29 September 2024 | 6:12PM HKT _ Greater China Semis: August: IC production +18% YoY; IC import volume +15% YoY | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------| | | Allen Chang +852-2978-2930 \| allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. | | | Verena Je ...

30 September 2024 | 9:01PM EDT _ US Autos & Industrial Tech Platforms & Power: driving more sustainable profitability; Upgrade F to Buy We believe that the key to success in the automotive industry will increasingly come from mastering both the platform and power aspects of vehicles, including for electric and hybrid vehicles. And this platform and power theme extends beyond autos to broadly incorporate industrial and technology infrastructure. What do we mean by platforms & power? n Platforms: By platforms ...

28 September 2024 | 12:58AM HKT _ | --- | --- | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------|--------------------------------------------------------------------------------------------------|-------------------------|-------------------------------------------------------------------------------------------------------------------------| | | | | | | | 1 ...

2 October 2024 | 8:59AM HKT _ China Semis Rising domestic supply in mature nodes driven cycle - initiating Hwatsing, Piotech, Nexchip at Buy We expand our coverage within the semiconductor equipment (SPE) and foundry space and see Hwatsing (SPE, CMP tool), Piotech (SPE, deposition tool), and Nexchip (Foundry, DDIC / CIS) as well positioned to benefit from capacity expansion and customers' need for supply chain diversification in the current geopolitical environment. We expect China Semi Capex to climb quick ...

3 October 2024 | 6:50PM BST _ Chemicals: A postcard from the East Coast: US investors wary oversupply limits China upside Earlier this week (30 September — 2nd October) we met with >30 investors in Boston and New York to discuss stock ideas in the US and European chemicals sectors. The big themes for our clients were the potential stock implications of 1) China stimulus, 2) US port strikes, 3) Auto warnings. From the European side, Novonesis, BASF, Lanxess, and Akzo Nobel were the most discussed names while ...

Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Electric Vehicles (EV) and Consumer Electronics Key Points and Arguments 1. **Target Price Adjustment**: Goldman Sachs reiterates a Buy rating on Xiaomi with a revised 12-month target price of HK$27.5, up from HK$24.7, reflecting confidence in the company's growth trajectory and EV execution [2][5][6] 2. **User-Centric Strategy**: Xiaomi is focusing on a "Human x Car x Home" strategy, which is expected to drive user engagement and sales both in China and globally [2] 3. **EV Deliveries and Manufacturing Capacity**: - Xiaomi aims for 20,000 monthly deliveries of the SU7 model starting October 2024, up from 10,000+ in Q3 2024, which is expected to reduce the current waiting period of 22-28 weeks [9] - The company has raised its delivery volume forecast for the SU7 to 225,000 units for 2025, reflecting strong demand [9] 4. **Financial Projections**: - Revenue estimates for 2024-2026 have been revised upwards by 0%/3%/8% due to higher EV volume assumptions, with projected delivery volumes of 120k/269k/473k for 2024-2026 [2] - Group net profit estimates for 2024-2026 have been maintained, with a projected core net profit of Rmb29bn/Rmb31bn/Rmb34bn [2] 5. **New Model Launch**: The SU7 Ultra prototype is set to compete in performance metrics with high-end models like the Porsche Taycan, indicating Xiaomi's ambition to enter the premium EV market [10][12] 6. **Construction of EV Factory Phase II**: The construction of the second EV factory is progressing faster than expected, with potential mass production starting in Q4 2025, ahead of market expectations [13][15] 7. **Market Positioning**: The SU7 Ultra is expected to be priced competitively against models like the Porsche Panamera and Tesla Model S, with an average selling price (ASP) of Rmb800k [12][10] Additional Important Information 1. **Financial Metrics**: - The company reported a net loss of Rmb7.8bn for the smart EV segment, indicating challenges in profitability despite revenue growth [5] - The current share price implies a valuation of 16x 2025E P/E for Xiaomi core and 1x 2025E EV/Sales [6][8] 2. **Market Dynamics**: The EV segment is expected to contribute significantly to Xiaomi's revenue, with projections indicating that 15% of total EV revenue will come from the SU7 Ultra by 2025 [2][12] 3. **Competitive Landscape**: Xiaomi's strategy includes leveraging its existing smartphone and IoT ecosystem to enhance its EV offerings, aiming to capture a larger market share in the growing EV sector [2][4] This summary encapsulates the critical insights from the conference call, highlighting Xiaomi's strategic direction, financial outlook, and competitive positioning in the EV market.

2 October 2024 | 4:01AM EDT _ | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|----------------------------------------------------------------------------------|-------------------------------------------------|----------|--------------------------------------------------------|-----------------------------------------|-----------|----------------------------|-------------------------| | | | | | | | | | | | | Dell Technologies Inc. Key takeaways from 2024 investor field trip to DEL ...

2 October 2024 | 3:35PM EDT _ What's Top of Mind in Macro Research: Middle East escalation implications, even more China policy easing, US port strike impacts | --- | --- | |-------------------------------------------------------|----------------------------------------------------------------------------------------| | This week: | Jenny Grimberg \n+1(212)934-0199 \| jenny.grimberg@gs.com Goldman Sachs & Co. LLC | | Middle East: escalation implications | | | Policy easing: no longer piecemeal in China | Al ...

_ | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------ ...

1 October 2024 | 9:31PM EDT _ Americas Technology: Semiconductor Capital Equipment Modest Cut to 2025/26 Wafer Fab Equipment Market Forecasts; Maintain Buys on AMAT/LRCX/KLAC We adjust our 2024/25/26 Wafer Fab Equipment market forecasts by +1%/-4%/-5%, and now expect the market to grow 7%/12%/8% yoy, respectively. By application, we are raising our out-year estimates for Foundry (i.e. primarily TSMC), while we are reducing the outlook for NAND and Logic/Other (i.e. primarily Intel and Texas Instruments). De ...