<h3>HSBC: Lower Tesla's target price from $143 to $138, maintain &#34;underweight&#34; rating</h3>
<p>The bank pointed out that the price reduction by Tesla did not lead to sales growth. Tesla lowered the US listing price of its models by nearly 20% last year and by nearly 9% so far this year. However, the price reduction does not seem to have achieved the expected effect.</p>
<p>For example, car rental and leasing companies like Sixt and Hertz have chosen to reduce their use of Tesla vehicles, partly due to the uncertainty of the resale value. Due to Tesla's aggressive pricing policy and slowing delivery growth, the bank has lowered its Tesla EBIT (earnings before interest and taxes) forecast for this year by 18%.</p>
<p>In addition to the slowdown in sales growth, the bank's main concerns are related to the time and commercial uncertainty of various Tesla projects including Dojo (supercomputer), FSD (full self-driving), and Optimus (humanoid robot). The bank pointed out that Musk described Dojo as &#34;long-term, high-risk, high-return, low probability of success&#34; during the fourth-quarter conference call, further confirming the bank's viewpoint.</p>
<h3>Truist: Lower Tesla's target price from $227 to $176, maintain &#34;hold&#34; rating</h3>
<h3>HSBC: Reiterate &#34;buy&#34; rating for Xiaomi, target price raised from HK$20.2 to HK$21.8</h3>
<p>The bank mentioned that Xiaomi launched the SU7 electric car on November 28th with a price of 216,000 RMB, lower than the bank's expected 260,000 RMB. SU7 received nearly 89,000 reservations within the first 24 hours, with waiting times extending to 13 to 27 weeks. The bank believes this is a quantifiable indicator of Xiaomi's appeal to the younger generation and helps alleviate market concerns about Xiaomi's electric vehicle business.</p>
<p>The bank raised its delivery volume forecast for Xiaomi SU7 for the current and next year by 40% and 97% respectively, to 70,000 units and 118,000 units.</p>
<h3>CMB Securities: Lower Li Auto-W's target price to HK$191</h3>
<p>The bank believes that the pessimistic expectations regarding the company's strategic adjustments have been released. They are focusing on the launch of the flagship model L6 around the Beijing Auto Show in April, which is a key driver of the company's sales growth this year.</p>
<p>The report stated that the company delivered 29,000 new cars in March, with a year-on-year and month-on-month growth of 39% and 43% respectively. The year-on-year increase was driven by the stabilization of the L series sales and the impact of new models on sales. The month-on-month increase was supported by the seasonal market recovery and the contribution of MEGA to sales.</p>
<p>Li Auto's total sales in the first quarter reached 80,000 units, a 53% year-on-year increase, exceeding the company's previous guidance of 76,000 to 78,000 units, indicating a recovery in delivery capacity after the company readjusted its market strategy in late March.</p>
<h3>Morgan Stanley: Lower Netease's target price from $150 to $135</h3>
<p>Netease's highly anticipated game &#34;The Legend of Condor Heroes&#34; officially launched for public testing last Thursday (March 28), but its performance after launch seems weaker than expected.</p>
<p>As one of Netease's three major open-world games in recent years, the bank believes that investors' disappointment in &#34;The Legend of Condor Heroes&#34; is temporary, especially since key features such as guilds have not been introduced yet. The bank believes that the monetization potential has not been fully reflected, and has now lowered its first-year revenue forecast from 4 billion RMB to between 1 billion and 2 billion RMB
In addition, NetEase announced adjustments to the PC version of &#34;Fantasy Westward Journey&#34; to enhance user experience. The company stated that the extent and duration of the impact have not been determined yet, and it is expected that NetEase's PC game revenue in the second quarter of this year will decrease by 5%.</p>
<p>Overall, the company has lowered its diluted earnings per share forecast for NetEase for the next two years by 4% to 9%. It is predicted that the game revenue for the first and second quarters of this year will decrease by 5% and 12% respectively compared to the previous year, and the full-year game revenue growth forecast has been revised down to 10%</p>

01810

TSLA

09999

NTES

02015

09899

<p>HSBC raised Xiaomi's target price from HKD 20.2 to HKD 21.8, stating that SU7 received nearly 89,000 reservations within the first 24 hours, with waiting times extended to 13 to 27 weeks. They believe this situation is a quantitative indicator of Xiaomi's appeal to the younger generation and, more importantly, alleviates some market concerns about Xiaomi's electric vehicle business</p>

LB Select

XIAOMI-W

Tesla

NTES-S

NetEase

Li Auto

LI AUTO-W

NETEASE MUSIC

Rating Quick Look | Xiaomi's target price continues to be raised! Tesla, Li Auto, Netease all face price cuts