Investment Rating - The report maintains a "Buy" rating for the company with a 6-month target price of HKD 22.5, representing a 27% upside from the current price [7][4] Core Views - The company's core OTA business profitability improved significantly, driving overall net profit above expectations [1][2] - Core OTA operating margin increased by 6 percentage points YoY to 31% in Q3 2024 [1][2] - Adjusted net profit reached a record high of RMB 910 million in Q3 2024, exceeding expectations by 14% [2] - The company's overall monetization rate improved to 6.9% in Q3 2024, up from 4.6% in Q3 2023 [3] Business Performance - Total revenue in Q3 2024 reached RMB 4.991 billion, a 51% YoY increase [2] - Core OTA revenue grew 22% YoY, with accommodation booking and transportation ticketing revenues increasing by 22% and 21% respectively [2] - Vacation business contributed RMB 980 million, accounting for 20% of total revenue [2] - International ticket bookings increased by over 110% YoY, while international hotel room nights grew by over 130% [3] User Metrics - APU (Annual Paying Users) reached 230 million, with annual spending per user increasing 15% YoY to RMB 1,095 [3] - MPU (Monthly Paying Users) grew 5% YoY to 46.4 million [3] - Black Whale membership exceeded 78 million, with spending 2.7 times that of regular users [3] Financial Projections - Core OTA revenue is expected to grow 18% in 2025, driven by cross-selling, user value growth, and international business expansion [4] - Adjusted net profit margin is projected to improve to 17% in 2025 [4] - The company is valued at 14x 2025 P/E, with a target price of HKD 22.5 [4] Operational Highlights - Accommodation booking ADR declined less than 5% YoY, with room nights maintaining growth [3] - Air ticket bookings grew 20% YoY, outperforming the overall civil aviation growth rate of 12% [3] - 15-day cross-selling rate improved by 2 percentage points to 12% [3]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 34.1, indicating a potential upside of 20.5% from the recent closing price of HKD 28.3 [3]. Core Insights - Xiaomi Group's total revenue for Q3 2024 reached RMB 92.51 billion, a year-on-year increase of 30.5%, surpassing market expectations. All business segments showed robust growth, particularly the "Smartphone × AIoT" segment, which generated RMB 82.8 billion, up 16.8% year-on-year. The innovative automotive business reported revenue of RMB 9.7 billion, with nearly 40,000 SU7 vehicles delivered in Q3, aiming for a total of 130,000 deliveries for the year [1][2]. - The smartphone segment recorded revenue of RMB 47.5 billion in Q3 2024, a 13.9% increase year-on-year, with a shipment of 43.1 million units, reflecting a 3.1% growth. The average selling price (ASP) per unit rose by 10.6% to RMB 1,102.2. Xiaomi's market share in mainland China increased by 1.2 percentage points to 14.7%, ranking fourth in the region [2]. - The Internet services segment also showed steady growth, with revenue reaching RMB 8.5 billion in Q3 2024, a 9.1% year-on-year increase. The number of global monthly active users reached 685.8 million, up 10.1% year-on-year [2]. Financial Summary - In Q3 2024, Xiaomi's adjusted net profit was RMB 6.25 billion, a 4.4% increase year-on-year, slightly exceeding market expectations. The gross margin for the IoT and lifestyle products segment reached a historical high of 20.8%, up 2.9 percentage points year-on-year [1][2]. - The automotive segment's revenue for Q3 was RMB 9.7 billion, with a gross margin of 17.1%. The adjusted net loss for this segment was RMB 1.5 billion, indicating controlled losses as production capacity ramps up [2][3]. - The report projects continued revenue growth, with Q4 2024 expected to generate RMB 96.4 billion, reflecting a year-on-year growth of 31.6% [7].

航空货运及物流 SDICSI 2024 年 11 月 20 日 顺丰控股(6936.HK) 顺丰控股 6936.HK-IPO 点评 报告摘要 公司概览 ➢ 顺丰控股是一家全球领先的综合物流服务提供商，其服务涵盖快递服务、快 运服务、冷运物流服务、同城实时配送服务、供应链服务及国际物流服务， 及向跨国公司、大型企业、中小型企业及散单客户提供一站式解决方案。根 据沙利文的报告，按 2023 年的收入计算，公司为中国及亚洲最大综合物流 服务提供商，全球第四大综合物流服务提供商。截止 2024 年 6 月 30 日， 公司拥有亚洲最大航空货运机队，共运营 99 架货运飞机；同时拥有全球最 大陆运车队，共 186,000 辆车辆。公司业务覆盖全球 202 个国家及地区。 ➢ 在 2021/2022/2023 年，公司分别实现营收 2072/2675/2584 亿元，年复合 增长率为 11.7%；实现归母净利润 47.4/6.3/82.3 亿元，年复合增长率为 31.9%。本次募集资金将会用于优化中国物流业务，拓展海外业务能力，以 及研发先进技术及业务数字化转型方案等。 行业状况及前景 ➢ 全球物流市场规模大。根据沙利文 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 58.5, while the current stock price is HKD 49.85 as of November 18, 2024 [2]. Core Insights - The company achieved significant growth during the Double 11 shopping festival, with its brands 可复美 and 可丽金 recording GMV growth of over 80% and 150% respectively [5][7]. - The company has established itself as an industry leader by publishing the first group standard for fermented ginseng powder, enhancing its market position [10]. Financial Performance - The total market capitalization of the company is HKD 51.257 billion, with a total share capital of 1.028 billion shares [3]. - Revenue projections for 2024, 2025, and 2026 are HKD 5.064 billion, HKD 6.839 billion, and HKD 8.592 billion respectively, with corresponding growth rates of 43.7%, 35.0%, and 25.6% [11]. - The net profit attributable to the parent company for the same years is projected to be HKD 1.922 billion, HKD 2.440 billion, and HKD 2.872 billion, with growth rates of 32.4%, 26.9%, and 17.7% respectively [11]. Shareholder Structure - The shareholder structure indicates that the founding couple holds 57% of the shares, while other shareholders hold the remaining 43% [4]. Market Performance - The company's stock has shown a relative return of 34.89% over the past twelve months [13].

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power Corporation (1164.HK) with a target price of HKD 2.25 [1][4]. Core Views - The third quarter operational performance met expectations, with a uranium production of 692.6 tons, achieving a completion rate of 97.2%. The report anticipates increased demand for natural uranium due to renewed focus on nuclear power in both China and the U.S. [1][2]. - The report forecasts net profits for the years 2024 to 2026 to be HKD 420.8 million, HKD 849.2 million, and HKD 1 billion respectively, with corresponding EPS of HKD 0.055, HKD 0.112, and HKD 0.137 [2][3]. Summary by Sections Production and Sales Performance - In Q3 2024, the company achieved a uranium production of 692.6 tons, with individual mines showing completion rates of 99.4% and 101.6% for specific operations [2]. - New procurement orders signed in Q3 totaled 1,179 tons, a year-on-year decrease of 47.1% but a quarter-on-quarter increase of 14.9%. The sales orders were 1,288 tons, reflecting a year-on-year decrease of 43.2% but a quarter-on-quarter increase of 44.9% [2]. Financial Performance - The report projects sales revenue to grow from HKD 3.65 billion in FY2022 to HKD 11.92 billion in FY2026, with a growth rate of 101.8% in FY2023 [3]. - The net profit is expected to decline slightly in FY2024 to HKD 420.8 million, before increasing significantly in the following years [3]. Valuation Metrics - The report provides a PE ratio forecast of 32.51 for FY2024, decreasing to 13.09 by FY2026, indicating an improving valuation as earnings grow [3]. - The projected PB ratio is expected to decline from 32.4 in FY2024 to 2.39 in FY2026, suggesting a more favorable valuation over time [3].

Investment Rating - Investment rating for the company is not explicitly stated in the report, but it suggests investors to pay attention to the opportunities in the green energy business [1]. Core Insights - The company, Yimei International (1870.HK), has shifted focus from engineering to green energy, particularly in the domestic electricity market and overseas photovoltaic projects, with a keen interest in Southeast Asia [1]. - The green energy business is expected to grow rapidly and become a key driver of future performance [1]. - The company has made significant strides in the domestic electricity market, capitalizing on the ongoing market reforms, and has obtained sales licenses in several provinces [1]. - Yimei International has acquired a 51.22% stake in Future Energy Auckland Ltd, enhancing its presence in the renewable energy sector in New Zealand [1]. - The company is actively pursuing opportunities in Southeast Asia, particularly in the Philippines and Vietnam, where government policies support renewable energy growth [1]. Summary by Sections Company Overview - Yimei International was listed on the Hong Kong Stock Exchange in 2019 and has transitioned to focus on green energy business [1]. - The company’s green energy initiatives include domestic electricity sales and overseas renewable energy projects [1]. Financial Performance - In 2023, the company reported a net profit of 2,005 million HKD, with a net profit of 462 million HKD in the first half of 2024 [2]. - The revenue contribution from the green energy business is expected to increase significantly [1]. Market Opportunities - The domestic electricity market has seen a rise in market transactions, increasing from 39% in 2019 to 61.4% in 2023 [1]. - The company plans to expand its sales business in provinces with mature spot markets [1]. - Yimei International has signed memorandums of understanding for renewable energy projects in the Philippines and Vietnam, targeting significant solar and hydropower developments [1].

Investment Rating - The investment rating for the company is "Buy" with a target price of 446.3 HKD, indicating a potential upside of 16% from the current stock price of 387.8 HKD [1][2][3]. Core Insights - The company demonstrated resilience with a 5% year-over-year increase in total revenue to 3.07 billion USD in Q3, alongside a 4% increase in system sales. Core operating profit rose by 18%, and net profit increased by 22% to 297 million USD [2][3]. - The company has adjusted its net profit forecasts for 2024, 2025, and 2026 to 950 million, 980 million, and 1.09 billion USD respectively, with corresponding EPS estimates of 17.8, 18.3, and 20.5 HKD [2][3]. - The company has expanded its store count to 15,900, with a net addition of 438 stores in Q3, reflecting a 12.5% year-over-year growth [3]. Financial Performance Summary - Total revenue for 2023 is projected at 9.57 billion USD, with a growth rate of 14.72% expected in 2024, followed by 2.94% in 2025 and 8.87% in 2026 [5][14]. - Net profit for 2023 is estimated at 478 million USD, with a significant recovery projected in subsequent years, reaching 901 million USD in 2024 and 948 million USD in 2025 [5][14]. - The company maintains a gross margin of approximately 70%, with a net profit margin expected to stabilize around 8% in the coming years [5][15]. Valuation Analysis - The valuation methods employed include comparable company analysis and discounted cash flow (DCF) analysis, with a target price of 446.3 HKD derived from these methods, reflecting a 16.9% upside potential [7][9]. - The average PE ratio for comparable companies is projected at 18.8x for 2025, while the company is assigned a PE of 25x due to its market position and growth potential [7][9]. - The DCF analysis estimates a reasonable market value of 167.4 billion HKD, corresponding to a stock price of 434.3 HKD [7][11].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company, Goldwind Technology, reported a 22% year-on-year revenue growth to 35.8 billion RMB in the first three quarters of 2024, with a net profit increase of 42% to 1.792 billion RMB [2][3] - The company achieved a record high of 44.3 GW in hand orders, with large turbine models accounting for 73% of these orders [2][3] - The wind turbine sales volume increased by 9% to 9.7 GW, with large turbine models (6 MW and above) making up 57.6% of total sales [3] - The industry is showing signs of recovery, with a 93% increase in bidding volume for wind turbines this year [3] Summary by Sections Company Performance - In Q3 2024, the company's revenue grew by 52% year-on-year to 15.6 billion RMB, with a stable gross margin of 14.1% [3] - The gross margin for the first three quarters increased by 2.2 percentage points to 16.4% [3] - The significant growth in net profit is attributed to increased gross margins and optimized asset and tax structures [3] Order and Sales Dynamics - The company’s hand orders reached a historical high of 44.3 GW, with 41.4 GW from external orders [3] - The sales structure has improved, with a higher proportion of high-margin large turbine models [3] Market Trends - The domestic wind turbine bidding volume increased significantly, with a 17% year-on-year growth in new wind power installations [3] - The bidding price for wind turbines stabilized at an average of 1475 RMB per kW in September 2024 [3] International Expansion - Goldwind Technology has expanded its international presence, with installations in 42 countries across six continents [3] - As of Q3 2024, the company has 8.1 GW of cumulative international installations, with significant contributions from North America, Oceania, and South America [3] Investment Recommendation - The report suggests that Goldwind Technology, as a traditional leader in the wind turbine sector, has significant growth potential due to its record high orders and expected strong performance in Q4 2024 [3]

Investment Rating - The report maintains a "Buy" rating for China General Nuclear Power (1816.HK) with a target price of HKD 3.80, corresponding to a 2024 earnings valuation of 15.8 times [1][4]. Core Views - The report highlights a steady performance in the third quarter, with a year-on-year increase in electricity generation of 4.97%, reaching 166.89 billion kWh, and a revenue increase of 4.06% to CNY 62.37 billion [1][2]. - The company is expected to maintain stable growth in electricity generation and performance, driven by new approved nuclear units [1][2]. - The report notes that the average market transaction price for electricity remained stable, with a slight decrease of approximately 1 cent to CNY 0.39 per kWh [2]. - The approval of new nuclear projects and the steady progress of ongoing projects are seen as positive growth drivers, with the company currently having 16 nuclear units under construction [2][4]. Financial Summary - For FY 2024, the projected revenue is CNY 88.28 billion, reflecting a growth rate of 6.95%, with net profit expected to reach CNY 12.06 billion, a growth rate of 12.46% [3][7]. - The gross profit margin is projected to improve to 36.62% in FY 2024, with a net profit margin of 13.66% [3][9]. - The report indicates a stable increase in cash flow from operating activities, with net cash flow expected to reach CNY 33.12 billion in FY 2023 [8].

Investment Rating - The investment rating for the company is "Buy" with a target price of 120 HKD, indicating a potential upside of 24% from the current price of 97.1 HKD [5][3]. Core Insights - The company's third-quarter performance met expectations, with revenue of 429 billion RMB, a year-on-year increase of 24% and a quarter-on-quarter increase of 35%. The GAAP net profit was 28 billion RMB, showing a slight year-on-year decline of 0.1% but a significant quarter-on-quarter increase of 155% [2][3]. - The strong sales performance, particularly of the L6 model, has driven revenue growth and improved profitability. The gross margin for the third quarter was 21.5%, reflecting a year-on-year decline of 0.5 percentage points but a quarter-on-quarter increase of 2 percentage points [2][3]. - The company expects fourth-quarter delivery guidance of 160,000 to 170,000 units, with revenue guidance of 43.2 billion to 45.9 billion RMB [2]. Financial Performance Summary - For the first three quarters, the company reported total revenue of 100.2 billion RMB, a 22% year-on-year increase. The GAAP and non-GAAP net profits were 4.5 billion and 6.7 billion RMB, respectively, representing year-on-year declines of 25% and 12% [2][4]. - The forecast for future sales revenue shows significant growth, with projected revenues of 120.3 billion RMB for FY2023, 152.3 billion RMB for FY2024, and 198.7 billion RMB for FY2025, reflecting growth rates of 166%, 27%, and 30% respectively [4][7]. - The gross margin is expected to stabilize around 20% for the coming years, with net profit margins projected to improve gradually [4][7].