Investment Focus - Amazon is highlighted as a top pick due to its leading position in the cloud industry with a global market share of 30%, benefiting from scale effects and stable margin improvements [1] - Meta is expected to see continued user growth and profitability enhancement, with AI marketing initiatives starting to yield results [1] - Alphabet is noted for its strong self-developed capabilities in the cloud space, with expectations of margin improvement and a robust bottom line driven by AI and advertising [1] - Meituan demonstrates a strong cost advantage in delivery, with a significant cash flow generation capacity that supports its competitive position [1] - Broadcom is projected to exceed $20.5 billion in ASIC revenue by 2026, with new major clients contributing to growth [1] - NVIDIA is expected to benefit from macro improvements and stable downstream capital expenditures, with strong product demand anticipated [1] Industry Insights - The AI hardware sector is experiencing explosive growth, with AI server revenue expected to increase by over 150% year-on-year in 2024, driven by major cloud providers' capital expenditure expansions [2] - Samsung is positioned to outperform due to significant competitive advantages and upcoming GPU releases [2] - Lenovo's server business is expected to see substantial growth, with a projected revenue of 498.5 billion won in the 2024/25 fiscal year [2] - TSMC's core mobile business remains robust, with a focus on high-end smartphone models driving ASP increases [2] - The healthcare sector, particularly JD Health, is seeing significant revenue growth, with Q1 2025 revenue reaching 16.65 billion yuan, a year-on-year increase of 25.5% [5] - The pharmaceutical sector is expected to benefit from the growth of the obesity drug market, with strong performance anticipated from WuXi AppTec [5] Company Performance - Tencent is expected to benefit significantly from AI advancements, with revenue and profit forecasts for 2025 being raised [3] - New Oriental is seeing growth driven by online gaming, with potential profits exceeding expectations [3] - Futu Holdings is projected to see a customer AUM growth of 11% CAGR from 2025 to 2027, supported by its low-commission model and strong customer service [3] - Century Internet is positioned well in the IDC space, with expectations of strong demand for AI-related infrastructure [4] - The healthcare sector is seeing a recovery, with companies like Kangzhe Pharmaceuticals focusing on core business areas for growth [4]
海通国际2025年6月金股
Haitong Securities International·2025-05-30 04:04