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].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][2] Core Views - The company has shown strong medium to long-term growth potential, with a projected increase in copper production capacity to approximately 300,000 tons by 2030, achieving an average annual compound growth rate of about 8% [2][10] - The company is expected to benefit from rising copper prices, which will enhance profit margins due to stable production costs from its own mines [2][10] Financial Performance and Forecast - For the first three quarters of 2024, the company is estimated to achieve a net profit attributable to shareholders of approximately $314 million, representing a year-on-year increase of about 23% [2][6] - Revenue forecasts for 2024, 2025, and 2026 are $4.177 billion, $4.394 billion, and $4.614 billion respectively, with year-on-year growth rates of 15.8%, 5.2%, and 5.0% [2][10] - The net profit attributable to shareholders for the same years is projected to be $421 million, $487 million, and $529 million, with growth rates of 51.5%, 15.9%, and 8.5% respectively [2][10] - The diluted earnings per share (EPS) are expected to be $0.11, $0.12, and $0.14 for 2024, 2025, and 2026 [2][10] Production and Operational Insights - The company produced approximately 95,900 tons of cathode copper in the first three quarters of 2024, a year-on-year decrease of about 13%, while its own mines produced about 64,000 tons, an increase of about 3% [2][6] - The total production of sulfuric acid reached approximately 776,300 tons, reflecting a year-on-year increase of about 10% [2][6] - The company has four ongoing and planned mining projects that are expected to add an annual production capacity of 130,000 tons of copper once fully operational [2][10]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][3][6] Core Views - The company reported a steady growth in its main brand's retail sales in the third quarter, with a year-on-year increase in the mid-single digits, while the Saucony brand saw over 50% growth [2][4][5] - The retail discount for the main brand was 25% (7.5折), with a healthy inventory turnover ratio of 4 months, indicating stable discount rates and improved inventory health compared to the previous year [4][6] - The company is expected to benefit from its focus on the running category, with steady growth in its main brand and rapid growth in professional brands, especially after the divestiture of KP, which had incurred annual losses of approximately 180 million yuan [6][7] Financial Forecasts - The company maintains its profit forecasts, expecting net profits of 1.24 billion, 1.44 billion, and 1.61 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 20.3%, 16.0%, and 12.3% [6][7] - The revenue for 2024 is projected to be 15.03 billion yuan, with a growth rate of 4.8% [7] - The company’s reasonable valuation range has been adjusted to 6.1-6.6 HKD, corresponding to a PE ratio of 12-13x for 2024 [6][7] Operational Performance - The main brand's retail sales in the third quarter showed a mid-single-digit year-on-year increase, with online sales growing at a high double-digit rate and offline sales experiencing slight growth [4][5] - The company’s management anticipates achieving the full-year growth target of over 50% for the Saucony brand, despite overall revenue growth pressures [5][6]

Investment Rating - The report maintains a "Buy" rating for Leapmotor [1] Core Views - Leapmotor is leveraging partnerships with overseas giants to enhance its international presence, particularly through the establishment of Leapmotor International in collaboration with Stellantis, which holds a 49% stake [2][19] - The company is set to launch its models C10 and T03 in Europe by September 2024, with plans for further product introductions in the coming years [2][26] - Leapmotor's strategy focuses on high efficiency across production capacity, distribution channels, and after-sales service, utilizing Stellantis's existing resources to mitigate risks and enhance operational efficiency [2][31] Summary by Sections Export Model - Leapmotor is forming a unique business model by combining Chinese and overseas markets, with Stellantis investing approximately €1.5 billion for a 20% stake in Leapmotor [19] - The establishment of Leapmotor International allows the company to exclusively export and sell vehicles in all markets outside Greater China [19] Core Advantages - Leapmotor is utilizing Stellantis's production facilities in Poland to manufacture electric vehicles, which reduces risks associated with local regulations and enhances production efficiency [2][35] - The company plans to expand its sales network to 350 outlets globally by the end of 2024, with over 200 in Europe, aiming for 500 by 2026 [2][38] - A robust after-sales service system is being developed, leveraging Stellantis's logistics network to ensure quality service for European customers [2][41] Profit Forecast and Investment Advice - The report has adjusted the net profit forecasts for Leapmotor to -3.72 billion, -0.69 billion, and 2.40 billion CNY for 2024 to 2026, reflecting a more optimistic outlook on overseas operations [3] - Leapmotor is expected to achieve a higher valuation compared to its peers due to its strategic positioning in the mainstream electric vehicle market and its clear international expansion strategy [3]

Investment Rating - The report assigns a "Buy" rating for GCL-Poly Energy Holdings Limited (03800.HK) for the first time [1][88]. Core Viewpoints - GCL-Poly is a well-established photovoltaic giant that has innovated through cycles, achieving significant market share and technological advancements in the solar industry [2][24]. - The demand for photovoltaic products continues to grow, although profitability is under pressure due to industry price declines and excess supply [2][60]. - The company is building a green technology matrix to differentiate itself in a competitive market, focusing on cost-effective and high-quality production methods [3][67]. Summary by Sections 1. Established Photovoltaic Giant, Technological Innovation Across Cycles - GCL-Poly was listed in November 2007 and quickly captured a significant market share, becoming a leader in the global photovoltaic market [2][24]. - The company has shifted its strategic focus to granular silicon technology, which has led to a substantial increase in production capacity and market share [2][24]. - R&D investment has been increasing, reaching 5.6% of total revenue in 2023, indicating a commitment to innovation [2][41]. 2. Continuous Growth in Photovoltaic Demand, Profitability Under Pressure - In 2023, the domestic installed capacity surged, with an additional 216.3 GW installed, exceeding expectations [2][60]. - The industry is entering a phase of slower growth, with projected installations of 490 GW in 2024 [2][60]. - The company’s revenue for 2023 was 34.129 billion yuan, a decrease of 7% year-on-year, while net profit fell by 84% to 2.51 billion yuan [1][33]. 3. Building a Green Hard Technology Matrix, Differentiated Competition - GCL-Poly has made significant advancements in granular silicon production, achieving lower costs and higher quality [3][67]. - The company’s granular silicon production capacity is expected to reach 480,000 tons by the end of 2024, with a production volume of nearly 300,000 tons [3][67]. - The company is also advancing in perovskite technology, with significant efficiency improvements and plans for large-scale production [3][85]. 4. Profit Forecast and Investment Rating - The report forecasts total revenue for 2024-2026 to be 17.99 billion, 25.01 billion, and 32.1 billion yuan respectively, driven primarily by volume growth [1][88]. - The projected net profit for 2024-2026 is -2.9 billion, 0.4 billion, and 2.5 billion yuan, reflecting a significant recovery in profitability by 2026 [1][88]. - The report highlights the potential for substantial valuation flexibility due to the company's cost advantages in granular silicon products [3][88].

Investment Rating - The report maintains a "Buy" rating for China Nonferrous Mining (1258.HK) [1][3]. Core Views - The company achieved a net profit attributable to shareholders of USD 314 million in the first three quarters of 2024, representing a year-on-year increase of approximately 23%. In Q3 alone, the net profit was USD 95 million, up 38% year-on-year but down 30% quarter-on-quarter [1]. - The increase in profit is primarily attributed to the year-on-year rise in copper prices, which reached CNY 75,200 per ton in Q3 2024, a 9.5% increase year-on-year and a 6.1% increase quarter-on-quarter. However, production was affected by power shortages, leading to a shortfall in meeting annual production guidance [1]. - The company produced 95,900 tons of cathode copper in the first three quarters, a decrease of about 13% year-on-year, achieving approximately 69% of its annual target. The production of crude copper and anode copper was about 287,000 tons, a year-on-year increase of 3%, achieving around 70% of the annual target [1]. - The report highlights both organic growth and external acquisitions as key growth drivers. The company is advancing projects in Africa and has potential acquisitions in the pipeline [1]. Financial Forecasts - The company is expected to achieve net profits of USD 395 million, USD 436 million, and USD 513 million for the years 2024, 2025, and 2026, respectively. The corresponding EPS is projected to be USD 0.10, USD 0.11, and USD 0.13 [2][4]. - The P/E ratios based on the closing price on October 22, 2024, are projected to be 7x for 2024, 7x for 2025, and 6x for 2026 [2][4]. Financial Metrics - The total revenue for 2023 is forecasted at USD 3.606 billion, with expected growth rates of -11.9% for 2023, 12.4% for 2024, 15.9% for 2025, and 5.5% for 2026 [2][6]. - The net profit margin is projected to improve from 7.7% in 2023 to 10.37% in 2026, indicating a positive trend in profitability [6]. - The company's total assets are expected to grow from USD 3.820 billion in 2023 to USD 6.239 billion by 2026, reflecting strong growth in asset base [4][6].

Investment Rating - The report assigns an "Overweight" rating to the company for the first time [1] Core Views - The company is a global leader in automotive exterior parts, with a diversified product portfolio including plastic, metal, and aluminum components, as well as battery boxes [2] - The company has a strong market position in traditional businesses such as metal trim, aluminum parts, and plastic parts, ranking first domestically and globally in certain segments [2] - The battery box business has become a major growth driver, with global market share increasing from 2.1% in 2021 to 13.3% in 2023 [2] - The company is actively developing intelligent exterior products, including smart front faces, tailgates, and side doors, with significant breakthroughs in the intelligent B-pillar and electric side door systems [2] Financial Performance and Forecast - The company's revenue is expected to grow from RMB 25.115 billion in 2024 to RMB 34.032 billion in 2026, with a CAGR of 13.13% [3] - Net profit attributable to shareholders is projected to increase from RMB 2.342 billion in 2024 to RMB 3.143 billion in 2026 [3] - The PE ratio is expected to decline from 6.78x in 2024 to 5.05x in 2026, indicating an attractive valuation [3] Business Segments - **Metal and Trim**: Revenue is expected to grow steadily, with a CAGR of 4-6% from 2024 to 2026, driven by recovery in domestic and overseas markets [48] - **Aluminum Parts**: Revenue is forecasted to grow at a CAGR of 15% from 2024 to 2026, supported by strong demand in both domestic and international markets [48] - **Plastic Parts**: Revenue is projected to grow at a CAGR of 18-20% from 2024 to 2026, benefiting from the recovery in demand in China and overseas markets [48] - **Battery Box**: Revenue is expected to grow significantly, with a CAGR of 40% from 2024 to 2026, driven by the rapid expansion of the new energy vehicle market [48] Industry and Market Position - The company is a leading global supplier of automotive exterior parts, with a strong presence in the battery box market, ranking second domestically in 2020 [2] - The battery box market is expected to grow significantly, with global market size projected to reach RMB 44.4 billion by 2026, driven by the rapid growth of the new energy vehicle market [34] - The company has a competitive advantage in the battery box market due to its global production layout and "local supply" strategy, which reduces transportation costs for large components [2] Innovation and Future Growth - The company is actively developing intelligent exterior products, including smart front faces, tailgates, and side doors, with significant breakthroughs in the intelligent B-pillar and electric side door systems [2] - The company is also focusing on lightweight and integrated chassis solutions for battery boxes, which are expected to be key growth areas in the future [41] Valuation and Peer Comparison - The company's PE ratio is lower than its peers, with a 2024 PE of 6.78x compared to the median PE of 12.83x for comparable companies, indicating an attractive valuation [52] - The company's revenue growth and profitability are among the top in its peer group, with a strong focus on R&D and innovation, which supports its future growth potential [51]