Investment Rating - The report assigns a "Buy" rating to Coinbase with a target price of $317.60, representing a potential upside of 24.57% from the current closing price [1][6]. Core Insights - Coinbase, founded in June 2012, is the largest cryptocurrency exchange in the U.S. and the first publicly listed cryptocurrency exchange globally, having gone public on NASDAQ on April 14, 2021 [1][4]. - The company reported Q1 2024 total revenue of $1.64 billion, exceeding analyst expectations of $1.34 billion, and achieved a net profit of $1.18 billion, a significant turnaround from a loss of $78.9 million in the same period last year [1][4]. - Revenue is primarily derived from trading, subscription, and service income, with respective contributions of 65.8%, 31.2%, and 3.0% in Q1 2024 [1][30]. Summary by Sections Company Overview - Coinbase provides a range of services including storage, trading, investment, payment, and transfer of cryptocurrencies, and has expanded its operations internationally [4][34]. - The company has attracted significant institutional investment, indicating strong market recognition and confidence in its business model [11][28]. Revenue Composition - The revenue growth is attributed to increased market volatility, rising cryptocurrency prices, user base expansion, and the active Base ecosystem [1][45]. - The report highlights that trading revenue surged due to heightened trading activity driven by market conditions and user engagement [1][45]. Financial Analysis - The financial outlook for Coinbase shows a projected revenue of $6.41 billion for 2024, reflecting a year-over-year growth of 106.28% [7]. - The adjusted EBITDA for Q1 2024 was reported at $1.01 billion, marking a significant recovery from previous losses [1][7]. Market Dynamics - The approval of Bitcoin ETFs is seen as a pivotal milestone that enhances liquidity, broadens the user base, and increases market recognition for cryptocurrency exchanges [1][63]. - The competitive landscape is dominated by a few major exchanges, with Binance leading in global influence and trading volume [1][64]. Management Team - Coinbase's management team is noted for its extensive experience and industry insight, which has been crucial for navigating the competitive cryptocurrency market [28][41]. Future Outlook - The report anticipates continued growth for Coinbase as it aims to become a decentralized super application, offering a wide range of services including social, communication, and DeFi interfaces [27][34].

Economic Data - April JOLTS job openings unexpectedly dropped to 8.059 million, significantly below the expected 8.35 million, indicating a gradual slowdown in the U.S. labor market[5] - May non-farm payrolls increased by 272,000, surpassing the analyst expectation of 180,000, while the unemployment rate rose to 4%[6] - Year-on-year average hourly earnings growth was 4.1%, exceeding both the previous value and expectations of 3.9%[6] Labor Market Insights - Discrepancies between employer surveys and household surveys suggest that actual employment conditions may not be as robust as reported[6] - Approximately 200,000 jobs in the employment data are estimated rather than statistically counted, leading to concerns that actual job growth may be significantly lower than reported[6] Monetary Policy and Economic Outlook - Canada and the European Central Bank both cut interest rates by 25 basis points, with the U.S. expected to maintain its rates due to stronger economic performance[7] - U.S. consumer spending is currently driven by wealth and income rather than credit, indicating a shift in consumer behavior post-pandemic[7] Investment Strategies - High interest rates are impacting housing and manufacturing employment, but new government spending in infrastructure and technology sectors is expected to sustain economic growth[9] - Concerns about potential recession factors include declining corporate profit margins, increased reliance on credit by low-income consumers, and rising overdue payments[10] Company-Specific Insights - Dell's AI server business is showing significant growth, with projected revenue increases of 10.5% in FY2025 and 6.6% in FY2026, leading to an upward revision of target prices[16] - HP Enterprise reported strong performance in AI server business, exceeding Wall Street expectations for revenue growth and earnings per share[17]

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Insights - Tesla has begun rolling out the Full Self-Driving (FSD) version 12.4.1 to select customers, which eliminates the need for steering wheel supervision and relies more on cabin camera systems to monitor driver attention [2]. - The Texas Gigafactory has achieved a significant milestone by producing its 50 millionth 4680 battery cell, with an average production rate of approximately 126,000 cells per day [2]. - Tesla's domestic insurance volume for the week of May 27 to June 2, 2024, was approximately 15,200 vehicles, representing a quarter-over-quarter increase of about 21% and a year-over-year increase of about 5% [4]. Summary by Sections Full Self-Driving (FSD) Updates - Tesla's FSD version 12.4.1 has been launched, featuring significant changes that may warrant a renaming to version 13, with future versions potentially being labeled as v14 and v15 [2]. Production Milestones - The Texas Gigafactory has produced 50 million 4680 battery cells, achieving production milestones of 10 million in June 2023 and 20 million in October 2023, with current production sufficient to support nearly 2,800 Cybertrucks per month [2]. Insurance Volume Data - In the week of May 27 to June 2, 2024, Tesla's domestic insurance volume was approximately 15,200 vehicles, with Model Y accounting for about 10,200 vehicles and Model 3 for about 5,000 vehicles [4].

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 ...