Investment Rating - The report maintains a "Buy" rating for the company with a target price of 227.37 CNY, indicating a potential upside of 28.46% from the current price of 177.00 CNY [2][3]. Core Insights - The company achieved a revenue of 166.77 billion CNY in the first half of 2024, a year-on-year decrease of 11.88%, while the net profit attributable to shareholders increased by 10.37% to 22.86 billion CNY [1]. - The battery business saw a gross margin increase to 26.90%, up by 6.55 percentage points year-on-year, despite a 19.20% decline in revenue from battery sales [1]. - The energy storage segment is emerging as a second growth curve, with sales exceeding 40 GWh and revenue of 28.83 billion CNY, reflecting a 3% year-on-year growth [1]. Financial Performance Summary - The company reported a net profit of 22.86 billion CNY in H1 2024, with Q1 and Q2 profits of 10.51 billion CNY and 12.36 billion CNY respectively, showing a quarter-on-quarter growth of 17.6% [1]. - The projected revenues for 2024, 2025, and 2026 are 403.51 billion CNY, 476.75 billion CNY, and 530.90 billion CNY respectively, with net profits expected to be 50.01 billion CNY, 59.71 billion CNY, and 65.33 billion CNY [2][4]. - The company’s gross margin is expected to improve to 25.3% in 2024 and 25.6% in 2025, indicating a positive trend in profitability [4]. Market Position and Strategic Partnerships - The company continues to hold the leading position in the global power battery market, with a market share of 37.5% and a domestic market share of 46.4% in H1 2024, an increase of 3% year-on-year [1]. - Strategic collaborations have been established with major players such as Volvo and Beijing Hyundai in the power battery sector, and with companies like Sinopec and NextEra in the energy storage business [1].

超威半导体（AMD） 更新报告 上调 MI300 系列收入指引，未来紧跟英伟达产品更新迭代 业绩摘要：2024Q2 公司营收 58 亿美元，同比增加 8.9%，略高于彭 博一致预期 57 亿美元。毛利率为 49.1%，同比增加 3.5 个百分点； 经营利润为 12.6 亿美元，同比增长 18%，营业利润率为 22%；GAAP 净利润 2.6 亿美元，Non-GAAP 净利润 11.3 亿美元，同比增长 18.8%。Non-GAAP 摊薄 EPS 为 0.69 美元，略高于彭博一致预期的 0.68 美元。Q3 收入指引中值 67 亿美元，同比增加 15.5%，略高于 一致预期 66 亿美元。Non-GAAP 毛利率指引为 53.5%。 AI 需求将持续至 2025 年，上调 MI300 系列全年收入至 45 亿美元： 本季度数据中心营收同比增长 114.5%达 28.3 亿美元。当前 AMD 服 务器处理器市场份额达 23.6%，上半年 1/3 以上客户首次部署 EPYC 处理器，下一代产品 Turin 系列将在 24H2 宣发。GPU 方面，Q2 销售 额超10亿元，公司上调全年收入指引至45亿美元。24H2 ...

瑞幸咖啡 (LKNCY.US) 夏新报告 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|---------------|--------|--------|-------|------------|----------------| | | | 买入 | | | | | 2024年7月31日 | | 旺季来临+积极调整,利润实现大幅改善 | | | | | | | | | >FY24Q2 业绩概览:FY24Q2 公司总收入 84.0 亿元,同比+35.5%:其中自营门店 | | | | | | 李卓群 | | ...

Investment Rating - The report provides a positive outlook on Tencent Holdings (700.HK) with expectations of continued growth in the gaming sector, particularly driven by new product launches in the second half of the year [5]. Core Insights - The Chinese gaming industry showed stable growth in the first half of 2024, with actual sales revenue reaching 147.27 billion yuan, a year-on-year increase of 2.1%. Mobile games accounted for 73% of this revenue, although their growth rate has slightly declined. In contrast, mini-program games experienced a rapid growth rate exceeding 60% [5]. - The primary growth driver for the gaming industry remains overseas markets, with domestic sales revenue from self-developed games decreasing by 3.3% to 117.74 billion yuan, while overseas market revenue increased by 4.2% to 8.55 billion USD [5]. - Tencent's market capitalization stands at 3338.8 billion HKD, with a total share capital of 9.321 billion shares. The stock price is currently at 358 HKD, with a 52-week high of 400.2 HKD and a low of 256.8 HKD [5]. - The report highlights the anticipated 10% year-on-year growth in Tencent's gaming revenue in the second half of the year, driven by new game releases such as "Dungeon & Fighter" mobile game [5]. - Tencent's new game "Brawl Stars" is set to launch its first domestic test on July 30, 2024, which is expected to attract a significant player base due to its short gameplay duration, catering to the fast-paced lifestyle of players [5]. Summary by Sections Industry Overview - The Chinese gaming market's actual sales revenue for the first half of 2024 was 147.27 billion yuan, with a growth rate of 2.1%. The user base for gaming remains stable at approximately 670 million, reflecting a year-on-year increase of 0.9% [5]. - The overseas market continues to be a significant growth area, with self-developed games seeing a decline in domestic sales but an increase in international revenue [5]. Company Performance - Tencent's gaming revenue is projected to grow by 10% year-on-year in the latter half of 2024, supported by the launch of new titles and the sustained performance of existing games [5]. - The report notes that Tencent's "Brawl Stars" has already achieved significant success in global markets, indicating strong potential for further growth in the domestic market [5].

Investment Rating - The report maintains a "Buy" rating for Sands China with a target price of HKD 24.25, corresponding to a 14x EV/EBITDA for 2024 [2][4]. Core Insights - Sands China's Q2 2024 performance met expectations, with net revenue increasing by 8.0% year-on-year to USD 1.75 billion, recovering to 82% of 2019 levels [1][2]. - The VIP segment saw a significant quarter-on-quarter growth of 40.4%, while the mass market segment experienced a decline of 3.4% [1]. - The report highlights the ongoing renovations at The Londoner, which are expected to enhance profitability post-completion, despite short-term impacts [2][4]. Summary by Relevant Sections Financial Performance - Q2 2024 net profit decreased by 17.2% to USD 246 million, with adjusted EBITDA down 8.0% to USD 561 million, recovering to 73% of 2019 levels [1][2]. - The hotel occupancy rate was reported at 95%, with an average room rate of USD 201 [1]. - For the fiscal year ending December 31, 2024, revenue is projected to reach USD 7.30 billion, with a year-on-year growth of 11.7% [3][4]. Operational Highlights - The report details the performance of various properties, with revenue recovery rates for The Venetian, The Londoner, and others ranging from 50% to 119% of 2019 levels [1]. - The renovation budget for The Londoner Phase II is set at USD 1.2 billion, with completion expected to enhance the competitive edge and profit margins of Sands China [2][4]. Market Position - Sands China is positioned as the largest integrated resort operator in Macau, holding a leading position in both mass and non-gaming segments [2][4]. - The report expresses confidence in the long-term growth prospects of the company, driven by strategic renovations and market recovery [2].

公司评论 第一上海研究部 research@firstshanghai.com.hk 2024 年 7 月 29 日 星期一 【公司评论】 特斯拉（TSLA）：周报 特斯拉即将发布智能召唤功能 马斯克在 X 上的一篇文章中分享了智能召唤功能 Actual Smart Summon 的信息。 目前这一功能并未出现在 FSD 12.5 更新中，马斯克确认，智能召唤功能将是是 一个单独的代码，该功能将与下个月更新的 v12.5.x 捆绑发布。许多人认为，"实 际智能召唤"将成为特斯拉 Robotaxi 成为现实的前兆。 Cybertruck 预计在 8 月实装 FSD（监督） 马斯克参加了 X Takeover 活动的问答环节。特斯拉车主斯金格问到 Cybertruck 车主什么时候可以看到 FSD，马斯克称应该会在八月份出来，在接下来的两到四周 的某个时候，应该可以在 Cybertruck 上运行。 特斯拉 2024 年第二季度财报电话会议 当地时间 7 月 23 日举行了特斯拉第二季度财报电话会议。 马斯克对公司的多个方面进展进行了分享，主要包括： 机器人：预计明年初开始限量生产，明年年底在特斯拉工厂试运行。2 ...

谷歌（GOOGL/GOOG） 更新报告 收入利润和云业务均超预期，AI 开始贡献收入增长 24Q2 业绩总览：24Q2 公司营业收入为 847 亿美元（YoY+13.6%,QoQ+5.2%）， 净利润 236 亿美元（YoY+28.6%,QoQ-0.2%），收入和利润均超出市场预期。 其中，谷歌服务收入 739 亿美元（YoY+11.5%）；谷歌云业务收入 103 亿美元 （YoY+28.8%）。整体看搜索广告业务保持稳健增长，云业务呈现高速增长。 截至 24Q2 季度末，公司拥有 1007 亿美元的现金及等价物，经营现金流入 266 亿美元。24Q2 公司向 A/B/C 类股票的股东分别支付股息 12 亿/1.7 亿/11 亿美元，总计 25 亿美元。并宣布下季度派发 0.2 美元每股股息。 业务重点：本季度谷歌搜索和其他广告收入 485 亿美元（YoY+13.8%）,其增 长受益于零售行业的增长。在效果广告和品牌广告的推动下，YouTube 广告 收入达到 86.6 亿美元（YoY+12.9%）。网络广告收入 74.4 亿美元（YoY5.2%）。订阅、平台和设备收入为 93.1 亿美元（YoY+14.4% ...

Investment Rating - The report maintains a **Buy** rating for Tesla (TSLA) with a target price of **$290.00**, representing a **31.67%** upside from the current price of **$220.25** [1][3] Core Views - Tesla's Q2 2024 performance showed a **5% YoY decline in deliveries** to **444,000 units** and a **14% YoY decline in production** to **411,000 units** [1] - Total revenue for Q2 2024 was **$25.5 billion**, a **2% YoY increase**, but below market expectations [1] - Automotive revenue stood at **$19.88 billion**, while energy generation and storage revenue reached **$3.01 billion**, with energy storage deployments at **9.4 GWh** [1] - Operating margin declined by **3.33 percentage points YoY** to **6.3%**, and net income dropped **45% YoY** to **$1.48 billion** [1] - Free cash flow for the quarter was **$1.34 billion**, with cash and cash equivalents totaling **$30.72 billion** [1] Automotive Business - Automotive gross margin remained stable at **18.5%** in Q2 2024, but excluding ZEV credits, it was **14.6%**, impacted by price reductions, Berlin factory upgrades, and lower deliveries [1][9] - Tesla's global inventory days decreased by **36% QoQ** to **18 days**, with a production-to-delivery ratio of **108%** [7] - The company expects automotive margins to improve in future quarters as the refreshed Model 3 and Cybertruck production ramps up [11] Energy Business - Energy storage gross margin remained strong at **24.6%**, with deployments reaching a record **9.4 GWh**, up **157% YoY** [1][5] - The company anticipates significant capacity expansion from its Shanghai factory, potentially doubling or tripling current output [1] FSD and AI Developments - FSD V12 has accumulated over **600 million miles**, with Tesla's neural network training servers expected to reach **90,000 H100-level GPUs** by year-end [1][15] - Tesla has made progress in regulatory approvals for FSD in China, following Elon Musk's meeting with Chinese officials and collaboration with Baidu on autonomous driving maps [15] Future Growth Drivers - Tesla expects to reach **3 million units** of peak production capacity by 2025, driven by new model launches and capacity expansions [15] - The company plans to unveil the **Model 2** or **$25,000 vehicle** in October 2024, with production expected to begin in 2025 [17] - Cybertruck production has reached **1,400 units per week**, with plans for China and EU-specific versions [17] Valuation and Financial Projections - The report forecasts Tesla's deliveries to reach **1.82 million** in 2024, **2.30 million** in 2025, and **2.91 million** in 2026 [1] - Revenue is projected to grow to **$103.3 billion** in 2024, **$133.5 billion** in 2025, and **$200.2 billion** in 2026 [1] - The DCF valuation assumes a **WACC of 12%** and a **perpetual growth rate of 3%**, resulting in a target price of **$290.00** [18]

Investment Rating - The report assigns a "Buy" rating to Trip com Group (TCOM) with a target price of $54 62, representing a 25 8% upside from the current price of $43 43 [1][5] Core Views - Trip com Group is the leader in China's online travel market and is expanding globally through strategic acquisitions and technological innovation [1][14] - The company has demonstrated strong resilience and recovery post-pandemic, with 2023 revenue and non-GAAP net profit surpassing pre-pandemic levels [60][61] - Trip com Group's international business has become a significant growth driver, with overseas revenue accounting for 13 2% of total revenue in 2023, up from 9 5% in 2018 [77] Business Overview Domestic Market Leadership - Trip com Group dominates China's OTA market with a strong presence in high-end hotels and a comprehensive supply chain network [21][27] - The company has a healthy user base, with 87% of users being middle to high-income consumers and 66% aged between 80s and 90s [34][38] International Expansion - Trip com Group has accelerated its global expansion through acquisitions like Skyscanner and Trip com, establishing a strong presence in Asia, Europe, and North America [14][78] - The company's international revenue reached RMB 5 89 billion in 2023, nearly doubling from 2018 levels [77] Financial Performance - Trip com Group's 2023 revenue reached RMB 44 56 billion, a 122 2% YoY increase, with non-GAAP net profit of RMB 13 07 billion, up 910 1% YoY [6] - The company's 2024-2026 revenue is forecasted to grow at a CAGR of 15 6%, with non-GAAP net profit expected to reach RMB 20 36 billion by 2026 [6] Growth Drivers Domestic Market - Trip com Group benefits from China's post-pandemic travel recovery, with domestic travel demand remaining strong [63][65] - The company's focus on high-end hotels and cross-selling opportunities between transportation and accommodation services drives revenue growth [24][26] International Market - Trip com Group's overseas platforms, Trip com and Skyscanner, are key growth engines, with Trip com's revenue contribution expected to exceed 10% in 2024 [87] - The company's differentiated strategy in Asia and non-confrontational approach in欧美 markets have helped it gain market share [85][86] Industry Outlook - China's tourism industry is expected to maintain steady growth, with online penetration rates continuing to rise, benefiting leading OTA platforms like Trip com Group [55] - The global online travel market has surpassed pre-pandemic levels, with Trip com Group well-positioned to capture growth opportunities in both domestic and international markets [70][74] Strategic Initiatives - Trip com Group has invested heavily in technology, including AI and big data, to enhance user experience and operational efficiency [81] - The company's localized services and multi-language support have improved its competitiveness in international markets [81][82]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 21.38, indicating a potential upside of 31.98% from the current price [2][74]. Core Insights - The company is positioned as a builder of a "human-vehicle-home ecosystem," with a focus on expanding its core business areas, including smartphones, IoT, and internet services, while also venturing into the automotive sector [1][5]. - The smartphone business remains stable, with a market share of 13.8% as of Q1 2024, and is expected to benefit from the 5G device upgrade cycle and AI-driven innovations [1][12]. - The IoT and lifestyle products segment is the world's leading consumer-grade AIoT platform, with significant growth potential as the company expands its overseas market presence [1][25]. - The internet services business is projected to enhance its monetization capabilities as the company penetrates the high-end market and expands its overseas user base [1][32]. - The automotive segment, marked by the launch of the Xiaomi SU7, is anticipated to drive a second growth curve for the company, with a delivery target of approximately 120,000 units for 2024 [1][37]. Summary by Sections Financial Performance - The company reported total revenue of RMB 270.97 billion in 2023, with a forecasted increase to RMB 332.86 billion in 2024, representing a year-on-year growth of 22.84% [3][74]. - Net profit for 2023 was RMB 17.47 billion, with projections of RMB 14.31 billion for 2024, reflecting a decrease due to ongoing investments in new business areas [3][74]. - The gross margin improved from 16.99% in 2019 to 21.21% in 2023, driven by a better revenue mix and strategic focus on profitability [64][66]. Business Segments Smartphone Business - The smartphone segment accounted for 61.6% of total revenue in Q1 2024, with a market share of 14% globally [12][15]. - The average selling price (ASP) of smartphones reached RMB 1,144.7, showing resilience despite market fluctuations [13][18]. IoT and Lifestyle Products - The IoT platform connects 786 million devices, with a user base of 15.2 million having five or more connected devices [25][28]. - The IoT segment is expected to generate revenue of RMB 902.3 billion to RMB 1,007.2 billion from 2024 to 2026 [72]. Internet Services - Internet services revenue is projected to grow from RMB 332.2 billion in 2024 to RMB 390.8 billion in 2026, driven by advertising and gaming services [72][33]. Automotive Business - The automotive segment aims to deliver 120,000 units in 2024, with revenue expectations of RMB 299 billion, increasing to RMB 800 billion by 2026 [72][37]. Strategic Initiatives - The company is implementing a high-end strategy to enhance brand image and expand into higher price segments, with over 20% of smartphone sales in the high-end category [18][20]. - The automotive business is positioned as a key growth driver, with significant investments in R&D and production capabilities [37][43]. - The integration of AI across all product lines is a strategic focus, enhancing user experience and operational efficiency [16][44].