Morgan Stanley: reiterate Tesla, Inc. 's target price of 900USD, rating "overweight"

在$Tesla, Inc. (TSLA.US) $Morgan Stanley analyst Adam Jonas maintained an overweight rating on the company and a target price of $900 ahead of the third-quarter results.

Jonas told investors in a research note that it expected results for the quarter "should be pretty good" after it reported delivery volumes that exceeded market expectations by nearly 10 per cent, while "other companies in the industry are still struggling to compete". Analysts point out that the target price is based on the assumption that fewer than 6 million cars a year (or about half of CEO Elon Musk's target) will be produced by 2030.

Jonas expects to see "the spread of Tesla, Inc. 's market segment, including compact, pick-up trucks, heavy trucks, shared vehicles, delivery trucks, real Model X alternatives, and more" in the next few years, while Tesla, Inc. currently sells basically only two products, Model 3 and Model Y.

As of press time, Tesla, Inc. fell 0.25% to US $862.07 before trading.

CICC: XIAOMI's car-building business is advancing rapidly and is expected to become a new starting point in the next decade.

CICC issued a report, referring to$XIAOMI Group-W (01810.HK) $Yesterday (19) held 2021 investors Day exchange activities, the company's president Wang Xiang, founder Lei Jun and other senior executives communicated with investors. The report believes that the company's high-end smartphones are advancing steadily, and the car-building business is advancing rapidly, and it is expected to become a new starting point for the company in the next decade. The smart electric vehicle business is progressing faster than expected and is expected to be mass produced in the first half of 2024.

As for smartphones, the high-end strategy continues to advance, and the expansion of offline channels is accelerated. IoT and Internet business are steady and continue to expand. CICC maintains XIAOMI's non-general criteria for earnings per share of 0.75 yuan and 0.95 yuan in 2021 and 2022. Keep the "outperform industry" rating and target price unchanged at HK $34, equivalent to 30.7 times the non-standard price-to-earnings ratio for 2022.

XIAOMI closed up 1.33% at HK $22.80 today.

As of Oct. 19, XIAOMI had a stake of 0.35%, according to Niuniu data.

Morgan Stanley: maintain the target price of $220 for Alimei shares. I believe that the company's technology and infrastructure are still an important driving force for the digitization of the mainland economy.

Morgan Stanley published a research report that$BABA (BABA.US) $Technology and infrastructure remain an important force driving the digitization of China's economy in business and science, and vertical applications are expected to remain key areas of future investment with the support of the partner ecosystem.

Aliyun is positioned as a key technology developer and digital promoter in China, according to the report. At the "Cloud Conference", Ali Yun and guest speakers showed how cloud computing technology and infrastructure can promote enterprise digitization in recent years and empower the development of a wide range of life sciences in China.

The group Xuan Yibu launched the self-developed general-purpose server chip "Yitian 710" using 5-nanometer technology, which surpasses other top server processors by 20% and 50% in terms of performance and energy efficiency, while the chip will be used in the cloud, which is in line with the development goal of China's localization and can reduce dependence on imports for a long time.

Morgan Stanley also pointed out that BABA has accumulated data processing capabilities over the years, but has not focused on open source, cloud native and low code development in the future, and will continue to contribute to the open source community. The realization of core e-commerce accelerates profit growth, and the acceleration of enterprise digitization also leads to cloud revenue growth. It is expected that the marginal expansion trend of business cloud will be stronger, with a "overweight" rating and a US stock target price of US $220,000,000.

As of press time, BABA's US stock rose more than 2% to US $180.55 before trading.

Tianfeng Securities: Bilibili Inc. 's Q3 revenue is expected to increase by 61.2% year-on-year, maintaining its "buy" rating.

Tianfeng Securities released a research report, which is expected$Bilibili Inc. (BILI.US) $Revenue in the third quarter of 2021 increased by 61.2% year-on-year to 5.2 billion yuan, in line with previous company guidelines (5.1 billion-5.2 billion yuan). Tianfeng Securities continues to be optimistic about the company's growth value and commercialization space, and maintains a "buy" rating.

The main points of Tianfeng Securities are as follows:

Overall performance outlook: 21Q3's single-quarter revenue is expected to be 61.2 to 5.2 billion yuan compared with the same period last year, in line with the previous company guidelines (5.1 billion-5.2 billion yuan).

At the revenue level, revenue from games business is expected to grow by 12% year-on-year, while revenue from non-game business is expected to grow by 93% year-on-year. The company's 21Q3 gross profit margin is expected to be about 20%, or the annual low, and Q4 is expected to pick up and maintain the company's 21-year gross profit margin expectation of 22%; on the expense side, the estimated 21Q3 sales expense rate is 33%; and the net loss after 21Q3 adjustment is estimated to be 1.59 billion yuan.

In terms of users, MAU maintained a year-on-year growth rate of more than 30%, and DAU/MAU increased month-on-month.

In terms of game business, it is expected to grow steadily throughout the year, mainly focusing on the progress of Q4 new games.

In terms of value-added services, self-made variety shows have been launched one after another during the summer vacation, while considering the summer effect, it is expected that large members will maintain high growth, and the live broadcast ecology will continue to advance.

Advertising and e-commerce platform is expected to continue to grow substantially, Bilibili Inc. brand value continues to rise, 21Q3 advertising revenue is expected to grow 118% compared with the same period last year.

Investment advice: Bilibili Inc. has high-quality Z+ generation users, more than 10 years of accumulation brings the whole scene, diversified high-quality content ecology, forming a community moat with high stickiness and high interaction, and short-term Chinese stocks fluctuate greatly. however, Tianfeng Securities continues to be optimistic about the company's growth value and commercialization space. Tianfeng Securities maintains its profit forecast that its income from 2021 to 2023 is expected to be 19.29 billion yuan / 28.87 billion yuan / 39.95 billion yuan, an increase of 61% over the same period last year. The corresponding PS is 9.6x/6.4x/4.6x, and the net loss of Non-GAAP is expected to be 4.61 billion yuan / 4.5 billion yuan / 2.01 billion yuan, maintaining the "buy" rating.

Risk tips: slowing user growth, decreased user activity and stickiness, copyright risks, PUGV content ecological instability, changing community atmosphere, less than expected progress of commercialization, increased short-term losses, increased industry competition, content and data security and other regulatory risks.

As of press time, Bilibili Inc. rose 1.84% to US $82.25 before trading.