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[Brokerage Focus] First Shanghai maintains a buy rating on alibaba (09988), indicating that active buybacks continually enhance the company's value.
Jingu Financial News | first shanghai released a research report indicating that the current e-commerce market in china faces significant uncertainty and intense competition. This quarter, alibaba (09988) is focusing on enhancing user experience, gaining user growth and retention through product pricing power and customer service, while also introducing profit-sharing measures and efficiency-improving marketing tools for merchants. Despite facing short-term uncertainties, this will help consolidate the company's market share and monetization level in the long run. Additionally, alibaba cloud, as a leading cloud provider in the country, will lead AI-related demand. Furthermore, the company is placing greater emphasis on reducing losses in its unprofitable business and is continually increasing its buybacks.
[Brokerage Focus] First Shanghai maintains a buy rating for Netease (09999), indicating that Blizzard's games returning are causing a resurgence in revenue from online games.
Jinwu Financial News | First Shanghai released a research report indicating that in Q3 2024, Netease (09999) achieved revenue of 26.21 billion yuan, a year-on-year decline of 3.9%, which was lower than the consensus expectation of 26.59 billion yuan. This quarter, the return of Blizzard's PC game products resulted in a year-on-year decrease in gross margin by 290 basis points to 62.9%; the operating profit margin was 27.3%, a year-on-year decline of 40 basis points. GAAP net income attributable to the parent company was 6.54 billion yuan, a year-on-year decline of 16.6%; Non-GAAP net income attributable to the parent company was 7.5 billion yuan, a year-on-year decline of 13.3%, which was lower than the consensus expectation of 8 billion yuan, diluted.
[Brokerage Focus] First Shanghai maintains a buy rating on Chinagoldintl (02099) as the resumption of production in the Jiaama Mining Area drives a gradual recovery in output.
Jinwu Finance | First Shanghai Research pointed out that in the first three quarters of 2024, China Gold International (02099) achieved revenue of 0.463 billion USD, a year-on-year increase of 19%; the net loss was 3 million USD, a decrease in losses of 2.5 million USD year-on-year. The company's sales cost increased by 30% year-on-year, mainly due to the one-time expenditure of 54.4 million USD recognized in the third quarter for mining rights from the past seven years. In the third quarter, benefiting from the simultaneous rise in gold and copper prices and quantities, the company achieved revenue of 0.255 billion USD, a year-on-year increase of 309%; net income was 27.9 million USD, reversing losses of 58.7 million USD.
First Shanghai Downgrades Netflix to Hold From Buy, Adjusts Price Target to $823 From $742
First Shanghai: tencent (00700) Q3 financial results are in line with expectations, year-on-year growth, advertising business may continue to see high growth.
In terms of profit, Non-GAAP net income is expected to increase by 19.55% year-on-year in the third quarter, to around 53.7 billion yuan.
Brokerage Focus: First Shanghai maintains a buy rating on Ideal Autos (02015), expecting pure electric models to become the main growth driver next year.
First Shanghai's research reports indicate that Ideal Autos (02015) achieved vehicle sales revenue of 41.32 billion yuan in Q3 2024, a year-on-year increase of 22.9% and a quarter-on-quarter increase of 36.3%. The total delivery volume of autos in Q3 2024 was 0.153 million, an increase of 45.4% year-on-year. The gross margin of autos in Q3 increased to 20.9%.
Chairman of First Shanghai Investments Yuen Yat Lo Buys 40% More SharesNo Data
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