Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 30.00, representing a potential upside of 29% from the current price of HKD 23.25 [3]. Core Insights - The company has achieved a record high in performance, with total revenue reaching RMB 16.128 billion in 2024, a year-on-year increase of 23.4%. The gross margin slightly improved to 32.5%, and net profit rose by 23.6% to RMB 3.08 billion [5]. - The main product lines, particularly the Mars series, saw significant sales growth, with units sold increasing by 37.5% to 47,527 units and revenue rising by 31.2% to RMB 10.47 billion. The company is also benefiting from a recovery in consumer demand and has maintained stable gross margins due to lower raw material costs [5]. - The domestic market revenue surged by 27.7% to RMB 10.11 billion, driven by demand from daily consumer goods and the automotive sector. The overseas market also experienced stable growth, with revenue increasing by 16.8% to RMB 6.02 billion [5]. Financial Summary - Revenue projections for the company are set at RMB 17.918 billion for 2025, with a growth rate of 11.1% year-on-year. The net profit is expected to reach RMB 3.374 billion, reflecting a 9.5% increase [2][14]. - The company maintains a strong balance sheet with net cash of RMB 4.12 billion at year-end, and plans to distribute a dividend of HKD 0.73 per share [5]. - The earnings per share (EPS) is projected to grow from RMB 1.93 in 2024 to RMB 2.11 in 2025, indicating a year-on-year growth of 9.5% [2][14].

Investment Rating - The report does not explicitly state an investment rating for the company [1] Core Insights - The company is expected to report a revenue of 168.9 billion RMB for Q4 2024, representing a year-on-year growth of 8.8%, and an annual revenue of 656.5 billion RMB, reflecting a 7.8% increase [2] - The core business's Non-GAAP net profit is projected to reach 54.1 billion RMB in Q4, up 26.7% year-on-year, and 220.6 billion RMB for the full year, marking a 39.9% increase [2] - The gaming segment is anticipated to see continued revenue growth due to the implementation of evergreen game strategies and the introduction of new titles [3] - Marketing services revenue is expected to rise significantly, driven by the growth of video accounts and the optimization of the WeChat e-commerce ecosystem [4] - The cloud business aims for operational efficiency while reducing costs, with a focus on high-quality growth and an expected balance between revenue and expenses [5] Revenue Forecast - Q4 revenue forecast: 168.9 billion RMB, up 8.8% YoY [2] - Full-year revenue forecast: 656.5 billion RMB, up 7.8% YoY [2] - Value-added services revenue for Q4: 77.1 billion RMB, up 11.6% YoY; full-year: 317.2 billion RMB, up 6.3% YoY [2] - Marketing services revenue for Q4: 33.8 billion RMB, up 13.6% YoY; full-year: 120.2 billion RMB, up 18.46% YoY [2] - Cloud and financial services revenue for Q4: 55.9 billion RMB, up 2.7% YoY; full-year: 211.7 billion RMB, up 3.9% YoY [2] Gaming Segment Insights - The number of evergreen games is expected to increase from 8 to 10, contributing to sustained revenue growth [3] - Key titles like "Honor of Kings" and "PUBG MOBILE" continue to lead in revenue generation [3] - The overseas business is showing robust growth, with overseas revenue expected to approach half of total revenue [3] Marketing Services Insights - Video account advertising is becoming a significant revenue source, second only to Moments ads [4] - The integration of WeChat mini-stores and video accounts is expected to enhance social e-commerce traffic [4] - AI technology is anticipated to improve advertising precision and increase ROI for advertisers [4] Cloud Business Insights - The cloud segment is focusing on achieving operational balance while enhancing AI-related services [5] - The commercialization of SaaS tools like Tencent Meeting is expected to accelerate growth [5] - Overall revenue improvement is anticipated, with cost reduction efforts continuing [5]

Investment Rating - The report does not explicitly state an investment rating for Tesla (TSLA) [2]. Core Insights - Tesla claims it will be a victim of the U.S. government's tariff strategy, which may lead to increased electric vehicle prices due to rising costs and supply chain constraints [3]. - Tesla is collaborating with Baidu to enhance its Full Self-Driving (FSD) software by integrating Baidu's navigation map information [4]. - Initial details of Tesla's "affordable model" indicate it will be produced at the Shanghai Gigafactory, based on the Model Y but at a lower production cost, expected to be at least 20% cheaper than the new Model Y [5]. - Tesla has officially stopped accepting new orders for the old Model Y, which is now only available through existing inventory [6]. - In February, Tesla's wholesale deliveries in China were estimated at 30,000 vehicles, a decrease of approximately 53% month-over-month and 50% year-over-year [7]. Summary by Sections Company Overview - Tesla's stock price is reported at $249.98, with a market capitalization of $804.1 billion and a total share count of 3.217 billion shares [8]. Delivery Data - For the week of March 3 to March 9, 2025, Tesla's domestic insurance registrations were approximately 13,800 vehicles, reflecting a quarter-over-quarter decline of about 37% but a year-over-year increase of about 5% [11].

Investment Rating - The report provides a positive outlook on Tencent Holdings with an expected revenue growth of 8.8% year-on-year for Q4 2024 and 7.8% for the entire year [4]. Core Insights - Tencent is anticipated to report a Q4 revenue of 168.9 billion RMB, with a full-year revenue forecast of 656.5 billion RMB, reflecting strong growth in value-added services and marketing services [4]. - The Non-GAAP net profit attributable to shareholders is projected to reach 54.1 billion RMB in Q4, marking a 26.7% increase year-on-year, and 220.6 billion RMB for the full year, representing a 39.9% growth [5]. - The company is expected to benefit from cost reduction and efficiency improvements, with lower-than-expected sales and management expense ratios [5]. Revenue Breakdown - Value-added services are expected to generate 77.1 billion RMB in Q4, up 11.6% year-on-year, and 317.2 billion RMB for the full year, an increase of 6.3% [4]. - Marketing services are projected to grow by 13.6% year-on-year in Q4 to 33.8 billion RMB, with a full-year growth of 18.46% to 120.2 billion RMB [4]. - Cloud and financial services are expected to record 55.9 billion RMB in Q4, a 2.7% increase, and 211.7 billion RMB for the full year, up 3.9% [4]. AI and Product Development - Tencent's new feature in Tencent Yuanbao allows users to upload and export Tencent documents, enhancing productivity and collaboration [6]. - Tencent Games is set to showcase new products at the 2025 Game Developers Conference, including the highly anticipated multiplayer adventure game "Honor of Kings World," which could contribute 1 to 1.5 billion RMB monthly if successful [7].

Investment Rating - The report assigns a strong buy rating for the company, indicating a positive outlook for future performance [5][6]. Core Insights - The company, On Running (ONON), experienced a robust sales growth of 35.7% year-on-year in Q4 2024, reaching 606.6 million Swiss Francs, driven by increased global brand recognition [5]. - Direct-to-Consumer (DTC) sales surged by 43.4% to 296.2 million Swiss Francs, while wholesale business grew by 29.1% to 310.4 million Swiss Francs, benefiting from selective expansion with key clients [5]. - The company anticipates a sales growth of at least 27% for 2025, projecting total sales of 2.94 billion Swiss Francs [8]. Financial Overview - In FY 2024, total sales reached 2.318 billion Swiss Francs, marking a 29.4% increase, with DTC sales growing by 40.3% and wholesale by 22.8% [6]. - The gross margin improved by 1.0 percentage point to 60.6%, and net profit increased by 204.5% to 242.3 million Swiss Francs, with a net profit margin of 10.4% [6]. - The company reported a diluted earnings per share of 0.97 Swiss Francs for FY 2024 [6]. Regional Performance - EMEA market sales grew by 18.2% to 577.8 million Swiss Francs, the Americas by 27.4% to 1.480 billion Swiss Francs, and the Asia-Pacific market surged by 84.5% to 260.2 million Swiss Francs [6]. - The Asia-Pacific region showed particularly strong growth, indicating a significant opportunity for expansion [6]. Product Performance - Footwear sales increased by 28.5% to 2.199 billion Swiss Francs, with specific models like Cloudmonster, Cloudsurfer, and Cloudrunner recording growth rates between 60% and 140% [6]. - Apparel sales rose by 46.7% to 101 million Swiss Francs, while accessories saw a 49.5% increase to 17.7 million Swiss Francs [6]. Future Outlook - For 2025, the company expects a gross margin around 60.5% and an EBITDA margin between 17.0% and 17.5% [8]. - The company plans to expand its production capacity in Zurich and build a larger facility in South Korea, aiming to enhance operational efficiency [7]. - The number of stores in China is projected to increase from 58 to 80, with a target market share of 10% by 2026 [7].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $56.0, indicating a potential upside of 47.2% from the current stock price of $38.05 [4][3]. Core Insights - The company is experiencing rapid growth in its CAR-T therapy, CARVYKTI, with a projected revenue increase of 93% in 2024, reaching $963 million. The total revenue for the company is expected to grow significantly, with estimates of $1.07 billion, $1.70 billion, and $2.35 billion for the years 2025 to 2027 respectively [1][3][5]. - The company is expanding its production capacity, with new facilities in New Jersey and Belgium, and plans to reach an annual production of 10,000 doses by the end of 2025, increasing to 20,000 doses by 2027 [2]. - CARVYKTI is the first CAR-T therapy to demonstrate improved overall survival compared to standard treatment in multiple myeloma, with label updates expected in Europe and the U.S. in 2025 [3]. Financial Summary - The company reported a total revenue of $285 million for 2023, with projections of $627 million for 2024 and $1.068 billion for 2025, reflecting a growth rate of 143.7% and 70.2% respectively [5][6]. - The net profit is expected to improve from a loss of $518 million in 2023 to a profit of $392 million by 2027, indicating a significant turnaround in profitability [5][6]. - The gross margin is projected to improve from 49% in 2023 to 60% by 2027, while the SG&A expense ratio is expected to decrease from 70% to 23% over the same period [6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 3.02, representing a potential upside of 24.3% from the current price of HKD 2.43 [1][2]. Core Insights - The company's Q4 2024 performance met expectations, with a continuous improvement in debt ratios. The overall market share slightly decreased, but the company is expected to benefit from Macau's ongoing recovery [2][3]. - The report highlights significant growth in net income, projecting a remarkable increase from a loss of HKD 2,009.8 million in 2023 to a profit of HKD 885.9 million in 2025, reflecting a growth rate of 27,585.7% [2][3]. - The company is focusing on enhancing its competitive advantage through the performance of "上葡京" and the installation of smart gaming tables, which are expected to be completed by November this year [2][3]. Financial Summary - **Revenue Growth**: The company reported a net income of HKD 21,623.2 million in 2023, with projections of HKD 30,400.2 million in 2025, indicating a growth rate of 33.0% [2][3]. - **EBITDA**: The EBITDA for 2023 was HKD 1,727.0 million, with a forecasted increase to HKD 4,517.7 million in 2025, showing a growth rate of 14.1% [2][3]. - **Net Profit**: The net profit is expected to rise significantly, from a loss in 2023 to a profit of HKD 885.9 million in 2025, with a projected net profit margin of 2.9% [2][3]. - **Debt Ratios**: The net debt/EBITDA ratio improved from 13.7 times to 6.3 times, indicating a healthier financial position [2][3]. Market Performance - The company's overall market share in Q4 2024 was 13.5%, a slight decrease of 0.4 percentage points from the previous quarter [2][3]. - The report notes that the company's cash balance is approximately HKD 3,220 million, with net debt around HKD 23,200 million [2][3]. Future Outlook - The company plans to invest HKD 15-20 billion in capital expenditures starting in 2025, which includes renovations and expansions to enhance its offerings [2][3]. - The report anticipates double-digit growth in gaming revenue for January-February 2025, with the market share expected to remain stable compared to Q4 2024 [2][3].

Investment Rating - The report does not explicitly state an investment rating for the company [5]. Core Insights - Tesla is enhancing its electric vehicle (EV) charging infrastructure by collaborating with Apple Maps to integrate Tesla's North American Charging Standard (NACS) into navigation features, improving user experience for EV drivers [1]. - The new Model Y features an upgraded braking system that optimizes energy recovery and reduces wear on traditional braking components, enhancing driving efficiency and reducing maintenance costs [2]. - Tesla has secured its first store in India, renting a 4,000 square foot space in Mumbai, although it faces challenges due to high import tariffs on fully imported vehicles [3]. - Tesla is collaborating with the Guadalupe Valley Electric Cooperative and the Texas Electric Reliability Council to expand its virtual power plant initiative, utilizing Powerwall systems to stabilize the grid and provide backup power during peak demand [4]. Summary by Sections Charging Infrastructure - Apple Maps will soon include Tesla's NACS in its navigation system, providing real-time notifications for charging needs [1]. Vehicle Technology - The new Model Y's braking system allows for dynamic switching between regenerative and mechanical braking, prioritizing energy recovery and improving driving experience [2]. Market Expansion - Tesla has completed a lease for its first showroom in India, with plans to hire for various positions to support its entry into the market despite high tariffs [3]. Energy Solutions - The partnership with GVEC aims to create a distributed battery system using Powerwall units, contributing to grid stability and allowing users to sell stored energy back to the grid [4].

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings [1] Core Insights - Tencent has made significant updates to its user agreement for its virtual currency, addressing user concerns over content copyright and data ownership [2] - The launch of Tencent's "Hunyuan" model, which converts static images into dynamic videos, showcases the company's commitment to advancing AI technology and expanding its open-source ecosystem [3] - Tencent is undergoing a major restructuring of its QQ short video team, indicating a strategic shift in response to competitive pressures in the short video market [4] - Tencent's gaming division continues to dominate the Chinese mobile gaming market, with seven out of the top ten revenue-generating games in February 2025, highlighting its strong market position [5] Summary by Sections User Agreement Updates - Tencent revised its user agreement for virtual currency "Yuanbao" multiple times in response to public backlash, emphasizing user rights and data management [2] AI Developments - The "Hunyuan" model was released on March 6, 2025, featuring 13 billion parameters and capabilities for generating videos from images, contributing to Tencent's multi-modal open-source ecosystem [3] Social Media Strategy - The QQ short video team is facing significant layoffs as Tencent refocuses its resources on core social functions and innovative directions, reflecting a strategic realignment in the competitive landscape [4] Gaming Performance - Tencent's gaming titles, including "Honor of Kings" and "Peacekeeper Elite," led the Chinese mobile gaming revenue rankings in February 2025, demonstrating the company's robust market presence and ongoing global expansion efforts [5]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 26.6, indicating a potential upside of 48.7% from the current price of HKD 17.86 [3][5]. Core Insights - The company is entering a strong new vehicle cycle supported by the launch of its new intelligent driving system "Qianli Haohan," which includes various levels of autonomous driving capabilities [2][5]. - The integration of brands and improved operational efficiency is expected to enhance profitability, with projections indicating that the combined sales of the Zeekr and Lynk & Co brands will exceed 1 million units by 2026 [5]. - The new GEA architecture is set to support the launch of multiple new models in 2025, with expected sales reaching 2.71 million units, including over 1.5 million electric vehicles [5]. Financial Summary - Revenue is projected to grow from RMB 179.2 billion in 2023 to RMB 395.2 billion by 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.7% [3][6]. - Net profit is expected to increase significantly from RMB 5.8 billion in 2023 to RMB 17.9 billion in 2026, with a notable peak of RMB 14.4 billion in 2024 [3][6]. - Earnings per share (EPS) is forecasted to rise from RMB 0.51 in 2023 to RMB 1.78 in 2026, indicating strong growth potential [3][6]. Market Position and Strategy - The company is focusing on enhancing its product lineup and operational efficiency through brand integration, which is expected to reduce overlapping models and improve cost management [5]. - The introduction of the new intelligent driving system is anticipated to cover over 150,000 vehicles, positioning the company competitively in the autonomous driving market [5]. - The strategic focus on electric vehicles and new energy architectures is expected to drive future growth and market share expansion [5].