Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 10.40, representing a potential upside of 35.1% from the current price of HKD 7.77 [2][4]. Core Insights - The company demonstrates strong profitability resilience despite a revenue decline, with a 6.4% year-on-year decrease in total revenue to HKD 11.81 billion in the first half of 2024, primarily due to falling float glass prices. However, the gross margin improved by 5.3 percentage points to 34.3%, benefiting from lower raw material and energy costs, as well as improved margins in the automotive glass segment. Net profit increased by 27.1% year-on-year to HKD 2.73 billion, driven by significantly reduced financial expenses and contributions from joint ventures [2]. - The company has effectively controlled costs and diversified its product offerings. Revenue from float glass, automotive glass, and construction glass was HKD 6.98 billion, HKD 3.26 billion, and HKD 1.56 billion respectively, with year-on-year changes of -12.9%, +8.9%, and -2.8%. The decline in float glass revenue is attributed to weak domestic real estate performance, with a nearly 22% year-on-year drop in completed area. Despite this, profitability remained stable due to lower prices of soda ash and natural gas, with gross margins rising to 28.4%, 49.6%, and 28.5% for float glass, automotive glass, and construction glass respectively [2]. - The float glass price is nearing its low point from the first half of 2020, with current industry production capacity close to 170,000 tons per day and inventory levels at historical highs. The oversupply situation has led to a continued decline in prices, now around HKD 1,400 per ton, putting pressure on the profitability of secondary enterprises. An acceleration in industry maintenance and potential capacity reductions are anticipated [2]. - The report projects revenue for 2024-2026 at HKD 24.0 billion, HKD 24.1 billion, and HKD 25.8 billion, with net profit estimates of HKD 5.4 billion, HKD 5.5 billion, and HKD 6.5 billion respectively. The target price corresponds to forecasted P/E ratios of 8.0, 7.8, and 6.8 for 2024-2026 [2]. Financial Summary - For 2024, the company is expected to generate revenue of HKD 23.95 billion, a decrease of 10.6% from 2023, with net profit projected at HKD 5.38 billion, reflecting a slight increase from the previous year. The earnings per share (EPS) is forecasted to remain stable at HKD 1.29 [5][6]. - The gross margin is expected to stabilize around 33.3% for 2024, with an EBITDA margin of 29.2% and a net margin of 22.5% [6]. - The company’s total assets are projected to grow from HKD 50.81 billion in 2023 to HKD 52.97 billion in 2024, while total liabilities are expected to decrease from HKD 14.95 billion to HKD 14.36 billion over the same period [6].

Investment Rating - The report does not explicitly state an investment rating for the company [3]. Core Insights - WeChat Pay MY will stop new user registrations from August 1, 2024, and cease payment services by September 1, 2024, due to local business strategy adjustments in Malaysia. Existing users can still withdraw funds, and the service for Chinese tourists remains unaffected [3]. - WeChat Pay's international business is expanding, covering 74 countries and regions, supporting 31 currencies, with over 1,000 overseas partners and more than 6 million merchants. Monthly transaction volume and number of transactions have seen significant growth, with over 6 times and 4 times year-on-year increases, respectively, as of June 2024 [3]. - Tencent's new tactical shooting game "Delta Operation" is set to launch in September, promising an innovative gaming experience while retaining classic elements. The game has generated significant interest at events like ChinaJoy [3][27]. Summary by Sections WeChat Pay Developments - WeChat Pay MY will halt new registrations and payment services in Malaysia, but existing users can still access their funds. The service for Chinese tourists in Malaysia remains intact [3][28]. - WeChat Pay's international operations are thriving, with substantial growth in transaction numbers and amounts, indicating a robust expansion strategy [3]. Gaming Sector Updates - The National Press and Publication Administration approved 15 new games, including Tencent's "Rainbow Six" and "Final Fantasy XIV," which are expected to perform well in the market [26]. - Tencent's "Delta Operation" is anticipated to provide a unique gaming experience, leveraging advanced technology and gameplay mechanics, and is expected to attract a large player base upon release [27].

Investment Rating - The report does not explicitly state an investment rating for Tesla (TSLA) [1]. Core Insights - Tesla has begun a wide release of FSD Supervised v12.5.1.1 for HW 4.0 Model Y owners, with plans to extend it to HW 3.0 owners within 10 days [1]. - Tesla achieved a milestone by producing its 10 millionth motor, primarily for Model 3 and Model Y, indicating strong production capabilities [1]. - Tesla has registered an insurance brokerage in Beijing, China, with a capital of 50 million RMB (approximately 6.9 million USD), potentially expanding its insurance business internationally [1][2]. - Tesla updated its Dojo investment plan in New York, committing to a 500 million USD investment and extending its operational commitment until 2034 [3]. - In the week of July 22 to July 28, 2024, Tesla's domestic insurance volume was approximately 13,500 vehicles, showing a quarter-over-quarter decline of about 9% but a year-over-year increase of 27% [4]. Summary by Sections Company Developments - Tesla's FSD v12.5.1.1 is being rolled out to HW 4.0 Model Y owners, with future plans for HW 3.0 [1]. - The production of the 10 millionth motor highlights Tesla's manufacturing strength, with most motors used in Model 3 and Model Y [1]. - The establishment of an insurance brokerage in China indicates Tesla's strategy to reduce insurance costs and expand its services [1][2]. Financial Commitments - Tesla's commitment to invest 500 million USD in the Dojo supercomputer project in New York, with a significant portion to be invested by the end of next year [3]. Market Performance - The domestic insurance volume for Tesla in China shows a decline from the previous quarter but an increase compared to the same period last year, indicating fluctuating market dynamics [4].

Investment Rating - The report maintains a "Buy" rating for New Oriental with a target price of $90.0, representing a potential upside of 50.4% from the current price of $59.9 [1]. Core Insights - The education business continues to grow despite short-term profit margin fluctuations, with a significant increase in the number of schools and learning centers, reaching 1,025, up by 114 from the previous quarter [1]. - The company expects net revenue for FY25Q1 to be between $1.25 billion and $1.28 billion, reflecting a year-over-year growth of 31% to 34% [1]. - The deferred revenue balance stands at $1.78 billion, up 33.1% quarter-over-quarter, aligning with revenue growth expectations [1]. Financial Overview - For FY24Q4, total revenue was $113.7 million, a year-over-year increase of 32.1%, slightly above the company's guidance [1]. - Non-GAAP operating profit for FY24Q4 was $36.32 million, a year-over-year increase of 53.8% [1]. - The company reported a gross margin of 52.3%, down 2.2 percentage points year-over-year, primarily due to increased investments in expansion and employee compensation [1][2]. Business Expansion - The overseas exam preparation and study abroad consulting businesses grew by 17.7% and 17.3% year-over-year, respectively [1]. - Non-academic tutoring business registrations increased by 39.1% year-over-year, contributing to an overall revenue growth of 50.3% in new business segments for Q4 [1]. Future Projections - Revenue projections for the next fiscal years indicate continued growth, with expected revenues of $5.02 billion in 2025 and $5.84 billion in 2026, reflecting year-over-year growth rates of 16.3% and 16.5%, respectively [2][3]. - The company anticipates maintaining a strong cash position with total cash, short-term investments, and deposits amounting to $4.94 billion [1].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 227.37 CNY, indicating a potential upside of 28.46% from the current price of 177.00 CNY [2][3]. Core Insights - The company achieved a revenue of 166.77 billion CNY in the first half of 2024, a year-on-year decrease of 11.88%, while the net profit attributable to shareholders increased by 10.37% to 22.86 billion CNY [1]. - The battery business saw a gross margin increase to 26.90%, up by 6.55 percentage points year-on-year, despite a 19.20% decline in revenue from battery sales [1]. - The energy storage segment is emerging as a second growth curve, with sales exceeding 40 GWh and revenue of 28.83 billion CNY, reflecting a 3% year-on-year growth [1]. Financial Performance Summary - The company reported a net profit of 22.86 billion CNY in H1 2024, with Q1 and Q2 profits of 10.51 billion CNY and 12.36 billion CNY respectively, showing a quarter-on-quarter growth of 17.6% [1]. - The projected revenues for 2024, 2025, and 2026 are 403.51 billion CNY, 476.75 billion CNY, and 530.90 billion CNY respectively, with net profits expected to be 50.01 billion CNY, 59.71 billion CNY, and 65.33 billion CNY [2][4]. - The company’s gross margin is expected to improve to 25.3% in 2024 and 25.6% in 2025, indicating a positive trend in profitability [4]. Market Position and Strategic Partnerships - The company continues to hold the leading position in the global power battery market, with a market share of 37.5% and a domestic market share of 46.4% in H1 2024, an increase of 3% year-on-year [1]. - Strategic collaborations have been established with major players such as Volvo and Beijing Hyundai in the power battery sector, and with companies like Sinopec and NextEra in the energy storage business [1].

Investment Rating - The report assigns a "Buy" rating with a target price of 165.00 HKD, indicating a potential upside of 24.49% from the current stock price of 132.54 USD [2][3]. Core Insights - AMD's revenue for Q2 2024 reached 5.8 billion USD, a year-on-year increase of 8.9%, slightly above Bloomberg consensus expectations of 5.7 billion USD [1]. - The company has raised its revenue guidance for the MI300 series to 4.5 billion USD for the year, driven by strong AI demand and a significant increase in data center revenue, which grew by 114.5% year-on-year to 2.83 billion USD [1][2]. - AMD's client business is expected to see double-digit growth in H2 2024, supported by a new wave of PC upgrades and the demand for Ryzen desktop CPUs [1][2]. Financial Summary - For the fiscal year 2024, total revenue is projected to be 26.22 billion USD, reflecting a year-on-year growth of 15.6% [4]. - Non-GAAP net profit for 2024 is estimated at 5.68 billion USD, with a Non-GAAP EPS of 3.5 USD [4]. - The company anticipates a compound annual growth rate (CAGR) of 33.6% for revenue and 63.6% for Non-GAAP net profit from 2024 to 2026 [2][4]. Segment Performance - Data center revenue is expected to grow significantly, reaching 13.48 billion USD in 2024, with a year-on-year growth rate of 107.5% [6]. - The gaming segment has faced challenges, with a year-on-year decline of 59.0% in revenue, while the embedded business showed a slight recovery with a 2% increase quarter-on-quarter [2][6]. - The MI300 series is projected to have a production capacity of 550,000 units in 2024, generating an estimated revenue of 5.5 billion USD [1][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $32, indicating a potential upside of 52.4% from the current price [1]. Core Insights - The company reported total revenue of 8.4 billion RMB for FY24Q2, representing a year-over-year increase of 35.5%. Revenue from self-operated stores was 6.28 billion RMB, up 39.6%, while franchise store revenue was 1.85 billion RMB, up 24.5% [1]. - The company experienced a slowdown in store expansion, with a total of 19,961 stores at the end of Q2, adding only 1,371 new stores compared to 2,342 in FY24Q1 [1]. - Same-store sales growth (SSSG) for self-operated stores was -20.9%, indicating a decline influenced by previous rapid store openings and ongoing promotional activities [1]. - The company’s operating profit margin for self-operated stores improved to 21.5%, with overall gross margin increasing by 6.8 percentage points quarter-over-quarter [1]. - Active user count reached nearly 60 million, with a significant increase in monthly transaction users by 61.8% year-over-year [1]. Financial Overview - Revenue is projected to grow from 24.9 billion RMB in 2023 to 32.3 billion RMB in 2024, reflecting a growth rate of 29.5% [3]. - The net profit attributable to shareholders is expected to increase from 2.8 billion RMB in 2023 to 2.6 billion RMB in 2024, with a notable growth of 580.1% in 2023 [3]. - Earnings per share (EPS) is forecasted to rise from 1.15 RMB in 2023 to 1.06 RMB in 2024, with a significant increase of 475.8% in 2023 [3].

Investment Rating - The report provides a positive outlook on Tencent Holdings (700.HK) with expectations of continued growth in the gaming sector, particularly driven by new product launches in the second half of the year [5]. Core Insights - The Chinese gaming industry showed stable growth in the first half of 2024, with actual sales revenue reaching 147.27 billion yuan, a year-on-year increase of 2.1%. Mobile games accounted for 73% of this revenue, although their growth rate has slightly declined. In contrast, mini-program games experienced a rapid growth rate exceeding 60% [5]. - The primary growth driver for the gaming industry remains overseas markets, with domestic sales revenue from self-developed games decreasing by 3.3% to 117.74 billion yuan, while overseas market revenue increased by 4.2% to 8.55 billion USD [5]. - Tencent's market capitalization stands at 3338.8 billion HKD, with a total share capital of 9.321 billion shares. The stock price is currently at 358 HKD, with a 52-week high of 400.2 HKD and a low of 256.8 HKD [5]. - The report highlights the anticipated 10% year-on-year growth in Tencent's gaming revenue in the second half of the year, driven by new game releases such as "Dungeon & Fighter" mobile game [5]. - Tencent's new game "Brawl Stars" is set to launch its first domestic test on July 30, 2024, which is expected to attract a significant player base due to its short gameplay duration, catering to the fast-paced lifestyle of players [5]. Summary by Sections Industry Overview - The Chinese gaming market's actual sales revenue for the first half of 2024 was 147.27 billion yuan, with a growth rate of 2.1%. The user base for gaming remains stable at approximately 670 million, reflecting a year-on-year increase of 0.9% [5]. - The overseas market continues to be a significant growth area, with self-developed games seeing a decline in domestic sales but an increase in international revenue [5]. Company Performance - Tencent's gaming revenue is projected to grow by 10% year-on-year in the latter half of 2024, supported by the launch of new titles and the sustained performance of existing games [5]. - The report notes that Tencent's "Brawl Stars" has already achieved significant success in global markets, indicating strong potential for further growth in the domestic market [5].

Investment Rating - The report maintains a "Buy" rating for Sands China with a target price of HKD 24.25, corresponding to a 14x EV/EBITDA for 2024 [2][4]. Core Insights - Sands China's Q2 2024 performance met expectations, with net revenue increasing by 8.0% year-on-year to USD 1.75 billion, recovering to 82% of 2019 levels [1][2]. - The VIP segment saw a significant quarter-on-quarter growth of 40.4%, while the mass market segment experienced a decline of 3.4% [1]. - The report highlights the ongoing renovations at The Londoner, which are expected to enhance profitability post-completion, despite short-term impacts [2][4]. Summary by Relevant Sections Financial Performance - Q2 2024 net profit decreased by 17.2% to USD 246 million, with adjusted EBITDA down 8.0% to USD 561 million, recovering to 73% of 2019 levels [1][2]. - The hotel occupancy rate was reported at 95%, with an average room rate of USD 201 [1]. - For the fiscal year ending December 31, 2024, revenue is projected to reach USD 7.30 billion, with a year-on-year growth of 11.7% [3][4]. Operational Highlights - The report details the performance of various properties, with revenue recovery rates for The Venetian, The Londoner, and others ranging from 50% to 119% of 2019 levels [1]. - The renovation budget for The Londoner Phase II is set at USD 1.2 billion, with completion expected to enhance the competitive edge and profit margins of Sands China [2][4]. Market Position - Sands China is positioned as the largest integrated resort operator in Macau, holding a leading position in both mass and non-gaming segments [2][4]. - The report expresses confidence in the long-term growth prospects of the company, driven by strategic renovations and market recovery [2].

公司评论 第一上海研究部 research@firstshanghai.com.hk 2024 年 7 月 29 日 星期一 【公司评论】 特斯拉（TSLA）：周报 特斯拉即将发布智能召唤功能 马斯克在 X 上的一篇文章中分享了智能召唤功能 Actual Smart Summon 的信息。 目前这一功能并未出现在 FSD 12.5 更新中，马斯克确认，智能召唤功能将是是 一个单独的代码，该功能将与下个月更新的 v12.5.x 捆绑发布。许多人认为，"实 际智能召唤"将成为特斯拉 Robotaxi 成为现实的前兆。 Cybertruck 预计在 8 月实装 FSD（监督） 马斯克参加了 X Takeover 活动的问答环节。特斯拉车主斯金格问到 Cybertruck 车主什么时候可以看到 FSD，马斯克称应该会在八月份出来，在接下来的两到四周 的某个时候，应该可以在 Cybertruck 上运行。 特斯拉 2024 年第二季度财报电话会议 当地时间 7 月 23 日举行了特斯拉第二季度财报电话会议。 马斯克对公司的多个方面进展进行了分享，主要包括： 机器人：预计明年初开始限量生产，明年年底在特斯拉工厂试运行。2 ...