Investment Rating - The report maintains a "Buy" rating for Tesla with a target price of US$280.86, indicating an upside potential of approximately 28% from the current price of US$219.16 [1][8]. Core Insights - Tesla officially launched its Robotaxi products, including the Cybercab and Robovan models, which are expected to be a commercial turning point for the Robotaxi business [1][6]. - The Cybercab is projected to start mass production in 2026 at a cost not exceeding US$30,000, while the Robovan is designed to accommodate up to 20 passengers or be used for cargo transport [1][6]. - The report slightly adjusts the 2024 delivery forecast to 1,788,656 units, leading to an increase in revenue projections to US$102.02 billion [6][7]. Financial Projections - Revenue for 2024 is estimated at US$102,019 million, reflecting a 3% increase from previous estimates [7]. - The Non-GAAP net profit for 2024 is projected at US$8,392 million, with an EPS of US$2.63 [7][8]. - The report maintains the 2025 and 2026 earnings forecasts unchanged, with EPS estimates of US$3.41 and US$4.56 respectively [7][8]. Valuation - The valuation for Tesla's automotive business is maintained at a P/E ratio of 90, while the energy business is valued at a P/S ratio of 10, leading to the updated target price of US$280.86 [8][9]. - The total valuation for Tesla is calculated at US$891,301 million, with a per-share target price derived from the total valuation divided by the total shares outstanding [9][10]. Market Performance - Tesla's stock has shown a significant price range over the past year, with a 52-week high of US$271.00 and a low of US$138.80 [1]. - The average daily trading volume is reported at US$18,708 million, indicating strong market activity [1].

2024 年 10 月 16 日 证券研究报告 / 行业更新报告 医药 超配 中性 低配 医药月报（九月）：各地相继新增辅助生殖项目至医保报 销范围；跨省结算门诊慢特病新增 5 种 • 统计时间段内，申万医药 A/H 指数均涨幅明显，我们认为受益于市场情绪好转，医药 作为超跌板块反弹迅猛。 • 各地相继将辅助生殖类项目纳入医保报销范围，利好辅助生殖产业链。 • 我们预计 2024 年行业业绩增长有望超过 10%并将推动估值修复。 根据万得数据，统计时间段内（2024/9/1-2024/9/30）申万医药 A 股共有 457 家公司上 涨，按照子行业来看，涨幅数量前三的为化学制剂 109 家，中药 72 家， 医疗耗材 43 家。 申万医药 H 股共有 84 家公司上涨，按照子行业来看，涨幅数量前三的为其他生物制品 22 家，化学制剂 13 家，医疗耗材 10 家。 本月重点新闻政策： 1）四川省医保局、山西省医保局、湖南省医保局、云南省医保局、广东省医保局等于最近 陆续发文，新增辅助生殖类医疗服务价格项目至基本医疗保险基金支付范围。我们认为， 从去年以来，各地相继将辅助生殖类项目纳入医保报销范围，利好辅助生殖 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of HK$520.00, up from the previous target of HK$480.00 [1][12]. Core Insights - The report highlights improved visibility in gaming growth driven by titles such as "Dungeon & Fighter Mobile" and "Evergreen Games," alongside stable external operating environments for other business segments [1]. - The forecast for Tencent's online gaming revenue growth is set at 13% and 9% year-on-year for Q3 and Q4 of 2024, respectively, with an overall revenue growth expected to accelerate to 12% year-on-year [1][9]. - The report anticipates a 9.5% year-on-year increase in domestic mobile game revenue for 2024, reaching RMB 131.85 billion [7]. Summary by Sections Investment Rating - Rating: Buy - Target Price: HK$520.00, reflecting a 20% upside from the current price of HK$434.20 [1]. Financial Projections - 2024E Revenue: RMB 658.95 billion, with a 0% change from previous estimates [9]. - 2024E EPS: RMB 22.57, down 2% from prior estimates [9]. - 2025E EPS: RMB 24.70, up 4% from prior estimates [9]. Gaming Segment - Domestic mobile game revenue is projected to grow to RMB 131.85 billion in 2024, with a year-on-year growth of 9.5% [7]. - The report expects "Dungeon & Fighter Mobile" and "Evergreen Games" to contribute significantly to revenue growth [1]. Advertising and Financial Services - Q3 2024 advertising revenue is forecasted to grow by 15% year-on-year, with social advertising expected to increase by 16% [1]. - Financial technology and enterprise services are projected to see revenue growth of 1.5% and 11% year-on-year, respectively [1]. Valuation - The SOTP valuation breakdown includes: - Online gaming segment valued at HK$1.6 trillion based on 18x 2025 P/E [12]. - Social value-added services estimated at HK$253 billion based on 15x 2025 P/E [12]. - Financial technology segment valued at HK$991 billion based on 5x 2025 P/S [12].

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HK$108.40, representing a 4% increase from the previous target price of HK$104.20 [1]. Core Views - Anta Sports' performance in Q3 2024 was below expectations, particularly for the FILA brand, while Descente and KOLON continued to show strong growth [1]. - The company is expected to achieve its annual guidance, with a projected revenue growth of 12.4% year-on-year for 2024 [1]. - The report highlights challenges for FILA in meeting its annual targets, with anticipated revenue growth between 4.6% and 5.2% for the year [1][2]. Financial Summary - Revenue for 2024 is projected at RMB 70,096 million, with a slight downward adjustment of 0.9% from previous estimates [2]. - Gross profit margin is expected to remain stable at 63.2% across the forecast period [2]. - Net profit for 2024 is forecasted at RMB 14,122 million, reflecting a decrease of 1.5% from earlier projections [2]. - Earnings per share (EPS) for 2024 is estimated at RMB 4.99, down 1% from previous estimates [1][2]. Market Performance - The current stock price is HK$91.40, with an upside potential of 19% to the target price [1]. - The market capitalization of Anta Sports is approximately US$33.273 billion [1]. - The report indicates that the company's stock is trading at a P/E ratio of 16.7 for 2024, which is competitive compared to peers [3].

Investment Rating - The report maintains a "Buy" rating for JS Global Life with a target price of HK$1.88, representing a potential upside of 25% from the current price of HK$1.50 [1][2][5]. Core Insights - The report highlights that JS Global's revenue is expected to grow by 21.4% year-on-year in 2024, while the net profit attributable to shareholders is projected to decline by 50% [4][5]. - The domestic kitchen small appliance market is maturing, leading to short-term pressure on the Joyoung segment, but the Asia-Pacific market shows significant growth potential [4][5]. - The report emphasizes the successful expansion of SN's product offerings in the Asia-Pacific region, which has led to a substantial revenue increase of approximately 153% in the first half of 2024 [4][5]. Revenue and Profit Forecast - Revenue projections for JS Global are adjusted to reflect a 6.8% increase for 2024 and 2025, with expected revenues of US$1.735 billion and US$1.911 billion respectively [5][7]. - The net profit forecast for 2024 is revised down to US$66 million, a 50% decrease, with a subsequent recovery expected in 2025 to US$84 million [5][6][7]. - The report introduces a 2026 forecast, estimating revenue of US$2.104 billion and net profit of US$105 million [6][7]. Market Dynamics - The report notes that the competitive landscape in the domestic kitchen small appliance market is intensifying, with a shift from price competition to a decline in both volume and price [4][5]. - SN's strategy of multi-category, multi-brand, and multi-channel development in the Asia-Pacific region is expected to replicate the success seen in Western markets, with a projected revenue growth of 75% in 2024 for this segment [4][5]. Valuation Metrics - The report sets a new target price based on a 10x P/E ratio for 2025, reflecting an increase of 19% from the previous target price [5][6]. - The expected earnings per share (EPS) for 2024 is revised down to US$0.02, with a gradual increase to US$0.03 by 2026 [5][6][7].

Investment Rating - The report maintains a "Buy" rating for Jiuyang Co., Ltd. with a target price of RMB 11.00, representing a potential upside of 19% from the current price of RMB 9.24 [1][4][5]. Core Insights - Jiuyang is facing a phase of developmental bottlenecks, testing its multi-category expansion capabilities as the domestic small kitchen appliance market matures. The expected revenue growth for 2024 is projected at 2.9% year-on-year, reaching RMB 9.9 billion [1][4][5]. - The report highlights that while the short-term profit margins are under pressure, the company is expected to maintain a net profit margin of 4.0% for 2024, with a slight increase in net profit by 1.6% to RMB 400 million [4][5]. Summary by Sections Revenue and Profit Forecast - Revenue for 2024 is expected to be RMB 9,896 million, with a growth of 2.9% year-on-year. The projections for 2025 and 2026 are RMB 10,378 million and RMB 10,879 million, respectively, indicating growth rates of 4.9% and 4.8% [6][9]. - The report anticipates a decline in net profit for 2024 to RMB 395 million, a decrease of 39.3% from previous estimates, with subsequent years showing recovery to RMB 447 million in 2025 and RMB 508 million in 2026 [5][6][9]. Market Conditions - The small kitchen appliance market is entering a mature phase, with online and offline retail sales declining by 5% and 12% respectively in the first half of 2024. This has led to intensified competition and a shift from volume growth to price declines [4][5]. - Jiuyang is adapting to the K-shaped consumption trend by innovating flagship products and expanding its price range to cater to different consumer segments, which is expected to stabilize domestic sales in the second half of 2024 [4][5]. Valuation Metrics - The report adjusts the target price down by 35% to RMB 11.00, corresponding to a P/E ratio of 19 times for 2025. The current valuation reflects a significant discount compared to peers, with Jiuyang's P/E for 2024 estimated at 17.9 times [5][8].

Investment Rating - The report assigns an "Overweight" rating to the semiconductor industry [2]. Core Insights - The report emphasizes the importance of establishing industry standards and unifying model parameter specifications for the healthy development of the EDA industry [3]. - There is a noticeable integration of DTCO systems with both manufacturing and design processes, enhancing collaboration [3]. - Key updates from the IDAS Design Automation Industry Summit include a stronger focus on early-stage design planning, challenges posed by Chiplet technology, and the blurring lines between chip testing and packaging [3]. Summary by Sections Chip Design - Increased emphasis on early-stage design layout and the establishment of packaging design standards and chip library models [3]. Chiplet & Packaging - Challenges from Chiplet technology include thermal effects and electromagnetic interference, necessitating improvements in EDA tools for electromagnetic and thermal simulation [3]. Chip Testing - Leading domestic manufacturers believe that the boundaries between chip testing and packaging are becoming increasingly blurred, indicating a trend towards enhanced collaboration among testing machines, probes, and sorting machines [3]. Chip Manufacturing - Smart chip manufacturing encompasses the "tape-out, testing, and virtual manufacturing" stages, with AI models expected to reduce process time and costs [3]. - Intelligent EDA tools are deeply integrated with manufacturing processes, and DTCO collaboration is effectively applied in HBM and AI chips [3].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of US$19.71, indicating a potential upside of 66% from the current price of US$11.91 [1][4]. Core Insights - The company is positioned as a key beneficiary in the rapidly developing low-altitude economy, particularly with the commercialization of eVTOL (Electric Vertical Takeoff and Landing) aircraft. The EH216-S model has received all necessary certifications, marking a significant milestone for commercial operations [3][11]. - The report forecasts strong sales growth for the EH216-S, with projected deliveries of 190, 400, and 700 units from 2024 to 2026, respectively, leading to a compound annual growth rate (CAGR) of 138% [2][13]. - Financial projections indicate substantial revenue growth, with total revenues expected to reach RMB 4.38 billion, RMB 9.04 billion, and RMB 15.67 billion for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 272.6%, 106.5%, and 73.4% [6][13]. Summary by Sections Investment Overview - The report highlights the acceleration of eVTOL commercialization as a turning point for the low-altitude economy, with the company being a leading player in this sector. The EH216-S has become the first eVTOL to receive the necessary certifications for commercial operation [11][14]. Product Strength and Market Demand - The EH216-S is noted for its competitive advantages, including a compact design, cost-effective operation due to its unmanned nature, and strong market demand, with over 1,100 orders already secured [12][34]. - The report emphasizes the expected demand for eVTOLs in various applications, particularly in tourism and urban air mobility, with a long-term forecast suggesting a domestic demand exceeding 100,000 units [18][21]. Financial Analysis - The financial outlook includes a narrowing of net losses, with projections of RMB 2.03 billion and RMB 1.26 billion for 2024 and 2025, respectively, and a return to profitability with a net profit of RMB 1.42 billion by 2026 [6][13]. - The valuation is based on a price-to-sales (P/S) ratio of 10 times the 2025 forecast, leading to the target price of US$19.71 [4][13]. Government Support and Market Environment - The report notes significant government support for the low-altitude economy, which is expected to create a favorable environment for the company's growth and the broader eVTOL market [23][24]. - The EH216-S's early certification provides a competitive edge, as it is currently the only eVTOL capable of commercial operation, while competitors are still in the certification process [25][27].

2024 年 9 月 20 日 证券研究报告 / 行业更新报告 汽车汽配 超配 中性 8 月新能源汽车渗透率继续增长至 53.5%，"金九银十"将进 一步促进整体车市销量提升 • 8 月新能源汽车销量同环比增长 43.4%/17.0%，渗透率环比增长 2.8 个百分点。 • 8 月动力电池销量和装机量环比增长 10.0%/13.5%，储能电池销量同环比持续增长。 • 预计 9 月乘用车及新能源汽车补贴将持续发力，金九银十将进一步促进整体车市销量 提升。 8 月新能源汽车销量同比增长。根据乘联会数据，8 月狭义乘用车零售销量实现 192.1 万 辆，同环比增长 0.1%/1.8%；批发销量实现 216.9 万辆，同比下降 3.0%，环比增长 3.1%。当月新能源车零售销量达 102.7 万辆，同环比增长 43.4%/17.0%，8 月渗透率为 53.5%（7 月渗透率为 50.7%）。插电混动车型（PHEV）前 8 月累计销量 252.1 万辆，同 比增长 75.7%，增幅明显超过纯电车型（BEV）的 15.7%。我们认为 8 月新能源车销量较 快增长的原因主要系以旧换新政策持续激发新能源车市场消费热情。1-8 ...

s 股票名称 代码 评级 目标价 立讯精密 002475 CH 买入 RMB46.43 韦尔股份 603501 CH 买入 RMB131.00 舜宇光学 2382 HK 买入 HK$64.00 评级与目标价格摘要 立讯精密 (002475 CH) 现值 原值 变动 评级 买入 买入 N/A 目标价 (RMB) 46.43 42.70 9% 韦尔股份 (603501 CH) 现值 原值 变动 评级 买入 买入 N/A 目标价 (RMB) 131.00 120.00 9% 舜宇光学 (2382 HK) 现值 原值 变动 评级 买入 持有 ↑ 目标价 (HK$) 64.00 62.00 3% 研究团队 王国晗, 分析师 证书编号：S1680524080001 电话：+86 21 6015 6827 电邮地址：ghwang@huaxingsec.com 2024 年 9 月 19 日 证券研究报告 / 行业更新报告 科技硬件 重点关注新 iPhone 相机控制功能及 AI 相关规格升级；上调 舜宇光学至买入评级 • 随 iPhone 16 发布的相机控制功能及用户 AI 体验提升超出预期。 • 我们认为三折叠屏幕是华 ...