Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [1]. Core Insights - Tencent has launched the "Lightning War" plan in February 2025, integrating the DeepSeek-R1 model into over ten core products, enhancing search, office, and customer service capabilities [3][4]. - The restructuring of Tencent's AI products into the Cloud and Smart Industry Group (CSIG) aims to leverage B-end technology capabilities with C-end product scenarios, enhancing competitive differentiation in the AI market [4]. - Prosus has reduced its stake in Tencent to 23.89% as of February 21, 2025, and plans to continue reducing its holdings, which may impact Tencent's stock performance [5]. - The game "Peacekeeper Elite" has integrated DeepSeek technology, allowing players to interact with a digital spokesperson for real-time tactical guidance, marking a significant application of AI in gaming [6]. Summary by Sections Company Overview - Tencent's current stock price is 497 HKD, with a market capitalization of 4.56 trillion HKD and a total share capital of 9.179 billion [2]. AI Integration - Tencent's AI capabilities are being integrated into various products, including WeChat and QQ Browser, with features like intelligent assistants and enhanced search functionalities [3][4]. Shareholding Changes - Prosus has reduced its holdings in Tencent, which may lead to a decrease in stock price, but Tencent's stock buyback plans and AI business growth could mitigate this impact [5]. Gaming Sector - The integration of DeepSeek technology into "Peacekeeper Elite" represents a significant advancement in AI application within the gaming industry, enhancing user interaction and experience [6].

Investment Rating - The report does not explicitly state an investment rating for Tesla (TSLA) [2]. Core Insights - Tesla is focusing on internal development for its autonomous taxi platform, as indicated by Uber's CEO, who mentioned that Tesla is not interested in utilizing the Uber platform for this purpose [3]. - The Shanghai factory has officially started mass production of the new Model Y, with the first deliveries expected to begin at the end of February, ahead of the previously scheduled March timeline [4]. - Tesla is making progress in entering the Indian market, with plans to start sales in major cities by Q3 2025, following discussions between Elon Musk and Indian Prime Minister Narendra Modi [5]. - WattEV has announced an agreement to purchase 40 Tesla Semi trucks by 2026, highlighting the demand for electric heavy-duty trucks [6]. - The Netherlands is set to build its largest battery storage facility powered by Tesla's Megapack, with a capacity of 1.4 GWh, expected to be operational by 2027 [9]. Summary by Sections Electric Vehicles - Tesla's Shanghai factory has begun production of the new Model Y, with the first deliveries now scheduled for late February [4]. - Tesla is advancing its entry into the Indian market, planning to sell vehicles in major cities by Q3 2025 [5]. - Tesla's domestic insurance data shows approximately 7,450 vehicles insured from February 10 to February 16, 2025, marking a 57% quarter-over-quarter decline but a 187% year-over-year increase [10]. Market Developments - Uber's CEO stated that Tesla prefers to develop its autonomous taxi platform internally rather than collaborating with Uber [3]. - WattEV has committed to purchasing 40 Tesla Semi trucks, with the first two expected to be deployed in 2025 [6]. - The Netherlands is constructing a significant battery storage facility utilizing Tesla's Megapack technology, with a total capacity of 1.4 GWh [9].

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - Tesla is focusing on internal development for its autonomous taxi platform, as indicated by Uber's CEO, who noted that Tesla's approach has significant economic implications [3]. - Tesla's Shanghai factory has officially started mass production of the new Model Y, with the first deliveries expected to begin at the end of February 2025, ahead of the original schedule [4]. - Tesla is making progress in entering the Indian market, with plans to start sales in major cities by Q3 2025, following discussions between Elon Musk and Indian Prime Minister Narendra Modi [5]. - WattEV has announced an agreement to purchase 40 Tesla Semi trucks by 2026, highlighting the vehicle's efficiency and suitability for heavy-duty electric freight [6]. - The Netherlands is set to build its largest battery storage facility using Tesla's Megapack technology, with a capacity of 1.4 GWh, expected to be operational by 2027 [9]. - Tesla's domestic insurance registrations for the week of February 10-16, 2025, were approximately 7,450 vehicles, showing a year-over-year increase of about 187% [10]. Summary by Sections Electric Vehicles - Tesla's Shanghai factory has begun production of the new Model Y, with first deliveries now scheduled for late February 2025 [4]. - Tesla is advancing its entry into the Indian market, planning to sell vehicles in major cities by Q3 2025 [5]. - WattEV has committed to purchasing 40 Tesla Semi trucks, emphasizing their market-leading range and efficiency [6]. Battery Storage - The Netherlands will construct its largest battery storage facility using Tesla's Megapack, with a capacity of 1.4 GWh, expected to be operational by 2027 [9]. Delivery Data - Tesla's domestic insurance registrations for the week of February 10-16, 2025, were approximately 7,450 vehicles, reflecting a year-over-year increase of about 187% [10].

Investment Rating - The report assigns a positive outlook on Block, Inc. with expectations of growth acceleration despite existing challenges [2][10]. Core Insights - Block, Inc. reported a total gross profit of $2.31 billion for Q4 2024, reflecting a year-over-year increase of 14%, with adjusted EBITDA rising by 35% to $757 million, driven by cost control and operational leverage [4]. - The company aims for a 15% gross profit growth for the full year, with confidence in new product launches and marketing investments in the second half of 2025 [4]. - Square's gross payment volume (GPV) grew by 10% year-over-year to $59 billion, with international business showing a robust 24% growth [5]. - Cash App's monthly active users (MAU) remained stable at 57 million, with a notable increase in high-value users and a 10% year-over-year rise in average revenue per user (ARPU) to $76 [5]. Summary by Sections Financial Performance - For Q4 2024, Block's total gross profit reached $2.31 billion, up 14% year-over-year, while adjusted EBITDA was $757 million, marking a 35% increase [4]. - The company projects a gross profit growth of 15% for 2025, with management expressing confidence in achieving this target [4]. Business Segments - Square's gross profit increased by 12% to $924 million, while Cash App's gross profit rose by 16% to $1.38 billion [4]. - Square's GPV for Q4 2024 was $59 billion, with international operations growing at 24% [5]. Growth Catalysts - Block has initiated its Bitcoin mining business, with plans for mass production of its mining machines by the end of 2025, targeting a 5% market share in North America [6]. - The company plans to enhance the integration between merchants and Cash App, offering cashback incentives and targeted promotions [7]. - The adjusted operating profit target for 2025 is set at $2.1 billion, reflecting a 31% year-over-year increase, supported by AI-driven risk control systems [8].

Investment Rating - The report assigns a positive investment rating to the company, highlighting its potential to benefit from the AI-driven hardware boom and the increasing demand for customized chips [5][18]. Core Insights - The company, Aojie Technology, is positioned to capitalize on the new wave of hardware prosperity driven by AI applications, particularly in the semiconductor industry [3][5]. - The company has established a comprehensive product matrix covering cellular communication chips from 2G to 5G, non-cellular communication chips, and high-performance SoC chips, which are expected to penetrate various industries as AI applications proliferate [7][12]. Company Overview - Aojie Technology specializes in wireless communication chips, mobile SoC chips, and customized ASIC chip services, with a market capitalization of 35.17 billion RMB and a stock price of 84.08 RMB [4]. - The company has a strong focus on R&D and technological innovation in wireless communication chips, with products widely used in consumer electronics and IoT markets [4][12]. Product Development - The company has completed the full layout of cellular baseband chips, smartphone SoC chips, and non-cellular communication chips, positioning itself to benefit from the upcoming boom in AI applications [5][7]. - The company’s Cat.1 series products have achieved a global market share of 1 in the Cat.1 category in 2023, showcasing its competitive edge in the market [13]. Financial Performance - The company’s revenue is projected to grow from 2,140 million RMB in 2022 to 6,031 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 35% [23]. - Despite reporting a net loss in recent years, the company is expected to turn profitable by 2026, with a projected net profit of 109 million RMB [23]. Market Trends - The demand for customized chips is expected to surge as AI applications become more prevalent, with major tech companies increasingly adopting ASIC chips to meet their AI computing needs [20][21]. - The report notes that the data center custom chip market is anticipated to grow from 6.6 billion USD in 2023 to 42.9 billion USD by 2028, indicating a significant opportunity for the company [21].

Investment Rating - The report assigns a positive outlook on Block, Inc. with expectations of growth acceleration despite existing challenges [2][10]. Core Insights - Block, Inc. reported a total gross profit of $2.31 billion for Q4 2024, reflecting a year-over-year increase of 14%, with adjusted EBITDA rising by 35% to $757 million, driven by cost control and operational leverage [4]. - The company aims for a 15% gross profit growth for the full year, with confidence in new product launches and marketing investments in the second half of 2025 [4]. - Square's gross payment volume (GPV) grew by 10% year-over-year to $59 billion, with international business showing a robust 24% growth [5]. - Cash App's monthly active users (MAU) remained stable at 57 million, with a notable increase in high-value users and a 10% year-over-year rise in average revenue per user (ARPU) to $76 [5]. Summary by Sections Financial Performance - For Q4 2024, Block's total gross profit reached $2.31 billion, up 14% year-over-year, while adjusted EBITDA was $757 million, marking a 35% increase [4]. - The company projects a gross profit growth of 15% for 2025, with management expressing confidence in achieving this target [4]. Business Segments - Square's gross profit increased by 12% to $924 million, while Cash App's gross profit rose by 16% to $1.38 billion [4]. - Square's GPV for Q4 2024 was $59 billion, with international operations growing at 24% [5]. Growth Catalysts - Block has initiated its Bitcoin mining business, with plans for mass production of its mining machines by the end of 2025, targeting a 5% market share in North America [6]. - The company plans to enhance the integration between merchants and Cash App, offering cashback incentives and targeted promotions [7]. - The adjusted operating profit target for 2025 is set at $2.1 billion, reflecting a 31% year-over-year increase, supported by AI-driven risk control systems [8].

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Viewpoints - The company, Aojie Technology, is positioned to benefit from the new wave of hardware prosperity driven by AI applications, particularly in the chip business [5][19]. - The company has established a comprehensive product matrix covering cellular communication chips (2G to 5G), non-cellular communication chips, and high-performance SoC chips, which are expected to penetrate various industries alongside the growth of AI applications [7][12]. Company Overview - Aojie Technology operates in the semiconductor industry, focusing on wireless communication chips, mobile SoC chips, and customized ASIC chip services [4]. - The company has a market capitalization of 35.17 billion RMB and a stock price of 84.08 RMB, with a 52-week high of 86.8 RMB and a low of 28.7 RMB [4]. Product and Technology Development - The company has completed the layout of cellular baseband chips, smartphone SoC chips, and non-cellular communication chips, positioning itself to benefit from the AI-driven demand for customized chips [5][12]. - The company’s cellular baseband technology is its core competency, covering all mainstream standards from 2G to 5G, and it has achieved a global market share of 1st place in the Cat.1 category in 2023 [13]. Financial Performance and Projections - The company reported revenues of 2,140 million RMB in 2022, with projections of 2,600 million RMB for 2023, 3,450 million RMB for 2024, and 4,469 million RMB for 2025, reflecting a compound annual growth rate [23]. - The net profit is projected to improve from a loss of 619 million RMB in 2023 to a profit of 109 million RMB by 2026 [23]. Shareholder Structure - The largest shareholder is Alibaba, holding 15.43% of the company, while the founder and chairman, Dai Baojia, controls a total of 21.93% of the shares through various platforms [8][11].

Investment Rating - The report does not provide a specific investment rating for Lenovo Group (992) [3]. Core Insights - Lenovo Group's three main business segments continue to show growth momentum, leading to improved profitability [3]. - Overall revenue reached 18.8 billion USD, with year-on-year and quarter-on-quarter growth of 20% and 5% respectively, while net profit was 6.9 billion USD, reflecting a significant year-on-year increase of 106% [5][6]. Summary by Relevant Sections Intelligent Devices Group (IDG) - IDG revenue was 13.8 billion USD, with year-on-year and quarter-on-quarter growth of 12% and 2% respectively, maintaining an operating profit margin of 7.3% [6]. - PC revenue grew by 10% year-on-year, driven by demand for Windows 11 upgrades and increased AIPC penetration, achieving a global market share of 24.3% [6]. - Smartphone revenue increased by 21%, with Motorola's market share rising for six consecutive quarters, reaching its highest level in five years [6]. Infrastructure Solutions Group (ISG) - ISG revenue surged to 3.9 billion USD, with year-on-year and quarter-on-quarter growth of 59% and 19% respectively, marking a profitability turning point [9]. - Cloud infrastructure revenue grew by 94%, driven by increased spending from major Chinese internet companies [9]. - The company aims to leverage its experience with large CSP clients to expand into the SME market, enhancing sustainable profit growth [9]. Solutions and Services Group (SSG) - SSG revenue reached a record high of 2.3 billion USD, with year-on-year and quarter-on-quarter growth of 12% and 4% respectively, maintaining a 20% operating profit margin [14]. - The main revenue drivers were operations services and project solutions, with respective year-on-year growth of 23% and 20% [14]. - The company is expanding its AI solutions and services, targeting significant market share in the growing AI service sector [14]. Financial Performance - The report outlines quarterly performance, with total revenue for FY24/25 Q3 at 18.8 billion USD, reflecting a 20% year-on-year increase [18]. - The gross profit for the same quarter was 2.96 billion USD, with a year-on-year growth of 14% [18]. - Shareholder net profit for FY24/25 Q3 was 693 million USD, showing a remarkable year-on-year increase of 106% [18].

Investment Rating - The report does not provide a specific investment rating for Lenovo Group (992) [3]. Core Insights - Lenovo Group's three main business segments continue to show growth momentum, leading to improved profitability [3]. - Overall revenue reached 18.8 billion USD, with year-on-year and quarter-on-quarter growth of 20% and 5% respectively, while net profit was 6.9 billion USD, reflecting a significant year-on-year increase of 106% [5][6]. Summary by Business Segment Intelligent Devices Group (IDG) - Revenue for IDG was 13.8 billion USD, with year-on-year and quarter-on-quarter growth of 12% and 2% respectively, maintaining an operating profit margin of 7.3% [6]. - The PC business saw a 10% year-on-year revenue increase, driven by demand for Windows 11 upgrades and increased AIPC penetration, achieving a global market share of 24.3% [6]. - Smartphone revenue grew by 21%, with Motorola's market share increasing for six consecutive quarters, reaching its highest level in five years [6]. Infrastructure Solutions Group (ISG) - ISG revenue was 3.9 billion USD, showing substantial year-on-year growth of 59% and quarter-on-quarter growth of 19%, marking the first break-even point in seven quarters [9]. - Cloud infrastructure revenue surged by 94%, driven by increased spending from major cloud service providers [9]. - The company aims to leverage its experience with large CSP clients to expand into the SME market, enhancing profitability [9]. Solutions and Services Group (SSG) - SSG revenue reached a record high of 2.3 billion USD, with year-on-year and quarter-on-quarter growth of 12% and 4% respectively, maintaining an operating profit margin of 20% [14]. - The main revenue drivers were operations services and project solutions, with respective year-on-year growth of 23% and 20% [14]. - The demand for hybrid AI solutions is growing faster than the IT services market, with the company expanding its customer base through benchmark projects [14].

公司评论 第一上海研究部 research@firstshanghai.com.hk 2025 年 2 月 19 日星期三 【公司评论】 李京霖 852-25321957 Jinglin.li@firstshanghai.com.hk 行业 机器人 Meta 布局机器人领域与人形机器人计划 Meta:今年财报披露 600 亿美金整体性布局，其中包含机器人领域基金，虽公开信息不 多，但有评论认为其定位是做机身领域安卓系统，在软件系统和生态场景布局值得关 注。Meta 正在其 Reality Labs 硬件部门内成立新团队，专注于 AI 人形机器人研发，计 划在今年招聘约 100 名工程师。Meta 人形机器人初期将聚焦于能够执行家庭日常任务 的智能机器人。在先后进军增强现实（AR）和人工智能（AI）领域后，Meta 更大的野 心是为机器人制造底层人工智能、传感器和软件，以供其他公司制造和销售。Meta 已 开始与包括 Figure AI 在内的机器人公司讨论其计划。 谷歌参投人形机器人企业 Apptronik 及合作动态 谷歌参投人形机器人企业 Apptronik 25 亿元 A 轮融资；在卖掉波士顿动力后，G ...