Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported a net profit attributable to shareholders of -2.971 billion yuan for the first three quarters of 2024, with granular silicon production and shipment volumes of 198,300 tons and 207,300 tons, respectively [2][3]. - Despite a decrease in the selling price of granular silicon, the company has successfully reduced production cash costs through continuous technological improvements, achieving a cash cost of 33.18 yuan/kg in Q3 2024, down 5.71% quarter-on-quarter [3]. - The company has achieved a global record in carbon footprint management, with its granular silicon production emitting only 24.913 kg of CO2 equivalent per kg of product, benefiting from 100% clean energy usage [4]. - The company is expanding its overseas granular silicon production capacity and exploring new profit growth opportunities in silane gas, with a partnership established for developing a polysilicon production facility in the UAE [5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a net profit of -2.971 billion yuan, with a granular silicon production volume of 198,300 tons and a shipment volume of 207,300 tons [2][3]. - In Q3 2024, the granular silicon production and shipment volumes were 62,000 tons and 80,900 tons, respectively, representing year-on-year growth of 15.67% and 19.67% [3]. - The company's revenue for 2024 is projected to be 35.93 billion yuan, with a net profit forecast of -2.158 billion yuan for 2024, followed by 1.441 billion yuan in 2025 and 2.689 billion yuan in 2026 [6][9]. Production and Cost Management - The company has focused on optimizing production processes, leading to a steady decline in cash production costs, which are expected to reach below 30 yuan/kg in the near future [3]. - The average selling price of granular silicon in Q3 2024 was 32.75 yuan/kg, reflecting a 7.80% decrease quarter-on-quarter [3]. Environmental and Technological Advancements - The company has received carbon footprint certification from ADEME, highlighting its commitment to sustainability and low carbon emissions in its production processes [4]. - The company is a leader in the research and production of high-purity silane gas, with its production capacity ranking first globally and meeting electronic-grade requirements [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 7.53 HKD [1] Core Views - The company reported a preliminary operational and financial update indicating a 21% decline in retail value for FY25Q2, with mainland China down 19% and Hong Kong, Macau, and others down 31% [1] - The same-store sales growth showed a decline of 24% in mainland China and 31% in Hong Kong and Macau [1] - The average selling price of gold products remained resilient, with mainland China increasing to 6400 HKD and Hong Kong and Macau to 9400 HKD [1] - The company continues to optimize pricing and product offerings to meet diverse customer preferences, resulting in an increase in the sales proportion of higher-margin products from 5.0% to 12.8% [1] - The company expects a revenue decline of approximately 18% to 22% and a net profit decrease of about 42% to 46% for FY25H1 [1] - Adjusted net profit decline is expected to narrow to about 12% to 16% due to higher average selling prices and effective product optimization strategies [1] Summary by Sections Financial Performance - For FY25Q2, retail value decreased by 21%, with mainland China contributing 88% and Hong Kong, Macau, and others contributing 12% [1] - Same-store sales and volume declined significantly, with mainland same-store sales down 24% and volume down 33% [1] - The company anticipates FY25-27 revenues of 91.3 billion HKD, 97.9 billion HKD, and 106.0 billion HKD, respectively, with adjusted net profits of 5.8 billion HKD, 6.1 billion HKD, and 6.8 billion HKD [1] Market Conditions - External macroeconomic factors, particularly high gold prices, continue to impact consumer sentiment and spending [1] - The company noted that the recent Golden Week in mainland China showed a trend of narrowing same-store sales declines [1] Strategic Initiatives - The company is enhancing online customer engagement and product planning to cater to online consumer demands, with e-commerce contributing 5.4% to retail value [1] - The contribution of franchise stores to retail value in mainland China slightly increased to 70.9% [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, Tuhu Car, with a target price of HKD 27.59, representing a potential upside from the current price of HKD 21.25 [7][88]. Core Insights - Tuhu Car has established itself as a leading player in the automotive after-service market in China, leveraging an O2O (Online to Offline) model to integrate online and offline services, which has facilitated rapid expansion and a significant user base [1][4][15]. - The company has shown strong growth in user numbers and service offerings, with over 63 million registered users and more than 6,300 service outlets across the country, indicating a robust market presence [2][3][4]. - The automotive after-service market in China is projected to grow significantly, driven by increasing vehicle ownership and the rising average age of vehicles, with a compound annual growth rate (CAGR) of 10.1% from 2018 to 2022 [5][35][38]. Summary by Sections Company Overview - Tuhu Car was founded in 2011 and has evolved from tire sales to a comprehensive automotive service platform, launching its app in 2014 and expanding its service offerings significantly over the years [1][15][18]. - The company has adopted a light-asset franchise model, allowing for rapid store expansion, particularly in lower-tier cities, where it has achieved a coverage rate of nearly 65% in areas with over 20,000 passenger vehicles [3][4][15]. Market Position and Growth - Tuhu Car's service network has expanded rapidly, with over 400 new stores opened in the first half of 2024, and a daily service turnover rate of 2.2 per workstation, significantly higher than the industry average of 1.1 [2][3][4]. - The company has a strong focus on self-owned and controlled products, which accounted for 25.9% of its automotive product and service revenue in 2023, contributing to higher gross margins [2][4][24]. Financial Performance - Tuhu Car's revenue has shown a steady increase, reaching RMB 136 billion in 2023, with projections of RMB 146 billion, RMB 160 billion, and RMB 176 billion for 2024, 2025, and 2026, respectively [4][88]. - The adjusted net profit is expected to grow significantly, from RMB 7.33 billion in 2024 to RMB 15.30 billion by 2026, reflecting a strong upward trend in profitability [4][88]. Competitive Landscape - The automotive after-service market in China is highly fragmented, with Tuhu Car leading the way amidst increasing competition from internet giants like JD.com and Alibaba, which are also expanding their automotive service offerings [4][70][74]. - Tuhu Car's competitive advantages include its extensive store network, strong brand recognition, and effective supply chain management, which enhance its pricing power and service quality [4][74][80]. Future Outlook - The report highlights the significant growth potential in the automotive after-service market, particularly in the context of increasing vehicle ownership and the shift towards electric vehicles, which will require specialized maintenance services [5][35][38]. - Tuhu Car's strategic focus on expanding its service network and enhancing user experience through technology and digital platforms positions it well for future growth in this evolving market [4][63][72].

Investment Rating - The investment rating for the company has been downgraded to "Accumulate" from "Buy" [2][4]. Core Views - The company's revenue for Q3 2024 increased by 10.4% year-on-year, driven primarily by a 28.1% increase in the clean energy segment, which reached 4.72 billion RMB [1]. - New order intake for Q3 2024 decreased by 38.5% year-on-year to 4.36 billion RMB, with the clean energy segment seeing a 39.1% decline [2]. - Despite the decline in new orders, the total order backlog increased by 25.2% year-on-year to 27.73 billion RMB, indicating strong future business support [2]. Summary by Sections Revenue Performance - Q3 2024 revenue reached 6.49 billion RMB, up 10.4% year-on-year, with the clean energy segment contributing significantly [1]. - For the first three quarters of 2024, total revenue grew by 8.0% year-on-year to 17.97 billion RMB, while clean energy revenue rose by 26.2% to 12.60 billion RMB [1]. Order Intake and Backlog - New orders for Q3 2024 fell to 4.36 billion RMB, a 38.5% decrease year-on-year, with clean energy orders down 39.1% [2]. - The total new order intake for the first three quarters of 2024 increased by 5.1% year-on-year to 20.76 billion RMB, supported by a 22.1% rise in clean energy orders [2]. Profit Forecast Adjustments - The net profit forecasts for FY24-26 have been reduced by 2.9%, 4.5%, and 10.8% respectively, with projected net profits of 1.12 billion RMB, 1.34 billion RMB, and 1.52 billion RMB [2]. - The target price has been adjusted from 7.90 HKD to 7.55 HKD, reflecting a potential upside of 10.8% based on the FY25 target P/E ratio of 10.5x [2].

Investment Rating - The report maintains a **Buy** rating for CIMC Enric (3899 HK) with a target price of **HKD 8.45**, representing a potential upside of **24.1%** [6] Core Views - CIMC Enric's Q3 2024 revenue increased by **10% YoY to RMB 6.49 billion**, driven by strong growth in the clean energy segment, which saw a **28% YoY increase to RMB 4.72 billion** [1] - The company's total revenue for the first nine months of 2024 grew by **8% YoY**, with the clean energy segment contributing a **26% YoY increase** [1] - The clean energy segment's growth was primarily fueled by the delivery of **3 vessels (1 LNG bunkering vessel + 2 LEG carriers)** in Q3, bringing the total deliveries to **7 vessels** by the end of October 2024 [1] - Despite a **14% YoY decline in hydrogen product revenue** in Q3, the clean energy segment's backlog increased by **43% YoY**, although the growth rate slowed compared to the **70-71% YoY increase** in Q1-Q2 2024 [1] Segment Performance Clean Energy - Q3 2024 clean energy revenue reached **RMB 4.72 billion**, up **28% YoY**, with offshore clean energy revenue surging **74.6% YoY** [1] - Hydrogen product revenue declined by **14% YoY** in Q3, with the backlog for hydrogen products dropping **24% YoY to RMB 320 million** [1] - The clean energy backlog stood at **RMB 15.51 billion** in Q3, up **43% YoY** [1] Chemical & Liquid Food - Chemical equipment revenue in Q3 2024 fell **25% YoY**, with new orders growing **31% QoQ** but still down **26% YoY** [2] - Liquid food equipment revenue declined **13% YoY** in Q3, with the backlog down **14% YoY** [2] - Management cited cautious capital expenditure from overseas clients and uncertain global consumption growth as key challenges for these segments [2] Order Backlog - Total backlog at the end of Q3 2024 was **RMB 27.7 billion**, up **25% YoY** but down **6% QoQ** [1] - Clean energy equipment backlog reached **RMB 15.51 billion**, while chemical and liquid food equipment backlogs stood at **RMB 1.44 billion** and **RMB 5.21 billion**, respectively [4] Management Guidance - Management maintained its 2024 full-year revenue growth guidance of **>10% YoY** and core profit growth in the **single-digit range** [2] - The hydrogen product revenue target for 2024 remains unchanged at **RMB 900 million** [2] - A delayed South American liquid food project is expected to be delivered in **2025** [2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 65.10 [2][8]. Core Insights - The company's Q3 operational data aligns with expectations, with retail gas sales volume increasing by 5.5% year-on-year, driven by residential and commercial sales growth of 4.6% and 6.2% respectively [1]. - The management anticipates that the overall sales volume for retail gas will grow by 5% and segment gross profit will increase by 10% for the full year of 2024 [1]. - The diversified energy segment is expected to achieve a year-on-year growth of 20% for the full year, supported by new projects transitioning to operations and additional management services contributing to revenue [2]. Summary by Relevant Sections Retail Gas Sales - Q3 retail gas sales volume reached 5,793 million cubic meters, with residential sales at 714 million cubic meters and commercial sales at 4,973 million cubic meters [4]. - The gross margin for gas sales was reported at RMB 0.54 per cubic meter, consistent with the annual guidance [1][5]. Capital Expenditure and Financials - Capital expenditure for the first three quarters was RMB 4.6 billion, significantly below the annual guidance of RMB 8 billion, with management prioritizing debt repayment over additional buybacks or dividends [2]. - The LNG trading segment reported a pre-tax profit of RMB 280 million for the first three quarters, within the guidance range of RMB 200-300 million [2]. Future Guidance - The company has set ambitious targets for 2024, including a 20-30% growth in energy usage scale and a 20-30% increase in smart home business gross profit [4]. - The annual target for new commercial users is set at 1,200 to 1,400 million cubic meters per day, with residential user additions expected to be between 140,000 to 160,000 households [4].

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of HKD 6.31 per share, based on a FY25 PE of 18X [2]. Core Insights - The sustained profitability of Moncler and Canada Goose is attributed to precise targeting of high-end consumer demographics, an increase in direct sales channels, and an expansion of product categories. The report highlights that Bosideng has outperformed other leading apparel brands in the domestic and international markets over the past six years, which is closely linked to its reforms and expansions in these areas [2]. - The report projects Bosideng's net profits for FY25 and FY26 to be CNY 35.7 billion and CNY 41.3 billion, respectively, with an upward revision from the previous estimate of CNY 32.4 billion for FY25 [2]. Summary by Sections Company Performance - Both Moncler and Canada Goose have achieved a compound annual growth rate (CAGR) of over 20% in revenue and net profit since their listings, with Moncler showing a CAGR of 20% in revenue and 24% in net profit from 2011 to 2022 [3][4]. - Moncler's revenue in 2022 reached EUR 2.603 billion, while Canada Goose's revenue for FY2023 was CAD 1.217 billion, reflecting a CAGR of 24% from FY2015 to FY2023 [5]. Market Positioning - Moncler has established a strong luxury brand positioning through product, marketing, and channel iterations since its inception in 1952, while Canada Goose emphasizes functionality and Canadian manufacturing in its branding strategy [20][27]. - The report notes that Moncler's direct retail channel accounted for 80% of its sales in 2022, significantly higher than Canada Goose's 67% [35]. Product Strategy - Moncler has diversified its product offerings through initiatives like the Moncler Genius project, which targets younger consumers and aims to extend the brand's appeal beyond traditional outerwear [23][25]. - Canada Goose has expanded its product range to include lightweight down products and non-outerwear items, responding to diverse consumer needs and preferences [27]. Financial Projections - The report anticipates Bosideng's net profit for FY25 to be CNY 35.7 billion, with a target price adjustment reflecting a 15% increase from previous estimates [2]. - The projected net profit for FY26 is CNY 41.3 billion, indicating a positive growth trajectory for the company [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1]. Core Views - The company's FY2025H1 revenue was 13.055 billion HKD, a decrease of 7.9% year-on-year, primarily due to a weak retail environment and a double-digit decline in offline same-store traffic. The net profit attributable to shareholders was 874 million HKD, down 34.7%, mainly due to a decrease in gross margin and an increase in expense ratio due to negative operating leverage. Despite the challenging consumption environment, the company maintains its profit forecast for FY2024-2026, expecting net profits of 1.33 billion, 1.53 billion, and 1.81 billion HKD respectively, with current stock prices corresponding to PE ratios of 12.0, 10.4, and 8.8 times [1][21]. Summary by Sections 1. Profit Pressure from Discounts and Negative Operating Leverage - FY2025H1 revenue was 13.055 billion HKD, down 7.9% year-on-year, attributed to a weak retail environment and a decline in offline traffic. The main brand revenue was 11.351 billion HKD, down 8.1%, while other brands generated 1.609 billion HKD, down 6.5% [1][10][12]. - The company has seen a shift towards online and wholesale revenue, with online direct sales accounting for over 30% of total direct sales [15] 2. Margin Decline and Cost Control - The gross margin for FY2025H1 was 41.1%, a decrease of 3.6 percentage points, primarily due to increased discounts and a higher proportion of online sales. The SG&A expense ratio was 33.1%, slightly up by 0.2 percentage points [16][18]. - Operating profit margin was 8.6%, down 3.6 percentage points, while the net profit margin was 6.7%, down 2.7 percentage points [17][18]. 3. Operational Efficiency and Cash Flow - As of FY2025H1, the company had inventory of 6.12 billion HKD, up 6.4%, with inventory turnover days at 148.3 days, an increase of 7.4 days year-on-year. The net operating cash flow was 2.614 billion HKD, up 2.5%, supporting a high dividend payout ratio of 99.4% [19][20]. - The company continues to focus on efficiency in its offline stores, reducing the number of stores by 6.4% to 5,813, while maintaining single-store sales area growth of 4.8% [13][14]. 4. Profit Forecast and Investment Recommendations - The company maintains its profit forecast for FY2024-2026, expecting net profits of 1.33 billion, 1.53 billion, and 1.81 billion HKD respectively. The current stock price corresponds to PE ratios of 12.0, 10.4, and 8.8 times [21].

Investment Rating - The report maintains a "Buy" rating for Pop Mart (9992 HK) with a 6-month outlook [2] Core Views - Pop Mart's Q3 2024 revenue surged over 120% YoY, with overseas revenue growing 4x [2] - Domestic online and offline channels showed strong growth, with e-commerce platforms increasing 135%-140% YoY [2] - International expansion accelerated, with 22 new stores opened in Q3 2024, bringing total overseas stores to 114 [3] - The company continues to diversify IP monetization channels and expand product categories [4] Financial Performance - Q3 2024 mainland China revenue grew 55%-60% YoY [2] - Hong Kong, Macau, Taiwan, and overseas revenue increased 440%-445% YoY [2] - The company is projected to achieve 2024-2025 revenues of 12 5/17 2 billion yuan, representing 98 4%/37 4% growth respectively [5] - Adjusted net profit (Non-IFRS) for 2024-2025 is forecasted at 3 14/4 40 billion yuan, with 163%/40% growth [5] Channel Performance - Offline retail stores grew 30%-35% YoY [2] - Offline robot stores increased 20%-25% YoY [2] - Online blind box machines rose 55%-60% YoY [2] - Tmall flagship store sales jumped 155%-160% YoY [2] - Douyin flagship store sales increased 115%-120% YoY [2] Product Development - Released 11/12/9 blind box products in July/August/September 2024 [2] - Launched 6/8/4 MEGA collectible series in July/August/September 2024 [2] - Introduced new product categories including cards, building blocks, and POP CUBE series [4] - Expanded IP monetization through game integration and physical product collaborations [4] International Expansion - Opened 22 new overseas stores in Q3 2024, exceeding H1 2024 additions [3] - Expanded to multiple countries including Thailand, Netherlands, Italy, USA, and Indonesia [3] - Total overseas stores reached 114 by September 2024 [3] Market Position - Current share price: 70 75 HKD [2] - Market capitalization: 95 013 23 million HKD [1] - Price-to-book ratio: 6 85 HKD [1] - Debt-to-asset ratio: 23 28% [1]

Investment Rating - The investment rating for the company is "Buy" with a target price set above the current price of 70.75 HKD, maintaining the rating for the next six months [2][5]. Core Insights - The company reported a significant revenue increase of 120%-125% year-on-year for Q3 2024, with mainland China revenue growing by 55%-60% and revenue from Hong Kong, Macau, and overseas regions soaring by 440%-445% [2][3]. - The company is expanding its retail presence, with 22 new stores opened in Hong Kong, Macau, and overseas by the end of September 2024, bringing the total to 114 stores [3]. - The company is diversifying its IP monetization channels and enhancing product interactivity, with new product lines and collaborations with various retail partners [4][5]. Summary by Sections Financial Performance - For 2024-2025, the company is projected to achieve revenues of 12.5 billion HKD and 17.2 billion HKD, representing year-on-year growth of 98.4% and 37.4% respectively [5]. - Adjusted net profit for the same period is expected to be 3.14 billion HKD and 4.4 billion HKD, with growth rates of 163% and 40% [5]. Market Expansion - The company has accelerated its international market expansion, with notable growth in overseas revenue driven by strong demand and rapid store openings [3]. - The online channels in Hong Kong, Macau, and overseas are transitioning from broad strategies to more refined operations, leveraging membership systems and holiday promotions [3]. Product Development - The company continues to innovate its product offerings, launching new categories such as cards and building blocks, and enhancing the playability of its products [4]. - Collaborations with various retail outlets have been established to facilitate rapid distribution of products [4].