Investment Rating - The report maintains a "Buy" rating for China Ping An, suggesting investors pay attention to the company [2]. Core Views - China Ping An is a comprehensive financial company that continues to deepen its "one customer, multiple products, one-stop service" model to meet diverse financial needs [2]. - The operating profit of the three core businesses remains robust, with a total operating profit attributable to shareholders of RMB 113.82 billion for the first three quarters of 2024, representing a year-on-year increase of 5.5% [2]. - The new business value from the agent channel has significantly improved, with a year-on-year increase of 34.1% in new business value for life and health insurance [2]. Financial Performance Summary - For the first three quarters of 2024, the group achieved an operating profit of RMB 113.82 billion, a 5.5% increase year-on-year, and a net profit of RMB 119.18 billion, a 36.1% increase year-on-year [2]. - The annualized operating ROE as of September 30, 2024, was 15.9%, a decrease of 0.1 percentage points year-on-year [2]. - The new business value for life and health insurance reached RMB 35.16 billion, a 34.1% increase year-on-year, with the agent channel's new business value growing by 31.6% [2]. - The property insurance service revenue for the first three quarters of 2024 was RMB 246.02 billion, a 4.5% increase year-on-year, with operating profit increasing by 39.7% [2]. - The investment portfolio of insurance funds grew to over RMB 5.32 trillion, a 12.7% increase from the beginning of the year, with an annualized comprehensive investment return rate of 5.0%, up 1.3 percentage points year-on-year [2]. Key Financial Indicators - The projected operating revenue for 2024 is RMB 990.9 billion, with a year-on-year growth of 8.4% [3]. - The projected net profit attributable to shareholders for 2024 is RMB 128.3 billion, representing a year-on-year increase of 49.7% [3]. - The projected new business value for 2024 is RMB 40.4 billion, with a year-on-year growth of 30.0% [3]. - The projected EPS for 2024 is RMB 7.24, compared to RMB 4.84 in 2023 [3].

Investment Rating - The report maintains a "Buy" rating for Pop Mart (09992 HK) [1][4] Core Views - Pop Mart's Q3 2024 revenue growth exceeded expectations, driven by strong domestic online business and rapid overseas expansion [4] - The company's revenue is expected to grow 120-125% YoY in Q3 2024, with domestic business up 55-60% and overseas business surging 440-445% [4] - Profit forecasts have been revised upwards, with projected net profits of 2 7/3 59/4 54 billion yuan for 2024-2026, corresponding to EPS of 2 01/2 68/3 38 yuan [4] Domestic Business Performance - Retail store revenue grew 30-35% YoY in Q3 2024, up from 25% in H1 2024 [5] - Robot store revenue increased 20-25% YoY, compared to 16% in H1 2024 [5] - Blind box machine revenue surged 55-60% YoY, a significant improvement from 7% in H1 2024 [5] - E-commerce and other online platforms saw overall revenue growth of 135-140%, with Douyin up 115-120% and Tmall flagship store up 155-160% [5] - Wholesale and other channels grew 45-50% YoY [5] - The company had 457 domestic retail stores as of October 2024, an increase of 24 stores from H1 2024 [5] Overseas Business Expansion - Overseas revenue grew 440-445% YoY in Q3 2024, accelerating from 259 6% in H1 2024 [6] - The company had 113 overseas stores as of Q3 2024, with 23 new stores added since H1 2024 [6] - Regional store distribution: 48 in East Asia, 26 in Southeast Asia, 10 in Europe, 13 in Australia, and 16 in North America [6] - TikTok US sales reached $11 89 million (~84 7 million yuan), while Thailand sales hit 840 million THB (~180 million yuan) [6] Financial Projections - Revenue is projected to grow from 12 17 billion yuan in 2024E to 20 3 billion yuan in 2026E, with YoY growth rates of 93 1%/33 2%/25 2% [7] - Net profit is expected to increase from 2 7 billion yuan in 2024E to 4 535 billion yuan in 2026E, with YoY growth rates of 149 4%/33 1%/26 2% [7] - Gross margin is forecast to improve from 64 0% in 2024E to 64 2% in 2026E [7] - Net margin is projected to remain stable at 22 2-22 3% from 2024E to 2026E [7] - ROE is expected to peak at 25 2% in 2025E before slightly declining to 24 0% in 2026E [7] - P/E ratio is forecast to decrease from 28 7x in 2024E to 17 1x in 2026E [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] 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 markets increasing by 440%-445% [2][3] - The growth is driven by the release of key IP products and new product launches, with a notable performance from The Monsters plush products and new series contributing to revenue growth [2] - The company is expected to continue its rapid growth driven by high-quality IP and improved supply chain capabilities [2][3] Revenue and Profit Forecast - Total revenue is projected to reach RMB 12,745 million in 2024, with a year-on-year growth rate of 100.87% [1] - The adjusted net profit forecast for 2024-2026 has been raised to RMB 2,937.34 million, RMB 3,817.63 million, and RMB 4,706.84 million respectively, corresponding to P/E ratios of approximately 31, 24, and 20 times [3] Market Performance - The company has seen significant growth in both offline and online channels, with retail store revenue increasing by 30%-35% year-on-year and online flagship store revenue on platforms like Tmall and Douyin growing by 155%-160% and 115%-120% respectively [2] - The overseas market has also accelerated, with Labubu gaining traction in Thailand and overseas revenue accounting for over 45% of total revenue by September [3] Financial Metrics - The report highlights a projected EPS of RMB 2.10 for 2024, with a significant increase in net profit margins and return on equity [1][3]

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited (00388.HK) is "Buy" (maintained) [1]. Core Views - The report highlights a recovery in spot trading sentiment, suggesting potential for performance improvement and valuation rebound, referred to as a "Davis Double" [4]. - The company's revenue and net profit for the first three quarters of 2024 were HKD 159.9 billion and HKD 92.7 billion, respectively, showing a year-on-year increase of 2% and flat growth [4]. - The report anticipates a recovery in trading activity driven by domestic growth policies and global interest rate cuts, which could lead to improved performance and valuation for the exchange [4]. Financial Summary - Revenue and net profit projections for 2024-2026 have been adjusted upwards to HKD 127 billion, HKD 140 billion, and HKD 153 billion, respectively, reflecting year-on-year growth of 6.8%, 10.6%, and 9.1% [4]. - The expected earnings per share (EPS) for 2024-2026 are HKD 10.0, HKD 11.1, and HKD 12.1, with corresponding price-to-earnings (P/E) ratios of 31.1, 28.1, and 25.8 [4][5]. - The trading fee and settlement revenue showed a year-on-year increase of 7% and 9%, respectively, while IPO activities are gradually improving [4]. Market Conditions - The report emphasizes the cyclical improvement in trading sentiment due to global liquidity changes and domestic policy support, which is expected to enhance trading volumes in the Hong Kong market [4]. - The diversification strategy involving mutual market access, derivatives, and LME is yielding positive results, with a notable increase in IPO activities and market liquidity [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The main brand of the company has shown stable operational metrics, with a recovery in sales since October, achieving double-digit growth both online and offline [3][4] - The company has slightly adjusted its profit forecast for 2024-2026, expecting net profits of 1.24 billion, 1.40 billion, and 1.57 billion RMB respectively, with the current stock price corresponding to P/E ratios of 11.2, 9.9, and 8.8 times [3][4] Financial Summary and Valuation Metrics - Revenue (in million RMB) is projected to be 13,925 in 2024, with a year-over-year change of -2.9% [4] - Net profit (in million RMB) is expected to be 1,239 in 2024, reflecting a year-over-year growth of 20.3% [4] - Gross margin is forecasted to be 44.0% in 2024, with a net margin of 8.9% [4] - Return on equity (ROE) is anticipated to be 13.2% in 2024, increasing to 15.2% by 2026 [4] - Earnings per share (EPS) is projected at 0.5 RMB for 2024, with P/E ratios decreasing from 11.2 in 2024 to 8.8 in 2026 [4]

Investment Rating - The report maintains a "BUY" rating for Ping An, with a revised target price of HK$65.1, representing a 35.2% upside from the current price of HK$48.15 [2][5]. Core Insights - Ping An reported robust earnings growth in Q3, with Group net profit and Life & Health (L&H) New Business Value (NBV) more than doubling year-on-year. The Group's Operating Profit After Tax (OPAT) attributable to shareholders grew 5.5% YoY to RMB 113.8 billion, indicating a steady recovery trajectory [1][10]. - The L&H NBV rose 34.1% YoY to RMB 35.2 billion in the first nine months of 2024, with Q3 showing a remarkable growth of 110.2% YoY to RMB 12.8 billion, driven by margin expansion and a stable agency force [1][11]. - The Property & Casualty (P&C) segment saw OPAT surge 455% YoY to RMB 4.0 billion in Q3, supported by improved underwriting and a better combined ratio [1][12]. Summary by Sections Earnings Performance - Group NPAT rose 36.1% YoY in the first nine months of 2024, with a significant surge of 1.51x YoY in Q3. The L&H segment's OPAT grew 3.0% YoY, while P&C's OPAT saw a dramatic increase [1][10][15]. - The report revises FY24-26 EPS forecasts upward by 14%/7%/3% to RMB 7.44/7.57/7.90, reflecting a clearer outlook for profitability [5][6]. New Business Value (NBV) - The L&H NBV margin increased to 25.4%, with expectations to rise to ~26% by the end of FY24. The agency force stabilized at 362,000 agents, contributing significantly to the NBV growth [1][11][7]. - Bancassurance NBV surged 68.5% YoY, driven by a favorable product mix and margin expansions [1]. Investment Performance - The comprehensive investment yield (CIY) reached 5%, up 1.2 percentage points YoY, indicating a positive investment experience variance that could enhance the Group's embedded value [6][14]. - The report anticipates better-than-expected earnings in the second half of 2024, supported by rebounding investment income and a low base from Q4 2023 [1][5]. Valuation Metrics - The stock is currently trading at 0.54x FY24 P/EV and 0.81x FY24 P/B, which is above the historical average for H-share listed Chinese insurers. The report suggests limited downside risk due to the turnaround in fundamentals [1][5][9]. - The sum-of-the-parts valuation assigns target multiples of 1.19x for L&H, 0.72x for P&C, and 0.90x for banking, leading to a target valuation of RMB 1,059 billion for the Group [8][9].

Investment Rating - The report maintains a "BUY" rating for Yancoal Australia with a target price of HK$42, indicating a potential upside of 36.1% from the current price of HK$30.85 [1][11][18]. Core Insights - Yancoal's sales volume in Q3 2024 increased by 21% year-on-year, with total attributable sales volume reaching 10.4 million tonnes, which is 73% of the full-year estimate of 37.3 million tonnes [1][2]. - The average selling price (ASP) for blended coal dropped by 14% year-on-year in Q3 2024, with metallurgical coal ASP decreasing by 28% year-on-year [1][2]. - The company reported a revenue of approximately A$1.78 billion in Q3 2024, reflecting a 5% year-on-year increase [1][2]. - Yancoal's financial position remains solid, with a gross cash balance of A$1.98 billion as of the end of September 2024 [1][2]. Sales Volume and Production - In Q3 2024, metallurgical coal sales volume increased by 17% year-on-year to 9 million tonnes, while thermal coal sales volume rose by 19% year-on-year to 27.3 million tonnes [1][2]. - The total marketable coal production for Yancoal in Q3 2024 was 12.4 million tonnes, a 2% increase year-on-year [2][3]. Financial Performance - For FY 2024, Yancoal is expected to generate revenue of A$7.138 billion, down from A$7.778 billion in FY 2023, reflecting a year-on-year decline of 8.2% [1][13]. - The net profit for FY 2024 is projected to be A$1.389 billion, a decrease of 23.7% compared to FY 2023 [1][13]. - The earnings per share (EPS) for FY 2024 is estimated at A$1.05, down from A$1.38 in FY 2023 [1][13]. Valuation and Assumptions - The valuation is based on net present value (NPV) calculated from future cash flows, with long-term thermal and metallurgical coal prices assumed at A$130/tonne and A$200/tonne respectively starting in 2027 [11][12]. - The report uses a weighted average cost of capital (WACC) of 6.7% for its valuation [11][12].

Investment Rating - Maintain BUY rating with a target price of HK$4 25 based on 13x FY25E P/E [1][30] Core View - FIT Hon Teng is identified as the GB200 server winner in the H-share tech space, benefiting from the GB200 server ramp in 2025 [1] - AI server revenue is estimated to reach US$484mn/823mn, accounting for 11%/16% of FIT's earnings in 2025/26E [1] - In the bull case, revenue could reach US$886mn in FY25E [1] - FIT is expected to benefit from GB200 server rack ramp with share gains over the next few years [1] Earnings Summary - Revenue is forecasted to grow from US$4 531mn in FY22 to US$7 347mn in FY26E, with a YoY growth of 30 8% in FY25E [2][26] - Net profit is expected to increase from US$170 1mn in FY22 to US$384 9mn in FY26E, with a YoY growth of 62 8% in FY25E [2][26] - EPS is projected to rise from US$2 42 cents in FY22 to US$5 42 cents in FY26E [2][26] AI Server Opportunity - FIT is a key component supplier for GB200 NVL72/36, including compute tray connectors/cables, NVLink copper cables, power busbar, liquid cooling components, and GPU sockets [1] - GB200 server revenue is estimated to reach US$422mn/886mn (base/bull) in FY25E [1] - Compute tray connector/cables and NVLink copper cables are expected to deliver US$115mn/291mn in FY25E [1] - Liquid cooling components and GPU sockets are forecasted to generate US$0 6mn/4 6mn in FY25E [1] Latest Developments - FIT is developing CPO solutions and launched the conceptual design of FITConn 800G high-speed connector module for AI connectivity [1] - Hon Hai showcased GB200 NVL72 racks and liquid cooling components at HHTD 2024 [1] - FIT is under qualification for server UQDs and is developing UDQs for use inside the server and on the CDM [19] Valuation - Trading at 9 5x FY25 P/E, valuation remains attractive compared to 42%/63% EPS growth in FY24/25E [1] - Upcoming catalysts include GB200 updates and 3Q24 results in November [1] Financial Summary - Revenue is expected to grow from US$4 531mn in FY22 to US$7 347mn in FY26E, with a YoY growth of 30 8% in FY25E [26] - Net profit is forecasted to increase from US$170 1mn in FY22 to US$384 9mn in FY26E, with a YoY growth of 62 8% in FY25E [26] - EPS is projected to rise from US$2 42 cents in FY22 to US$5 42 cents in FY26E [26]

Investment Rating - The investment rating for Hong Kong Exchanges and Clearing Limited is "Buy" (maintained) [1] Core Views - The report highlights that the overall performance of Hong Kong Exchanges is stable with an increase in revenue and net profit for the first three quarters of 2024, with total revenue and other income rising by 2.13% year-on-year to HKD 15.993 billion and net profit attributable to shareholders increasing by 0.05% year-on-year to HKD 9.270 billion [1] - The report anticipates a significant uplift in trading volumes in the fourth quarter of 2024, driven by improved market sentiment and policy benefits [1] Summary by Sections Financial Performance - For Q1-Q3 2024, total revenue and net profit reached HKD 15.993 billion and HKD 9.270 billion respectively, marking the second-highest figures for the same period in history, only behind the record set in 2021 [1] - Revenue from various segments showed mixed results: cash market revenue increased by 2%, derivatives revenue decreased by 10%, commodities revenue surged by 31%, data and connectivity revenue grew by 1%, and company projects revenue rose by 18% [1] - The EBITDA for the segments varied, with cash market EBITDA slightly up by 0.2%, derivatives down by 15%, commodities up by 61%, data and connectivity stable, and company projects showing a significant decline [1] Market Activity - The report notes a recovery in trading sentiment in September 2024, with significant growth in the primary market, highlighted by the listing of Midea Group, which became the largest IPO in Asia for the first three quarters of 2024 [1] - The average daily turnover in the cash market for Q1-Q3 2024 increased by 5% year-on-year to HKD 102.7 billion, with northbound trading via Stock Connect seeing increases of 22% and 6% respectively [1] Profit Forecast and Valuation - The report has revised its profit forecasts upward, projecting net profits for 2024-2026 to be HKD 12.835 billion, HKD 13.946 billion, and HKD 14.888 billion respectively, with growth rates of 8.21%, 8.65%, and 6.76% [1] - The current market capitalization corresponds to P/E ratios of 30.80x, 28.35x, and 26.55x for the years 2024, 2025, and 2026 respectively [1]

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted earnings forecast for 2024-2026 set at 1.237 billion, 1.395 billion, and 1.526 billion respectively, corresponding to a PE of 11 times for 2024 [2][3]. Core Insights - The company's revenue for Q3 2024 showed a mid-single-digit year-on-year growth, with retail discount levels around 75%. The inventory turnover days were approximately 4 months, indicating stable operational quality. The company expects a double-digit growth in terminal revenue due to improved consumer environment and holiday spending [1][2]. - E-commerce sales are projected to grow significantly, with high double-digit growth expected, driven by an improved e-commerce environment and optimized product structure. Offline channel revenue is expected to remain flat due to fluctuations in customer traffic [1][2]. - The company has successfully maintained healthy inventory levels, with terminal discounts remaining stable compared to Q2 2024. The inventory turnover days have improved year-on-year, reflecting effective management measures [1][2]. - The domestic business of Saucony is developing smoothly, with a revenue growth of over 50% in Q3 2024, continuing the strong growth trend from the first half of the year [1]. - The progress of the KP business divestiture is on track, with an expected 20% growth in net profit attributable to shareholders for 2024. The actual sales performance during the "Double Eleven" shopping festival will be crucial for achieving the annual sales plan [1][2]. Financial Summary - The company's revenue for 2022 was 12.93 billion, with a growth rate of 29.1%. In 2023, revenue increased to 14.35 billion, reflecting a growth rate of 10.9%. The forecast for 2024 is 13.54 billion, indicating a decline of 5.6% [3][6]. - The net profit attributable to shareholders for 2022 was 922 million, increasing to 1.03 billion in 2023, with a projected growth of 20.1% to 1.24 billion in 2024 [3][6]. - The latest diluted EPS for 2024 is expected to be 0.47, with a net asset return rate of 12.2% [3][6].