143% by the end of 2024 [2][5]. Summary by Sections Financial Performance - Q3 total revenue slightly decreased by 1% year-on-year to RMB 2.46 billion, while gross profit fell by 24.5% to RMB 520 million, leading to a gross margin drop of 17 percentage points to 21% [1][4]. - The company's net profit for Q3 was RMB 161 million, down 45.6% year-on-year, and the nine-month net profit was RMB 1.87 billion, a decrease of 17% [4][5]. Capacity and Generation Forecast - The report maintains forecasts for new wind and solar installations at 1.8 GW, 2.1 GW, and 2.5 GW for the years 2024, 2025, and 2026, respectively [2][5]. - The expected total installed capacity by the end of 2024 is projected to be 15,418 MW, with wind power capacity at 12,981 MW and solar capacity at 2,438 MW [5]. Valuation - The current valuation is approximately 7 times the 2025 earnings per share, slightly above the reasonable level, with the report indicating that valuation improvements are outpacing earnings recovery [2][6].

Investment Rating - The report maintains a "Buy" rating for BYD Company Limited (1211 HK) with a target price of HKD 379.22, indicating a potential upside of 28.5% from the current closing price of HKD 295.00 [1][7]. Core Insights - BYD's automotive gross margin exceeded expectations in Q3 2024, driven by improved margins in the automotive business and a decline in lithium carbonate prices. The company's net profit for Q3 2024 reached RMB 11.6 billion, reflecting a year-on-year increase of 11.5% and a quarter-on-quarter increase of 28.1% [1][2]. - The report highlights that the increase in operating expenses (selling, administrative, and R&D) in Q3 2024 was significant, with respective increases of 27.8%, 20.1%, and 52.0%, attributed to higher spending on premium models and smart technology [1][2]. - The report anticipates continued sales growth in Q4 2024, projecting quarterly sales to rise to 1.3 to 1.5 million units, supported by the ongoing rollout of the DMI 5.0 model [2]. Financial Summary - Revenue for BYD is projected to grow from RMB 602.3 billion in 2023 to RMB 764.8 billion in 2024, representing a year-on-year growth of 27.0% [3][8]. - Net profit is expected to increase from RMB 30.0 billion in 2023 to RMB 41.1 billion in 2024, with a significant year-on-year growth of 36.9% [3][8]. - The report also notes an upward revision of profit forecasts for 2024-2026 by 14%, 19.4%, and 23.3% respectively, reflecting higher sales expectations and contributions from premium models and overseas markets [2][3].

Investment Rating - The report maintains an "Outperform" rating for China XLX Fertiliser [1][7][19] Core Views - In the first three quarters of 2024, the company achieved a net profit attributable to shareholders of RMB 1.534 billion, representing an 80.7% year-on-year increase, while operating income was RMB 17.420 billion, down 0.6% year-on-year [1][4] - The growth in performance is attributed to a decline in costs leading to a 5% year-on-year increase in gross profit, alongside a stable production line that effectively reduced overall energy consumption, resulting in a gross margin increase to 19% [1][4] - The company has also seen significant sales increases in major products, with urea sales volume up 33% year-on-year and methanol sales volume up 17% year-on-year [5][6] Financial Performance Summary - For the first three quarters of 2024, the average price of urea was RMB 2,029 per tonne, down 14% year-on-year, with sales volume reaching 2.768 million tonnes [5] - The average price of compound fertiliser remained flat at RMB 2,679 per tonne, with sales volume stable at 1.734 million tonnes, while gross margin increased by 5% year-on-year to 17% [5] - The company expects EPS for 2024, 2025, and 2026 to be RMB 1.18, 1.28, and 1.42 respectively, with a target price of HKD 5.16 based on a PE of 4.02 for 2024 [7][19] Project Development - Ongoing projects include the Xinjiang paraformaldehyde project, expected to complete by the end of 2024, and the Jiangxi Jiujiang industry chain extension project, anticipated to commence operations in Q3 2025 [6][7] - The Zhundong project and Guangxi Base Big Project are also progressing as planned, with expected completion dates in 2025 and 2026 respectively [6][7]

Investment Rating - Maintains an "Overweight" rating with a target price of HKD 19.85, corresponding to 1.05x PB for 2024 [4] Core Views - Light capital business pressure and exchange rate fluctuations have dragged down performance [3] - The company has long-term advantages in internationalization and specialization, benefiting from the construction of a world-class investment bank [3] - Revenue and net profit attributable to the parent company for the first three quarters of 2024 were RMB 13.45 billion and RMB 2.86 billion, down 23.0% and 38.0% YoY respectively [4] - Q3 single-quarter profit was RMB 630 million, down 39.8% YoY [4] - Weighted average ROE decreased by 2.2 percentage points to 2.64% [4] - Adjusted revenue (operating income minus other business costs) declined due to contributions from wealth management/brokerage (-24%), investment banking (-14%), asset management (-3%), net interest (-9%), investment (+12%), and other business income (-62%) [4] - The decline in other business income was mainly due to a net exchange loss of RMB 90 million in the first three quarters, compared to a net exchange gain of RMB 2.06 billion in the same period last year [4] - The company's international and professional capabilities are expected to consolidate business advantages and build a world-class investment bank [4] - Wealth management business continues to improve asset allocation and investment advisory services, while investment banking business innovates fixed-income products and enhances M&A service capabilities [4] Financial Summary - Revenue for 2024E is projected at RMB 20.65 billion, with a YoY growth of 9.15% [7] - Net profit for 2024E is projected at RMB 5.44 billion, with a YoY growth of 31.92% [7] - PE ratio for 2024E is 11.73, and PB ratio is 0.67 [7] Market Data - 52-week stock price range: HKD 7.87 to HKD 24.45 [5] - Current market capitalization: HKD 69.42 billion [5]

Investment Rating - The report maintains a "Buy" rating for MINISO (09896.HK) [1] Core Views - MINISO held a global brand strategy upgrade conference on October 30, emphasizing "quality without price competition" and positioning itself as a "global IP co-branding collection store" [2] - The company anticipates a transformation in offline consumption, focusing on experiential consumption and emotional value for consumers, aiming to become the world's leading IP design retail group [2] - MINISO has collaborated with over 150 global IPs, achieving cumulative sales of over 800 million items, with plans to launch over 10,000 new IP products annually, targeting 50% of sales from IP products by 2028 [2] Financial Forecasts and Valuation - The total revenue forecast for MINISO is projected to grow from 13,838 million RMB in 2023 to 24,311 million RMB by 2026, with year-on-year growth rates of 39.42%, 22.90%, 21.13%, and 18.00% respectively [1][4] - The net profit attributable to the parent company is expected to increase from 2,253 million RMB in 2023 to 3,730 million RMB in 2026, with growth rates of 111.48%, 12.28%, 24.12%, and 18.77% respectively [1][4] - The report forecasts a diluted EPS of 1.79 RMB in 2023, increasing to 2.96 RMB by 2026, with corresponding P/E ratios decreasing from 19.96 to 12.06 [1][4] Store Expansion Strategy - MINISO's global flagship store strategy has effectively enhanced brand awareness, with potential for 40,000 stores worldwide based on demographic calculations [3] - The company is restructuring its domestic store product lines and franchise system to optimize store expansion, including seven defined store formats and a shift from store authorization to a commercial system authorization [3]

Investment Rating - The report maintains a "BUY" rating for PICC P&C, with a revised target price of HK$14.00, representing a 15.9% upside from the current price of HK$12.08 [1][4]. Core Insights - The company's net profit after tax (NPAT) grew 38.0% year-on-year to RMB26.75 billion for the first nine months of 2024, with a record high NPAT of RMB8.26 billion in Q3 2024, driven by significant fair value gains of RMB7.4 billion [1]. - The combined ratio (CoR) for non-auto insurance deteriorated to 100.5% in the first nine months of 2024, with Q3 CoR reaching 105.3%, attributed to increased catastrophic losses from non-auto claims [1][3]. - Auto CoR improved to 96.8% in the first nine months of 2024, contributing to a 30.6% year-on-year growth in auto underwriting premium (UWP) to RMB71.2 billion [1][3]. Financial Performance - Total investment income surged 70.4% year-on-year to RMB27.5 billion in the first nine months of 2024, with a significant increase in Q3 investment income driven by fair value gains [1][6]. - The report forecasts EPS for FY24E at RMB1.44, with subsequent years projected at RMB1.51 for FY25E and RMB1.60 for FY26E, reflecting an upward revision of 8% for FY24E [2][3]. - The combined ratio is expected to be 97.7% for FY24E, slightly improving to 97.4% in FY25E and 97.2% in FY26E [3][9]. Valuation Metrics - The stock is currently trading at 1.0x FY24E P/B, which is above the historical average, indicating a premium valuation [1][5]. - The dividend yield is projected to increase to 5.2% in FY24E, with further growth expected in subsequent years [2][9]. - The report highlights a long-term ROE of 13.5% and a target valuation of RMB275.7 billion for FY24E [5][9].

Investment Rating - The report maintains a "Recommended" rating for China Hongqiao (01378.HK) [1][3]. Core Views - The report highlights that the increase in alumina prices has significantly enhanced the profitability of the alumina segment, with a notable increase in both revenue and net profit for the third quarter of 2024 [1]. - The company has a well-integrated industrial chain, with substantial production capacities in electrolytic aluminum and alumina, which strengthens its raw material security [1]. - The report anticipates that the transition to green energy will support long-term development and potentially enhance the company's valuation [1]. Summary by Sections Financial Performance - In Q1-3 2024, Shandong Hongqiao achieved revenue of 1100.68 billion RMB, a year-on-year increase of 12.47%, and a net profit of 157.54 billion RMB, up 141.43% year-on-year [1]. - For Q3 2024, revenue was 380.23 billion RMB, reflecting a 13.86% year-on-year growth and a 1.99% quarter-on-quarter increase, while net profit reached 59.61 billion RMB, up 38.01% year-on-year and 9.35% quarter-on-quarter [1]. Production and Pricing Insights - The report notes that in Q3 2024, electrolytic aluminum production in Shandong is expected to reach full capacity of 1.243 million tons, with alumina production also running at full capacity [1]. - The market price for alumina in Shandong increased by 290 RMB/ton, while the price for electrolytic aluminum decreased by 975 RMB/ton [1]. Future Outlook - The company is expected to achieve net profits of 177.96 billion RMB, 200.65 billion RMB, and 219.85 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 6, 5, and 5 [1][2]. - The report emphasizes the importance of the company's integrated layout in alumina, bauxite, and electrolytic aluminum, which enhances its operational efficiency and profitability [1].

Investment Rating - The report maintains a "Strong Buy" rating for BYD Electronics, expecting it to outperform the benchmark index by over 20% in the next six months [19]. Core Views - BYD Electronics reported steady performance in Q3 2024, with revenue reaching 43.546 billion RMB, a year-over-year increase of 21.08% [1]. - The company is experiencing robust growth in consumer electronics and automotive electronics, driven by increased sales in new energy vehicles and AI-related products [1]. - The acquisition of Jabil's mobile manufacturing business is expected to enhance BYD's position in the supply chain for major clients like Apple [1]. - Future growth is anticipated in Q4 2024, with multiple business segments entering peak seasons, particularly in AI, consumer electronics, and automotive electronics [1]. Financial Summary - For the first three quarters of 2024, BYD Electronics achieved a total revenue of 122.127 billion RMB, representing a year-over-year growth of 32.54% [1]. - The net profit attributable to shareholders for the same period was 3.063 billion RMB, a slight increase of 0.64% year-over-year [1]. - The Q3 2024 revenue was 43.546 billion RMB, with a net profit of 1.546 billion RMB, reflecting a year-over-year increase of 1.15% [1]. - Revenue projections for 2024-2026 are 168.913 billion RMB, 189.207 billion RMB, and 222.412 billion RMB, respectively, with expected growth rates of 29.5%, 12.0%, and 17.5% [2]. - The net profit forecast for 2024-2026 is 4.518 billion RMB, 6.138 billion RMB, and 7.615 billion RMB, with growth rates of 11.8%, 35.9%, and 24.1% [2].