Investment Rating - The report assigns a "Buy" rating with a target price of 178.00 HKD, indicating a potential upside of 15.26% from the current stock price of 154.43 USD [2][3]. Core Insights - The report highlights a moderate recovery in client and embedded business segments, with a strong demand for accelerated computing, particularly in the data center sector, driven by AI processor needs [1][2]. - The forecast for 2024-2026 anticipates a compound annual growth rate (CAGR) of 33.1% for revenue and 67.1% for Non-GAAP net profit, reflecting robust growth prospects [2][3]. Financial Performance Summary - For Q1 2024, the company reported revenue of 5.5 billion USD, a year-on-year increase of 2.2%, with a gross margin of 46.8%, up 2.7 percentage points [1]. - Non-GAAP net profit for the same period was 1.03 billion USD, representing a 4.4% increase year-on-year, with diluted earnings per share of 0.62 USD [1][2]. - The guidance for the next quarter indicates a revenue midpoint of 5.7 billion USD, a year-on-year increase of 5.5% and a quarter-on-quarter increase of 3.6% [1]. Business Segment Analysis - Data center revenue grew by 80.5% year-on-year to 2.34 billion USD, primarily due to strong demand for server and AI processors [1]. - The client segment saw an 85.1% year-on-year revenue increase to 1.37 billion USD, driven by strong sales of Ryzen desktop CPUs [1]. - Gaming and embedded business revenues declined by 47.5% and 45.8% respectively, with expectations of a gradual recovery in the second half of the year due to improved FPGA sales [2]. Market Outlook - The global PC market is expected to show moderate growth in 2024, with the company anticipating a recovery in client business driven by increased demand and improved pricing [1][2]. - The MI300 series is projected to contribute 4 billion USD in revenue for the year, with an expected production capacity of 610,000 units and an average selling price of 9,400 USD [1][5].

Investment Rating - The report does not explicitly state an investment rating for the company [1]. Core Insights - Elon Musk's recent visit to China may be related to the launch of Full Self-Driving (FSD) in the country, indicating potential growth opportunities for Tesla in the Chinese market [1]. - Tesla showcased its FSD capabilities in Germany, receiving positive feedback from Swedish traffic officials, which highlights the advancements in its autonomous driving technology [3]. - The release of the FSD (supervised) version 12.3.6 shows improvements in lane changing behavior, suggesting ongoing enhancements in Tesla's software [4]. - Tesla's new Model 3 Performance was launched at a starting price of $52,990, with a subsequent price increase shortly after its release, indicating strong demand [5]. - In Australia, Tesla reduced the prices of Model 3 and Model Y to adapt to fluctuating international demand, reflecting the company's strategy to remain competitive [6]. - A potential supply agreement worth over $4 billion with LG Energy Solutions for 4680 battery electrodes could significantly impact Tesla's production capabilities starting in 2025 [7]. - Tesla's domestic insurance registration data shows a significant decline in vehicle registrations, with approximately 5,200 vehicles registered in the third week of April 2024, marking a 56% quarter-over-quarter and 50% year-over-year decrease [8]. Summary by Sections Company Overview - Tesla's current stock price is $168.29, with a market capitalization of $536.71 billion and a total share count of 3.185 billion [2]. Product Developments - The new Model 3 Performance features impressive specifications, including a 0 to 60 mph acceleration time of under 3 seconds and a range of 476 kilometers [5]. Market Performance - The report indicates a notable drop in Tesla's domestic insurance registrations, which may signal challenges in market demand [8].

Investment Rating - The report maintains a "Buy" rating for New Oriental with a target price of $111.2 [1][2] Core Views - The company has shown strong revenue growth, with FY24Q3 revenue increasing by 60.1% year-over-year to $1.207 billion, surpassing previous guidance [1] - New Oriental is successfully expanding its new business segments, with a projected 30% increase in teaching area by the end of the fiscal year [1][2] - The company is expected to see a revenue increase of approximately 28% to 31% in FY24Q4, with deferred revenue growing by 30.8% [2] Financial Performance Summary - FY24Q3 operating net profit reached $113 million, up 70.6% year-over-year, while Non-GAAP operating profit was $141 million, also up 60.3% [1] - The gross margin for FY24Q3 was 46.9%, a decrease of 4.4 percentage points year-over-year, influenced by various factors including losses from equity investments [2] - The company reported a deferred revenue balance of $1.52 billion, aligning with revenue growth expectations for Q4 [2] Business Growth and Expansion - As of FY24Q2, the number of schools and learning centers increased to 911, with a net addition of 68 centers [1] - The overseas exam preparation business grew by 52.6% year-over-year, while the study abroad consulting business increased by 25.7% [1] - Non-academic tutoring business saw a 72.7% revenue growth in Q3, with enrollment in non-subject tutoring reaching 355,000, a 62.8% increase [1] Market Position and Future Outlook - The report expresses optimism about the long-term prospects of the education industry, particularly after the "double reduction" policy, which has reduced the supply of quality educational services [2] - New Oriental is positioned as one of the fastest and most successful companies in adapting to changes in the education sector, with strong cash reserves totaling $4.76 billion [2]

穀歌（GOOGL/GOOG） 更新報告 持有 2024年4月30日 羅凡環 24Q1 業績超預期，首次宣派季度股息 852-25321539  24Q1 業績總覽：24Q1 公司營業收入為 805.4 億美元（YoY+15.4%, QoQ- Simon.luo@firstshanghai.com.hk 6.7%），淨利潤 236.6 億美元（YoY+57.2%, QoQ+14.4%），收入和利潤均超 出市場預期。其中，穀歌服務收入 704 億美元（YoY+13.6%）；穀歌雲業務收 李京霖 入 95.7 億美元（YoY+28.4%）。整體看廣告業務保持穩健增長，穀歌雲業務 852-25321957 增速強勁。截至 24Q1 季度末，公司擁有 1080.9 億美元的現金及等價物，經 營現金流入 288.5 億美元。公司首次宣派每股 0.2 美元的季度股息，以及授 Jinglin.li@firstshanghai.com.hk 權700億美元用於回購A類和C類股票。  業務重點：本季度穀歌搜索和其他廣告收入 461.6 億美元（YoY+14.4%）,其 主要資料 增長再次得益於零售業的穩健增長。在效果廣告和品 ...

禮來（LLY） 更新報告 買入 2024年5月3日 替爾泊肽供不應求，公司調高 24年收入預期 但玉翠  24 年 Q1 EPS 同比增長 66%：24 年 Q1 收入同比+26%至 87.7 億美元，得 852-253219539 益於 Mounjaro（+218%至18.1億美元）、Zepbound、Verzenio（阿貝西 Tracy.dan@firstshanghai.com.hk 利 ，+40%至 10.5 億美元） 和 Jardiance（恩格列淨，+19%至 6.9 億美 元）的增長。毛利率同比+4.3 個百分點至 80.9%，研發費用同比+27%至 高小迪 25.2 億美元，研發費率同比+0.3 個百分點至 28.8%，另收購在研項目研 852-25321960 發 費用1.1億美元。銷售管理費用同比增長12%至19.5億美元，S&GA費 率同比下降 2.8 個百分點至 22.3%。綜上所述，公司 GAAP 淨利潤同比增 xiaodi.gao@firstshanghai.com.hk 長67%至22.4億美元，EPS同比增長66%至2.48美元，24年1季度公司 分紅12億美元。  各版塊 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 37.02, indicating a potential upside of 24.2% from the current price of HKD 29.80 [2][3]. Core Insights - The company is expected to achieve a revenue of CNY 1.08 billion in 2023, representing a year-on-year growth of 40.2%. However, it is projected to incur a net loss of CNY 1.51 billion, which is an increase of 51.3% compared to the previous year [1]. - The company has seen a recovery in Q1 2024, with revenues reaching CNY 330 million, a quarter-on-quarter increase of over 13%, and a reduction in net loss by 27.4% to CNY 349 million [1]. - The company plans to initiate an A-share private placement to raise CNY 2.55 billion, aimed at supporting innovative drug research and development [1]. Summary by Sections Financial Performance - The company reported a total revenue of CNY 1.08 billion for 2023, with a year-on-year growth of 40.2%. The net loss for the year is projected at CNY 1.51 billion, which is a 51.3% increase from the previous year [1]. - In Q1 2024, the company achieved revenues of CNY 330 million, with a quarter-on-quarter growth of over 13% and a net loss reduction of 27.4% to CNY 349 million [1]. Funding and Financial Strategy - As of the end of Q1 2024, the company had CNY 620 million in cash and equivalents. It is actively seeking various financing tools to increase cash reserves, in addition to a CNY 4.4 billion loan obtained in Q1 [1]. - The company announced plans for a private placement to raise CNY 2.55 billion, which will be fully allocated to support innovative drug development [1]. Product Pipeline and Market Potential - The company is advancing its product pipeline, with multiple candidates entering Phase III clinical trials, including indications for SLE, MG, pSS, and IgAN [2]. - The company is facing a strategic decision regarding the timing of data release for its product, which could impact potential overseas licensing agreements and FDA approval [2]. - The oncology pipeline is set to present up to 16 research data points at the upcoming ASCO conference, which could provide significant insights into the company's future growth [2].

Investment Rating - The report does not explicitly state an investment rating for the company [9]. Core Insights - The report discusses the market opportunities for the company in the context of the new era of laser radar technology, highlighting the potential for lower-cost laser radar systems to penetrate the automotive market [9]. - The current market penetration of laser radar is only 1%, with expectations for continued price reductions, making it feasible for more vehicles to adopt this technology [9]. - The company aims to collaborate with major automotive manufacturers, including BYD and SAIC, to equip various models with laser radar systems [9]. Summary by Relevant Sections Company Overview - The company, 速腾聚创 (2498.HK), operates in the automotive parts industry, focusing on laser radar technology [9]. - The current market capitalization is 183.08 billion HKD, with a share price of 40.60 HKD [9]. Technology Comparison - The report compares laser radar systems with pure vision solutions, noting that while vision systems excel in recognizing road signs and people, they struggle in low-light and adverse weather conditions [9]. - Laser radar provides precise three-dimensional recognition and is seen as complementary to vision systems [9]. Market Demand and Future Outlook - The demand for laser radar in Level 3 and above autonomous driving is expected to grow, as automotive manufacturers will increasingly install laser radar to ensure safety [9]. - The report anticipates that high-end vehicles priced around 250,000 HKD will be equipped with laser radar costing approximately 3,000 HKD, while vehicles in the 150,000 HKD range will use systems around 1,000 HKD [9]. Competitive Landscape - The company has established a competitive advantage by developing its own laser radar technology since 2018-2019, while many competitors still rely on third-party components [9]. - The company has achieved a high level of automation in its production processes, requiring only three workers per production line [9]. Customer Engagement - The company has secured three customers for its MX product, with two expected to begin mass production in Q1 of the following year [9]. - The goal is for approximately 30% of vehicles in the 150,000 HKD segment to utilize the MX product [9].

Investment Rating - The report assigns a "Buy" rating with a target price of 190.00 CNY, indicating a potential upside of 24.8% from the current price of 152.25 CNY [2][4]. Core Insights - The company achieved a revenue of 83.27 billion CNY and a net profit of 30.21 billion CNY for FY 2023, reflecting year-on-year growth of 12.6% and 13.2% respectively [1][3]. - The dividend payout has reached a record high, with a proposed dividend of 46.7 CNY per 10 shares, resulting in a dividend rate of 60.0% [1]. - The company is focusing on channel development, with significant increases in both traditional and direct sales channels, and has expanded its retail presence across over 300 cities [1][2]. Financial Performance Summary - For FY 2023, the company reported a gross margin of 75.8%, with a slight increase of 0.37 percentage points year-on-year [1]. - The revenue from liquor products was 76.45 billion CNY, growing by 13.1%, while non-liquor products generated 6.83 billion CNY, up by 6.5% [1]. - The company’s net profit margin improved to 36.3%, an increase of 0.2 percentage points compared to the previous year [1]. Future Projections - The company anticipates net profits of 33.91 billion CNY, 38.25 billion CNY, and 44.11 billion CNY for the years 2024, 2025, and 2026 respectively, indicating a consistent growth trajectory [2][5]. - The report highlights a strategic focus for 2024 as a "Marketing Execution Year," aiming to enhance brand value and address market challenges through various initiatives [2][3].

Investment Rating - The report assigns a "Buy" rating for the company [8]. Core Views - The company's revenue growth slightly exceeded expectations, with operating cash flow quality being high [8]. - For Q1 2024, the company achieved operating revenue and net profit of RMB 45.78 billion and RMB 24.07 billion, respectively, representing year-on-year growth of 18.1% and 15.7% [8]. - The company’s cash collection ratio for the period was 101.1%, up by 8.8 percentage points year-on-year, with operating cash flow net amounting to RMB 9.19 billion, a significant increase of 75.2% [8]. - The sales of Moutai liquor and series liquor saw increases, with revenues of RMB 39.71 billion and RMB 5.94 billion, respectively, reflecting year-on-year growth of 17.7% and 18.4% [8]. - The report anticipates a full-year revenue growth target of 15% for the company, supported by a strong brand barrier and ongoing capacity expansion plans [8]. Financial Summary - The company’s total revenue for the fiscal year ending December 31, 2022, was RMB 127.55 billion, with a year-on-year growth of 16.9% [9]. - The net profit for the same period was RMB 65.38 billion, reflecting a year-on-year increase of 19.6% [9]. - Forecasts for 2024 predict operating revenue of RMB 171.79 billion and net profit of RMB 91.07 billion, with growth rates of 16.3% and 17.5%, respectively [9]. - The basic earnings per share for 2024 is projected to be RMB 69.89, with a price-to-earnings ratio of 24.5 times at a share price of RMB 1,709.43 [9].

中国海外发展（688） 更新报告 买入 2024年4月25日 行业排名持续提升，高质量稳健发展 罗凡环  权益销售金额排名第二：2023 年公司实现合同销售额约 3098 亿元，同比增长 5.1%，行业排名第三，权益口径销售金额排名第二。合同销售面积约 1336 万方，同 852-25321962 比下降 3.7%，合同均价提升 9.1%至 23195 元/平方米。整体市占率提高 0.29 个 ppt 至 2.66%。公司依然聚焦主流城市主流地段布局，一二线城市合约销售金额占集团系 Simon.luo@firstshanghai.com.hk 列公司（不含中海宏洋）合约销售金额 74%，在 31 个城市市占率位居当地前三，其 中11个城市市占率位居当地市场第一。销售回款率99%，同比提升6个ppt。公司宣 行业 房地产 派末期股息每股45港仙，全年派息率30%。 股价 12.14港元  土地投资规模及质量行业领先：虽然市场波动下行，但公司保持投资定力，聚焦高 能级城市的优质资产精准投资，2023年新增总购地金额1440亿元，对应货值2640亿 目标价 18.80港元 元，其中北上广深占比均超过60%，一线 ...