Investment Rating - The report maintains a **Neutral** rating for HSBC Holdings PLC (5 HK) with a target price of HKD 61.51 [55] Core Viewpoints - HSBC Holdings PLC's Q3 2024 revenue and profit exceeded expectations, driven by strong non-interest income growth and reduced provisions [1][2] - Revenue increased by **5.2% YoY**, surpassing the Bloomberg consensus estimate of **-0.1%**, while net profit attributable to common shareholders rose by **9.2% YoY**, outperforming the consensus estimate of **-2.4%** [2][7] - Non-interest income surged by **35.4% YoY**, significantly higher than the expected **9.5%**, while net interest income declined by **17.4% YoY**, below the consensus estimate of **-12.0%** [2] - The cost-to-income ratio improved to **47.9%**, down **1.4 percentage points YoY**, better than the consensus estimate of **51.1%** [2] Business Performance - **Wealth and Personal Banking** revenue grew by **10.3% YoY**, exceeding the consensus estimate of **2.8%** [3][6] - **Commercial Banking** revenue declined by **0.7% YoY**, but still outperformed the consensus estimate of **-2.0%** [3][6] - **Global Banking and Markets** revenue increased by **13.5% YoY**, surpassing the consensus estimate of **3.7%** [3][6] - Total customer loans grew by **3.5% YoY**, higher than the consensus estimate of **0.8%**, while total deposits increased by **6.2% YoY**, above the consensus estimate of **2.5%** [3] Financial Metrics - The net interest margin (NIM) declined by **16 basis points QoQ** to **1.46%**, below the consensus estimate of **1.57%** [3] - The non-performing loan (NPL) ratio increased by **4 basis points QoQ** to **2.47%**, slightly higher than the consensus estimate of **2.45%** [3] - The CET1 ratio improved to **15.2%**, up **0.3 percentage points YoY**, exceeding the HSBC analyst estimate of **14.9%** [4] - Return on equity (ROE) increased by **0.9 percentage points YoY** to **14.4%**, above the consensus estimate of **13.5%** [4] Key Drivers - The reduction in credit loss provisions to **USD 986 million**, down **7.9% YoY**, contributed to the better-than-expected profit, driven by lower provisions in the Commercial Banking and Global Banking & Markets segments, particularly in mainland China's commercial real estate sector [3] - The strong performance in non-interest income, particularly in wealth management and capital markets, offset the decline in net interest income [2][3]

Investment Rating - The investment rating for the company is "Buy" [1][2][4] Core Insights - The report highlights that TCL Electronics has shown significant improvement in both sales volume and structure, particularly in the North American market, driven by the upcoming Black Friday sales [2] - The company's revenue and profit forecasts have been adjusted upwards, with expected revenues of HKD 95.8 billion, HKD 104.2 billion, and HKD 110.2 billion for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 21%, 9%, and 6% [1][2] - The report emphasizes the high certainty of performance and a dividend payout ratio exceeding 50%, indicating a balance of growth and value [2] Financial Projections - Revenue for 2023 is projected at HKD 79.1 billion, with a year-on-year growth of 11% [1] - The net profit attributable to shareholders is expected to reach HKD 1.32 billion in 2024, representing a 78% increase from the previous year [1][2] - Earnings per share (EPS) is forecasted to grow from HKD 0.29 in 2023 to HKD 0.52 in 2024, and further to HKD 0.64 in 2025 [1][2] Sales Performance - In Q3 2024, TCL's television shipment volume increased by 20%, with domestic sales growing by 5% and international sales by 20-25% [1][2] - The report notes that the sales structure has improved, with significant growth in high-end products such as miniled and large-screen televisions [2] Market Position - The company is expected to maintain a competitive edge in the market, with a focus on high-margin products and a strong presence in both domestic and international markets [2] - The report indicates that TCL's stock is expected to outperform the benchmark index by over 15% in the next 6-12 months [4]

Investment Rating - The report maintains a "Neutral" rating for the company with a target price of HKD 3.85, reflecting an 8.3% downside potential from the current price of HKD 4.20 [4][6]. Core Insights - Recent price increases in the photovoltaic sector are attributed to expectations of policy support, including discussions on preventing excessive competition and promoting sustainable industry development [2]. - The report highlights a significant decline in photovoltaic glass prices, which has affected the profitability of many small to medium-sized manufacturers [3]. - The forecast for shareholder net profit has been revised downward for FY24-26 by 29.2%, 26.9%, and 21.3%, respectively, due to the recent trends in photovoltaic glass pricing [4]. Financial Summary - Revenue projections for the company are as follows: HKD 20,544 million in 2022, HKD 26,629 million in 2023, HKD 28,864 million in 2024, HKD 34,871 million in 2025, and HKD 39,747 million in 2026, with growth rates of 27.9%, 29.6%, 8.4%, 20.8%, and 14.0% respectively [10]. - Shareholder net profit is expected to be HKD 3,820 million in 2022, HKD 4,187 million in 2023, HKD 3,582 million in 2024, HKD 4,288 million in 2025, and HKD 4,994 million in 2026, with growth rates of (22.4)%, 9.6%, (14.5)%, 19.7%, and 16.5% respectively [10]. - Earnings per share are projected to be HKD 0.43 in 2022, HKD 0.47 in 2023, HKD 0.40 in 2024, HKD 0.48 in 2025, and HKD 0.56 in 2026 [10]. - The company’s price-to-earnings ratio is forecasted to be 9.8 in 2022, 8.9 in 2023, 10.4 in 2024, 8.7 in 2025, and 7.5 in 2026 [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company announced a placement and subscription plan on October 23, aiming to raise approximately HKD 3.9 billion at a discount of about 5% from the previous closing price of HKD 20.75, with total fundraising expected to reach around HKD 7.2 billion [3] - The capital raised will help optimize the company's capital structure and support its development, with the current debt-to-asset ratio at 68.1%, which has increased from 59.19% at the end of 2020 [4] - The company has set a target of adding 40GW of new energy capacity during the 14th Five-Year Plan, with a capital expenditure plan of HKD 59.9 billion, of which approximately HKD 44.6 billion is allocated for new energy [4] - The company is progressing towards the A-share IPO of its subsidiary, China Resources New Energy, although the process has been slow due to tightened IPO reviews in the A-share market [4] Financial Summary - The forecasted net profit for the company for 2024-2026 is HKD 14.2 billion, HKD 16.1 billion, and HKD 18.3 billion, representing year-on-year growth rates of 29%, 13%, and 14% respectively [5] - The current price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 7, 6, and 5 times respectively, with a dividend payout ratio of 40%, leading to a forecasted dividend yield of 6.1% for 2024 [5] - Revenue projections for 2024, 2025, and 2026 are HKD 112.5 billion, HKD 119.7 billion, and HKD 127.6 billion, with corresponding year-on-year growth rates of 8.87%, 6.39%, and 6.62% [6][7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown rapid growth in its social and gaming product revenues, with a projected revenue increase of 60.7% to 62.7% year-on-year for its social business in the first nine months of 2024 [2][3] - The innovative business segment is expected to generate revenue of 300 to 320 million RMB, reflecting a year-on-year growth of 12.4% to 19.9% [3] - The independently developed premium games have achieved a revenue of approximately 580 million RMB, marking a significant year-on-year increase of about 182.5% [3] Summary by Sections Revenue and Profit Forecast - Total revenue for 2024 is projected at 4,818 million RMB, with a year-on-year growth of 45.65% [1] - Net profit attributable to shareholders is forecasted at 406.7 million RMB for 2024, a decrease of 20.70% compared to the previous year [1] - The earnings per share (EPS) for 2024 is estimated at 0.29 RMB, with a price-to-earnings (P/E) ratio of 11.62 [1] Social Business Performance - The social business continues to grow rapidly, with the SUGO platform becoming the second social product to achieve monthly revenue exceeding 10 million USD [2] - As of September 30, 2024, the cumulative download of social business applications reached approximately 740 million, a 6.5% increase from June 30, 2024 [2] - The average monthly active users for the social business in Q3 2024 were approximately 28.98 million, reflecting a quarter-on-quarter growth of about 1.5% [2] Innovative Business and Gaming - The innovative business segment's revenue is expected to grow due to the steady development of social e-commerce [3] - The flagship game "Alice's Dream" has rapidly developed and entered the top 30 of Sensor Tower's overseas revenue rankings for Chinese mobile games [3] - The report indicates an upward revision of net profit forecasts for 2024 and 2025 due to better-than-expected performance in social business and gaming revenue [3]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (0388.HK) [6][8]. Core Views - The report highlights that the Hong Kong Exchanges has the basic conditions for recovery in capital market system construction and innovation, supported by a series of mutual access policies. It anticipates that the liquidity of the Hong Kong stock market will gradually increase, leading to a recovery in overall market activity and valuation [4][6]. Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue and other income of HKD 15.993 billion, a year-on-year increase of 2.13%. The net profit attributable to shareholders was HKD 9.270 billion, a year-on-year increase of 0.1% [4][5]. - In Q3 2024, the net profit attributable to shareholders increased by 6.50% quarter-on-quarter, while it slightly decreased by 0.32% year-on-year [4]. Revenue Breakdown - The revenue from trading and trading system usage fees, listing fees, settlement and clearing fees, custody and agency services fees, market data fees, and net investment income showed varying growth rates. The growth rates for these segments were +6.48%, -6.07%, +6.92%, -1.11%, -1.47%, and -4.09% respectively [4][5]. Market Activity - The average daily trading volume in the cash market increased by 5.3% year-on-year, while the average daily trading volume for the Shanghai-Hong Kong Stock Connect rose by 14.0% year-on-year, contributing to a 6.92% increase in settlement fee income [5]. - The average daily trading volume in the commodity market saw a significant increase of 25.0%, leading to a 39.1% growth in trading fees and system usage fees for the commodity segment [5]. Future Projections - The report projects that the company will achieve revenue and other income of HKD 22.447 billion, HKD 26.037 billion, and HKD 29.484 billion for the years 2024, 2025, and 2026 respectively. The net profit attributable to shareholders is expected to be HKD 13.371 billion, HKD 16.270 billion, and HKD 18.262 billion for the same years, with corresponding PE ratios of 29.55, 24.28, and 21.63 [4][6].

Investment Rating - The investment rating for the company is Neutral, with a target price of HKD 1.77, indicating a potential upside of 3.5% from the current price of HKD 1.71 [5][8]. Core Insights - The company has experienced a slight narrowing of losses in Q3 2024, with a net loss of RMB 1.492 billion, down from RMB 2.971 billion in the first three quarters, primarily due to reduced inventory impairment [1]. - The report highlights that supply-side reforms are expected to accelerate the clearing of polysilicon supply, which could enhance the company's market position due to its low electricity consumption advantage [2]. - The company is projected to become the first in the industry to achieve cash profitability in polysilicon production by Q1 2025, as cash costs are expected to drop below RMB 30,000 per ton [1][3]. Financial Summary - Revenue is forecasted to decline significantly in 2024 to RMB 16.169 billion, a 52% decrease year-on-year, before recovering in subsequent years [4]. - The average selling price of granular silicon is expected to rise to RMB 55,000 per ton by 2026, with a gradual increase in market share from 14% in 2024 to 22% by 2026 [3][6]. - The company’s production capacity is anticipated to reach 280,000 tons in 2024, with a projected increase to 456,600 tons by 2026 [6]. Valuation Adjustments - The valuation benchmark for the polysilicon segment has been raised from RMB 7 billion to RMB 10 billion per ton of capacity, reflecting increased visibility of profit recovery in 2025-2026 [3][7]. - The target price adjustment from HKD 1.31 to HKD 1.77 is based on the anticipated recovery in profitability and market conditions [3][7].

Investment Rating - The report maintains a "Buy" rating for Great Wall Motors (2333 HK) with a target price raised to HKD 17.36, indicating a potential upside of 20.7% from the current closing price of HKD 14.38 [3][5]. Core Insights - The third quarter net profit of Great Wall Motors declined due to foreign exchange losses, but the overall revenue for the first three quarters of 2024 increased by 19.0% year-on-year to RMB 142.25 billion, with a significant rise in net profit by 108.8% to RMB 10.43 billion [1][2]. - The company has optimized its export structure, with overseas sales growing by 53.2% year-on-year, contributing to a 7.5% share of China's automotive exports, ranking fourth in the market [2][3]. - The report projects a 5.1% and 13% increase in earnings forecasts for 2024 and 2025, respectively, reflecting the positive impact of higher export sales [3][4]. Financial Summary - For the fiscal year ending December 31, 2024, the projected revenue is RMB 202.19 billion, representing a 16.7% year-on-year growth, while net profit is expected to reach RMB 12.41 billion, a 76.8% increase [4][10]. - The earnings per share (EPS) for 2024 is estimated at RMB 1.45, with a projected price-to-earnings (P/E) ratio of 9.1 times [4][10]. - The company’s gross margin is expected to improve to 20.1% in 2024, with a net profit margin of 6.1% [10].

Investment Rating - The report assigns an "Outperform" rating to Lenovo Group (00992 HK) [2] Core Views - Lenovo is a global leader in "New IT" technology, with a comprehensive product portfolio spanning "device-edge-cloud-network-intelligence" [2] - The company is well-positioned to benefit from the recovery of the PC market and the commercialization of AI PCs in 2024 [2] - AI-driven demand is expected to drive growth in both the IT hardware and software markets, with Lenovo's server and IT services businesses poised for expansion [2] - The shift from x86 to Arm architecture in AI PCs is expected to boost Lenovo's profitability [2] PC Market Recovery and AI PC Opportunities - The PC market is showing signs of recovery as inventory adjustments near completion, with global PC shipments expected to grow in 2024 [2] - 2024 is considered the first year of AI PC commercialization, with products featuring core AI capabilities being launched [2] - IDC predicts that AI PC sales in the consumer market will reach 130 8 billion by 2027, while the enterprise market will reach 100 9 billion [2] - Lenovo is among the first companies to enter the AI On phase, offering diverse and cost-effective AI PC options [2] AI-Driven IT Hardware and Software Expansion - The rise of AI applications, such as AIGC and large model training, is driving rapid growth in the AI server market [2] - Lenovo has launched the Lenovo Wentian server for the Chinese market, complementing its ThinkSystem brand with a dual-brand strategy [2] - Global IT spending is projected to reach 5 trillion in 2024, with IT services becoming the largest spending category for the first time [2] - Lenovo's TruScale service focuses on the "as-a-service" business model, offering solutions to facilitate AI commercialization [2] Arm Architecture and Profit Growth - The Arm architecture is gaining traction due to its low power consumption, addressing battery life concerns in AI PCs [2] - AI PCs based on Arm architecture offer advantages in energy efficiency, customization, integration, and flexibility, potentially replacing x86 as the mainstream choice [2] - Lenovo's Arm-based AI PCs are expected to drive higher profit margins due to cost advantages [2] Financial Projections and Valuation - Lenovo is expected to benefit from the recovery in global PC shipments, the commercialization of AI PCs, and the rapid growth of the AI industry [2] - Revenue for FY25/26/27 is projected at 62 33/67 61/72 14 billion, with net profit attributable to shareholders at 1 29/1 64/1 90 billion [2] - The company's valuation is supported by its leadership in the global PC and IT infrastructure solutions market [2] Industry Trends and Competitive Landscape - The PC market is recovering from a downturn caused by pandemic-driven demand shifts, with AI PCs expected to drive a new wave of growth [2] - Major PC manufacturers, including Lenovo, Dell, HP, Acer, Apple, and Asus, are actively launching AI PC products, intensifying competition [2] - Lenovo is a pioneer in the AI PC market, having entered the AI On phase ahead of competitors and offering a wide range of AI-enabled devices [2] Lenovo's AI PC Strategy - Lenovo has adopted a "four-end integration" strategy, focusing on AI PCs, AI tablets, AI phones, and AIoT devices [2] - The company's AI PCs feature embedded personal large models, local heterogeneous AI computing power, and robust data privacy protection [2] - Lenovo's AI PCs are competitively priced, with options starting at around 6000 RMB, catering to a wide range of consumer needs [2]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 9.41 per share, based on a 15x PE for 2024 [1][2]. Core Insights - The company is entering a growth phase, benefiting from both LNG and hydrogen equipment as key areas. The energy transition presents dual opportunities in natural gas and hydrogen equipment, with LNG capturing current demand and hydrogen positioning for future growth [1]. - The LNG industry is in a continuous expansion phase, with the company positioned as a leading provider of storage and transportation equipment, benefiting from rising global LNG trade, which grew by 2.1% in 2023 [1]. - The hydrogen business is expected to unlock significant growth potential, driven by policy support and economic viability, with the company holding over 40% market share in high-pressure hydrogen transport and storage [1]. - The chemical equipment and liquid food sectors are also experiencing steady growth, with the company maintaining a leading global market share in tank containers [1]. Summary by Sections 1. Clean Energy Equipment Leadership - The company is a leader in clean energy, chemical tank containers, and liquid food sectors, leveraging acquisitions to build an integrated business model [9]. - The clean energy segment shows strong momentum, with significant cash dividends [12]. 2. LNG Industry Expansion - The LNG industry is in an expansion cycle, increasing demand for storage, transportation, and usage equipment [22]. - Geopolitical conflicts have shifted trade structures, boosting demand for LNG shipping and related equipment [1]. - The company is a leader in multiple LNG storage and transportation segments, benefiting from the industry's upward cycle [1]. 3. Hydrogen Business Outlook - The hydrogen sector is poised for rapid growth, with increasing policy support and cost reductions driving demand for hydrogen storage and transportation solutions [1]. - The company is well-positioned in the hydrogen market, with a robust order book and significant market share [1]. 4. Chemical Equipment and Liquid Food - The chemical equipment and liquid food sectors are experiencing stable growth, with the company holding the top global market share in tank containers [1]. - The liquid food segment is expanding steadily, supported by a strong brand presence and strategic diversification [1]. 5. Financial Projections - The company is projected to achieve net profits of 1.17 billion, 1.46 billion, and 1.74 billion HKD for 2024, 2025, and 2026, respectively, with corresponding PE ratios of 10.85, 8.72, and 7.29 [3].