Investment Rating - The report maintains a "Buy" rating for Meituan with a target price of 135 HKD, based on a valuation of 23x PE for the food delivery business and 15x PE for the in-store and travel business for the year 2024 [2][15][37]. Core Insights - Meituan's profitability is expected to further improve, with new business ROI gradually increasing. The report highlights strong revenue growth driven by a 28% increase in food delivery orders and significant reduction in losses from community group buying [2][4][15]. - The company reported a total revenue of 733 billion RMB for Q1 2024, a year-on-year increase of 25%, with adjusted net profit reaching 75 billion RMB, up 36.4% year-on-year [4][19]. - The core local commerce segment showed resilience, with revenue of 546 billion RMB in Q1 2024, reflecting a 27.4% year-on-year growth, and operating profit of 97 billion RMB, up 2.7% year-on-year [22][19]. Financial Summary - Total operating revenue (in million RMB) for the fiscal year ending December 31 is projected to grow from 219,955 in 2022 to 326,097 in 2024, representing a 25.8% increase [3]. - Adjusted net profit is expected to rise significantly from 2,828 million RMB in 2022 to 31,508 million RMB in 2024, marking a 722.4% increase in 2023 [3]. - The company anticipates a reduction in operating losses for new businesses, with Q1 2024 losses narrowing to 28 billion RMB, down from previous periods [9][11]. Business Segments - The food delivery business is projected to maintain a market share of 70%, leveraging operational efficiencies and reduced subsidies to enhance profitability [29]. - The in-store, hotel, and travel business is expected to grow significantly, with transaction values increasing over 60% year-on-year, driven by holiday demand and competitive pricing strategies [19][23]. - New initiatives, including shared services like power banks and bikes, are showing promising growth, with the company focusing on high-quality development and operational improvements [9][25]. Operational Efficiency - The report notes a significant improvement in gross margin, which reached 35.1% in Q1 2024, up 1.26 percentage points year-on-year, attributed to the recovery of local commerce and strong performance in both core and new business segments [12][19]. - The company has optimized its cost structure, with R&D expenses stable at 50 billion RMB, but as a percentage of revenue decreasing to 6.8% due to improved operational leverage [12][26].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 8.12 HKD, representing a potential upside of 58.3% from the current price of 5.13 HKD [2][5]. Core Insights - The company achieved record high performance in 2023 with total revenue of 20.28 billion RMB, a year-on-year increase of 30.5%, and a net profit of 1.93 billion RMB, up 15.9% [1]. - The first quarter of 2024 showed a decline in revenue to 5.13 billion RMB, down 5.7% year-on-year, primarily due to the coal industry's downturn affecting the mining equipment segment [1]. - The company continues to enhance its core product competitiveness and market share, particularly in the mining equipment and logistics equipment sectors [1]. Financial Performance Summary - In 2023, the mining equipment segment generated revenue of 11.8 billion RMB, a 19% increase, with significant growth in mining truck sales, which reached 4 billion RMB, up 38% [1]. - The logistics equipment segment reported revenue of 5.8 billion RMB, a 26% increase, with strong performance in overseas sales, which surged by 69% to 3.55 billion RMB [1]. - The report projects revenue for 2024 to be 26.85 billion RMB, with net profit expected to reach 2.19 billion RMB, reflecting continued growth [2][3]. Market Position and Strategy - The company has become the largest mining truck supplier in China, with a robust order backlog, including significant contracts with major port operators [1]. - The strategic focus on smart, international, and electric products is expected to drive long-term growth, supported by a stable port market [2].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 31.91 CNY, indicating a potential upside of 17.9% from the current price of 27.06 CNY [2][4]. Core Views - The company's revenue and net profit for Q1 2024 were 32.46 billion CNY and 5.95 billion CNY, respectively, showing a year-on-year decline of 2.6% in revenue but a significant increase of 64.7% in net profit, driven by a one-time gain from asset disposal [1][2]. - The liquid milk business is under short-term pressure, while the milk powder segment is expected to accelerate growth due to improved market conditions and demographic factors [2]. - The company has maintained a high dividend payout ratio of 73.3% for the fiscal year 2023, with a consistent track record of over 70% for five consecutive years, alongside a share buyback plan to enhance shareholder returns [2]. Summary by Sections Financial Performance - In Q1 2024, the company reported a gross margin of 35.8%, an increase of 2 percentage points year-on-year, and a net profit margin of 18.2%, up by 7.4 percentage points [1]. - The company expects net profits for 2024, 2025, and 2026 to be 13.55 billion CNY, 12.68 billion CNY, and 14.04 billion CNY, respectively [2][5]. Business Segments - The liquid milk segment is facing challenges due to fluctuating demand and high base effects from the previous year, but recovery is anticipated in the second half of the year [2]. - The milk powder business is projected to grow, supported by demographic trends and inventory clearance in the industry [2]. - The cheese segment is under pressure, while the ice cream business is expected to maintain stable growth due to market expansion efforts [2]. Shareholder Returns - The company has declared a cash dividend of 7.64 billion CNY for the fiscal year 2023, reflecting a commitment to returning value to shareholders [2]. - A share buyback plan of 1 to 2 billion CNY is also in place to further enhance shareholder value [2].

Salesforce（CRM） 更新报告 买入 2024年6月6日 盈利 稳健增长，但营收增长指 引乏力 罗凡环  FY2 5Q1 收 入 低 于 市 场 预 期 ： FY2025Q1 公 司 实 现 收 入 91.3 亿 美 元 852-25321962 （YoY+11%,CC+11%），低于彭博一致预期的91.7亿美元，由于专业服务的持续压 Simon.luo@firstshanghai.com.hk 力、一些许可证收入的波动和持续的审慎购买环境导致收入增长不及预期。GAAP 经营利润率为 18.7%，Non-GAAP 营业利润率 32.1%。GAAP 净利润 15.3 亿美元 李京霖 （YoY+670%）,GAAP净利润率达16.8%（YoY+14.4%）,Non-GAAP净利润24.1亿美 852-25321539 元（YoY+43.8%）,均超过彭博一致预期。经营数据方面，RPO 达 539 亿 （YoY+15%），cRPO 264 亿（YoY+10%）,主要受缓慢的需求环境和销售延长的影 Jinglin.li@firstshanghai.com.hk 响。财务方面，公司Q1经营现金流62.5亿美 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 23.4, indicating a potential upside of 33.4% from the current stock price of HKD 17.58 [3][4]. Core Views - The company has successfully completed a placement of 285 million shares, raising approximately HKD 4.9 billion, which will be used to improve its capital structure and reduce its debt ratio [1][2]. - Following the share placement, the company's debt ratio has decreased to 65%, aligning with its target to lower the debt ratio from 66% in 2023 [2]. - The company reported a revenue of RMB 39.6 billion in Q1, a year-on-year increase of 20.7%, while net profit decreased by 42% to RMB 3.756 billion [2]. - The company aims to achieve a coal production target of 300 million tons per year within 5-10 years, with a projected production of 140 million tons in 2024 [2][3]. Summary by Sections Financial Performance - The company recorded a revenue of RMB 118.434 billion in 2023, a decrease of 23% from the previous year, with a forecasted revenue of RMB 127.806 billion for 2024, representing an 8% increase [5][6]. - Net profit for 2023 is projected at RMB 17.779 billion, with an expected increase to RMB 18.410 billion in 2024 [5][6]. - The earnings per share (EPS) is forecasted to be RMB 2.38 for 2024, with a gradual increase to RMB 2.96 by 2026 [5][6]. Market Outlook - The overall coal market supply and demand are expected to remain stable with a slight easing, leading to a minor decrease in coal prices compared to 2023 [3]. - The company is anticipated to benefit from the integration of its revival projects and the recovery of production in its Australian and Inner Mongolia bases [3]. Strategic Initiatives - The company plans to expand its production capacity through both internal development and external acquisitions, with significant projects in Xinjiang and Shanxi expected to come online in the coming years [2][3]. - The company has sufficient cash reserves, including the recent capital raised, to support its strategic development goals [2].

Investment Rating - The report assigns a "Buy" rating for TCL Electronics (1070) with a target price of 7.00 HKD [2]. Core Insights - The report highlights significant performance improvement driven by breakthroughs in mid-to-high-end products and multi-business collaboration, with overall revenue for 2023 reaching 789.9 billion HKD, a year-on-year increase of 10.7% [2]. - The company's global television shipment volume increased by 6.2% to 25.26 million units in 2023, with a notable growth in shipments of 65 inches and above, which rose by 35.3% to 621 thousand units [2]. - The internet business has emerged as a second growth curve, with revenue increasing by 27.6% year-on-year to 18.64 billion HKD, contributing positively to overall profitability [2]. Financial Summary - Revenue for 2022 was 71,351 million HKD, with a forecasted increase to 78,986 million HKD in 2023 and projected growth to 84,554 million HKD in 2024 [3]. - Net profit for 2022 was 447 million HKD, expected to rise to 744 million HKD in 2023 and further to 1,111 million HKD in 2024 [3]. - The adjusted net profit for 2023 is forecasted at 803 million HKD, with a significant growth rate of 14.0% [3]. Business Performance - The report indicates that the television business has outperformed the overall market, with a revenue increase of 7.6% to 48.63 billion HKD despite a general decline in the television market [2]. - The domestic market's revenue grew by 5.4% to 16 billion HKD, with market share increasing to 18.1% [2]. - The company's operational efficiency improved, with an overall expense ratio decreasing by 1.5 percentage points to 66.4% [2]. Future Projections - The revenue projections for 2024-2026 are adjusted to 846 billion HKD, 931 billion HKD, and 1,000 billion HKD respectively, with net profit forecasts of 1111 million HKD, 1481 million HKD, and 1690 million HKD [2][3]. - The report anticipates continued growth in both domestic and overseas markets, with a focus on high-end product categories contributing positively to gross margins [2].

个股 SASS 公司最近的遭遇的一些短期的逆风，我们也认为要把它放在一个更长期的时间跨 度内看：它们在过去已经涨得非常多了，估值也不算便宜。在这种情况下，对它们的预 期比较饱满的时候，就不太承受得了短期的业绩逆风。但是考虑到它们在各自的细分 赛道当中有着长期的相对垄断地位，尤其是销售渠道和安装基数，还是具备一定的投 资价值的。当股价超跌之后的话，还是值得考虑适当的介入。 5 月 20 到 5 月 26 号这一周，特斯拉 Model3 在国内的上险量高达 5400 台，到达了今 年到目前为止周销量的最高点。我们对特斯拉的产品竞争力仍是长期看好。路遥知马 力，虽然需要很长的时间来让客户们感知到他们的产品竞争力，但是这个方向还是确 定的。 - 2 - 本报告不可对加拿大、日本、美国地区及美国国籍人士发放 Google 最近开始传言在云部门进行大规模裁员。我们认为 Google 做云计算的基础设 施并不是一个非常性感的业务。加上它的搜索业务也面临一些不确定性，所以我们整 体对这家公司并不是特别看好。 第一上海 宏观经济评论 本报告由第一上海证券有限公司("第一上海")编制，仅供机构投资者一般审阅。未经第一上海 事先明 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of $9.5, representing a 67% upside from the previous closing price [1][4]. Core Insights - The company reported a revenue of 947 million RMB for FY24Q1, a year-on-year increase of 33.9%, exceeding the company's guidance of 908-928 million RMB [1]. - Non-GAAP operating profit was -62 million RMB, down from a profit of 110 million RMB in the same period last year, while Non-GAAP net profit was 3 million RMB compared to 13 million RMB last year [1]. - The company has a cash reserve of 3.8 billion RMB and no interest-bearing debt as of FY24Q1 [1]. - The K12 business segment showed strong growth, with cash revenue growth exceeding 70%, and non-academic training cash revenue more than doubling year-on-year [1]. - For FY24Q2, the company expects revenue growth of 29%-32%, with guidance of approximately 908-928 million RMB, slightly lower than Q1 due to seasonal impacts [1]. - The company is experiencing a decline in gross margin due to rapid expansion and increased sales expenses, with a gross margin of 71.3% in FY23Q4, down 6.1 percentage points year-on-year [1]. Summary by Sections Financial Performance - FY24Q1 revenue reached 947 million RMB, up 33.9% year-on-year, surpassing guidance [1]. - Non-GAAP operating profit was -62 million RMB, compared to a profit of 110 million RMB last year [1]. - Cash reserves stood at 3.8 billion RMB with no interest-bearing debt [1]. Business Segments - K12 business achieved significant growth, with cash revenue growth over 70% [1]. - Non-academic training cash revenue more than doubled year-on-year [1]. - Adult and college student business revenue accounted for nearly 20%, with a cash revenue growth of 30% [1]. Future Outlook - FY24Q2 revenue guidance is set at 29%-32%, approximately 908-928 million RMB [1]. - Cash revenue growth is expected to continue at a high rate, supporting Q3 performance [1]. Cost Structure - Gross margin decreased to 71.3% in FY23Q4, down 6.1 percentage points year-on-year due to changes in revenue mix [1]. - Sales expense ratio increased to 53.5%, up 14.3 percentage points year-on-year, driven by increased recruitment efforts [1]. - R&D expense ratio was 16%, up 2.3 percentage points year-on-year [1].

公司评论 第一上海研究部 research@firstshanghai.com.hk 2024年6月4日 星期二 【公司评论】 特斯拉（TSLA）：周报 李京霖 852-25321957 特斯拉准备在中国注册 FSD Jinglin.li@firstshanghai.com.hk 据路透社消息人士透露，特斯拉终于准备在中国注册其 FSD（全自动驾驶）。公司 李倩 力争在今年晚些时候开始推出该技术，一旦特斯拉成功向中国工业和信息化部 (M 852-25321539 IIT) 注册FSD，将能够在中国的公共道路上开始内部测试，此后将能够开始向中 Chuck.li@firstshanghai.com.hk 国客户提供FSD功能。除了购买 FSD套件外，客户还可以选择按月订阅模式，即 陈晓霞 每月约 98 美元的价格订阅FSD。Automotive Foresight 董事总经理张豫表示， 852-25321956 在中国部署 FSD 还将迫使其他电动汽车初创公司加快研发速度。 xx.chen@firstshanghai.com.hk 特斯拉介绍了FSD（监督）客户体验 行业 汽车 特斯拉在 X 上分享了多段 FSD ...

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