Investment Rating - The report assigns a "Buy" rating to the company, with a current price of HKD 12.28 and a fair value of HKD 14.38 [1]. Core Views - The Hong Kong government has proposed further planning for the Northern Metropolis construction, which is expected to supply approximately 60,000 housing units over the next five years, reducing the waiting time to four and a half years [1]. - The Northern Metropolis development is anticipated to accelerate the company's business growth in Hong Kong, with a significant increase in new orders and revenue [1]. - The expected growth from the Northern Metropolis and the "Ten-Year Hospital Development Plan" is projected to drive the growth of the Hong Kong construction market [1]. Summary by Sections Company Overview - The report highlights the company's leading position in the Hong Kong and Macau infrastructure sector, emphasizing its role in high-quality development through technology and investment [1]. Financial Performance - The company’s revenue for 2023 is projected to be HKD 113,742 million, with a growth rate of 11.36% [4]. - The net profit attributable to the parent company is expected to reach HKD 9,164 million in 2023, reflecting a growth rate of 15.17% [4]. - The EBITDA for 2023 is forecasted at HKD 15,863 million, with a growth rate of 12.92% [4]. Profitability and Valuation - The report projects the company's net profit for 2024 to be HKD 10,348 million, with a corresponding PE ratio of 5.98 [6]. - The expected EPS for 2024 is HKD 2.05, indicating a positive trend in earnings per share [6]. - The report maintains a fair value estimate of HKD 14.38 per share, supporting the "Buy" rating [1]. Market Outlook - The construction market in Hong Kong is expected to grow significantly due to government initiatives and infrastructure projects, which will benefit the company [1]. - The report notes that the company's business in Hong Kong has begun to accelerate, with a positive outlook for sustained growth [1].

Investment Rating - The report does not provide a specific investment rating for the company [1]. Core Insights - The company reported total revenue of 910 million RMB for the second quarter of 2024, representing a year-on-year growth of 43.3%. However, total display module shipments decreased by 25.5% to 8.949 million units, partially offset by a 92.2% increase in average selling price [1]. - Smartphone display module sales saw a significant decline of 51.0% to 5.658 million units, accounting for approximately 63.2% of total display module sales. The decline was attributed to inventory destocking by major customers and the loss of key clients [1]. - Despite the challenges, the company secured a project order from a Chinese smartphone manufacturer, which is expected to drive a rebound in display module sales in the second half of the fiscal year [1]. - The company has successfully expanded into the tablet and learning device display module market, with revenue from this segment increasing to 31.3% of total display module sales in the second quarter of 2024 [1]. - The gross profit margin for the first half of 2024 declined to 3.8%, primarily due to pressures from smartphone manufacturers and the increased proportion of tablet and learning device sales, leading to a compression of net profit margin to 0.4% [1]. Summary by Sections Financial Performance - Total revenue for 2023 was 2,576.8 million RMB, down 38.8% year-on-year. The gross profit was 174.1 million RMB, with a gross margin of 6.8% [7]. - The company recorded a net profit of 13.1 million RMB in 2023, reflecting a significant decline of 92.3% compared to the previous year [7]. - The operating profit margin for the first half of 2024 was 0.7%, indicating ongoing operational challenges [11]. Market Position - The company is positioned within a competitive landscape, with peers such as BYD Electronics and others showing varying market capitalizations and financial metrics [4]. - The average market capitalization for comparable companies is approximately 40.3 billion HKD, with the company itself having a market cap of 0.4 billion HKD [4]. Future Outlook - The report suggests that optimism regarding the company's recovery is premature, as it continues to face operational losses and challenges in improving profitability [1]. - The company needs to enhance its bargaining power and profit margins through new business lines and strategies to achieve significant transformation [1].

Investment Rating - The report assigns a stock rating of NR (Not Rated) for CDOT (00334.HK) [3] Core Insights - The report indicates that it is too early to be optimistic about CDOT's performance, highlighting stagnant sales volume in Q2 2024 and a potential rebound in the second half of the year [3] - CDOT recorded RMB 909.3 million in revenue for Q2 2024, reflecting a year-on-year increase of 43.3%, despite a significant drop in shipping volume [3] - The gross margin has decreased to 3.8% in 2024 H1, raising concerns about profit margins and the company's ability to withstand market fluctuations [3] Financial Performance Summary - Revenue for CDOT has shown fluctuations over the years: - 2020: RMB 3,571.2 million - 2021: RMB 5,840.1 million - 2022: RMB 4,208.4 million - 2023: RMB 2,576.8 million [3][12] - The net profit has also varied significantly: - 2020: RMB 6.3 million - 2021: RMB 199.7 million - 2022: RMB 169.0 million - 2023: RMB 13.1 million [3][12] - The gross margin has decreased from 7.8% in 2020 to 6.8% in 2023, with a notable drop to 3.8% in 2024 H1 [3][12] - The report notes a significant decline in sales volume for display modules, particularly for smartphones, which fell by 51.0% year-on-year in Q2 2024 [3] Market Dynamics - The sales volume of display modules for tablets and learning devices has increased, contributing 31.3% to total revenue in Q2 2024, indicating a diversification in revenue sources [3] - The report emphasizes the importance of improving bargaining power and profit margins for a potential turnaround in the company's performance [3]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of HKD 92.30, compared to the current price of HKD 69.00 [2]. Core Insights - The company is experiencing a period of increasing momentum and enhanced liquidity following the announcement of a major shareholder, Domino's Pizza LLC, agreeing to sell 10 million shares, representing approximately 7.66% of the total issued share capital [2]. - The company has successfully expanded its store count to 978 in Q3 2024, with plans to exceed 1,000 stores by November 2024. It has achieved positive same-store sales growth for 29 consecutive quarters [2]. - The company reported a turnaround in net profit for the first half of 2024, with an average daily sales per store of RMB 13,515, reflecting a year-on-year growth of 10.1% [2]. - The company plans to open 240 new stores in 2024, having already added 210 stores by Q3, indicating confidence in meeting its annual target [2]. Financial Summary - Total revenue for 2023 is projected at HKD 3,051 million, with a year-on-year growth rate of 51%. Revenue is expected to reach HKD 4,038 million in 2024, representing a growth rate of 32% [3]. - The company anticipates a significant increase in net profit, from a loss of HKD 27 million in 2023 to a profit of HKD 87 million in 2024, marking a growth rate of 428% [3]. - Earnings per share (EPS) are forecasted to improve from -0.20 in 2023 to 0.67 in 2024, with further increases to 1.73 in 2025 and 2.52 in 2026 [3]. - The company’s price-to-earnings (P/E) ratio is expected to be 94 in 2024, decreasing to 25 by 2026, indicating improving profitability [3]. Operational Highlights - The company has established a strong membership program, "达人荟," which has attracted 21.7 million members, contributing to its sales growth [2]. - The average payback period for new stores opened in 12 cities is under 9 months, demonstrating effective market entry strategies [2]. - The company maintains a healthy balance sheet with a debt-to-asset ratio of 52.32% and a net asset value per share of RMB 16.53 [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Viewpoints - The company has launched the new B10 model, a compact SUV targeting the 100,000 to 150,000 RMB market, with a global launch planned for next year [2][5] - The B10 features the industry's only laser radar and 8650 chip for advanced intelligent driving solutions, enhancing both highway and urban navigation capabilities [2][5] - The latest LEAP3.5 technology architecture is utilized in the B10, improving the driving experience with integrated control systems and advanced thermal management [2][5] Financial Summary - The company is projected to achieve net profits of -3.703 billion, -1.086 billion, and 1.052 billion RMB for the years 2024, 2025, and 2026 respectively, with a PE ratio of 32.97 in 2026 [5][8] - Revenue is expected to grow significantly from 16.747 billion RMB in 2023 to 79.932 billion RMB in 2026, reflecting a growth rate of 295.41% in 2023 and 47.47% in 2026 [8][9] - The company's total assets are projected to increase from 28.453 billion RMB in 2023 to 61.780 billion RMB in 2026, indicating strong growth potential [8][9]

Investment Rating - The report maintains a "Buy" rating for 康方生物 (9926) [4][3] Core Insights - The clinical data for 卡度尼利 in first-line cervical cancer is impressive, with significant benefits observed across the entire population. The company has completed a new round of stock placement to accelerate global development of new drugs [3][4] - The revenue forecasts for 2024-2026 have been revised upwards to 29.40 billion, 47.76 billion, and 67.55 billion RMB respectively, compared to the previous estimates of 29.24 billion, 47.69 billion, and 65.95 billion RMB [4] - The ODAC meeting has further refined the first-line gastric cancer population, enhancing 卡度尼利's competitive advantage [4] Summary by Sections Clinical Data - The results from the Phase III clinical study for 卡度尼利 combined with platinum-based chemotherapy ± bevacizumab for first-line treatment of persistent, recurrent, or metastatic cervical cancer showed a progression-free survival (PFS) of 12.7 months versus 8.1 months for the control group (HR=0.62) and overall survival (OS) results of NR versus 22.8 months (HR=0.64) [4][8] - In the gastric cancer setting, 卡度尼利 demonstrated significant overall survival benefits, particularly in patients with low PD-L1 expression [4][9] Financial Overview - The company successfully raised approximately 19.42 billion HKD through a new stock placement, with over 8.2 billion HKD expected to be allocated for accelerating clinical development of core products globally [4][5] - The current market capitalization of 康方生物 is approximately 58.835 billion HKD, with a share price range over the past year between 31.80 and 74.40 HKD [5][4] Competitive Landscape - The FDA's recent ODAC meeting supported the segmentation of PD-1 drug applications based on PD-L1 expression levels, which positions 卡度尼利 favorably against existing treatments for gastric cancer [4][9] - The report highlights that 卡度尼利's treatment regimen offers significant survival benefits compared to PD-1 monoclonal antibodies, particularly in populations with low PD-L1 expression [4][8]

Investment Rating - Maintain "Overweight" rating [1] Core Views - The company issued a positive profit warning, expecting a net profit of approximately USD 100 million for the first nine months, a year-on-year increase of over 300% [2] - The flagship brand EGO performed strongly, driving accelerated revenue growth in Q3 [2] - The company is confident in achieving its full-year revenue growth target of over 20%, with H2 revenue growth expected to reach 30% [2] - Q3 performance exceeded expectations, leading to an upward revision of full-year earnings [3] - The company's gross margin continues to improve due to cost dilution, driven by product structure optimization, scale effects, and declining lithium battery costs [3] - Channel destocking has ended, and interest rate cuts are expected to catalyze sustained high revenue growth in H2 [3] - The company's valuation is attractive, with projected revenues of USD 1.67 billion, USD 1.97 billion, and USD 2.24 billion for 2024-2026, and net profits of USD 130 million, USD 150 million, and USD 170 million, respectively [3] Financial Performance - Q3 net profit is expected to be approximately USD 38 million, following a net profit of USD 62 million in H1 2024 [2] - The company's revenue growth is accelerating, driven by strong terminal sales of the EGO brand, a low base in 2023, and restocking orders after channel destocking [2] - The company's gross margin improved in H1, benefiting from product structure optimization, scale effects, and lower lithium battery costs [3] - The company's revenue growth is expected to remain strong in H2, supported by year-end promotions, preparations for 2025 inventory, and improved channel inventory health [3] - The company's PE ratios for 2024-2026 are projected at 11x, 9x, and 8x, respectively [3] Industry Outlook - The OPE (Outdoor Power Equipment) industry has significant upward potential, with the company well-positioned to benefit from this trend [3] - Federal Reserve interest rate cuts are expected to boost demand for post-real estate cycle products and enhance consumer purchasing power for big-ticket items, particularly in the OPE category [3] Financial Projections - The company's revenue is expected to grow by 21.19% in 2024, 18.13% in 2025, and 13.87% in 2026 [4] - Net profit attributable to the parent company is projected to grow by 14.51% in 2025 and 12.46% in 2026 [4] - The company's gross margin is expected to be 33.35% in 2024, 32.53% in 2025, and 32.38% in 2026 [6] - ROE is projected to be 11.11% in 2024, 10.61% in 2025, and 10.04% in 2026 [6] - The company's EPS is expected to be USD 0.25 in 2024, USD 0.29 in 2025, and USD 0.33 in 2026 [6]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 2.35, indicating a potential upside of 54.6% from the current price of HKD 1.52 [1][31]. Core Insights - The company is a leading provider of supply chain financial technology solutions, leveraging technological innovation to drive growth. It was established in 2016 and became the first listed Chinese supply chain financial technology company on the Hong Kong Stock Exchange in 2021 [2][31]. - The company has a robust business model focused on supply chain financial technology solutions, which includes core enterprise cloud and financial institution cloud services. The company has achieved a cumulative service asset scale of over CNY 1.3 trillion, holding the largest market share in the industry [1][6]. - The company has diversified its customer base across various industries, with a significant increase in the number of core enterprise cloud clients and partners, reaching 726 and 1,750 respectively as of mid-2024 [7][31]. Summary by Sections Company Overview - The company focuses on providing supply chain financial technology solutions using advanced technologies such as AI, blockchain, and big data. It aims to optimize payment cycles and enhance the transparency and connectivity of the supply chain financial ecosystem [2][6]. Business Model - The main solutions offered include supply chain financial technology solutions and emerging solutions, with a focus on core enterprise cloud and financial institution cloud services. The company serves a wide range of core enterprises and financial institutions, facilitating efficient supply chain financing [6][8]. Financial Performance - The company reported a total asset processing volume of CNY 1,659 billion in the first half of 2024, representing a year-on-year growth of 17%. The revenue for the same period was CNY 400 million, showing a 4% increase compared to the previous year [19][31]. - The adjusted net profit for 2023 was negative due to changes in product structure and pricing, but it is expected to improve in the coming years as the gross margin recovers [21][31]. Market Position - The company holds a 20.9% market share in the domestic supply chain financial technology solutions sector, serving over 29,000 small and micro enterprises across China [25][31]. - The report highlights the increasing demand for integrated technology solutions in the supply chain finance sector, driven by the digital transformation of core enterprises and financial institutions [25][31]. Future Outlook - The company is expected to maintain a compound annual growth rate (CAGR) of 14% from 2024 to 2026 in asset processing volume, supported by a strong cash reserve of CNY 5.1 billion as of mid-2024 [24][31]. - The acquisition of a treasury management solution provider is anticipated to broaden the company's business scope and enhance its service offerings [29][31].

Investment Rating - The report maintains a "Buy-B" rating for the company 361 Degrees (01361.HK) [5] Core Views - In Q3 2024, the company's main brand offline retail revenue grew by 10% year-on-year, while the children's clothing brand also saw a 10% increase. The e-commerce platform's retail revenue grew by over 20% [3][5] - The company continues to outperform domestic competitors in the retail sector despite a challenging consumption environment in China [5] - The company has announced its partnership as the official sponsor for the 2026 Nagoya Asian Games, enhancing its brand visibility [5] Summary by Sections Market Performance - In Q3 2024, the offline retail revenue for the main brand and children's clothing both increased by 10% year-on-year, while e-commerce revenue grew by over 20% [3][5] - During the National Day holiday (October 1-7), offline retail revenue increased by over 20%, and e-commerce revenue grew by approximately 30% [2] Financial Forecast - The company expects revenue for 2024-2026 to be 100.40 billion, 116.24 billion, and 132.10 billion CNY, respectively, with year-on-year growth rates of 19.2%, 15.8%, and 13.6% [5] - The projected net profit for the same period is 11.04 billion, 12.74 billion, and 14.51 billion CNY, with growth rates of 14.8%, 15.4%, and 13.9% [5] Retail Strategy - The company maintains a stable discount level of approximately 71% for new products in Q3 2024, with inventory turnover remaining between 4.5 to 5 months [4] - The strategy of "closing small stores and opening larger ones" continues, with a net increase in the number of stores and an expected increase in store area [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant growth in adjusted net profit from 2024 to 2026 [1] Core Views - The company's brand momentum is strong, with leading same-store sales and store expansion performance, indicating a positive fundamental outlook [1] - The company is in a rapid store expansion phase, with a plan to open 240 new stores in 2024, aiming to surpass 1,000 stores by the end of the year, representing a year-over-year growth rate of over 30% [1] - The company's 1H24 revenue reached RMB 2.04 billion, a 48% increase year-over-year, with adjusted net profit turning positive at RMB 50.89 million and adjusted EBITDA growing by 84% to RMB 230 million [1] - Despite industry pressures, the company achieved a 3.6% year-over-year growth in same-store sales in 1H24 [1] Financial Performance and Projections - Revenue is projected to grow from RMB 4.282 billion in 2024E to RMB 6.945 billion in 2026E, with a compound annual growth rate (CAGR) of 28.01% [3] - Net profit attributable to the parent company is expected to increase significantly from RMB 19 million in 2024E to RMB 199 million in 2026E, with a CAGR of 359.25% [3] - Adjusted net profit is forecasted to grow from RMB 1.1 billion in 2024E to RMB 3.2 billion in 2026E, with a CAGR of 95% [1] - The company's ROE (Return on Equity) is expected to improve from 0.91% in 2024E to 8.44% in 2026E [3] Store Expansion and Market Position - The company is on track to reach the milestone of 1,000 stores by the end of 2024, reflecting a strong expansion strategy [1] - The company's competitive advantage in the pizza category is highlighted, with a focus on rapid store expansion and market penetration [1] Shareholder and Brand Relationship - Domino's Pizza LLC, a major shareholder, sold 10 million shares (7.66% of the company's equity) but remains supportive of the company's long-term growth, holding a 6.21% stake post-sale [1] - The sale is seen as a liquidity improvement measure, with no impact on the company's master franchise agreement with Domino's Pizza, Inc [1] Financial Ratios and Valuation - The company's P/E ratio is expected to decrease from 426.82 in 2024E to 41.29 in 2026E, indicating improving profitability and valuation [3] - The P/B ratio remains stable at 3.89 from 2024E to 2026E, reflecting consistent asset valuation [3]