15 Nov 2024 14:36:08 ET │ 10 pages Global Commodities CBAM risks further straining the US-EU relationship as it targets €4 billion worth of US imports with an implied 10% tariff The first attempt to accurately compile the CBAM registry failed, underscoring the mechanism's limitations we previously detailed in Global Commodities - CBAM primer and how EU producers and importers could save up to €600 million on higher CBAM related costs from 2026. Moreover, during the second Trump presidency, CBAM risks furthe ...

Summary of Insource (6200.T) Conference Call Company Overview - **Company**: Insource (6200.T) - **Industry**: Mid Small Cap/Non-Manufacturer, Japan - **Current Stock Rating**: Overweight - **Price Target**: ¥1,500 - **Current Share Price (as of Nov 14, 2024)**: ¥1,031 - **Market Capitalization**: ¥86.5 billion - **Dividend Yield (09/25e)**: 2.3% Key Financial Metrics - **Revenue Forecasts**: - FY Ending 09/24: ¥12.5 billion - FY Ending 09/25e: ¥14.6 billion - FY Ending 09/26e: ¥17.0 billion - FY Ending 09/27e: ¥19.8 billion - **Operating Profit**: - FY Ending 09/24: ¥4.9 billion - FY Ending 09/25e: ¥6.0 billion - FY Ending 09/26e: ¥7.5 billion - FY Ending 09/27e: ¥9.3 billion - **Net Income**: - FY Ending 09/24: ¥3.4 billion - FY Ending 09/25e: ¥4.1 billion - FY Ending 09/26e: ¥5.1 billion - FY Ending 09/27e: ¥6.3 billion - **Earnings Per Share (EPS)**: - FY Ending 09/24: ¥40.0 - FY Ending 09/25e: ¥48.5 - FY Ending 09/26e: ¥60.4 - FY Ending 09/27e: ¥74.9 Strategic Initiatives - **Operational Structure**: Insource is adopting a five-division operational structure to enhance marketing capabilities tailored to client characteristics, which is expected to improve long-term profit growth prospects [1][2][3] - **Client Engagement**: The introduction of a middle management layer aims to boost engagement with potential clients, leading to an increase in the number of client companies [2] - **Market Focus**: The company plans to expand its client base by targeting mid-market and growth clients, even if it results in lower unit prices [2] Revenue Growth and Performance - **Revenue Growth Rates**: - F9/23: +14.5% YoY - F9/24: +15.7% YoY - Expected F9/25: +16.7% YoY - **Monthly KPIs**: Strong performance in October with +19.4% YoY growth in on-site training and +25.4% growth in open seminars [3] - **Total Revenue Estimates**: - F9/25e: ¥14.56 billion - F9/26e: ¥16.96 billion - F9/27e: ¥19.82 billion [4] Financial Ratios - **Operating Margin**: Expected to improve from 39.6% in F9/24 to 41.2% in F9/25e - **Net Margin**: Expected to rise from 26.9% in F9/24 to 28.0% in F9/25e - **Return on Equity (ROE)**: Expected to be 42.3% in F9/25e [1] Additional Insights - **Market Conditions**: Business conditions are supported by robust demand, particularly in reskilling among Japanese companies [2] - **Training Industry Strengths**: Insource is leveraging its strengths in the training industry by separating training content from trainer contracting and allocating costs according to usage [2] - **Marketing Structure**: The new five-division system will allow for more focused marketing efforts, with divisions targeting large enterprises, mid-market clients, growth companies, the public sector, and digital products [1][2] This summary encapsulates the key points from the conference call regarding Insource's strategic direction, financial performance, and market positioning.

Morgan Stanley | RESEARCH Foundation November 15, 2024 05:11 AM GMT Investor Presentation | Asia Pacific S. Korea Telecom Services: "Value-up" + AI optionality Morgan Stanley & Co. International plc, Seoul Branch+ Seyon Park Equity Analyst Seyon.Park@morganstanley.com +82 2 399-4936 Dan Kim Research Associate Dan.C.Kim@morganstanley.com +82 2 399-4872 Morgan Stanley appreciates your support in the 2025 Extel (ex-Institutional Investor) Asia Research Team Survey. Request your ballot here. S. Korea Telecoms, ...

15 Nov 2024 02:28:37 ET │ 10 pages Han's Laser Technology (002008.SZ) Expiring Upside 90-Day Catalyst Watch View original report on this Catalyst Watch This Upside Catalyst Watch call, added on 16-Aug-2024, has expired effective immediately and should no longer be relied upon. | --- | --- | |-------------------------------|----------------------| | | | | Buy | | | Price (14 Nov 2024 15:00:00) | Rmb26.680 | | Target price | Rmb24.000 | | Expected share price return | -10.0% | | Expected dividend yield | 1.5% ...

November 15, 2024 09:50 AM GMT M Update | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

15 Nov 2024 05:19:14 ET │ 9 pages China Auto Manufacturers Weekly Battery — LFP cell costs remains up; Nov-24E installation at +1.7% MoM Nov-24E installation at +1.7% MoM — We estimate Nov full month China NEV-PV battery installation at 52.9GWh (+1.7% MoM/+31.2% YoY), factoring Nov-24E China NEV PV retail sales at1.21mn units (+1% MoM). BYD MTD installation underperformed — In MTD-Nov, BYD lost -4.2ppt market share MoM, with slower MTD installation growth of +5% MoM (vs. sector's +22%); while CATL gained 1. ...

14 Nov 2024 03:35:11 ET │ 11 pages V i e w p o i n t | Global Semiconductors Memory Pricing Update: 4Q DRAM ASP Likely to be Better-ThanFeared; Memory ASP Recovery in 2H25E CITI'S TAKE Recently, the market appeared to be concerned about a potential decline in 4Q DRAM pricing due to concerns on HBM oversupply and weakening demand for conventional memory. Contrary to market concerns, we expect 4Q DRAM pricing to be better-than-feared driven by increasing mix of HBM and premium memory with high bandwidth and h ...

Summary of the Conference Call on China's Plasma Industry (3Q24) Industry Overview - The conference call focused on the plasma product industry in China, specifically analyzing the performance of seven A-share listed plasma product companies in their 3Q24 reports [2][4]. Key Points and Arguments 1. **Revenue Growth Stability**: Most companies in the plasma product sector reported stable year-over-year (yoy) revenue growth, with Hualan being the best performer due to its capacity investments in plasma collection centers [2][4]. 2. **Market Demand for Albumin**: There is a debate regarding the softness of market demand for albumin this year, with a noted decrease in the number of batches issued and a single-digit decline in retail prices [4][6]. 3. **IVIG Performance**: In contrast to albumin, the price of Intravenous Immunoglobulin (IVIG) has increased by a high single-digit percentage yoy, indicating stronger demand, particularly due to the increased need for COVID-19 treatments in the first half of 2023 [4][6]. 4. **Impact of VBP Policy**: The volume-based procurement (VBP) policy has had a moderate impact on prices for plasma products, with significant price drops only observed in tetanus immunoglobulin. Other products like albumin and IVIG have seen only moderate price cuts [6][7]. 5. **Future Price Risks**: Major products such as albumin and IVIG are expected to have less exposure to VBP price cut risks due to stronger demand, while niche products like fibrinogen may face more pressure [7][8]. 6. **Recombinant Albumin Concerns**: The development of recombinant human serum albumin by Oryzogen poses a potential disruption to the albumin market in China, raising concerns among investors about its cost advantages [11][12]. 7. **Comparison with Factor VIII**: Historical data shows that both plasma-derived and recombinant Factor VIII experienced concurrent growth, suggesting that recombinant albumin may not fully replicate the clinical effects of plasma-derived albumin due to its complex mixture [12][13]. Financial Performance of Companies - **Hualan Biological Engineering**: Rated as a "Buy" with a 12-month target price of Rmb22, reflecting an upside potential of 24.7% from its current price of Rmb17.64. The company is seen as undervalued with improving growth prospects driven by new plasma collection stations [15][17][16]. Risks and Catalysts - **Key Risks**: Stricter controls on albumin prescriptions, potential increases in IVIG ex-factory prices, rising accounts receivable days leading to asset impairments, and intensified competition in the flu vaccine market [16]. - **Catalysts to Watch**: Sustainable growth in plasma product demand and the uptake of influenza vaccines in China [15]. Additional Insights - The overall sentiment in the plasma products industry is diverging, with albumin under pressure while IVIG shows stronger momentum. This reflects a fragile balance in supply and demand for albumin, contrasting with the increasing demand for IVIG [4][6]. This summary encapsulates the key discussions and insights from the conference call regarding the plasma product industry in China, highlighting both opportunities and risks for investors.

Company and Industry Overview * **Industry**: Solid-state battery, specifically focusing on resin-based carbon materials for 3C and automotive applications. * **Company**: Shengquan Group, a leading player in the solid-state battery materials market. Key Points Business Layout and Product Development 1. **Resin-based Carbon Materials**: Shengquan Group has a clear layout for resin-based carbon materials, including various types of mesoporous carbons for different applications. [2] 2. **Capacity and Production**: The company currently has a production capacity of over 300 tons, with a second-phase line under construction expected to be completed by the Chinese New Year, increasing capacity. [2] 3. **3C Segment**: The company's products are primarily used in the 3C segment, with a focus on high-voltage anode requirements. [3] 4. **Automotive Segment**: The company is targeting the automotive segment, with a focus on low expansion and good cycle life. [3] 5. **Research and Development**: Shengquan Group is actively researching and developing various types of mesoporous carbons for different applications, including high-power density, long cycle life, and low expansion. [2] Market and Sales 1. **3C Segment**: The company's products are in high demand in the 3C segment, with orders exceeding 300 to 400 tons for next year. [5] 2. **Automotive Segment**: The company is currently in the testing phase with automotive customers and expects to see volume production in the second half of next year. [8] 3. **Customers**: The company's main customers include Tianmu Xian Island, Lanzhi Zhide, and Putailai, with Tianmu Xian Island being the largest customer. [6] 4. **Export**: The company's export business accounts for about 15% of its total sales, with a presence in Southeast Asia, Russia, Brazil, and India. [16] Cost and Pricing 1. **Cost Reduction**: The company is focusing on cost reduction through scale-up, with a target of achieving cost levels comparable to graphite anode materials. [13] 2. **Pricing**: The company does not disclose specific pricing information, but it indicates that prices may slightly decrease as production scales up. [20] Investment and Expansion 1. **Capital Expenditure**: The company has invested in a 1,000-ton production line for mesoporous carbons, with a capital expenditure of about 100 million yuan. [12] 2. **Expansion Plans**: The company plans to expand its production capacity for biomass-based carbon materials and other small products in the future. [22] Other Important Points 1. **New Product Development**: The company is developing new products based on wood-based carbon materials, targeting the automotive segment. [18] 2. **Cash Flow**: The company's cash flow is stable, with a low debt-to-asset ratio. [21] 3. **Research and Development**: The company is actively engaged in research and development of new products and technologies, aiming to achieve domestic substitution and expand its market share. [24]

我是广发航天系列组的王宁然后之前我们大概在十月初中提醒大家去关注整个BC行业的进展那么后面其实也取得了不错的效果其实我们也看到BC的关注度包括认可度其实逐步在提高 那么今天的这个会议呢其实我们主要是讲两件事情一个就是BC相关情况的一些更新那么另外一块呢就是稍微硬性化的一些技术的这么一些进展主要是会分两块BC这边呢简单回顾一下的话就是之前呢可能大家认知当中这个BC主要是以龙鸡和爱车两家为主可能龙鸡呢目前呢大概在三十五就要产能左右 那么爱讯可能就在20G瓦加这么一个状态龙机基金的话其实规划大概都比较清楚了可能明年底大概就在70左右70左右大概可能就是2.0大概50个G瓦然后1.0大概20个G瓦这样子 最近呢其实DC这边我觉得比较明显的一个缺失就是明显看到DC阵营的网站在增多我们可以看到这个宜宾当时的公众号的一个推送就是可以看到大概在5号的时候这个宜宾的这个英华德耀这个科技有限公司还有高兴区还有这个联盟基金呢潜伏的这种联产石油一瓦HVC这个电池片项目的一个在合作的这种协议 那么其中呢其实就是说大概的一个变化就在于2025年可能大概要完成这种首期6G网的这么一个建设 另外一个就是说也是前两天吧 大概在7号左右 其实我 ...