Apple: revenue and profit exceeded expectations, hardware demand was strong, and software revenue continued to rise rapidly. In the first quarter of fiscal year 2022, apple achieved revenue of $123.9 billion, an increase of 11.3% year-on-year, exceeding Bloomberg's consensus expectation ($119.1 billion), mainly from the iPhone and MAC business launched in the second half of 2021. At the same time, the volume and price of software users rose simultaneously, exceeding market expectations. The gross profit margin rose to 43.8% against the trend. Guidance for the next quarter: under the challenge of supply constraints, product revenue is expected to achieve steady year-on-year growth. Services are expected to achieve strong double-digit growth. The gross profit margin is expected to be between 42.5% and 43.5%, and the operating expenditure is expected to be US $12.5 billion to US $12.7 billion.
Microsoft: Digital demand is strong. The company expects the year-on-year growth rate of azure to rise in the next quarter, and personal PC is undergoing structural revival. In this quarter, the revenue was US $51.7 billion, a year-on-year increase of 20%, and the operating profit was US $22.2 billion, a year-on-year increase of 24%, which was slightly lower than the supermarket expectation. Azure revenue grew 46% this quarter. Guidance for the next quarter: the revenue of Intelligent Cloud business is expected to be US $18.75 billion to US $19 billion, the revenue of productivity and business processing is expected to be US $15.6 billion to US $15.85 billion, and the revenue of personal computing is expected to be US $14.15 billion to US $14.45 billion.
Google: the net profit is much higher than expected, the advertising demand is strong and the competitiveness is improved. The total revenue was US $75.3 billion, with a year-on-year growth rate of 32%, slightly exceeding market expectations. The operating profit was 21.9 billion, a year-on-year increase of 40%. Third quarter eps30 $69, much higher than market expectations. In addition to the relative benefit of Google Advertising from Apple's new privacy policy, the strong recovery of the tourism industry is also expected to drive the increase of tourism advertising. However, the future adjustment and growth points of youtube and Gu Geyun deserve attention.
Amazon: cloud computing exceeds expectations, the pressure on E-commerce supply chain and capital expenditure may be relieved in the next quarter, and prime will raise prices. The company released its fourth quarter financial report on February 3, and its revenue was slightly lower than expected. AWS's revenue growth this quarter increased to 40%. According to the guidance of the next quarter, the revenue is expected to be US $112-117 billion, with a year-on-year increase of 3% - 8%. The operating profit is expected to be US $3-6 billion, compared with us $8.9 billion in the same period last year.
Tesla: the delivery capacity and profitability are slightly lower than those expected by the supermarket. In the past 22 years, it mainly focused on FSD capacity and Siasun Robot&Automation Co.Ltd(300024) R & D. In this quarter, the company's production, delivery and profitability were still improving rapidly, and its total revenue increased by 65% year-on-year to US $17.7 billion; The operating profit margin reached 14.7%, achieving the highest quarterly operating profit margin among all batch OEMs; Automobile revenue reached US $7.1 billion, with a year-on-year increase of US $7.1 billion. The annual automobile revenue was US $47.2 billion, with a year-on-year increase of 73% and an operating profit margin of 12%; The annual GAAP net profit was US $5.5 billion, and the profitability increased rapidly. In terms of automobile production and sales, the total output of automobiles in the whole year exceeded 930400 units, a year-on-year increase of 83%, and the delivery of automobiles exceeded 936200 units, a year-on-year increase of 87%. The gross profit margin of automobile revenue increased by 3.7 percentage points to 29.3%. The main driving force behind it is to reduce costs, use Shanghai factory export sales and stimulate demand.
Meta: app user growth stagnated, and Apple's att policy affected short-term profitability. It took the initiative to respond to the global competition with the rise of tiktok short video with short video reels and meta universe ecology. Quarterly revenue increased by 20% year-on-year to $33.67 billion, slightly higher than Bloomberg's unanimous expectation, and quest2 sales contributed to the Christmas season. The profit was lower than expected, mainly due to Apple's new privacy deal, regulatory impact, macroeconomic impact (rising costs and supply chain problems), the active partial migration of user hours to reels with a low degree of commercialization, and the foreign exchange impact caused by the appreciation of the US dollar. The operating profit was US $12.6 billion, a year-on-year decrease of 1.5% and the operating profit margin was 37.4%. Meta faces the competition with tiktok and the problem of obtaining young users. Short video is one of the main battlefields for power, and meta universe ecology is the real decisive victory of the next generation of social networking. The company's revenue guidance in the first quarter of 2022 was in the range of US $27-29 billion, with a year-on-year increase of 3% - 11%.
Investment suggestion: from the perspective of macro economy, the number of interest rate increases may exceed expectations, the real interest rate of US bonds will accelerate upward, and the inflationary pressure remains, which mainly has a certain valuation pressure on overseas high growth companies. The valuation pressure of technology giants remains, but the pressure on growth stocks is relatively small.
According to the four seasons report of the technology giant, cloud computing is growing rapidly, and the biggest variable of advertising business is Apple's att policy and competition pattern. The problem of consumer electronics supply chain is further alleviated. We suggest to continue to pay attention to the investment opportunities of metauniverse, cloud computing, consumer electronics and automatic driving industrial chain, as well as the competition and related advertising brought by the rise of short video ecology in the Internet Industry development of e-commerce.
Risk tips: macroeconomic risks, intensified competition between cloud computing and automatic driving, and less than expected technological progress
