Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Viewpoints - The approval of Supacibab (anti-IL-4Rα monoclonal antibody) by the NMPA for the treatment of moderate to severe atopic dermatitis is expected to enhance the company's commercialization prospects [1][2]. - Supacibab is the first domestically developed IL-4Rα antibody drug approved by the NMPA, targeting key cytokines IL-4 and IL-13, which are crucial in type II inflammation [3]. Financial Forecasts and Valuation - The net profit forecast for 2024 and 2025 has been revised down to -704 million and -737 million CNY, respectively, from previous estimates of -413 million and -242 million CNY. A new forecast for 2026 is set at -304 million CNY [4]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are -2.51, -2.63, and -1.09 CNY, respectively [4]. - The company anticipates significant revenue growth, with projected revenues of 150 million CNY in 2024, 520 million CNY in 2025, and 1.3 billion CNY in 2026, reflecting growth rates of -58%, 247%, and 150% respectively [5].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 38.10 HKD [3]. Core Insights - The company has shown strong internal growth, with a 25.0% year-over-year increase in patient visits in Q3 2024, totaling 1.485 million visits. New medical institutions contributed 6.5% to this growth, while existing facilities accounted for 18.5% [1]. - The company continues to expand its operations, adding 3 new stores in Q3 2024, bringing the total to 74 medical institutions. A total of 19 new stores are expected to be added throughout the year [1]. - The company has demonstrated effective acquisition and integration capabilities, which, combined with a mature model for replicating its business in new locations, supports its nationwide expansion strategy [1]. - The acquisition of Singapore's Baozhong Hall marks the beginning of the company's overseas expansion, leveraging domestic resources to enhance international operations [1]. - Revenue forecasts for 2024-2026 are projected at 3.020 billion, 3.911 billion, and 5.046 billion RMB, with year-over-year growth rates of 30.0%, 29.5%, and 29.0% respectively. Net profit is expected to reach 345 million, 474 million, and 637 million RMB during the same period [2][6]. Financial Summary - The company's total revenue for 2023 is reported at 2.323 billion RMB, with a growth rate of 43.0%. Adjusted net profit for the same year is 305 million RMB [2][6]. - The adjusted net profit is projected to grow significantly, with estimates of 412 million RMB in 2024, 551 million RMB in 2025, and 717 million RMB in 2026, reflecting growth rates of 35.1%, 33.8%, and 30.0% respectively [2][6]. - The company's P/E ratio is expected to decrease from 28 in 2023 to 12 by 2026, indicating an improving valuation as earnings grow [2][6].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's core business revenue meets expectations, and there is optimism regarding long-term profit margin improvement [1][4] - The company has achieved revenue targets for nine consecutive quarters, with strong growth in new educational businesses and rapid growth in cultural tourism [2][16] - Profit margins are under temporary pressure, but there is confidence in gradual improvement as new outlets become more profitable [3][24] Revenue Performance - For FY2025Q1, total revenue increased by 30.5% year-on-year to $1.44 billion, with core business revenue excluding certain segments growing by 33.5% to $1.28 billion, aligning with performance guidance [12][13] - The company expects FY25Q2 revenue to be between $850 million and $870 million, representing a year-on-year growth of 25% to 28% [12][13] - Specific business segments showed notable growth: overseas exam preparation and consulting grew by 18.8% and 20.7% respectively, while new educational business revenue surged by 49.8% [16] Profitability Analysis - FY2025Q1 gross margin decreased by 1 percentage point to 59%, and Non-GAAP operating margin also fell by 1 percentage point to 21%, primarily due to investments in cultural tourism and the impact of new business segments [3][24] - The company anticipates that profit margins will improve as the utilization rate of new outlets increases [3][24] Financial Forecasts - The report adjusts the company's FY2025-2026 Non-GAAP net profit estimates from $500 million and $610 million to $490 million and $600 million respectively, while maintaining the FY2027 estimate at $720 million [4][27] - Current stock price corresponds to FY2025-2027 P/E ratios of 22, 17, and 15 based on Non-GAAP net profit [4][27] Shareholder Returns - The company emphasizes shareholder returns, having initiated a stock buyback program with an increased total value of up to $700 million, with approximately $457.9 million already spent on repurchasing shares [27]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The report highlights a slowdown in overall channel revenue growth in Q3 2024, with total revenue and offline revenue both declining compared to Q2 2024. Direct sales, distribution, and e-commerce revenues showed mixed results, with e-commerce maintaining positive growth due to a shift in consumer traffic from offline to online channels [4][5] - The company has established a joint venture with HongShan Capital to enhance its overseas operations, focusing on Southeast Asia and Belt and Road countries. The total capital for the joint venture is HKD 200 million [5] - The company is integrating advanced technology with Eastern aesthetics in its outdoor product line, launching new collections that cater to both trendy and hardcore outdoor activities [5] Financial Summary - The company’s revenue for 2023 is projected at HKD 27,598.49 million, with a year-on-year growth of 6.96%. The net profit for 2023 is estimated at HKD 3,186.91 million, reflecting a decline of 21.58% compared to the previous year [7][9] - The projected net profit for 2024 and 2025 is HKD 31.7 billion and HKD 33.7 billion respectively, with a price-to-earnings (PE) valuation range of 13-15X for 2024, translating to a target price range of HKD 17.33 to HKD 19.99 per share [6][9] - The company maintains a gross margin of approximately 48.38% for 2023, with slight improvements expected in subsequent years [9][10] Market Performance - The company has a total of 6,281 stores as of Q3 2024, with a net increase of 41 stores year-to-date. The report indicates a focus on adjusting higher-tier market stores while continuing to explore lower-tier markets [4][5]

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].