Investment Rating - The investment rating for Qingdao Bank is "Accumulate" [4][3]. Core Views - Qingdao Bank's net profit growth in Q3 2024 exceeded expectations, while revenue growth slightly declined due to other non-interest income. The bank maintains a double-digit expansion rate and stable asset quality, justifying the "Accumulate" rating [3][4]. Summary by Sections Financial Performance - In Q3 2024, Qingdao Bank's revenue growth was 0.8%, a slight decline compared to Q2. The net interest income, commission income, and other non-interest income grew by 4.8%, -13.1%, and -6.4% year-on-year, respectively. Other non-interest income was the main drag on revenue, likely affected by bond market fluctuations in August. Despite the revenue decline, Q3 net profit growth reached 24.7%, outperforming comparable peers [4]. Asset Quality - As of Q3 2024, the bank's total assets grew by 15.1% year-on-year, with loans increasing by 11.3%. The growth in inclusive small and micro loans was particularly notable, with a year-end balance increase of 8.51 billion yuan, or 25.13%. Deposits grew by 12.9%, improving the deposit-to-liability ratio to 68.5%. The non-performing loan ratio stood at 1.17%, with a coverage ratio of 245.7%, indicating enhanced risk mitigation capabilities [4]. Market Data - The current stock price of Qingdao Bank is HKD 2.74, with a market capitalization of HKD 15,948 million. The stock has traded within a range of HKD 1.84 to HKD 2.97 over the past 52 weeks [5][6].

Investment Rating - The report maintains a "Recommend" rating for China P&C Insurance (02328 HK) with a target price of HKD 15 2 [1] Core Views - China P&C Insurance achieved insurance service revenue of RMB 364 306 billion in 2024Q1-3, a year-on-year increase of 5 3% Net profit reached RMB 26 750 billion, up 38 0% year-on-year, close to the upper limit of the previous performance forecast [1] - The comprehensive cost ratio (COR) for the first three quarters was 98 2%, up 0 3 percentage points year-on-year, mainly due to frequent natural disasters such as typhoons [1] - The total investment yield for the first three quarters was 4 4% (not annualized), an increase of 1 7 percentage points year-on-year, driven by the recovery of the equity market [1] - The company's premium growth accelerated, with motor insurance, health insurance, and liability insurance showing significant growth [1] Business Performance - In 2024Q1-3, the company's original premium income reached RMB 428 330 billion, a year-on-year increase of 4 6% Motor insurance contributed 49 8% of the original premium income, with a year-on-year growth of 3 2% [1] - Non-motor insurance premium income increased by 5 9% year-on-year, with health insurance and liability insurance growing by 8 0% and 11 8% respectively [1] - The COR for motor insurance was 96 8%, within the target range of 97%, while the COR for non-motor insurance was 100 5%, mainly affected by natural disasters [1] Investment Performance - The company's investment income significantly improved, with a total investment yield of 4 4% in 2024Q1-3, up 1 7 percentage points year-on-year [1] - The recovery of the equity market, especially after the "924" market rally, contributed to the increase in investment income [1] - The company's net profit growth was close to the upper limit of the forecast, driven by investment income [1] Financial Forecast - The report revised the EPS forecast for 2024-2026 to RMB 1 51/1 59/1 70, up from the previous forecast of RMB 1 37/1 54/1 70 [1] - The target PB ratio for 2025 is set at 1 1x, corresponding to a target price of HKD 15 2 [1] Market Performance - The current price of China P&C Insurance is HKD 12 08, with a total market capitalization of HKD 268 7 billion and a circulating market capitalization of HKD 83 3 billion [3] - The company's 12-month high/low price range is HKD 14 04/8 08 [3]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 10.14 HKD, based on a current price of 5.79 HKD [1]. Core Insights - The company, Weisheng Holdings, is a leading domestic player in the metering and energy efficiency management sector, with significant growth in revenue and profit since 2022 [2]. - The company has diversified its operations through three main segments: Weisheng Group, Weisheng Information, and Weisheng Energy, which collectively drive its growth [2][4]. - The overseas business has seen a substantial increase, with revenue growing from less than 400 million RMB in 2020 to 1.599 billion RMB in 2023, reflecting a CAGR of 66% [2]. Summary by Sections 1. Leading Supplier in Smart Metering and Energy Management - Weisheng Holdings has established itself as a leader in high-end metering products in China, evolving its business model over the years to focus on smart metering solutions [12]. - The company's ownership structure is concentrated, with the founder holding 53.66% of the shares, allowing for strategic decision-making [15]. - The company has optimized its product structure, leading to rapid revenue growth, particularly in its ADO and overseas segments [18]. 2. Smart Meters: Leading Supplier in Metering - The smart meter segment continues to perform well, with a stable increase in revenue driven by both domestic and international market expansion [29]. - The company has maintained a strong position in bidding for major projects with State Grid and Southern Power Grid, indicating its competitive advantage [25][26]. - The overseas market for smart meters is expanding, with significant growth in revenue and orders, particularly in regions like Latin America and Africa [33][34]. 3. Weisheng Information: Energy IoT Unicorn - Weisheng Information is positioned as a comprehensive solution provider in the energy IoT sector, with a diverse product matrix covering various levels of the energy IoT industry [39]. - The company is focused on enhancing its profitability through continuous innovation and expansion in the energy management space [39]. 4. Financial Projections and Valuation - The company is expected to maintain high growth in its overseas business, with projected net profits of 755 million, 913 million, and 1.159 billion RMB for 2024-2026, respectively [5]. - The report anticipates a steady increase in gross margins as the share of overseas revenue grows, with a target PE of 10X for 2025 [5].

Investment Rating - The report assigns a positive outlook on Standard Chartered PLC with a focus on outperforming the market in the next 12-18 months [6][12][15] Core Insights - Standard Chartered's Q3 2024 revenue and profit exceeded Bloomberg consensus expectations, with a year-on-year revenue growth of 11.4% compared to the expected 7.0% [2][6] - Net interest income grew by 9.1% year-on-year, surpassing the consensus forecast of 7.9%, while other income increased by 14.0%, exceeding the expected 6.3% [2][6] - The bank's net interest margin (NIM) rose by 32 basis points to 1.95%, higher than the expected 1.80% [3][7] - Customer loans and advances grew by 2.2% year-on-year, which was below the expected growth of 3.0%, while customer deposits increased by 5.5%, exceeding the forecast of 4.6% [2][6] Summary by Sections Revenue and Profit - The underlying operating income for Q3 2024 was reported at $4.712 billion, reflecting a growth of 7.0% year-on-year, which is above the consensus estimate [5] - The audited pre-tax profit showed a significant increase of 172.0% year-on-year, surpassing the expected growth of 134.1% [2][5] Credit Quality - Credit impairment losses were reported at $178 million, a decrease of 39.5% year-on-year, which was lower than the consensus estimate of $275 million [3][6] - The non-performing loan (NPL) ratio was reported at 2.27%, down 13 basis points from the previous quarter and lower than the expected 2.67% [3][7] Capital Ratios - The Common Equity Tier 1 (CET1) ratio increased by 30 basis points year-on-year to 14.2%, slightly below the consensus forecast of 14.44% [3][7] - The Return on Tangible Equity (RoTE) rose by 3.8 percentage points to 10.8%, exceeding the expected 10.3% [3][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 70.08 [1][5][8] Core Views - The company's 3Q24 performance was strong, with total patient visits reaching 1.485 million (+25% YoY, +13.5% QoQ), driven by organic growth and new medical institutions [1] - The company is expected to achieve a 35-40% adjusted net profit growth in 2024, supported by online and offline expansion, same-store growth, and accelerated external expansion [1][5] - The report highlights the company's potential for both organic growth and external expansion, with 19 new medical institutions already established [1][3] Existing Clinics - The company's offline medical business revenue is expected to grow by 35% in 2024, driven by increased doctor numbers in key regions like Shanghai, Beijing, and Guangzhou [2] - The company's self-owned doctor contribution reached 36-37% in 3Q24, with a long-term target of 50%, which is expected to further optimize profit margins [2] New Clinics - The company acquired three new clinics in Suzhou, Kunshan, and Hangzhou in 3Q24, with controllable acquisition costs [3] - New clinics are expected to contribute approximately 10% of the company's revenue in 2024, with a total of 19 new clinics added so far and a full-year guidance of 17-22 new clinics [3] - Overseas expansion is progressing, with Singapore operations gradually ramping up, and further expansion expected in Malaysia, Hong Kong, and Taiwan [3] Policy and Repurchase - The government has introduced frequent policies to encourage traditional Chinese medicine (TCM) development, which benefits the company [4] - The company has conducted continuous share repurchases from January to September 2024, repurchasing 4.36 million shares for HKD 173 million, demonstrating confidence in its long-term growth [4] Financial Forecasts and Valuation - The company's adjusted net profit is expected to grow by 35-40% in 2024, with adjusted EPS projected at RMB 1.74, 2.30, and 2.93 for 2024-2026 [5][9] - The report assigns a 28x PE multiple for 2025, in line with comparable companies, reflecting the scarcity of TCM service providers and policy tailwinds [5] - Revenue is forecasted to grow from RMB 3.138 billion in 2024E to RMB 5.038 billion in 2026E, with net profit increasing from RMB 334.77 million to RMB 665.20 million over the same period [6][12]

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group [2][6][4] Core Views - The company reported strong performance in the first three quarters of 2024, with insurance service revenue of CNY 403.765 billion, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of CNY 36.331 billion, up 77.2% year-on-year [2][6] - The combined ratio (COR) for property insurance was 98.2%, reflecting a slight year-on-year increase of 0.3 percentage points, indicating a competitive advantage in property insurance [6][2] - The net profit growth was significantly driven by improved investment income, with fair value changes contributing CNY 22.746 billion, an increase of CNY 31.372 billion year-on-year [6][2] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved insurance service revenue of CNY 403.765 billion, a 6.1% increase year-on-year, and a net profit of CNY 36.331 billion, a 77.2% increase year-on-year [6][2] - The property insurance COR was 98.2%, with motor insurance and non-motor insurance COR at 96.8% and 100.5%, respectively [6][2] Business Segments - The new business value (NBV) for life insurance grew by 113.9% year-on-year, with net profit reaching CNY 15.582 billion, a 763.7% increase, driven by market recovery and improved investment returns [6][2] - Health insurance net profit was CNY 5.57 billion, up 40.6% year-on-year, indicating continued improvement in profitability [6][2] Investment Outlook - The report forecasts net profits for 2024-2026 to be CNY 39.2 billion, CNY 39.6 billion, and CNY 45 billion, with growth rates of 76%, 1%, and 14% respectively, supported by a recovering equity market [6][2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HK$6.95, representing a 24% increase from the previous target price of HK$5.61 [1][7]. Core Insights - The company's brand, Xtep, has shown a month-to-date (MTD) revenue growth of over 10% in October, indicating a strong performance that is expected to meet the annual guidance [4][6]. - For the fiscal year 2024, the overall revenue and net profit attributable to the parent company are projected to grow by 1.5% and 21.3%, reaching RMB 14.56 billion and RMB 1.25 billion, respectively [6][9]. - The report highlights that the company's inventory and discount levels are healthy, with expectations for continued improvement in gross margin [5][6]. Financial Projections - The revenue forecast for 2024 has been adjusted to RMB 14.56 billion, reflecting a 3.6% decrease from previous estimates, while the net profit forecast has been adjusted to RMB 1.25 billion, a decrease of 3.0% [9]. - The earnings per share (EPS) for 2024 is projected at RMB 0.47, with subsequent years showing growth to RMB 0.53 in 2025 and RMB 0.59 in 2026 [8][9]. - The report anticipates a gross margin improvement of 2.1 percentage points to 44.2% for 2024, alongside a net profit margin increase of 1.4 percentage points to 8.6% [6][9].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company's net profit for the first three quarters increased by 38.0% year-on-year to 26.75 billion yuan, primarily driven by a significant rise in total investment income due to a recovery in the capital market [3][4] - The underwriting performance was under pressure due to the impact of major disasters, with the combined cost ratio rising to 98.2%, higher than expected [4][5] - The company is expected to continue its high-quality transformation, optimizing its business structure and improving risk identification capabilities [6] Summary by Sections Market Data - Closing price (HKD): 12.20 - H-share market value (billion HKD): 2,713.62 - 52-week high/low (HKD): 14.12/8.55 [2] Financial Performance - Insurance service income for the first three quarters increased by 5.3% year-on-year to 364.31 billion yuan [4] - The combined cost ratio for non-auto insurance increased by 2.3 percentage points to 108.3% in Q3 2024, leading to a significant underwriting loss [5] - The company’s total investment return rate for the first three quarters was 4.4%, an increase of 1.7 percentage points year-on-year [5] Profit Forecast - The profit forecast for 2024-2026 has been raised to 32.67 billion, 34.84 billion, and 38.03 billion yuan respectively [6][7] - The company’s price-to-book ratio for 2024E is 0.97x, indicating a relatively safe valuation cushion [6]

Investment Rating - The investment rating for China Pacific Insurance (02328.HK) is "Buy" (maintained) [1] Core Views - The report highlights that the profit growth is driven by investment gains, with the company's performance nearing the upper end of its previously announced profit forecast of 20% to 40% [1] - The company achieved an insurance service revenue of CNY 364.31 billion for the first nine months of 2024, representing a year-on-year growth of 5.3% [1] - Net profit for the same period reached CNY 26.75 billion, a significant increase of 38.0% year-on-year, primarily due to a recovery in the stock market boosting fair value changes [1] Summary by Sections Earnings Forecast and Valuation - Insurance service revenue (CNY million): - 2022A: 424,355 - 2023A: 457,203 - 2024E: 494,002 - 2025E: 529,798 - 2026E: 569,764 - Year-on-year growth rates: - 2022A: 6.9% - 2023A: 7.7% - 2024E: 8.0% - 2025E: 7.2% - 2026E: 7.5% - Net profit attributable to shareholders (CNY million): - 2022A: 29,163 - 2023A: 24,585 - 2024E: 29,641 - 2025E: 32,330 - 2026E: 34,478 - Year-on-year growth rates: - 2022A: 30.4% - 2023A: -15.7% - 2024E: 20.6% - 2025E: 9.1% - 2026E: 6.6% - Return on equity (ROE): - 2022A: 13.4% - 2023A: 10.8% - 2024E: 12.1% - 2025E: 12.0% - 2026E: 11.8% - Price-to-book ratio (P/B): - 2022A: 1.20 - 2023A: 1.08 - 2024E: 0.98 - 2025E: 0.90 - 2026E: 0.83 [1] Performance Analysis - The company reported a cumulative ROE of 11.1% for the first nine months of 2024, an increase of 2.3 percentage points year-on-year [1] - The total investment return rate improved significantly from 2.7% in 9M23 to 4.4% in 9M24, which was a key factor in the net profit improvement [1] - The company experienced a decline in underwriting profit, with a total underwriting profit down 12.7% year-on-year [1] Business Segments - The cumulative comprehensive cost ratio (COR) for auto insurance was 96.8% for 9M24, showing a slight improvement due to effective cost control [1] - Non-auto insurance faced challenges with a COR of 100.5% for 9M24, primarily due to increased claims from natural disasters [1] - The report notes that the company is focusing on high-quality development and implementing a new business model combining insurance, risk reduction services, and technology [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 3.52 HKD based on a 15x PE valuation for FY25 [2][7]. Core Views - The company reported FY25H1 revenue of 13.055 billion, a year-on-year decline of 7.9%, and a net profit attributable to shareholders of 870 million, down 34.6%, which was below market expectations [1]. - The company plans a cash dividend of 860 million, with a payout ratio of 97.85% [1]. - The main brand and other brands saw revenue declines of 8.1% and 6.5% respectively, while retail and wholesale business revenues fell by 8.9% and 2.2% year-on-year [1]. - The company has increased its store sales area and is focusing on live streaming from stores, with 5,813 stores as of FY25H1, a net decrease of 331 stores since the beginning of the fiscal year [1]. - The gross margin for FY25H1 decreased by 3.7 percentage points to 41.1%, attributed to increased inventory and promotional efforts due to weak sales [1]. - Inventory turnover days increased to 145 days, up 7 days year-on-year, while operating cash flow remained healthy at 2.61 billion [1]. Financial Summary - The company adjusted its earnings forecast for FY25-26, predicting earnings per share of 0.22, 0.26, and 0.30 for FY25-27, down from previous estimates of 0.39 and 0.42 for FY25-26 [2][7]. - The projected revenue for FY25 is 26.747 billion, with a year-on-year decline of 7.6%, and a recovery expected in FY26 with a growth of 5.9% [6][8]. - The gross margin is expected to be 38.0% in FY25, improving to 40.0% by FY27 [6][8].