Company Research: Shanghai Fudan - In Q3 2025, Shanghai Fudan achieved revenue of 1.19 billion RMB, a year-on-year increase of 33.3%[5] - The gross profit margin improved to 61.1%, up by 9 percentage points year-on-year, primarily due to increased FPGA product shipments[5] - The net profit attributable to shareholders reached 137 million RMB, with a non-recurring net profit of 121 million RMB, reflecting a 59.2% year-on-year growth[5] FPGA Business Outlook - FPGA business revenue grew by 34.7% year-on-year, driven by demand for 28nm FPGA products[6] - The next-generation 1xnm FinFET FPGA products are expected to contribute to revenue starting in 2026, with a projected 38.6% growth in FPGA revenue to 1.47 billion RMB in FY 2025[6] Valuation and Rating - The target price for Shanghai Fudan is set at 45.00 HKD, indicating an 8.5% upside from the current price[8] - The company is rated as "Hold," with a projected revenue CAGR of 12.7% and a net profit CAGR of 25.8% over the next three years[8] Risk Factors - Key risks include underperformance in product sales, price adjustments, intensified market competition, and potential limitations in production capacity[9] Company Research: Weimob - Weimob's revenue for H1 2025 was 775 million RMB, a decrease of 10.6% year-on-year, due to strategic reductions in low-margin businesses[15] - The adjusted net profit for H1 2025 was 17 million RMB, a significant improvement from a net loss of 187 million RMB in the same period of 2024[15] AI Business Development - Weimob's AI-related products generated approximately 34 million RMB in revenue in H1 2025, indicating progress in commercializing AI solutions[15] - The company aims to enhance its core advertising services and optimize its business mix for long-term profitability[16] Valuation and Rating - The target price for Weimob is adjusted to 3.02 HKD, reflecting a 57% upside potential, maintaining a "Buy" rating[18]

公司评论 第一上海研究部 research@firstshanghai.com.hk 2025 年 12 月 9 日 星期二 【公司评论】 特斯拉（TSLA）：周报 852-25321957 Jinglin.li@firstshanghai.com.hk FSD：对 v14.2.1 重大更新；在欧洲延长提供 FSD 体验；似乎将进入奥地利 12 月 4 日，马斯克宣布对 FSD v14.2.1 进行重大更新，新增了短信和驾驶功能。 此前马斯克在 11 月初的年度股东大会上宣布，目标是在"未来一两个月内"允许 人们边开车边发短信，现在正式落地，允许边开车边发短信，具体取决于周围交通 情况。目前美国所有 50 个州都明确禁止开车时发短信，所以其实际运用的条件和 遇到监管时应如何评判仍需进一步观察。 | 行业 | 汽车 | | --- | --- | | 股价 | 455.00 美元 | | 市值 | 1.51 万亿美元 | | 总股本 | 33.26 亿股 | | 52 周高/低 | 488.54 美元/ | | | 214.25 美元 | | 每股账面值 | 24.06 美元 | 11 月 30 日，特斯拉在奥 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4920 期 2025 年 12 月 9 日 星期二 研究观点 【公司研究】 网易（NTES.US/9999.HK，买入）：Q3 递延收入同比增长 25%，未来游戏产品储备丰富 【公司评论】 特斯拉（TSLA）：周报 奈飞（NFLX）：奈飞+华纳，下一个时代的媒体巨头 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 网易（美元） | NTES | 买入 买入 165.00 | 160.00 | 3% | 8.300 | 8.600 | -3% | 8.800 | 9.100 | -3% | 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400- ...

Investment Rating - The report assigns a "Buy" rating with a target price of $165.00, representing an upside potential of 18.04% for US shares and 18.42% for HK shares [2][4]. Core Insights - The company reported a 25% year-on-year increase in deferred revenue, indicating a strong future product pipeline in gaming [4]. - The gaming and related services revenue grew by 11.8% year-on-year, driven by both new and existing game titles, with mobile gaming revenue increasing by 6.6% [4]. - The company is expected to achieve a revenue CAGR of 12.9% and a Non-GAAP net profit CAGR of 15.5% from 2025 to 2027 [4]. Financial Performance Summary - For the fiscal year ending December 31, 2025, total revenue is projected to reach $16,175 million, reflecting an 8.6% increase from the previous year [3]. - Non-GAAP net profit is forecasted to be $5,408 million for 2025, with a year-on-year growth of 13.2% [3]. - The company achieved a GAAP net profit of 87.9 billion RMB in Q3 2025, marking a 31.8% increase year-on-year [4]. Revenue Breakdown - The gaming segment is expected to generate revenue of 940 billion RMB in 2025, representing a 12.4% year-on-year growth [4]. - The report highlights the successful launch of new titles such as "Dreamland" and "Yanyun," which have received positive feedback in international markets [4]. Shareholder Information - Major shareholders include Ding Lei with a 45.78% stake, followed by BlackRock and The Vanguard Group with 3.02% and 2.47% respectively [2].

Group 1: Company Research - The company, CSPC Pharmaceutical Group (01093), is rated as "Buy" with a target price of HKD 10.03, representing a potential upside of 31.3% from the current price of HKD 7.64[5][6]. - The market capitalization of CSPC Pharmaceutical Group is HKD 880.32 billion, with 11.522 billion shares issued[5]. - The adjusted net profit for the first three quarters of 2025 decreased by 15.2%, with revenue at HKD 19.89 billion, down 12.3% year-on-year[6]. Group 2: Financial Performance - The gross profit margin for the company is 65.6%, with a decrease in sales and administrative expense ratios by 4.4 and 0.8 percentage points to 31.1% and 3.1%, respectively[6]. - R&D expenses as a percentage of revenue increased by 6.3 percentage points to 27.1%[6]. - The net profit attributable to shareholders was HKD 3.51 billion, down 7.1%, with a net profit margin of 15.5%, a decrease of 2.1 percentage points[6]. Group 3: Segment Performance - The revenue from the finished drug segment was HKD 15.45 billion, down 17.2%, with a 25.5% decline in drug revenue to HKD 13.91 billion[6][7]. - The raw material drug segment saw revenue of HKD 1.79 billion, up 22.3%, while the functional food segment reported revenue of HKD 1.43 billion, up 11.2%[6][7]. - The profit margin for the finished drug segment was 20.9%, down 1.8 percentage points, while the vitamin C segment's profit margin increased by 3.6 percentage points to 11.0%[6][7]. Group 4: Future Outlook - The company plans to maintain dividends in the second half of the year at least at the same level as the first half, which was HKD 0.14 per share[6]. - The target market value for CSPC Pharmaceutical Group is estimated at HKD 116.5 billion, with a corresponding price-to-earnings ratio of 25.2 times for 2025 and 29.4 times for 2026[9].

亚马逊（AMZN） 更新报告 买入 2025 年 12 月 4 日 唐伊莲 852-25321539 alice.tang@firstshanghai.com.hk 李倩 852-25321539 chuck.li@firstshanghai.com.hk 第一上海证券有限公司 2025 年 12 月 图表 1：主营收入（按业务类型） 图表 2：主营收入占比（按类型） 图表 3：主营收入占比（按地区） 主要数据 | 行业 | 电商/云计算 | | | --- | --- | --- | | 股价 | 233.00 美元 | | | 目标价 | 303.50 美元 | | | | （+30%） | | | 股票代码 | AMZN US | | | 总股数 | 107 亿股 | | | 市值 | 2.5 万亿美元 | | | 52 周高/低 | 259/161 美元 | | | 每股账面值 | 34.59 美元 | | | 主要股东 | Jeff Bezos | 8.25% | | | Vanguard | 7.95% | | | Blackrock | 6.75% | | 盈利摘要 | | | | | | 股价 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 第一上海证券有限公司 香港中环德辅道中 71 号永安集团大厦 19 楼 咨询热线：400-882-1055 服务邮箱：Service@firstshanghai.com 网址：www.mystockhk.com 总第 4917 期 2025 年 12 月 4 日 星期四 研究观点 【公司评论】 亚马逊（AMZN，买入）：AI 驱动云计算和电商业务双引擎 Meta Platforms（META，买入）：持续优化 AI 算法推动增长飞轮，资本开支增 速将显著提升 寒武纪-U(688256，买入）：推理应用加速落地，算力缺口亟待缓解 速腾聚创（2498，买入）:ADAS 业务收入承压，机器人业务需求强劲 评级变化 | 公司 | 代码 | 评级 | | 目标价(港元） | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 | ...

Group 1: Kuaishou Financial Performance - Kuaishou's Q3 2025 revenue reached 35.554 billion RMB, a year-on-year increase of 14.2%[9] - Gross profit for Q3 2025 was 19.434 billion RMB, with a gross margin of 54.7%, up 0.4 percentage points year-on-year[9] - Adjusted profit for Q3 2025 was 4.986 billion RMB, exceeding consensus expectations by 3.1%[9] Group 2: E-commerce and AI Growth - Kuaishou's e-commerce GMV grew by 15.2% year-on-year to 385 billion RMB in Q3 2025[11] - The AI business, Keling AI, generated over 300 million RMB in revenue in Q3 2025, contributing to marketing material consumption exceeding 3 billion RMB[12] - Kuaishou's cash reserves stood at 12.9 billion RMB, with total cash exceeding 106.6 billion RMB, indicating strong liquidity[9] Group 3: Stock Ratings and Price Targets - Kuaishou's target price is set at 82.4 HKD, maintaining a "Buy" rating, reflecting an 18 times PE valuation for 2025[13] - Ideal Auto's target price is 20.69 USD (87.85 HKD), with a "Buy" rating, indicating a potential upside of 15%[22] - Apple's target price is raised to 330.00 USD, suggesting a 15.31% upside from the current price[29] Group 4: Market Trends and Risks - The report highlights risks including macroeconomic downturns, intensified competition in short videos, and overseas business performance not meeting expectations[14] - The high-dividend stock investment strategy is gaining traction amid market volatility, with a focus on cyclical high-dividend stocks benefiting from policy expectations[46]

Investment Rating - The report assigns a "Buy" rating with a target price of $330.00, indicating a potential upside of 15.19% from the current price of $286.19 [3][31]. Core Insights - The report highlights that iPhone 17 sales have reached a record high, and the service business continues to show strong growth, with service revenue increasing by 15.1% year-over-year [5][23]. - The company is expected to experience a robust product cycle over the next three years, driven by effective user upgrade demand, with a projected revenue CAGR of 7.0% and an EPS CAGR of 10.9% [5][31]. Financial Summary - For the fiscal year ending September 28, 2024, total revenue is projected to be $391.035 billion, with a year-over-year growth of 2.02% [4]. - Net profit for FY2024 is estimated at $93.736 billion, with diluted earnings per share (EPS) of $6.1, reflecting a slight decrease of 0.84% [4]. - The company reported total revenue of $102.47 billion for the latest quarter, a 7.9% increase year-over-year, surpassing Bloomberg consensus estimates [5][7]. - Gross profit for the quarter was $48.34 billion, with a gross margin of 47.2%, exceeding expectations [5][7]. Product Performance - iPhone revenue for the latest quarter was $49.03 billion, showing a year-over-year increase of 6.1%, with an average selling price (ASP) of $837 [16][20]. - The introduction of the iPhone 17 series has effectively stimulated user upgrade demand, with expectations of sales approaching 250 million units due to favorable product upgrades and low inventory levels [18][19]. Service Business Growth - Service revenue reached $28.75 billion, accounting for 28.1% of total revenue, with significant growth across various service segments [5][23]. - The company is experiencing a surge in customer engagement, with the number of paid accounts reaching historical highs [23]. Regional Performance - Revenue from the Americas, Greater China, Europe, Japan, and other Asia-Pacific regions for the latest quarter was $44.2 billion, $14.5 billion, $28.7 billion, $6.6 billion, and $8.4 billion, respectively [9][14]. Future Outlook - The company anticipates a revenue growth of approximately 10%-12% for FY26Q1, with iPhone revenue expected to achieve double-digit growth [8]. - The gross margin for the next quarter is projected to be between 47%-48%, with a manageable impact from tariffs due to a reduction in Chinese tariffs [8].

Revenue Growth - Total revenue increased by 30% year-on-year to $1.756 billion[7] - Revenue growth in Greater China reached 47%, while Asia-Pacific saw a 54% increase[7] - Functional apparel revenue grew by 31% to $683 million, and outdoor sports revenue increased by 36% to $724 million[7] Store Expansion - Total store count increased by 85 to 631, with a year-on-year increase of 178 stores[7] - Same-store sales growth for functional apparel improved from 15% to 27%[5] Profitability Metrics - Gross margin improved by 1.6 percentage points to 56.8%[7] - Operating profit margin was reported at 12.3%, with an adjusted operating profit margin of 15.7%[7] Strategic Outlook - The company expects full-year revenue growth of 23-24% and a gross margin of 58.0%[8] - Projected earnings per share for 2025 is between $0.88 and $0.92[8] Valuation and Rating - Target price set at $43.80, representing a 20% upside from the current stock price of $36.60[9] - The stock is rated as "Buy" based on a 27x price-to-earnings ratio[9] Risks - Increased competition in the mature outdoor market in Europe and the U.S. poses a risk to performance[10] - High dependency on single brands and markets could impact stability[10]