Investment Rating - The investment rating for NIO Inc. has been upgraded to "Buy" [2] Core Views - The launch of the L60 model under the sub-brand "Ledo" is expected to drive NIO's sales into a new growth phase, with a pre-sale price of 219,900 RMB, which is considered attractive [1][2] - The L60 is positioned as a family-oriented smart electric SUV, with dimensions larger than the Tesla Model Y, and is equipped with 45 active and intelligent safety features [1] - The L60 offers competitive energy consumption at 12.1 kWh/100km and will have three battery options with ranges of 555 km, 730+ km, and 1000+ km [1] - The unique charging experience of the L60, including support for battery swapping and a high-voltage system, is highlighted as a key differentiator in the under 200,000 RMB market [1] - Monthly sales for the L60 are projected to stabilize between 9,000 to 10,000 units, which will be crucial for NIO's sales growth [1] Financial Projections - Revenue forecasts for 2025 and 2026 have been increased by 13% and 21% respectively, reflecting higher expected sales for the Ledo brand [2] - Total sales for NIO are projected to grow by 57.6% and 22.0% in 2025 and 2026, reaching 300,000 and 370,000 units respectively [2] - The anticipated monthly delivery volume for NIO and Ledo combined is expected to stabilize at 25,000 to 30,000 units next year, aiding in valuation recovery [2] Market Data - The current closing price for NIO is HKD 42.20, with a target price raised to HKD 59.88, indicating a potential upside of 41.9% [2][4] - NIO's market capitalization is approximately HKD 161.66 billion, with an average daily trading volume of 2.68 million shares [4]

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------------------|-------|-------|-------------|-------|--------|-------|---------------|---------|-------|-------|-----------------|-------|------------------------------| | 交银国际研究 \n公司更新 \n互联网 | | | | | | | | | | | | | | | | | | 收盘价 港元 | | 381.80 | | 目标价 港元 | 457.00↑ | | | 潜在涨幅 +19.7% | | 2024 年 5 月 16 日 | | 腾讯控股 | | | (700 HK) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

Investment Rating - The investment rating for Tencent Music (TME US) is "Buy" with a target price of $17.00, indicating a potential upside of 14.9% from the current price of $14.80 [1][12]. Core Insights - Tencent Music's Q1 2024 performance exceeded expectations, with revenues of 6.8 billion RMB, driven by strong music business growth, despite a 50% decline in social entertainment revenue [2][3]. - The adjusted net profit for Q1 2024 was 1.8 billion RMB, a 24% year-on-year increase, surpassing market expectations [2][3]. - The company reported a record net increase of 6.8 million paid subscribers, bringing the total to 113.5 million, with a paid rate of 19.6% [2][3]. Financial Summary - Revenue for 2024 is projected to be 28.7 billion RMB, with a year-on-year growth of 3.4% [4]. - Adjusted net profit for 2024 is expected to reach 7.1 billion RMB, reflecting a 14.4% increase [4]. - The earnings per share (EPS) for 2024 is forecasted at 4.28 RMB, with a price-to-earnings (P/E) ratio of 25.0 [4]. Valuation - The valuation has been adjusted to a sum-of-the-parts (SOTP) approach, with the music segment valued at $15 based on a 25x P/E ratio, and the social segment at $1 based on a 5x P/E ratio [3][9]. - The total valuation for Tencent Music is estimated at $26.1 billion, with a target price of $17.00 [9]. Outlook - For Q2 2024, online music revenue is expected to grow by 30%, with a net increase of 3.7 million subscribers, raising the annual net subscriber growth forecast to 16.8 million [2][8]. - The company anticipates a 21% increase in non-member music revenue, driven by innovative advertising and strong performance in e-commerce and gaming sectors [2][8].

Investment Rating - The investment rating for Tonghua Dongbao (600867 CH) is "Buy" with a target price of RMB 14.00, indicating a potential upside of 37.6% from the current closing price of RMB 10.18 [2][8]. Core Insights - The results of the insulin procurement are favorable for the company's third-generation product market share, with expected revenue growth in the second half of the year [1]. - The company has adjusted its delivery schedule in Q1 2024 to mitigate the impact of the new procurement cycle, leading to a projected revenue increase in the latter half of the year [1]. - The company is making steady progress in international expansion and research and development, with plans for clinical studies and product approvals in Europe [1]. Financial Projections - Revenue forecasts for 2024-2026 have been slightly adjusted: 2024E revenue is projected at RMB 33.83 billion, 2025E at RMB 38.76 billion, and 2026E at RMB 42.78 billion, reflecting changes of -2%, +2%, and -0.3% respectively [2][6]. - Net profit projections for the same period are adjusted to RMB 12.71 billion for 2024E, RMB 14.69 billion for 2025E, and RMB 16.43 billion for 2026E, with changes of -2%, +3%, and +1% respectively [2][6]. Market Performance - The stock has shown a performance trend with a 52-week high of RMB 12.39 and a low of RMB 8.78, with a market capitalization of approximately RMB 20.14 billion [4][9]. - Year-to-date performance has seen a decline of 6% [4]. Product and Market Strategy - The company successfully secured A1 class bids for its insulin products, which will facilitate faster hospital access and sales growth [1]. - The anticipated sales volume for the second half of 2024 includes a projected 20% increase in the sales of glargine and an 80% increase for the Aspart 30 product [1]. Research and Development - The company is advancing its research pipeline, with IND approval for dual-target GLP1/GIP weight loss indications and ongoing clinical trials for gout treatments [1].

各位听众朋友大家好大家又见面了那过去的这一周呢其实还是挺多内容跟大家分享的那我就是可能就一次的为大家做下汇报吧首先第一个呢我想为大家分享的就是关于这个咱们的这个政治局会议这个四月的这个政治局会其实亮点还是非常多的我觉得就是重点呢它在几个方向第一呢就是首先这次的总基调其实还是超预期的 因为之前大家其实市场上还是有一些担心说比如说这个整个宏观的这个一季度的宏观经济数据其实是可能有些超预期那随着那与此相对应的比如说在之后的话这个伴随着这个经济的这个修复那这个支持的政策的支持力度会不会有些变化和调整那其实这一块来看的话它整个大家可以看得到的什么呢就是之后的话它整个政策的支持力度在二季度 至少在二季度它可能都不仅不会弱于一季度甚至还可能会进一步的加码不管是货币还是财政这一块都是有一个可能是有个加码的所以这块是实际上是比大家预想的要更好一些的对吧这个是一个第二个就在于咱们这个重点的一个关注在于这个地产的这个政策了地产政策这一块来讲呢 其实还是一个非常大的一些变化的它其实可能是这次的会议其实标示咱们这个地产政策其实进入了一个新阶段了就是已经告别了就是整个过去地产政策其实是自这个三高峰线之后的一个新阶段未来的这个地产政策的这 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected total return above the relevant industry over the next 12 months [4]. Core Views - The report highlights that the significant drop in polysilicon prices has led to attractive valuations at the cycle bottom, with expectations that prices have likely bottomed out and may rebound in the third quarter [2][3]. - The company's first-quarter performance showed a revenue of 5.6 billion RMB and a net profit of 359 million RMB, with a gross margin of 23.4% [2]. - The report suggests that the company remains competitive in the long term as a leading polysilicon producer, despite current performance pressures [3]. Financial Summary - Revenue projections for the company are as follows: 2024E: 25.48 billion RMB, 2025E: 27.88 billion RMB, 2026E: 30.87 billion RMB, reflecting a decline in 2023 and 2024, followed by growth in subsequent years [4][8]. - Net profit estimates are significantly reduced to 347 million RMB for 2024E, with a recovery expected in 2025E and 2026E [4][8]. - The report indicates a substantial decrease in production costs, with the cost per ton of polysilicon dropping to 46,000 RMB, which is competitive with peers [2][3]. Market Performance - The company's stock closed at HKD 9.20, with a target price adjusted to HKD 12.04, indicating a potential upside of 30.9% [1][3]. - The stock has experienced a year-to-date decline of 15.90%, with a 52-week high of HKD 18.62 and a low of HKD 8.17 [6].

Investment Rating - The report maintains a "Buy" rating for Budweiser Brewing APAC (1876 HK) with a target price of HKD 15.60, indicating a potential upside of 36.6% from the current closing price of HKD 11.42 [1][10]. Core Insights - In Q1 2024, Budweiser experienced a decline in sales volume but an increase in average selling price (ASP), leading to better-than-expected margin expansion. Revenue showed a slight year-on-year decline of 0.4%, while ASP increased by 4.6% [1]. - The EBITDA margin improved by 153 basis points to 34.8%, driven by a 206 basis point increase in gross margin to 51.5% [1]. - The company reported a 6% decline in sales volume in the Chinese market, attributed to high base effects from the previous year and adverse weather conditions in March [1]. - South Korea emerged as a highlight with a 9.6% increase in ASP, resulting in a 5.2% increase in sales revenue and an 18.7% increase in EBITDA [1]. Financial Overview - For the fiscal year ending December 31, 2024, the projected revenue is USD 7.478 billion, reflecting a year-on-year growth of 9.1% [2][11]. - The net profit for 2024 is estimated at USD 1.105 billion, with an expected earnings per share (EPS) of USD 0.08, representing a significant growth of 29.7% compared to the previous year [2][11]. - The report highlights a consistent increase in the dividend yield, projected to reach 4.3% in 2024 [2]. Regional Performance - The Asia-Pacific regions showed a decline in sales volume, with East Asia down 4.0% and West Asia down 4.9%, but high-end product sales continued to grow, contributing positively to EBITDA [1]. - The company plans to expand its geographic footprint, increasing the number of cities covered by its brands and its B2B management platform, BEES [1]. Stock Performance - The stock has seen a significant fluctuation, with a 52-week high of HKD 22.20 and a low of HKD 9.88, indicating volatility in market performance [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted from $5.30 to $5.10, indicating a potential upside of 42.1% from the current price of $3.59 [1][2][9]. Core Insights - The company is expected to achieve revenue growth of 16% year-on-year in Q1 2024, reaching 1.35 billion RMB, aligning with previous expectations and slightly above market forecasts [1]. - The adjusted net loss for Q1 2024 is projected to be 46 million RMB, significantly better than prior expectations of 97 million RMB and market estimates of 87 million RMB, indicating improved business health and a continued decline in marketing expenses as a percentage of revenue [1][2]. - The strategic focus is on reducing losses while emphasizing growth in high school and advertising segments, with expectations of a 25%-30% growth in high school business for the year [2]. - The introduction of the updated large model "ZiYue" 2.0 and new hardware products is anticipated to enhance product competitiveness and long-term commercialization potential [2]. Financial Summary - Revenue is projected to grow from 5,013 million RMB in 2022 to 6,177 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of approximately 14.6% [3][10]. - The company is expected to reach breakeven in adjusted net profit by 2024, with a forecasted net profit of 2 million RMB, transitioning from a net loss of 640 million RMB in 2022 [3][10]. - The gross profit margin is expected to stabilize around 49% in 2024, with operational efficiency improving as the company scales its high school business [3][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 56.00, representing a potential upside of 86.7% from the current price of HKD 30.00 [9][10]. Core Insights - The company reported strong product sales in Q1 2024, with revenue reaching RMB 330 million, a year-on-year increase of 96.4% and a quarter-on-quarter growth of 5.4%. The net loss narrowed to RMB 350 million, down from RMB 480 million in Q4 2023, aided by a reduction in sales and R&D expenses [1][2]. - The management has guided for over 50% revenue growth for the full year 2024, with expectations of further declines in R&D and sales expense ratios. The company anticipates a funding requirement of approximately RMB 1.5 to 2 billion for the year [1][2]. - The upcoming ASCO conference will showcase 16 clinical study results, including the first human data for the mesothelin ADC RC88, which is being compared with other treatments [2]. - The company is progressing with its international expansion, with significant milestones expected in 2024, including the initiation of Phase III trials for its products [2][3]. Financial Summary - Revenue projections for the company are as follows: RMB 1.663 billion in 2024, RMB 2.503 billion in 2025, and RMB 3.728 billion in 2026, with net losses expected to gradually narrow [3][10]. - The company reported a cash balance of RMB 620 million as of Q1 2024, with an additional bank credit line of RMB 4 billion, ensuring operational sustainability until breakeven [1][2]. - The financial outlook includes a projected EBIT of RMB 821 million by 2027, indicating a path towards profitability [6][10].

Summary of Conference Call Company and Industry - The discussion revolves around Xiaomi's automotive supply chain and its potential investment opportunities in the automotive industry [1] Core Points and Arguments - A report was recently released analyzing Xiaomi's automotive supply chain, focusing on core technologies and supply chain dynamics [1] - The report aims to identify potential market investment opportunities within the automotive sector [1] Other Important Content - The analysis includes insights from both automotive and technology industry analysts, indicating a comprehensive approach to understanding Xiaomi's position in the market [1]