Investment Rating - The report maintains a "Buy" rating for ZTO Express-W (02057) [4][6] Core Views - ZTO Express released its Q3 2024 results with revenue of RMB 10.675 billion, up 17.6% YoY, and adjusted net profit of RMB 2.39 billion, up 2.0% YoY [4] - The company's performance was slightly below expectations due to intense price competition during the off-season and strategic adjustments [4] - ZTO Express is shifting its strategy to prioritize market share, focusing on network policy optimization, enhancing network confidence, and accelerating scale advantages [5] - The company's cost structure improved, with single-ticket sorting costs decreasing by RMB 0.02 to RMB 0.25 and single-ticket transportation costs decreasing by RMB 0.04 to RMB 0.39 [5] - The report revised downward the company's profit forecasts for 2024-2026, with adjusted net profit expected to be RMB 10.104 billion, RMB 11.067 billion, and RMB 12.686 billion, respectively [6] Financial Performance and Forecasts - ZTO Express's business volume in Q3 2024 was 8.723 billion parcels, up 15.9% YoY, but lower than the industry average of 20.1% [5] - The company's single-ticket revenue increased by 2.6% YoY, driven by higher-value parcels and growth in direct customer business [5] - Revenue for 2024E is projected at RMB 42.704 billion, with an 11% YoY growth, while adjusted net profit is expected to grow 12% YoY to RMB 10.104 billion [6][8] - The company's market share is expected to decline slightly from 22.9% in 2023 to 21.3% in 2024E [11] - ZTO Express's PE ratio for 2024E is 11x, compared to the industry average of 15x, indicating potential upside [6] Strategic Adjustments and Market Position - ZTO Express is focusing on expanding its high-quality customer base through its parcel business, leveraging e-commerce platforms and reverse logistics partnerships [5] - The company is optimizing its cost structure through facility upgrades and standardization reforms, which have contributed to a core cost reduction of RMB 0.06 per ticket [5] - ZTO Express's strategy to regain market share includes stabilizing network policies, enhancing network confidence, and ensuring reasonable profitability [5]

2024 年 11 月 22 日 公司深度研究 买入/维持 康方生物(09926) 昨收盘:72.20 公 司 研 究 医药 康方生物：双抗龙头挑战药王成功，国际化向纵深推进 | --- | --- | --- | --- | |-----------------------------------------|-----------------|-----------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | 走势比较 | | | 报告摘要 | | 48% 70% | | | 依沃西头对头击败 K 药，远期峰值有望达到 54.63 亿元 | | 26% | | ...

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (09888 HK) [6] Core Views - Baidu's core advertising and iQIYI businesses are under short-term pressure, with 2024-2026 non-GAAP net profit forecasts revised downward to 26 1/27 2/29 8 billion yuan (previously 26 8/28 7/31 9 billion yuan), representing year-on-year growth rates of -9 3%/4 4%/9 4% [6] - The adjusted diluted EPS for 2024-2026 is projected at 9 0/9 3/10 0 yuan, with the current stock price of 76 65 HKD corresponding to 2024-2026 P/E ratios of 7 8/7 6/7 1 times [6] - Future growth is expected to be driven by macroeconomic recovery, AI product monetization, and the expansion of autonomous driving in key regions [6] Financial Performance - Baidu's 2024Q3 revenue declined by 3% year-on-year, in line with Bloomberg consensus expectations, while non-GAAP net profit fell 19% to 5 9 billion yuan, below the Bloomberg consensus of 6 2 billion yuan due to iQIYI's underperformance [7] - Baidu Core online marketing revenue decreased by 4% year-on-year in 2024Q3, underperforming the broader internet advertising market, which grew by 5 5% according to QuestMobile data [7] - AI and intelligent cloud revenue grew by 11% year-on-year in 2024Q3, with AI cloud accounting for approximately 11% of the total [7] - Autonomous driving platform Apollo Go saw a 20% year-on-year increase in ride volume in 2024Q3 [7] - iQIYI's revenue declined by 10% year-on-year in 2024Q3, with operating profit margin down by 6 percentage points [7] Business Outlook - Short-term advertising growth is pressured by weak SME client demand, increased competition, and the company's strategic shift towards AI-generated content [8] - AI is expected to enhance advertising monetization efficiency and drive cloud demand growth [8] - Autonomous driving business model validation is anticipated, with a focus on achieving breakeven in key regions [8] - AI cloud is projected to achieve higher steady-state profit margins compared to traditional businesses [8] Financial Projections - Revenue is forecasted to decline by 1 6% in 2024, followed by growth of 5 7% and 5 2% in 2025 and 2026, respectively [10] - Non-GAAP net profit is expected to decrease by 9 3% in 2024, then grow by 4 4% and 9 4% in 2025 and 2026, respectively [10] - Gross margin is projected to be 50 4% in 2024, improving to 51 2% in 2025 before declining to 42 7% in 2026 [10] - Net margin is expected to remain stable at around 19 7%-20 2% from 2024 to 2026 [10] - ROE is forecasted to decline from 10 7% in 2024 to 9 7% in 2026 [10]

Investment Rating - The report maintains a "Buy" rating for the company, citing its potential for revenue growth and profitability improvements [2][7] Core Views - The company's revenue growth is driven by its integration with Taotian, which is expected to enhance customer ARPU and attract new clients [2][5] - Cost reduction measures have significantly improved profitability, with adjusted net profit increasing by 205.1% YoY in 2024Q3 [6] - The company is expected to achieve revenue of 180.3 billion, 196.0 billion, and 211.2 billion RMB in 2024, 2025, and 2026, respectively, with adjusted net profit margins of 4.0%, 4.1%, and 4.2% [7] Revenue Breakdown - In 2024Q3, the company's total revenue reached 44.4 billion RMB, a 6.6% YoY increase [5] - Integrated supply chain revenue was 20.7 billion RMB, with internal revenue from JD Group growing 8.1% YoY to 12.79 billion RMB, while external revenue was 7.87 billion RMB, with customer numbers up 9.4% but ARPU down 7.4% [5] - Other customer revenue grew 7.6% YoY to 23.7 billion RMB, supported by improved service capabilities and expanded air routes [5] Cost Efficiency - In 2024Q3, employee benefits, outsourcing costs, rental costs, depreciation, and other operating costs were 14.6 billion, 15.0 billion, 3.1 billion, 1.1 billion, and 5.4 billion RMB, respectively, with changes of +4.8%, +2.7%, 0.0%, +10.0%, and -5.3% YoY [6] - Gross margin improved to 11.7%, up 3.8 percentage points YoY, driven by automation, optimized vehicle scheduling, and network structure improvements [6] Future Outlook - The company plans to enhance service quality by increasing transportation routes and frontline staff, while exploring opportunities in industrial belts [7] - Integration with Taotian is expected to provide a new revenue stream, contributing to future growth [7]

来源：公司年报、国金证券研究所 敏华控股 (01999.HK) 港股公司点评 证券研究报告 买入(维持评级) 业绩简评 11 月 22 日，公司发布 2025 财年中期业绩公告，公司 2025 财年上 半年实现营收 83.1 亿港元（同比-7.1%），归母净利润 11.4 亿港 元（同比+0.3%）。期内公司每股派息 15 港仙，派息比率为 51.1%， 继续保持较优分红比例。 经营分析 FY25H1 内销承压，外销亮点显现：分区域看，FY25H1 中国/北美/ 欧洲及其他海外营收分别同比-17.2%/+5.7%/+37.7%至 49.8 亿 /21.5 亿/7.3 亿港元。欧美市场 FY25H1 表现相对较优，尤其欧洲 及其他地区依托于新客户和渠道的开拓，整体呈现快速增长。而中 国市场主因地产景气下行叠加消费力偏弱，整体需求承压。中国市 场分品类来看，沙发/床 垫营 收分 别同 比-15.6%/-18.9% 至 32.9/12.1 亿港元，其中沙发销量同比-9.9%。分渠道来看，公司 继续加大线下扩张，中国区域线下门店 FY25H1 净增 280 家至 7516 家（未含格调和苏宁渠道店），而由于消费需求较 ...

上 市 公 司 公 司 研 究/ 公 司 深 度 证 券 研 究 报 告 | --- | --- | |--------------------------|-------------------------------| | 市场数据： | 2024 年 11 月 22 日 | | 收盘价（港币） | 16.56 | | 恒生中国企业指数 | 6887.05 | | 52 周最高/最低（港币） | 17.48/7.32 | | H 股市值（亿港币） | 266.38 | | 流通 H 股（百万股） | 1,608.55 | | 汇率（人民币/港币） | 1.0818 | 纺织服饰 -18% 82% 182% 11/2201/2203/2205/2207/2209/2211/22 HSCEI 裕元集团 报告原因：首次覆盖 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 李璇 A0230524070003 lixuan@swsresearch.com 联系人 李璇 (8621)23297818× lixuan@swsresearch.com 资料来源：Bloomb ...

Investment Rating - Buy (Maintained) [1] Core Views - YiduCore empowers full-scenario solutions, driving continuous profitability with adjusted EBITDA of RMB 27 million in FY1H25 [1] - Revenue declined by 7.6% YoY to RMB 329 million, primarily due to lower income from Life Science Solutions (LSS) and Health Management Platform and Solutions (HMPS) segments [1] - Gross margin decreased by 2.6pct to 35.6%, mainly due to changes in product mix [1] - Net loss attributable to shareholders narrowed to RMB 43 million from RMB 76 million in the same period last year [1] Business Segment Performance Big Data Platform Solutions (BDPS) - Revenue increased by 4.5% YoY to RMB 134 million, driven by YiduCore's full-scenario solutions [1] - Gross margin decreased by 7.8pct to 37.4% due to product mix changes [1] - YiduCore analyzed over 5.5 billion medical records from 1.1 billion patients and covered more than 2,800 hospitals [1] - The company launched a "Big Data + Large Language Model" dual-middle platform solution, focusing on a 70-billion-parameter model for medical vertical applications [1] Life Science Solutions (LSS) - Revenue decreased by 15.0% YoY to RMB 145 million, but gross margin improved by 1.9pct to 29.7% [1] - The top 20 multinational pharmaceutical companies are clients, with a customer retention rate of 117.45% [1] - The company's clinical trial solutions address industry pain points such as long timelines, high costs, and low success rates in drug development [1] Health Management Platform and Solutions (HMPS) - Revenue decreased by 12.4% YoY to RMB 51 million, with gross margin declining by 5.4pct to 47.8% [1] - The company maintained its leading position in "Huiminbao" business in core Chinese cities, with over 90% of users located in the top 15 GDP-ranked provinces [1] - The "Happy Health Tech" mini-program, integrated with the "Huiminbao" platform, was launched to enhance claims efficiency [1] Financial Forecasts and Valuation - Revenue forecasts for FY25-27 were revised downward by 11.0%/17.4%/23.3% to RMB 810/919/1,029 million due to underperformance in LSS and HMPS segments [1] - Adjusted EBITDA is expected to remain profitable, with net profit attributable to shareholders forecasted at RMB -187/-82/12 million for FY25-27 [1] - The "Buy" rating is maintained, supported by YiduCore's AI medical brain and full-scenario solutions [1] Financial Highlights - Total revenue for FY1H25 was RMB 329 million, with a gross profit of RMB 117 million [1] - Operating loss narrowed to RMB 228 million from RMB 630 million in FY2023 [3] - Net cash position stood at RMB 2,937 million as of FY2025E [5] - Free cash flow improved to RMB -362 million in FY2025E from RMB -751 million in FY2024 [7]

证券研究报告·公司研究 公司更新 2024 年 11 月 21 日 民银证券研究团队 分析师： 何丽敏 电 话： 37288036 Email： liminhe@cmbcint.com | --- | --- | |------------------------------------------------|-----------| | | | | 万洲国际（ 0288.HK ） | | | 目前股价（港元） | 6.43 | | 52 周内股价区间（港元） | 6.50/4.41 | | 总市值（亿港元） | 825.0 | | 近 3 月日均成交额（百万港元） | 172.6 | | 注：截至 2024 年 11 月 21 日收盘价 | | 股价表现 资料来源：iFind、民银证券 -20% 0% 20% 40% 23-11-2123-12-2124-01-2124-02-2124-03-2124-04-2124-05-2124-06-2124-07-2124-08-2124-09-2124-10-2124-11-21 万洲国际 恒生指数 期待子公司Smithfield分拆美股上市带来的估值潜力 万洲 ...

23/1123/1224/0124/0324/0424/0524/0624/0724/0824/0924/1024/11 | --- | --- | |----------------------------------------------|------------------------------------------| | 敏华控股 (01999) | 报告日期： 2024 年 11 月 24 日 | | 外贸销量增长超预期，以旧换新有望拉动内贸改善 | | 投资要点 ❑ 敏华控股发布业绩公告： 24/25 财年 H1（24 年 4 月-24 年 9 月）公司实现营业收入 83.05 亿港元（同比7.08%），归母净利 11.39 亿港元（同比+0.3%）。公司 24/25 财年 H1 毛利率为 39.5%，同比增长 0.4pct；净利率 13.7%，同比增加 1.0pct，盈利能力显著提升。 派息率 51.1%、当前股息率 6-7%。 ❑ 内销：开拓下沉市场，持续打开渠道 期内中国市场收入 49.75 亿港元（同比-17.2%，不含房地产业务），消费者信心下 探收入承压，毛利率 40.2%（同比 ...

Company Rating - The report assigns a "Buy" rating to Alibaba Pictures (01060 HK) with a current price of 0 41 HKD and a fair value of 0 65 HKD [1][2][3] Core Views - Alibaba Pictures reported FY25H1 revenue of 3 051 billion RMB, up 16 64% YoY, with adjusted EBITA of 642 million RMB, up 39 23% YoY, driven by the consolidation of Damai since November 30, 2023 [6] - FY25H1 content business revenue declined 17 30% YoY to 1 224 billion RMB due to a weak film market, with domestic box office down 38% YoY [6] - Ticketing and tech platform revenue surged 138 60% YoY to 1 227 billion RMB, with Damai maintaining a dominant position in the live entertainment ticketing market [6] - IP derivatives and other business revenue decreased 3 42% YoY to 599 million RMB, but segment profit grew 5 83% YoY to 176 million RMB [6] Financial Forecasts - Revenue is projected to grow to 6 004 billion RMB in FY25, 7 454 billion RMB in FY26, and 8 428 billion RMB in FY27 [10] - Net profit attributable to shareholders is expected to reach 527 million RMB in FY25, 886 million RMB in FY26, and 1 058 billion RMB in FY27 [10] - The report values Alibaba Pictures at 20x FY26 PE, implying a fair value of 0 65 HKD per share [6] Business Segments - Content business: Revenue is forecasted at 2 484 billion RMB in FY25, 3 392 billion RMB in FY26, and 3 905 billion RMB in FY27, with segment profit margins recovering to 14% in FY26 and FY27 [13][14] - Ticketing and tech platform: Revenue is expected to reach 2 477 billion RMB in FY25, 2 811 billion RMB in FY26, and 3 084 billion RMB in FY27, with segment profit margins stable at 60% [13][15] - IP derivatives and other: Revenue is projected at 1 042 billion RMB in FY25, 1 251 billion RMB in FY26, and 1 439 billion RMB in FY27, with segment profit margins steady at 27% [13][16] Market Outlook - The domestic film market is expected to recover in FY26, with total box office (including service fees) forecasted at 45 billion RMB in FY25, 55 billion RMB in FY26, and 60 billion RMB in FY27 [20] - Alibaba Pictures has a strong pipeline of 35 films in production and 35 films in development, including major titles scheduled for release during the 2025 Spring Festival [14]