Investment Rating - The report assigns a "Buy" rating to Kingsoft Corporation (3888) with a target price of HKD 28, indicating a potential upside of 30.5% from the current price [1][2]. Core Insights - Kingsoft's revenue for the first half of 2024 reached RMB 4.61 billion, representing an 11% year-on-year growth. The office software and services segment contributed RMB 2.41 billion, also up 11%, driven by growth in personal office subscriptions, despite a decline in institutional licensing [1]. - The gaming segment generated RMB 2.2 billion, a 10% increase, attributed to successful game content innovations, particularly for "Jian Wang 3" and "Chen Bai Jin Qu" [1]. - The company reported a significant increase in net profit attributable to shareholders, reaching RMB 680 million, a 171.7% year-on-year growth [1]. - Kingsoft Office is enhancing its AI collaboration strategy, with a focus on the WPS 365 platform aimed at organizational clients, integrating upgraded versions of WPS Office and AI solutions [1]. - The gaming business is adopting a premium strategy, with the mobile version of "Jian Wang 3" launched in June 2024, achieving a monthly active user count of 11.46 million in its first month [1]. Financial Summary - For the fiscal year ending December 31, 2024, total revenue is projected to be RMB 9.65 billion, reflecting a 13% increase from 2023 [3]. - The net profit for 2024 is forecasted at RMB 1.17 billion, indicating a 142.8% growth compared to 2023 [3]. - The report anticipates continued growth in profits for 2025 and 2026, with projections of RMB 1.5 billion and RMB 1.8 billion, respectively [3][4]. Key Financial Metrics - The gross margin for the first half of 2024 was 82%, slightly down from the previous year [1]. - The company had cash and cash equivalents of RMB 19.7 billion as of June 2024, with a net operating cash inflow of RMB 1.37 billion for the first half [1]. - The diluted earnings per share for 2024 is expected to be RMB 0.86, with a projected price-to-earnings ratio of 24.9 based on the target price [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 107, representing a potential upside of 28% from the current price of HKD 83.5 [3][11]. Core Insights - The company's Q2 2024 performance exceeded market expectations primarily due to lower market forecasts and effective cost optimization, although it faces significant pressures in the second half of the year due to economic uncertainties and challenges in monetizing AI search capabilities [3][11]. - The advertising business is under pressure, with core online marketing revenue declining by 2% year-on-year to RMB 192 billion, influenced by a weak macroeconomic environment and increased competition [3][6]. - The AI cloud business showed strong growth, with revenue increasing by 14% year-on-year to RMB 51 billion, driven by incremental income from generative AI and foundational models [3][7]. Summary by Sections Financial Performance - For Q2 2024, total revenue was RMB 339 billion, slightly below market expectations, with a year-on-year decline of 0.4% and a quarter-on-quarter decline of 8% [5]. - Non-GAAP operating profit reached RMB 75 billion, reflecting a year-on-year increase of 2%, while non-GAAP net profit was RMB 74 billion, down 8% year-on-year but better than market expectations [5][8]. - The company reported a cash position of RMB 162 billion, with free cash flow of RMB 63 billion, indicating a solid financial standing [5][11]. Advertising Business - The core online marketing revenue was RMB 192 billion, down 2% year-on-year, attributed to a sluggish macroeconomic environment and slow recovery of offline vertical clients [3][6]. - Approximately 18% of search results in Q2 were generated by AI, up from 11% in May, although this has not yet been monetized effectively [3][6]. - The report anticipates that advertising revenue growth will face greater declines in Q3 2024 compared to Q2, with ongoing pressures expected throughout the year [3][6]. AI Cloud Business - The AI cloud revenue grew by 14% year-on-year, with generative AI contributing 9% of AI cloud revenue in Q2, up from 6.9% in Q1 [3][7]. - The company launched the Wenxin 4.0 Turbo model, enhancing its competitive edge and aiming for higher efficiency and scalability for AI clients [7][8]. - The autonomous driving service "Luobo Kuaipao" provided 899,000 rides in Q2, marking a 26% year-on-year increase, with plans for full self-driving services in Wuhan [7][8].

Investment Rating - The report assigns a "Buy" rating to TCL Electronics with a target price of HKD 7.00, reflecting a positive outlook on the company's performance and growth potential [2]. Core Insights - TCL Electronics has shown significant revenue growth in its core TV business, achieving a revenue of HKD 454.9 billion for the first half of 2024, representing a year-on-year increase of 30.3% [2]. - The company's innovative business segments have also outperformed expectations, with overall revenue growth of 60.6% year-on-year, driven by strong performance in the photovoltaic sector [2]. - The report highlights the company's improved financial health, with a notable increase in net profit and adjusted net profit, alongside a stable net debt ratio [2]. Summary by Relevant Sections Revenue and Profitability - TCL Electronics reported a revenue of HKD 454.9 billion for the first half of 2024, up 30.3% year-on-year [2]. - The adjusted net profit reached HKD 6.5 billion, reflecting a significant improvement in profitability [2]. - The gross margin decreased by 1.6 percentage points to 17%, while the overall expense ratio improved [2]. Market Position and Sales Performance - The company achieved a TV market share of approximately 13.3%, ranking second globally, with total shipments increasing by 9.2% year-on-year [2]. - Domestic TV revenue grew by 21.3% to HKD 301.3 billion, while overseas shipments increased by 10.4% to 970 thousand units [2]. - The high-end product segment saw a substantial increase, with shipments of products over 75 inches rising by 34.5% [2]. Innovative Business Growth - The innovative business segment's revenue grew by 60.6% year-on-year, with photovoltaic business revenue increasing by 212.7% [2]. - The smart home business maintained stable revenue growth, contributing to the overall positive performance of the innovative segments [2]. Financial Forecasts - The report forecasts revenues of HKD 965 billion, HKD 1,082 billion, and HKD 1,197 billion for 2024, 2025, and 2026 respectively, with adjusted net profits projected to reach HKD 1,365 billion in 2024 [2][3]. - The earnings per share (EPS) is expected to grow from HKD 0.29 in 2022 to HKD 0.76 by 2026 [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 58.3 / USD 22.4, indicating a potential upside of approximately 53% / 52% from the current stock price [1][2]. Core Insights - The company demonstrated strong operational resilience and financial stability amidst fluctuations in the real estate market, achieving a year-on-year adjusted net profit growth of 13.9% and a quarter-on-quarter increase of 93.5% in Q2 2024 [1]. - The total transaction volume reached RMB 839 billion in Q2 2024, reflecting a 7.5% year-on-year increase, while net revenue grew by 19.9% to RMB 23.4 billion [1]. - The company has expanded its share buyback program, increasing the authorization from USD 2 billion to USD 3 billion and extending the buyback period until August 31, 2025 [1]. Financial Performance Summary - Adjusted net profit for Q2 2024 was RMB 2.69 billion, with a gross margin of 27.9%, up 0.5 percentage points year-on-year [1]. - The existing home transaction volume increased by 25% year-on-year to RMB 5.707 billion, while new home transaction volume decreased by 20.2% to RMB 2.353 billion [1]. - The home decoration and rental services saw significant revenue growth, with home decoration revenue increasing by 53.9% to RMB 4 billion and rental services revenue soaring by 167.1% to RMB 3.2 billion [1]. Revenue and Profitability Forecast - The company is projected to achieve adjusted net profits of RMB 7.7 billion, RMB 8.5 billion, and RMB 9.5 billion over the next three years [1]. - The report anticipates a revenue increase from RMB 77.8 billion in 2023 to RMB 102.9 billion by 2026, with a compound annual growth rate of approximately 10.1% [3][4].

现货市场边际回暖，IPO 环比正增长 主要数据 行业 交易所 股价 231.8 港元 目标价 286.7 港元 股票代码 388 已发行股本 12.68 亿股 市值 2938.9 亿港元 52 周高/低 315.9/212.2 港元 每股净现值 41.6 港元 主要股东 香港特别行政区政 府 5.9% | --- | --- | --- | --- | --- | --- | --- | |----------------------|------------|------------|------------|------------|------------|----------| | 盈利摘要 | | | | | | 股价表现 | | 截至12月31日财政年度 | 2022年实际 | 2023年实际 | 2024年预测 | 2025年预测 | 2026年预测 | 350 | | 总收入(百万港元) | 18,456 | 20,516 | 21,213 | 22,243 | 23,367 | 300 | | 变动(%) | -11.9% | 11.2% | 3.4% | 4.9% | 5.1% | 250 ...

微软（MSFT） 更新报告 营收增速趋缓，资本开支提升，Copilot 暂未带来收入亮点 韩啸宇 Peter.han@firstshanghai.com.hk +852-25321539 股票代码 MSFT 52 周高/低 468.35 美元/309.45 美元 每股净资产 36.12 美元 盈利摘要 股价表现 0 50 100 150 200 250 300 350 400 450 500 持有 2024 年 8 月 20 日 业绩摘要：本季度公司收入为 647 亿美元，同比增长 15.2%，高 于彭博一致预期的 645 亿美元。其中产品收入 132 亿美元，同比 下降 22%；服务及其他收入 515 亿美元，同比增长 31%。毛利率为 69.6%，同比下降 50bps，高于彭博一致预期的 69.4%。经营利润 率为 43.1%，同比下降 10bps。GAAP 净利润为 220 亿美元，同比 增长 10%，持平一致预期，净利润率为 34%。GAAP 摊薄每股收益 为 2.95 美元，高于彭博一致预期的 2.94 美元，去年同期为 2.69 美元。公司预计 FY2025Q1 财季收入区间为 638 亿美元至 ...

露露乐蒙（LULU.O） 更新报告 截 止1月3 1日财政年度 2022 2023 2024E 2025E 2026E 收入 (百万美元) 8,111 9,619 10,760 11,976 13,320 30% 19% 12% 11% 11% 归母净利润（百万美元） 854.8 1,550.2 1,815.5 2,029.1 2,266.3 变动 (%) -12.4% 81.4% 17.1% 11.8% 11.7% 每股收益(美元) 6.68 12.20 14.37 16.06 17.94 市盈率(基于265.63美元) 39.8 21.8 18.5 16.5 14.8 每股股息 (美元) 0.00 0.00 0.00 0.00 0.00 股息率 0.0% 0.0% 0.0% 0.0% 0.0% 北美销售放缓，国际市场潜力巨大 业绩简况：lululemon 在 2024 年第一季度的总营收为 22.1 亿美 元，同比增长 10.4%，略高于一致预期。毛利率为 57.7%，同比 增长 0.2 个百分点，净利润同比增长 10.7%至 3.2 亿美元，均好 于一致预期。 北美销售趋势持续放缓，男装增速超过女装：分 ...

Investment Rating - The report maintains a "Buy" rating for Coinbase Global with a target price of $260.00 per share, corresponding to an 11x price-to-sales ratio for 2025 [1][6]. Core Insights - The cryptocurrency trading market showed weakness in Q2, but Coinbase's subscription and service revenue demonstrated stable growth, reaching nearly $600 million, which is considered a more resilient revenue source [1][6]. - The company achieved positive revenue growth for four consecutive quarters, with Q2 revenue at $1.45 billion, a decrease of 11% from the previous quarter but a year-over-year increase of 105% [2][6]. - Monthly trading users (MTU) increased from 8 million in Q1 to 8.2 million in Q2, reflecting a 12% year-over-year growth [1][2]. Summary by Sections Financial Performance - Q2 total revenue reached $1.45 billion, with net profit dropping from approximately $1.176 billion in Q1 to $36 million in Q2. Adjusted EBITDA was $596 million, up from $189 million year-over-year but below the consensus estimate of $612 million [1][2]. - Total trading revenue was $781 million, down 27% quarter-over-quarter but exceeding the consensus estimate of $754 million. Retail revenue accounted for $665 million, representing about 48% of total revenue and 85% of total trading revenue, a 130% increase year-over-year [1][2]. - Subscription and service revenue grew 17% quarter-over-quarter to $599 million, driven mainly by blockchain rewards and stablecoin income [1][2]. Operational Costs - Total operating expenses were $1.1 billion, a 26% increase quarter-over-quarter, with technology and development, general and administrative, and sales and marketing expenses totaling $850 million, up 14% [1][2]. Q3 Guidance - For Q3 2024, management expects subscription and service revenue to be between $530 million and $600 million, with trading fees expected to account for approximately 15% of total revenue [5][6]. - The company anticipates total operating expenses, including stock-based compensation (SBC), to be between $730 million and $750 million, with sales and marketing expenses projected to be between $160 million and $210 million [5][6]. Market Context - The report notes that the cryptocurrency market has been influenced by various factors, including regulatory changes and market competition, which could impact Coinbase's market share and revenue [6].

6 特步国际（1368） 更新报告 买入 2024 年 08 月 22 日 2024 年上半年业绩符合预期, 预计全年利润能达 20%的增长 | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------|-----------------|-----------------|----------------|----------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for China Telecom with a target price of HKD 6.0, indicating a potential upside of 31% from the current price of HKD 4.6 [2][3]. Core Insights - China Telecom's service revenue growth exceeded expectations, achieving RMB 268 billion in revenue for H1 2024, a year-on-year increase of 2.8%, with service revenue at RMB 246.2 billion, up 4.3% year-on-year [2]. - The company emphasizes shareholder returns, maintaining a dividend payout ratio of 70%, with plans to increase this to over 75% within three years [2]. - The mobile ARPU (Average Revenue Per User) showed steady growth, reaching RMB 46.3, a slight increase of 0.2% year-on-year, while broadband ARPU was RMB 48.3, also up 0.2% year-on-year [2]. - The company is focusing on digital transformation, with digital revenue accounting for 30% of service revenue, and cloud services revenue growing by 20.4% year-on-year [2]. - Capital expenditures are projected to be around RMB 96 billion for the year, with a capital expenditure to revenue ratio expected to remain below 20% [2]. Summary by Sections Financial Performance - For H1 2024, EBITDA was RMB 76.8 billion, reflecting a year-on-year increase of 4.7%, and net profit reached RMB 21.8 billion, up 8.2% year-on-year [2]. - The company forecasts revenue growth rates of 4.4%, 4.2%, and 3.9% for 2024, 2025, and 2026 respectively, with net profit growth rates of 9.0%, 8.8%, and 8.2% for the same years [3]. Market Position - China Telecom continues to lead in mobile and broadband ARPU growth compared to industry peers, indicating a strong competitive position [2]. - The company is actively expanding its 5G network, with over 1.31 million 5G base stations built, ensuring coverage in towns and above nationwide [2]. Future Outlook - The report expresses optimism about China Telecom's role in national digital infrastructure development and its potential for future growth, particularly in cloud computing and AI applications [2].