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2021-07-15

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Morgan Stanley's Q2 earnings report exceeded expectations, but the stock fell 1.6% in pre-market trading.

2021-06-29

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2021-06-28

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In the post-pandemic era, Red Star Macalline may be about to experience a "Davis double whammy".

2021-06-27

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280,000 units! Is Tesla's largest recall in history confirmed by automatic acceleration?

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Financial reports show that Morgan Stanley's Q2 revenue was $14.8 billion, compared to market expectations of $13.961 billion and $13.414 billion in the same period last year; Net income was $3.408 billion, compared to market expectations of $2.979 billion and $3.047 billion in the same period last year; Earnings per share were $1.85, compared to market expectations of $1.63 and $1.96 in the same period last year; Adjusted earnings per share were $1.89.</p><p>Morgan Stanley's wealth management business reported second-quarter revenue of $6.1 billion, compared to market expectations of $5.92 billion; Net interest income was $1.87 billion, compared to market expectations of $1.77 billion; Revenue from stock sales and trading was $2.83 billion, compared to market expectations of $2.5 billion; Sales and trading revenue from fixed income, foreign exchange and commodities (FICC) business was $1.68 billion, compared to market expectations of $1.91 billion; Investment banking revenue was $2.56 billion; The institutional securities division generated $7.092 billion in revenue; Investment management revenue was US$1.702 billion; The return on tangible common equity (ROTCE) was 18.6%.</p><p>Morgan Stanley said Dividend doubled in the second quarter and announced a $12 billion share buyback as it intends to return excess capital to shareholders. The Board of Directors declared a quarterly Dividend of $0.70 per share, payable on August 13, 2021.</p><p>Morgan Stanley shares fell 1.6% in pre-market trading after the earnings report was released.</p><p><img src=\"https://static.tigerbbs.com/014aaceee2be2b28ab67fe7f77f2a804\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7647f252999b36115b30d6701fcac039","relate_stocks":{"MS":"摩根士丹利"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164512325","content_text":"7月15日美股盘前，摩根士丹利公布2021年第二季度财报。财报显示，摩根士丹利Q2营收148亿美元，市场预期139.61亿美元，去年同期134.14亿美元；净利润34.08亿美元，市场预期29.79亿美元，去年同期30.47亿美元；每股盈利1.85美元，市场预期1.63美元，去年同期1.96美元；调整后每股盈利1.89美元。\n摩根士丹利第二季度财富管理业务营收61亿美元，市场预期59.2亿美元；净利息收入18.7亿美元，市场预期17.7亿美元；股票销售和交易业务营收28.3亿美元，市场预期25亿美元；固定收益、外汇及大宗商品业务(FICC)业务销售和交易营收16.8亿美元，市场预期19.1亿美元；投资银行业务营收25.6亿美元；机构证券部门营收70.92亿美元；投资管理业务营收17.02亿美元；有形普通股股本回报率(ROTCE)为18.6%。\n摩根士丹利表示，第二季度股息增加了一倍，并宣布回购120亿美元，因为打算把多余的资本返还给股东。董事会宣布每股0.70美元的季度股息，将于2021年8月13日支付。\n财报公布后，摩根士丹利盘前跌1.6%。","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":2786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150226797,"gmtCreate":1624915863019,"gmtModify":1703847662369,"author":{"id":"3585154973275419","authorId":"3585154973275419","name":"Catherine81","avatar":"https://static.tigerbbs.com/0a79851a3d87b4faea127374eb70b0b0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585154973275419","authorIdStr":"3585154973275419"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150226797","repostId":"2146836647","repostType":4,"isVote":1,"tweetType":1,"viewCount":2930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150024455,"gmtCreate":1624877357977,"gmtModify":1703846807113,"author":{"id":"3585154973275419","authorId":"3585154973275419","name":"Catherine81","avatar":"https://static.tigerbbs.com/0a79851a3d87b4faea127374eb70b0b0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585154973275419","authorIdStr":"3585154973275419"},"themes":[],"title":"","htmlText":"o","listText":"o","text":"o","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/150024455","repostId":"1199005345","repostType":4,"repost":{"id":"1199005345","kind":"news","weMediaInfo":{"introduction":"格隆汇旗下公众号。分享和探讨港股、美国中概股以及少量估值确有吸引力之A股的投资线索、投资机会与投资心得.","home_visible":1,"media_name":"格隆汇投资学苑","id":"3","head_image":"https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c"},"pubTimestamp":1624877094,"share":"https://ttm.financial/m/news/1199005345?lang=en_US&edition=fundamental","pubTime":"2021-06-28 18:44","market":"sh","language":"zh","title":"In the post-pandemic era, Red Star Macalline may be about to experience a \"Davis double whammy\".","url":"https://stock-news.laohu8.com/highlight/detail?id=1199005345","media":"格隆汇投资学苑","summary":"家居龙头在估值修复的同时，利润也在快速提升。\n2020年是一个特殊年，有些行业受益，有些行业受损，受损的行业复苏程度也不相同。像超市，是最先受益的，但也是最先崩盘的，因为疫情加速改变了人的行为方式，新","content":"<p>While the valuations of leading home furnishing companies are recovering, their profits are also increasing rapidly.</p><p>2020 was a special year, with some industries benefiting and others suffering, and the degree of recovery of the affected industries varying. Supermarkets, for example, were among the first to benefit, but also the first to collapse because the pandemic accelerated changes in people's behavior, and new channels continued to emerge. The pandemic allowed supermarkets to shine again.</p><p>Meanwhile, some industries that focus on offline experiences, such as home furnishings, may have their development hindered by the pandemic, but in the long run, people's consumption needs and habits have not changed due to the pandemic. As the pandemic eases, the home furnishing industry is undoubtedly experiencing a full recovery. In May, the National Building Materials and Home Furnishings Prosperity Index (BHI) reached 130.03, up 15.51 points month-on-month and 40.90 points year-on-year. It will eventually come back, it will still come back.</p><p>The company we'll be discussing today is...<b>Macalline (601828.SH), a leader in the home furnishing industry.</b></p><p><b>Company Introduction</b></p><p>Red Star Macalline's history can be traced back to 1986. It was listed on the Hong Kong Stock Exchange in 2015, on the A-share market in 2018, and received strategic investment from Alibaba in 2019. It is a leading home decoration and furniture mall operator and pan-home furnishing business platform service provider in China, mainly operating and managing self-operated malls, entrusted malls, franchised malls and strategic partner malls.</p><p>Simply put, the company provides space to home furnishing companies and collects rent. There are two types of shopping malls: one is self-operated shopping malls, where companies charge customers rent and management fees on an annual basis. The company's self-operated shopping malls are further divided into owned shopping malls and non-owned shopping malls. The former is owned by the company, while the latter is leased by the company.</p><p>Another type is entrusted management of shopping malls, where the company does not own these malls but outsources management to them. The company sends management personnel to its partners to provide comprehensive consulting and management services, and charges project brand consulting fees, investment promotion service fees, business management consulting fees, and entrusted operation and management fees. Similar to hotels, this involves output management and belongs to a light-asset operation model.</p><p>The company creates locational advantages by seizing prime locations in its self-operated shopping malls, and then achieves faster expansion and penetration into lower-tier cities through the asset-light operation of its managed shopping malls. As of December 31, 2020, the company owned 92 self-operated shopping malls (58 of which were owned properties), mainly located in prime locations in first- and second-tier cities, with stable operating revenue. The company owns 273 managed shopping malls, mainly located in third-tier cities and other cities. In addition, the company has operated 12 home furnishing shopping malls through strategic cooperation and authorized the opening of 66 franchised home furnishing and building materials projects through franchising, including a total of 476 home furnishing and building materials stores.</p><p><img src=\"https://static.tigerbbs.com/2817027c12a058b113c5cd1f4bba9d04\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>China can be roughly divided into three tiers based on market size and sales network. The first tier includes Macalline, Easyhome, Yuexing Home Furnishings, and Ouyada, with these four companies having more than 1,120 home furnishing stores. The second tier mainly consists of overseas home furnishing mall brands and medium-to-large regional chain home furnishing mall brands, including Yideli, IKEA, B&Q, and Fusonmi. The third tier mainly consists of small and medium-sized regional home furnishing stores.</p><p>By the end of 2020, Macalline had an operating area of 22.05 million square meters, giving it a leading domestic advantage in terms of chain network, market coverage, and sales volume.</p><p><img src=\"https://static.tigerbbs.com/33090ef402b617e3f6615b61a7c87cd8\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>So what exactly does this lead mean?</p><p>Let's start with home furniture consumption, especially furniture consumption. Furniture purchasing is a low-frequency activity for consumers, rarely happening in their lifetime. Therefore, consumers lack brand awareness when it comes to furniture, and they need to learn, understand, and make decisions in a short period of time when making purchasing decisions. All furniture is unfamiliar to consumers. Regardless of whether you are a large or small manufacturer, when products are presented to consumers, they are perceived as being of the same level. Consumers rely more on their feelings or the influence of sales staff to make decisions.</p><p>This means that furniture consumption is low-frequency, high-priced, and emphasizes various scenarios. These characteristics determine the irreplaceability of offline channels, and channel value precedes brand value. Whether domestically or internationally, offline professional retail stores account for the largest proportion of the pan-home furnishing market.</p><p><img src=\"https://static.tigerbbs.com/05c9dc1f7a79db64cbf1034c7d4fb2e8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>This demonstrates Red Star Macalline's position. This position will not change due to the pandemic, nor will it be hit by various channels (such as community group buying and online supermarkets) like supermarkets. Therefore, future recovery is certain.</p><p>In addition to its home furnishing and shopping mall business, Macalline established a decoration industry group in 2019 and upgraded decoration business to its primary business in 2020. It accelerated its entry into the market through three major brand matrices: \"Macalline Space Aesthetics\", \"Jiabeide\" and \"Genghaojia\", competing for front-end traffic and achieving integrated home furnishing consumption through \"one-stop\" home decoration.</p><p><b>Future Highlights</b></p><p><b>In the long run, Red Star Macalline remains a rare and high-quality stock in the A-share home furnishing industry.</b></p><p>From the perspective of industry demand, the demand for furniture in my country comes from two aspects. One is the incremental housing brought about by urbanization. In recent years, my country's urbanization rate has steadily increased, reaching 60.6% in 2019. Based on an increase of 0.8-1 percentage points in the first year, it is predicted that 11-14 million new urban residents will be added every year, which means that the future development prospects of the home furnishing industry are still broad. In 2020, my country's commodity sales area reached 1.76 billion square meters, and real estate companies started construction on 2.24 billion square meters of new housing, indicating that new home renovations are expected.</p><p>The second is the demand for renovation of old houses. Buyers and owners of second-hand houses have a strong demand for partial and comprehensive renovations due to aging and outdated decoration styles. The total demand for renovation and upgrading of old and second-hand houses in first- and second-tier cities in China has reached 54.3%, which has exceeded that of new houses.</p><p><img src=\"https://static.tigerbbs.com/648b133e39fd2345cdbffb8d4356211f\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>With the resonance between new and old homes, the future demand for furniture is guaranteed, and China will gradually enter an era dominated by existing housing stock, and the impact of the real estate cycle on Macalline will weaken. Judging from the first quarter of 2021, Macalline's performance is recovering. In the first quarter, revenue was 3.341 billion yuan, a year-on-year increase of 30.7%, net profit was 724 million yuan, a year-on-year increase of 80.79 million yuan, and net profit attributable to the parent company after deducting non-recurring items was 413 million yuan, a year-on-year increase of 101.45%. It is particularly noteworthy that the net profit attributable to the parent company after deducting non-recurring items in the first quarter increased by nearly 40% year-on-year compared with 2019.</p><p>From the company's perspective, the company is undertaking deleveraging operations. This includes the company's accelerated transformation towards asset-light development. In the future, the company's main development direction will be to leverage its brand effect and operational experience to continue to penetrate lower-tier cities through the entrusted management model. Under the asset-light model, the partners provide all the expenses for building the mall, and Macalline does not need to bear any capital expenditures. Judging from its past operations, Macalline has a good brand influence and management experience, with the occupancy rate of its managed shopping malls exceeding 90%. This past achievement will also attract partners to cooperate with Macalline.</p><p>Secondly, the company reduced its financial leverage through asset disposal and the introduction of strategic partners. In May 2021, Macalline's application for a non-public offering of A-shares was approved, with the proposed funds to be raised not exceeding 3.7 billion yuan, of which 1.11 billion yuan will be used to repay interest-bearing liabilities. In June 2021, Macalline issued an announcement stating that it had reached a \"Cooperation Framework Agreement\" with Tianjin Yuanchuan Investment. Tianjin Yuanchuan will acquire 100% equity in seven of Macalline's logistics subsidiaries, with a total target asset value of RMB 2.5 billion. The company expects the total transaction price to be RMB 2.312 billion.</p><p>In addition, the company also holds a large amount of equity in home furnishing companies. As a landlord, Macalline is well aware of the equity value of its partner home furnishing companies. Since 2013, Macalline has begun to strategically invest in upstream and downstream companies in the industry chain, such as Oppein Home Furnishings. From 2018 to 2020, the company received a total of RMB 33.38 million in dividends from Oppein. The future realization of equity in these companies is expected to bring more cash to the companies and reduce financial leverage.</p><p>In terms of future development, in addition to its original retail business, the company has entered the home decoration sector, which is also a trillion-dollar market. According to a report by the Qianzhan Industry Research Institute, my country's home furnishing and decoration market exceeded 2 trillion yuan in 2020 and is expected to grow at a compound annual growth rate of 7% in the future.</p><p>The home decoration market exhibits typical characteristics of \"large industries, small businesses,\" and no truly nationwide home decoration companies have yet emerged. Macalline established a decoration industry group in 2019, entering the market through three major brand matrices: \"Macalline Space Aesthetics\", \"Jiabeide\" and \"Better Home\" to compete for front-end traffic. Doing a good job in the home decoration business can not only expand a new growth point, but also drive traffic to the existing furniture store business.</p><p>The core of the home decoration business is designer resources. Through the \"M+ High-End Interior Design Competition\" and the \"Star Design\" platform, Macalline has gathered a talent pool of more than 36,000 designers, giving full play to the powerful voice and control of designers in the home decoration process. By using home decoration and designers as customer traffic entry points, Macalline can integrate the upstream and downstream industry chains and enhance the stickiness of cooperation with home furnishing companies, distributors, and designers. Combined with Macalline's nationwide network, a fully localized home improvement network can be built. In this field of \"big industry, small business\", Macalline's development potential is worth looking forward to.</p><p>In summary, Macalline is currently improving in two ways. First, its performance has begun to turn upward, and as existing housing stock gradually becomes dominant, the cyclical nature of the real estate market will weaken in the future. Second, the company is working to reduce leverage, reduce financial risks, and reduce financial expenses. At the same time, the home decoration market that the company is entering has potential.</p><p><b>Valuation and technical aspects</b></p><p>Let's talk about valuation again.</p><p>Based on A-share prices, the current market capitalization is 42.8 billion yuan. The net profit in 2020 was damaged. Looking at 2019, the net profit valuation corresponding to 2019 was 9.13 times, and the net profit deducted from non-recurring items was 16 times. This valuation is not expensive. Compared to Easyhome's current market capitalization of 39.8 billion yuan, which corresponds to 13 times the net profit attributable to the parent company and 19 times the net profit attributable to the parent company after deducting non-recurring items in 2019, Macalline is relatively undervalued.</p><p>With the company's fundamentals sound and improving, there is a possibility of valuation recovery.</p><p>Looking ahead, according to the consensus expectations of securities firms, the current market capitalization corresponds to 10.86 times, 9.32 times and 8.08 times in 2021, 2022 and 2023, respectively. Judging from the company's operating performance in the first quarter, securities firms may have low expectations for this year.</p><p><img src=\"https://static.tigerbbs.com/cadeb9a74f808ab3f6ead4431f2f4bac\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about trading. From a long-term perspective, the company's stock price is still at its bottom. This bottom has been consolidated for more than two years, and recently there has been a significant increase in trading volume, which is a sign worth paying attention to. Since the beginning of this year, Red Star Macalline's stock price has risen by 29.0% (as of the closing bell on June 25), far exceeding the Shanghai Composite Index's 3.9%.</p><p><img src=\"https://static.tigerbbs.com/772fc7d557b53436315215cb689ddc45\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>The company achieved a net profit excluding non-recurring items of 412 million yuan in the first quarter of this year, more than double the 205 million yuan in the same period last year. In other words, with the overall recovery of the industry and the arrival of the era of existing housing stock,<b>While the valuations of leading home furnishing companies are recovering, their profits are also increasing rapidly.</b></p><p>With valuation recovery and better-than-expected profits, Red Star Macalline is experiencing a \"Davis double boost\".</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In the post-pandemic era, Red Star Macalline may be about to experience a \"Davis double whammy\".</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIn the post-pandemic era, Red Star Macalline may be about to experience a \"Davis double whammy\".\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇投资学苑 </p>\n<p class=\"h-time smaller\">2021-06-28 18:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>While the valuations of leading home furnishing companies are recovering, their profits are also increasing rapidly.</p><p>2020 was a special year, with some industries benefiting and others suffering, and the degree of recovery of the affected industries varying. Supermarkets, for example, were among the first to benefit, but also the first to collapse because the pandemic accelerated changes in people's behavior, and new channels continued to emerge. The pandemic allowed supermarkets to shine again.</p><p>Meanwhile, some industries that focus on offline experiences, such as home furnishings, may have their development hindered by the pandemic, but in the long run, people's consumption needs and habits have not changed due to the pandemic. As the pandemic eases, the home furnishing industry is undoubtedly experiencing a full recovery. In May, the National Building Materials and Home Furnishings Prosperity Index (BHI) reached 130.03, up 15.51 points month-on-month and 40.90 points year-on-year. It will eventually come back, it will still come back.</p><p>The company we'll be discussing today is...<b>Macalline (601828.SH), a leader in the home furnishing industry.</b></p><p><b>Company Introduction</b></p><p>Red Star Macalline's history can be traced back to 1986. It was listed on the Hong Kong Stock Exchange in 2015, on the A-share market in 2018, and received strategic investment from Alibaba in 2019. It is a leading home decoration and furniture mall operator and pan-home furnishing business platform service provider in China, mainly operating and managing self-operated malls, entrusted malls, franchised malls and strategic partner malls.</p><p>Simply put, the company provides space to home furnishing companies and collects rent. There are two types of shopping malls: one is self-operated shopping malls, where companies charge customers rent and management fees on an annual basis. The company's self-operated shopping malls are further divided into owned shopping malls and non-owned shopping malls. The former is owned by the company, while the latter is leased by the company.</p><p>Another type is entrusted management of shopping malls, where the company does not own these malls but outsources management to them. The company sends management personnel to its partners to provide comprehensive consulting and management services, and charges project brand consulting fees, investment promotion service fees, business management consulting fees, and entrusted operation and management fees. Similar to hotels, this involves output management and belongs to a light-asset operation model.</p><p>The company creates locational advantages by seizing prime locations in its self-operated shopping malls, and then achieves faster expansion and penetration into lower-tier cities through the asset-light operation of its managed shopping malls. As of December 31, 2020, the company owned 92 self-operated shopping malls (58 of which were owned properties), mainly located in prime locations in first- and second-tier cities, with stable operating revenue. The company owns 273 managed shopping malls, mainly located in third-tier cities and other cities. In addition, the company has operated 12 home furnishing shopping malls through strategic cooperation and authorized the opening of 66 franchised home furnishing and building materials projects through franchising, including a total of 476 home furnishing and building materials stores.</p><p><img src=\"https://static.tigerbbs.com/2817027c12a058b113c5cd1f4bba9d04\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>China can be roughly divided into three tiers based on market size and sales network. The first tier includes Macalline, Easyhome, Yuexing Home Furnishings, and Ouyada, with these four companies having more than 1,120 home furnishing stores. The second tier mainly consists of overseas home furnishing mall brands and medium-to-large regional chain home furnishing mall brands, including Yideli, IKEA, B&Q, and Fusonmi. The third tier mainly consists of small and medium-sized regional home furnishing stores.</p><p>By the end of 2020, Macalline had an operating area of 22.05 million square meters, giving it a leading domestic advantage in terms of chain network, market coverage, and sales volume.</p><p><img src=\"https://static.tigerbbs.com/33090ef402b617e3f6615b61a7c87cd8\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>So what exactly does this lead mean?</p><p>Let's start with home furniture consumption, especially furniture consumption. Furniture purchasing is a low-frequency activity for consumers, rarely happening in their lifetime. Therefore, consumers lack brand awareness when it comes to furniture, and they need to learn, understand, and make decisions in a short period of time when making purchasing decisions. All furniture is unfamiliar to consumers. Regardless of whether you are a large or small manufacturer, when products are presented to consumers, they are perceived as being of the same level. Consumers rely more on their feelings or the influence of sales staff to make decisions.</p><p>This means that furniture consumption is low-frequency, high-priced, and emphasizes various scenarios. These characteristics determine the irreplaceability of offline channels, and channel value precedes brand value. Whether domestically or internationally, offline professional retail stores account for the largest proportion of the pan-home furnishing market.</p><p><img src=\"https://static.tigerbbs.com/05c9dc1f7a79db64cbf1034c7d4fb2e8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>This demonstrates Red Star Macalline's position. This position will not change due to the pandemic, nor will it be hit by various channels (such as community group buying and online supermarkets) like supermarkets. Therefore, future recovery is certain.</p><p>In addition to its home furnishing and shopping mall business, Macalline established a decoration industry group in 2019 and upgraded decoration business to its primary business in 2020. It accelerated its entry into the market through three major brand matrices: \"Macalline Space Aesthetics\", \"Jiabeide\" and \"Genghaojia\", competing for front-end traffic and achieving integrated home furnishing consumption through \"one-stop\" home decoration.</p><p><b>Future Highlights</b></p><p><b>In the long run, Red Star Macalline remains a rare and high-quality stock in the A-share home furnishing industry.</b></p><p>From the perspective of industry demand, the demand for furniture in my country comes from two aspects. One is the incremental housing brought about by urbanization. In recent years, my country's urbanization rate has steadily increased, reaching 60.6% in 2019. Based on an increase of 0.8-1 percentage points in the first year, it is predicted that 11-14 million new urban residents will be added every year, which means that the future development prospects of the home furnishing industry are still broad. In 2020, my country's commodity sales area reached 1.76 billion square meters, and real estate companies started construction on 2.24 billion square meters of new housing, indicating that new home renovations are expected.</p><p>The second is the demand for renovation of old houses. Buyers and owners of second-hand houses have a strong demand for partial and comprehensive renovations due to aging and outdated decoration styles. The total demand for renovation and upgrading of old and second-hand houses in first- and second-tier cities in China has reached 54.3%, which has exceeded that of new houses.</p><p><img src=\"https://static.tigerbbs.com/648b133e39fd2345cdbffb8d4356211f\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>With the resonance between new and old homes, the future demand for furniture is guaranteed, and China will gradually enter an era dominated by existing housing stock, and the impact of the real estate cycle on Macalline will weaken. Judging from the first quarter of 2021, Macalline's performance is recovering. In the first quarter, revenue was 3.341 billion yuan, a year-on-year increase of 30.7%, net profit was 724 million yuan, a year-on-year increase of 80.79 million yuan, and net profit attributable to the parent company after deducting non-recurring items was 413 million yuan, a year-on-year increase of 101.45%. It is particularly noteworthy that the net profit attributable to the parent company after deducting non-recurring items in the first quarter increased by nearly 40% year-on-year compared with 2019.</p><p>From the company's perspective, the company is undertaking deleveraging operations. This includes the company's accelerated transformation towards asset-light development. In the future, the company's main development direction will be to leverage its brand effect and operational experience to continue to penetrate lower-tier cities through the entrusted management model. Under the asset-light model, the partners provide all the expenses for building the mall, and Macalline does not need to bear any capital expenditures. Judging from its past operations, Macalline has a good brand influence and management experience, with the occupancy rate of its managed shopping malls exceeding 90%. This past achievement will also attract partners to cooperate with Macalline.</p><p>Secondly, the company reduced its financial leverage through asset disposal and the introduction of strategic partners. In May 2021, Macalline's application for a non-public offering of A-shares was approved, with the proposed funds to be raised not exceeding 3.7 billion yuan, of which 1.11 billion yuan will be used to repay interest-bearing liabilities. In June 2021, Macalline issued an announcement stating that it had reached a \"Cooperation Framework Agreement\" with Tianjin Yuanchuan Investment. Tianjin Yuanchuan will acquire 100% equity in seven of Macalline's logistics subsidiaries, with a total target asset value of RMB 2.5 billion. The company expects the total transaction price to be RMB 2.312 billion.</p><p>In addition, the company also holds a large amount of equity in home furnishing companies. As a landlord, Macalline is well aware of the equity value of its partner home furnishing companies. Since 2013, Macalline has begun to strategically invest in upstream and downstream companies in the industry chain, such as Oppein Home Furnishings. From 2018 to 2020, the company received a total of RMB 33.38 million in dividends from Oppein. The future realization of equity in these companies is expected to bring more cash to the companies and reduce financial leverage.</p><p>In terms of future development, in addition to its original retail business, the company has entered the home decoration sector, which is also a trillion-dollar market. According to a report by the Qianzhan Industry Research Institute, my country's home furnishing and decoration market exceeded 2 trillion yuan in 2020 and is expected to grow at a compound annual growth rate of 7% in the future.</p><p>The home decoration market exhibits typical characteristics of \"large industries, small businesses,\" and no truly nationwide home decoration companies have yet emerged. Macalline established a decoration industry group in 2019, entering the market through three major brand matrices: \"Macalline Space Aesthetics\", \"Jiabeide\" and \"Better Home\" to compete for front-end traffic. Doing a good job in the home decoration business can not only expand a new growth point, but also drive traffic to the existing furniture store business.</p><p>The core of the home decoration business is designer resources. Through the \"M+ High-End Interior Design Competition\" and the \"Star Design\" platform, Macalline has gathered a talent pool of more than 36,000 designers, giving full play to the powerful voice and control of designers in the home decoration process. By using home decoration and designers as customer traffic entry points, Macalline can integrate the upstream and downstream industry chains and enhance the stickiness of cooperation with home furnishing companies, distributors, and designers. Combined with Macalline's nationwide network, a fully localized home improvement network can be built. In this field of \"big industry, small business\", Macalline's development potential is worth looking forward to.</p><p>In summary, Macalline is currently improving in two ways. First, its performance has begun to turn upward, and as existing housing stock gradually becomes dominant, the cyclical nature of the real estate market will weaken in the future. Second, the company is working to reduce leverage, reduce financial risks, and reduce financial expenses. At the same time, the home decoration market that the company is entering has potential.</p><p><b>Valuation and technical aspects</b></p><p>Let's talk about valuation again.</p><p>Based on A-share prices, the current market capitalization is 42.8 billion yuan. The net profit in 2020 was damaged. Looking at 2019, the net profit valuation corresponding to 2019 was 9.13 times, and the net profit deducted from non-recurring items was 16 times. This valuation is not expensive. Compared to Easyhome's current market capitalization of 39.8 billion yuan, which corresponds to 13 times the net profit attributable to the parent company and 19 times the net profit attributable to the parent company after deducting non-recurring items in 2019, Macalline is relatively undervalued.</p><p>With the company's fundamentals sound and improving, there is a possibility of valuation recovery.</p><p>Looking ahead, according to the consensus expectations of securities firms, the current market capitalization corresponds to 10.86 times, 9.32 times and 8.08 times in 2021, 2022 and 2023, respectively. Judging from the company's operating performance in the first quarter, securities firms may have low expectations for this year.</p><p><img src=\"https://static.tigerbbs.com/cadeb9a74f808ab3f6ead4431f2f4bac\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about trading. From a long-term perspective, the company's stock price is still at its bottom. This bottom has been consolidated for more than two years, and recently there has been a significant increase in trading volume, which is a sign worth paying attention to. Since the beginning of this year, Red Star Macalline's stock price has risen by 29.0% (as of the closing bell on June 25), far exceeding the Shanghai Composite Index's 3.9%.</p><p><img src=\"https://static.tigerbbs.com/772fc7d557b53436315215cb689ddc45\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>The company achieved a net profit excluding non-recurring items of 412 million yuan in the first quarter of this year, more than double the 205 million yuan in the same period last year. In other words, with the overall recovery of the industry and the arrival of the era of existing housing stock,<b>While the valuations of leading home furnishing companies are recovering, their profits are also increasing rapidly.</b></p><p>With valuation recovery and better-than-expected profits, Red Star Macalline is experiencing a \"Davis double boost\".</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aab1e844800ac941317a206fb39d9e47","relate_stocks":{"01528":"红星美凯龙"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199005345","content_text":"家居龙头在估值修复的同时，利润也在快速提升。\n2020年是一个特殊年，有些行业受益，有些行业受损，受损的行业复苏程度也不相同。像超市，是最先受益的，但也是最先崩盘的，因为疫情加速改变了人的行为方式，新兴渠道不断涌现，疫情促成了超市的回光返照。\n同时，以家居为代表，一些注重线下体验的行业或许在疫情中发展受阻，但如果从长远来看，人们的消费需求和消费习惯并未因疫情而改变。随着疫情趋缓，家居业毫无悬念地迎来全面复苏。5月，全国建材家居景气指数(BHI)达到130.03，环比上涨15.51点，同比上涨40.90点。最终会回来的，还是会回来。\n今天要讨论的公司，就是家居行业的领头羊——美凯龙（601828.SH）。\n公司介绍\n红星美凯龙历史可追溯至1986年，2015年港股上市，2018年A股上市，2019年获得阿里巴巴战略投资，是国内头部家居装饰及家具商场运营商和泛家居业务平台服务商，主要经营和管理自营商场、委管商场、特许经营商城和战略合作商场。\n简单点说，公司提供场地给家居企业，并收取租金。这里面又分两种，一种是自营商场，公司在自营商场中按年度向客户收取租金和管理费用。公司的自营商场又分自有商场和非自有商场，前者是公司拥有所有权，后者是公司租赁的。\n另一种是委管商场等，公司不拥有这些商场，但向其输出管理。公司向合作方派出管理人员提供全面的咨询和委管服务，收取项目品牌咨询费、招商服务费、商业管理咨询费及委托经营管理费。这点跟酒店类似，输出管理，属于轻资产运营模式。\n公司通过自营商场抢占优质地段打造区位优势，再通过委管商场轻资产运营实现更快的扩张及下沉。截至2020年12月31日，公司拥有92家自营商场（其中58家为自有物业），主要分布在一二线城市的优质地段，经营收入稳定。公司拥有273家委管商场，主要分布在三线及其他城市。此外，公司还通过战略合作经营12家家居商场，以特许经营方式授权开业66家特许经营家居建材项目，共包括476家家居建材店。\n\n国内以市场数量和销售网络划分，可以大概分为三大梯队，第一梯队包括美凯龙、居然之家、月星家居和欧亚达，四家企业家居商场数量超过1120家。第二梯队以海外家居商场品牌和中大型区域连锁家居商场品牌为主，包括宜得利、宜家、百安居、富森美等。第三梯队主要为中小型区域性家居商场。\n截至2020年底，美凯龙经营面积达2205万平方米，在连锁网络、市场覆盖和销售规模方面均处于国内领先优势。\n\n那这个领先优势又到底意味着什么呢？\n从家居家具消费说起，尤其是家具消费。家具购买行为对于消费者来说是低频行为，一辈子没几次。所以，消费者心目中对于家具是没有品牌意识的，在购买决策的时候消费者需要临时短时间学习领会和做出决策。所有的家具在消费者眼中都是陌生的，无论你是大厂还是小厂，产品摆在消费者眼前的时候，在消费者看来是同等级别的，消费者更依赖感觉或者销售人员的推动完成决策。\n这意味着，家具消费低频、高价，重场景体现，这些特征决定了线下渠道的不可替代性，并且渠道价值先于品牌价值。无论国内还是国外，泛家居市场零售中，线下的专业零售店占比都是最重。\n\n这里可以看到红星美凯龙的地位，这个地位并不会因为疫情而发生改变，也没有出现像超市这样的被多种渠道（如社区团购，线上超市）打击，所以未来恢复是肯定的。\n除了家居家具商场业务外，2019年，美凯龙成立装修产业集团并在2020年将装修业务提升为第一业务，通过三大品牌矩阵“美凯龙空间美学”、“家倍得”、“更好家”加速入局，争夺前端流量，通过“一站式”家装实现家居消费一体化。\n未来看点\n长远来看，红星美凯龙依然是A股家居行业中不可多得的优质标的。\n从行业需求看，我国家具的需求来自两个方面，一个是城镇化带来的增量房，近年来，我国的城镇化率稳步提升，2019年达60.6%，以第年城镇化率提升0.8-1个百分点预测，每年新增城镇居民1100-1400万人，这意味着未来家居行业发展前景仍然广阔。2020年我国商品销售面积达17.6亿平方米，房地产企业新开工房屋面积为22.4亿平方米，新房装修可期。\n第二个是老房翻新需求，二手房购买者和房产拥有者，因装修老化，装修风格陈旧，局部翻新与全面翻新的需求旺盛，国内一二级城市老房和二手房翻新和改善型消费需求在装修中总量占比达到了54.3%，已经超过了新房。\n\n在新房与老房的共振下，未来家具的需求是有保证的，并且国内会慢慢进入存量房主导时代，房地产的周期对美凯龙的影响会变弱。从2021年的一季度情况看，美凯龙业绩在复苏中。一季度营收33.41亿，同比增长了30.7%，净利润7.24亿，同比增长了80.79，扣非4.13亿，同比增长101.45%，尤其要指出的是，一季度扣非归母净利润同比2019年增长了近40%。\n从公司角度看，公司正在着手降杠杆操作。这一包括公司加快向轻资产转型，未来公司的发展主方向是凭借品牌效应、经营经验，继续通过委管模式下沉。轻资产模式下，合作方提供建立商场的全部开支，美凯龙不需要承担资本支出。从过去经营看，美凯龙的品牌影响力和管理经验都不错，委管商场的出租率在90%以上，这种过去成果也会吸引合作方与美凯龙合作。\n第二是，公司通过资产处置、引入战略合作方等方式降低财务杠杆，2021年5月，美凯龙A股股票非公开发行申请获得核准批复，拟募集资金不超过37亿，其中11.1亿用于偿还有息负债。2021年6月，美凯龙发布公告，与天津远川投资达成《合作框架协议》，天津远川将受让美凯龙旗下7家物流子公司100%股权，目标资产总价值25亿，公司预计本次交易价款合计人民币23.12亿。\n另外，公司还持有大量的家居公司股权，作为包租公，美凯龙很清楚下面合作家居企业的股权价值，2013年起，美凯龙开始战略投资产业链上下游企业，比如欧派家居，2018年-2020年，公司共收到欧派3338万元分红。未来这些公司的股权变现，预计可以为公司带来更多现金，降低财务杠杆。\n在未来发展上，除了原来的卖场业务，公司切入了家装板块，这也是一个万亿级别的市场。根据前瞻产业研究院报告，2020年我国家居家装市场规模超2万亿元，预期未来以7%的年复合增速增长。\n家装市场呈现典型的“大行业，小企业”的特征，还没有出现真正全国性的家装公司。美凯龙2019年成立装修产业集团，通过三大品牌矩阵“美凯龙空间美学”、“家倍得”、“更好家”入局，争夺前端流量。家装业务做是好，不仅可以拓展一个新的增长点，还可以为原有的家具卖场业务引流。\n家装业务的核心点是设计师资源。美凯龙通过“M+高端室内设计大赛”和“星设计”平台，汇聚了36000多名设计师人才资源库，发挥设计师在家装过程中的强大话语权和把控权。以家装和设计师作为客户流量入口的抓手，美凯龙可以整合行业上下游产业链，增强与家居家具公司、经销商、设计师的合作粘性。加上美凯龙全国性的网络，可以充分构建本地化家装网络。在这个“大行业，小企业”的领域，美凯龙的发展空间值得期待。\n总结一下，美凯龙现在有两点在转好，一是业绩开始拐点向上，并且随着存量房逐渐占主导，未来房地产周期性将变弱，二是公司在着手降低杠杆，降低财务风险，减少财务费用，同时公司切入的家装市场有想象空间。\n估值与技术面\n再来讲下估值。\n以A股价格算，当前市值428亿，2020年净利润被破坏了，看2019年，对应2019年的净利润估值是9.13倍，对应扣非是16倍。这个估值不算贵，对比居然之家，当前市值398亿，对应2019年的归母净利润和扣非归母分别是13倍和19倍，美凯龙相对低估。\n在公司基本面稳固，同时有改善的背景下，估值有修复的可能。\n未来看，根据券商的一致预期，当前市值对应2021年、2022年、2023年分别是10.86倍、9.32倍和8.08倍。从公司一季度经营情况看，券商对今年的预期可能偏低。\n\n再讲一下交易面，公司股价目前从大周期来讲，还在底部，这个底部经过了两年多时间的夯实，最近有明显的底部放量现象，这是值得关注的迹象。今年以来，红星美凯龙股价涨幅已经达到29.0%（截至6月25日收盘），远超上证指数的3.9%。\n\n公司今年1季度实现扣非净利润4.12亿元，较去年同期的2.05亿元翻倍。换句话说，随着行业整体回暖，以及存量房时代的来临，家居龙头在估值修复的同时，利润也在快速提升。\n估值修复+利润超预期，红星美凯龙正迎来“戴维斯双击”。","news_type":1,"symbols_score_info":{"01528":0.9}},"isVote":1,"tweetType":1,"viewCount":4679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124256584,"gmtCreate":1624768600448,"gmtModify":1703844831982,"author":{"id":"3585154973275419","authorId":"3585154973275419","name":"Catherine81","avatar":"https://static.tigerbbs.com/0a79851a3d87b4faea127374eb70b0b0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585154973275419","authorIdStr":"3585154973275419"},"themes":[],"title":"","htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124256584","repostId":"1185056773","repostType":4,"repost":{"id":"1185056773","kind":"news","pubTimestamp":1624764660,"share":"https://ttm.financial/m/news/1185056773?lang=en_US&edition=fundamental","pubTime":"2021-06-27 11:31","market":"us","language":"zh","title":"280,000 units! Is Tesla's largest recall in history confirmed by automatic acceleration?","url":"https://stock-news.laohu8.com/highlight/detail?id=1185056773","media":"新智元","summary":"国家市场监督管理总局昨天发布了特斯拉的召回通知：共计285520辆Model 3和Model Y由于可能存在车辆「速度突增」的隐患，将通过OTA的方式在线召回。这也是官方首次宣布特斯拉可能存在突然加速的隐患。6月26日，国家市场监督管理总局发布通告称，特斯拉将召回211,256 辆国产Model 3和38,599辆国产Model Y，以及35,665辆进口Model 3。目前，总部位于加利福尼亚州帕洛阿尔托的特斯拉公司还没有回复。特斯拉随后在其官方微博上也发表了相关声明。","content":"<p><b>[Introduction]</b>The State Administration for Market Regulation issued a recall notice from Tesla yesterday: a total of 285,520 Model 3 and Model Y vehicles will be recalled online via OTA due to a potential \"speed increase\" issue. This is also the first time that Tesla has been officially announced to have a potential risk of sudden acceleration.</p><p>The brake failure issue hasn't been resolved yet, and there's still the danger of sudden acceleration?</p><p>On June 26, the State Administration for Market Regulation issued a notice stating that Tesla will recall 211,256 domestically produced Model 3s and 38,599 domestically produced Model Ys, as well as 35,665 imported Model 3s.</p><p>Tesla, headquartered in Palo Alto, California, has not yet responded.</p><p><img src=\"https://static.tigerbbs.com/d33576459c033e1b802f6283ee534e22\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e0464ce9d3562446bf973ff3653ba930\" tg-width=\"1080\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>Tesla subsequently issued a related statement on its official Weibo account.</p><p><img src=\"https://static.tigerbbs.com/71d05d9a2daf49dc7fa4d9b87e2c0e5f\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Interestingly, however, these two documents seem to be saying the same thing, but their expressions are completely different.</p><p>The regulatory authority stated, \"Due to a problem with the active cruise control system, the vehicles within the scope of this recall are prone to drivers mistakenly activating the active cruise function in the following situations.\"</p><p>Tesla: \"Because the active cruise control function may be accidentally activated by the driver.\"</p><p>The regulatory bureau stated, \"This recall was conducted after the State Administration for Market Regulation launched a defect investigation. As a result of the investigation, Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. have decided to take recall measures to eliminate the safety hazard.\"</p><p>Tesla: \"Adhering to a responsible attitude towards consumers, we have proactively filed a recall plan with the State Administration for Market Regulation.\"</p><p><b>Active cruise \"wrong\" start</b></p><p>The active cruise control function of the Tesla Model 3/Y is activated by pressing the right gear lever down once when the vehicle is in D gear.</p><p>After activating the active cruise function, the vehicle will increase its speed to the set speed or the same speed as the vehicle in front while maintaining a safe distance from the vehicle in front, based on the \"Current Speed\" or \"Road Speed Limit\" settings selected by the user.</p><p>Users can exit the active cruise control function by pressing the right lever upwards once or by applying the brake.</p><p>After active cruise control is incorrectly activated, if the vehicle sets a cruise speed other than the current speed and the current speed is lower than the set speed, the vehicle will accelerate to the set speed.</p><p>A sudden increase in vehicle speed can affect the driver's expectations and lead to misjudgments in vehicle handling.</p><p>On January 6, a netizen posted a video of active cruise control being mistakenly activated. Clearly, the car owner had no idea what was going on at the time.</p><p>A blogger on Douyin demonstrated how Tesla enters active cruise mode with all assistance turned off.</p><p>Tesla stated that this OTA \"recall\" will raise the threshold for activating active cruise control and add reminders when active cruise control is activated and deactivated.</p><p><img src=\"https://static.tigerbbs.com/3a5f80e8e1f69769d64dea833f691ba4\" tg-width=\"620\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p><p><b>Quality issues?</b></p><p>Data shows that 93.7% of the sales of Tesla cars produced locally at Tesla's Shanghai factory are recalled vehicles manufactured in China.</p><p>The Wall Street Journal also questioned Tesla about whether the quality was affected by the fast manufacturing speed, but received no answer.</p><p>In February, Tesla was summoned for talks due to consumer complaints about quality issues.</p><p><img src=\"https://static.tigerbbs.com/14e851bdb64d4e80403a999df7faf3f6\" tg-width=\"1080\" tg-height=\"327\" referrerpolicy=\"no-referrer\"></p><p>In April, a consumer expressed a strong protest against Tesla at the Shanghai Auto Show, shouting accusations of brake failure in Tesla cars from the roof.</p><p><img src=\"https://static.tigerbbs.com/fc8f628e28bbc1cf94da384ff9e1f62e\" tg-width=\"1080\" tg-height=\"332\" referrerpolicy=\"no-referrer\"></p><p>The Wall Street Journal stated that Tesla's quality problems are no longer news.</p><p>Tesla has always been considered a well-known brand in China, and Musk has stated that China's rapidly growing market will become the company's largest market.</p><p>Has the situation changed now? Not entirely.</p><p><b>Simplified control logic</b></p><p>From the very beginning of its design, Tesla has emphasized the human-computer interaction logic of \"disrupting traditional models,\" which is even more vividly reflected in the Model 3.</p><p>Car owners can simply put their keys in their pockets, pull the handle, and enter the vehicle directly. Once seated, they no longer need to press the start button; they can simply press the gear shift lever to move the vehicle forward.</p><p>Most of the physical buttons inside the car have been removed, even the instrument panel in front of the steering wheel, and the driver only needs to interact with the vehicle through the large screen in the center.</p><p>This design philosophy is implemented more thoroughly in the new Model S Plaid: all physical buttons have been eliminated inside the car, and everything is controlled by touch, and the vehicle can even automatically determine whether to shift into forward or reverse gear.</p><p>When enabling Tesla's proud Autopilot feature, Tesla's operational logic was also revolutionary: although the gear shift lever came from Mercedes-Benz, Tesla integrated it with the gear shift lever while keeping all the functions simple.</p><p>The cruise control function of Mercedes-Benz models is either securely integrated into the steering wheel or a separate control lever.</p><p>Previously, a netizen pointed out this hidden danger on a forum of a vertical automotive website:</p><p>To highlight the vehicle's intelligence, the Model 3's cruise control function differs from traditional models: it automatically sets the speed to the maximum speed limit of the current road, rather than the current driving speed, which leads to \"automatic acceleration\".</p><p>While this helps reduce operational steps, it also poses a risk when integrated with Tesla's unique control methods.</p><p><b>Unresolved brake door</b></p><p>This recall, to some extent, officially explains the previously reported issue with Tesla's automatic acceleration. However, the rights protection incident that took place at the Shanghai Auto Show is still stuck in a Rashomon-like situation.</p><p><img src=\"https://static.tigerbbs.com/782bafca8d6a9296edc64b3e1257668f\" tg-width=\"1080\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p><p>A car owner protesting at the auto show stated that the vehicle was traveling on the Anyang National Highway in Henan Province when it rear-ended the vehicle in front due to brake system failure.</p><p><img src=\"https://static.tigerbbs.com/9120fee1da02f4376d31743b8741d541\" tg-width=\"1080\" tg-height=\"778\" referrerpolicy=\"no-referrer\"></p><p>According to official vehicle condition monitoring information, the deceleration of the vehicle's brakes at the time did not correspond reasonably to the pressure of the brake master cylinder.</p><p><img src=\"https://static.tigerbbs.com/d04230d5588379e2d85a114dc62a8c7c\" tg-width=\"1080\" tg-height=\"919\" referrerpolicy=\"no-referrer\"></p><p>Some experts analyze that it may be due to poor road traction, while others question whether Tesla's Intelligent Driving system has gained too much permission, causing the iBooster electronic braking system provided by Bosch to fail to function effectively.</p><p>However, due to the current stalemate between the two sides, it seems that the true situation at the time will never come to light.</p><p>Following this online recall via OTA (over-the-air upgrade), Tesla's cruise control activation logic will change, and the system will provide drivers with more prompts.</p><p>Interestingly, both Li Auto and XPeng Automobile, emerging domestic car manufacturers, adopt cruise control logic very similar to Tesla's.</p><p><img src=\"https://static.tigerbbs.com/03c51901d6c1963ab3572f0c7bf44cf0\" tg-width=\"1024\" tg-height=\"742\" referrerpolicy=\"no-referrer\"></p><p>Led by Tesla, a disruptive force, more and more models are now equipped with similar (or even richer) intelligent and automated features. This recall also serves as a reminder to other automakers in the automotive industry: the prerequisite for adding any intelligent and convenient features inside a car should be safety.</p>","source":"lsy1569730104218","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>280,000 units! Is Tesla's largest recall in history confirmed by automatic acceleration?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n280,000 units! Is Tesla's largest recall in history confirmed by automatic acceleration?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新智元</strong><span class=\"h-time small\">2021-06-27 11:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>[Introduction]</b>The State Administration for Market Regulation issued a recall notice from Tesla yesterday: a total of 285,520 Model 3 and Model Y vehicles will be recalled online via OTA due to a potential \"speed increase\" issue. This is also the first time that Tesla has been officially announced to have a potential risk of sudden acceleration.</p><p>The brake failure issue hasn't been resolved yet, and there's still the danger of sudden acceleration?</p><p>On June 26, the State Administration for Market Regulation issued a notice stating that Tesla will recall 211,256 domestically produced Model 3s and 38,599 domestically produced Model Ys, as well as 35,665 imported Model 3s.</p><p>Tesla, headquartered in Palo Alto, California, has not yet responded.</p><p><img src=\"https://static.tigerbbs.com/d33576459c033e1b802f6283ee534e22\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e0464ce9d3562446bf973ff3653ba930\" tg-width=\"1080\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>Tesla subsequently issued a related statement on its official Weibo account.</p><p><img src=\"https://static.tigerbbs.com/71d05d9a2daf49dc7fa4d9b87e2c0e5f\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Interestingly, however, these two documents seem to be saying the same thing, but their expressions are completely different.</p><p>The regulatory authority stated, \"Due to a problem with the active cruise control system, the vehicles within the scope of this recall are prone to drivers mistakenly activating the active cruise function in the following situations.\"</p><p>Tesla: \"Because the active cruise control function may be accidentally activated by the driver.\"</p><p>The regulatory bureau stated, \"This recall was conducted after the State Administration for Market Regulation launched a defect investigation. As a result of the investigation, Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. have decided to take recall measures to eliminate the safety hazard.\"</p><p>Tesla: \"Adhering to a responsible attitude towards consumers, we have proactively filed a recall plan with the State Administration for Market Regulation.\"</p><p><b>Active cruise \"wrong\" start</b></p><p>The active cruise control function of the Tesla Model 3/Y is activated by pressing the right gear lever down once when the vehicle is in D gear.</p><p>After activating the active cruise function, the vehicle will increase its speed to the set speed or the same speed as the vehicle in front while maintaining a safe distance from the vehicle in front, based on the \"Current Speed\" or \"Road Speed Limit\" settings selected by the user.</p><p>Users can exit the active cruise control function by pressing the right lever upwards once or by applying the brake.</p><p>After active cruise control is incorrectly activated, if the vehicle sets a cruise speed other than the current speed and the current speed is lower than the set speed, the vehicle will accelerate to the set speed.</p><p>A sudden increase in vehicle speed can affect the driver's expectations and lead to misjudgments in vehicle handling.</p><p>On January 6, a netizen posted a video of active cruise control being mistakenly activated. Clearly, the car owner had no idea what was going on at the time.</p><p>A blogger on Douyin demonstrated how Tesla enters active cruise mode with all assistance turned off.</p><p>Tesla stated that this OTA \"recall\" will raise the threshold for activating active cruise control and add reminders when active cruise control is activated and deactivated.</p><p><img src=\"https://static.tigerbbs.com/3a5f80e8e1f69769d64dea833f691ba4\" tg-width=\"620\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p><p><b>Quality issues?</b></p><p>Data shows that 93.7% of the sales of Tesla cars produced locally at Tesla's Shanghai factory are recalled vehicles manufactured in China.</p><p>The Wall Street Journal also questioned Tesla about whether the quality was affected by the fast manufacturing speed, but received no answer.</p><p>In February, Tesla was summoned for talks due to consumer complaints about quality issues.</p><p><img src=\"https://static.tigerbbs.com/14e851bdb64d4e80403a999df7faf3f6\" tg-width=\"1080\" tg-height=\"327\" referrerpolicy=\"no-referrer\"></p><p>In April, a consumer expressed a strong protest against Tesla at the Shanghai Auto Show, shouting accusations of brake failure in Tesla cars from the roof.</p><p><img src=\"https://static.tigerbbs.com/fc8f628e28bbc1cf94da384ff9e1f62e\" tg-width=\"1080\" tg-height=\"332\" referrerpolicy=\"no-referrer\"></p><p>The Wall Street Journal stated that Tesla's quality problems are no longer news.</p><p>Tesla has always been considered a well-known brand in China, and Musk has stated that China's rapidly growing market will become the company's largest market.</p><p>Has the situation changed now? Not entirely.</p><p><b>Simplified control logic</b></p><p>From the very beginning of its design, Tesla has emphasized the human-computer interaction logic of \"disrupting traditional models,\" which is even more vividly reflected in the Model 3.</p><p>Car owners can simply put their keys in their pockets, pull the handle, and enter the vehicle directly. Once seated, they no longer need to press the start button; they can simply press the gear shift lever to move the vehicle forward.</p><p>Most of the physical buttons inside the car have been removed, even the instrument panel in front of the steering wheel, and the driver only needs to interact with the vehicle through the large screen in the center.</p><p>This design philosophy is implemented more thoroughly in the new Model S Plaid: all physical buttons have been eliminated inside the car, and everything is controlled by touch, and the vehicle can even automatically determine whether to shift into forward or reverse gear.</p><p>When enabling Tesla's proud Autopilot feature, Tesla's operational logic was also revolutionary: although the gear shift lever came from Mercedes-Benz, Tesla integrated it with the gear shift lever while keeping all the functions simple.</p><p>The cruise control function of Mercedes-Benz models is either securely integrated into the steering wheel or a separate control lever.</p><p>Previously, a netizen pointed out this hidden danger on a forum of a vertical automotive website:</p><p>To highlight the vehicle's intelligence, the Model 3's cruise control function differs from traditional models: it automatically sets the speed to the maximum speed limit of the current road, rather than the current driving speed, which leads to \"automatic acceleration\".</p><p>While this helps reduce operational steps, it also poses a risk when integrated with Tesla's unique control methods.</p><p><b>Unresolved brake door</b></p><p>This recall, to some extent, officially explains the previously reported issue with Tesla's automatic acceleration. However, the rights protection incident that took place at the Shanghai Auto Show is still stuck in a Rashomon-like situation.</p><p><img src=\"https://static.tigerbbs.com/782bafca8d6a9296edc64b3e1257668f\" tg-width=\"1080\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p><p>A car owner protesting at the auto show stated that the vehicle was traveling on the Anyang National Highway in Henan Province when it rear-ended the vehicle in front due to brake system failure.</p><p><img src=\"https://static.tigerbbs.com/9120fee1da02f4376d31743b8741d541\" tg-width=\"1080\" tg-height=\"778\" referrerpolicy=\"no-referrer\"></p><p>According to official vehicle condition monitoring information, the deceleration of the vehicle's brakes at the time did not correspond reasonably to the pressure of the brake master cylinder.</p><p><img src=\"https://static.tigerbbs.com/d04230d5588379e2d85a114dc62a8c7c\" tg-width=\"1080\" tg-height=\"919\" referrerpolicy=\"no-referrer\"></p><p>Some experts analyze that it may be due to poor road traction, while others question whether Tesla's Intelligent Driving system has gained too much permission, causing the iBooster electronic braking system provided by Bosch to fail to function effectively.</p><p>However, due to the current stalemate between the two sides, it seems that the true situation at the time will never come to light.</p><p>Following this online recall via OTA (over-the-air upgrade), Tesla's cruise control activation logic will change, and the system will provide drivers with more prompts.</p><p>Interestingly, both Li Auto and XPeng Automobile, emerging domestic car manufacturers, adopt cruise control logic very similar to Tesla's.</p><p><img src=\"https://static.tigerbbs.com/03c51901d6c1963ab3572f0c7bf44cf0\" tg-width=\"1024\" tg-height=\"742\" referrerpolicy=\"no-referrer\"></p><p>Led by Tesla, a disruptive force, more and more models are now equipped with similar (or even richer) intelligent and automated features. This recall also serves as a reminder to other automakers in the automotive industry: the prerequisite for adding any intelligent and convenient features inside a car should be safety.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/okPYp2y8RUP0VfjmJ_ddQw\">新智元</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e0d9f23e003547a93295253f05b6a55","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s/okPYp2y8RUP0VfjmJ_ddQw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185056773","content_text":"【导读】国家市场监督管理总局昨天发布了特斯拉的召回通知：共计285520辆Model 3和Model Y由于可能存在车辆「速度突增」的隐患，将通过OTA的方式在线召回。这也是官方首次宣布特斯拉可能存在突然加速的隐患。\n刹车失灵的问题还没解决，现在还有突然加速的危险？\n6月26日，国家市场监督管理总局发布通告称，特斯拉将召回211,256 辆国产Model 3和38,599辆国产Model Y，以及35,665辆进口Model 3。\n目前，总部位于加利福尼亚州帕洛阿尔托的特斯拉公司还没有回复。\n\n特斯拉随后在其官方微博上也发表了相关声明。\n\n然而有趣的是，这两份文件看似在说同一件事，但表述却完全不一样。\n监管局：「本次召回范围内的车辆由于主动巡航控制系统问题，易造成驾驶员在以下情形误激活主动巡航功能。」\n特斯拉：「由于主动巡航控制功能可能被驾驶员误激活。」\n监管局：「本次召回活动是在国家市场监督管理总局启动缺陷调查情况下开展的。受调查影响，特斯拉汽车（北京）有限公司、特斯拉（上海）有限公司决定采取召回措施，消除安全隐患。」\n特斯拉：「秉承对消费者负责的态度，我们主动向国家市场监督管理总局备案了召回计划。」\n主动巡航「误」启动\n特斯拉Model 3/Y的主动巡航功能的开启方式为，车辆在D挡时向下拨动一次右侧挡杆。\n启动主动巡航功能后，车辆会根据用户选择的「当前车速」或「道路限速」主动巡航限速设置，在保持与前车安全车距情况下，提速至设置车速或与前车同速。\n用户可通过向上拨动一次右侧拨杆，或者踩下刹车退出主动巡航功能。\n主动巡航控制被误激活后，如果车辆设置的巡航速度不是当前车速，且当前车速低于设定速度时，车辆会加速到设定速度。\n出现车辆速度突增情形，会影响驾驶员的预期并导致车辆操控误判。\n1月6日，一位网友就发布了一个主动巡航被误激活的视频，显然，这位车主当时完全搞不清楚是什么情况。\n一位抖音上的博主演示了特斯拉是如何在关闭所有辅助的情况下进入主动巡航模式的。\n特斯拉表示，这次OTA「召回」可以提高激活主动巡航控制的阈值，并且增加了主动巡航控制激活和退出时的提醒方式。\n\n质量问题？\n数据显示，在特斯拉上海工厂本地生产的特斯拉汽车销量中，召回的在中国制造的汽车占 93.7%。\n华尔街日报也质询了特斯拉：「是否是由于制造速度太快而导致质量受到影响」，不过并没有得到答复。\n2月，特斯拉因为消费者投诉的质量问题被约谈。\n\n4月，一位消费者在上海车展上对特斯拉表达出了强烈的抗议，在车顶上大喊对特斯拉汽车刹车故障的指控。\n\n华尔街日报则表示，特斯拉的质量问题早已不是什么新闻了。\n特斯拉在中国一直被视为一个享有盛誉的品牌，马斯克也表示中国快速增长的市场将成为公司最大的市场。\n那现在这种情况是不是出现了一些变化？也不尽然。\n一切从简的控制逻辑\n从设计伊始，特斯拉就在强调“颠覆传统车型”的人机交互逻辑，这一点在Model 3上体现得更加淋漓尽致。\n车主只需将钥匙放在裤兜里，就可以拉动把手直接进入车内，并且入座后无需再按下启动按钮，直接拨动换挡杆就可以让车辆前进。\n车内取消了大部分的物理按键，甚至是方向盘前方的仪表盘，驾驶员只需要通过中央的大屏幕与车辆进行交互。\n这样的设计理念在全新的Model S Plaid上面被贯彻得更加彻底：车内取消了所有的物理按键，全部通过触控来进行控制，而车辆甚至可以自动判断挂前进挡还是倒挡。\n在特斯拉引以为傲的Autopilot功能开启上，特斯拉的操作逻辑也堪称颠覆：虽然换挡拨杆来自奔驰，但特斯拉秉着一切从简的功能，将其与换挡拨杆集成在了一起。\n而奔驰旗下车型的巡航控制功能都稳妥地集成在方向盘上，或者是一个独立的控制拨杆。\n之前在某汽车垂直网站论坛上，也有网友指出过这个隐患：\n为了凸显车辆的智能性，Model 3的定速巡航功能与传统车型不同：它会将速度自动设定在当前道路的最高限速，而非当前行驶的速度，这就会导致「自动加速」的发生。\n诚然这么做有助于减少操作步骤，但同时与特斯拉特殊的控制方法集成在一起时，就带来了隐患。\n悬而未决的刹车门\n此次召回从一定程度上从官方角度解释了之前报道过的特斯拉自动加速的问题。但是在上海车展上上演的维权事件目前仍然陷在罗生门中。\n\n车展维权车主表示：车辆当时在河南安阳国道上行驶，由于刹车系统失效导致追尾前方车辆。\n\n根据官方公布的车辆状态监控信息显示，车辆当时刹车的减速度与制动主缸压力并没有合理对应。\n\n有专业人士分析可能是路面附着力不佳，也有人在质疑特斯拉的智能驾驶系统获得了过高的权限，导致博世为其提供的iBooster电子助力刹车装置未能有效发挥作用。\n但是由于目前双方陷入僵持，当时的真实情况似乎永远无法浮出水面。\n此次通过OTA（空中升级）的方式在线召回之后，特斯拉的定速巡航开启逻辑将会有所变化，并且系统会给驾驶员更多的提示。\n有意思的是，国内新造车势力理想和小鹏汽车都采用了与特斯拉十分相近的巡航系统控制逻辑。\n\n在特斯拉这条鲶鱼的带领下，如今越来越多的车型开始配备了类似的（甚至是更加丰富的）智能化和自动化功能，此次召回也提醒着汽车行业其他的造车者们：车内增加任何智能化和便利性设施的前提，应该是安全性。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":150024455,"gmtCreate":1624877357977,"gmtModify":1703846807113,"author":{"id":"3585154973275419","authorId":"3585154973275419","name":"Catherine81","avatar":"https://static.tigerbbs.com/0a79851a3d87b4faea127374eb70b0b0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585154973275419","authorIdStr":"3585154973275419"},"themes":[],"title":"","htmlText":"o","listText":"o","text":"o","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/150024455","repostId":"1199005345","repostType":4,"repost":{"id":"1199005345","kind":"news","weMediaInfo":{"introduction":"格隆汇旗下公众号。分享和探讨港股、美国中概股以及少量估值确有吸引力之A股的投资线索、投资机会与投资心得.","home_visible":1,"media_name":"格隆汇投资学苑","id":"3","head_image":"https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c"},"pubTimestamp":1624877094,"share":"https://ttm.financial/m/news/1199005345?lang=en_US&edition=fundamental","pubTime":"2021-06-28 18:44","market":"sh","language":"zh","title":"In the post-pandemic era, Red Star Macalline may be about to experience a \"Davis double whammy\".","url":"https://stock-news.laohu8.com/highlight/detail?id=1199005345","media":"格隆汇投资学苑","summary":"家居龙头在估值修复的同时，利润也在快速提升。\n2020年是一个特殊年，有些行业受益，有些行业受损，受损的行业复苏程度也不相同。像超市，是最先受益的，但也是最先崩盘的，因为疫情加速改变了人的行为方式，新","content":"<p>While the valuations of leading home furnishing companies are recovering, their profits are also increasing rapidly.</p><p>2020 was a special year, with some industries benefiting and others suffering, and the degree of recovery of the affected industries varying. Supermarkets, for example, were among the first to benefit, but also the first to collapse because the pandemic accelerated changes in people's behavior, and new channels continued to emerge. The pandemic allowed supermarkets to shine again.</p><p>Meanwhile, some industries that focus on offline experiences, such as home furnishings, may have their development hindered by the pandemic, but in the long run, people's consumption needs and habits have not changed due to the pandemic. As the pandemic eases, the home furnishing industry is undoubtedly experiencing a full recovery. In May, the National Building Materials and Home Furnishings Prosperity Index (BHI) reached 130.03, up 15.51 points month-on-month and 40.90 points year-on-year. It will eventually come back, it will still come back.</p><p>The company we'll be discussing today is...<b>Macalline (601828.SH), a leader in the home furnishing industry.</b></p><p><b>Company Introduction</b></p><p>Red Star Macalline's history can be traced back to 1986. It was listed on the Hong Kong Stock Exchange in 2015, on the A-share market in 2018, and received strategic investment from Alibaba in 2019. It is a leading home decoration and furniture mall operator and pan-home furnishing business platform service provider in China, mainly operating and managing self-operated malls, entrusted malls, franchised malls and strategic partner malls.</p><p>Simply put, the company provides space to home furnishing companies and collects rent. There are two types of shopping malls: one is self-operated shopping malls, where companies charge customers rent and management fees on an annual basis. The company's self-operated shopping malls are further divided into owned shopping malls and non-owned shopping malls. The former is owned by the company, while the latter is leased by the company.</p><p>Another type is entrusted management of shopping malls, where the company does not own these malls but outsources management to them. The company sends management personnel to its partners to provide comprehensive consulting and management services, and charges project brand consulting fees, investment promotion service fees, business management consulting fees, and entrusted operation and management fees. Similar to hotels, this involves output management and belongs to a light-asset operation model.</p><p>The company creates locational advantages by seizing prime locations in its self-operated shopping malls, and then achieves faster expansion and penetration into lower-tier cities through the asset-light operation of its managed shopping malls. As of December 31, 2020, the company owned 92 self-operated shopping malls (58 of which were owned properties), mainly located in prime locations in first- and second-tier cities, with stable operating revenue. The company owns 273 managed shopping malls, mainly located in third-tier cities and other cities. In addition, the company has operated 12 home furnishing shopping malls through strategic cooperation and authorized the opening of 66 franchised home furnishing and building materials projects through franchising, including a total of 476 home furnishing and building materials stores.</p><p><img src=\"https://static.tigerbbs.com/2817027c12a058b113c5cd1f4bba9d04\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>China can be roughly divided into three tiers based on market size and sales network. The first tier includes Macalline, Easyhome, Yuexing Home Furnishings, and Ouyada, with these four companies having more than 1,120 home furnishing stores. The second tier mainly consists of overseas home furnishing mall brands and medium-to-large regional chain home furnishing mall brands, including Yideli, IKEA, B&Q, and Fusonmi. The third tier mainly consists of small and medium-sized regional home furnishing stores.</p><p>By the end of 2020, Macalline had an operating area of 22.05 million square meters, giving it a leading domestic advantage in terms of chain network, market coverage, and sales volume.</p><p><img src=\"https://static.tigerbbs.com/33090ef402b617e3f6615b61a7c87cd8\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>So what exactly does this lead mean?</p><p>Let's start with home furniture consumption, especially furniture consumption. Furniture purchasing is a low-frequency activity for consumers, rarely happening in their lifetime. Therefore, consumers lack brand awareness when it comes to furniture, and they need to learn, understand, and make decisions in a short period of time when making purchasing decisions. All furniture is unfamiliar to consumers. Regardless of whether you are a large or small manufacturer, when products are presented to consumers, they are perceived as being of the same level. Consumers rely more on their feelings or the influence of sales staff to make decisions.</p><p>This means that furniture consumption is low-frequency, high-priced, and emphasizes various scenarios. These characteristics determine the irreplaceability of offline channels, and channel value precedes brand value. Whether domestically or internationally, offline professional retail stores account for the largest proportion of the pan-home furnishing market.</p><p><img src=\"https://static.tigerbbs.com/05c9dc1f7a79db64cbf1034c7d4fb2e8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>This demonstrates Red Star Macalline's position. This position will not change due to the pandemic, nor will it be hit by various channels (such as community group buying and online supermarkets) like supermarkets. Therefore, future recovery is certain.</p><p>In addition to its home furnishing and shopping mall business, Macalline established a decoration industry group in 2019 and upgraded decoration business to its primary business in 2020. It accelerated its entry into the market through three major brand matrices: \"Macalline Space Aesthetics\", \"Jiabeide\" and \"Genghaojia\", competing for front-end traffic and achieving integrated home furnishing consumption through \"one-stop\" home decoration.</p><p><b>Future Highlights</b></p><p><b>In the long run, Red Star Macalline remains a rare and high-quality stock in the A-share home furnishing industry.</b></p><p>From the perspective of industry demand, the demand for furniture in my country comes from two aspects. One is the incremental housing brought about by urbanization. In recent years, my country's urbanization rate has steadily increased, reaching 60.6% in 2019. Based on an increase of 0.8-1 percentage points in the first year, it is predicted that 11-14 million new urban residents will be added every year, which means that the future development prospects of the home furnishing industry are still broad. In 2020, my country's commodity sales area reached 1.76 billion square meters, and real estate companies started construction on 2.24 billion square meters of new housing, indicating that new home renovations are expected.</p><p>The second is the demand for renovation of old houses. Buyers and owners of second-hand houses have a strong demand for partial and comprehensive renovations due to aging and outdated decoration styles. The total demand for renovation and upgrading of old and second-hand houses in first- and second-tier cities in China has reached 54.3%, which has exceeded that of new houses.</p><p><img src=\"https://static.tigerbbs.com/648b133e39fd2345cdbffb8d4356211f\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>With the resonance between new and old homes, the future demand for furniture is guaranteed, and China will gradually enter an era dominated by existing housing stock, and the impact of the real estate cycle on Macalline will weaken. Judging from the first quarter of 2021, Macalline's performance is recovering. In the first quarter, revenue was 3.341 billion yuan, a year-on-year increase of 30.7%, net profit was 724 million yuan, a year-on-year increase of 80.79 million yuan, and net profit attributable to the parent company after deducting non-recurring items was 413 million yuan, a year-on-year increase of 101.45%. It is particularly noteworthy that the net profit attributable to the parent company after deducting non-recurring items in the first quarter increased by nearly 40% year-on-year compared with 2019.</p><p>From the company's perspective, the company is undertaking deleveraging operations. This includes the company's accelerated transformation towards asset-light development. In the future, the company's main development direction will be to leverage its brand effect and operational experience to continue to penetrate lower-tier cities through the entrusted management model. Under the asset-light model, the partners provide all the expenses for building the mall, and Macalline does not need to bear any capital expenditures. Judging from its past operations, Macalline has a good brand influence and management experience, with the occupancy rate of its managed shopping malls exceeding 90%. This past achievement will also attract partners to cooperate with Macalline.</p><p>Secondly, the company reduced its financial leverage through asset disposal and the introduction of strategic partners. In May 2021, Macalline's application for a non-public offering of A-shares was approved, with the proposed funds to be raised not exceeding 3.7 billion yuan, of which 1.11 billion yuan will be used to repay interest-bearing liabilities. In June 2021, Macalline issued an announcement stating that it had reached a \"Cooperation Framework Agreement\" with Tianjin Yuanchuan Investment. Tianjin Yuanchuan will acquire 100% equity in seven of Macalline's logistics subsidiaries, with a total target asset value of RMB 2.5 billion. The company expects the total transaction price to be RMB 2.312 billion.</p><p>In addition, the company also holds a large amount of equity in home furnishing companies. As a landlord, Macalline is well aware of the equity value of its partner home furnishing companies. Since 2013, Macalline has begun to strategically invest in upstream and downstream companies in the industry chain, such as Oppein Home Furnishings. From 2018 to 2020, the company received a total of RMB 33.38 million in dividends from Oppein. The future realization of equity in these companies is expected to bring more cash to the companies and reduce financial leverage.</p><p>In terms of future development, in addition to its original retail business, the company has entered the home decoration sector, which is also a trillion-dollar market. According to a report by the Qianzhan Industry Research Institute, my country's home furnishing and decoration market exceeded 2 trillion yuan in 2020 and is expected to grow at a compound annual growth rate of 7% in the future.</p><p>The home decoration market exhibits typical characteristics of \"large industries, small businesses,\" and no truly nationwide home decoration companies have yet emerged. Macalline established a decoration industry group in 2019, entering the market through three major brand matrices: \"Macalline Space Aesthetics\", \"Jiabeide\" and \"Better Home\" to compete for front-end traffic. Doing a good job in the home decoration business can not only expand a new growth point, but also drive traffic to the existing furniture store business.</p><p>The core of the home decoration business is designer resources. Through the \"M+ High-End Interior Design Competition\" and the \"Star Design\" platform, Macalline has gathered a talent pool of more than 36,000 designers, giving full play to the powerful voice and control of designers in the home decoration process. By using home decoration and designers as customer traffic entry points, Macalline can integrate the upstream and downstream industry chains and enhance the stickiness of cooperation with home furnishing companies, distributors, and designers. Combined with Macalline's nationwide network, a fully localized home improvement network can be built. In this field of \"big industry, small business\", Macalline's development potential is worth looking forward to.</p><p>In summary, Macalline is currently improving in two ways. First, its performance has begun to turn upward, and as existing housing stock gradually becomes dominant, the cyclical nature of the real estate market will weaken in the future. Second, the company is working to reduce leverage, reduce financial risks, and reduce financial expenses. At the same time, the home decoration market that the company is entering has potential.</p><p><b>Valuation and technical aspects</b></p><p>Let's talk about valuation again.</p><p>Based on A-share prices, the current market capitalization is 42.8 billion yuan. The net profit in 2020 was damaged. Looking at 2019, the net profit valuation corresponding to 2019 was 9.13 times, and the net profit deducted from non-recurring items was 16 times. This valuation is not expensive. Compared to Easyhome's current market capitalization of 39.8 billion yuan, which corresponds to 13 times the net profit attributable to the parent company and 19 times the net profit attributable to the parent company after deducting non-recurring items in 2019, Macalline is relatively undervalued.</p><p>With the company's fundamentals sound and improving, there is a possibility of valuation recovery.</p><p>Looking ahead, according to the consensus expectations of securities firms, the current market capitalization corresponds to 10.86 times, 9.32 times and 8.08 times in 2021, 2022 and 2023, respectively. Judging from the company's operating performance in the first quarter, securities firms may have low expectations for this year.</p><p><img src=\"https://static.tigerbbs.com/cadeb9a74f808ab3f6ead4431f2f4bac\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about trading. From a long-term perspective, the company's stock price is still at its bottom. This bottom has been consolidated for more than two years, and recently there has been a significant increase in trading volume, which is a sign worth paying attention to. Since the beginning of this year, Red Star Macalline's stock price has risen by 29.0% (as of the closing bell on June 25), far exceeding the Shanghai Composite Index's 3.9%.</p><p><img src=\"https://static.tigerbbs.com/772fc7d557b53436315215cb689ddc45\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>The company achieved a net profit excluding non-recurring items of 412 million yuan in the first quarter of this year, more than double the 205 million yuan in the same period last year. In other words, with the overall recovery of the industry and the arrival of the era of existing housing stock,<b>While the valuations of leading home furnishing companies are recovering, their profits are also increasing rapidly.</b></p><p>With valuation recovery and better-than-expected profits, Red Star Macalline is experiencing a \"Davis double boost\".</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>In the post-pandemic era, Red Star Macalline may be about to experience a \"Davis double whammy\".</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIn the post-pandemic era, Red Star Macalline may be about to experience a \"Davis double whammy\".\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/3\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/5d7d04eb4f16b0013ed2c39f71b84b6c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇投资学苑 </p>\n<p class=\"h-time smaller\">2021-06-28 18:44</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>While the valuations of leading home furnishing companies are recovering, their profits are also increasing rapidly.</p><p>2020 was a special year, with some industries benefiting and others suffering, and the degree of recovery of the affected industries varying. Supermarkets, for example, were among the first to benefit, but also the first to collapse because the pandemic accelerated changes in people's behavior, and new channels continued to emerge. The pandemic allowed supermarkets to shine again.</p><p>Meanwhile, some industries that focus on offline experiences, such as home furnishings, may have their development hindered by the pandemic, but in the long run, people's consumption needs and habits have not changed due to the pandemic. As the pandemic eases, the home furnishing industry is undoubtedly experiencing a full recovery. In May, the National Building Materials and Home Furnishings Prosperity Index (BHI) reached 130.03, up 15.51 points month-on-month and 40.90 points year-on-year. It will eventually come back, it will still come back.</p><p>The company we'll be discussing today is...<b>Macalline (601828.SH), a leader in the home furnishing industry.</b></p><p><b>Company Introduction</b></p><p>Red Star Macalline's history can be traced back to 1986. It was listed on the Hong Kong Stock Exchange in 2015, on the A-share market in 2018, and received strategic investment from Alibaba in 2019. It is a leading home decoration and furniture mall operator and pan-home furnishing business platform service provider in China, mainly operating and managing self-operated malls, entrusted malls, franchised malls and strategic partner malls.</p><p>Simply put, the company provides space to home furnishing companies and collects rent. There are two types of shopping malls: one is self-operated shopping malls, where companies charge customers rent and management fees on an annual basis. The company's self-operated shopping malls are further divided into owned shopping malls and non-owned shopping malls. The former is owned by the company, while the latter is leased by the company.</p><p>Another type is entrusted management of shopping malls, where the company does not own these malls but outsources management to them. The company sends management personnel to its partners to provide comprehensive consulting and management services, and charges project brand consulting fees, investment promotion service fees, business management consulting fees, and entrusted operation and management fees. Similar to hotels, this involves output management and belongs to a light-asset operation model.</p><p>The company creates locational advantages by seizing prime locations in its self-operated shopping malls, and then achieves faster expansion and penetration into lower-tier cities through the asset-light operation of its managed shopping malls. As of December 31, 2020, the company owned 92 self-operated shopping malls (58 of which were owned properties), mainly located in prime locations in first- and second-tier cities, with stable operating revenue. The company owns 273 managed shopping malls, mainly located in third-tier cities and other cities. In addition, the company has operated 12 home furnishing shopping malls through strategic cooperation and authorized the opening of 66 franchised home furnishing and building materials projects through franchising, including a total of 476 home furnishing and building materials stores.</p><p><img src=\"https://static.tigerbbs.com/2817027c12a058b113c5cd1f4bba9d04\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>China can be roughly divided into three tiers based on market size and sales network. The first tier includes Macalline, Easyhome, Yuexing Home Furnishings, and Ouyada, with these four companies having more than 1,120 home furnishing stores. The second tier mainly consists of overseas home furnishing mall brands and medium-to-large regional chain home furnishing mall brands, including Yideli, IKEA, B&Q, and Fusonmi. The third tier mainly consists of small and medium-sized regional home furnishing stores.</p><p>By the end of 2020, Macalline had an operating area of 22.05 million square meters, giving it a leading domestic advantage in terms of chain network, market coverage, and sales volume.</p><p><img src=\"https://static.tigerbbs.com/33090ef402b617e3f6615b61a7c87cd8\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>So what exactly does this lead mean?</p><p>Let's start with home furniture consumption, especially furniture consumption. Furniture purchasing is a low-frequency activity for consumers, rarely happening in their lifetime. Therefore, consumers lack brand awareness when it comes to furniture, and they need to learn, understand, and make decisions in a short period of time when making purchasing decisions. All furniture is unfamiliar to consumers. Regardless of whether you are a large or small manufacturer, when products are presented to consumers, they are perceived as being of the same level. Consumers rely more on their feelings or the influence of sales staff to make decisions.</p><p>This means that furniture consumption is low-frequency, high-priced, and emphasizes various scenarios. These characteristics determine the irreplaceability of offline channels, and channel value precedes brand value. Whether domestically or internationally, offline professional retail stores account for the largest proportion of the pan-home furnishing market.</p><p><img src=\"https://static.tigerbbs.com/05c9dc1f7a79db64cbf1034c7d4fb2e8\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>This demonstrates Red Star Macalline's position. This position will not change due to the pandemic, nor will it be hit by various channels (such as community group buying and online supermarkets) like supermarkets. Therefore, future recovery is certain.</p><p>In addition to its home furnishing and shopping mall business, Macalline established a decoration industry group in 2019 and upgraded decoration business to its primary business in 2020. It accelerated its entry into the market through three major brand matrices: \"Macalline Space Aesthetics\", \"Jiabeide\" and \"Genghaojia\", competing for front-end traffic and achieving integrated home furnishing consumption through \"one-stop\" home decoration.</p><p><b>Future Highlights</b></p><p><b>In the long run, Red Star Macalline remains a rare and high-quality stock in the A-share home furnishing industry.</b></p><p>From the perspective of industry demand, the demand for furniture in my country comes from two aspects. One is the incremental housing brought about by urbanization. In recent years, my country's urbanization rate has steadily increased, reaching 60.6% in 2019. Based on an increase of 0.8-1 percentage points in the first year, it is predicted that 11-14 million new urban residents will be added every year, which means that the future development prospects of the home furnishing industry are still broad. In 2020, my country's commodity sales area reached 1.76 billion square meters, and real estate companies started construction on 2.24 billion square meters of new housing, indicating that new home renovations are expected.</p><p>The second is the demand for renovation of old houses. Buyers and owners of second-hand houses have a strong demand for partial and comprehensive renovations due to aging and outdated decoration styles. The total demand for renovation and upgrading of old and second-hand houses in first- and second-tier cities in China has reached 54.3%, which has exceeded that of new houses.</p><p><img src=\"https://static.tigerbbs.com/648b133e39fd2345cdbffb8d4356211f\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>With the resonance between new and old homes, the future demand for furniture is guaranteed, and China will gradually enter an era dominated by existing housing stock, and the impact of the real estate cycle on Macalline will weaken. Judging from the first quarter of 2021, Macalline's performance is recovering. In the first quarter, revenue was 3.341 billion yuan, a year-on-year increase of 30.7%, net profit was 724 million yuan, a year-on-year increase of 80.79 million yuan, and net profit attributable to the parent company after deducting non-recurring items was 413 million yuan, a year-on-year increase of 101.45%. It is particularly noteworthy that the net profit attributable to the parent company after deducting non-recurring items in the first quarter increased by nearly 40% year-on-year compared with 2019.</p><p>From the company's perspective, the company is undertaking deleveraging operations. This includes the company's accelerated transformation towards asset-light development. In the future, the company's main development direction will be to leverage its brand effect and operational experience to continue to penetrate lower-tier cities through the entrusted management model. Under the asset-light model, the partners provide all the expenses for building the mall, and Macalline does not need to bear any capital expenditures. Judging from its past operations, Macalline has a good brand influence and management experience, with the occupancy rate of its managed shopping malls exceeding 90%. This past achievement will also attract partners to cooperate with Macalline.</p><p>Secondly, the company reduced its financial leverage through asset disposal and the introduction of strategic partners. In May 2021, Macalline's application for a non-public offering of A-shares was approved, with the proposed funds to be raised not exceeding 3.7 billion yuan, of which 1.11 billion yuan will be used to repay interest-bearing liabilities. In June 2021, Macalline issued an announcement stating that it had reached a \"Cooperation Framework Agreement\" with Tianjin Yuanchuan Investment. Tianjin Yuanchuan will acquire 100% equity in seven of Macalline's logistics subsidiaries, with a total target asset value of RMB 2.5 billion. The company expects the total transaction price to be RMB 2.312 billion.</p><p>In addition, the company also holds a large amount of equity in home furnishing companies. As a landlord, Macalline is well aware of the equity value of its partner home furnishing companies. Since 2013, Macalline has begun to strategically invest in upstream and downstream companies in the industry chain, such as Oppein Home Furnishings. From 2018 to 2020, the company received a total of RMB 33.38 million in dividends from Oppein. The future realization of equity in these companies is expected to bring more cash to the companies and reduce financial leverage.</p><p>In terms of future development, in addition to its original retail business, the company has entered the home decoration sector, which is also a trillion-dollar market. According to a report by the Qianzhan Industry Research Institute, my country's home furnishing and decoration market exceeded 2 trillion yuan in 2020 and is expected to grow at a compound annual growth rate of 7% in the future.</p><p>The home decoration market exhibits typical characteristics of \"large industries, small businesses,\" and no truly nationwide home decoration companies have yet emerged. Macalline established a decoration industry group in 2019, entering the market through three major brand matrices: \"Macalline Space Aesthetics\", \"Jiabeide\" and \"Better Home\" to compete for front-end traffic. Doing a good job in the home decoration business can not only expand a new growth point, but also drive traffic to the existing furniture store business.</p><p>The core of the home decoration business is designer resources. Through the \"M+ High-End Interior Design Competition\" and the \"Star Design\" platform, Macalline has gathered a talent pool of more than 36,000 designers, giving full play to the powerful voice and control of designers in the home decoration process. By using home decoration and designers as customer traffic entry points, Macalline can integrate the upstream and downstream industry chains and enhance the stickiness of cooperation with home furnishing companies, distributors, and designers. Combined with Macalline's nationwide network, a fully localized home improvement network can be built. In this field of \"big industry, small business\", Macalline's development potential is worth looking forward to.</p><p>In summary, Macalline is currently improving in two ways. First, its performance has begun to turn upward, and as existing housing stock gradually becomes dominant, the cyclical nature of the real estate market will weaken in the future. Second, the company is working to reduce leverage, reduce financial risks, and reduce financial expenses. At the same time, the home decoration market that the company is entering has potential.</p><p><b>Valuation and technical aspects</b></p><p>Let's talk about valuation again.</p><p>Based on A-share prices, the current market capitalization is 42.8 billion yuan. The net profit in 2020 was damaged. Looking at 2019, the net profit valuation corresponding to 2019 was 9.13 times, and the net profit deducted from non-recurring items was 16 times. This valuation is not expensive. Compared to Easyhome's current market capitalization of 39.8 billion yuan, which corresponds to 13 times the net profit attributable to the parent company and 19 times the net profit attributable to the parent company after deducting non-recurring items in 2019, Macalline is relatively undervalued.</p><p>With the company's fundamentals sound and improving, there is a possibility of valuation recovery.</p><p>Looking ahead, according to the consensus expectations of securities firms, the current market capitalization corresponds to 10.86 times, 9.32 times and 8.08 times in 2021, 2022 and 2023, respectively. Judging from the company's operating performance in the first quarter, securities firms may have low expectations for this year.</p><p><img src=\"https://static.tigerbbs.com/cadeb9a74f808ab3f6ead4431f2f4bac\" tg-width=\"1080\" tg-height=\"496\" referrerpolicy=\"no-referrer\"></p><p>Let's talk about trading. From a long-term perspective, the company's stock price is still at its bottom. This bottom has been consolidated for more than two years, and recently there has been a significant increase in trading volume, which is a sign worth paying attention to. Since the beginning of this year, Red Star Macalline's stock price has risen by 29.0% (as of the closing bell on June 25), far exceeding the Shanghai Composite Index's 3.9%.</p><p><img src=\"https://static.tigerbbs.com/772fc7d557b53436315215cb689ddc45\" tg-width=\"1080\" tg-height=\"759\" referrerpolicy=\"no-referrer\"></p><p>The company achieved a net profit excluding non-recurring items of 412 million yuan in the first quarter of this year, more than double the 205 million yuan in the same period last year. In other words, with the overall recovery of the industry and the arrival of the era of existing housing stock,<b>While the valuations of leading home furnishing companies are recovering, their profits are also increasing rapidly.</b></p><p>With valuation recovery and better-than-expected profits, Red Star Macalline is experiencing a \"Davis double boost\".</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/aab1e844800ac941317a206fb39d9e47","relate_stocks":{"01528":"红星美凯龙"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199005345","content_text":"家居龙头在估值修复的同时，利润也在快速提升。\n2020年是一个特殊年，有些行业受益，有些行业受损，受损的行业复苏程度也不相同。像超市，是最先受益的，但也是最先崩盘的，因为疫情加速改变了人的行为方式，新兴渠道不断涌现，疫情促成了超市的回光返照。\n同时，以家居为代表，一些注重线下体验的行业或许在疫情中发展受阻，但如果从长远来看，人们的消费需求和消费习惯并未因疫情而改变。随着疫情趋缓，家居业毫无悬念地迎来全面复苏。5月，全国建材家居景气指数(BHI)达到130.03，环比上涨15.51点，同比上涨40.90点。最终会回来的，还是会回来。\n今天要讨论的公司，就是家居行业的领头羊——美凯龙（601828.SH）。\n公司介绍\n红星美凯龙历史可追溯至1986年，2015年港股上市，2018年A股上市，2019年获得阿里巴巴战略投资，是国内头部家居装饰及家具商场运营商和泛家居业务平台服务商，主要经营和管理自营商场、委管商场、特许经营商城和战略合作商场。\n简单点说，公司提供场地给家居企业，并收取租金。这里面又分两种，一种是自营商场，公司在自营商场中按年度向客户收取租金和管理费用。公司的自营商场又分自有商场和非自有商场，前者是公司拥有所有权，后者是公司租赁的。\n另一种是委管商场等，公司不拥有这些商场，但向其输出管理。公司向合作方派出管理人员提供全面的咨询和委管服务，收取项目品牌咨询费、招商服务费、商业管理咨询费及委托经营管理费。这点跟酒店类似，输出管理，属于轻资产运营模式。\n公司通过自营商场抢占优质地段打造区位优势，再通过委管商场轻资产运营实现更快的扩张及下沉。截至2020年12月31日，公司拥有92家自营商场（其中58家为自有物业），主要分布在一二线城市的优质地段，经营收入稳定。公司拥有273家委管商场，主要分布在三线及其他城市。此外，公司还通过战略合作经营12家家居商场，以特许经营方式授权开业66家特许经营家居建材项目，共包括476家家居建材店。\n\n国内以市场数量和销售网络划分，可以大概分为三大梯队，第一梯队包括美凯龙、居然之家、月星家居和欧亚达，四家企业家居商场数量超过1120家。第二梯队以海外家居商场品牌和中大型区域连锁家居商场品牌为主，包括宜得利、宜家、百安居、富森美等。第三梯队主要为中小型区域性家居商场。\n截至2020年底，美凯龙经营面积达2205万平方米，在连锁网络、市场覆盖和销售规模方面均处于国内领先优势。\n\n那这个领先优势又到底意味着什么呢？\n从家居家具消费说起，尤其是家具消费。家具购买行为对于消费者来说是低频行为，一辈子没几次。所以，消费者心目中对于家具是没有品牌意识的，在购买决策的时候消费者需要临时短时间学习领会和做出决策。所有的家具在消费者眼中都是陌生的，无论你是大厂还是小厂，产品摆在消费者眼前的时候，在消费者看来是同等级别的，消费者更依赖感觉或者销售人员的推动完成决策。\n这意味着，家具消费低频、高价，重场景体现，这些特征决定了线下渠道的不可替代性，并且渠道价值先于品牌价值。无论国内还是国外，泛家居市场零售中，线下的专业零售店占比都是最重。\n\n这里可以看到红星美凯龙的地位，这个地位并不会因为疫情而发生改变，也没有出现像超市这样的被多种渠道（如社区团购，线上超市）打击，所以未来恢复是肯定的。\n除了家居家具商场业务外，2019年，美凯龙成立装修产业集团并在2020年将装修业务提升为第一业务，通过三大品牌矩阵“美凯龙空间美学”、“家倍得”、“更好家”加速入局，争夺前端流量，通过“一站式”家装实现家居消费一体化。\n未来看点\n长远来看，红星美凯龙依然是A股家居行业中不可多得的优质标的。\n从行业需求看，我国家具的需求来自两个方面，一个是城镇化带来的增量房，近年来，我国的城镇化率稳步提升，2019年达60.6%，以第年城镇化率提升0.8-1个百分点预测，每年新增城镇居民1100-1400万人，这意味着未来家居行业发展前景仍然广阔。2020年我国商品销售面积达17.6亿平方米，房地产企业新开工房屋面积为22.4亿平方米，新房装修可期。\n第二个是老房翻新需求，二手房购买者和房产拥有者，因装修老化，装修风格陈旧，局部翻新与全面翻新的需求旺盛，国内一二级城市老房和二手房翻新和改善型消费需求在装修中总量占比达到了54.3%，已经超过了新房。\n\n在新房与老房的共振下，未来家具的需求是有保证的，并且国内会慢慢进入存量房主导时代，房地产的周期对美凯龙的影响会变弱。从2021年的一季度情况看，美凯龙业绩在复苏中。一季度营收33.41亿，同比增长了30.7%，净利润7.24亿，同比增长了80.79，扣非4.13亿，同比增长101.45%，尤其要指出的是，一季度扣非归母净利润同比2019年增长了近40%。\n从公司角度看，公司正在着手降杠杆操作。这一包括公司加快向轻资产转型，未来公司的发展主方向是凭借品牌效应、经营经验，继续通过委管模式下沉。轻资产模式下，合作方提供建立商场的全部开支，美凯龙不需要承担资本支出。从过去经营看，美凯龙的品牌影响力和管理经验都不错，委管商场的出租率在90%以上，这种过去成果也会吸引合作方与美凯龙合作。\n第二是，公司通过资产处置、引入战略合作方等方式降低财务杠杆，2021年5月，美凯龙A股股票非公开发行申请获得核准批复，拟募集资金不超过37亿，其中11.1亿用于偿还有息负债。2021年6月，美凯龙发布公告，与天津远川投资达成《合作框架协议》，天津远川将受让美凯龙旗下7家物流子公司100%股权，目标资产总价值25亿，公司预计本次交易价款合计人民币23.12亿。\n另外，公司还持有大量的家居公司股权，作为包租公，美凯龙很清楚下面合作家居企业的股权价值，2013年起，美凯龙开始战略投资产业链上下游企业，比如欧派家居，2018年-2020年，公司共收到欧派3338万元分红。未来这些公司的股权变现，预计可以为公司带来更多现金，降低财务杠杆。\n在未来发展上，除了原来的卖场业务，公司切入了家装板块，这也是一个万亿级别的市场。根据前瞻产业研究院报告，2020年我国家居家装市场规模超2万亿元，预期未来以7%的年复合增速增长。\n家装市场呈现典型的“大行业，小企业”的特征，还没有出现真正全国性的家装公司。美凯龙2019年成立装修产业集团，通过三大品牌矩阵“美凯龙空间美学”、“家倍得”、“更好家”入局，争夺前端流量。家装业务做是好，不仅可以拓展一个新的增长点，还可以为原有的家具卖场业务引流。\n家装业务的核心点是设计师资源。美凯龙通过“M+高端室内设计大赛”和“星设计”平台，汇聚了36000多名设计师人才资源库，发挥设计师在家装过程中的强大话语权和把控权。以家装和设计师作为客户流量入口的抓手，美凯龙可以整合行业上下游产业链，增强与家居家具公司、经销商、设计师的合作粘性。加上美凯龙全国性的网络，可以充分构建本地化家装网络。在这个“大行业，小企业”的领域，美凯龙的发展空间值得期待。\n总结一下，美凯龙现在有两点在转好，一是业绩开始拐点向上，并且随着存量房逐渐占主导，未来房地产周期性将变弱，二是公司在着手降低杠杆，降低财务风险，减少财务费用，同时公司切入的家装市场有想象空间。\n估值与技术面\n再来讲下估值。\n以A股价格算，当前市值428亿，2020年净利润被破坏了，看2019年，对应2019年的净利润估值是9.13倍，对应扣非是16倍。这个估值不算贵，对比居然之家，当前市值398亿，对应2019年的归母净利润和扣非归母分别是13倍和19倍，美凯龙相对低估。\n在公司基本面稳固，同时有改善的背景下，估值有修复的可能。\n未来看，根据券商的一致预期，当前市值对应2021年、2022年、2023年分别是10.86倍、9.32倍和8.08倍。从公司一季度经营情况看，券商对今年的预期可能偏低。\n\n再讲一下交易面，公司股价目前从大周期来讲，还在底部，这个底部经过了两年多时间的夯实，最近有明显的底部放量现象，这是值得关注的迹象。今年以来，红星美凯龙股价涨幅已经达到29.0%（截至6月25日收盘），远超上证指数的3.9%。\n\n公司今年1季度实现扣非净利润4.12亿元，较去年同期的2.05亿元翻倍。换句话说，随着行业整体回暖，以及存量房时代的来临，家居龙头在估值修复的同时，利润也在快速提升。\n估值修复+利润超预期，红星美凯龙正迎来“戴维斯双击”。","news_type":1,"symbols_score_info":{"01528":0.9}},"isVote":1,"tweetType":1,"viewCount":4679,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":150226797,"gmtCreate":1624915863019,"gmtModify":1703847662369,"author":{"id":"3585154973275419","authorId":"3585154973275419","name":"Catherine81","avatar":"https://static.tigerbbs.com/0a79851a3d87b4faea127374eb70b0b0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585154973275419","authorIdStr":"3585154973275419"},"themes":[],"title":"","htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/150226797","repostId":"2146836647","repostType":4,"isVote":1,"tweetType":1,"viewCount":2930,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":147829621,"gmtCreate":1626351301663,"gmtModify":1703758420716,"author":{"id":"3585154973275419","authorId":"3585154973275419","name":"Catherine81","avatar":"https://static.tigerbbs.com/0a79851a3d87b4faea127374eb70b0b0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585154973275419","authorIdStr":"3585154973275419"},"themes":[],"title":"","htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/147829621","repostId":"1164512325","repostType":4,"repost":{"id":"1164512325","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1626348616,"share":"https://ttm.financial/m/news/1164512325?lang=en_US&edition=fundamental","pubTime":"2021-07-15 19:30","market":"sh","language":"zh","title":"Morgan Stanley's Q2 earnings report exceeded expectations, but the stock fell 1.6% in pre-market trading.","url":"https://stock-news.laohu8.com/highlight/detail?id=1164512325","media":"老虎资讯综合","summary":"7月15日美股盘前，$摩根士丹利$公布2021年第二季度财报。财报显示，摩根士丹利Q2营收148亿美元，市场预期139.61亿美元，去年同期134.14亿美元；净利润34.08亿美元，市场预期29.79亿美元，去年同期30.47亿美元；每股盈利1.85美元，市场预期1.63美元，去年同期1.96美元；调整后每股盈利1.89美元。摩根士丹利表示，第二季度股息增加了一倍，并宣布回购120亿美元，因为打算把多余的资本返还给股东。财报公布后，摩根士丹利盘前跌1.6%。","content":"<p>Pre-market US stocks on July 15<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>The company will release its financial results for the second quarter of 2021. Financial reports show that Morgan Stanley's Q2 revenue was $14.8 billion, compared to market expectations of $13.961 billion and $13.414 billion in the same period last year; Net income was $3.408 billion, compared to market expectations of $2.979 billion and $3.047 billion in the same period last year; Earnings per share were $1.85, compared to market expectations of $1.63 and $1.96 in the same period last year; Adjusted earnings per share were $1.89.</p><p>Morgan Stanley's wealth management business reported second-quarter revenue of $6.1 billion, compared to market expectations of $5.92 billion; Net interest income was $1.87 billion, compared to market expectations of $1.77 billion; Revenue from stock sales and trading was $2.83 billion, compared to market expectations of $2.5 billion; Sales and trading revenue from fixed income, foreign exchange and commodities (FICC) business was $1.68 billion, compared to market expectations of $1.91 billion; Investment banking revenue was $2.56 billion; The institutional securities division generated $7.092 billion in revenue; Investment management revenue was US$1.702 billion; The return on tangible common equity (ROTCE) was 18.6%.</p><p>Morgan Stanley said Dividend doubled in the second quarter and announced a $12 billion share buyback as it intends to return excess capital to shareholders. The Board of Directors declared a quarterly Dividend of $0.70 per share, payable on August 13, 2021.</p><p>Morgan Stanley shares fell 1.6% in pre-market trading after the earnings report was released.</p><p><img src=\"https://static.tigerbbs.com/014aaceee2be2b28ab67fe7f77f2a804\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Morgan Stanley's Q2 earnings report exceeded expectations, but the stock fell 1.6% in pre-market trading.</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMorgan Stanley's Q2 earnings report exceeded expectations, but the stock fell 1.6% in pre-market trading.\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-15 19:30</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Pre-market US stocks on July 15<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>The company will release its financial results for the second quarter of 2021. Financial reports show that Morgan Stanley's Q2 revenue was $14.8 billion, compared to market expectations of $13.961 billion and $13.414 billion in the same period last year; Net income was $3.408 billion, compared to market expectations of $2.979 billion and $3.047 billion in the same period last year; Earnings per share were $1.85, compared to market expectations of $1.63 and $1.96 in the same period last year; Adjusted earnings per share were $1.89.</p><p>Morgan Stanley's wealth management business reported second-quarter revenue of $6.1 billion, compared to market expectations of $5.92 billion; Net interest income was $1.87 billion, compared to market expectations of $1.77 billion; Revenue from stock sales and trading was $2.83 billion, compared to market expectations of $2.5 billion; Sales and trading revenue from fixed income, foreign exchange and commodities (FICC) business was $1.68 billion, compared to market expectations of $1.91 billion; Investment banking revenue was $2.56 billion; The institutional securities division generated $7.092 billion in revenue; Investment management revenue was US$1.702 billion; The return on tangible common equity (ROTCE) was 18.6%.</p><p>Morgan Stanley said Dividend doubled in the second quarter and announced a $12 billion share buyback as it intends to return excess capital to shareholders. The Board of Directors declared a quarterly Dividend of $0.70 per share, payable on August 13, 2021.</p><p>Morgan Stanley shares fell 1.6% in pre-market trading after the earnings report was released.</p><p><img src=\"https://static.tigerbbs.com/014aaceee2be2b28ab67fe7f77f2a804\" tg-width=\"899\" tg-height=\"640\" referrerpolicy=\"no-referrer\"></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7647f252999b36115b30d6701fcac039","relate_stocks":{"MS":"摩根士丹利"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164512325","content_text":"7月15日美股盘前，摩根士丹利公布2021年第二季度财报。财报显示，摩根士丹利Q2营收148亿美元，市场预期139.61亿美元，去年同期134.14亿美元；净利润34.08亿美元，市场预期29.79亿美元，去年同期30.47亿美元；每股盈利1.85美元，市场预期1.63美元，去年同期1.96美元；调整后每股盈利1.89美元。\n摩根士丹利第二季度财富管理业务营收61亿美元，市场预期59.2亿美元；净利息收入18.7亿美元，市场预期17.7亿美元；股票销售和交易业务营收28.3亿美元，市场预期25亿美元；固定收益、外汇及大宗商品业务(FICC)业务销售和交易营收16.8亿美元，市场预期19.1亿美元；投资银行业务营收25.6亿美元；机构证券部门营收70.92亿美元；投资管理业务营收17.02亿美元；有形普通股股本回报率(ROTCE)为18.6%。\n摩根士丹利表示，第二季度股息增加了一倍，并宣布回购120亿美元，因为打算把多余的资本返还给股东。董事会宣布每股0.70美元的季度股息，将于2021年8月13日支付。\n财报公布后，摩根士丹利盘前跌1.6%。","news_type":1,"symbols_score_info":{"MS":0.9}},"isVote":1,"tweetType":1,"viewCount":2786,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124256584,"gmtCreate":1624768600448,"gmtModify":1703844831982,"author":{"id":"3585154973275419","authorId":"3585154973275419","name":"Catherine81","avatar":"https://static.tigerbbs.com/0a79851a3d87b4faea127374eb70b0b0","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3585154973275419","authorIdStr":"3585154973275419"},"themes":[],"title":"","htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/124256584","repostId":"1185056773","repostType":4,"repost":{"id":"1185056773","kind":"news","pubTimestamp":1624764660,"share":"https://ttm.financial/m/news/1185056773?lang=en_US&edition=fundamental","pubTime":"2021-06-27 11:31","market":"us","language":"zh","title":"280,000 units! Is Tesla's largest recall in history confirmed by automatic acceleration?","url":"https://stock-news.laohu8.com/highlight/detail?id=1185056773","media":"新智元","summary":"国家市场监督管理总局昨天发布了特斯拉的召回通知：共计285520辆Model 3和Model Y由于可能存在车辆「速度突增」的隐患，将通过OTA的方式在线召回。这也是官方首次宣布特斯拉可能存在突然加速的隐患。6月26日，国家市场监督管理总局发布通告称，特斯拉将召回211,256 辆国产Model 3和38,599辆国产Model Y，以及35,665辆进口Model 3。目前，总部位于加利福尼亚州帕洛阿尔托的特斯拉公司还没有回复。特斯拉随后在其官方微博上也发表了相关声明。","content":"<p><b>[Introduction]</b>The State Administration for Market Regulation issued a recall notice from Tesla yesterday: a total of 285,520 Model 3 and Model Y vehicles will be recalled online via OTA due to a potential \"speed increase\" issue. This is also the first time that Tesla has been officially announced to have a potential risk of sudden acceleration.</p><p>The brake failure issue hasn't been resolved yet, and there's still the danger of sudden acceleration?</p><p>On June 26, the State Administration for Market Regulation issued a notice stating that Tesla will recall 211,256 domestically produced Model 3s and 38,599 domestically produced Model Ys, as well as 35,665 imported Model 3s.</p><p>Tesla, headquartered in Palo Alto, California, has not yet responded.</p><p><img src=\"https://static.tigerbbs.com/d33576459c033e1b802f6283ee534e22\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e0464ce9d3562446bf973ff3653ba930\" tg-width=\"1080\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>Tesla subsequently issued a related statement on its official Weibo account.</p><p><img src=\"https://static.tigerbbs.com/71d05d9a2daf49dc7fa4d9b87e2c0e5f\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Interestingly, however, these two documents seem to be saying the same thing, but their expressions are completely different.</p><p>The regulatory authority stated, \"Due to a problem with the active cruise control system, the vehicles within the scope of this recall are prone to drivers mistakenly activating the active cruise function in the following situations.\"</p><p>Tesla: \"Because the active cruise control function may be accidentally activated by the driver.\"</p><p>The regulatory bureau stated, \"This recall was conducted after the State Administration for Market Regulation launched a defect investigation. As a result of the investigation, Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. have decided to take recall measures to eliminate the safety hazard.\"</p><p>Tesla: \"Adhering to a responsible attitude towards consumers, we have proactively filed a recall plan with the State Administration for Market Regulation.\"</p><p><b>Active cruise \"wrong\" start</b></p><p>The active cruise control function of the Tesla Model 3/Y is activated by pressing the right gear lever down once when the vehicle is in D gear.</p><p>After activating the active cruise function, the vehicle will increase its speed to the set speed or the same speed as the vehicle in front while maintaining a safe distance from the vehicle in front, based on the \"Current Speed\" or \"Road Speed Limit\" settings selected by the user.</p><p>Users can exit the active cruise control function by pressing the right lever upwards once or by applying the brake.</p><p>After active cruise control is incorrectly activated, if the vehicle sets a cruise speed other than the current speed and the current speed is lower than the set speed, the vehicle will accelerate to the set speed.</p><p>A sudden increase in vehicle speed can affect the driver's expectations and lead to misjudgments in vehicle handling.</p><p>On January 6, a netizen posted a video of active cruise control being mistakenly activated. Clearly, the car owner had no idea what was going on at the time.</p><p>A blogger on Douyin demonstrated how Tesla enters active cruise mode with all assistance turned off.</p><p>Tesla stated that this OTA \"recall\" will raise the threshold for activating active cruise control and add reminders when active cruise control is activated and deactivated.</p><p><img src=\"https://static.tigerbbs.com/3a5f80e8e1f69769d64dea833f691ba4\" tg-width=\"620\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p><p><b>Quality issues?</b></p><p>Data shows that 93.7% of the sales of Tesla cars produced locally at Tesla's Shanghai factory are recalled vehicles manufactured in China.</p><p>The Wall Street Journal also questioned Tesla about whether the quality was affected by the fast manufacturing speed, but received no answer.</p><p>In February, Tesla was summoned for talks due to consumer complaints about quality issues.</p><p><img src=\"https://static.tigerbbs.com/14e851bdb64d4e80403a999df7faf3f6\" tg-width=\"1080\" tg-height=\"327\" referrerpolicy=\"no-referrer\"></p><p>In April, a consumer expressed a strong protest against Tesla at the Shanghai Auto Show, shouting accusations of brake failure in Tesla cars from the roof.</p><p><img src=\"https://static.tigerbbs.com/fc8f628e28bbc1cf94da384ff9e1f62e\" tg-width=\"1080\" tg-height=\"332\" referrerpolicy=\"no-referrer\"></p><p>The Wall Street Journal stated that Tesla's quality problems are no longer news.</p><p>Tesla has always been considered a well-known brand in China, and Musk has stated that China's rapidly growing market will become the company's largest market.</p><p>Has the situation changed now? Not entirely.</p><p><b>Simplified control logic</b></p><p>From the very beginning of its design, Tesla has emphasized the human-computer interaction logic of \"disrupting traditional models,\" which is even more vividly reflected in the Model 3.</p><p>Car owners can simply put their keys in their pockets, pull the handle, and enter the vehicle directly. Once seated, they no longer need to press the start button; they can simply press the gear shift lever to move the vehicle forward.</p><p>Most of the physical buttons inside the car have been removed, even the instrument panel in front of the steering wheel, and the driver only needs to interact with the vehicle through the large screen in the center.</p><p>This design philosophy is implemented more thoroughly in the new Model S Plaid: all physical buttons have been eliminated inside the car, and everything is controlled by touch, and the vehicle can even automatically determine whether to shift into forward or reverse gear.</p><p>When enabling Tesla's proud Autopilot feature, Tesla's operational logic was also revolutionary: although the gear shift lever came from Mercedes-Benz, Tesla integrated it with the gear shift lever while keeping all the functions simple.</p><p>The cruise control function of Mercedes-Benz models is either securely integrated into the steering wheel or a separate control lever.</p><p>Previously, a netizen pointed out this hidden danger on a forum of a vertical automotive website:</p><p>To highlight the vehicle's intelligence, the Model 3's cruise control function differs from traditional models: it automatically sets the speed to the maximum speed limit of the current road, rather than the current driving speed, which leads to \"automatic acceleration\".</p><p>While this helps reduce operational steps, it also poses a risk when integrated with Tesla's unique control methods.</p><p><b>Unresolved brake door</b></p><p>This recall, to some extent, officially explains the previously reported issue with Tesla's automatic acceleration. However, the rights protection incident that took place at the Shanghai Auto Show is still stuck in a Rashomon-like situation.</p><p><img src=\"https://static.tigerbbs.com/782bafca8d6a9296edc64b3e1257668f\" tg-width=\"1080\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p><p>A car owner protesting at the auto show stated that the vehicle was traveling on the Anyang National Highway in Henan Province when it rear-ended the vehicle in front due to brake system failure.</p><p><img src=\"https://static.tigerbbs.com/9120fee1da02f4376d31743b8741d541\" tg-width=\"1080\" tg-height=\"778\" referrerpolicy=\"no-referrer\"></p><p>According to official vehicle condition monitoring information, the deceleration of the vehicle's brakes at the time did not correspond reasonably to the pressure of the brake master cylinder.</p><p><img src=\"https://static.tigerbbs.com/d04230d5588379e2d85a114dc62a8c7c\" tg-width=\"1080\" tg-height=\"919\" referrerpolicy=\"no-referrer\"></p><p>Some experts analyze that it may be due to poor road traction, while others question whether Tesla's Intelligent Driving system has gained too much permission, causing the iBooster electronic braking system provided by Bosch to fail to function effectively.</p><p>However, due to the current stalemate between the two sides, it seems that the true situation at the time will never come to light.</p><p>Following this online recall via OTA (over-the-air upgrade), Tesla's cruise control activation logic will change, and the system will provide drivers with more prompts.</p><p>Interestingly, both Li Auto and XPeng Automobile, emerging domestic car manufacturers, adopt cruise control logic very similar to Tesla's.</p><p><img src=\"https://static.tigerbbs.com/03c51901d6c1963ab3572f0c7bf44cf0\" tg-width=\"1024\" tg-height=\"742\" referrerpolicy=\"no-referrer\"></p><p>Led by Tesla, a disruptive force, more and more models are now equipped with similar (or even richer) intelligent and automated features. This recall also serves as a reminder to other automakers in the automotive industry: the prerequisite for adding any intelligent and convenient features inside a car should be safety.</p>","source":"lsy1569730104218","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>280,000 units! Is Tesla's largest recall in history confirmed by automatic acceleration?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n280,000 units! Is Tesla's largest recall in history confirmed by automatic acceleration?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">新智元</strong><span class=\"h-time small\">2021-06-27 11:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>[Introduction]</b>The State Administration for Market Regulation issued a recall notice from Tesla yesterday: a total of 285,520 Model 3 and Model Y vehicles will be recalled online via OTA due to a potential \"speed increase\" issue. This is also the first time that Tesla has been officially announced to have a potential risk of sudden acceleration.</p><p>The brake failure issue hasn't been resolved yet, and there's still the danger of sudden acceleration?</p><p>On June 26, the State Administration for Market Regulation issued a notice stating that Tesla will recall 211,256 domestically produced Model 3s and 38,599 domestically produced Model Ys, as well as 35,665 imported Model 3s.</p><p>Tesla, headquartered in Palo Alto, California, has not yet responded.</p><p><img src=\"https://static.tigerbbs.com/d33576459c033e1b802f6283ee534e22\" tg-width=\"1080\" tg-height=\"653\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/e0464ce9d3562446bf973ff3653ba930\" tg-width=\"1080\" tg-height=\"537\" referrerpolicy=\"no-referrer\"></p><p>Tesla subsequently issued a related statement on its official Weibo account.</p><p><img src=\"https://static.tigerbbs.com/71d05d9a2daf49dc7fa4d9b87e2c0e5f\" tg-width=\"1080\" tg-height=\"570\" referrerpolicy=\"no-referrer\"></p><p>Interestingly, however, these two documents seem to be saying the same thing, but their expressions are completely different.</p><p>The regulatory authority stated, \"Due to a problem with the active cruise control system, the vehicles within the scope of this recall are prone to drivers mistakenly activating the active cruise function in the following situations.\"</p><p>Tesla: \"Because the active cruise control function may be accidentally activated by the driver.\"</p><p>The regulatory bureau stated, \"This recall was conducted after the State Administration for Market Regulation launched a defect investigation. As a result of the investigation, Tesla Motors (Beijing) Co., Ltd. and Tesla (Shanghai) Co., Ltd. have decided to take recall measures to eliminate the safety hazard.\"</p><p>Tesla: \"Adhering to a responsible attitude towards consumers, we have proactively filed a recall plan with the State Administration for Market Regulation.\"</p><p><b>Active cruise \"wrong\" start</b></p><p>The active cruise control function of the Tesla Model 3/Y is activated by pressing the right gear lever down once when the vehicle is in D gear.</p><p>After activating the active cruise function, the vehicle will increase its speed to the set speed or the same speed as the vehicle in front while maintaining a safe distance from the vehicle in front, based on the \"Current Speed\" or \"Road Speed Limit\" settings selected by the user.</p><p>Users can exit the active cruise control function by pressing the right lever upwards once or by applying the brake.</p><p>After active cruise control is incorrectly activated, if the vehicle sets a cruise speed other than the current speed and the current speed is lower than the set speed, the vehicle will accelerate to the set speed.</p><p>A sudden increase in vehicle speed can affect the driver's expectations and lead to misjudgments in vehicle handling.</p><p>On January 6, a netizen posted a video of active cruise control being mistakenly activated. Clearly, the car owner had no idea what was going on at the time.</p><p>A blogger on Douyin demonstrated how Tesla enters active cruise mode with all assistance turned off.</p><p>Tesla stated that this OTA \"recall\" will raise the threshold for activating active cruise control and add reminders when active cruise control is activated and deactivated.</p><p><img src=\"https://static.tigerbbs.com/3a5f80e8e1f69769d64dea833f691ba4\" tg-width=\"620\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p><p><b>Quality issues?</b></p><p>Data shows that 93.7% of the sales of Tesla cars produced locally at Tesla's Shanghai factory are recalled vehicles manufactured in China.</p><p>The Wall Street Journal also questioned Tesla about whether the quality was affected by the fast manufacturing speed, but received no answer.</p><p>In February, Tesla was summoned for talks due to consumer complaints about quality issues.</p><p><img src=\"https://static.tigerbbs.com/14e851bdb64d4e80403a999df7faf3f6\" tg-width=\"1080\" tg-height=\"327\" referrerpolicy=\"no-referrer\"></p><p>In April, a consumer expressed a strong protest against Tesla at the Shanghai Auto Show, shouting accusations of brake failure in Tesla cars from the roof.</p><p><img src=\"https://static.tigerbbs.com/fc8f628e28bbc1cf94da384ff9e1f62e\" tg-width=\"1080\" tg-height=\"332\" referrerpolicy=\"no-referrer\"></p><p>The Wall Street Journal stated that Tesla's quality problems are no longer news.</p><p>Tesla has always been considered a well-known brand in China, and Musk has stated that China's rapidly growing market will become the company's largest market.</p><p>Has the situation changed now? Not entirely.</p><p><b>Simplified control logic</b></p><p>From the very beginning of its design, Tesla has emphasized the human-computer interaction logic of \"disrupting traditional models,\" which is even more vividly reflected in the Model 3.</p><p>Car owners can simply put their keys in their pockets, pull the handle, and enter the vehicle directly. Once seated, they no longer need to press the start button; they can simply press the gear shift lever to move the vehicle forward.</p><p>Most of the physical buttons inside the car have been removed, even the instrument panel in front of the steering wheel, and the driver only needs to interact with the vehicle through the large screen in the center.</p><p>This design philosophy is implemented more thoroughly in the new Model S Plaid: all physical buttons have been eliminated inside the car, and everything is controlled by touch, and the vehicle can even automatically determine whether to shift into forward or reverse gear.</p><p>When enabling Tesla's proud Autopilot feature, Tesla's operational logic was also revolutionary: although the gear shift lever came from Mercedes-Benz, Tesla integrated it with the gear shift lever while keeping all the functions simple.</p><p>The cruise control function of Mercedes-Benz models is either securely integrated into the steering wheel or a separate control lever.</p><p>Previously, a netizen pointed out this hidden danger on a forum of a vertical automotive website:</p><p>To highlight the vehicle's intelligence, the Model 3's cruise control function differs from traditional models: it automatically sets the speed to the maximum speed limit of the current road, rather than the current driving speed, which leads to \"automatic acceleration\".</p><p>While this helps reduce operational steps, it also poses a risk when integrated with Tesla's unique control methods.</p><p><b>Unresolved brake door</b></p><p>This recall, to some extent, officially explains the previously reported issue with Tesla's automatic acceleration. However, the rights protection incident that took place at the Shanghai Auto Show is still stuck in a Rashomon-like situation.</p><p><img src=\"https://static.tigerbbs.com/782bafca8d6a9296edc64b3e1257668f\" tg-width=\"1080\" tg-height=\"648\" referrerpolicy=\"no-referrer\"></p><p>A car owner protesting at the auto show stated that the vehicle was traveling on the Anyang National Highway in Henan Province when it rear-ended the vehicle in front due to brake system failure.</p><p><img src=\"https://static.tigerbbs.com/9120fee1da02f4376d31743b8741d541\" tg-width=\"1080\" tg-height=\"778\" referrerpolicy=\"no-referrer\"></p><p>According to official vehicle condition monitoring information, the deceleration of the vehicle's brakes at the time did not correspond reasonably to the pressure of the brake master cylinder.</p><p><img src=\"https://static.tigerbbs.com/d04230d5588379e2d85a114dc62a8c7c\" tg-width=\"1080\" tg-height=\"919\" referrerpolicy=\"no-referrer\"></p><p>Some experts analyze that it may be due to poor road traction, while others question whether Tesla's Intelligent Driving system has gained too much permission, causing the iBooster electronic braking system provided by Bosch to fail to function effectively.</p><p>However, due to the current stalemate between the two sides, it seems that the true situation at the time will never come to light.</p><p>Following this online recall via OTA (over-the-air upgrade), Tesla's cruise control activation logic will change, and the system will provide drivers with more prompts.</p><p>Interestingly, both Li Auto and XPeng Automobile, emerging domestic car manufacturers, adopt cruise control logic very similar to Tesla's.</p><p><img src=\"https://static.tigerbbs.com/03c51901d6c1963ab3572f0c7bf44cf0\" tg-width=\"1024\" tg-height=\"742\" referrerpolicy=\"no-referrer\"></p><p>Led by Tesla, a disruptive force, more and more models are now equipped with similar (or even richer) intelligent and automated features. This recall also serves as a reminder to other automakers in the automotive industry: the prerequisite for adding any intelligent and convenient features inside a car should be safety.</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/okPYp2y8RUP0VfjmJ_ddQw\">新智元</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9e0d9f23e003547a93295253f05b6a55","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://mp.weixin.qq.com/s/okPYp2y8RUP0VfjmJ_ddQw","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185056773","content_text":"【导读】国家市场监督管理总局昨天发布了特斯拉的召回通知：共计285520辆Model 3和Model Y由于可能存在车辆「速度突增」的隐患，将通过OTA的方式在线召回。这也是官方首次宣布特斯拉可能存在突然加速的隐患。\n刹车失灵的问题还没解决，现在还有突然加速的危险？\n6月26日，国家市场监督管理总局发布通告称，特斯拉将召回211,256 辆国产Model 3和38,599辆国产Model Y，以及35,665辆进口Model 3。\n目前，总部位于加利福尼亚州帕洛阿尔托的特斯拉公司还没有回复。\n\n特斯拉随后在其官方微博上也发表了相关声明。\n\n然而有趣的是，这两份文件看似在说同一件事，但表述却完全不一样。\n监管局：「本次召回范围内的车辆由于主动巡航控制系统问题，易造成驾驶员在以下情形误激活主动巡航功能。」\n特斯拉：「由于主动巡航控制功能可能被驾驶员误激活。」\n监管局：「本次召回活动是在国家市场监督管理总局启动缺陷调查情况下开展的。受调查影响，特斯拉汽车（北京）有限公司、特斯拉（上海）有限公司决定采取召回措施，消除安全隐患。」\n特斯拉：「秉承对消费者负责的态度，我们主动向国家市场监督管理总局备案了召回计划。」\n主动巡航「误」启动\n特斯拉Model 3/Y的主动巡航功能的开启方式为，车辆在D挡时向下拨动一次右侧挡杆。\n启动主动巡航功能后，车辆会根据用户选择的「当前车速」或「道路限速」主动巡航限速设置，在保持与前车安全车距情况下，提速至设置车速或与前车同速。\n用户可通过向上拨动一次右侧拨杆，或者踩下刹车退出主动巡航功能。\n主动巡航控制被误激活后，如果车辆设置的巡航速度不是当前车速，且当前车速低于设定速度时，车辆会加速到设定速度。\n出现车辆速度突增情形，会影响驾驶员的预期并导致车辆操控误判。\n1月6日，一位网友就发布了一个主动巡航被误激活的视频，显然，这位车主当时完全搞不清楚是什么情况。\n一位抖音上的博主演示了特斯拉是如何在关闭所有辅助的情况下进入主动巡航模式的。\n特斯拉表示，这次OTA「召回」可以提高激活主动巡航控制的阈值，并且增加了主动巡航控制激活和退出时的提醒方式。\n\n质量问题？\n数据显示，在特斯拉上海工厂本地生产的特斯拉汽车销量中，召回的在中国制造的汽车占 93.7%。\n华尔街日报也质询了特斯拉：「是否是由于制造速度太快而导致质量受到影响」，不过并没有得到答复。\n2月，特斯拉因为消费者投诉的质量问题被约谈。\n\n4月，一位消费者在上海车展上对特斯拉表达出了强烈的抗议，在车顶上大喊对特斯拉汽车刹车故障的指控。\n\n华尔街日报则表示，特斯拉的质量问题早已不是什么新闻了。\n特斯拉在中国一直被视为一个享有盛誉的品牌，马斯克也表示中国快速增长的市场将成为公司最大的市场。\n那现在这种情况是不是出现了一些变化？也不尽然。\n一切从简的控制逻辑\n从设计伊始，特斯拉就在强调“颠覆传统车型”的人机交互逻辑，这一点在Model 3上体现得更加淋漓尽致。\n车主只需将钥匙放在裤兜里，就可以拉动把手直接进入车内，并且入座后无需再按下启动按钮，直接拨动换挡杆就可以让车辆前进。\n车内取消了大部分的物理按键，甚至是方向盘前方的仪表盘，驾驶员只需要通过中央的大屏幕与车辆进行交互。\n这样的设计理念在全新的Model S Plaid上面被贯彻得更加彻底：车内取消了所有的物理按键，全部通过触控来进行控制，而车辆甚至可以自动判断挂前进挡还是倒挡。\n在特斯拉引以为傲的Autopilot功能开启上，特斯拉的操作逻辑也堪称颠覆：虽然换挡拨杆来自奔驰，但特斯拉秉着一切从简的功能，将其与换挡拨杆集成在了一起。\n而奔驰旗下车型的巡航控制功能都稳妥地集成在方向盘上，或者是一个独立的控制拨杆。\n之前在某汽车垂直网站论坛上，也有网友指出过这个隐患：\n为了凸显车辆的智能性，Model 3的定速巡航功能与传统车型不同：它会将速度自动设定在当前道路的最高限速，而非当前行驶的速度，这就会导致「自动加速」的发生。\n诚然这么做有助于减少操作步骤，但同时与特斯拉特殊的控制方法集成在一起时，就带来了隐患。\n悬而未决的刹车门\n此次召回从一定程度上从官方角度解释了之前报道过的特斯拉自动加速的问题。但是在上海车展上上演的维权事件目前仍然陷在罗生门中。\n\n车展维权车主表示：车辆当时在河南安阳国道上行驶，由于刹车系统失效导致追尾前方车辆。\n\n根据官方公布的车辆状态监控信息显示，车辆当时刹车的减速度与制动主缸压力并没有合理对应。\n\n有专业人士分析可能是路面附着力不佳，也有人在质疑特斯拉的智能驾驶系统获得了过高的权限，导致博世为其提供的iBooster电子助力刹车装置未能有效发挥作用。\n但是由于目前双方陷入僵持，当时的真实情况似乎永远无法浮出水面。\n此次通过OTA（空中升级）的方式在线召回之后，特斯拉的定速巡航开启逻辑将会有所变化，并且系统会给驾驶员更多的提示。\n有意思的是，国内新造车势力理想和小鹏汽车都采用了与特斯拉十分相近的巡航系统控制逻辑。\n\n在特斯拉这条鲶鱼的带领下，如今越来越多的车型开始配备了类似的（甚至是更加丰富的）智能化和自动化功能，此次召回也提醒着汽车行业其他的造车者们：车内增加任何智能化和便利性设施的前提，应该是安全性。","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2927,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}