Investment Rating - The report does not provide a specific investment rating for the company [6] Core Insights - The company reported a strong performance in Q1 FY25 with revenue of $26 billion, exceeding previous guidance and consensus estimates [1] - Data center revenue was a major driver, reaching $22.6 billion, reflecting significant year-over-year growth [1] - The company provided optimistic guidance for Q2 FY25, projecting revenue of $28 billion, which is above previous expectations [1] - The report anticipates continued high growth in data center revenue over the next two years due to strong demand from cloud service providers [1] - Earnings forecasts have been raised, with Q2 FY25 non-GAAP EPS expected to be $6.6, higher than consensus estimates [1] Financial Overview - Revenue projections for FY25 have been increased to $120.2 billion, surpassing consensus estimates [1] - Non-GAAP EPS for FY25 is now forecasted at $27.06, also above consensus [1] - The company’s gross margin for Q1 FY25 was reported at 78.9%, exceeding guidance and expectations [1] - The financial data indicates a significant increase in revenue and net profit over the next few years, with a projected revenue of $150.8 billion in FY26 and $160.5 billion in FY27 [5][14]

Investment Rating - The investment rating for the company is "Buy" with a target price raised to $213.00, indicating a potential upside of 44.8% from the current price of $147.09 [3][12]. Core Insights - The company's main platform continues to outperform expectations in monetization and TEMU's losses are narrowing. The first quarter of 2024 saw a revenue increase of 131% year-on-year to 86.8 billion RMB, exceeding market expectations by 22% and 13% respectively. Advertising and commission revenues grew by 56% and 327% [1][2]. - The company is expected to maintain a strong growth trajectory, with projected GMV growth of over 30% for the domestic platform and a 200%+ increase in TEMU's GMV, reaching $50 billion in 2024 [2][6]. - The valuation has been adjusted upwards, with total revenue and profit estimates for 2024 increased by 7% and 24% respectively, forecasting a 91% revenue growth and a 100% profit growth for the year [2][6]. Financial Overview - For the fiscal year ending December 31, 2024, the company is projected to generate revenue of 424.8 billion RMB, a 71.5% increase year-on-year, with net profit expected to reach 127.6 billion RMB, reflecting an 85.4% growth [6][17]. - The company's adjusted net profit margin is anticipated to improve, with adjusted net profit margins projected at 35% for Q1 2024 [7][9]. - The company's market capitalization stands at approximately $195.4 billion, with a 52-week high of $151.33 and a low of $60.02 [5][17]. Performance Metrics - The company has demonstrated significant operational leverage, with adjusted net profit for Q1 2024 increasing by 202% year-on-year to 30.6 billion RMB, significantly surpassing market expectations [1][7]. - The gross margin for Q1 2024 is reported at 62%, with an adjusted operating profit margin of 33% [7][9]. - The company's PEG ratio for its core e-commerce business is only 0.2, indicating a strong competitive advantage and potential for continued high profit growth [2][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of USD 117.00, indicating a potential upside of 23.5% from the current closing price of USD 94.74 [2][15][21]. Core Insights - The company's Q1 performance met expectations, with revenue increasing by 7% year-on-year to RMB 26.9 billion, aligning with Bloomberg's forecast. Adjusted net profit rose by 12% year-on-year to RMB 8.5 billion, exceeding Bloomberg's expectations by 2% [2][4]. - The gaming segment showed varied performance, with mobile game revenue increasing by 19% year-on-year, while PC game revenue decreased by 15%. The overall gaming gross margin improved by 2.8 percentage points to 69.5% [2][3][4]. - The company has several new game launches planned for the summer, which are expected to drive further growth in mobile game revenue [3][13]. Summary by Sections Financial Performance - Q1 revenue was RMB 26.9 billion, a 7% increase year-on-year, with adjusted net profit at RMB 8.5 billion, a 12% increase [2][6]. - Marketing expenses rose by 38% to RMB 4 billion, accounting for 15% of revenue [2][6]. - Game revenue breakdown: mobile games up 19%, PC games down 15%, and console games up 10% [2][6]. Future Outlook - The company expects a 10% increase in gaming revenue for 2024, despite a 2% downward adjustment in overall revenue forecasts due to short-term adjustments in PC gaming [4][6]. - The target price was adjusted from USD 127 to USD 117, maintaining the "Buy" rating based on a 2024 gaming business P/E ratio of 18x [4][21]. Game Development and Releases - The company has announced over 10 new games and updates across various genres, including MMO and action games, with several titles set to launch in the summer of 2024 [13][3].

Investment Rating - The report maintains a "Buy" rating for the company, despite lowering the target price to HKD 120.34, indicating a potential upside of 53.8% from the current price of HKD 78.25 [2][10]. Core Views - The report highlights a downward revision in sales and profit forecasts due to lower-than-expected sales and changes in product structure. The first-quarter performance was below expectations, and the management announced a delay in the release of pure electric models to next year [1][2]. - The sales forecast for 2024 has been reduced by 15% to 484,000 units, and by 35% for 2025, primarily due to the delay in the launch of pure electric models and weak demand recovery for L7/L8/L9 models amid increased market competition [1][2]. - Despite these challenges, the report suggests that the stock price has over-reflected the negative fundamentals, with the company still maintaining a competitive position in terms of cash reserves and gross margin compared to peers [2][4]. Financial Overview - The company is projected to achieve revenues of RMB 123.85 billion in 2023, with a significant increase to RMB 144.83 billion in 2024, reflecting a year-on-year growth of 16.9% [5][11]. - The net profit is expected to be RMB 11.70 billion in 2023, followed by RMB 8.28 billion in 2024, indicating a decrease due to the adjustments in sales forecasts [5][11]. - The company’s cash position remains strong, with cash reserves of RMB 98.9 billion, and a gross margin of approximately 20%, which is still better than its peers [2][5]. Sales and Market Performance - The report notes that the key to reversing the current downturn is a recovery in sales, particularly following the launch of the L6 model, which is expected to account for about 50% of orders [1][2]. - The company has initiated various promotional offers for the L7/L8/L9 models to stimulate sales of higher-priced vehicles, which could support a rebound in stock prices [1][2]. - Monthly order stability for L8 and L9 models is crucial for supporting stock price recovery, with recent weekly orders ranging from 7,000 to 8,000 units [1][2].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.28, indicating a potential upside of 43.0% from the current price of HKD 7.89 [2][6]. Core Insights - The company's Q1 2024 performance was broadly in line with expectations, showing steady growth with a revenue of approximately RMB 2.63 billion, a year-on-year increase of 9.1%. Adjusted EBITDA was RMB 1.18 billion, up 4.7% year-on-year, representing 25.5% of the annual forecast [1][5]. - The company has maintained its full-year guidance, expecting total revenue between RMB 11.34 billion and RMB 11.76 billion, with a year-on-year growth rate of 13.9% to 18.1% [1][5]. - The company is expanding its business scale, with operational area increasing to 583,229 square meters, a 1.9% quarter-on-quarter rise, and a utilization rate of 74.9% [1][5]. - International business continues to progress, with significant capacity reservations and a recent increase in funding for international data center expansion [1][5]. Financial Summary - For the fiscal year ending December 31, 2024, the company is projected to achieve revenues of RMB 11.36 billion, with a compound annual growth rate (CAGR) of 12% from 2024 to 2026. Adjusted EBITDA is expected to be RMB 4.65 billion, with a CAGR of 11% during the same period [2][4]. - The company reported a net loss of RMB 1.10 billion for 2024, with an expected improvement in losses over the following years [4][7]. - The company’s operational metrics show a total operational area of 583,229 square meters and a signed area of 668,012 square meters, reflecting a stable business environment [5][7].

下午好讲一下那个英伟达GC的业绩除了具体的数字以外我觉得市场可能关心下面三个问题第一个呢就是他的blackwell这个新的产品上市之后短期的这个业绩包括下游会不会对于这个要等待或者观望blackwell的这个新的产品上市所以会可能会造成这个对于他之前的hopper的这个需求会下降 但是呢这这这里呢公司呢其实是非常好的解决了这个问题首先我们看见资本支出还是非常强烈的第二呢又看见了有这种不同的需求包括不同行业的需求啊包括主线人工智能云的一些需求所以呢其实hopper呢还是还是还是呃又供不应求的一个情况 另外就是产能的问题然后公司其实也提到了这个Blackwell其实在二季度现在这个季度已经向客户开始出货了三季度就会上量了这个比我们之前市场之前预计的要在四季度之后才能大量的确认收入要早一些 所以这个也是一个非常正面的一个点第三个点就是现在有很多包括一些CSP都是自己在研发自己的ASIC的解决方案这个会不会在竞争上对于需求会有减弱的一个情况 但是我们的观点就是说其实现在我们发现大模型本身的算法本身还是在向多模态转变然后算法也是在不断的变化的过程当中所以在这个过程当中GPU的加上Huda的这么一个解决方案还是有一个比较 ...

Investment Rating - The report maintains a **Buy** rating for Topsports International (6110 HK) with a target price of HKD 7.20, representing a potential upside of 26.3% from the current price of HKD 5.70 [1][2] Core Views - Topsports' FY24 results were in line with expectations, with sales and net profit growing by 6.9% and 20.4% YoY respectively, though slightly below consensus estimates by 3% [1] - The company achieved a payout ratio of over 100% and a dividend yield of 7%, continuing its trend of high shareholder returns [1] - Topsports is transitioning from a pure offline distributor to a robust omnichannel sports ecosystem, leveraging its strong membership base and content creation capabilities [1][2] Financial Performance - FY24 revenue reached RMB 28.93 billion, up 6.9% YoY, with net profit growing 20.4% to RMB 2.21 billion [1][5] - Gross margin improved by 0.1 percentage points to 41.8%, driven by reduced retail discounts and a higher proportion of retail sales [1][5] - Operating profit margin expanded by 0.7 percentage points to 9.6%, while net profit margin increased by 0.9 percentage points to 7.6% [5] Business Segments - Retail sales grew 9% YoY, supported by a 6% increase in average store size and high single-digit growth in sales per square meter, despite a 6% reduction in store count [1] - Wholesale sales declined 3% YoY, with a sharper drop of 6% in the second half [1] - Online retail sales accounted for mid-20% of total retail sales, up from low-20% in the previous year [1] Strategic Initiatives - Topsports is enhancing its omnichannel ecosystem through partnerships with Fanatics and the addition of the premium trail running brand norda [1] - The company is leveraging its 76.3 million members and WeChat followers to drive online sales and customer engagement [1] - Topsports is adapting its store operations to serve nationwide demand rather than just local demand, with increased focus on live streaming and online content marketing [1] Industry Comparison - Topsports' performance is compared with other major players in the sports apparel industry, including Li Ning, Anta, and Nike, highlighting its competitive positioning [8] - The report provides a detailed breakdown of retail and wholesale growth trends across different brands and regions [8] Valuation and Forecasts - The target price of HKD 7.20 is based on a 15.0x FY25-26E P/E ratio, down from a previous 17.0x FY24-25E average P/E [2] - Revenue is forecasted to grow at a CAGR of 9.5% from FY24 to FY27, reaching RMB 38.00 billion by FY27 [4][5] - Net profit is expected to grow at a CAGR of 14.4% over the same period, reaching RMB 3.31 billion by FY27 [4][5]

2023年末的多款创新药赴美上市成功和海外授权交易的达成，重新点燃了市场 对于创新药出海的期待。我们认为，考虑到优质资产的价格在低位徘徊、数家 MNC 药企开始面临核心品种专利悬崖，海外授权/收并购的交易热情或将在 2024年持续，而这些交易的出现对整个板块都是重要的催化剂。我们建议短期 内关注 ADC、CGT、双抗/多抗、小核酸/mRNA 等新型分子模式的后续出海机 会，中长期则重点关注老龄化趋势下的年龄相关性疾病市场，以及源头创新和 产品差异化。 创新药出海方兴未艾，2024 年持续关注海外药企在高利率环境下的 "扫货"机会 随着中国药企集体从仿制走向创新、不断磨砺研发实力，行业也正处于从 license-in 海外创新药资产向 license-out 自主研发成果进化的关键时间点。从 license-out的交易数量和规模来看，行业自2020年起渐入佳境，并终于在2023 年迎来了全面爆发，全年完成 16 个总规模在 10 亿美元以上的 BD 交易，其中 仅 4Q 就有 10 个。虽然生物医药行业一级、二级市场融资环境仍有待复苏，但 快速增长的 BD 交易规模反映产业资本对行业长期前景和创新药资产估值修 ...

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Investment Rating - The report upgrades the rating for Kingsoft Corporation (3888 HK) to **Buy** with a target price of HKD 30 00, implying a potential upside of 17 2% from the current price of HKD 25 60 [1][2][3] Core Views - **Q1 2024 Performance**: Kingsoft reported Q1 2024 revenue of RMB 2 14 billion, up 8% YoY but 4% below expectations Game revenue declined 1% YoY to RMB 910 million, while WPS revenue grew 17% YoY to RMB 1 23 billion Adjusted operating profit increased 27% YoY to RMB 678 million, 8% above expectations, driven by reduced game marketing expenses [1][2] - **Game Business**: The game segment saw stable performance with *JX Online 3* maintaining steady results and *Whiteout Survival* showing improved popularity and revenue The new version of *Whiteout Survival* launched in mid-April is expected to contribute ~15% to Q2 game revenue, with estimated revenue of RMB 100-200 million in the following 30 days [2] - **WPS Growth**: WPS revenue growth was driven by a 25% YoY increase in personal subscriptions and a 14% YoY increase in institutional subscriptions The launch of WPS 365, an AI-powered productivity platform, is expected to boost subscription revenue with AI-enabled services priced at double the traditional subscription rate [2] - **Future Outlook**: The report forecasts a 12% growth in game revenue for 2024, up from the previous estimate of 9%, supported by the upcoming launch of *JX Online 3: Infinite* in June 2024 and the potential of *Whiteout Survival* and *JX Online 3* cross-platform integration [2] Financial Projections - **Revenue and Profit**: The report slightly adjusts revenue forecasts and raises 2024 net profit estimates by 4% The target price is increased to HKD 30 00, based on a 13x 2024 P/E for the game business (up from 10x) and a 25x P/E for WPS [2] - **Valuation**: The valuation is supported by the expected double-digit growth in game revenue and the positive impact of *Whiteout Survival* on Q2 performance [2] Industry Context - The report highlights Kingsoft's position in the gaming and office software sectors, with a focus on the growth potential of its AI-powered WPS platform and the upcoming game releases [2][3]