Investment Rating - The report provides a positive outlook on Tencent Holdings (700.HK) with a focus on its advancements in AI and network technology [9]. Core Insights - Tencent has upgraded its self-developed high-performance computing network, Starry Sky Network 2.0, which has improved communication efficiency by 60% and enhanced large model training efficiency by 20% [9]. - The company is set to launch 35 new mobile games in July, with 21 already scheduled, indicating a strong product pipeline [9]. - Tencent has initiated the "Exploration Plan 2024," aimed at leveraging technology to support cultural heritage, showcasing its commitment to social value investment [9]. Summary by Sections Company Overview - Tencent's market capitalization stands at 34,537 billion HKD, with a current share price of 369 HKD [9]. - The total share capital is 9.355 billion shares, with a book value per share of 89.7 HKD [9]. Product Development - The upgraded Starry Sky Network 2.0 supports over 10,000 cards and is designed to enhance AI model training efficiency [9]. - Tencent has three new game products scheduled for release in July, including "Need for Speed: Unbound" and "World Awakening" [9]. Strategic Initiatives - The "Exploration Plan 2024" focuses on six cultural heritage themes and aims to gather digital solutions to promote cultural transmission [9]. - Tencent Classroom will cease operations on October 1, 2024, as part of a strategic adjustment in response to industry trends [9].

【公司评论】 特斯拉(TSLA):周报 Jinglin.li@firstshanghai.com.hk 李京霖 852-25321957 李倩 852-25321539 Chuck.li@firstshanghai.com.hk 陈晓霞 852-25321956 xx.chen@firstshanghai.com.hk 行业 汽车 股价 197.88 美元 市值 6310.79 亿美元 总股本 31.89 亿股 52 周高/低299.29 美元/ 138.80 美元 每股账面值 20.19 美元 股价表现 | 马斯克:特斯拉 FSD V12.4.2 正在内部测试阶段 | | |-------------------------------------------------------------------------|------------------------| | 马斯克最近简要介绍了全自动驾驶 FSD V12.4.2 的情况。据马斯克称:" | 12.4.2 | | 更加流畅。挑战在于在提高乘坐舒适度的同时保持高安全性。该版本明天将进入 | | | 内部测试阶段。" 一位 X 用户询问周末是否有 ...

Investment Rating - Buy rating maintained with a target price of HKD 8.75, implying a 25% upside from the current price [2] Core Views - The company's profitability structure is steadily improving, with gas sales contribution increasing to 48.7% while connection revenue contribution declines to 10.8% [2] - Gas sales volume grew 6.2% YoY to 41.7 billion cubic meters, with average gross margin per cubic meter increasing 19% to RMB 0.50 [2] - Value-added services revenue grew 5.8% to HKD 3.65 billion, with operating profit up 5.7% to HKD 1.58 billion [2] - Comprehensive energy business achieved breakthrough with total signed installed capacity reaching 221.6MWH, including 112.7MWH of commercial and industrial user-side energy storage [2] Financial Performance - FY23/24 revenue declined 11.5% YoY to HKD 81.41 billion, mainly due to weak real estate market and lower LPG sales [2] - Gross margin improved 0.8 percentage points to 13.9%, driven by better gas sales margins [2] - Adjusted net profit attributable to shareholders remained flat at HKD 4.29 billion after excluding one-off items [2] - Operating cash flow reached record high of HKD 11.34 billion, with free cash flow increasing HKD 1.77 billion to HKD 4.29 billion [2] Future Outlook - Gas sales gross margin expected to further improve as more cities implement upstream-downstream price linkage mechanisms [2] - Revenue forecast at HKD 85.9/89.2/92.2 billion for FY24/25/26/27, with net profit of HKD 4.3/4.8/5.0 billion [2] - Target price of HKD 8.75 implies 11x FY24/25 PE, maintaining Buy rating [2] Industry Analysis - The company benefits from natural gas being a key transitional energy in China's "dual carbon" goals [2] - As one of China's largest gas companies, it is well-positioned to capture incremental gas sales growth [2]

Investment Rating - The report does not explicitly state an investment rating for Tencent Holdings (700.HK) [2]. Core Insights - Tencent's mobile game "Dungeon & Fighter: Origin" has been removed from several Android app stores due to contract expiration, impacting its distribution [2]. - The game has performed exceptionally well in the iOS market, ranking first in downloads since its pre-download launch on May 20, with over 4 million downloads in May alone [2]. - Tencent's mobile gaming revenue increased by 12% in May, driven by the success of "Dungeon & Fighter: Origin" and other titles [2]. - Tencent's esports division is expanding its international cooperation network, launching a global esports exchange program starting in August in regions like Saudi Arabia, France, and Japan [2]. - In June, 104 domestic online games received approval, including Tencent's "Rock Kingdom: World," which is currently in development [2]. Summary by Sections Company Overview - Tencent Holdings has a market capitalization of HKD 35,764 billion and a total share capital of 9.362 billion shares [2]. - The stock price is currently at HKD 382, with a 52-week high of HKD 400.2 and a low of HKD 256.8 [2]. Gaming Performance - "Dungeon & Fighter: Origin" has surpassed revenue records, achieving over USD 100 million in just 10 days post-launch, ranking 8th in revenue [2]. - The game has outperformed "Honor of Kings" and "Peacekeeper Elite" in terms of revenue growth [2]. Esports Development - Tencent esports is set to host a series of international exchange events aimed at fostering collaboration within the global esports community [2]. Regulatory Updates - The National Press and Publication Administration approved 104 games in June, including Tencent's upcoming title [2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 34.00, indicating a potential upside of 49.14% from the current price of HKD 22.8 [1][3]. Core Insights - The company's Q1 2024 revenue was USD 460 million, a year-on-year decline of 27.1%, but a slight increase of 1% quarter-on-quarter, slightly below Bloomberg consensus expectations of USD 470 million. The semiconductor industry is gradually recovering, with capacity utilization and wafer ASP still at low levels. The gross margin was 6.4%, down 25.7 percentage points year-on-year but up 2.4 percentage points quarter-on-quarter [1]. - The growth in the company's business this quarter was primarily driven by demand for CIS logic products and power management products, with revenues increasing by 63.8% and 15.9% year-on-year, reaching USD 60 million and USD 100 million, respectively. However, power devices and embedded business revenues declined by 38.4% and 50.2% year-on-year, reaching USD 140 million and USD 120 million, respectively [1]. - The company expects wafer ASP to benefit from a rebound in demand for CIS, BCD, and certain embedded and power devices, anticipating a price increase of 5-10% starting in H2 2024. The projected wafer ASP for 2024-2026 is expected to reach USD 405, USD 450, and USD 530, representing year-on-year changes of -23.8%, +11.1%, and +17.8%, respectively [1]. Financial Summary - The company's Q1 2024 net profit was USD 31.8 million, a year-on-year decline of 79.1% and a quarter-on-quarter decline of 10.2%, which was below Bloomberg consensus expectations of USD 38.38 million. The guidance for Q2 revenue is between USD 470 million and USD 500 million, with a midpoint indicating a 5.4% increase quarter-on-quarter [1]. - The overall capacity utilization for the quarter was 91.7%, down 11.4 percentage points year-on-year but up 7.6 percentage points quarter-on-quarter. The 8-inch wafer capacity utilization reached 100.3%, while the 12-inch capacity utilization was at 84.2% [1]. - The company’s capital expenditure in Q1 2024 increased by 39.7% year-on-year to USD 300 million, with USD 200 million allocated to Huahong Manufacturing [1].

| --- | --- | |-------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | 2024 年 6 月 25 日 星期二 【宏观经济评论】 | | 李倩 | 第一上海——美股宏观策略周报 | | +852-25321539 | | | Chuck.li@firstshanghai. ...

Investment Rating - The report maintains a "Buy" rating with a target price of $600 for the company [19][31][43] Core Insights - The company reported a total revenue of $36.46 billion for Q1 2024, representing a year-over-year growth of 27.3%, which is above Bloomberg's consensus estimate of $36.13 billion [2][4] - The operating profit for the quarter was $13.82 billion, showing a significant year-over-year increase of 91.2% [4][40] - The company has adjusted its full-year spending guidance for 2024 to a range of $96-99 billion, up from the previous estimate of $94-99 billion [5][40] - The company is focusing on cost control and efficiency improvements, particularly through AI technologies, which are expected to enhance advertising revenue and overall profitability [15][31] Financial Performance Summary - Total revenue for the fiscal year 2022 was $116.609 billion, with projections of $134.902 billion for 2023, $159.010 billion for 2024, and continuing growth to $200.584 billion by 2026 [1][33] - GAAP net profit for 2022 was $23.2 billion, with forecasts of $39.098 billion for 2023 and $51.558 billion for 2024, indicating a strong upward trend [1][33] - The diluted earnings per share (EPS) for 2022 was $8.6, projected to rise to $14.9 in 2023 and $19.8 in 2024 [1][33] User Engagement and Advertising Insights - The company reported a total daily active users (DAU) of 3.24 billion, with an average revenue per user (ARPU) of $11.2 [29] - Advertising impressions increased by 20% year-over-year, contributing to a 6% rise in average selling price (ASP) [29][41] - The company is experiencing challenges in user growth in North America, with a 4% decline in Instagram's DAU [29][41] AI and Technology Developments - The company launched a new version of Meta AI supported by the Llama 3 model, aiming to become a leading player in AI services [7][41] - The Reality Labs segment reported revenue of $380 million, reflecting a year-over-year growth of 29.8% [4][42] - The company is transitioning from a VR-focused strategy to exploring both VR and AI as potential growth avenues [18]

Investment Rating - The report does not explicitly state an investment rating for Tesla (TSLA) [1]. Core Insights - Tesla is expanding its Texas factory to accommodate a new AI computing cluster, aiming for a 100 MW capacity by August 2024, which may increase to over 500 MW in the future [1]. - The next-generation autonomous driving computer, referred to as AI5, is expected to be ten times more powerful than the current HW4 and will be implemented in vehicles by the second half of 2025 [1]. - Tesla's upcoming Master Plan 4 is anticipated to play a significant role in the company's strategic direction, following the impactful Master Plan 3 [1]. Summary by Sections Company Developments - Elon Musk revealed plans for a new AI computing cluster in Texas, with an initial target of 100 MW by August 2024, potentially increasing to over 500 MW in 18 months [1]. - The AI5 hardware, which will replace the current HW4, is set to be introduced in late 2025, enhancing Tesla's autonomous driving capabilities [1]. Market Activity - Tesla has reduced the prices of its Model 3 vehicles in Canada, with the RWD model now priced at 49,990 CAD, making it eligible for government rebates [2]. - The Model 3 Long Range has also seen a price drop to 59,990 CAD, while the new Model 3 Performance remains unchanged at 69,990 CAD [2]. Supply Chain Agreements - Tesla signed a lithium supply agreement with a subsidiary of China's Yahua Group, ensuring the procurement of lithium carbonate and hydroxide from 2025 to 2027, with a contract value of 5.6 billion RMB [3]. - This agreement is expected to support production at Tesla's Shanghai Gigafactory [4]. Sales Performance - In the week of June 10 to June 16, 2024, Tesla's domestic insurance registrations were approximately 11,700 vehicles, reflecting a quarter-over-quarter decline of about 5% and a year-over-year decline of about 19% [4].

招金矿业(1818) 首发报告 买入 2024 年 6 月 21 日 黄金行业优质高成长公司,增长潜力巨大,目标价 17.46 港元 业绩高速增长:公司 2023 年全年实现销售收入 84.24 亿人民币 (下同),较去年增长 6.82%;实现毛利 33.70 亿,同比增长 26.90%;毛利率为 40.1%,同比增长 6.33 个百分点;实现归母净 利润 6.86 亿元,同比增长 70.77%,业绩实现大幅增长。2023 年 全年公司完成黄金产量 24.68 吨,同比下滑 9.75%;其中实现矿 产金 17.58 吨,同比下降 8.63%,冶炼加工金为 7.11 吨,同比下 滑 12.39%。矿产金产量下滑主要是因为公司买断金减少所导致。 海域金矿未来可期:海域金矿从 2019 年 7 月取得采矿许可证后 正式开始建设,截至目前,海域金矿项目仍处于项目建设阶段, 按照项目规划,海域金矿将于 2025 年实现初步建成。该项目采 用地下开采,拟采用粗碎-半自磨+顽石破碎-浮选流程,选矿回 收率预计可以达到 97%,采选规模为 396 万吨矿石/年,项目总投 资约为 60 亿元人民币。在整体投产达产后,预计海域金 ...

公司评论 第一上海研究部 research@firstshanghai.com.hk 2024年6月17日 星期一 【公司评论】 特斯拉（TSLA）：周报 李京霖 852-25321957 特斯拉2024股东大会 Jinglin.li@firstshanghai.com.hk 当地时间2024 年 6 月 13 日在德州工厂举行了特斯拉2024 年年度股东大会。 李倩 股东们对12项提案进行了投票表决，其中最受瞩目的两项提案是马斯克的薪酬方 852-25321539 案，以及将特斯拉的注册地从特拉华州迁至德克萨斯州的提案，投票结果为均获 Chuck.li@firstshanghai.com.hk 通过。 陈晓霞 然后马斯克对公司的多个方面进展进行了分享，主要包括： 852-25321956 xx.chen@firstshanghai.com.hk 机器人：马斯克相信机器人Optimus将为公司带来巨大的利润，光是Optimus就 能带来20万亿美元的市值。承诺特斯拉将在2025年开始“限量生产”擎天柱， 行业 汽车 并于明年在工厂内测试机器人。他预测明年将有1,000多个或数千个擎天柱机器 股价 178.01 ...