Investment Rating - The report does not explicitly state an investment rating for the company Core Insights - Tesla's Full Self-Driving (FSD) technology shows significant safety improvements, with a reported accident rate of one per 6.88 million miles (11.07 million kilometers) when using FSD, compared to one per 1.45 million miles (2.33 million kilometers) for non-FSD users [1] - Tesla has been included in more government procurement lists in China, allowing local governments and agencies to purchase Tesla vehicles, including the Model Y [1] - Tesla has partnered with Sunrun to enhance grid reliability in Texas by integrating Powerwall storage systems into solar installations [2] - The Cybertruck has been launched in Canada and Mexico, with prices starting at 137,990 CAD for the all-wheel-drive version [3] - In July, Tesla China reported wholesale sales of 74,117 vehicles, a month-on-month increase of approximately 4% and a year-on-year increase of about 15% [4] Summary by Sections Company Performance - Tesla's Q2 safety report indicates a significant reduction in accident rates when using FSD technology [1] - The company has seen an increase in vehicle sales in China, with a notable rise in domestic sales [4] Partnerships and Collaborations - The collaboration with Sunrun aims to improve energy cost savings and grid reliability through the integration of Tesla's Powerwall [2] Product Launches - The Cybertruck has officially launched in Canada and Mexico, expanding Tesla's product offerings in North America [3] Market Position - Tesla's inclusion in government procurement lists in China enhances its market position and potential sales growth in the region [1]

Investment Rating - The report assigns a "Buy" rating to Tesla (TSLA) [4][12]. Core Insights - Tesla's Full Self-Driving (FSD) technology shows significant safety improvements, with one accident occurring every 6.88 million miles (11.07 million kilometers) when using FSD, compared to one accident every 1.45 million miles (2.33 million kilometers) without it [4]. - Tesla has been included in more government procurement lists in China, expanding its market access [4]. - Tesla's partnership with Sunrun aims to enhance grid reliability and reduce energy costs through the installation of Powerwall systems [5]. Company Performance - Tesla's Q2 2024 safety report indicates a strong performance in accident prevention with FSD technology [4]. - In July, Tesla's wholesale vehicle sales in China reached 74,117 units, a month-on-month increase of approximately 4% and a year-on-year increase of about 15% [7]. - The domestic sales volume for Tesla in July was 46,227 units, reflecting a year-on-year increase of around 47% [7]. Market Data - Tesla's stock price is currently at $200.00, with a market capitalization of $638.93 billion [4]. - The stock has a 52-week high of $278.98 and a low of $138.80 [4]. - The report highlights Tesla's significant growth potential in the electric vehicle market, particularly in China [4][7].

Investment Rating - The report maintains a "Buy" rating for China Mobile with a target price of HKD 80, representing a potential upside of 12% from the current stock price of HKD 71 [2][3]. Core Insights - The company's performance in the first half of 2024 met expectations, with total revenue reaching CNY 546.7 billion, a year-on-year increase of 3.0%. Communication service revenue was CNY 463.6 billion, up 2.5% year-on-year. Net profit attributable to shareholders was CNY 80.2 billion, reflecting a 5.3% increase year-on-year [2][3]. - The EBITDA for the first half of 2024 was CNY 182.3 billion, a slight decrease of 0.7% year-on-year, with an EBITDA margin of 39.3% of communication service revenue [2][3]. - The capital expenditure for the first half of 2024 was CNY 64 billion, down 21.4% year-on-year, with expectations for a further decline of 4.0% for the full year to CNY 173 billion, bringing the capital expenditure to revenue ratio below 20% [2][3]. - Free cash flow for the first half of 2024 was CNY 67.4 billion, a decrease of 14.8% year-on-year, with an interim dividend of HKD 2.6 per share, resulting in a payout ratio of 63.3%, up from 62.5% in the same period last year [2][3]. Summary by Sections Financial Performance - For the first half of 2024, China Mobile achieved a revenue of CNY 546.7 billion, with a year-on-year growth of 3.0%. The communication service revenue was CNY 463.6 billion, growing by 2.5% year-on-year. The net profit attributable to shareholders was CNY 80.2 billion, marking a 5.3% increase year-on-year [2][3]. - The company expects the full-year dividend payout ratio for 2024 to exceed last year's 71%, aiming to gradually increase the cash distribution of profits to over 75% of the net profit attributable to shareholders within three years starting from 2024 [2][3]. Market Segments - The CHBN segment continues to grow, accounting for 45.0% of communication service revenue, with personal market revenue at CNY 255.2 billion, a decrease of 1.6% year-on-year. The mobile user base reached 1 billion, with a net addition of 9.26 million users [2][3]. - The family market revenue was CNY 69.8 billion, up 7.5% year-on-year, with a leading position in the industry for family broadband users, totaling 272 million, with a net addition of 8.48 million users [2][3]. - The government and enterprise market revenue was CNY 112 billion, growing by 7.3% year-on-year, with the number of government and enterprise customers reaching 30.38 million, adding 2.01 million customers [2][3]. Future Outlook - The report anticipates a decline in capital expenditures and an emphasis on high-quality development, which is expected to support profit growth. The projected revenue growth rates for 2024-2026 are 3.9%, 3.6%, and 3.5%, respectively, while net profit growth rates are expected to be 5.9%, 5.2%, and 4.7% [2][3][7].

Investment Rating - The report maintains a "Buy" rating for Meta Platforms (META) with a target price of $600 [2][10]. Core Insights - The company reported Q2 2024 total revenue of $39.07 billion, a year-over-year increase of 22.1%, exceeding Bloomberg consensus expectations [3][5]. - The operating profit for the quarter was $14.85 billion, reflecting a 58.1% year-over-year growth, also surpassing expectations [3][5]. - The company has adjusted its capital expenditure guidance for 2024 to $37-40 billion, up from the previous $35-40 billion, driven by investments in AI infrastructure and employee costs [5][10]. - Meta AI is expected to enhance advertising efficiency, with the Advantage+ platform improving return on investment (ROI) for advertisers by 22% [8][10]. Summary by Sections Financial Performance - Q2 2024 revenue was $39.07 billion, with Family of Apps revenue at $38.72 billion and Reality Labs revenue at $350 million [3][5]. - The gross margin was 81.3%, with total costs amounting to $24.22 billion [3][5]. - GAAP net profit reached $13.47 billion, a 72.9% increase year-over-year, with diluted earnings per share at $5.16 [3][5]. Advertising and User Engagement - Daily Active Users (DAU) increased by 3 million to 3.27 billion, with average revenue per user (ARPU) at $11.9 [8]. - Advertising impressions grew by 17% year-over-year, with ad pricing increasing by 10% [6][8]. - The introduction of a unified video recommendation service is expected to enhance content engagement and advertising revenue [7][8]. AI and Future Growth - Meta AI's new version, supported by the Llama 3.1 model, is being monetized through short videos and ad content recommendations [8]. - The company plans to invest in AI models, with Llama 4 and Llama 5 on the roadmap, aiming to improve the practicality of Meta AI [8][10]. - The long-term growth rate is projected at 3.0%, with a compound annual growth rate (CAGR) of 20.6% for net profit from 2024 to 2026 [10].