Economic Indicators - In April, China's retail sales totaled 35,699 billion yuan, growing by 2.3% year-on-year, below the expected 3.7%[2] - The urban unemployment rate in April was 5.0%, lower than the expected 5.2%, and down from 5.2% a year ago[3] - Fixed asset investment from January to April reached 143,401 billion yuan, with a year-on-year growth of 4.2%, below the expected 4.6%[4] Real Estate Sector - Real estate development investment from January to April was 30,928 billion yuan, a year-on-year decline of 9.8%[5] - New housing sales area decreased by 20.2% year-on-year, with sales amounting to 28,067 billion yuan, down 28.3%[5] - The government introduced measures to stimulate the real estate market, including a 300 billion yuan re-loan for affordable housing and lowering down payment ratios[6] Investment Trends - Social financing increased by 12.73 trillion yuan in the first four months, 3.04 trillion yuan less than the previous year[5] - Manufacturing investment grew by 9.7% year-on-year, while infrastructure investment saw a 6.0% increase, down 2.5 percentage points from last year[4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 519 (USD 67) [5][3][1] Core Insights - The company reported a 29% year-on-year revenue growth in Q1, slightly exceeding market expectations, with adjusted net profit reaching RMB 4.1 billion, surpassing market expectations by 45% [2][1] - The adjusted profit margin improved by 12 percentage points to 34% year-on-year, benefiting from strong revenue growth and operational efficiency [2][1] - Domestic hotel and flight bookings grew over 20% year-on-year, while outbound bookings more than doubled [2][1] - The international OTA business saw approximately 80% year-on-year revenue growth, contributing about 10% to total revenue [2][1] Financial Performance - Q1 revenue was RMB 11.9 billion, with a year-on-year increase of 29% and a quarter-on-quarter increase of 15% [2][3] - Adjusted net profit for 2024 is projected to be RMB 14.8 billion, up 13% from previous estimates, with a profit margin of 28.1% [3][2] - The company expects 2024 revenue to remain unchanged at RMB 52.7 billion, reflecting an 18% year-on-year growth [3][2] Market Trends - The company is focusing on refined user engagement strategies, including tailored packages for younger users and senior citizens [2][1] - Outbound travel is expected to recover faster than the industry average, with predictions indicating a recovery to 80% of 2019 levels by the end of 2024 [2][1] - The international business's revenue potential is anticipated to grow through cross-selling opportunities and the release of inbound travel potential [2][1]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 110, indicating a potential upside of 36% from the current price of HKD 80.7 [1][2][3] Core Insights - The company's Q1 2024 performance was below expectations, with revenue of HKD 25.63 billion, a year-on-year increase of 36.4% but a quarter-on-quarter decline of 38.6%. The net profit attributable to shareholders was HKD 590 million, down 36.3% year-on-year and down 89.5% quarter-on-quarter [1][2] - The delay in the launch of new pure electric products and a decrease in the price of the L series have led to a downward revision of future profit forecasts, with expected net profits for 2024-2026 at HKD 9.2 billion, HKD 14.8 billion, and HKD 21.1 billion respectively [1][2] - The company aims to deliver between 105,000 and 110,000 vehicles in Q2 2024, representing a year-on-year growth of 21.3% to 27.1% [1][2] Financial Performance Summary - Q1 2024 revenue reached HKD 25.63 billion, with vehicle sales contributing HKD 24.25 billion, reflecting a 32.3% year-on-year increase but a 39.9% quarter-on-quarter decline [1][3] - The gross margin for vehicle sales in Q1 was 19.3%, down 0.4 percentage points year-on-year and down 3.4 percentage points quarter-on-quarter [1][3] - The company delivered 80,000 vehicles in Q1 2024, a year-on-year increase of 52.9% but a quarter-on-quarter decline of 39% [1][3] Future Outlook - The company has adjusted its focus back to range-extended products after the unsuccessful launch of the mega model, postponing the release of a new pure electric SUV to 2025 [1][2] - The management plans to enhance operational efficiency through organizational upgrades and process optimization [1][2] - The anticipated sales growth is primarily driven by the L6 model, which has received over 41,000 orders since its launch on April 18, 2024 [1][2]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 23.3 [3][2] Core Insights - The company's Q1 performance slightly exceeded expectations, with total revenue of HKD 3.87 billion, a year-on-year increase of 49%, driven by a 24% increase in core OTA business revenue [1][2] - The vacation business contributed an additional HKD 660 million in revenue, accounting for 17% of total revenue [1] - Adjusted net profit for Q1 was HKD 560 million, up 11% year-on-year, with a profit margin of 14.4% [1][2] - The core OTA operating profit was HKD 720 million, with an operating profit margin of 22.6%, reflecting a year-on-year decline of 3.7 percentage points [1] Summary by Sections Q1 Performance - Total revenue reached HKD 3.87 billion, exceeding market expectations by 4% [1] - Core OTA business revenue grew by 24%, with transportation ticketing and accommodation booking services increasing by 26% and 16% respectively [1] - The vacation business's operating profit was HKD 44 million, with a profit margin of 6.6% [1] Core OTA Business Growth - Overall GMV increased by 15% year-on-year to HKD 65.9 billion, driven by growth in transportation ticketing and accommodation bookings [1] - Domestic hotel night volume increased by approximately 10%, while domestic flight bookings rose by about 30% [1] - International business saw hotel night volume and flight bookings increase by over 150% and 260% respectively [1] Vacation Business Potential - The vacation business is expected to recover to 70% of 2019 levels for domestic travel and 30% for outbound travel [1] - The long-term operating profit margin for the vacation business is projected to be in the low single digits, impacting overall profit margins [1] User Value and Channel Development - The average annual spending per user increased to HKD 1,091, a 48% year-on-year increase [2] - The number of black whale members exceeded 55 million, with their spending being 2.5 times that of regular users [2] Financial Forecasts - Revenue for Q2 is expected to grow by 50% year-on-year, with core OTA revenue growth projected at 24% [2] - The adjusted net profit forecast for the year remains unchanged at HKD 2.7 billion, corresponding to a profit margin of 14.9% [2]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 490.6 HKD, representing a potential upside of 24.2% from the recent closing price of 395.0 HKD as of May 20, 2023 [2]. Core Insights - The company's advertising business has shown significant growth, with a 26% year-on-year increase in Q1 2024, reaching 265 billion RMB, driven by the growth of WeChat video accounts, mini-programs, public accounts, and search services [17]. - The overall revenue for Q1 2024 increased by 6.3% year-on-year to 1595 billion RMB, with a notable 54.5% year-on-year growth in adjusted net profit, exceeding market expectations [8]. - The gaming business is expected to stabilize and recover, with international game revenue growing by 3% to 13.6 billion RMB, while domestic game revenue saw a slight decline of 2% to 34.5 billion RMB [1][8]. Financial Performance Summary - In Q1 2024, the gross margin increased by 7.1 percentage points to 52.6%, indicating improved profitability [8]. - The financial technology and enterprise services revenue grew by 7% year-on-year to 52.3 billion RMB, supported by strong growth in wealth management services [9]. - The company's total revenue is projected to reach 661.7 billion RMB in 2024, with a net profit forecast of 167.98 billion RMB, reflecting a robust growth trajectory [14].

Investment Rating - The report assigns a positive investment rating to Booking Holdings, indicating a strong outlook for the company's performance in the coming months [23]. Core Insights - Booking Holdings reported better-than-expected Q1 results, with total revenue of $4.4 billion, a 17% year-over-year increase, exceeding market expectations by 4% [21]. - The adjusted EBITDA for Q1 was $900 million, reflecting a 53% year-over-year increase, surpassing market expectations by 22% [21]. - The company is focusing on building a one-stop booking service platform, transitioning from an agency to a wholesale model, and enhancing its membership ecosystem, which is expected to improve profit margins [2][4]. Summary by Sections Q1 Performance - Q1 room nights reached 300 million, a 9% year-over-year increase, exceeding the company's guidance [3]. - Total transaction value for Q1 was $43.5 billion, a 10% year-over-year increase, with wholesale model transaction value at $25.8 billion, up 29% year-over-year [21][11]. Strategic Focus - The company is prioritizing the Connected Trip initiative, with a 50% year-over-year increase in order volume for this segment [22]. - Direct sales channel accounted for approximately 55% of room nights in Q1, indicating a shift towards more direct bookings [22]. Financial Metrics - The overall conversion rate for the platform was 10.1%, compared to 9.6% in Q1 2023 [21]. - The company repurchased approximately $1.9 billion worth of shares in Q1, with a remaining buyback authorization of about $11.8 billion [4].

Investment Rating - The report maintains a "Buy" rating for Mobvista (1860 HK) with a target price of HKD 6 2 [1][3][5] Core Views - Mobvista delivered strong Q1 2024 results with revenue reaching $301 million, up 23 3% YoY, and net profit surging 1 2x YoY to $7 154 million, both hitting record highs [1][2] - The programmatic advertising platform Mintegral remains the primary growth driver, contributing $284 million in Q1 revenue, up 25 4% YoY, with its smart bidding products accounting for over 60% of Mintegral's revenue [2] - Non-gaming revenue grew significantly by 83 2% YoY to $81 million in Q1, driven by expansion into higher-margin mid-core and hardcore games as well as non-gaming verticals like e-commerce and social [2] - Gross margin improved by 1 3pp YoY to 20 5% in Q1, supported by higher margins in both advertising technology (up 1 4pp to 19 7%) and marketing technology (up 2 6pp to 79 3%) [2] - R&D expenses increased by 57 8% YoY to $30 million in Q1, reflecting investments in smart bidding systems and model training [2] - The company has achieved six consecutive quarters of profitability since Q4 2022, with operating leverage continuing to expand [2] Industry Analysis - The EU's Digital Markets Act (DMA), effective March 6, 2024, is expected to foster a more competitive digital advertising market by regulating "gatekeeper" platforms, creating opportunities for smaller players like Mobvista [3] - The DMA is likely to encourage innovation and provide advertisers with more compliant and effective ways to reach target audiences, benefiting companies with advanced advertising technologies [3] Financial Projections - Revenue is projected to grow from $1 2655 billion in 2024E to $1 8721 billion in 2026E, with a CAGR of 18 5% [4][9] - Net profit is expected to increase from $39 1 million in 2024E to $82 7 million in 2026E, with a CAGR of 31 2% [4][9] - Gross margin is forecasted to rise steadily from 20 8% in 2024E to 21 0% in 2026E [4][12] - ROE is projected to improve from 8 2% in 2024E to 13 3% in 2026E, reflecting stronger profitability and efficiency [12]

Investment Rating - The report does not specify a clear investment rating for DoorDash [9][29]. Core Insights - DoorDash's 1Q24 performance met expectations, with average daily orders and total transaction value increasing by 20% and 21% year-over-year, respectively [30]. - The company is the leading food delivery platform in the U.S., with a market share of 67% as of March 2024, significantly ahead of competitors like Uber Eats and Grubhub [31]. - The guidance for 2Q24 indicates a year-over-year growth in transaction value of 15-18%, with manageable impacts from minimum wage laws on rider costs and user orders [30][31]. Financial Performance Summary - Total revenue for 1Q24 was $2.51 billion, reflecting a year-over-year increase of 23% and a quarter-over-quarter increase of 9% [10]. - The adjusted EBITDA for 1Q24 was $371 million, corresponding to a profit margin of 14.8%, which is a 5 percentage point increase year-over-year [10][37]. - Contribution profit for 1Q24 was $751 million, up 41% year-over-year, indicating effective cost control and efficiency improvements [10][37]. Market Position and Growth Drivers - DoorDash's growth is driven by increased transaction frequency, category expansion, and international market penetration [16]. - The company has expanded its operations to over 30 countries, including Canada, Australia, and Germany, following the acquisition of Finnish delivery platform Wolt [31]. - The average order value remains stable, with the total gross order value (GOV) reaching $19.2 billion in 1Q24, a 21% increase year-over-year [10][35]. Future Outlook - The market consensus expects a 20% year-over-year revenue growth for DoorDash in 2024, with an adjusted EBITDA of $1.7 billion, reflecting a profit margin of 17% [7]. - The report emphasizes the importance of monitoring changes in order volume, market share improvements, and advertising progress as key indicators for future performance [16].

Investment Rating - The report assigns a "Buy" rating for Geely Automobile with a target price of HKD 12.5, indicating a potential upside of 27% from the current price of HKD 9.9 [3][4][5]. Core Insights - Geely's sales in April increased by 35% year-on-year, reaching 153,000 units, with a cumulative sales growth of 46.9% for the first four months of 2024 [2][4]. - The company is in a rapid transformation phase, with a continuous expansion of its new energy vehicle lineup and improving profitability [3][4]. - Geely's export volume in April was 38,000 units, marking a 66.3% year-on-year increase, contributing to 24.9% of total sales [2][4]. Sales Performance - In April, Geely brand sold 118,000 units, while Zeekr and Lynk & Co sold 16,000 and 19,000 units respectively, with Zeekr showing a remarkable growth of 110.6% year-on-year [2][4]. - The upcoming new models, including Lynk & Co 07 and Galaxy E5, are expected to generate significant market interest, with pre-orders for Lynk & Co 07 exceeding 10,000 units shortly after its announcement [2][4]. Financial Forecast - Revenue is projected to grow from HKD 179.2 billion in 2023 to HKD 216.4 billion in 2024, reflecting a growth rate of 21% [4][5]. - Net profit is expected to increase significantly from HKD 5.3 billion in 2023 to HKD 8.3 billion in 2024, representing a growth rate of 57% [4][5]. - The gross margin is forecasted to improve from 15.3% in 2023 to 15.4% in 2024, while the net profit margin is expected to rise from 3.0% to 3.8% [4][5]. Market Position - Geely is actively pursuing a global strategy, with a significant portion of its sales coming from exports, indicating a strong international presence [2][4]. - The upcoming listing of Zeekr on the NYSE is anticipated to enhance its financial capabilities and support further growth [2][4].

Investment Rating - The report does not specify an investment rating for the company [3] Core Insights - The company reported Q1 2024 revenue of $80.539 billion, a 15.4% increase year-over-year, exceeding market expectations of $79 billion [1][2] - Google Services revenue reached $70.398 billion, growing 13.6% year-over-year, with core businesses like advertising and search showing double-digit growth [2][4] - Google Cloud revenue grew 28.4% year-over-year to $9.6 billion, driven by accelerated digital transformation and AI-related services [2][4] - Operating profit increased from $17.4 billion in Q1 2023 to $25.5 billion in Q1 2024, with an operating margin improvement from 25% to 32% [2][4] - Net profit surged 57.2% year-over-year to $23.6 billion, significantly surpassing market expectations [1][2] Revenue Performance - Total revenue for Q1 2024 was $80.539 billion, with a year-over-year growth of 15.4% [4] - Google Services revenue was $70.398 billion, reflecting a 13.6% increase year-over-year [4] - Google Cloud revenue reached $9.6 billion, marking a 28.4% year-over-year growth [4] Cost Management and Profitability - The company successfully reduced sales, management, and R&D expense ratios, leading to a combined decrease of 4.7 percentage points year-over-year [1][2] - The workforce decreased from 190,711 to 180,895 employees year-over-year, indicating cost control measures [2][4] - Operating profit margin improved to 32%, up from 25% in the previous year [2][4] Shareholder Returns - The company announced its first-ever dividend of $0.20 per share, with plans for quarterly dividends in the future [6] - An additional stock buyback of up to $70 billion was authorized by the board [6]