<h3>Bank of America: Upgrades Tesla's rating from &#34;Neutral&#34; to &#34;Buy&#34;, with a target price of $220</h3>
<p>The bank stated that Musk's performance during the earnings call almost eliminated all negative factors for the company. The stock price could see a significant increase if the following four things are done:</p>
<ol>
<li>New car models are launched faster than expected;</li>
<li>FSD is demonstrated at the Robotaxi event;</li>
<li>Cost savings from layoffs exceed $1 billion annually;</li>
<li>Grant FSD licenses to 1-2 original equipment manufacturers (OEMs) as early as the end of this year.</li>
</ol>
<h3>J.P. Morgan: Lowers Meta's target price from $535 to $480</h3>
<h3>Credit Suisse: Maintains a &#34;Buy&#34; rating for Meta, with a target price of $535</h3>
<p>The report indicates that Meta's first-quarter revenue increased by 27% year-on-year to $36.5 billion, daily active users (DAU) of home applications increased to 3.24 billion, operating revenue increased by 91% year-on-year to about $13.8 billion, surpassing expectations. The operating profit margin reached 38%, earnings per share reached $4.71, also better than expected.</p>
<p>The bank stated that the company's full-year capital expenditure has been raised to $35 billion to $40 billion, and it is expected to continue to increase next year due to ongoing investments in artificial intelligence. The bank mentioned that the company's second-quarter revenue growth is expected to be between 15.1% and 22.9% year-on-year, lower than the market's median expectation of 20%, and described the guidance as overly conservative.</p>
<h3>Macquarie: Maintains Xiaomi's &#34;Outperform&#34; rating, raises target price by 6% to HK$31.24</h3>
<p>The bank pointed out that Xiaomi Group's growth has accelerated again, with its founder and chairman Lei Jun sharing for the first time that the sales target for SU7 this year is 100,000 units, with an expected positive gross profit margin. The report stated that with the expansion of electric vehicles and retail stores, Xiaomi has entered a new growth phase, with an estimated three-year compound annual sales growth rate of 21%.</p>
<p>The report cited management's estimate that the gross profit margin for SU7 this year is between 5% and 10%, or even higher, surpassing market expectations that the business would record a gross loss margin of 7%. Taking into account investments in electric vehicles and other new businesses totaling RMB 11 billion to 12 billion, the estimated operating loss for electric vehicles this year is reduced by RMB 2.5 billion from the original forecast.</p>
<h3>Goldman Sachs: Maintains a &#34;Buy&#34; rating for Xiaomi Corporation-W, with a target price of HK$20</h3>
<p>The bank believes that Xiaomi Corporation-W's successful penetration into the smart electric vehicle and high-end smart phone market, as well as its cross-industry capabilities, support the group in building a globally leading integrated technology platform. The bank is surprised by Xiaomi's sales volume and profit margin for electric vehicles this year, as well as the target models for high-end smart phones, and believes that there is further upside potential for electric vehicle revenue and gross profit forecasts.</p>
<p>The bank pointed out that Xiaomi's guidance indicates that by the end of this year, electric vehicle deliveries could exceed 100,000 units, with a gross profit margin of 5 to 10%, reflecting positive unit economics and operational leverage. The group expects revenue to exceed RMB 300 billion this year, smartphone shipments to increase by 15 to 20 million units year-on-year, overall R&amp;D expenses to increase by 26% year-on-year to RMB 24 billion, and plans to open 10,000 new Xiaomi home stores from 2024 to 2026</p>
<h3>Guosheng Securities: Maintains a &#34;Buy&#34; rating on Li Auto with a target price of HKD 151</h3>
<p>The bank expects the company's sales volume to reach approximately 600,000 / 900,000 / 1.31 million units in 2024-2026, with total revenue reaching RMB 179.1 billion / 248.2 billion / 359.9 billion. The future change in profit depends on the extent to which suppliers bear the price reduction this time. Based on different assumptions of 0% / 50% / 100% supplier burden, the bank calculates that the company's gross profit margin in 2024 may be 18% / 20% / 22%.</p>
<h3>Goldman Sachs: Maintains a &#34;Buy&#34; rating on New Oriental-S with a target price of HKD 88, a slight decrease of 2% from HKD 90; Maintains a &#34;Neutral&#34; rating on Dongfang Zhenxuan, with the target price lowered from HKD 21.5 to HKD 18.4</h3>
<p>The bank believes that the core non-GAAP operating profit of the group for the 2024 fiscal year is expected to be revised upwards, driven by revenue and core operating profit margin. In addition, guidance on capacity expansion is accelerating, providing upside potential for short-term revenue and mid-term profit.</p>
<p>Furthermore, the bank believes that the worst of Dongfang Zhenxuan's profitability is behind us, and expects the non-GAAP operating profit margin for the fourth quarter of the 2024 fiscal year to improve to 7%</p>

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<p>Bank of America stated that Musk's performance in the earnings call almost eliminated all negative factors for the company. If the following four things are done well, the stock price may rise significantly: 1. The speed of launching new car models exceeds expectations; 2. Demonstrate FSD at the Robotaxi launch event; 3. Annual cost savings from layoffs exceed $1 billion; 4. Grant FSD licenses to 1-2 original equipment manufacturers (OEMs) as early as the end of this year</p>

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New Oriental EDU & Tech

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Rating Quick Look | Why was Tesla's rating upgraded? Xiaomi is optimistic, while Meta faces "bargaining"