Today's Key News Review | Dolphin Research

0330 Changqiao Dolphin Focus:

🐬 Macro/Industry:

The consumer sector collectively strengthened today, with a market rumor of a "small composition" stimulus policy: for the purchase of first-time housing or replacement housing, a 5% consumer voucher for home appliances and furniture will be attached according to the contract amount, with tax deductions. Today, led by Midea, the home appliance sector has surged in large consumer sectors. The authenticity of market rumors cannot be confirmed (later clarified as untrue). If there is a series of policies to promote consumption, it will be able to continue to promote consumption with greater strength.

🐬 Individual Stocks:

1. $ Kuaishou-W.HK

Kuaishou's stock price expanded to nearly 10% in early trading, touching a new six-week high. According to the fourth-quarter financial report released last night, the core main business is still losing money, but it has already lost much less than expected by the market, and the impact of video numbers has not yet been reflected. Objectively speaking, such performance does not seem to match the current undervalued valuation. For Dolphin's detailed analysis and telephone meeting minutes, see "Kuaishou: Can Running-style Loss Reduction Break Prejudices?" and "Kuaishou: Good Growth Expectations, No Interest in Repairing Internal Injuries through Subsidies (4Q22 Telephone Meeting Minutes)".

2. $ Pinduoduo.HK

Pinduoduo achieved revenue of 4.62 billion yuan, a year-on-year increase of 2.8%, and adjusted net profit of 570 million yuan. It is worth noting that while steadily developing in the domestic market, Pinduoduo has also accelerated its globalization and achieved certain results. Overseas market revenues grew by 147.1% year-on-year, accounting for 9.8% of the total annual revenue. In the difficult market situation last year, Pinduoduo's performance after the meeting surged by nearly 13%.

3. $ Apple.US

Apple officially announced that the 2023 Worldwide Developers Conference (WWDC) will be held offline at the Apple Park in California from June 5th to 9th. It is rumored that Apple will release its first mixed reality (MR) headset and operating system at WWDC. Apple has been working hard in MR for a long time, and with the saturation of global demand for smartphones and the weak growth of iPhones, MR has been expected. The selling price of this device is expected to be as high as US$3,000. Apple plans to integrate the headset with products such as Mac and iPhone to bring more income to the company.

4. Other

Xindong, China Duty Free, Times Electric, Yihaiguoji, and Maotai Company announced their financial reports today, and Dolphin will issue interpretation analysis. Please pay attention.

🐬 Leading Sectors

A shares: Downstream energy, LAN equipment, coal and uranium mining;

Hong Kong stocks: Coal and uranium mining, downstream energy, software; US Stocks: Clothing and accessories retail, computer hardware and storage, and general consumer electronics manufacturing.

🐬 Focus on Tomorrow

1, China's official manufacturing PMI, China's comprehensive PM, China's non-manufacturing PMI;

2, US core PCE price index annual rate, US personal spending rate, US core PCE price index monthly rate, and US one-year inflation rate expectation.

⚠️ The companies covered by the Dolphin Jun Research in the above text are marked in red. You can search for "Dolphin Investment Research" on the Longbridge App (click here to download), then enter the corresponding company name to obtain the company's entire research collection, including the summary of previous performance meetings.

Risk disclosure and statement of this article: Dolphin Investment Research Disclaimer and General Disclosure.