Investment Rating - The report maintains a "Buy" rating for Google with a target price raised to $207, reflecting a potential upside of 22% from the current price [2][19]. Core Insights - Google's revenue and profit exceeded market expectations, driven by strong performance in search advertising and cloud services, with AI beginning to contribute to revenue growth [1][6]. - The company reported Q2 2024 revenue of $84.7 billion (YoY +13.6%, QoQ +5.2%) and net profit of $23.6 billion (YoY +28.6%, QoQ -0.2%) [1][7]. - Google Cloud revenue reached $10.3 billion (YoY +28.8%, QoQ +8.1%), surpassing market expectations [1][9]. Revenue and Profit Overview - Google Services revenue was $73.9 billion (YoY +11.5%, QoQ +5.0%), with search and other advertising revenue at $48.5 billion (YoY +13.8%, QoQ +5.1%) [1][9]. - YouTube advertising revenue was $8.66 billion (YoY +12.9%, QoQ +7.1%), while subscription, platform, and device revenue totaled $9.31 billion (YoY +14.4%, QoQ +6.6%) [1][9]. - Operating cash flow for the quarter was $26.6 billion, with total cash and equivalents at $100.7 billion [1][7]. Cost and Capital Expenditure - The gross margin for Q2 2024 was 58.1% (YoY +0.9%, QoQ -0.04%), and operating margin was 32.4% (YoY +3.1%, QoQ +0.7%) [2][6]. - Capital expenditures for Q2 2024 were $13.2 billion (YoY +91%, QoQ +10%), primarily focused on technology infrastructure [2][15]. - The company expects capital expenditures to exceed $12 billion per quarter in 2024, totaling approximately $49 billion for the year [2][15]. Business Outlook - The report indicates a positive outlook for Google's advertising and cloud businesses, driven by AI advancements and infrastructure improvements [6][19]. - The company anticipates continued growth in search revenue and YouTube advertising, supported by increased user engagement and AI-driven efficiencies [17][18]. - Google Cloud is expected to maintain strong growth, with significant investments in AI solutions and infrastructure [18][19].

Investment Rating - The report maintains a **Buy** rating for Tesla (TSLA) with a target price of **$290.00**, representing a **31.67%** upside from the current price of **$220.25** [1][3] Core Views - Tesla's Q2 2024 performance showed a **5% YoY decline in deliveries** to **444,000 units** and a **14% YoY decline in production** to **411,000 units** [1] - Total revenue for Q2 2024 was **$25.5 billion**, a **2% YoY increase**, but below market expectations [1] - Automotive revenue stood at **$19.88 billion**, while energy generation and storage revenue reached **$3.01 billion**, with energy storage deployments at **9.4 GWh** [1] - Operating margin declined by **3.33 percentage points YoY** to **6.3%**, and net income dropped **45% YoY** to **$1.48 billion** [1] - Free cash flow for the quarter was **$1.34 billion**, with cash and cash equivalents totaling **$30.72 billion** [1] Automotive Business - Automotive gross margin remained stable at **18.5%** in Q2 2024, but excluding ZEV credits, it was **14.6%**, impacted by price reductions, Berlin factory upgrades, and lower deliveries [1][9] - Tesla's global inventory days decreased by **36% QoQ** to **18 days**, with a production-to-delivery ratio of **108%** [7] - The company expects automotive margins to improve in future quarters as the refreshed Model 3 and Cybertruck production ramps up [11] Energy Business - Energy storage gross margin remained strong at **24.6%**, with deployments reaching a record **9.4 GWh**, up **157% YoY** [1][5] - The company anticipates significant capacity expansion from its Shanghai factory, potentially doubling or tripling current output [1] FSD and AI Developments - FSD V12 has accumulated over **600 million miles**, with Tesla's neural network training servers expected to reach **90,000 H100-level GPUs** by year-end [1][15] - Tesla has made progress in regulatory approvals for FSD in China, following Elon Musk's meeting with Chinese officials and collaboration with Baidu on autonomous driving maps [15] Future Growth Drivers - Tesla expects to reach **3 million units** of peak production capacity by 2025, driven by new model launches and capacity expansions [15] - The company plans to unveil the **Model 2** or **$25,000 vehicle** in October 2024, with production expected to begin in 2025 [17] - Cybertruck production has reached **1,400 units per week**, with plans for China and EU-specific versions [17] Valuation and Financial Projections - The report forecasts Tesla's deliveries to reach **1.82 million** in 2024, **2.30 million** in 2025, and **2.91 million** in 2026 [1] - Revenue is projected to grow to **$103.3 billion** in 2024, **$133.5 billion** in 2025, and **$200.2 billion** in 2026 [1] - The DCF valuation assumes a **WACC of 12%** and a **perpetual growth rate of 3%**, resulting in a target price of **$290.00** [18]

Investment Rating - The report assigns a "Buy" rating to Trip com Group (TCOM) with a target price of $54 62, representing a 25 8% upside from the current price of $43 43 [1][5] Core Views - Trip com Group is the leader in China's online travel market and is expanding globally through strategic acquisitions and technological innovation [1][14] - The company has demonstrated strong resilience and recovery post-pandemic, with 2023 revenue and non-GAAP net profit surpassing pre-pandemic levels [60][61] - Trip com Group's international business has become a significant growth driver, with overseas revenue accounting for 13 2% of total revenue in 2023, up from 9 5% in 2018 [77] Business Overview Domestic Market Leadership - Trip com Group dominates China's OTA market with a strong presence in high-end hotels and a comprehensive supply chain network [21][27] - The company has a healthy user base, with 87% of users being middle to high-income consumers and 66% aged between 80s and 90s [34][38] International Expansion - Trip com Group has accelerated its global expansion through acquisitions like Skyscanner and Trip com, establishing a strong presence in Asia, Europe, and North America [14][78] - The company's international revenue reached RMB 5 89 billion in 2023, nearly doubling from 2018 levels [77] Financial Performance - Trip com Group's 2023 revenue reached RMB 44 56 billion, a 122 2% YoY increase, with non-GAAP net profit of RMB 13 07 billion, up 910 1% YoY [6] - The company's 2024-2026 revenue is forecasted to grow at a CAGR of 15 6%, with non-GAAP net profit expected to reach RMB 20 36 billion by 2026 [6] Growth Drivers Domestic Market - Trip com Group benefits from China's post-pandemic travel recovery, with domestic travel demand remaining strong [63][65] - The company's focus on high-end hotels and cross-selling opportunities between transportation and accommodation services drives revenue growth [24][26] International Market - Trip com Group's overseas platforms, Trip com and Skyscanner, are key growth engines, with Trip com's revenue contribution expected to exceed 10% in 2024 [87] - The company's differentiated strategy in Asia and non-confrontational approach in欧美 markets have helped it gain market share [85][86] Industry Outlook - China's tourism industry is expected to maintain steady growth, with online penetration rates continuing to rise, benefiting leading OTA platforms like Trip com Group [55] - The global online travel market has surpassed pre-pandemic levels, with Trip com Group well-positioned to capture growth opportunities in both domestic and international markets [70][74] Strategic Initiatives - Trip com Group has invested heavily in technology, including AI and big data, to enhance user experience and operational efficiency [81] - The company's localized services and multi-language support have improved its competitiveness in international markets [81][82]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21.38, indicating a potential upside of 31.98% from the current price [2][74]. Core Insights - The company is positioned as a builder of a "human-vehicle-home ecosystem," with a focus on expanding its core business areas, including smartphones, IoT, and internet services, while also venturing into the automotive sector [1][5]. - The smartphone business remains stable, with a market share of 13.8% as of Q1 2024, and is expected to benefit from the 5G device upgrade cycle and AI-driven innovations [1][12]. - The IoT and lifestyle products segment is the world's leading consumer-grade AIoT platform, with significant growth potential as the company expands its overseas market presence [1][25]. - The internet services business is projected to enhance its monetization capabilities as the company penetrates the high-end market and expands its overseas user base [1][32]. - The automotive segment, marked by the launch of the Xiaomi SU7, is anticipated to drive a second growth curve for the company, with a delivery target of approximately 120,000 units for 2024 [1][37]. Summary by Sections Financial Performance - The company reported total revenue of RMB 270.97 billion in 2023, with a forecasted increase to RMB 332.86 billion in 2024, representing a year-on-year growth of 22.84% [3][74]. - Net profit for 2023 was RMB 17.47 billion, with projections of RMB 14.31 billion for 2024, reflecting a decrease due to ongoing investments in new business areas [3][74]. - The gross margin improved from 16.99% in 2019 to 21.21% in 2023, driven by a better revenue mix and strategic focus on profitability [64][66]. Business Segments Smartphone Business - The smartphone segment accounted for 61.6% of total revenue in Q1 2024, with a market share of 14% globally [12][15]. - The average selling price (ASP) of smartphones reached RMB 1,144.7, showing resilience despite market fluctuations [13][18]. IoT and Lifestyle Products - The IoT platform connects 786 million devices, with a user base of 15.2 million having five or more connected devices [25][28]. - The IoT segment is expected to generate revenue of RMB 902.3 billion to RMB 1,007.2 billion from 2024 to 2026 [72]. Internet Services - Internet services revenue is projected to grow from RMB 332.2 billion in 2024 to RMB 390.8 billion in 2026, driven by advertising and gaming services [72][33]. Automotive Business - The automotive segment aims to deliver 120,000 units in 2024, with revenue expectations of RMB 299 billion, increasing to RMB 800 billion by 2026 [72][37]. Strategic Initiatives - The company is implementing a high-end strategy to enhance brand image and expand into higher price segments, with over 20% of smartphone sales in the high-end category [18][20]. - The automotive business is positioned as a key growth driver, with significant investments in R&D and production capabilities [37][43]. - The integration of AI across all product lines is a strategic focus, enhancing user experience and operational efficiency [16][44].

更新報 Group 5.74% 報告 202 24年7月 2 25 日 買入 廣 廣告版訂閱全 全面向好， 上調至買入 入評級 平臺的雙邊網 用戶群體，形 入巨額成本， 市場正在萎縮 繼續通過優質 業務方面，廣 預計 2026 的創作者工 內容推薦、廣 計 23-26 年收 6.6%、27.4% 摘要：收入 增用戶 805 閱費用同比增 分別為第二和 版所在地區的 比增長 42%至 薄後 EPS 為 4 .29 美元增長 指引：收入將 於 2023Q3 的 攤薄後 EPS 長 14-15%， 提升。預計 2 60 億美元。 00 美元，買 F 法估值，假 2.00 美元， 當前價格對應 流媒體及其他 元計價的財務 奈飛 買入評級：我 假設 WACC 為 較當前股價 應 24-26 年市 他線上平臺 務表現、文 （NFLX 我們上調未來 9.0%，長期 價有 16.7%的 市盈率分別為 臺加速搶奪使 生視頻應用 ） 奈 不 質 而 大 粘 戶 AI 公 AI 為 奈飛受益於平 不斷增長的用 質內容上投入 而有線電視市 大。公司將繼 粘性。在新業 戶高速增長， I 將誕生新 公司也將在內 I。我們預計 為 25. ...

Economic Data - The number of initial jobless claims for the week ending July 13 was 240,000, exceeding expectations of 229,000 and the previous value of 222,000[16] - The number of continuing jobless claims reached 1.867 million, marking the highest level since November 2021, indicating economic cooling[16] - The unemployment rate surged to 4.1%, prompting market expectations for an 88.5% probability of a rate cut in September[16] Semiconductor Industry - ASML's disappointing Q3 guidance has raised concerns, but TSMC's performance is not necessarily correlated, as TSMC continues to optimize existing equipment to reduce costs and improve margins[5] - The semiconductor sector experienced significant adjustments due to ASML's poor guidance and potential U.S. trade restrictions on advanced semiconductor technology to China[18] Market Trends - Goldman Sachs predicts a summer decline in the U.S. stock market due to seasonal weakness and tight positioning, suggesting a potential self-fulfilling prophecy[19] - Investors are advised to consider reducing positions in high-performing sectors like semiconductors and explore opportunities in consumer, financial, industrial, and real estate sectors[19] Bitcoin and AI - Long-term optimism for Bitcoin remains, viewed as an effective hedge against fiat currency depreciation despite uncertainties regarding Trump's potential policies on cryptocurrency[6] - Nvidia's market cap could reach $49 trillion in 10 years if demand grows at 60% annually, though a 35%-40% price correction is also anticipated[8]

Investment Rating - The report does not explicitly state an investment rating for the company [7]. Core Insights - In July 2024, a total of 105 domestic online games were approved, an increase of one from June, including 90 mobile games and one client game, which is Tencent's "Dark Zone Breakthrough: Infinite" [7]. - The total number of approved domestic games in 2024 has reached 732, surpassing the same period in 2023 [7]. - Tencent's "Honor of Kings" international version has achieved over 50 million registered users since its global launch on June 20, 2024, with significant downloads in various markets [7]. - The monthly active users of WeChat mini-games have exceeded 500 million, indicating strong user engagement and growth in the gaming sector [7]. Company Overview - Tencent Holdings Limited's current stock price is HKD 373, with a market capitalization of HKD 34,786 billion [7]. - The company has a total share capital of 9.321 billion shares, with a book value per share of HKD 89.7 [7]. - The stock has seen a 52-week high of HKD 400.2 and a low of HKD 256.8 [7]. User Engagement Metrics - WeChat mini-games have shown a retention rate exceeding 50%, with a diverse user demographic primarily aged between 24 and 40 years [7]. - The daily online duration for users is approximately one hour, reflecting sustained engagement [7]. - The mini-game platform has served over 400,000 developers, with more than 80% being small teams of fewer than 30 people [7]. Market Performance - The international version of "Honor of Kings" has seen a download increase of 6.6 times since May, ranking first in the Southeast Asian market [7]. - The game "元梦之星" has reached a peak of 50 million daily active users during the Spring Festival, showcasing its popularity [7].

Investment Rating - The report does not explicitly provide an investment rating for Tesla [2] Core Insights - Tesla is expected to hold its Q2 2024 earnings call on July 23, 2024, at 4:30 PM Central Time [1] - Elon Musk confirmed the delay of the Robotaxi launch due to significant design changes requested for the vehicle [1] - Tesla aims to achieve mass production of the dry electrode 4680 battery by the end of this year, following improvements in process efficiency [1] - Tesla plans to complete the construction of its energy storage factory in Shanghai by 2025, with an expected annual production capacity of 10,000 Megapacks, totaling nearly 40 GWh [3] - Tesla has raised the prices of Model S and Model X in North America by $2,000, with new prices set at $74,990 and $89,990 for Model S, and $79,990 and $94,990 for Model X [4] - In the second week of July 2024, Tesla's domestic insurance registrations reached approximately 11,400 vehicles, marking a quarter-over-quarter increase of about 78% and a year-over-year increase of about 14% [5] Summary by Sections Earnings Call - Tesla's Q2 2024 earnings call is scheduled for July 23, 2024, at 4:30 PM Central Time [1] Product Launch and Development - The Robotaxi launch has been postponed due to design changes requested by Elon Musk [1] - The company is on track to achieve mass production of the dry electrode 4680 battery by the end of 2024 [1] Expansion Plans - Tesla's energy storage factory in Shanghai is set to be completed by 2025, with a production capacity of 10,000 Megapacks annually [3] Pricing Adjustments - Price increases for Model S and Model X in North America have been implemented, with specific new prices detailed [4] Sales Performance - Domestic insurance registrations for Tesla vehicles showed significant growth in July 2024 [5]

台積電(TSM) 更新報告 營收毛利率均超預期,先進封裝供不應求將持續至 2026 年 季度業績摘要:公司 24Q2 總收入 6735.1 億新臺幣,同比增長 40.1%,折合 208.2 億美元,高於公司上季度指引中值的 200.0 億美元,也高於彭博一致預期的 201.1 億美元。其中晶圓收入 6165.2 億新臺幣,7 納米以下的先進制程貢獻 50%的營收。本季 度公司總成本 3153.8 億新臺幣,毛利率 53.2%,同比下滑 0.9 個 百分點。經營利潤 2865.6 億新臺幣,同比增長 41.9%。淨利潤 2478.5 億新臺幣,同比增長 36.3%,折合 76.6 億美元,高於一 致預期的 72.1 億美元。攤薄後每 ADR 收益 1.48 美元,高於一致 預期的 1.39 美元。 先進制程產能供不應求,ASP 漲價在即:Q2 公司 7nm 及小於 7nm 的先進制程貢獻收入 67%,同比/環比分別增長 14/2 個百分點, 其中 3nm 制程貢獻收入 15%,環比增加 6 個百分點,主要因中國 大陸企業礦機訂單激增。公司 N2、N2P、A16 制程研發進展順 利,海外工廠建設將稀釋 2-3pc ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $20.00 or HKD 156.23, indicating a potential upside of 28.80% from the current stock price [2][6][3]. Core Insights - The company's revenue for Q1 reached RMB 5.66 billion, representing a year-on-year increase of 11.7%, slightly above market expectations. The gross margin improved to 28.3%, up 6.5 percentage points, primarily due to a higher proportion of high-margin advertising business and cost optimization [2]. - The company is expected to achieve double-digit revenue growth in the next quarter, with a slight increase in gross margin, and aims to reach breakeven in Non-GAAP operating profit by Q3 [2]. - The gaming business is anticipated to recover in the second half of the year, driven by the launch of the game "Three Kingdoms: Strategy" [2]. Financial Summary - Revenue projections for 2024-2026 are estimated at RMB 264 billion, RMB 291 billion, and RMB 309 billion, respectively, with a three-year CAGR of 11.2% [4][6]. - The company is expected to report net losses of RMB -18 million in 2024, narrowing to RMB -2 million in 2025, and achieving a profit of RMB 5 million in 2026, with net profit margins improving from -6.7% in 2024 to 1.4% in 2026 [4][6]. - The gross margin is projected to increase from 29.8% in 2024 to 32.8% in 2026, reflecting operational efficiency improvements [8]. Revenue Breakdown - The total revenue for 2022 was RMB 21.9 billion, with projections of RMB 22.5 billion in 2023, RMB 26.4 billion in 2024, RMB 29.2 billion in 2025, and RMB 30.9 billion in 2026 [5][8]. - The revenue from gaming is expected to recover, with estimates of RMB 5.2 billion in 2024 and RMB 5.6 billion in 2025 [5]. - Advertising revenue is projected to grow significantly, reaching RMB 7.96 billion in 2024 and RMB 9.29 billion in 2025 [5]. User Growth and Engagement - The company reported a 9.0% year-on-year increase in Daily Active Users (DAU) to 100 million and an 8.3% increase in Monthly Active Users (MAU) to 340 million [2]. - The number of official members grew by 15.1% year-on-year to 240 million, with paid members reaching 21.9 million [2].