更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Goldman Equity Sachs Research 11 June 2024 7:45PM HKT CATL (300750.SZ) 研报数据加V：shuinu987 300750.SZ 12m Price Target: Rmb304.00Price: Rmb188.77Upside: 61.0% Eric Shen 852-2978-7954leric.s n@gs.cor 报数据加V Intensified EV price competition is leading to concerns around CATL and Tesla supply contract renewal in 2025. Some investors see downside risk for CATL, arguing that it enjoys unsustainable price premiums on batteriesysupplied to Tesla. However, we see these concerns as overstated ...

Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company Apptronik Core Insights - Apptronik is focused on building versatile humanoid robots, leveraging Nvidia's AI technology and aiming for a market with a total addressable market of USD 30 trillion [5][3] - The company anticipates shipping hundreds of robots initially, scaling up to thousands as it develops its product offerings [5] - Apptronik's competitive advantages include its integration of complex robotic systems, partnerships with Nvidia and Mercedes-Benz, and a focus on industrial-grade robots [5][3] Summary by Sections Company Overview - Apptronik, founded in 2016, is a spinout from the Human Centered Robotics Lab at the University of Texas at Austin, and launched its general-purpose humanoid robot Apollo – Alpha in 2023 [3] - The company has developed over 10 previous robots, including NASA's Valkyrie robot, and is collaborating with Mercedes-Benz to explore robotics applications [3] AI/Software Strategy - Apptronik's AI strategy involves using Nvidia's AI offerings and foundation models to enhance robot training and performance [3] - The CEO emphasizes that software is a primary bottleneck for achieving efficient robot applications, which is closely tied to hardware capabilities [5] Product Design and Features - The design of Apptronik's robots focuses on human-centered features, safety certifications, and modularity, allowing for adaptability to various mobility platforms [3] - The robots are designed with 30 degrees of freedom and utilize linear actuators for improved movement efficiency [3] Market Potential - The humanoid robot market is estimated to be USD 30 trillion, with applications ranging from manufacturing to home care [5] - Apptronik aims to initially target industrial applications, particularly in logistics and the automotive industry, before expanding to other sectors [5] Business Model - Apptronik plans to offer a "Robot as a Service" (RAAS) model initially, transitioning to a capital expenditure model later [5] - The company targets a manufacturer's suggested retail price (MSRP) of USD 50,000, positioning itself for high product quality and performance [5] Competitive Landscape - Apptronik believes it has a competitive edge over other humanoid robot startups by producing industrial-grade robots and focusing on data, versatility, and scalability [5] - The company has established significant partnerships with Nvidia and Mercedes-Benz, enhancing its market position [5]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 28 May 2024 | 7:54PM HKT China Software SaaS and Localization carry better visibility; downgrading Chinasoft Intl/iSoftstone and Thundersoft ： s h u i n u 9 8 7 0 加 V 据 数 报 研 和 要 Lower visibility ahead: We remain positive on Chinasoft Intl. and iSoftstone’s Allen纪 Chang 研 调+852-2978-2930 | allen.k.chang@gs.com business migration towards project-based IT services from traditional IT services, 一 手 Goldman Sachs (Asia) L.L.C. 多 更 and Thundersoft’s diversifying into automotive softw ...

水木调研纪 关注公众号：水木纪要 Goldman 高成 Sachs 可盗 27 May 2024 I 4:17PM CST China Healthcare: Diagnostics and Clinical Labs Intense competition in ICL: Cut Kingmed/Dian's TP/earnings, d/g Kingmed to Neutral; Buy AmoyDx 开报数据 We believe the headwinds ICLs are facing are more than short term pressure from Covid aftermath and may last longer than we had previously expected due to lower volumes, higher-than-expected competition and price cuts for diagnostic items. We now factor in intense competition and declining OPM, and ch ...

Investment Rating - The report assigns a "Buy" rating for Tencent Music Entertainment Group (TME) with a 12-month price target of $16.00 (ADR) and HK$62.30 (H-share) [12][14]. Core Insights - The report highlights healthy subscriber and ARPU growth for FY24, with net adds expected to normalize after a strong 1Q performance [2][4]. - Management anticipates further growth in non-subscription revenue streams, particularly in advertising and artist merchandise, aiming for double-digit percentage growth in overall non-subs business in 2024 [8][9]. - The gross profit margin (GPM) target is set at approximately 42% for FY24, with a long-term online music GPM target of 45% [9][10]. Summary by Sections Subscriber Growth - Management reported a net addition of 6.8 million subscribers in 1Q, driven by promotional activities during the Chinese New Year and effective marketing strategies [3][4]. - Future net adds are projected at 3.5 million in 2Q and 3 million in both 3Q and 4Q, leading to a total for the year that is slightly lower than 2023 but significantly higher than 2022 [4][5]. ARPU Growth - The average revenue per user (ARPU) is expected to stabilize with a healthy upward trend, although the year-over-year growth rate for ARPU in 2024 is likely to be lower than in 2023 [7][8]. - The target for ARPU is set to reach RMB 15 over the next 3-5 years, reflecting evolving user payment habits [8][9]. Non-Subscription Business - The report anticipates normalization in advertising growth following a low base in 1Q, with solid progress in digital albums and offline concerts [8][9]. - Management aims for double-digit percentage growth in overall non-subs business in 2024 [8][9]. Margin Expansion - Management maintains a guidance of 42% GPM for FY24, with expectations for continued improvement in online music GPM [9][10]. - The upward margin trend is supported by strong operating leverage, with revenue growth outpacing content costs [9][10].

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 2024 年 5 月 19 日 | 下午 6:18 香港时间 宁德时代(300750.SZ) 优质电池带来诱人的投资机会；估值 周期性低点。初始评级为买入 ： s h u i n u 9 8 7 0 加 V 据 数 报 研 和 要 沉文斌 研 纪 300750.SZ 1 2个月目标价： 3 04.00元现价： 2 03.00元上涨空间： 4 9.8% 调 +852‑2978‑7954 | eric.s手hen@gs.com 高盛（亚洲）有限多责任一公司 更 ： s h u i n u 9 8 7 高+Q0 8 盛i 5y 2 （i ‑n 2 亚g 9 7 洲W 8‑ ）e 有6i 4 限2 6 责 | 任 qi 公y ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 16 May 2024 | 6:21PM EDT Americas Clean Technology: Solar Clarity on IRA domestic content guidance prioritizes cell manufacturing; positive for FSLR On 5/16, the US Department of the Treasury published updated guidance for the Brian Lee, CFA +1(917)343-3110 | brian.k.lee@gs.com domestic content bonus under the Inflation Reduction Act. This guidance provides Goldman Sachs & Co. LLC clarity on manufactured product components in detail as well as a breakdown of four Nick Cash +1(21 ...