Investment Rating - The report maintains a "Buy" rating for Salesforce (CRM) with a target price of $450, indicating a potential upside of approximately 26% from the current price [1][16][19]. Core Insights - Salesforce reported a revenue of $9.44 billion for FY25Q3, reflecting an 8% year-over-year growth, driven primarily by subscription and support services [1][5][17]. - The company has adjusted its GAAP operating margin guidance to 19.8% and non-GAAP operating margin to 32.9% for FY25, indicating strong profitability [5][12]. - The introduction of AI products, particularly Agentforce, is expected to enhance revenue growth and operational efficiency, positioning Salesforce competitively in the market [12][18][19]. Summary by Sections Financial Performance - FY25Q3 revenue reached $9.44 billion, up 8% year-over-year, exceeding market expectations [1][5]. - GAAP operating margin was reported at 20%, with a net profit of $1.53 billion, reflecting a 25% increase year-over-year [1][5][17]. - The company’s cash flow from operations was $1.78 billion, with free cash flow also showing a strong increase of 30% year-over-year [1][5]. Revenue Breakdown - Subscription and support revenue accounted for $8.88 billion, growing 9% year-over-year, while professional services revenue was $560 million, showing a slight increase [1][5][12]. - Revenue by geography showed growth across all regions, with the Americas contributing $6.22 billion, Europe $2.23 billion, and Asia Pacific $996 million [5][12]. AI Strategy and Product Development - Salesforce's AI strategy, particularly through Agentforce, is expected to drive significant revenue growth, with a target of 1 billion AI interactions by 2025 [12][18]. - The integration of AI capabilities is enhancing customer engagement and operational efficiency, with reported improvements in sales efficiency and customer satisfaction [18][19]. Market Position and Future Outlook - The report highlights Salesforce's competitive edge in the AI CRM market, with a focus on continuous innovation and strategic partnerships [12][18]. - The company aims to leverage its AI capabilities to further penetrate the market and enhance its product offerings, ensuring sustained growth [12][19].

Investment Rating - The report assigns a "Buy" rating for Amazon (AMZN) with a target price of $269.40, indicating an 18% upside potential from the current price [2][21]. Core Insights - The outlook for AI development is optimistic, with AWS's AI business achieving a scale of several billion dollars and a growth rate exceeding 100%, which is more than three times the growth rate of AWS overall [1][7]. - Jeff Bezos has returned to Amazon's management team, focusing on driving further breakthroughs in the AI sector, which is expected to significantly impact Amazon's business model and future strategy [7]. - Amazon's e-commerce business is benefiting from industry expansion, continuous innovation, and cost control, with global e-commerce sales projected to grow by 8.4% in 2024, reaching $6.09 trillion [2][7]. Summary by Sections AI Business - AWS's AI business has reached a multi-billion dollar scale, with a growth rate exceeding 100%, significantly outpacing AWS's overall growth [1][7]. - The introduction of Amazon EC2 Trn2 instances powered by Trainium2 offers a cost advantage of 30-40% over current GPU-based instances, enhancing efficiency for clients [1][7]. - Collaboration with Anthropic on Project Rainier aims to expand distributed model training using Trainium2 chips [7]. E-commerce Business - Amazon is positioned as the largest player in the e-commerce market outside of China, benefiting from the industry's growth [2][7]. - The company is focusing on cost control and efficiency improvements, optimizing its inbound package network and utilizing automation in distribution centers [2][7]. - In Q3 2024, total revenue reached $158.9 billion, with a year-over-year growth of 11%, and net profit increased by 52% to $15.3 billion [2][7]. Financial Performance - The report projects total revenues for 2024-2026 to be $640.3 billion, $708.6 billion, and $780.9 billion, with year-over-year growth rates of 11% for 2024 and 2025, and 10% for 2026 [2][21]. - Operating profit is expected to rise significantly, with projections of $65.3 billion in 2024, $80.8 billion in 2025, and $97.6 billion in 2026 [2][21]. - The diluted earnings per share are forecasted to be $5.29, $6.45, and $7.71 for 2024, 2025, and 2026, respectively, reflecting substantial growth [2][21].

Investment Rating - The report maintains a **Buy** rating for Hong Kong Exchanges and Clearing Limited (HKEX) with a target price of **360 HKD**, representing a **16% upside** from the current price [3][10] Core Views - HKEX delivered **strong performance** in the first three quarters of 2024, with **revenue and other income** reaching **15.99 billion HKD** (YoY +2%), the **second-highest** in history [3] - **Net profit attributable to shareholders** increased by **5 million HKD** to **9.27 billion HKD**, driven by higher trading and clearing fees from **spot, derivatives, and commodity markets** [3] - **Spot market** revenue reached **6.35 billion HKD**, with **average daily turnover** growing **5% YoY** to **102.7 billion HKD**, supported by **economic stimulus measures** in mainland China and **global monetary easing** [3] - **Stock Connect** performance was robust, with **average daily turnover** rising **14% YoY** to **123.3 billion CNY**, contributing **1.78 billion HKD** in revenue (YoY +4%) [3][7] - **Derivatives market** saw **record-high average daily volume** of **1.516 million contracts** (YoY +12%), though revenue declined **12%** to **4.28 billion HKD** due to lower **margin investment income** [3] - **Commodities market** revenue surged **31% YoY** to **2.1 billion HKD**, driven by higher **LME trading and clearing fees** [3] - **Investment income** decreased **4% YoY** to **3.73 billion HKD**, primarily due to lower **margin requirements** and increased **interest rebates** to attract trading volume [3] Business Segment Performance - **Trading and trading system usage fees**: **4.98 billion HKD** (YoY +6%) [3] - **Clearing and settlement fees**: **3.18 billion HKD** (YoY +7%) [3] - **Listing fees**: **1.08 billion HKD** (YoY -6%) [3] - **Depository and agency services fees**: **890 million HKD** (YoY -1%) [3] - **Market data fees**: **810 million HKD** (YoY -2%) [3] - **Other income**: **1.26 billion HKD** (YoY +8%) [3] Financial Forecasts - **Revenue**: Expected to grow from **22.23 billion HKD** in 2024 to **24.38 billion HKD** in 2026 [10] - **Net profit**: Projected to increase from **12.77 billion HKD** in 2024 to **13.93 billion HKD** in 2026 [10] - **Diluted EPS**: Forecasted to rise from **10.07 HKD** in 2024 to **10.99 HKD** in 2026 [10] - **Dividend per share**: Anticipated to grow from **9.0 HKD** in 2024 to **9.9 HKD** in 2026 [10] Market Performance - **Average daily turnover** in the **Hong Kong market** reached **102.7 billion HKD** in the first three quarters of 2024, a **5% YoY increase** [3] - **Stock Connect average daily turnover** stood at **110.3 billion CNY** (YoY +4%), with **Southbound turnover** at **39.6 billion HKD** (YoY +37%) [8] - **Stock Connect revenue** accounted for **11%** of HKEX's total revenue and other income in the first three quarters of 2024 [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to HKD 6.4, indicating a potential upside of 17.89% from the last closing price of HKD 5.42 [3][4]. Core Insights - The company has experienced a revenue decline of 6.2% year-on-year in H1 2024, with total revenue reaching HKD 79.26 billion, primarily due to reduced demand from core clients. However, the cloud intelligence business showed stable growth, generating HKD 33.68 billion in revenue, a 2% increase year-on-year [2][3]. - The company has been actively repurchasing shares, having bought back and canceled nearly 260 million shares since 2023, reflecting its confidence in long-term growth [2]. - The company aims to become a comprehensive AI software and service provider, focusing on deep integration with leading clients in various industries such as finance, energy, and healthcare, while leveraging advancements in AI technologies [2][3]. Financial Summary - For the fiscal year ending December 31, 2024, the company is projected to achieve total revenue of approximately HKD 17.31 billion, a slight increase of 1.1% compared to the previous year. The net profit is expected to be around HKD 738.77 million, reflecting a year-on-year decrease of 3.56% [5]. - The gross profit margin is forecasted to stabilize at 23.39% for 2024, with the company maintaining a focus on cost management and operational efficiency [5][9]. - The company has a market capitalization of HKD 146.99 billion and a price-to-earnings ratio of 20.1 based on the current share price [4][5].

Investment Rating - The report assigns a **Hold** rating to Intuitive Surgical (ISRG) with a target price of **$558.63**, representing a **3.7% upside** from the current price [3] Core Views - Intuitive Surgical reported strong Q3 2024 growth, with revenue reaching **$2.04 billion**, a **17% YoY increase**, driven by robust procedure growth and system installations [1] - The company installed **379 Da Vinci systems** in Q3 2024, a **67-unit increase** YoY, with the new DV5 system showing strong momentum, reaching **110 installations** in Q3 [1] - Non-GAAP net income grew **28% YoY** to **$669 million** in Q3 2024, reflecting strong operational performance [1] - The company expects **16-17% procedure growth** for full-year 2024, with gross margins maintained at **68.5-69%** [3] Procedure Growth and System Installations - Total procedure volume grew **18% YoY** in Q3 2024, driven by strong growth in general surgery in the US and increased volumes in Japan, Germany, France, and the UK [1] - Despite headwinds from declining bariatric surgery volumes and the impact of doctor strikes in South Korea, overall procedure growth remained robust [1] - The Da Vinci system installed base reached **9,539 units** as of September 30, 2024, a **15% increase** YoY [1] DV5 System and Market Expansion - The DV5 system, launched in March 2024, is expected to achieve broader rollout by mid-2025, with its advanced features such as force feedback technology and 3D imaging enhancing surgical precision and user experience [2] - The company is gradually increasing DV5 installations, with regulatory approvals secured in South Korea for multiple surgical applications, and CE mark approval expected by late 2025 [2] - The DV5 system is being deployed in the US through a trade-in model, with significant revenue growth potential expected post mid-2025 when deployment restrictions are lifted [2] Financial Projections - The company forecasts **10-12% growth** in operating expenses for 2024, with non-cash stock compensation expected to be **$670-690 million** [3] - Other income, primarily from interest income, is projected to increase to **$325-345 million**, while capital expenditures are expected to remain at **$1.0-1.2 billion** [3] - The DCF valuation assumes an **8% discount rate** and a **5% perpetual growth rate**, resulting in the target price of **$558.63** [3]

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company is undergoing a restructuring of its hydropower assets, positioning itself as a flagship in clean energy [2]. - The total electricity sales volume for the first ten months of the year reached 108,220,668 MWh, representing a significant increase of 30.56% year-on-year [2]. - The company plans to sell its hydropower assets (5.9 GW) to its parent company's subsidiary, Yuanda Environmental Protection, in exchange for newly issued shares, which will enhance its position in the clean energy sector [2]. - The company aims to integrate approximately 20 GW of remaining hydropower assets into Yuanda Environmental Protection over the next three years [2]. - The company has accelerated the construction of wind and solar projects, with a total of 3.3 GW of new clean energy capacity added in the first half of the year [2]. - The company targets a clean energy installed capacity ratio of 90% by 2025, with expected new installations of about 7 GW for the year [2]. Summary by Sections Sales Performance - The company reported a year-on-year increase in wind power sales volume of 57.05% and solar power sales volume of 79.55% [2]. - Hydropower sales volume increased by 62.62% due to improved water conditions in the first half of the year [2]. Financial Projections - The company forecasts revenue growth from 44,262 million in 2023 to 50,228 million in 2024, representing a 13.5% increase [4]. - The net profit attributable to shareholders is projected to rise from 2,660 million in 2023 to 5,109 million in 2024, indicating a 92.1% growth [4]. - The company expects to achieve a basic earnings per share of 0.41 in 2024, up from 0.22 in 2023 [4]. Asset Management - The company’s total assets are projected to grow from 305,807 million in 2023 to 329,340 million in 2024 [4]. - The debt ratio is expected to increase from 68.9% in 2023 to 70.7% in 2024, indicating a rising leverage [4]. Market Position - The company aims to solidify its status as a comprehensive clean energy flagship platform, leveraging its control over Yuanda Environmental Protection [2]. - The target price for the company's stock is set at 4.73 HKD, reflecting a potential upside of 52% from the current price of 3.11 HKD [2].

Investment Rating - The report assigns a "Hold" rating for lululemon, with a target price adjusted to $400 per share, corresponding to a FY2025 P/E ratio of 26.4 times [1][15]. Core Insights - The North American market has reached a bottom, while significant growth is observed in the Chinese market, indicating that the global expansion strategy is yielding results [1][5]. - In Q3 2024, lululemon's total revenue was $2.4 billion, representing a year-over-year increase of 9%, exceeding the consensus growth expectation of 7% [5][6]. - The adjusted gross margin for Q3 was 58.5%, which is 40 basis points higher than the adjusted gross margin in Q3 2023, outperforming the guidance of a 50-60 basis point decline [5][6]. - Net profit increased by 41.5% year-over-year to $350 million, surpassing the consensus expectation of $340 million [5][6]. - The company plans to launch more colors, prints, and patterns in Q1 2025 to enhance product offerings, which is expected to drive growth [15]. Summary by Sections Performance Overview - In Q3 2024, lululemon's revenue was $2.4 billion, up 9% year-over-year, driven by strong performance in North America and international markets [5][6]. - The adjusted operating margin increased by 70 basis points to 20.5%, benefiting from lower inventory and management costs [5][6]. - The company reported an EPS of $2.87, exceeding the consensus estimate of $2.75 [5][6]. Regional Performance - North American revenue grew by 2% year-over-year, with Canadian revenue increasing by 9% and U.S. revenue remaining flat [5][6]. - International revenue surged by 33% year-over-year, with mainland China showing a 39% increase [5][6]. Future Guidance - For FY2024, lululemon expects net revenue to be between $10.452 billion and $10.487 billion, up from previous guidance of $10.375 billion to $10.487 billion [6][5]. - The company anticipates Q4 2024 net revenue to be between $3.475 billion and $3.510 billion [6][5].

Investment Rating - The report maintains a positive outlook on ASML, with a slight adjustment in the shipment guidance for EUV lithography machines in 2025 [2]. Core Insights - ASML's Q3 revenue reached €7.47 billion, a year-on-year increase of 11.9%, slightly exceeding the company's guidance of €6.7-7.3 billion and Bloomberg consensus of €7.2 billion [2]. - The gross margin for Q3 was 50.8%, down 1.1 percentage points year-on-year, aligning with the company's guidance of 50%-51% [2]. - Net profit for the quarter was €2.08 billion, a 9.7% increase year-on-year, with an operating profit margin of 32.7% [2]. - The EPS was €5.28, surpassing Bloomberg consensus of €4.88 [2]. - New orders for the quarter totaled €2.6 billion, significantly below market expectations of €5.4 billion, with logic and storage accounting for 46% and 54% respectively [2]. - The backlog stood at €36 billion, a decrease of €3 billion quarter-on-quarter [2]. - The company declared a dividend of €1.52 per share for Q3 [2]. Financial Performance Summary - Total revenue for the fiscal year ending December 31 is projected to be €27.56 billion, with a year-on-year growth of 30.16% [4]. - Net profit is expected to be €7.84 billion, with a slight decrease in EPS forecasted for 2025 at €19.2 [4]. - The estimated P/E ratio based on a share price of $706.52 is 36.3 [4]. - The dividend per share is projected to increase to €6.4 in 2025 [4]. Future Guidance - The company has revised its 2025 net sales guidance to €3-3.5 billion, down from the previous €3-4 billion, primarily due to expected lower shipments of High NA EUV lithography machines [2]. - The gross margin guidance for 2025 has been adjusted to 51%-53%, down from 54%-56% [2]. - The company anticipates a CAGR of 9% for semiconductor sales from 2025 to 2030, with sales expected to exceed $1 trillion by 2030 [2]. - For Q4 2024, the net sales guidance is set at €8.8-9.2 billion, aligning with Bloomberg consensus of €9 billion [2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $4.40 [2][6]. Core Insights - The company continues to experience high revenue growth, with a projected revenue increase of 51.2% for FY24 and 28.1% for FY25, despite short-term profit pressures due to ongoing investments in expansion [2][6]. - The K9 business segment shows significant growth, with comparable cash collections increasing over 200% year-on-year, while the K12 business remains dominant, contributing over 75% of total revenue [2][6]. - The company anticipates a revenue growth rate of 69.2%-71.9% for FY24Q4, with total revenue expected to reach between 12.88 billion and 13.08 billion yuan [2][6]. Financial Overview - For FY24Q3, the company reported a revenue of 12.08 billion yuan, reflecting a year-on-year increase of 53.1% [2][6]. - The non-GAAP operating loss for FY24Q3 was 4.76 billion yuan, indicating an increase in losses compared to previous periods [2][6]. - Cash reserves grew by over 67.2%, reaching 33.1 billion yuan, with no interest-bearing debt [2][6]. Business Segment Performance - The K9 business segment's revenue grew by over 100% year-on-year, while traditional adult and university student services faced pressure, with revenue growth remaining flat [2][6]. - The company is actively expanding its offline teaching network, currently operating nearly 150 teaching points across the country, which is expected to enhance operational efficiency and profitability in the long term [2][6]. Future Projections - The company expects to narrow its adjusted net loss significantly to 2.1 billion yuan by FY25, with profitability anticipated by FY26 [2][6]. - The report highlights a projected revenue of 5.73 billion yuan for FY25, with a continued focus on balancing growth and profitability [2][6].

Investment Rating - The report assigns a **Buy** rating to the company with a target price of **HKD 77.7**, representing a **19% upside** from the current price of HKD 65.2 [5] Core Views - The company's R&D pipeline demonstrates **world-class potential**, particularly with its key products **AK104 (PD-1/CTLA-4)** and **AK112 (PD-1/VEGF)**, which have shown significant clinical progress and market potential [2][3] - The company's revenue in H1 2024 increased by **24% YoY to RMB 940 million**, driven by strong sales of **AK104 (RMB 710 million, +16.5% YoY)** and **AK105 (RMB 130 million)** [2] - Despite a net loss of **RMB 240 million** in H1 2024, the company maintains a strong cash position of **RMB 2.4 billion**, supported by two successful placements in 2024 raising **HKD 1.17 billion** and **HKD 1.92 billion** respectively [2] Product Pipeline Summary AK104 (PD-1/CTLA-4) - Achieved **PFS (12.7 vs 8.1 months, HR 0.62)** and **OS (not reached vs 22.8 months, HR 0.64)** endpoints in **first-line cervical cancer**, with significant efficacy across all populations, including **PD-L1 low/negative expression** (CPS <1, 23% reduction in death risk) [3] - Approved for **first-line gastric cancer** in October 2024, showing **OS benefit (15 vs 10.8 months, HR 0.62)**, addressing the unmet need in **PD-L1 low/negative gastric cancer** (mOS 17.6 months vs 11 months for PD-1) [3] - Multiple **Phase III trials** ongoing for **gastric cancer post-PD-(L)1 progression**, **hepatocellular carcinoma**, and **non-small cell lung cancer (NSCLC)** [3] AK112 (PD-1/VEGF) - Approved in May 2024 for **EGFR-mutated NSCLC post-treatment progression**, with **Summit global Phase III** trial completed and **FDA Fast Track** designation [3] - Achieved **PFS endpoint (11.14 vs 5.82 months, HR 0.51)** in **first-line PD-L1-positive NSCLC** vs **Pembrolizumab**, with **NDA submitted** in July 2024 [3] - Expanded **Summit Phase III** trial to include **non-squamous NSCLC** with a sample size of **1,080 patients**, alongside ongoing trials for **biliary tract cancer**, **pancreatic cancer**, and **head and neck squamous cell carcinoma** [3] Other Key Products - **AK105 (PD-1)**: Under review for **first-line nasopharyngeal carcinoma** and submitted for **first-line hepatocellular carcinoma** [3] - **AK102 (PCSK9)**: Approved in October 2024 [3] - **AK101 (IL-12/IL-23)**: Submitted for **moderate-to-severe plaque psoriasis** in August 2023 [3] - **AK111 (IL-17)**: Completed Phase III enrollment for **psoriasis** and ongoing for **ankylosing spondylitis** [3] - **AK117 (CD47)**: Global first **Phase III** trial for **solid tumors** [3] Financial Summary - Revenue for 2024E is projected at **RMB 2.5 billion**, with a **32.6% YoY growth** expected in 2025E to **RMB 3.3 billion** [4] - Gross margin remains strong at **91.3%** in H1 2024, with **R&D expenses** increasing by **3% to RMB 590 million** [2] - Net loss for 2024E is estimated at **RMB 184 million**, with a turnaround to **RMB 775 million net profit** expected in 2026E [4] Valuation - The target price of **HKD 77.7** is derived using a **DCF model** with a **WACC of 10.0%** and **perpetual growth rate of 3.0%**, incorporating **AK112's overseas potential** (USD 6 billion sales, 60% success probability) [3]