Investment Rating - The investment rating for XPeng Motors (09868) is to "continue to pay attention" [5]. Core Views - XPeng Motors delivered 22,821 vehicles in Q1 2024, a year-on-year increase of 19.7%. Revenue reached 6.55 billion yuan, up 62.3% year-on-year, with a net loss of 1.37 billion yuan, narrowing the loss compared to the previous year [1][2]. - The X9 model led the delivery figures, contributing significantly to revenue growth, driven by high-value models and accelerated collaboration with Volkswagen [2]. - Gross margin doubled sequentially to 12.9%, with automotive sales and service margins improving significantly, attributed to economies of scale and high-margin partnerships [3]. - The company is accelerating its global strategy, expanding into markets like Germany, France, Thailand, and Singapore, and deepening its collaboration with Volkswagen [4]. Financial Data and Valuation - Revenue projections for 2024, 2025, and 2026 are 50.6 billion yuan, 98.1 billion yuan, and 109.3 billion yuan, respectively, with year-on-year growth rates of 65%, 94%, and 11% [5][6]. - The expected net profit for 2024 is a loss of 5.7 billion yuan, improving to a profit of 2.9 billion yuan by 2026 [5][6]. - The company plans to invest 3.5 billion yuan in smart research and development in 2024, aiming to accelerate AI applications [3].

根据证券期货投资者适当性管理办法本次电话会议仅服务于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经国联证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利 好的各位投资者大家晚上好那个欢迎参加我们本期的呃周六刚获苏联栏目我是国联策略邓雨霖呃那么这期的这个栏目呃其实是延续我们呃上一期啊就是关于那个财报分析的其实是一个专题的第二部分那么在我们这次的财报专题里面的话呢上一期我们是聊了一些关于外需的问题 就主要是我们这次去统计了一下全球所有的商业公司大概一共有五六万家然后我们去拉了一下他的一个三档表的一些状态包括从他的一些CAPEX包括他的现金流收入等等这些维度我们在上一期跟大家交流一下就是我们如何去判断未来哪些外需可能会比较延续我们从海外的情况去看一看那么这是上一期部分的内容那么接着到这期我们把这个焦点聚焦到内需层面 我们这期的话主要是想去寻找一下就是说那么有没有哪些大家 ...

根据证券期货投资者适当性管理办法本次电话会议仅服务于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任 未经国联证券事先书面许可任何机构或个人不得以任何形式复制、刊载、转载、转发、引用本次会议内容否则,由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利 大家下午好我是国联时评的刘瑾瑜欢迎大家参加我们的这个国联时评的周周谈我们之后每周五的下午都会利用接近下班的这个时间点给大家汇报一下我们最新的一个观点或者是近一周的就是板块的一个热点的情况那今天我给大家带来的主题是怎么去看待大众品板块的这个量价的一个情况其实主要是因为就是最近康舒服底价这个事引发的一个讨论啊 所以我们今天大概主要分成两个部分吧就是我这边主要汇报一下大众品的量价那最后五分钟的时间让我们的纪雷给大家详细汇报一下就是最近的这个康师傅提价这个事儿那首先大众品量价这边就是我先说结论吧就是从23年到现在大众品这边确实是 没有价格逻辑好一点的是有料没价那不好一点的就是可能量这边其实也是有比较大的一个压力那我们 ...

证券研究报告 公 2024年05月24日 司 报 告 小鹏汽车-W(09868) │ 行 业： 汽车/乘用车 港 投资评级： 股 2024 年第一季度点评： 当前价格： 31.80港元 - 公 大众合作贡献收入，利润率水平显著提升 目标价格： 司 事件： 季 基本数据 报 2024年5月21日，小鹏汽车公布第一季度财务数据。2024年第一季度， 点 总股本/流通股本(百万股) 1,889.48/1,889.48 评 小鹏汽车共交付2.2万辆，同比增长19.7%。2024年一季度实现营收65.5 流通市值(百万港元) 60,085.51 亿元，同比提升62.3%，净利润为-13.7亿元，亏损同比缩窄。 每股净资产(元) 20.51 ➢ X9引领交付数据，大众贡献收入增长亮眼 资产负债率(%) 56.04 2024年第一季度，小鹏汽车共交付新车21821台，同比增长19.7%。X9贡 一年内最高/最低(港元) 96.30/25.70 献主要车型的销量。X9/G6/G9/P7（含P7i）分别交付0.79/0.50/0.36/0.42 万辆，高价值量车型带动营收的快速提升，2024年一季度实现营收65.5亿 股价相对 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the leading human resources service company, Beijing Human Resources [5]. Core Insights - The human resources service sector is currently attractive due to low valuations after a period of adjustment from high expectations and valuations [1][9]. - Recruitment demand is showing a year-on-year recovery trend, with significant increases in the number of new recruitment companies and job postings compared to previous years [2][13]. - The overseas human resources service market is expected to grow significantly as Chinese companies continue to expand internationally, with a projected increase in overseas employees [3][20]. Summary by Sections 1. Human Resources Services: Recruitment Demand Recovery - The sector's stock prices have adjusted to reflect lower valuations after high expectations for macroeconomic recovery [1][9]. - As of May 19, 2024, the number of new recruitment companies reached 44,584, representing 171% of the levels seen in 2023 [2][13]. - Average annual salary for recruitment stands at 148,200 RMB, which is 99% of the level in 2023 [2][13]. 2. Company Comparison: Resilience of Two State-Owned Enterprises - Beijing Human Resources and Foreign Service Holdings derive stable revenue from outsourcing and traditional payroll services, showing strong operational resilience [4][22]. - The revenue contribution from outsourcing for Beijing Human Resources and Foreign Service Holdings is 83% and 77%, respectively, with significant growth rates [22][25]. - Beijing Human Resources has a competitive advantage with major clients like Huawei, which contributes significantly to its overseas business growth potential [4][33]. 3. Investment Recommendations: Focus on High-Dividend Leaders - Beijing Human Resources is highlighted for its strong management attributes in outsourcing, making it more resilient and stable in performance [5][35]. - The company is committed to returning at least 50% of its distributable profits to shareholders, primarily through cash dividends [5][35].

经济证券期货投资者适当性管理办法本次电话会议仅服务于国联证券研究所白名单客户本次会议在任何情形下都不构成对会议参加者的投资建议相关人员应自主作出投资决策并自行承担投资风险国联证券不对任何人因使用会议内容而引致的任何损失承担任何责任 为经国联证券事先书面许可任何机构或个人不得以任何形式复制刊载转载转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利好谢谢大家晚上好我是国联科技团队通信组的张静本周因为微软还有国内的很多 互联网大厂的大模型啊做了一些产品和商务策略什么的更新然后昨天晚上呢英伟达又发了业绩报但今天我们看整个通信关东西的核心标的呢没有一定层面的回调所以我们在今天这个节点啊去记得响应上关切然后由我和我们传媒组的俞沪老师给大家分享一下以上两个板块的内容首先是我们有请我们的传媒组俞沪老师针对近期 美国还有国内散布性产生的一些动作来给大家做一些分析 那各位谢谢张老师那各位投资者朋友晚上好那我是国联传媒互联网研究员玉虎那欢迎大家来到我们今晚的电话会那今天我给大家带来一个这个很A点主要是说最近微软就是发布了一系列产品以及他的以及服务以及国内呢这些大模型一方面技术能力在 ...

Group 1: Central Bank Policies - The central bank has introduced four support measures, including a 300 billion yuan special loan for affordable housing[1] - The minimum down payment ratio for first-time homebuyers has been reduced from 20% to 15%, and for second homes from 30% to 25%[30] - The lower limit on personal housing loan interest rates has been removed, allowing for market-driven rates[11] Group 2: Real Estate Management - The Ministry of Housing and Urban-Rural Development (MHURD) will focus on four areas to ensure housing delivery, including tackling unfinished housing projects and preventing risks of incomplete projects[46] - Local governments are encouraged to purchase unsold inventory for affordable housing, adhering to a "demand-based" principle[28] - The Ministry of Natural Resources is preparing policies to address idle land and promote the utilization of existing land resources[12] Group 3: Financial Support Mechanisms - The Financial Supervision Administration will continue to support financing for ongoing construction projects and ensure their completion[15] - A notification will be released to enhance the urban real estate financing coordination mechanism, ensuring reasonable financing needs are met[34] - Local governments are supported in reclaiming idle land at reasonable prices for affordable housing development[44]

出与本报告中的意见或建议不一致的投资决策。 特别声明 在法律许可的情况下，国联证券可能会持有本报告中提及公司所发行的证券并进行交易，也可能为这些公司提供或争取提供投资银行、财务顾问和金融产品 等各种金融服务。因此，投资者应当考虑到国联证券及/或其相关人员可能存在影响本报告观点客观性的潜在利益冲突，投资者请勿将本报告视为投资或其他 决定的唯一参考依据。 版权声明 未经国联证券事先书面许可，任何机构或个人不得以任何形式翻版、复制、转载、刊登和引用。否则由此造成的一切不良后果及法律责任有私自翻版、复制、 转载、刊登和引用者承担。 | --- | --- | |-------------------------------------------------------------------------|-----------------------------------------------------------------------| | 联系我们 | | | 北京：北京市东城区安定门外大街 208 号中粮置地广场 A 塔 4 楼 | 上海：上海市浦东新区世纪大道 1198 号世纪汇二座 25 楼 | ...

证券研究报告 行 2024年05月23日 业 报 投资建议： 强于大市（维持） 告 传媒 上次建议： 强于大市 │ 行 业 相对大盘走势 微软引领 AI 应用落地，大模型商业化拐点渐行渐近 点 传媒 沪深300 评 30% 研  行业事件： 究 7% 北京时间5月22日凌晨，微软Build 2024开发者大会在美国西雅图召开， 微软将Copilot集成到所有微软产品中，并引入全新的开发者生产力工具。 -17% 同时，近期国内大模型厂商字节、腾讯、阿里、百度等纷纷宣布面向企业 市场的API价格下调，甚至直接宣布免费。 -40% 2023/5 2023/9 2024/1 2024/5  Copilot全新升级，微软产品全面集成 作者 硬件方面，推出性能强大、功能丰富的Copilot+PC。微软引入全新的系统 分析师：丁子然 架构，将CPU、GPU和新的高性能神经处理单元（NPU）结合，同时接入Azure 执业证书编号：S0590523080003 云端语言模型。支持Recall、本地端图像创建与编辑等新功能，还与第三 邮箱：dingzr@glsc.com.cn 方应用合作，利用NPU的强大功能提供全新的创新性 ...

Investment Rating - The investment recommendation for the industry is "Outperform the Market" [5] Core Insights - Nvidia's Q1 FY2025 results exceeded expectations, with revenue reaching $26 billion, a year-over-year increase of 262% and a quarter-over-quarter increase of 18% [1] - The data center segment saw record revenue of $22.563 billion, a year-over-year growth of 427% and a quarter-over-quarter increase of 23%, driven by increased shipments of the Nvidia Hopper GPU computing platform [2] - The networking segment's revenue reached $3.2 billion, a year-over-year increase of 242%, primarily due to the significant rise in InfiniBand end-to-end solutions [3] - Nvidia's Blackwell platform is transitioning cooling technology from air to liquid cooling, which is expected to enhance AI computing capabilities [4] Summary by Sections Industry Events - Nvidia reported Q1 FY2025 results with a revenue of $26 billion and a net profit of $14.88 billion, indicating strong demand for computing power [1] Data Center - The data center revenue reached $22.563 billion, with computing revenue at $19.4 billion, reflecting a substantial increase in GPU shipments [2] Networking - Networking revenue was $3.2 billion, driven by the growth of InfiniBand solutions and new AI-optimized Ethernet network solutions [3] Liquid Cooling - The transition to liquid cooling technology in Nvidia's products is expected to benefit companies involved in liquid-cooled data centers [4] Investment Suggestions - The report suggests focusing on companies in the optical module sector such as Zhongji Xuchuang, Xinyi Technology, and Tianfu Communication, as well as those involved in liquid cooling data centers [5]