Investment Rating - The report assigns a positive investment rating to the company, highlighting its potential to benefit from the AI-driven hardware boom and the increasing demand for customized chips [5][18]. Core Insights - The company, Aojie Technology, is positioned to capitalize on the new wave of hardware prosperity driven by AI applications, particularly in the semiconductor industry [3][5]. - The company has established a comprehensive product matrix covering cellular communication chips from 2G to 5G, non-cellular communication chips, and high-performance SoC chips, which are expected to penetrate various industries as AI applications proliferate [7][12]. Company Overview - Aojie Technology specializes in wireless communication chips, mobile SoC chips, and customized ASIC chip services, with a market capitalization of 35.17 billion RMB and a stock price of 84.08 RMB [4]. - The company has a strong focus on R&D and technological innovation in wireless communication chips, with products widely used in consumer electronics and IoT markets [4][12]. Product Development - The company has completed the full layout of cellular baseband chips, smartphone SoC chips, and non-cellular communication chips, positioning itself to benefit from the upcoming boom in AI applications [5][7]. - The company’s Cat.1 series products have achieved a global market share of 1 in the Cat.1 category in 2023, showcasing its competitive edge in the market [13]. Financial Performance - The company’s revenue is projected to grow from 2,140 million RMB in 2022 to 6,031 million RMB by 2026, reflecting a compound annual growth rate (CAGR) of approximately 35% [23]. - Despite reporting a net loss in recent years, the company is expected to turn profitable by 2026, with a projected net profit of 109 million RMB [23]. Market Trends - The demand for customized chips is expected to surge as AI applications become more prevalent, with major tech companies increasingly adopting ASIC chips to meet their AI computing needs [20][21]. - The report notes that the data center custom chip market is anticipated to grow from 6.6 billion USD in 2023 to 42.9 billion USD by 2028, indicating a significant opportunity for the company [21].

Investment Rating - The report assigns a positive outlook on Block, Inc. with expectations of growth acceleration despite existing challenges [2][10]. Core Insights - Block, Inc. reported a total gross profit of $2.31 billion for Q4 2024, reflecting a year-over-year increase of 14%, with adjusted EBITDA rising by 35% to $757 million, driven by cost control and operational leverage [4]. - The company aims for a 15% gross profit growth for the full year, with confidence in new product launches and marketing investments in the second half of 2025 [4]. - Square's gross payment volume (GPV) grew by 10% year-over-year to $59 billion, with international business showing a robust 24% growth [5]. - Cash App's monthly active users (MAU) remained stable at 57 million, with a notable increase in high-value users and a 10% year-over-year rise in average revenue per user (ARPU) to $76 [5]. Summary by Sections Financial Performance - For Q4 2024, Block's total gross profit reached $2.31 billion, up 14% year-over-year, while adjusted EBITDA was $757 million, marking a 35% increase [4]. - The company projects a gross profit growth of 15% for 2025, with management expressing confidence in achieving this target [4]. Business Segments - Square's gross profit increased by 12% to $924 million, while Cash App's gross profit rose by 16% to $1.38 billion [4]. - Square's GPV for Q4 2024 was $59 billion, with international operations growing at 24% [5]. Growth Catalysts - Block has initiated its Bitcoin mining business, with plans for mass production of its mining machines by the end of 2025, targeting a 5% market share in North America [6]. - The company plans to enhance the integration between merchants and Cash App, offering cashback incentives and targeted promotions [7]. - The adjusted operating profit target for 2025 is set at $2.1 billion, reflecting a 31% year-over-year increase, supported by AI-driven risk control systems [8].

Investment Rating - The report does not explicitly state an investment rating for the company [2]. Core Viewpoints - The company, Aojie Technology, is positioned to benefit from the new wave of hardware prosperity driven by AI applications, particularly in the chip business [5][19]. - The company has established a comprehensive product matrix covering cellular communication chips (2G to 5G), non-cellular communication chips, and high-performance SoC chips, which are expected to penetrate various industries alongside the growth of AI applications [7][12]. Company Overview - Aojie Technology operates in the semiconductor industry, focusing on wireless communication chips, mobile SoC chips, and customized ASIC chip services [4]. - The company has a market capitalization of 35.17 billion RMB and a stock price of 84.08 RMB, with a 52-week high of 86.8 RMB and a low of 28.7 RMB [4]. Product and Technology Development - The company has completed the layout of cellular baseband chips, smartphone SoC chips, and non-cellular communication chips, positioning itself to benefit from the AI-driven demand for customized chips [5][12]. - The company’s cellular baseband technology is its core competency, covering all mainstream standards from 2G to 5G, and it has achieved a global market share of 1st place in the Cat.1 category in 2023 [13]. Financial Performance and Projections - The company reported revenues of 2,140 million RMB in 2022, with projections of 2,600 million RMB for 2023, 3,450 million RMB for 2024, and 4,469 million RMB for 2025, reflecting a compound annual growth rate [23]. - The net profit is projected to improve from a loss of 619 million RMB in 2023 to a profit of 109 million RMB by 2026 [23]. Shareholder Structure - The largest shareholder is Alibaba, holding 15.43% of the company, while the founder and chairman, Dai Baojia, controls a total of 21.93% of the shares through various platforms [8][11].

Investment Rating - The report does not provide a specific investment rating for Lenovo Group (992) [3]. Core Insights - Lenovo Group's three main business segments continue to show growth momentum, leading to improved profitability [3]. - Overall revenue reached 18.8 billion USD, with year-on-year and quarter-on-quarter growth of 20% and 5% respectively, while net profit was 6.9 billion USD, reflecting a significant year-on-year increase of 106% [5][6]. Summary by Relevant Sections Intelligent Devices Group (IDG) - IDG revenue was 13.8 billion USD, with year-on-year and quarter-on-quarter growth of 12% and 2% respectively, maintaining an operating profit margin of 7.3% [6]. - PC revenue grew by 10% year-on-year, driven by demand for Windows 11 upgrades and increased AIPC penetration, achieving a global market share of 24.3% [6]. - Smartphone revenue increased by 21%, with Motorola's market share rising for six consecutive quarters, reaching its highest level in five years [6]. Infrastructure Solutions Group (ISG) - ISG revenue surged to 3.9 billion USD, with year-on-year and quarter-on-quarter growth of 59% and 19% respectively, marking a profitability turning point [9]. - Cloud infrastructure revenue grew by 94%, driven by increased spending from major Chinese internet companies [9]. - The company aims to leverage its experience with large CSP clients to expand into the SME market, enhancing sustainable profit growth [9]. Solutions and Services Group (SSG) - SSG revenue reached a record high of 2.3 billion USD, with year-on-year and quarter-on-quarter growth of 12% and 4% respectively, maintaining a 20% operating profit margin [14]. - The main revenue drivers were operations services and project solutions, with respective year-on-year growth of 23% and 20% [14]. - The company is expanding its AI solutions and services, targeting significant market share in the growing AI service sector [14]. Financial Performance - The report outlines quarterly performance, with total revenue for FY24/25 Q3 at 18.8 billion USD, reflecting a 20% year-on-year increase [18]. - The gross profit for the same quarter was 2.96 billion USD, with a year-on-year growth of 14% [18]. - Shareholder net profit for FY24/25 Q3 was 693 million USD, showing a remarkable year-on-year increase of 106% [18].

Investment Rating - The report does not provide a specific investment rating for Lenovo Group (992) [3]. Core Insights - Lenovo Group's three main business segments continue to show growth momentum, leading to improved profitability [3]. - Overall revenue reached 18.8 billion USD, with year-on-year and quarter-on-quarter growth of 20% and 5% respectively, while net profit was 6.9 billion USD, reflecting a significant year-on-year increase of 106% [5][6]. Summary by Business Segment Intelligent Devices Group (IDG) - Revenue for IDG was 13.8 billion USD, with year-on-year and quarter-on-quarter growth of 12% and 2% respectively, maintaining an operating profit margin of 7.3% [6]. - The PC business saw a 10% year-on-year revenue increase, driven by demand for Windows 11 upgrades and increased AIPC penetration, achieving a global market share of 24.3% [6]. - Smartphone revenue grew by 21%, with Motorola's market share increasing for six consecutive quarters, reaching its highest level in five years [6]. Infrastructure Solutions Group (ISG) - ISG revenue was 3.9 billion USD, showing substantial year-on-year growth of 59% and quarter-on-quarter growth of 19%, marking the first break-even point in seven quarters [9]. - Cloud infrastructure revenue surged by 94%, driven by increased spending from major cloud service providers [9]. - The company aims to leverage its experience with large CSP clients to expand into the SME market, enhancing profitability [9]. Solutions and Services Group (SSG) - SSG revenue reached a record high of 2.3 billion USD, with year-on-year and quarter-on-quarter growth of 12% and 4% respectively, maintaining an operating profit margin of 20% [14]. - The main revenue drivers were operations services and project solutions, with respective year-on-year growth of 23% and 20% [14]. - The demand for hybrid AI solutions is growing faster than the IT services market, with the company expanding its customer base through benchmark projects [14].

公司评论 第一上海研究部 research@firstshanghai.com.hk 2025 年 2 月 19 日星期三 【公司评论】 李京霖 852-25321957 Jinglin.li@firstshanghai.com.hk 行业 机器人 Meta 布局机器人领域与人形机器人计划 Meta:今年财报披露 600 亿美金整体性布局，其中包含机器人领域基金，虽公开信息不 多，但有评论认为其定位是做机身领域安卓系统，在软件系统和生态场景布局值得关 注。Meta 正在其 Reality Labs 硬件部门内成立新团队，专注于 AI 人形机器人研发，计 划在今年招聘约 100 名工程师。Meta 人形机器人初期将聚焦于能够执行家庭日常任务 的智能机器人。在先后进军增强现实（AR）和人工智能（AI）领域后，Meta 更大的野 心是为机器人制造底层人工智能、传感器和软件，以供其他公司制造和销售。Meta 已 开始与包括 Figure AI 在内的机器人公司讨论其计划。 谷歌参投人形机器人企业 Apptronik 及合作动态 谷歌参投人形机器人企业 Apptronik 25 亿元 A 轮融资；在卖掉波士顿动力后，G ...

Investment Rating - The report does not explicitly provide an investment rating for the robotics industry Core Insights - Meta is investing $60 billion in a comprehensive layout, including a focus on robotics, with plans to hire around 100 engineers for AI humanoid robot development [3] - Google has re-entered the humanoid robotics field by investing 2.5 billion in Apptronik and collaborating to integrate Gemini 2.0 into their Apollo robot [4] - Figure, a humanoid robotics company, has made significant breakthroughs in self-developed AI robots and has signed contracts for 100,000 units, with a current valuation of $39.5 billion [5] - Ant Group is recruiting for positions related to embodied intelligent humanoid robots, indicating a strategic move into this sector [6] - Unibot is conducting research on large models and training, focusing on real-world interactions [6] - Yushu Technology showcased its G1 humanoid robot's advanced dance capabilities, highlighting its technical advantages [8] - Huichuan Technology is establishing a humanoid robotics team and plans to launch standardized components in 2024, aiming to set industry benchmarks [9] Summary by Sections Meta's Robotics Strategy - Meta is forming a new team within Reality Labs to focus on AI humanoid robots, targeting household tasks and developing foundational AI and software for other companies [3] Google's Investment and Collaboration - Google has invested in Apptronik and is collaborating to enhance their Apollo robot with advanced AI capabilities, positioning itself as a competitor in the robotics and AI sectors [4] Figure's Developments - Figure has terminated its partnership with OpenAI and achieved major advancements in self-developed AI robots, with plans to showcase unprecedented capabilities soon [5] Ant Group's Recruitment - Ant Group is actively recruiting for roles related to humanoid robotics, indicating a commitment to developing this technology [6] Unibot's Research Initiatives - Unibot is exploring the integration of large models with real-world applications, focusing on advanced learning techniques [6] Yushu Technology's Showcase - Yushu Technology's G1 humanoid robot demonstrated impressive dance skills, showcasing its technical precision and capabilities [8] Huichuan Technology's Strategic Positioning - Huichuan Technology is building a humanoid robotics team and plans to introduce standardized components, aiming to lead in the robotics industry [9]

Investment Rating - The report does not explicitly state an investment rating for Tesla (TSLA) [2]. Core Insights - Tesla has launched Full Self-Driving (FSD) in Mexico, marking its first expansion outside the US and Canada, which may be due to fewer regulatory hurdles compared to Europe and China [3]. - The approval for FSD in China is currently hindered by trade tensions between the US and China, with no clear timeline for regulatory approval [4]. - Tesla plans to release new versions of the Model Y, including a high-performance variant and a seven-seat version, expected to launch around September or October 2025 [5]. - The US government is anticipated to award Tesla a $400 million contract for armored vehicles, with the contract expected to last five years [6]. - Production of the Powerwall home battery system has increased by 50%, reaching a daily production capacity of 1,500 units [7]. Financial Data - Tesla's stock price is $355.84, with a market capitalization of $1.14 trillion and a total share count of 3.217 billion [8]. - The 52-week high and low for Tesla's stock are $488.54 and $138.80, respectively, with a book value per share of $22.66 [8]. Delivery Data - In January 2025, Tesla's wholesale deliveries in China were 63,238 units, reflecting a month-over-month decline of approximately 33% and a year-over-year decline of about 11% [10]. - For the second week of February 2025, Tesla's domestic insurance registrations were approximately 6,220 units, showing a quarter-over-quarter decline of about 64% but a year-over-year increase of about 9% [11].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 36.00, representing a potential upside of 15.6% from the current price of HKD 31.15 [4]. Core Insights - The company is expected to improve operational efficiency driven by new production capacity, leading to both volume and price increases. The overall wafer average selling price (ASP) is projected to rise by 8% year-on-year in 2025, despite anticipated price competition in mature processes [6][4]. - The company plans to optimize its order structure to address differentiated demand, focusing on securing foundry needs from overseas manufacturers and expanding into AI-related products [6]. - Financial forecasts indicate a recovery in revenue and net profit, with projected revenues of USD 2.45 billion in 2025 and USD 3.44 billion in 2027, alongside net profits of USD 113.72 million and USD 382.16 million for the same years, respectively [6][14]. Financial Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of USD 2.29 billion, with a gross margin of 21.3% and a net profit of USD 280.03 million. The revenue is expected to decline by 7.7% in 2024 but rebound by 22.5% in 2025 [3][14]. - The company’s gross margin is projected to improve from 10.2% in 2024 to 20.5% by 2027, reflecting enhanced operational efficiency and cost management [3][14]. - The company’s market capitalization stands at HKD 53.54 billion, with a price-to-earnings ratio estimated at 21.1 for 2023, increasing to 117.5 in 2024 before stabilizing [4][3]. Operational Performance - The company’s production capacity utilization remains high, with a 12-inch capacity utilization rate of 100.9% and an 8-inch capacity utilization rate of 105.8% as of Q4 2024 [6]. - The company is accelerating the ramp-up of its new 12-inch production capacity in Wuxi, expected to reach a monthly capacity of 40,000 wafers by mid-2025 and 83,000 wafers by mid-2026 [6]. Shareholder Information - Major shareholders include Huahong Group (20.25%), Huaxin Investment (13.22%), and Shanghai United Investment (11.01%) [4].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 486.4, indicating a potential upside of 32.3% from the current price of HKD 365.6 [4][6]. Core Insights - The launch of the "Tian Shen Zhi Yan" advanced driving system aims to democratize intelligent driving technology, making it accessible to a broader consumer base [2]. - The company is projected to achieve record sales of 4.25 million new energy passenger vehicles in 2024, representing a year-on-year increase of 41% [3]. - The company’s market share in the new energy vehicle sector is expected to stabilize at 35% in 2025, despite increased competition from hybrid models [3][4]. Financial Summary - Revenue is forecasted to grow from RMB 602.3 billion in 2023 to RMB 1,018.3 billion in 2025, reflecting a compound annual growth rate (CAGR) of 34.2% [5][7]. - Net profit is expected to increase from RMB 30.0 billion in 2023 to RMB 53.7 billion in 2025, with a net profit margin projected to remain around 5.3% [5][7]. - Earnings per share (EPS) is anticipated to rise from HKD 10.3 in 2023 to HKD 18.4 in 2025, indicating a strong growth trajectory [5][7].