Investment Rating - The report does not explicitly mention an investment rating for Pinduoduo (PDD US) [7] Core Views - Pinduoduo is expected to report strong Q1 2024 results with total revenue of RMB 76 4 billion, up 103% YoY [7] - Online marketing revenue is projected at RMB 37 5 billion, up 38% YoY, while transaction service revenue is expected to reach RMB 39 0 billion, up 275% YoY [7] - Operating expenses are forecasted at RMB 30 5 billion, up 56% YoY, with a cost ratio of 40% [7] - Operating profit is anticipated to be RMB 12 8 billion, up 85% YoY, with a profit margin of 16 7% [7] - Non GAAP operating profit is estimated at RMB 14 9 billion, up 76% YoY, with a profit margin of 19 5% [7] - Diluted EPS is projected at RMB 2 25, with ADS earnings of RMB 8 75 [7] Business Segments - Pinduoduo s main platform is expected to maintain a leading growth rate compared to peers, partly due to a low base in Q1 2023 [7] - Duoduo Maicai achieved profitability in Q1, driven by both average order value and profit margins [7] - Temu s global GMV continued to grow sequentially in Q1, with semi hosted services launched in mid March showing progress [7] - Overseas business costs are primarily driven by logistics and marketing expenses, with fulfillment costs increasing sequentially in Q1 [7] - Marketing expenses are expected to be controlled, as the company paused US market spending after the Super Bowl in February [7]

4 好未来（TAL） 更新报告 买入 2024年5月22日 FY24Q4 业绩超预期，新业务保持高速增长。 但玉翠  24 财年 4 季度业绩概览：公司 24 财年 4 季度（23 年 12 月-24 年 2 +852-25321539 月）收入为 4.3 亿美元，同比增长 59.7%（美元计，下同），GAAP Tracy.dan@firstshanghai.com.hk 归母净利润为 0.28 亿美元，去年同期为-0.39 亿美元；Non-GAAP 归 母净利润 0.48 亿美元，去年同期为-0.13 亿美元，同比扭亏。季度 主要数据 末公司现金+短期投资为 34.7 亿美元，无银行负债。此外，公司递 延收入为4.3亿，同比增长80%。 行业 教育  线下网点持续扩张，新业务高速增长：我们估算 24 财年 Q4 公司业 股价 12.6美元 务结构:（1）教育培训业务占比约 2/3，其中素质教育培训业务占比 目标价 16.0美元 超 40%，同比增长超 50%，高中教培业务占比约 20%，实现稳定增 长。海外教培及其他业务总体占比较小。预估其线下教学点增加至 （+29.7%） 300-350 间。（2）内 ...

Investment Rating - The report does not explicitly state an investment rating for the company [2] Core Insights - Tesla achieved a significant milestone by producing its three millionth vehicle at the Fremont factory, which indicates a production rate of approximately 45,000 vehicles per month or 540,000 vehicles annually, slightly below the previously reported annual production target of 650,000 vehicles for Q1 2024 [12][12] - The company plans to establish a local autonomous driving data center in China to comply with government data management requirements, ensuring the safety of data access while training its full self-driving algorithms [15] - Tesla's FSD (Full Self-Driving) subscription rate was reported at only 2%, but Elon Musk claimed the actual rate is much higher, with upcoming software updates expected to significantly improve performance [14] Summary by Sections Company Milestones - Tesla's Fremont factory produced its three millionth vehicle on May 18, marking a production milestone that reflects a strong output capability [12] - The production rate is slightly below the target set in the Q1 2024 report, indicating a need for potential adjustments in production strategy [12] Financial Metrics - Tesla's current stock price is $177.46, with a market capitalization of $565.95 billion and a total share count of 3.189 billion shares [13] - The 52-week high and low for the stock are $299.29 and $138.80, respectively, with a book value per share of $20.19 [13] Product Developments - Tesla's Berlin factory has begun producing Model Y vehicles with hardware version 4.0, phasing out the previous version [16] - The price of the Model 3 Performance in the U.S. was increased by $1,000 to $54,990, which is just below the threshold for electric vehicle tax credits [17] Market Activity - In the second week of May 2024, Tesla's domestic insurance registrations reached approximately 9,800 vehicles, showing a quarter-over-quarter increase of about 72% but a year-over-year decrease of about 2% [18]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $33.37 or HKD 130.67, indicating a potential upside of 64.31% in USD and 60.72% in HKD from the current price [1][3]. Core Insights - The company's Q1 performance was below expectations, with revenue of RMB 25.63 billion, a year-on-year increase of 36.4% but a quarter-on-quarter decline of 38.6%. The vehicle delivery volume was 80,400 units, up 52.9% year-on-year but down 39% quarter-on-quarter [1]. - The gross margin for Q1 was 20.6%, a slight year-on-year increase of 0.2 percentage points but a quarter-on-quarter decrease of 2.9 percentage points, primarily due to a decline in vehicle gross margin [1]. - The company launched the L6 model, which is expected to stabilize sales, with over 41,000 orders received by May 5. The sales guidance for Q2 is between 105,000 and 110,000 units, representing a year-on-year growth of 21.3% to 27.1% and a quarter-on-quarter increase of 30.6% to 36.8% [1]. - The release of the pure electric SUV has been postponed to the first half of 2025, while the company plans to accelerate the construction of fast-charging stations, aiming to build over 2,000 supercharging stations and more than 10,000 charging piles by the end of 2024 [1]. Financial Summary - The company is projected to achieve sales of 504,000 units, 705,000 units, and 856,000 units from 2024 to 2026, with revenues of RMB 148.3 billion, RMB 202.8 billion, and RMB 244.3 billion respectively. The net profit attributable to shareholders is expected to be RMB 8.72 billion, RMB 13.7 billion, and RMB 18.8 billion for the same period [1][6]. - The gross margin is forecasted to be 20% for both 2024 and 2025, with net profit margins of 6% and 7% respectively [7]. - The company's total assets are projected to grow from RMB 143.5 billion in 2023 to RMB 208.4 billion by 2026, while total liabilities are expected to increase from RMB 82.9 billion to RMB 100.3 billion in the same period [6][7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 50.97, representing a potential upside of 30.86% from the current stock price of HKD 38.95 [1][2]. Core Insights - The company's Q1 2024 performance met expectations, with net revenue increasing by 49.6% year-on-year to HKD 10.55 billion, recovering to 80.9% of the 2019 level [1]. - The VIP gaming table turnover rose by 78.5% year-on-year, while mass gaming revenue increased by 57.0% year-on-year, although it saw a slight decline of 1.3% quarter-on-quarter due to lower win rates [1]. - The adjusted EBITDA grew by 48.7% year-on-year to HKD 2.84 billion, with an EBITDA margin of 26.9% [1]. - The company holds a strong balance sheet with net cash of HKD 25 billion, the strongest in the industry [1]. Financial Performance Summary - Total net revenue for 2023 was HKD 35.68 billion, with a projected increase to HKD 44.31 billion in 2024, reflecting a year-on-year growth of 24.2% [3][4]. - The EBITDA for 2023 was HKD 9.96 billion, expected to rise to HKD 12.79 billion in 2024, indicating a growth rate of 28.4% [3][4]. - Net profit for 2023 was HKD 6.83 billion, with projections of HKD 10.20 billion for 2024, showing a significant increase of 49.4% [3][4]. - The company’s earnings per share (EPS) is projected to grow from HKD 1.6 in 2023 to HKD 2.3 in 2024 [3][4]. Market Position and Future Developments - The company’s market share has shown signs of recovery in April and May, benefiting from an increase in sales personnel and the introduction of smart gaming tables [1]. - The company plans to launch a new hotel brand, Capella, in mid-2025 and is progressing with the construction of the fourth phase of its Macau project, expected to be completed by 2027 [1]. - The company is focusing on enhancing its dining and retail offerings and has a strong interest in expanding into Thailand [1].

Investment Rating - The report does not provide a specific investment rating for the company, but it indicates that the company is currently rated as "not rated" [2][8]. Core Insights - The company achieved a revenue of 7.38 billion yuan in FY2023, a decrease of 5.3% year-on-year, and a net profit attributable to shareholders of 174 million yuan, down 19.5% year-on-year. Excluding one-time expenses, the core net profit is estimated to be 255 million yuan [3][6]. - The domestic business is under short-term pressure, while overseas business shows strong growth, with overseas sales increasing by 44.7% year-on-year [5][6]. - The gross margin for FY2023 was 38.6%, a decrease of 4.9 percentage points year-on-year, primarily due to increased discounts during the clearance of old products and high raw material costs [6]. Summary by Relevant Sections Financial Performance - The company reported a revenue of 73.8 billion yuan for FY2023, with a net profit of 1.74 billion yuan. The proposed final dividend is 0.05 HKD per share, with a payout ratio of 46.2% [3][4]. - The earnings forecast shows a projected revenue increase to 79.47 billion yuan in FY2024, with a net profit expected to rise to 312.5 million yuan, reflecting a year-on-year growth of 79.2% [9]. Business Segments - The revenue breakdown for FY2023 includes: milk powder (2.56 billion yuan, -12.4%), goat milk powder (3.28 billion yuan, -8.6%), private label and others (1.25 billion yuan, +9.1%), and nutritional products (290 million yuan, +113.9%) [5]. - The company has strengthened its market position in the high-end goat milk powder segment and is expected to benefit from the FDA registration in the U.S. market [5][7]. Market Outlook - The report anticipates a potential short-term increase in birth rates due to a rise in marriage registrations and the upcoming Year of the Dragon, which may positively impact the demand for infant formula [7]. - The management transition in September 2023 is expected to enhance operational synergy and execution rates within the company [7].

Investment Rating - The report assigns a positive investment rating to the company, highlighting significant growth and market leadership in the automotive parts sector [9]. Core Insights - The company achieved a revenue of 360 million RMB in Q1 2024, representing a year-on-year increase of 149.1%, with ADAS product revenue reaching 310 million RMB, up 327% [1]. - The gross margin improved to 12.3%, an increase of 16.4 percentage points year-on-year, while the gross margin for ADAS products reached 10.6%, a substantial improvement of 69.1% [1]. - The adjusted net loss narrowed to approximately 80 million RMB, a year-on-year reduction of 11.5% [1]. - The total sales volume of LiDAR products reached approximately 120,400 units, a year-on-year increase of 457.4%, with ADAS-related LiDAR sales at about 116,200 units, up 542.0% [1]. - The company captured a market share of 51.6% in the LiDAR segment, solidifying its position as the market leader [1]. Financial Performance - The company's market capitalization stands at 30.664 billion HKD, with 451 million shares issued [10]. - The company has secured production orders from 22 automotive manufacturers and Tier 1 suppliers for 71 vehicle models, with 12 customers achieving large-scale production delivery for 25 models by the end of Q1 [2][10]. - The launch of the new generation mid-to-long-range LiDAR MX aims to reduce costs significantly while maintaining product lifecycle efficiency, with the price point for vehicles equipped with this technology expected to be below 200,000 RMB [2]. Product Development and Market Strategy - The company is actively enhancing its product lineup with the introduction of the M3 long-range LiDAR, which features a platform-based and modular design, allowing for performance upgrades and cost reductions over time [10]. - The company is expanding its presence in overseas markets, establishing branches in North America and Europe to accelerate the deployment of intelligent driving technologies [15].

Investment Rating - The report maintains a "Buy" rating for GCL-Poly Energy Holdings Limited (03800) with a target price of HKD 2.00 [2]. Core Views - GCL-Poly is expected to leverage its cost advantage in granular silicon to emerge from the industry bottom. Despite a decline in revenue and net profit in 2023, the company is positioned for recovery as it optimizes costs and improves production efficiency [2]. - The company plans to repurchase or distribute dividends of no less than RMB 2.6 billion over the next three years, indicating confidence in future cash flows [2]. Financial Performance Summary - In 2023, GCL-Poly reported total revenue of RMB 33.7 billion, a decrease of 6.2% year-on-year, with a gross margin decline of 14 percentage points to 34.7%. Net profit attributable to shareholders fell by 84.7% to RMB 2.51 billion [2][5]. - For Q1 2024, the company faced continued pressure with a net profit of RMB 0.33 billion, significantly down year-on-year, primarily due to the sharp decline in silicon material and wafer prices [2]. - The company achieved a significant increase in granular silicon production capacity, reaching 340,000 tons by the end of 2023, a 20,000-ton increase from the beginning of the year, with shipments of 226,000 tons, up 141% year-on-year [2]. Production and Cost Efficiency - GCL-Poly's average manufacturing cost for granular silicon decreased by 27% by the end of 2023, positioning it at the forefront of the industry. The average production cost in Baotou Xin Yuan was as low as RMB 35.9 per kilogram [2]. - The company expects to maintain high operating rates across its four major production bases post-Q2 2024, with cash costs projected to fall below RMB 34 per kilogram by year-end [2]. Profit Forecast - The report adjusts profit forecasts for 2024-2026, estimating net profits of RMB 2.3 billion, RMB 3.8 billion, and RMB 4.7 billion respectively, reflecting the low price stabilization of silicon materials and the cost advantages of granular silicon [2][5].

Investment Rating - The report upgrades the target price to HKD 30 and assigns a "Buy" rating for the company [2]. Core Views - The company is expected to benefit from the recovery of domestic and overseas demand, with a steady improvement in annual performance, including a revenue increase of 6.2% year-on-year to HKD 13.07 billion and a net profit growth of 10% to HKD 2.49 billion [1][2]. - The sales trend for the company's main products, particularly the Mars and Jupiter models, is showing positive momentum, with significant year-on-year growth in sales revenue and volume [1][2]. - The company has established a presence in high-growth markets such as India, Mexico, and Turkey, which is expected to enhance its market share [1]. Summary by Sections Financial Performance - The company reported a total revenue of HKD 13.07 billion for the year, with a gross margin of 32.1%, slightly up from the previous year [1]. - The net cash position stands at HKD 6.7 billion, indicating a strong liquidity position [1]. - The company plans to maintain a dividend of HKD 0.66 per share, a 20% increase year-on-year [1]. Sales and Product Development - The company has successfully promoted its fifth-generation machines, leading to a rebound in orders and sales, with total sales revenue for the Mars model reaching HKD 7.98 billion, a 9.5% increase year-on-year [1]. - The Jupiter model also saw a year-on-year sales revenue increase of 14.5% [1]. - Despite a decline in demand for the Chang Fei Ya electric model, there are signs of recovery in the second half of 2023 [1]. Market Outlook - The company achieved overseas sales of HKD 5.15 billion, a 17.3% increase, with Europe showing significant growth [1]. - Domestic demand remains stable, supported by government policies aimed at boosting consumption and equipment upgrades [1]. - The report anticipates a continued positive cycle of sales growth and equipment investment in the domestic market [1].

Investment Rating - The report assigns a "Buy" rating with a target price of $115.00 USD / 113.00 HKD, indicating a potential upside of approximately 33% / 34% from the current stock price of $86.28 USD / 84.40 HKD [1][3]. Core Insights - The company is expected to see revenue growth from 2025 to 2027, with projected revenues of 1,023.89 billion CNY, 1,100.12 billion CNY, and 1,195.08 billion CNY respectively. Operating profit is forecasted to be 120.47 billion CNY, 145.77 billion CNY, and 169.02 billion CNY for the same period. The diluted earnings per share are anticipated to be 5.1 USD, 6.2 USD, and 7.3 USD respectively [1][17]. - The e-commerce segment has shown signs of recovery, with a notable increase in GMV, suggesting a potential turning point after years of intense competition. The second half of the year is expected to be particularly important for performance [14]. - The company plans to enhance shareholder returns and is set to complete its dual primary listing in Hong Kong by August 2024, which may lead to inclusion in the Hong Kong Stock Connect program [14]. Financial Performance Summary - For the fiscal quarter ending March 31, 2024, the company reported revenue of 221.87 billion CNY, a year-on-year increase of 7%. Operating profit was 14.77 billion CNY, a decrease of 3% year-on-year. Adjusted EBITA fell by 5% to 23.97 billion CNY, primarily due to increased investments in e-commerce and the withdrawal of IPO-related equity incentives for Cainiao [14][15]. - The company has repurchased $12.5 billion worth of shares, reducing the number of outstanding shares by 5.1% [14]. - The Taobao and Tmall Group reported a revenue increase of 4% to 93.22 billion CNY, with customer management revenue growing by 5% to 63.57 billion CNY. The EBITA margin for this segment was 41% [15]. - The Cloud Intelligence Group's revenue grew by 3% to 25.60 billion CNY, with a significant increase in AI-related revenue, which saw triple-digit growth year-on-year [15]. Segment Performance - The e-commerce segment is expected to continue its growth trajectory, with overseas e-commerce revenue increasing by 45% to 27.45 billion CNY. Retail orders overall grew by 20% [15]. - The logistics segment, Cainiao, reported a revenue increase of 30% to 24.56 billion CNY, driven by cross-border logistics services [15]. - The Cloud Intelligence Group is projected to see an increasing share of revenue, with expectations for improved profit margins as project-based contracts decrease [15].