Investment Summary for the First Half of 2021

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[Mid-Year Review] Top Ten Interpretations of Earnings Reports for the First Half of 2021

Unconsciously, 2021 is already more than half over.

As the economic operation gradually returns to normal in the first half of the year, the companies' earnings reports for the first and second quarters also somewhat reflect their recovery and resilience.

Which companies have achieved quality growth? Which companies have not performed well? How should their earnings report data be interpreted?

As of mid-2021, the Earnings Reports editor has summarized the top ten quality Interpretations articles from mooers in the first half of 2021, let's follow the mooers to understand and familiarize ourselves with these companies.

(Note: The selection is based on dimensions such as article views, interaction volume, like counts, and quality. The views of mooers do not represent the opinions or positions of any platform. The following articles are not ranked in any particular order.)

@全真互联 Why do TENCENT, Baillie Gifford, and ARK Invest all have a bullish outlook on eVTOL?

-- Predicting the future of the eVTOL Industry through Blade's Q4 performance.

Blade positions itself as an aerial transportation platform company, using a light asset model and does not own aircraft, but rents helicopters to provide services to customers. Blade believes its prospects mainly depend on three aspects:

1) The ability to continuously attract and retain customers, including lower costs, reliability, safety, etc. It also needs to acquire customers through advertising.

2) Expand into more regional markets, focusing on high-density urban areas.

3) The next generation electric vertical takeoff and landing aircraft (eVTOL or EVA) is expected to significantly improve economics and expand the accessible market. Before the eVTOL is launched, Blade will continue to provide services using helicopters or jets.

@林奇漫游纪 Ping An Insurance 2020 performance review: still in the dark, waiting for the Davis Double Play, can 2021 be expected?

-- Looking at Ping An's 2020 performance from a developmental perspective.

2020 was very unfriendly for Ping An, with the stock price fluctuating throughout the year, not only failing to rise but instead declining; in terms of management, several key executives left; and in terms of business, the new business value plummeted significantly, with various investment setbacks. However, I have always believed that after severe hardships come good fortunes, and Ping An remains a leading company in the Insurance industry. The company's fundamentals have not undergone a qualitative change, so in 2021, the successful transformation of life insurance, along with improved certainty on the investment side and a catalyst for a strong start.

@扯个犊子 The target price for the next three years is 400 - A brief analysis of the growth logic and prospects of Futubull.

--Based on user data, the future target price for Futu.

Finally, let's take a look at whether the current valuation level is reasonable. Since Futu is still in a high-speed development stage, we use the Price to Sales ratio (P/S) for valuation. In 2020, Futu's total revenue was 0.427 billion dollars, a year-on-year increase of 212%. Based on the current stock price of 135 dollars, the corresponding P/S is 42.7 times. Assuming growth rates of 150%, 100%, and 70% over the next three years, the corresponding P/S for 2021 would be 17.8, for 2022 would be 8.54, and for 2023 would be 5.02. Compared to the 89 times P/S of domestic brokerages like East Money Information, Futu is currently still undervalued.

@异乡浪人 Stock Analysis - The Rise of AMD.

--In-depth analysis of AMD's Q4 performance and valuation.

收入方面我2021年预期我用公司发布会给的40%增长指导。同时考虑市场饱和因素预计未来5年收入增长趋势逐年递减，至2025年预计年收入增长25%。同时个人电脑业务与企业级产品业务比率也会慢慢变化，又今年65%，35%比例改变为50%，50%的2025年分布平均。我认为AMD未来的发展重心会注重企业产品在数据中心，嵌入式产品及半定制业务所能带来的营收。更进一步的提升此类产品的市占率。

@TheBigPicture Bilibili 理解00后的精神家园（附4Q2020季报解读）

--透过财报数据浅谈B站估值

Bilibili在上市时期的几个特点（现在仍是）有：以ACG为核心内容（动画，漫画，游戏的首字母缩写），年轻的用户群（82%用户为1990-2010年出生的Z世代），用户归属感和粘性，高质量的用户产生内容（UGC：User Generated Content）或者加个P变成PUGC（Professional专业用户生产内容）。哔哩哔哩的收入来源主要由四个：游戏，增值服务（大会员订阅费，直播），广告，电商及其他。上市后第一个季度的时候游戏业务占80%，现在只占40%，增值服务占比上升到30%，广告17%，电商及其他13%。

@粮厂研究员Will 小米集团2021年一季报解读

-- Highlights and Stock Price Analysis of Xiaomi's Q1 Earnings Reports

What the grain factory researcher wants to point out is that most listed companies recorded significant growth in Q1; however, the main reason lies in the negative or zero growth of revenue due to the pandemic impact during the same period last year. Even so, Xiaomi Group managed to achieve a year-on-year revenue growth of 13.6% in Q1 last year despite the pandemic. The adjusted net income increased by 10.6% year-on-year. Obtaining such high revenue and profit growth on a high base compared to other listed companies with low bases is not easy.

@走马财经 Kuaishou's quarterly performance is worrying; what will happen next.

-- Comprehensive Analysis of Kuaishou's Earnings Reports Highlights and Risks

It should be noted that the first quarter corresponds to the Spring Festival period, during which Kuaishou spent a large amount on advertising, so the daily and monthly active user data may look relatively better. However, even so, this daily and monthly active user data performance is still unsatisfactory. Considering the huge marketing expenses, the performance of this user data is even more disappointing. On a positive note, the average daily usage time per user continues to grow, reaching 99.3 minutes, an increase of 16.5% year-on-year and 10.5% quarter-on-quarter, indicating that user stickiness is continuing to strengthen.

@麦记懂王 The anti-monopoly measures are just a subplot in Alibaba's difficult transformation - A review of the 2021 financial performance.

--Multifaceted analysis of Alibaba's Q1 2021 earnings report.

As a leading Internet company in China, despite the 18.2 billion anti-monopoly fine, Alibaba still contributed over 140 billion to shareholders in net income for the year, generating over 170 billion in free cash flow, a level that most companies can never achieve. However, I am somewhat pessimistic about how to solve the problem of the main business hitting a ceiling and new businesses failing to scale, while facing numerous competitors like TENCENT, PDD Holdings, JD.com, Meituan, and Douyin, especially with the anti-monopoly sword hanging over the neck.

@陈达美股投资 What to See in C2M2C: Interpretations of PDD Holdings Q1 Earnings Reports.

-- Scaling and stickiness soar, CapEx waltzes with market expenses.

For me, investing in PDD Holdings has always been based on two fundamental logic points from the supply side, which I believe still remain unchanged. First is to connect the deeply-rooted agricultural supply chain that has been around for thousands of years, and second is to digest the excess capacity of industrial manufacturing during the transition period. The target customer group is so-called lower-tier markets, but now it is actually the mainstream market, as more and more middle-class consumers from higher-tier markets are becoming Pinduoduo fans. From the growth of PDD Holdings' Earnings Reports, as well as the increase in user penetration rates and online duration, the two logic points from the supply side still show great potential.

@全真互联 Is ARK investing in YEAHKA a blatant benchmark against Square, which has grown 20 times in 5 years?

-- In-depth analysis of YEAHKA's payment business and competitive advantages.

YEAHKA is an excellent company overall, existing in the severely homogenous competition of the third-party payment industry, and has carved out its differentiated competitive strategy using an Internet-driven approach. In summary, the company firmly invests in R&D to provide value-added services first, offers high commissions to channel partners to continuously acquire customers, has a large base of big merchants that generates traffic and promotes large-scale value-added services like smart marketing, forming a self-reinforcing ecosystem. The reason ARK Invest buys YEAHKA likely stems from the excellent management team, the track having benefits, and the ecosystem being imaginative, but benchmarking against Square, they might not fully believe in it themselves; it should be seen as a low-probability bonus.

The above is an selection of the top ten quality Earnings Reports interpretations from Mooer's Circle in the first half of 2021 compiled for everyone. Is there anything on the list that you are paying attention to?

The Q2 Earnings Reports season is about to begin. Hope all mooers can engage more in the Futubull community. Feel free to leave messages in the comments about the companies you are interested in. In the second half of the year, the Earnings Reports feature will gather more relevant Interpretations for you.

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