Investment Rating - The report assigns an "Overweight" rating to the company, indicating a positive outlook on its stock performance [4] Core Views - The company's Q3 2024 performance met expectations, with revenue of $526 million (YoY -7.4%, QoQ +10.0%), gross margin of 12.2% (YoY -3.9pcts, QoQ +1.7pcts), and net profit of $44.82 million (YoY +222.6%, QoQ +571.6%) [1] - The company's 12-inch production line is nearing full capacity, with a utilization rate of 98.5% and revenue of $263 million (YoY -2.5%, QoQ +12.9%) [2] - The new 12-inch production line is expected to start trial production in December 2024, with an estimated total investment of $6.7 billion, averaging $2-2.5 billion annually from 2024 to 2026 [2] - The company's revenue guidance for Q4 2024 is $530-540 million, with a gross margin range of 11%-13% [1] Financial Performance - The company's revenue for 2024E is projected to be $1.996 billion (YoY -13%), with a gross margin of 11.2% and net profit of $103 million (YoY -63%) [3] - Revenue is expected to grow to $2.251 billion in 2025E (YoY +13%) and $2.728 billion in 2026E (YoY +21%), with net profit increasing to $157 million and $237 million, respectively [3] - The company's EPS is forecasted to be $0.07 in 2024E, $0.11 in 2025E, and $0.16 in 2026E [3] Market and Industry Insights - The company's 8-inch production line has a utilization rate of 113%, generating revenue of $263 million (YoY -11.9%, QoQ +7.2%) [2] - The demand for CIS and power management chips is increasing, with revenue from analog and power management reaching $123 million (YoY +21.8%, QoQ +21.6%) [4] - The company's IGBT and super-junction products are facing pricing and demand pressures, with revenue from discrete devices at $163 million (YoY -30.8%, QoQ +7.2%) [4] Future Outlook - The company's new 12-inch production line is expected to drive revenue growth in the medium to long term, despite short-term depreciation cost pressures [2] - The company is well-positioned to benefit from the growth in AI and new energy vehicles, which are expected to boost demand for power management chips and other products [4]

主要财务指标 公 司 跟 踪 报 告 海 外 研 究 | --- | --- | |----------------------------|--------------------------------| | | | | ＃市场数据 marketData ＃ | | | 日期 | 20241113 | | 收盘价（港元） | 16.56 | | 总股本（亿股） | 16 | | 流通股本（亿股） | 16 | | 净资产（亿美元） | 43 | | 总资产（亿美元） | 72 | | 每股净资产（美元） | 2.64 | | 数据来源： Wind | ，兴业证券经济与金融研究院整理 | ＃相关报告 relatedReport＃ 裕元集团_供不应求持续，上调 全年指引_20240813 裕元集团_满单率和毛利率超预 期_20240427 裕元集团_需求拐点将至，制造 端 利 润 率 继 续 环 比 提 升 _20231123 裕元集团_跟踪报告_降本增效 抵御压力，经营利润率环比改善 _20230815 裕元集团_跟踪报告_二季度压 力仍大_20230515 裕元集团_跟踪报告_订单能见 度尚不清晰_202 ...

Investment Rating - The report maintains a "Buy" rating for the company [3]. Core Views - The company's performance continues to decline, with a slight revenue increase but a significant drop in profitability. For the three months ending September 30, 2024, the unaudited consolidated revenue was approximately RMB 5.154 billion, a 3.1% increase from RMB 4.998 billion in the same period of 2023. However, the gross profit decreased by 12.7% to RMB 1.289 billion from RMB 1.476 billion in the previous year, and the net profit attributable to shareholders fell by 37.3% to RMB 0.357 billion from RMB 0.570 billion [3]. - The decline in performance is primarily attributed to the mining equipment sector, which has faced significant setbacks due to falling coal prices, leading to reduced purchasing intentions from coal enterprises. The company’s revenue from tunneling machines and comprehensive mining equipment has also decreased year-on-year [3]. - New business ventures, including the oil equipment business acquired in 2023, have not met expectations and are currently incurring losses, further dragging down overall performance [3]. Financial Summary - Revenue projections for 2024 and 2025 are estimated at RMB 21.324 billion and RMB 23.229 billion, respectively, reflecting year-on-year growth rates of 5.16% and 8.93% [3]. - The net profit attributable to shareholders is projected to be RMB 1.956 billion in 2024 and RMB 2.231 billion in 2025, with growth rates of 1.38% and 14.09% respectively [3]. - Key financial metrics indicate a net profit margin of 9.17% for 2024, increasing to 10.04% by 2026 [5]. Key Financial Indicators - The company’s revenue for 2023 is reported at RMB 20.278 billion, with a growth rate of 30.52%. The EBITDA for the same year is RMB 2.846 billion, with a projected increase to RMB 3.108 billion in 2024 [4][5]. - The return on equity (ROE) is expected to be 15.24% in 2024, slightly decreasing from 15.94% in 2023 [5]. - The company’s total assets are projected to grow from RMB 34.963 billion in 2023 to RMB 50.266 billion by 2026 [4]. Market Context - The mining equipment market outlook remains uncertain, with the company’s growth heavily reliant on the performance of its mining vehicle products and new product launches [3]. - The report highlights the challenges faced by the coal mining sector, which is expected to continue impacting the company’s performance in the short term [3].

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings Limited (00700.HK) [1][10]. Core Insights - Tencent's net profit showed strong performance in Q3 2024, with revenue reaching 167.2 billion RMB, a year-on-year increase of 8%, aligning with Factset consensus expectations. Gross margin improved from 49% to 53%, driven by a higher proportion of high-margin businesses and enhanced profitability in cloud services [1]. - Non-IFRS net profit attributable to shareholders was 59.8 billion RMB, up 33% year-on-year, exceeding Factset consensus by 12%, primarily due to a 19% decrease in income tax expenses compared to the previous year [1]. - Domestic gaming business growth accelerated, with value-added services revenue at 82.7 billion RMB (up 9% year-on-year), and domestic game revenue reaching 37.3 billion RMB (up 14% year-on-year), supported by strong performances from established games and new releases [1]. - AI-driven advertising continues to empower growth, with marketing services revenue at 30 billion RMB (up 17% year-on-year), and search revenue more than doubling, benefiting from improved ad targeting through AI models [1]. - The mini-program ecosystem is expanding, with transaction volume reaching 2 trillion RMB in Q3 2024, and the recent upgrade of WeChat mini-stores is expected to enhance e-commerce capabilities [1]. - The company repurchased approximately 35.9 billion HKD worth of shares in Q3 2024, with plans to exceed 100 billion HKD in buybacks for the year [1]. Financial Summary - Revenue projections for 2024, 2025, and 2026 are 653.2 billion RMB, 721.4 billion RMB, and 791.8 billion RMB, respectively. Non-IFRS net profit estimates for the same years are 221.3 billion RMB, 240.7 billion RMB, and 264.9 billion RMB [2][5]. - Key financial metrics include a gross margin of 53% for 2024, with a projected increase to 54.7% in 2025 and 54.9% in 2026. Non-IFRS net profit margin is expected to be 33.9% in 2024, slightly decreasing in subsequent years [2][8]. - The company’s cash flow from operating activities is projected to be 308.4 billion RMB in 2024, increasing to 376.0 billion RMB by 2026 [6].

Investment Rating - The report maintains a "Buy" rating for the company, reflecting confidence in its growth prospects and market position [3][4] Core Views - The company achieved a record high quarterly revenue of $2.171 billion in Q3 2024, marking a 34% YoY increase and a 14.2% QoQ growth, surpassing the $2 billion mark for the first time [1] - Gross margin improved to 20.5% in Q3 2024, up 0.7 pct YoY and 6.6 pcts QoQ, within the guidance range of 18%-20% [1] - Net income attributable to shareholders reached $149 million in Q3 2024, a 58.3% YoY increase but a 9.6% QoQ decline, below the FactSet consensus estimate of $255 million [1] - The company provided Q4 2024 revenue guidance of $2.171-$2.214 billion, slightly above the FactSet consensus estimate of $2.137 billion [1] Financial Performance - The company's wafer production reached 884,000 wafers per month in Q3 2024, an 11% YoY and 6% QoQ increase, with a capacity utilization rate of 90.4% [2] - 12-inch wafer revenue grew significantly to $1.609 billion in Q3 2024, up 47.3% YoY and 23.8% QoQ, driving overall average price improvements [2] - The company aims to achieve a monthly production capacity of 900,000 8-inch equivalent wafers by the end of 2024 [2] Market and Industry Outlook - The non-AI foundry market is expected to grow by 4%-9% in 2025, with wafer shipments projected to increase by double digits [5] - The company is well-positioned to benefit from the expansion of AI applications into edge devices such as smartphones and IoT, leveraging its BCD and NPU products [5] Financial Projections - Revenue is projected to grow to $8.015 billion in 2024, $9.348 billion in 2025, and $10.202 billion in 2026, with YoY growth rates of 26.8%, 16.6%, and 9.1% respectively [4] - Net income attributable to shareholders is expected to be $584 million in 2024, $820 million in 2025, and $1.123 billion in 2026, with significant YoY growth in 2025 and 2026 [4] - Gross margin is forecasted to improve from 16.7% in 2024 to 22.3% in 2026, reflecting operational efficiency and product mix optimization [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive long-term outlook based on its fundamentals and growth strategies [2][3]. Core Insights - The company is expected to achieve revenue growth of 4.1%, 8.4%, and 8.2% for the years 2024, 2025, and 2026, respectively, with projected revenues of $11.43 billion, $12.38 billion, and $13.40 billion [3][4]. - Net profit is forecasted to grow by 10.2%, 8.5%, and 8.3% over the same period, reaching $911 million, $988 million, and $1.07 billion [3][4]. - The company has increased its dividend and share buyback program, raising the total planned amount from $3 billion to $4.5 billion, which represents 23% of its current market capitalization [3][4]. - The restaurant operating profit margins for KFC and Pizza Hut were reported at 18.3% and 12.8%, respectively, showing resilience in profitability [3][4]. - The company opened 438 new stores in Q3 2024, bringing the total to 15,861, with KFC and Pizza Hut showing year-on-year growth of 14% and 13% in store numbers [3][4]. Financial Summary - For the fiscal year 2023, the company reported revenues of $10.98 billion, with a year-on-year growth rate of 14.7% [4][7]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are $2.36, $2.63, and $2.92, respectively [3][4]. - The return on equity (ROE) is expected to be 12.8% in 2023, increasing to 13.5% in 2024 before slightly declining in subsequent years [7][4].

Investment Rating - The report maintains a "Buy" rating for the company [1][4][9] Core Insights - The company is experiencing strong growth in patient visits, with a total of approximately 1.485 million visits in Q3 2024, representing a year-on-year increase of about 25% [6] - The company is expanding its physical presence, having opened 19 new stores in 2024, including 4 self-built and 15 acquired locations, primarily in key cities [6] - Revenue forecasts for 2024-2026 are projected at 30.74 billion, 39.52 billion, and 50.66 billion RMB, with adjusted net profits of 4.15 billion, 5.41 billion, and 7.06 billion RMB respectively [4][6] Financial Summary - For the fiscal year 2024, the company is expected to generate revenue of 3,074 million RMB, with a growth rate of 32.31% [3][7] - Adjusted net profit for 2024 is forecasted at 414.58 million RMB, reflecting a growth rate of 36.06% [3][7] - The adjusted net profit margin is projected to be 13.49% in 2024, with a return on equity (ROE) of 13.10% [3][7] Operational Highlights - The company has formed a strategic partnership with Meituan Medical to enhance online service coverage, allowing over 30,000 traditional Chinese medicine practitioners to provide services through the platform [4][6] - The company is focusing on scaling its operations in provincial capital cities and enhancing its online service capabilities [4][6]

Investment Rating - The report maintains a "Buy" rating for the company [1][3]. Core Insights - The company achieved a record quarterly revenue of RMB 43.55 billion in Q3 2024, representing a year-over-year increase of 21.1%. The net profit attributable to shareholders was RMB 1.55 billion, up 1.1% year-over-year. For the first three quarters of 2024, total revenue reached RMB 122.1 billion, a 32.54% increase year-over-year, with a net profit of RMB 3.063 billion, reflecting a 0.64% growth year-over-year [1]. - The consumer electronics segment is benefiting from increased market share among major clients and a trend towards high-end products. The global smartphone shipment in Q3 2024 was 316 million units, up 4.0% year-over-year, while tablet shipments reached 39.6 million units, up 20.4% year-over-year. The company anticipates improved operational efficiency and profitability from the acquisition of Jabil's production line after automation upgrades [2]. - The new intelligent products segment, including servers and robots, is expected to offset challenges in the residential energy storage market. The company has strategically positioned itself in the server market, developing various products and solutions, while industrial robots are set to launch, providing new growth opportunities [2]. - The automotive business, supported by the parent company BYD, saw a significant increase in Q3 2024 with vehicle shipments reaching 1.135 million units, a 37.8% year-over-year growth. The company expects further enhancement in the value per vehicle due to the growth of smart cockpit, smart driving, and thermal management products, along with the mass production of new smart suspension systems [3]. Financial Summary - The company’s projected revenues for 2024, 2025, and 2026 are RMB 171.0 billion, RMB 189.7 billion, and RMB 203.0 billion, respectively, with net profits expected to be RMB 4.561 billion, RMB 6.302 billion, and RMB 7.254 billion [3][4]. - Key financial metrics for 2023 and projections for 2024-2026 include: - Revenue: RMB 129.957 billion (2023A), RMB 170.974 billion (2024E) - Net Profit: RMB 4.041 billion (2023A), RMB 4.561 billion (2024E) - Gross Margin: 8.0% (2023A), 7.3% (2024E) - Earnings Per Share: RMB 1.79 (2023A), RMB 2.02 (2024E) [3][6][7].

Investment Rating - The report maintains a "Buy" rating for China Ping An, suggesting investors pay attention to the company [2]. Core Views - China Ping An is a comprehensive financial company that continues to deepen its "one customer, multiple products, one-stop service" model to meet diverse financial needs [2]. - The operating profit of the three core businesses remains robust, with a total operating profit attributable to shareholders of RMB 113.82 billion for the first three quarters of 2024, representing a year-on-year increase of 5.5% [2]. - The new business value from the agent channel has significantly improved, with a year-on-year increase of 34.1% in new business value for life and health insurance [2]. Financial Performance Summary - For the first three quarters of 2024, the group achieved an operating profit of RMB 113.82 billion, a 5.5% increase year-on-year, and a net profit of RMB 119.18 billion, a 36.1% increase year-on-year [2]. - The annualized operating ROE as of September 30, 2024, was 15.9%, a decrease of 0.1 percentage points year-on-year [2]. - The new business value for life and health insurance reached RMB 35.16 billion, a 34.1% increase year-on-year, with the agent channel's new business value growing by 31.6% [2]. - The property insurance service revenue for the first three quarters of 2024 was RMB 246.02 billion, a 4.5% increase year-on-year, with operating profit increasing by 39.7% [2]. - The investment portfolio of insurance funds grew to over RMB 5.32 trillion, a 12.7% increase from the beginning of the year, with an annualized comprehensive investment return rate of 5.0%, up 1.3 percentage points year-on-year [2]. Key Financial Indicators - The projected operating revenue for 2024 is RMB 990.9 billion, with a year-on-year growth of 8.4% [3]. - The projected net profit attributable to shareholders for 2024 is RMB 128.3 billion, representing a year-on-year increase of 49.7% [3]. - The projected new business value for 2024 is RMB 40.4 billion, with a year-on-year growth of 30.0% [3]. - The projected EPS for 2024 is RMB 7.24, compared to RMB 4.84 in 2023 [3].

Investment Rating - The report maintains a "Buy" rating for the company, citing strong performance and growth potential [2][5] Core Views - The company reported a net profit of $100 million for the first nine months of 2024, representing a year-on-year growth of over 335% [5] - Full-year revenue for 2024 is expected to exceed expectations, with a projected growth rate of over 20% [5] - The company's EGO brand has shown strong performance, contributing significantly to profit growth [5] - Online channel revenue is growing rapidly, with Amazon driving significant growth, and is expected to reach double-digit revenue share in 2024 [5] - The company is expanding its distributor network in North America and adjusting distribution policies in Europe, which is expected to improve gross margins [5] - Q3 2024 gross margin is expected to improve year-on-year due to the strong performance of the high-margin EGO brand, production scale recovery, and low raw material costs [5] - Downstream retailer inventories have returned to healthy levels, supporting growth in shipments [5] Financial Projections - Revenue for 2024-2026 is projected to be $1.655 billion, $1.922 billion, and $2.198 billion, respectively, with year-on-year growth rates of 20.4%, 16.1%, and 14.4% [5] - Adjusted net profit for 2024-2026 is expected to be $131 million, $150 million, and $178 million, with year-on-year growth rates of 15.1% and 18.3% for 2025 and 2026, respectively [5] - Gross margin is expected to improve to 32.7% in 2024, compared to 28.1% in 2023 [4][5] - Adjusted net profit margin is projected to be 7.9%, 7.8%, and 8.1% for 2024-2026, respectively [4][5] - ROE is expected to increase to 12.3%, 12.7%, and 13.4% for 2024-2026, respectively [4][5] Market Data - The company's closing price on October 17, 2024, was HKD 21.3, with a total market capitalization of HKD 10.9 billion [3] - Total assets were $1.94 billion, with net assets attributable to the parent company at $982 million [3] - Earnings per share (EPS) for 2024-2026 are projected to be $0.28, $0.32, and $0.38, respectively [4][5] Operational Highlights - The company is focusing on optimizing operational efficiency and controlling management expenses while steadily investing in marketing and R&D [5] - The company's OPE and power tools are benefiting from downstream retailers' restocking cycles, which are expected to align with POS growth rates in Q4 2024 [5] - The EGO brand is expected to outperform industry averages despite weak downstream demand [5]