Investment Rating - The report maintains a "Buy" rating for Kuaishou Technology with a target price of HKD 70, representing a potential upside of 44% from the current price of HKD 48.75 [3][10][18]. Core Views - The report highlights that Kuaishou's revenue for Q1 2025 reached RMB 32.6 billion, a year-on-year increase of 10.9%, slightly above market expectations. The gross margin was maintained at a high level of 54.6%, and the adjusted net profit was RMB 4.6 billion, with an adjusted net profit margin of 14.0% [8][9]. - The report anticipates a rebound in advertising growth, driven by an increase in daily active users (DAU) to 408 million, a 3.6% year-on-year growth, and a 5.9% increase in total user engagement time. Advertising revenue for Q1 2025 was RMB 18 billion, up 8% year-on-year, with expectations for double-digit growth in Q2 2025 [8][9]. - Kuaishou's AI commercialization is accelerating, with revenue from KuaLing AI exceeding RMB 150 million in Q1 2025, driven by a significant increase in paid professional consumers. The company plans to launch more cost-effective versions to attract a broader user base [8][9]. Financial Summary - Revenue projections for Kuaishou are adjusted to RMB 141.9 billion for FY25, with operating profit expected to reach RMB 19.1 billion and adjusted net profit projected at RMB 20 billion [2][9]. - The report provides a detailed financial forecast, indicating a steady increase in revenue and profits over the next few years, with expected revenues of RMB 162.5 billion by FY27 [2][9]. - The adjusted target P/E ratios are projected at 14.0x for FY25 and 11.0x for FY26, reflecting the company's growth potential and market positioning [2][9].

浦银国际研究 公司研究 | 消费行业 泡泡玛特（9992.HK）：Labubu 成全球超级 IP， 现象级热潮有望推动 2Q25 收入加速增长 Labubu 3.0 引发全球现象级热潮：继 Monster 系列在 4Q24 引发一波热 度以后，泡泡玛特在今年 4 月推出 Labubu 3.0 系列，再次引爆全球潮玩 市场，并将 Labubu 在全球领域的知名度和影响力推上新的高度。根据 我们的观察，Labubu 已成为当下全球最热门的潮玩 IP，在世界各地都 受到狂热的追捧。其在社交媒体与搜索软件的搜索量大幅领先于其他经 典潮玩 IP。同时，由于公司采取限量销售的策略，全球许多线下门店 外都大排长龙。不少社会名流与网红（包括贝克汉姆）在社交媒体上 晒出自己购得的 Labubu 产品，在博取流量的同时也进一步推高了 Labubu 的热度。 海外热度反哺中国市场，推动 2Q25 加速增长：与 4Q24 一样，Labubu 3.0 在海外市场的热度再次反哺了国内的市场需求。根据我们的调研， 泡泡玛特 4 月国内线下门店的同店增长高于 1Q25，而 4 月线上平台（包 括天猫、京东、抖音等平台）的销售增长同样快于 1 ...

Investment Rating - The report maintains a "Hold" rating for Pinduoduo (PDD.US) with a target price of $100, indicating a potential downside of 3% from the current price of $102.98 [1][7][17]. Core Insights - The company's profit has significantly declined, with a 45% year-over-year drop in adjusted net profit for Q1 2025, falling short of market expectations by 39% [7]. - Revenue growth for Q1 2025 was 10%, which is below market expectations by 6%, marking a slowdown from the previous quarter's growth of 24% [7]. - The report highlights that the revenue from Temu, a key service, has also slowed, with a growth rate of only 6% in Q1 2025 compared to 33% in the previous quarter [7]. - Increased sales expenses have not translated into significant revenue growth, with sales expenses rising by 43% year-over-year, leading to a net profit margin decline to 17.7% [7]. - The report anticipates further challenges in overseas business due to unaccounted tariff impacts, suggesting a high level of uncertainty moving forward [7]. Financial Projections - The projected revenue for FY25 is adjusted to RMB 428.2 billion, with an expected adjusted net profit of RMB 79.8 billion [2][8]. - The adjusted target P/E ratio for FY25 is set at 13x, with future projections indicating a decrease to 7.5x in FY26 and 6.5x in FY27 [2][8]. - The report outlines a significant increase in sales expenses, which are expected to continue impacting profit margins negatively [7]. Market Expectations - The market's price expectations for Pinduoduo range from $85 to $180, with the current target price set at $100 [3][7]. - The report indicates that the company lacks short-term catalysts for growth, contributing to the decision to maintain the "Hold" rating [7].

浦银国际研究 公司研究 | 互联网行业 哔哩哔哩（BILI.US/9626.HK）：MAU 增长亮眼，关注游戏基数影响变化 利润超预期：公司 1Q25 收入人民币 70.0 亿元，同比增长 24%，略高 于市场预期；调整后净利润 3.62 亿元，远高于市场预期，得益于有 效费用管控，调整后利润率 5.2%。 维持"买入"评级，调整目标价至 22 美元/173 港元：我们略微上调 2025E 收入 2%，调整目标价至 22 美元/173 港元，对应 FY25E/FY26E 35x/23x 市盈率。我们看好游戏流水强劲表现以及广告价值逐步释放， 维持"买入"评级。 投资风险：行业竞争加剧；用户增长不及预期；利润率不及预期。 图表 1：盈利预测和财务指标 | 人民币百万元 | FY23 | FY24 | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 22,528 | 26,832 | 30,246 | 32,490 | 34,606 | | 经营利润 | (5,064) | (1,344) | 598 | 1,689 | ...

投资风险：行业竞争加剧；用户增长不及预期；利润率不及预期。 图表 1：盈利预测和财务指标 浦银国际研究 财务模型更新 | 互联网行业 唯品会（VIPS.US）：短期保持谨慎 业绩基本符合预期：公司 1Q25 收入同比下降 5.0%，基本符合市场预 期；调整后净利润人民币 23 亿元，利润率 8.8%，维持在较高水平； 活跃用户数同比下降 4%，其中 SVIP 用户同比增长 18%，贡献线上 GMV 的 51%；总订单量下降 6%，GMV 同比基本持平，其中服装品类 实现正增长。 2Q25 指引仍较谨慎，预计下半年重回增长轨道：展望二季度，公司 预计收入同比下降 5%-0%。公司表示已观察到整体消费信心有所改 善，4 月和 5 月的销售势头有所回升。由于行业持续的促销活动，消 费者对补贴的敏感度或有所降低，公司对 618 销售保持谨慎。随着公 司持续加强 SVIP 权益，公司预计全年 SVIP 数量将保持双位数增长， 助力公司下半年重回增长轨道。随着更加谨慎的投资和管理，预计全 年利润率保持相对稳定。股东回报方面，年初至今，公司已向股东返 还超过 4 亿美元，公司承诺全年将向股东返还不低于 75%的 2024 ...

Investment Rating - The report maintains a "Buy" rating for Advanced Micro Devices (AMD) with a target price of $134.2, indicating a potential upside of 16.7% from the current price of $115.0 [1][4][17]. Core Insights - AMD is positioned as a key beneficiary of the surge in demand for AI large model computing, particularly in the GPU chip segment. Despite facing a negative impact of approximately $1.5 billion on revenue in 2025 due to U.S. export controls, the data center business is expected to achieve strong double-digit growth this year [1][2]. - The MI350 large-scale production is anticipated to drive growth in the data center segment in the second half of the year. AMD is also gaining market share in CPUs for personal computers and servers, which will support growth in both client and data center businesses [1][2]. - The gaming and embedded product segments are expected to maintain growth in the latter half of the year. AMD's forward P/E ratio of 25.4x is significantly lower than last year's peak of 53.4x, making it an attractive investment opportunity [1][2]. Financial Performance and Forecast - AMD's revenue for Q1 2025 was $7.44 billion, a 36% year-over-year increase, with a gross margin of 50.2%. The company expects Q2 revenue to grow by 27% year-over-year, despite a slight decline from Q1 [2][10]. - The financial projections for AMD from 2023 to 2027 indicate a steady increase in revenue, with expected revenues of $31.6 billion in 2025 and $36.5 billion in 2026, reflecting growth rates of 23% and 16% respectively [3][11]. - The net profit is projected to reach $3.13 billion in 2025, with a significant increase in non-GAAP basic earnings per share expected to be $4.0 [3][11]. Valuation - The report employs a DCF valuation method, assuming a growth rate of 12%-20% for AMD from 2030 to 2034, with a perpetual growth rate of 3% and a WACC of 12.0%. The adjusted target price of $134.2 corresponds to a 2025 P/E ratio of 33.2x [2][11].

Investment Rating - The report maintains a "Hold" rating for Tesla (TSLA.US) and raises the target price to $374.8, indicating a potential upside of 8% [1][3]. Core Insights - Short-term automotive sales are under pressure, with a significant decline in revenue and profits expected in 2025 due to global economic conditions and production line adjustments for new models. However, long-term growth potential remains strong due to advancements in autonomous driving and robotics technology [1][9]. - The current price-to-earnings (P/E) ratio for Tesla is 145x, reflecting the market's expectations for future growth despite current challenges [1]. Financial Projections - Revenue projections for 2023 to 2027 show a peak in 2026 at $116.9 billion, with a projected revenue decline in 2025 to $96.8 billion, followed by a recovery in subsequent years [2][10]. - Net profit is expected to decrease significantly in 2024 to $7.1 billion, with a further decline to $5.95 billion in 2025, before rebounding to $8.9 billion in 2026 and $12.1 billion in 2027 [2][10]. - The report highlights a projected basic earnings per share (EPS) of $1.85 in 2025, down from $4.72 in 2023, with a gradual increase to $3.75 by 2027 [2][10]. Performance Analysis - In Q1 2025, Tesla's revenue fell by 9% year-over-year to $19.3 billion, with automotive sales revenue declining by 20% [11]. - The gross margin for automotive sales decreased to 15.2% in Q1 2025, down from 17.8% in Q1 2024, indicating pressure on profitability [11]. - The report notes that Tesla's automotive delivery volume decreased by 13% year-over-year in Q1 2025, reflecting challenges in maintaining sales growth [11]. Valuation Methodology - The report employs a sum-of-the-parts valuation method, arriving at a target price of $374.8, which corresponds to a P/E ratio of 136x for 2026 [14].

Investment Rating - The report maintains a "Hold" rating for Tesla (TSLA.US) and raises the target price to $374.8, indicating a potential upside of 8% from the current price of $347.68 [1][3]. Core Insights - Short-term automotive sales are under pressure, with a significant decline in revenue and profits expected in 2025 due to global economic conditions and production line adjustments for new models. However, long-term growth potential remains strong due to advancements in autonomous driving and robotics technology [1][9]. - The report highlights Tesla's localized production capabilities in North America, Europe, and China, which position the company well to navigate global tariff changes [1]. - The current price-to-earnings (P/E) ratio for Tesla is noted at 145x, reflecting the market's expectations for future growth despite current challenges [1]. Financial Projections - Revenue projections for Tesla show a decline in 2025 to $96.823 billion, a 1% decrease year-over-year, followed by a recovery with expected growth of 21% in 2026 and 15% in 2027 [2][13]. - Net profit is forecasted to drop significantly in 2025 to $5.950 billion, a 16% decrease from the previous year, before rebounding to $8.876 billion in 2026 and $12.068 billion in 2027 [2][13]. - The report provides detailed financial metrics, including a projected basic earnings per share (EPS) of $1.85 in 2025, which is a 42% decrease from prior estimates [13]. Performance Analysis - In the first quarter of 2025, Tesla reported a 9% year-over-year decline in revenue to $19.335 billion, with automotive sales revenue down 20% [11]. - The gross margin for automotive sales decreased to 15.2%, reflecting increased operational costs and competitive pressures [11]. - The report emphasizes the importance of Tesla's investments in AI and robotics, which are expected to enhance future profitability and operational efficiency [9].

Investment Rating - The report maintains a "Buy" rating for Tencent with a target price of 700 HKD, indicating a potential upside of 34% from the current price of 521 HKD [3][20]. Core Insights - Tencent's 1Q25 revenue reached 180 billion RMB, a 13% year-on-year increase, exceeding market expectations by 2.5%. The gross margin improved to 55.8%, up 3.2 percentage points year-on-year, with adjusted net profit growing by 22% to 61.3 billion RMB [1][2]. - The gaming segment showed strong performance, with domestic game revenue increasing by 24% to 42.9 billion RMB, driven by flagship titles like "Honor of Kings" and the successful launch of new games [1][2]. - AI continues to empower core business areas, particularly in advertising and gaming, contributing to a 20% year-on-year growth in advertising revenue to 31.9 billion RMB [2]. Financial Performance Summary - The report projects FY25E revenue at 724.4 billion RMB, with adjusted net profit expected to reach 254.0 billion RMB, reflecting a growth trajectory supported by AI investments and improved operational efficiency [5][11]. - Management expenses rose by 36% year-on-year, primarily due to one-time overseas expenditures and AI R&D investments, but the overall revenue growth is expected to offset these costs [2][5]. - The report highlights a consistent improvement in gross margins across all segments, with a focus on maintaining profitability despite increased costs associated with AI initiatives [2][3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price adjusted to HKD 173 / USD 44, reflecting a potential upside of 22% from the current price of HKD 141.6 / USD 35.73 [3][5][25]. Core Insights - The company's revenue for Q1 2025 reached RMB 301.1 billion, representing a year-on-year growth of 15.8%, which is better than market expectations, with further acceleration in growth anticipated for Q2 [1]. - The strong growth in revenue is driven by the government's subsidy policies, particularly benefiting the electronics category, which saw a 17.1% year-on-year increase [1]. - The food delivery business is undergoing dynamic adjustments, introducing uncertainty to profit margins, with a gross margin of 15.9% in Q1, up 0.6 percentage points year-on-year [2]. - Adjusted net profit for Q1 increased by 43% to RMB 12.8 billion, exceeding market expectations, with an adjusted net profit margin of 4.2% [2]. Summary by Sections Revenue and Growth - Q1 2025 revenue was RMB 301.1 billion, up 15.8% year-on-year, with product revenue growing 16.2% and service revenue increasing by 14% [1]. - The core categories, particularly electronics, benefited from the government's trade-in policies, leading to a robust growth outlook for Q2 [1]. Profitability - The company reported a gross margin of 15.9% in Q1, an improvement of 0.6 percentage points year-on-year, with adjusted net profit rising to RMB 12.8 billion [2]. - The adjusted net profit margin improved to 4.2%, primarily due to enhanced retail operating profit margins [2]. Business Strategy - The food delivery segment is expanding rapidly, with over one million merchants and nearly 20 million daily orders, although the impact on overall revenue remains limited [2]. - The company is increasing investments in the food delivery sector to enhance user engagement and purchase frequency, but this may introduce uncertainties regarding profit margin improvements [2]. Financial Projections - The report forecasts revenue growth for FY25E at RMB 1,279.2 billion, with adjusted net profit expected to reach RMB 48.4 billion [4]. - The adjusted net profit growth rate is projected to be 5.3% lower than previously estimated due to the anticipated impact of food delivery investments on profitability [3].