Investment Rating - The investment rating for the company is "Buy" with a target price set at HKD 3.92, reflecting a potential upside from the latest closing price of HKD 2.85 [2][4]. Core Insights - The establishment of the first technician college by the company, recognized by the Anhui provincial government, signifies the company's commitment to enhancing vocational education and aligns with national policy initiatives [3]. - The college currently has over 8,100 students and 463 full-time teachers, offering 18 specialized programs, which is expected to attract more high school students and potentially extend the duration of study programs [3]. - The company aims to build a multi-tiered educational framework that includes vocational training, technical schools, and technician colleges, enhancing its ability to produce skilled talent in high-demand sectors such as new energy vehicles and intelligent manufacturing [3]. - The company is expected to see continued revenue growth driven by effective cost control and normalization of student enrollment, with projected revenues of HKD 41.5 billion, HKD 44.1 billion, and HKD 48.4 billion for the years 2024, 2025, and 2026 respectively [4][5]. Financial Summary - The company's revenue for 2023 is projected at HKD 3,978.65 million, with a year-on-year growth of 4.18%. The revenue is expected to grow to HKD 4,149.49 million in 2024, HKD 4,405.82 million in 2025, and HKD 4,841.54 million in 2026 [5][8]. - The net profit attributable to the parent company is forecasted to be HKD 272.62 million in 2023, increasing to HKD 496.06 million in 2024, HKD 596.04 million in 2025, and HKD 725.32 million in 2026, reflecting significant growth rates [6][8]. - The earnings per share (EPS) are projected to be HKD 0.23, HKD 0.27, and HKD 0.33 for the years 2024, 2025, and 2026 respectively, with a corresponding price-to-earnings (PE) ratio of 11, 9, and 8 [4][6].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company is expected to see robust revenue growth of 10% to 20% year-on-year in FY2025H1, driven by increased demand for autumn apparel due to colder weather [1] - The main brand's gross margin is projected to slightly decline, while overall gross margin is expected to remain stable [1] - The company is focusing on product innovation, particularly in outdoor apparel, with new launches such as the "three-in-one down jacket" [1] - The company is enhancing channel efficiency through refined management of individual stores and increasing the number of seasonal stores [1] - The company maintains a healthy operational status with a low initial order ratio and efficient inventory turnover [2] Financial Summary - For FY2025, the company is projected to achieve revenue of approximately 26,622 million yuan, representing a year-on-year growth of 14.7% [3] - The net profit for FY2025 is estimated at 3,574 million yuan, with a growth rate of 16.3% year-on-year [3] - The company's earnings per share (EPS) for FY2025 is expected to be 0.32 yuan [3] - The projected price-to-earnings (P/E) ratio for FY2025 is 14 times [2][3] Growth Potential - The brand's down jacket business is anticipated to grow by over 10%, while OEM business is expected to grow by 15% to 20% in FY2025 [2] - The company is actively expanding its product categories and enhancing brand innovation, which is expected to drive long-term growth [2]

Investment Rating - The report assigns an "Overweight" rating to Laopu Gold (06181 HK) for the first time [1] Core Views - Laopu Gold is positioned as a high-end jewelry brand specializing in ancient gold craftsmanship, with rapid revenue and profit growth [6] - The ancient gold jewelry market is growing significantly faster than the ordinary gold jewelry market, with penetration still having room for improvement [7] - Laopu Gold's brand premium, product differentiation, and channel expansion are key drivers of growth [7] Company Overview - Laopu Gold focuses on ancient gold craftsmanship, offering products such as jewelry, daily gold utensils, and ornaments [6] - The company operates 33 self-owned stores as of H1 2024, primarily located in high-end shopping malls in first-tier and new first-tier cities [6] - Revenue from offline stores accounted for 88 6% of total revenue in 2023 [6] - Laopu Gold plans to open approximately 10 new stores in mainland China and 5 stores in regions including Hong Kong, Macau, Tokyo, and Singapore over the next three years [6] Financial Performance - Revenue grew from RMB 1 265 billion in 2021 to RMB 3 18 billion in 2023, with a CAGR of 58 6% [6] - Net profit attributable to shareholders increased from RMB 114 million in 2021 to RMB 416 million in 2023, with a CAGR of 91% [6] - Gross margin remained stable at around 41 9% from 2021 to 2023 [6] - Net margin improved from 9% in 2021 to 13 1% in 2023 [6] Market and Industry Analysis - The ancient gold jewelry market grew from RMB 13 billion in 2018 to RMB 157 3 billion in 2023, with a CAGR of 64 6% [7] - The penetration rate of ancient gold jewelry increased from 4 6% in 2018 to 31 2% in 2023 [7] - The top five gold jewelry brands accounted for 46 1% of the ancient gold jewelry market in 2023, with Laopu Gold holding a 2% market share [7] - The price of 9999 gold in China rose from RMB 271 1 per gram in 2018 to RMB 449 9 per gram in 2023 [18] Competitive Advantages - Laopu Gold's products are priced higher than traditional gold jewelry, with 65% of products priced between RMB 10,000 and RMB 50,000 [7] - The company's stores are located in high-end shopping malls, with the top five stores achieving a sales growth of 157 9% in 2023 [7] - Laopu Gold's single-store revenue increased from RMB 52 58 million in 2018 to RMB 98 89 million in 2023, with a CAGR of 13 47% [7] - The company's coverage rate in the top 40 high-end shopping malls in China was 30% in 2023, with plans to expand to 15 new stores by 2026 [7] Valuation and Forecast - Revenue is expected to grow to RMB 6 432 billion in 2024, RMB 8 753 billion in 2025, and RMB 10 614 billion in 2026 [4] - Net profit attributable to shareholders is forecasted to reach RMB 1 032 billion in 2024, RMB 1 423 billion in 2025, and RMB 1 742 billion in 2026 [4] - The P/E ratio is projected to be 24 9x in 2024, 18x in 2025, and 14 7x in 2026 [4] Product and Customer Analysis - Laopu Gold's products are primarily priced between RMB 10,000 and RMB 50,000, with gold-inlaid products contributing 56% of revenue in 2023 [7] - Customers spending over RMB 1 million accounted for 15 9% of sales in 2023, up from 8 5% in 2021 [48] - The company's customer base is relatively young, with 45% of followers on Xiaohongshu aged 45 and above [52]

研究报告 Research Report [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$14.86 目标价 HK$19.91 HTI ESG 5.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$98.46bn / US$12.66bn 日交易额 (3 个月均值) US$20.91mn 发行股票数目 6,626mn 自由流通股 (%) 36% 1mth 3mth 12mth 绝对值 45.1% 78.6% 56.4% 绝对值（美元） 45.5% 79.4% 57.4% 相对 MSCI China 28.0% 65.0% 41.6% [Table_Profit] Rmb mn Dec-23A Dec-24E Dec-25E Dec-26E Revenue 166,625 176,002 194,821 215,303 Revenue (+/-) 21% 6% 11% 11% Net profit 2,761 6,788 11,5 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 6.12 HKD, indicating an expected increase of over 15% relative to the CSI 300 index in the next six months [5][6]. Core Insights - The company has shown steady operational performance, with Q3 2024 retail data indicating a year-on-year growth of approximately 10% in offline large apparel and children's clothing sales, and over 20% growth in e-commerce sales. This performance aligns with expectations [3][4]. - The company is on track to achieve its goal of over 10 billion HKD in revenue for the year, supported by strong sales during the National Day holiday, with online sales increasing by over 30% and offline sales by 20% year-on-year [3][4]. - The product matrix is continuously upgraded, with new core products launched from July to September, enhancing the brand's appeal and consumer recognition [3][4]. Summary by Sections Company Overview - The total share capital is 2.068 billion shares, with a total market capitalization of 8.54 billion HKD. The stock has seen a 12-month high of 4.85 HKD and a low of 3.15 HKD [3]. Financial Projections - The company is projected to achieve revenues of 8,423 million HKD in 2024, with a growth rate of 21%. Net profit is expected to reach 961 million HKD, reflecting a growth rate of 29% [4]. - For the years 2025 and 2026, revenues are forecasted to be 10,080 million HKD and 11,463 million HKD, with corresponding net profits of 1,162 million HKD and 1,348 million HKD, indicating continued growth [4]. Market Position - The company is expected to outperform its peers in a challenging domestic consumption environment, maintaining healthy inventory and discount levels, which positions it favorably for future growth [3][4].

Investment Rating - The report maintains a "Buy" rating for JD Group-SW (9618.HK) [1] Core Views - JD Group is expected to see a revenue recovery driven by the "trade-in" policy, with a projected total revenue of 261.3 billion yuan for Q3 2024, representing a year-on-year increase of 5.5% [2] - The report highlights that JD's retail revenue is anticipated to grow by 5.2% year-on-year to 223.1 billion yuan in Q3 2024, benefiting from recent government stimulus policies and a recovery in consumer spending [4] - The Non-GAAP net profit for Q3 2024 is projected to be 11.8 billion yuan, reflecting an 11% year-on-year increase, with a Non-GAAP net profit margin improvement to 4.5% [2] Financial Forecasts - Total revenue for JD Group is forecasted to reach 1,139.57 billion yuan in 2024, with a growth rate of 5% [6] - The expected net profit attributable to shareholders for 2024 is 36.5 billion yuan, indicating a 51% growth compared to the previous year [6] - The report projects a diluted EPS of 11.69 yuan for 2024, with a return on equity (ROE) of 17% [6][7] Retail Performance - JD Retail's revenue is expected to recover, with a year-on-year growth of 5.2% to 223.1 billion yuan in Q3 2024, driven by the trade-in policy and a healthy growth in daily necessities [4] - The gross merchandise volume (GMV) for JD Retail is projected to increase by 6% year-on-year [4] - The report notes that the 1P (first-party) revenue from electronic products is expected to grow by 2.2% to 121.9 billion yuan, while daily necessities are projected to grow by 8.4% to 82.4 billion yuan [4] Market Performance - JD Group has outperformed the Hang Seng Index, with a 12-month performance of 58.8% compared to the index's 17.3% [3] - The current market capitalization of JD Group is approximately 464.97 billion HKD [3]

Investment Rating - The report maintains a "Buy" rating for Tianli International Holdings (01773) with a target price of 6 HKD, while the current price is 4.86 HKD [1]. Core Views - The recent partnership between Tianli Education and Beijing No. 4 High School Hohhot Branch is expected to enhance the quality and sustainable development of education services, leveraging AI and big data technologies [1]. - The introduction of the AI Smart Learning Room service aims to address six key educational challenges, including personalized learning and resource optimization [1]. - The company has established a strong presence with nearly 60 schools across 18 provinces, serving over 100,000 students [1]. Financial Summary - The projected revenue for FY24-26 is expected to be 3.2 billion RMB, 4.6 billion RMB, and 6.2 billion RMB respectively [2]. - Adjusted net profit for FY24-26 is forecasted at 590 million RMB, 800 million RMB, and 1.1 billion RMB respectively [2]. - Earnings per share (EPS) for FY24-26 are estimated at 0.28 RMB, 0.38 RMB, and 0.52 RMB respectively, with corresponding price-to-earnings (PE) ratios of 15.9, 11.6, and 8.5 [2].

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company's same-store sales for major brands (Tai Er, Song Hotpot, and Jiumaojiu) showed double-digit declines in 3Q24, but the bottom of same-store performance has been confirmed [1] - Tai Er's average customer spending stabilized QoQ, while Song Hotpot and Jiumaojiu brands saw narrowing declines [1] - The company is expected to benefit from cost-side improvements and potential demand recovery driven by macro stimulus policies [1] - The company's net profit attributable to the parent company is forecasted to be RMB 190 million, RMB 280 million, and RMB 330 million for 2024E, 2025E, and 2026E, respectively, with P/E ratios of 24X, 16X, and 13X [1] Financial Performance - Revenue for 2024E, 2025E, and 2026E is projected to be RMB 6,156 million, RMB 7,023 million, and RMB 7,904 million, with growth rates of 2.84%, 14.08%, and 12.55%, respectively [3] - Net profit attributable to the parent company for 2024E, 2025E, and 2026E is expected to be RMB 185 million, RMB 275 million, and RMB 334 million, with growth rates of -59.15%, 48.59%, and 21.33%, respectively [3] - ROE (attributable to the parent company) is forecasted to be 5.26%, 7.25%, and 8.09% for 2024E, 2025E, and 2026E, respectively [3] Operational Highlights - Tai Er's same-store sales declined by 18.3% YoY in 3Q24, with a stable average customer spending of RMB 69 and a turnover rate of 3.6 times [1] - Song Hotpot's same-store sales declined by 32.5% YoY in 3Q24, with a narrowing decline of 4.1 percentage points QoQ and a turnover rate of 3 times [1] - Jiumaojiu's same-store sales declined by 10.3% YoY in 3Q24, with a narrowing decline of 2.3 percentage points QoQ and a turnover rate of 2.8 times [1] - The total number of Tai Er stores reached 654 by the end of 3Q24, with 642 directly operated stores and 12 franchised stores [1] - The total number of Song Hotpot stores reached 79 by the end of 3Q24, with 6 new stores added in Q3 [1] - The total number of Jiumaojiu stores remained unchanged at 72 by the end of 3Q24 [1] Future Outlook - The company expects cost-side improvements, particularly in labor and rental costs, to provide operational leverage [1] - The company anticipates demand recovery in Q4 due to lower YoY comparables and macro stimulus policies introduced since late September [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of HKD 5.50, which represents a potential upside from the current price of HKD 3.28 [34]. Core Insights - The company is positioned to benefit from the acceleration of domestic ERP (Enterprise Resource Planning) software adoption, driven by national policies promoting digital transformation and the replacement of imported software with domestic alternatives [2][13]. - Cloud services have become a significant growth driver, with revenue from this segment growing at a compound annual growth rate (CAGR) of 50.7% from 2019 to 2023, and expected to continue increasing [10][18]. - The company’s revenue is projected to grow by 20.7% in FY24 and 20.1% in FY25, with net profit expected to increase by 77.0% and 45.0% respectively during the same periods [2][18]. Summary by Sections Investment Highlights - Cloud service revenue has significantly increased, from RMB 390 million in 2019 to RMB 2 billion in 2023, with its share of total revenue rising from 13.4% to 24.1% [10][11]. - The company’s management software revenue has also grown, albeit at a slower pace, indicating a shift towards cloud-based solutions [10]. - The company is leveraging synergies with its parent company, Inspur Group, to enhance its market position in the domestic ERP sector [2][13]. Industry Context - The domestic ERP market has a market share of nearly 70%, with major players including Yonyou, Inspur, and Kingdee, while high-end segments remain dominated by foreign firms [15]. - Recent government policies have accelerated the push for domestic software solutions, with a target for state-owned enterprises to fully transition to domestic products by 2027 [2][13]. Financial Projections and Valuation - Revenue is expected to reach RMB 10 billion in FY24, with cloud services projected to contribute significantly to this growth [18]. - The company’s gross margin is anticipated to improve from 23.1% in FY23 to 26.4% by FY26, driven by the scaling of cloud services [18][31]. - The net profit is forecasted to grow from RMB 357 million in FY24 to RMB 702 million by FY26, reflecting a robust growth trajectory [19][31]. Company Background - The company, established in 2003 and listed on the Hong Kong Stock Exchange, has transitioned from hardware to software, focusing on ERP solutions and cloud services [21]. - It operates under the auspices of Inspur Group, which holds a significant stake, providing it with a strong resource base and market credibility [21][22].

Investment Rating - The report reiterates a BUY rating for BaTeLab with an unchanged target price of HK$49.80, corresponding to a 20.4x 2024E P/E [2]. Core Insights - BaTeLab's management emphasizes the industrial market's lower R&D costs and long-tail characteristics, allowing for cost efficiency through proprietary EDA software and a reusable IP library [2]. - The company is focusing on patterned wafers, which are believed to provide higher marketing efficiency while keeping operational costs low [2]. - Management acknowledges concerns regarding high revenue reliance on distributor channels, stating that customer concentration is channel-specific and the actual customer base is diverse [2]. - Future revenue growth is expected to be driven by semiconductor localization, with plans to expand the product portfolio by approximately 100 SKUs annually [2]. - Management anticipates a gradual recovery in market demand and expects accelerated growth in the analog IC market over the next 5-10 years [2]. - The company's gross profit margin is projected to remain stable within the range of 53-55%, despite a lower-than-expected GPM of 51.3% in 1H24 due to increased inventory provisions [2]. Financial Summary - Revenue is forecasted to grow from RMB 464 million in 2023 to RMB 650 million in 2024, representing a year-on-year growth of 40.2% [3]. - The gross profit margin is expected to be 53.8% in 2024, down from 55.4% in 2023 [3]. - Operating profit is projected to increase from RMB 113 million in 2023 to RMB 154 million in 2024, with a year-on-year growth of 36.1% [3]. - Net profit is anticipated to rise from RMB 146.3 million in 2023 to RMB 210.5 million in 2024, reflecting a year-on-year growth of 43.9% [3]. - The company reported a P/E ratio of 10.8x for 2024E, which is considered attractive compared to the industry [2][3]. Market Position - BaTeLab's market capitalization is approximately HK$396.8 million, with a current share price of HK$26.45, indicating an upside potential of 88.3% to the target price [4]. - The company has a diverse shareholding structure, with the largest shareholders holding 53.5% and 39.5% of the shares [4]. - The stock has shown a 1-month performance of -3.5% and a 3-month performance of 7.7% [4].