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 ...

Investment Rating - The report maintains a "Hold" rating for Microsoft (MSFT) with a target price of $450, indicating a potential upside of 7.7% from the current price [2][39]. Core Insights - The company's revenue for the quarter was $64.7 billion, representing a year-over-year growth of 15.2%, which exceeded Bloomberg's consensus estimate of $64.5 billion [2][11]. - Product revenue decreased by 22% to $13.2 billion, while service and other revenue increased by 31% to $51.5 billion [2][11]. - The gross margin was 69.6%, down 50 basis points year-over-year, but above the expected 69.4% [2][11]. - Operating profit margin was 43.1%, a slight decline of 10 basis points year-over-year [2][11]. - GAAP net profit was $22 billion, a 10% increase year-over-year, aligning with consensus expectations [2][11]. Revenue Breakdown - Azure revenue grew by 29% year-over-year to $20.3 billion, with AI contributing approximately 8 percentage points to this growth, although it fell short of the expected 30% growth [2][11]. - M365 commercial revenue increased by 13% to $12.1 billion, with a 7% year-over-year growth in paid commercial seats [2][11]. - The average revenue per user (ARPU) grew by 5%, primarily driven by an increase in E5 users and Copilot subscriptions, although the growth rate declined by 1% quarter-over-quarter [2][11]. Capital Expenditure and Profitability - The report indicates that capital expenditures for FY25 are expected to exceed those of FY24, with capital expenditures related to property, plant, and equipment (PP&E) approaching $70 billion [2][11]. - The company anticipates a 1 percentage point decline in operating profit margin for FY25, but effective cost control in marketing and administrative expenses may mitigate the impact of increased depreciation from higher capital expenditures [2][11]. Future Guidance - Microsoft expects FY2025 Q1 revenue to be in the range of $63.8 billion to $64.8 billion, representing a year-over-year growth of 12.9% to 14.7%, with the midpoint below Bloomberg's consensus estimate of $65.3 billion [2][11]. - The company projects a compound annual growth rate (CAGR) of 13.4% for revenue from FY2025 to FY2027, with GAAP net profit expected to reach $100.3 billion by FY2027 [21].

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].

快手（1024） 更新报告 电商 GMV 增速放缓，盈利能力持续提升 买入 2024 年 8 月 22 日 李宜格 业绩超市场预期：2024Q2 公司营业收入 309 亿元（QOQ+5.3%，YoY+11.6%）； 毛利 171 亿元（QOQ+6.3%，YoY+23.0%），毛利率较去年同期提升 5.1%达到 55.3%；经调整净利润达到 46.8 亿元（QOQ+6.6%，YoY+73.7%），经调整净利率 15.1%，超出市场预期，创历史新高。用户流量端依旧稳健，24Q2 快手应用的 DAU 为 3.95 亿 （ QOQ+0.4% ， YoY+5.1% ） ， MAU 为 6.92 亿 （ QOQ-0.8% ， YoY+2.7%），日活跃用户日均使用时长达122分钟（QOQ-5.8%，YoY+4.3%），用 户总时长同比增长 9.5%。 852-25321962 4 vicky.li@firstshanghai.com.hk 罗凡环 852-25321962 simon.luo@firstshanghai.com.hk 李京霖 外循环广告增长显著：24Q2 公司线上营销业务收入为 175 亿元（QOQ+5. ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21.00, indicating a potential upside of 23.55% from the current stock price of HKD 17.00 [1][3]. Core Insights - The company reported Q2 2024 revenue of USD 1.90 billion, a year-on-year increase of 21.8% and a quarter-on-quarter increase of 8.6%, slightly above market expectations [1]. - The guidance for Q3 2024 indicates a revenue increase of 13%-15% to USD 2.15-2.19 billion, surpassing the consensus estimate of USD 1.87 billion, with a gross margin expected between 18%-20% [1]. - The demand for consumer electronics is recovering, contributing to a 35.6% revenue increase, particularly in gaming, toys, and smart furniture [1]. Summary by Sections Financial Performance - Q2 2024 operating profit was USD 90 million, a 9.2% increase year-on-year, while net profit decreased by 59.1% to USD 160 million, resulting in a net profit margin of 8.7% [1]. - The average monthly capacity for 8-inch wafers is projected to reach 850,000 pieces in 2024, with a capital expenditure guidance of USD 7.5 billion for the year [1][4]. Market Outlook - The semiconductor cycle is expected to recover, driven by a gradual increase in capacity utilization rates and a rebound in consumer electronics demand [1]. - The company anticipates a revenue CAGR of 27% and a net profit CAGR of 14.1% over the next three years [1]. Valuation Metrics - The report estimates a price-to-book (PB) ratio of 1.0 for valuation purposes, supporting the target price of HKD 21.00 [1][3]. - The company holds a 5.5% market share in the global wafer foundry industry, which is expected to increase to 8.0% by year-end [1].