Investment Rating - The report maintains a "Buy" rating for New Oriental with a target price of $90.0, representing a potential upside of 50.4% from the current price of $59.9 [1]. Core Insights - The education business continues to grow despite short-term profit margin fluctuations, with a significant increase in the number of schools and learning centers, reaching 1,025, up by 114 from the previous quarter [1]. - The company expects net revenue for FY25Q1 to be between $1.25 billion and $1.28 billion, reflecting a year-over-year growth of 31% to 34% [1]. - The deferred revenue balance stands at $1.78 billion, up 33.1% quarter-over-quarter, aligning with revenue growth expectations [1]. Financial Overview - For FY24Q4, total revenue was $113.7 million, a year-over-year increase of 32.1%, slightly above the company's guidance [1]. - Non-GAAP operating profit for FY24Q4 was $36.32 million, a year-over-year increase of 53.8% [1]. - The company reported a gross margin of 52.3%, down 2.2 percentage points year-over-year, primarily due to increased investments in expansion and employee compensation [1][2]. Business Expansion - The overseas exam preparation and study abroad consulting businesses grew by 17.7% and 17.3% year-over-year, respectively [1]. - Non-academic tutoring business registrations increased by 39.1% year-over-year, contributing to an overall revenue growth of 50.3% in new business segments for Q4 [1]. Future Projections - Revenue projections for the next fiscal years indicate continued growth, with expected revenues of $5.02 billion in 2025 and $5.84 billion in 2026, reflecting year-over-year growth rates of 16.3% and 16.5%, respectively [2][3]. - The company anticipates maintaining a strong cash position with total cash, short-term investments, and deposits amounting to $4.94 billion [1].

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].

Investment Rating - The report assigns a "Buy" rating with a target price of 165.00 HKD, indicating a potential upside of 24.49% from the current stock price of 132.54 USD [2][3]. Core Insights - AMD's revenue for Q2 2024 reached 5.8 billion USD, a year-on-year increase of 8.9%, slightly above Bloomberg consensus expectations of 5.7 billion USD [1]. - The company has raised its revenue guidance for the MI300 series to 4.5 billion USD for the year, driven by strong AI demand and a significant increase in data center revenue, which grew by 114.5% year-on-year to 2.83 billion USD [1][2]. - AMD's client business is expected to see double-digit growth in H2 2024, supported by a new wave of PC upgrades and the demand for Ryzen desktop CPUs [1][2]. Financial Summary - For the fiscal year 2024, total revenue is projected to be 26.22 billion USD, reflecting a year-on-year growth of 15.6% [4]. - Non-GAAP net profit for 2024 is estimated at 5.68 billion USD, with a Non-GAAP EPS of 3.5 USD [4]. - The company anticipates a compound annual growth rate (CAGR) of 33.6% for revenue and 63.6% for Non-GAAP net profit from 2024 to 2026 [2][4]. Segment Performance - Data center revenue is expected to grow significantly, reaching 13.48 billion USD in 2024, with a year-on-year growth rate of 107.5% [6]. - The gaming segment has faced challenges, with a year-on-year decline of 59.0% in revenue, while the embedded business showed a slight recovery with a 2% increase quarter-on-quarter [2][6]. - The MI300 series is projected to have a production capacity of 550,000 units in 2024, generating an estimated revenue of 5.5 billion USD [1][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $32, indicating a potential upside of 52.4% from the current price [1]. Core Insights - The company reported total revenue of 8.4 billion RMB for FY24Q2, representing a year-over-year increase of 35.5%. Revenue from self-operated stores was 6.28 billion RMB, up 39.6%, while franchise store revenue was 1.85 billion RMB, up 24.5% [1]. - The company experienced a slowdown in store expansion, with a total of 19,961 stores at the end of Q2, adding only 1,371 new stores compared to 2,342 in FY24Q1 [1]. - Same-store sales growth (SSSG) for self-operated stores was -20.9%, indicating a decline influenced by previous rapid store openings and ongoing promotional activities [1]. - The company’s operating profit margin for self-operated stores improved to 21.5%, with overall gross margin increasing by 6.8 percentage points quarter-over-quarter [1]. - Active user count reached nearly 60 million, with a significant increase in monthly transaction users by 61.8% year-over-year [1]. Financial Overview - Revenue is projected to grow from 24.9 billion RMB in 2023 to 32.3 billion RMB in 2024, reflecting a growth rate of 29.5% [3]. - The net profit attributable to shareholders is expected to increase from 2.8 billion RMB in 2023 to 2.6 billion RMB in 2024, with a notable growth of 580.1% in 2023 [3]. - Earnings per share (EPS) is forecasted to rise from 1.15 RMB in 2023 to 1.06 RMB in 2024, with a significant increase of 475.8% in 2023 [3].

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 ...

Investment Rating - The report maintains a "Buy" rating for Google with a target price raised to $207, reflecting a potential upside of 22% from the current price [2][19]. Core Insights - Google's revenue and profit exceeded market expectations, driven by strong performance in search advertising and cloud services, with AI beginning to contribute to revenue growth [1][6]. - The company reported Q2 2024 revenue of $84.7 billion (YoY +13.6%, QoQ +5.2%) and net profit of $23.6 billion (YoY +28.6%, QoQ -0.2%) [1][7]. - Google Cloud revenue reached $10.3 billion (YoY +28.8%, QoQ +8.1%), surpassing market expectations [1][9]. Revenue and Profit Overview - Google Services revenue was $73.9 billion (YoY +11.5%, QoQ +5.0%), with search and other advertising revenue at $48.5 billion (YoY +13.8%, QoQ +5.1%) [1][9]. - YouTube advertising revenue was $8.66 billion (YoY +12.9%, QoQ +7.1%), while subscription, platform, and device revenue totaled $9.31 billion (YoY +14.4%, QoQ +6.6%) [1][9]. - Operating cash flow for the quarter was $26.6 billion, with total cash and equivalents at $100.7 billion [1][7]. Cost and Capital Expenditure - The gross margin for Q2 2024 was 58.1% (YoY +0.9%, QoQ -0.04%), and operating margin was 32.4% (YoY +3.1%, QoQ +0.7%) [2][6]. - Capital expenditures for Q2 2024 were $13.2 billion (YoY +91%, QoQ +10%), primarily focused on technology infrastructure [2][15]. - The company expects capital expenditures to exceed $12 billion per quarter in 2024, totaling approximately $49 billion for the year [2][15]. Business Outlook - The report indicates a positive outlook for Google's advertising and cloud businesses, driven by AI advancements and infrastructure improvements [6][19]. - The company anticipates continued growth in search revenue and YouTube advertising, supported by increased user engagement and AI-driven efficiencies [17][18]. - Google Cloud is expected to maintain strong growth, with significant investments in AI solutions and infrastructure [18][19].

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]