Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 211 for the next six months [3][4]. Core Insights - The company's core local business profit exceeded market expectations by 14% in Q3, with significant improvements in both food delivery and in-store travel services [10][11]. - The report anticipates a revenue growth of 19% year-on-year in Q4, with core local business and new business revenues expected to grow by 18% and 22% respectively [13]. - The company is expected to benefit from its competitive advantages in instant delivery and the ongoing digitalization of the travel sector, alongside controlled losses in overseas business ventures [13]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported revenues of HKD 276,745 million, a 26% year-on-year increase, with adjusted net profit reaching HKD 23,253 million, reflecting an 8.4% net profit margin [9][10]. - The projected revenues for 2024, 2025, and 2026 are HKD 336,889 million, HKD 392,556 million, and HKD 447,463 million respectively, with corresponding growth rates of 22%, 17%, and 14% [9][10]. - The adjusted net profit is expected to grow to HKD 43,859 million in 2024, with a net profit margin of 13% [9][10]. Shareholder Structure - The major shareholders include Wang Xing with 8.90%, BlackRock with 5.97%, and Vanguard Group with 5.20%, while other shareholders account for 74.98% [7]. Stock Performance - The stock has shown a relative return of -4.79% over the past month, but a significant increase of 76.51% over the past year [8]. - The stock price as of November 29, 2024, was HKD 168.7, with a market capitalization of HKD 1,008,936 million [5][6].

| --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------- ...

Investment Rating - The report assigns a "Buy" rating to Laopu Gold with a target price of HKD 235 [1][1]. Core Insights - Laopu Gold is a pioneer in the ancient gold concept, focusing on high-end gold jewelry with significant growth potential in the domestic market. The company reported revenues of RMB 3.28 billion and RMB 3.52 billion for the full year of 2023 and the first half of 2024, respectively, reflecting year-on-year growth of 145% and 148%. Net profits were RMB 416 million and RMB 587 million, showing year-on-year increases of 342% and 198% [1][1][14]. Company Overview - Laopu Gold, established in 2009, is a chain enterprise specializing in the processing and sale of gold jewelry, promoting the ancient gold concept. The company operates 33 stores across 14 cities in China, focusing on high-end markets [1][14]. - The company has a concentrated shareholding structure, with the largest shareholders being the Xu family, holding 67.6% of the shares [16]. Financial Performance - The company has shown rapid revenue growth, with a compound annual growth rate of 58.6% from 2021 to 2023. The gross profit margin has remained stable at around 41.9% [25][25]. - For the years 2024 to 2026, net profit forecasts are RMB 1.12 billion, RMB 1.45 billion, and RMB 1.78 billion, respectively, with corresponding EPS of HKD 7.1, HKD 9.3, and HKD 11.3 [1][1]. Market Position and Strategy - Laopu Gold has positioned itself in the high-end jewelry market, with 90% of its sales coming from products priced above RMB 10,000. This is significantly higher than competitors, where such products typically account for less than 20% of sales [1][1][36]. - The company has a unique product offering, utilizing complex craftsmanship to create intricate gold jewelry, and has been recognized as one of the top ten jewelry brands favored by high-net-worth individuals in China [1][1][36]. Industry Insights - The gold jewelry market in China is projected to grow, with the ancient gold segment experiencing a compound annual growth rate of 64.6% from 2018 to 2023, reaching RMB 157.3 billion [1][1]. - The report highlights that the gold price has been on an upward trend, currently at RMB 623 per gram, which has increased by 28.9% since the beginning of the year. This trend supports the demand for gold jewelry [1][55].

Investment Rating - The investment rating for the company is "Buy" with a target price of $132.0 per ADR [4]. Core Insights - The company reported Q3 total revenue growth of 44% year-on-year, reaching 99.35 billion yuan, slightly below market expectations of 102.83 billion yuan. Online marketing services and other revenues were 49.35 billion yuan, growing 24% year-on-year, while transaction service revenue was 50.0 billion yuan, up 72% year-on-year. Non-GAAP net profit attributable to shareholders was 27.46 billion yuan, a 61% increase, with earnings per ADS at 18.6 yuan, lower than the expected 20.2 yuan [1][5]. - The company is intensifying its focus on high-quality development strategies, investing in building a healthy platform ecosystem through product development, marketing operations, and supply chain management. This includes a series of fee reductions and support policies for merchants, such as a 10 billion yuan fee reduction plan [5]. - Despite the strong revenue growth, the company faces increased competition in the e-commerce sector, which may lead to a slowdown in revenue growth and a gradual decline in profit margins. However, initial positive feedback from merchants regarding the company's support measures indicates a foundation for long-term sustainable development [5]. Financial and Valuation Summary - The total market capitalization is approximately $144.557 billion, with a circulating market value of the same amount. The total number of ADRs is 1,389 million, and the total share capital is 5,555 million. The stock has a 12-month low/high of $164.69/$88.01 [4]. - The company’s valuation is considered attractive based on comparisons with leading Chinese internet companies and U.S. e-commerce peers, despite the outlook for business growth and expense ratios being below expectations. The target price corresponds to a price-to-earnings ratio of 10.5x for 2024 and 8.6x for 2025 [5].

SDICSI 2024 年 11 月 15 日 港股医美行业动态点评 双十一落下帷幕，港股美妆名列前茅 事件：根据星图数据，双十一大促期间综合电商平台与直播电商平台累计销售额 为 1.4 万亿元，同比增长 26.6%（2024 年 10 月 14 日-11 月 11 日对比 2023 年 10 月 24 日-11 月 11 日）。港股中巨子生物和上美股份表现优异，值得持续关 注。 报告摘要 周期最长双十一结束，美妆联名 IP 开辟新路径。 根据星图数据，双十一大促期间综合电商平台与直播电商平台累计销售额为 1.4 万亿元，同比增长 26.6%（2024 年 10 月 14 日-11 月 11 日对比 2023 年 10 月 24 日-11 月 11 日），其中综合电商平台同比增长 20.1%（天猫不含点淘），直播 电商同比增长 54.6%。按品类划分，综合电商平台（含点淘）中个护美妆销售额 达 963 亿元，同比增长 22.5%，在 10 个品类中排第四，仅次于家用电器、手机 数码和服装。 国货品牌在本次双十一继续保持热度，根据星图数据，产品聚焦从面膜向保湿 水、面霜类目扩展，晒后修复、稳定敏感肌等肌肤修复功 ...

Investment Rating - The report maintains a "Buy" rating for Trip.com Group (9961 HK/TCOM US) with an updated target price of HKD 571 (9961 HK) and USD 73 (TCOM US) based on a 16x 2025 P/E ratio [1][3][6] Core Views - Trip com Group s 3Q24 net profit exceeded expectations by 40 25 compared to the report s and market estimates respectively driven by improved operational efficiency and effective cost control [1][2] - The company s domestic hotel ADR decline narrowed to low single digits while supply increased by approximately 7 YoY International hotel and air ticket bookings exceeded 2019 levels by over 20 [1][2] - The report is optimistic about Trip com s steady growth prospects in 2025 with expected revenue growth of 16 and adjusted net profit margins maintaining above 30 [3] Business Segment Highlights - **Accommodation Booking**: Domestic hotel ADR decline narrowed to low single digits compared to a double digit decline in 2Q24 Domestic platform hotel supply grew 6 7 YoY [2] - **Transportation Ticketing**: Revenue growth accelerated significantly compared to previous quarters contributing 36 of total revenue [2] - **Package Tours**: Revenue reached RMB 1 56 billion up 17 52 YoY QoQ recovering to 95 of 3Q19 levels Outbound package tour revenue grew over 100 YoY [2] - **Corporate Travel**: Revenue increased 11 4 YoY QoQ to RMB 660 million with continued growth in customer numbers [2] International Business - Outbound hotel and air ticket bookings exceeded 2019 levels by 20 while international passenger traffic recovered to 93 of 3Q19 levels [3] - Trip com s international OTA platform saw over 60 YoY growth in hotel and air ticket bookings with the Asia Pacific region accounting for approximately 70 of bookings Inbound hotel bookings grew 100 YoY [3] - International OTA platform revenue contributed 9 to the group s total revenue with cross selling rates from air tickets to hotels continuing to improve [3] Financial Forecasts - Revenue is expected to grow 16 YoY in 2025 driven by domestic supply advantages and higher user spending post pandemic 3Q24 user spending increased 20 compared to pre pandemic levels [3] - Adjusted net profit is projected to maintain above 30 with AI driven operational efficiency improvements [3] - Key financial metrics for 2025E include revenue of RMB 61 18 billion adjusted net profit of RMB 21 7 billion and an adjusted net profit margin of 35 5 [5][13] Valuation - The target price is based on a 16x 2025 P/E ratio reflecting confidence in the company s growth trajectory and profitability [3][6] - The report highlights Trip com s strong market position and operational efficiency as key drivers for its valuation [3]

Investment Rating - The report maintains a "Buy" rating for Geely Automobile, with a target price raised to HKD 19.0, indicating a potential upside of 37% from the current price of HKD 13.9 [4][6]. Core Insights - Geely Automobile's performance exceeded expectations in the first three quarters of 2024, achieving revenue of RMB 167.68 billion, a year-on-year increase of 36%, and a net profit of RMB 13.05 billion, up 358% year-on-year [1][2]. - The growth in performance is attributed to steady sales growth and optimization of the product mix, with cumulative sales from January to October reaching 1.716 million units, a 28.9% increase year-on-year [2][3]. - The introduction of the new generation Raytheon EM-i hybrid technology is expected to accelerate product updates, enhancing fuel efficiency and electric drive efficiency [3]. Financial Performance Summary - For FY2024E, sales revenue is projected to reach RMB 239.34 billion, reflecting a growth rate of 34% [5]. - The net profit for FY2024E is estimated at RMB 15.78 billion, representing a significant increase of 197% compared to FY2023A [5]. - The gross margin for FY2024E is expected to be 15.5%, slightly up from 15.3% in FY2023A [5]. - The average ROE is projected to rise to 17.9% in FY2024E, indicating improved profitability [5]. Strategic Developments - Geely is strategically integrating its brands, with plans to transfer 11.3% of Zeekr Intelligent Technology shares to Geely Automobile, increasing its stake to approximately 62.8% [3]. - The restructuring aims to reduce redundant investments across market segments and enhance collaboration in branding, product development, technology, supply chain, marketing, and international expansion [3].

Investment Rating - The investment rating for Tencent Holdings is "Buy" with a target price of HKD 496.8, representing a potential upside of 23% from the recent closing price of HKD 403.8 [6]. Core Insights - Tencent's Q3 FY2024 results exceeded market expectations, with a revenue increase of 8% year-on-year to HKD 167.19 billion, driven by robust growth in gaming and advertising sectors. The Non-GAAP net profit attributable to shareholders was HKD 59.81 billion, reflecting a 33% year-on-year increase [1][3]. Business Performance Summary - **User Engagement**: The combined monthly active accounts for WeChat and WeChat reached 1.382 billion, a 3% increase year-on-year. QQ's mobile terminal monthly active accounts were 562 million, up 0.7% year-on-year. The small program transaction ecosystem saw over HKD 2 trillion in transaction volume, growing by over 10% year-on-year [2][9]. - **Gaming Sector**: Tencent's gaming revenue was HKD 51.8 billion, a 12.6% year-on-year increase. Domestic game revenue grew by 14% to HKD 37.3 billion, driven by popular titles such as "Honor of Kings" and "PUBG MOBILE." International game revenue reached HKD 14.5 billion, a 9% year-on-year increase, marking a quarterly record [11][12]. - **Advertising and Marketing Services**: The marketing services revenue grew by 17% year-on-year to HKD 29.99 billion, supported by strong demand for ads on video accounts and mini-programs. Financial technology and enterprise services revenue was HKD 53.09 billion, a 2% year-on-year increase, with growth in wealth management services offset by a decline in payment services due to weak consumer spending [3][16]. - **Profitability Metrics**: The overall gross margin stabilized at 53%, benefiting from increased contributions from high-margin revenue sources such as domestic gaming and advertising. The adjusted net profit for Q3 was HKD 59.81 billion, significantly exceeding expectations [1][21]. - **Shareholder Value**: Tencent has been actively repurchasing shares, with a target of HKD 100 billion for the year, having already completed over HKD 90 billion in buybacks, which is expected to enhance shareholder returns [23].

2024 年 11 月 18 日 联想集团 (992.HK) 三大业务板块增长迅猛，人工智能成关键驱动 事件：联想集团公布了 2024/25 财政年度中期业绩，截至 2024 年 9 月 30 日止三 个月(2024/25 Q2)，总收入约 178.5 亿美元，同比增长 24%，受益于全球对人工 智能领域的投资热潮，三大业务板块均有所增长；受低毛利率的 ISG 业务收入增 长较高影响，整体毛利率同比下降 1.8 个百分点至 15.7%，；归母净利润约 3.59 亿美元，同比大幅增长 44%。 报告摘要 数据来源：公司资料，国证国际预测 | --- | --- | |-----------------------|---------------------------| | | 公司动态分析 证券研究报告 | | | 电脑及周边器材 | | 投资评级： | 买入 | | | 维持 评级 | | 6 个月目标价 | 11.0 港元 | | 股价 2024-11-15 | 9.17 港元 | | 总市值 ( 百万港元） | 113,750.7 | | 流通市值(百万港元） | 113,750.7 | | 总股本(百 ...

Tabl e_BaseInfo 公司动态分析 证券研究报告 新能源电力行业 投资评级： 未有 6 个月目标价 未有 股价 2024-11-20 6.79 港元 总市值(百万港元) 119,577 H 股市值(百万港元) 22,363 总股本(百万股) 8,360 H 股股本(百万股) 3,318 12 个月低/高(港元) 4.42/8.29 平均成交(百万港元) 283.42 股东结构 国家能源集团 58.72% 其他 41.28% 总共 100.0% % 一个月 三个月 十二个月 相对收益 8.79 -11.96 -8.89 绝对收益 3.51 1.34 1.95 数据来源：彭博、港交所、公司 SDICSI 2024 年 11 月 21 日 龙源电力(916.HK) 风资源改善，收购控股股东优质新能源资产 事件：龙源电力公布 2024 年 Q3 业绩，公司 3 季度业绩边际改善。公司持续增 加优质新能源资产布局，并处置在手火电资产。年初至今，公司已新增新能源装 机 2.7GW，并处置火电资产 1.2GW。公司已公告拟收购控股股东国家能源集团 2GW 优质新能源资产。同时把握风光大基地及海上风电等建设窗口期， ...