Investment Rating - The report assigns a strong investment rating to Duolingo, highlighting its robust financial performance in Q3 2024 [1]. Core Insights - Duolingo's total bookings reached $211 million in Q3 2024, with subscription bookings contributing $176 million and non-subscription bookings at $35.1 million [1]. - Total revenue for the quarter was $193 million, with subscription revenue at $158 million and advertising revenue at $129 million [1]. - The company reported a gross profit of $140 million, maintaining a healthy gross margin of 72.9% [1]. - Adjusted EBITDA was $47.5 million, reflecting a profit margin of 24.7%, indicating strong growth in profitability [1]. User Growth Performance - Daily Active Users (DAU) grew by 54% year-over-year, reaching 37.2 million, showcasing effective user acquisition and retention strategies [1]. - Monthly Active Users (MAU) also saw a significant increase of 36% to 113 million, indicating successful efforts in enhancing user experience and engagement [1]. - The proportion of family plan users increased from 18% to 21%, reflecting growing market interest in this subscription service [1]. International Market Expansion - Duolingo plans to expand into Italy and Turkey after successful operations in Japan, South Korea, and France, employing localized marketing strategies to attract diverse users [1]. Financial Guidance - For the full year, Duolingo expects bookings and revenue to grow by approximately 36% and 40%, respectively [1]. - Q4 bookings are projected to reach $247 million, a 29% year-over-year increase, with revenue expected at $205 million, a 36% increase [1]. - The company anticipates a slight decline in gross margin due to increased costs associated with the expansion of Duolingo Max and its generative AI features [1]. - Adjusted EBITDA margin guidance for 2024 has been raised to 25.5%, up approximately 8 percentage points from 2023, moving towards a long-term target of 30% to 35% [1].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $33.75 / HKD 132.16, indicating an upside potential of 31.80% / 37.60% from the current price [1][2]. Core Insights - The company reported Q3 2024 vehicle sales revenue of RMB 41.32 billion, a year-on-year increase of 22.9% and a quarter-on-quarter increase of 36.3%. Total vehicle deliveries reached 153,000 units, up 45.4% year-on-year. The vehicle gross margin improved to 20.9% [1]. - The net profit for Q3 2024 was RMB 2.81 billion, a slight decrease of 0.3% year-on-year. The new product L6 significantly boosted overall sales, achieving an average monthly sales volume of 25,000 units, increasing the market share in the domestic new energy vehicle segment priced above RMB 200,000 from 14.4% in Q2 2024 to 17.3% in Q3 2024 [1]. - The company plans to enhance L6 production capacity in Q4 2024 and has guided for Q4 deliveries of 160,000 to 170,000 units, with revenue guidance of RMB 43.2 billion to RMB 45.9 billion [1]. Financial Performance - The R&D expense ratio for Q3 2024 was 6%, down 2.1 percentage points year-on-year and 3.5 percentage points quarter-on-quarter. The SG&A expense ratio was 7.8%, up 0.5 percentage points year-on-year but down 1.1 percentage points quarter-on-quarter [1]. - The company has launched a new autonomous driving technology architecture and conducted large-scale testing, with 70% of users opting for the AD max version in over 300,000 delivered vehicles [1]. - The company is preparing for the launch of pure electric models, with 479 retail centers and 436 after-sales service centers across 145 cities, and has established 894 supercharging stations with 4,286 charging piles [1]. Future Projections - The report forecasts vehicle sales of 515,000 units, 718,000 units, and 944,000 units for 2024, 2025, and 2026, respectively, with revenues of RMB 147.5 billion, RMB 191.6 billion, and RMB 221.3 billion. The net profit attributable to the parent company is projected to be RMB 7.84 billion, RMB 12.99 billion, and RMB 16.75 billion for the same years [1].

盈利摘要 股价表现 财务年度截至12月31日 2022历史 2023历史 2024预测 2025预测 2026预测 营业总收入(百万元) 127,554 150,560 173,697 191,815 211,229 变动(%) 16.9% 19.0% 15.4% 10.4% 10.1% 归母净利润(百万元) 62,717 74,734 86,441 95,924 106,059 变动(%) 19.6% 19.2% 15.7% 11.0% 10.6% 基本每股收益(元) 49.93 59.49 68.81 76.36 84.43 市盈率@1,610.0元(倍) 32.2 27.1 23.4 21.1 19.1 每股股息(元) 47.8 50.0 51.6 57.3 63.3 股息现价比（%） 3.0% 3.1% 3.2% 3.6% 3.9% 来源: 公司资料, 第一上海预测 来源：彭博 贵州茅台（600519） 更新报告 中期分红发布，静待政策催化需求改善 兑现中期分红规划：公司发布利润分配预案，拟派发中期红利每股 23.882 元（含 税），合计总金额为 300 亿元，相当于公司 2024 年中期利润的 7 ...

Investment Rating - The report assigns a positive investment rating to Palantir (PLTR.US) following its strong performance and inclusion in the S&P 500 [1]. Core Insights - Palantir reported Q3 2024 total revenue of approximately $726 million, a year-over-year increase of 30%, exceeding market expectations [1]. - Government customer revenue reached about $408 million, up 33% year-over-year, with a significant increase in average revenue per customer [1]. - Commercial customer revenue was approximately $317 million, a 27% year-over-year increase, although average revenue per customer saw a slight decline [1]. - The total number of customers increased to 629, reflecting a 39% year-over-year growth [1]. - The company announced a strategic partnership with Microsoft, enhancing its government business potential [1]. Financial Performance Summary - Q3 2024 operating profit margin was 15.59%, an increase of 8.43 percentage points year-over-year [1]. - Net profit for the quarter was $149 million, a 103% year-over-year increase [1]. - Cash and cash equivalents at the end of the quarter were $788 million, with adjusted free cash flow of $435 million [1]. - The company expects Q4 2024 revenue to be in the range of $767 to $771 million, with adjusted operating profit projected between $298 to $302 million [1]. Future Outlook - For the full year 2024, Palantir anticipates total revenue between $2.805 billion and $2.809 billion, with U.S. commercial revenue expected to exceed $687 million, representing at least a 50% year-over-year growth [1]. - The report highlights significant growth potential in the government sector, particularly in AI applications within defense budgets [1].

Investment Rating - The report assigns a "Buy" rating to Atour Lifestyle Holdings Limited (ATAT US) with a target price of $32 5, representing a 23 1% upside from the current price [1] Core Views - Atour is a leading player in China's mid-to-high-end hotel industry, with a strong brand and high-quality service [1] - The company has achieved rapid expansion through a light-asset franchise model, with 1,412 hotels and 161,686 rooms as of FY24Q2 [1] - Atour has developed a robust membership system, with over 76 million members and a member repurchase rate increasing from 45% in 2019 to 58% in 2022 [1] - The company's recovery from the pandemic has been industry-leading, with RevPar reaching 114% of 2019 levels [1] - Atour's retail business, Atour Market, has become a significant growth driver, contributing 20 8% of total revenue in 2023 [1] Company Overview - Atour operates six hotel brands and a retail brand, Atour Market, with 1,412 hotels and 161,686 rooms as of FY24Q2 [1][2] - The company has a strong customer satisfaction record, ranking first among six major mid-to-high-end hotel chains since 2017 [2] - Atour's brands include Atour, Atour S, Atour Light, Atour X, Z Hotel, and A T HOUSE, catering to different market segments [3] Business Model - Atour primarily uses a franchise model for expansion, with 98% of its hotels being franchised as of FY24Q2 [10] - The company's revenue is mainly driven by franchise fees, with franchise hotel revenue accounting for 58% of total revenue in 2023 [12] - Atour's retail business has seen rapid growth, with revenue increasing from RMB 69 million in 2019 to RMB 972 million in 2023 [13] Industry Overview - China's hotel industry is undergoing structural changes, with the mid-to-high-end segment growing rapidly [1] - The industry's chain rate has increased from 20% in 2017 to 41% in 2023, with further growth expected to 47 8% by 2026 [17][18] - The mid-to-high-end hotel market is the fastest-growing segment, with total revenue increasing from RMB 19 5 billion in 2016 to RMB 65 9 billion in 2021 [27] Competitive Advantages - Atour has a strong focus on customer experience, with a well-designed service process and a unique "peak-end" service concept [36][37] - The company's membership system is highly effective, with a low entry barrier and attractive benefits, leading to high member loyalty [39][42] - Atour's retail business has become a significant growth driver, with GMV reaching RMB 1 14 billion in 2023, up 253% YoY [48][51] Operational Performance - Atour's operational recovery has been industry-leading, with RevPar reaching 114% of 2019 levels [1] - The company's occupancy rate in 2023 was 78%, close to the industry leader Huazhu Group [53] - Atour's retail business has seen rapid growth, with revenue increasing from RMB 69 million in 2019 to RMB 972 million in 2023 [13]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The core education business continues to show growth, with a revenue increase of 33.5% year-on-year to $1.278 billion, aligning with the company's previous performance guidance [1]. - The company expects net revenue for FY25Q2 to be between $850 million and $870 million, representing a year-on-year growth of 25% to 28% [1]. - The company has a strong cash reserve totaling $4.9 billion, indicating sufficient liquidity for future operations [1]. Financial Performance Summary - For FY25Q1, net income reached $2.65 billion, a year-on-year increase of 39.8% [1]. - The number of schools and learning centers increased to 1,089, with a net addition of 64 centers [1]. - The paid user base grew by 78.5% year-on-year to 3.23 million [1]. Revenue and Profitability - The company's gross margin for FY25Q1 was 53.3%, a 6.9 percentage point increase year-on-year [1]. - Non-GAAP operating profit margin was reported at 24.4%, a decrease of 2.2 percentage points year-on-year [1]. - The company anticipates a revenue growth of approximately 30% for the full fiscal year [1]. Market Position and Future Outlook - The company is expected to maintain a robust growth trajectory in its core education business, with a projected expansion of teaching points by 20% year-on-year [1]. - The target price for the company's stock is set at $89.0, reflecting a positive outlook despite potential fluctuations in profit margins [1]. - The company is focusing on expanding its national teaching network and enhancing its educational services [1].

Investment Rating - The report does not provide a specific investment rating for the company [1] Core Insights - The company is transitioning into a manufacturer of new energy commercial vehicles, aiming to penetrate the European new energy commercial vehicle market [10] - The acquisition of 100% equity in Handerson Automotive Technology for HKD 166 million is a significant step in expanding the company's automotive business from sales and after-sales services to full-scale OEM manufacturing [2][10] - The company leverages a light-asset model to enhance efficiency and reduce costs, allowing for quicker development cycles and lower initial investments [4][5] Company Background - The company primarily engages in investment holding, with its main businesses being automotive distribution and property investment [1] - In 2023, the company reported total revenue of HKD 47.504 million, with automotive business contributing HKD 15.839 million (33%) and property investment generating HKD 31.665 million (67%) [1] Business Model and Operations - Handerson utilizes China's automotive production capacity and supply chain advantages, focusing on the development and manufacturing of new energy logistics vehicles [3] - The company has established strategic partnerships with Dongfeng Motor and JAC Motors to enhance its R&D capabilities [3] - The light-asset model allows the company to significantly reduce development time and upfront investment, exemplified by the eBOLD logistics vehicle, which took only one year from project initiation to delivery [4] Market Opportunity - The European market for new energy commercial vehicles is still in its early stages, with only 7% of new registered vans being electric as of 2023 [6][9] - The report highlights a growing demand for new energy vehicles in Europe, driven by regulatory changes aimed at reducing carbon emissions [6][9] - The company has received orders for 800 vehicles in 2024 and plans to increase this to 2,000 vehicles per month in 2025 [5] Competitive Landscape - The report notes that the penetration rate of new energy commercial vehicles in Europe is low compared to traditional diesel vehicles, presenting a significant growth opportunity [7][9] - The company faces challenges from established European manufacturers and must invest in technology and brand recognition to capture a larger market share [10]

超威半导体（AMD） 更新报告 买入 2024 年 11 月 1 日 上调加速卡收入至 50 亿美元，25 年底有望追赶 Blackwell 业绩摘要：2024Q3 公司营收 68.2 亿美元，同比增加 17.6%，略高于 彭博一致预期 67.1 亿美元。毛利率为 50.1%，同比增加 2.8 个百分 点；经营利润为 7.2 亿美元，同比增长 223%，营业利润率为 10.6%； GAAP 净利润 7.7 亿美元，Non-GAAP 净利润 15.0 亿美元，同比增长 32.5%。Non-GAAP 摊薄 EPS 为 0.92 美元，符合彭博一致预期的 0.92 美元。Q3 收入指引中值 75 亿美元，同比增加 21.6%，基本符合彭博 一致预期。Non-GAAP 毛利率指引为 54%。 MI300 全年收入指引 50 亿美元，25 年底 MI350 性能实现代际飞跃： 本季度数据中心营收同比增长 122.1%达 35.5 亿美元。第五代 EPYC 处 理器在 OEM 及 ODM 中广泛应用，9005 系列价格同比+10%-25%，性能较 竞争对手提升 60%。本季度 GPU 销售额达 15 亿元，公司上调全年收 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to HKD 1.90, reflecting a potential upside of 15% from the current price of HKD 1.65 [2][3]. Core Insights - The company is expected to recover profitability as production utilization rates rebound, with Q3 2024 performance indicating a stabilization after significant losses in previous quarters [2]. - The production and sales of granular silicon have shown stability, with production and shipment volumes increasing by 17% and 20% year-on-year, respectively, in Q3 2024 [2]. - Cash costs have decreased, aligning with expectations, and further cost reduction is anticipated as production processes improve [2]. - Supply-side reforms in the silicon material sector are expected to support inventory reduction and price recovery, benefiting leading companies in the industry [2]. Financial Summary - Total revenue is projected to decline from RMB 35,930 million in 2022 to RMB 16,668 million in 2024, before recovering to RMB 31,582 million by 2026, reflecting a significant year-on-year change of -51% in 2024 and a recovery of 32% in 2026 [1]. - Shareholder net profit is forecasted to drop sharply to RMB -3,200 million in 2024, with a recovery to RMB 3,032 million by 2026, indicating a year-on-year change of -228% in 2024 and a positive change of 203% in 2026 [1]. - Earnings per share (EPS) are expected to turn negative at RMB -0.12 in 2024, with a gradual recovery to RMB 0.11 by 2026 [1]. - The price-to-earnings (P/E) ratio is projected to be 39.4 in 2025 and 13.0 in 2026, indicating a significant variation in valuation as profitability improves [1].

Investment Rating - The report maintains a "Buy" rating for Zijin Mining (2899) with a target price of HKD 22.34, representing a potential upside of 32% from the current price of HKD 16.92 [2]. Core Views - The report highlights that rising gold and copper prices, driven by economic uncertainties and demand for safe-haven assets, are expected to support the company's profitability [1]. - The company has shown significant growth in production volumes, particularly in gold and silver, while maintaining stable cost levels [1]. - New projects, such as the acquisition of the Akyem gold mine in Ghana, are anticipated to enhance gold production in the future [1]. Financial Performance Summary - For the first three quarters of 2024, Zijin Mining reported revenue of CNY 230.396 billion, a year-on-year increase of 2.39%, and a net profit attributable to shareholders of CNY 24.357 billion, up 50.68% [1]. - In Q3 alone, the company achieved revenue of CNY 79.98 billion, a 7.11% increase year-on-year, and a net profit of CNY 9.273 billion, reflecting a 63.64% increase [1]. - The average price of gold reached USD 2,648.8 per ounce, a 13.64% increase since the end of June, while copper prices also remained at historical highs [1]. Production and Cost Analysis - The production volumes for key products in the first three quarters were as follows: gold at 54.3 tons (up 8.33%), silver at 331.1 tons (up 6.69%), and copper at 789,459 tons (up 4.67%) [1]. - The unit sales costs for copper concentrate, electrolytic copper, and refined copper were CNY 18,800, CNY 32,700, and CNY 35,700 per ton, with year-on-year changes of -4.16%, +5.49%, and -13.05% respectively [1]. - The report anticipates further cost reductions as production continues to ramp up in Q4 [1]. Future Projections - Revenue forecasts for 2024-2026 have been adjusted to CNY 325.8 billion, CNY 362.5 billion, and CNY 379.2 billion respectively, with net profit projections of CNY 30 billion, CNY 38.6 billion, and CNY 41.9 billion [1][3]. - The report indicates that the company is expected to maintain a high level of profitability, with a projected PE ratio of 18 times for 2024 [1].