June 24, 2025 08:25 AM GMT M Update Jiangsu Changshu Automotive Trim Group | Asia Pacific Risk Reward Update What's Changed Jiangsu Changshu Automotive Trim Group (603035.SS) From To Price Target Rmb15.60 Rmb14.70 Base Case Rmb15.60 Rmb14.70 Updated Components EPS Bull Base Bear Scenarios Risks to Price Target / Rating Risk Reward for Jiangsu Changshu Automotive Trim Group (603035.SS) has been updated Reason for change Our changes to Changshu Trim include: 1) We raise our revenue forecasts by 4.6% and 7.9% ...

June 24, 2025 01:53 PM GMT Zijin Mining Group | Asia Pacific M Update Risk Reward Update What's Changed | Zijin Mining Group (2899.HK) | From | To | | --- | --- | --- | | Price Target | HK$23.40 | HK$25.10 | | Bull Case | HK$31.00 | HK$31.80 | | Base Case | HK$23.40 | HK$25.10 | | Bear Case | HK$9.40 | HK$9.60 | | Updated Components | | | | EPS | | | | Investment Thesis | | | | Bull Base Bear Scenarios | | | | Investment Drivers | | | Risk Reward for Zijin Mining Group (2899.HK) has been updated Reason for ...

What did We Learn from Our China Industrial Plant Tour? CITI'S TAKE On our industrial tour 24-26 Jun we met not only with UBTECH (9880.HK), but also with humanoid robot supply chain companies Orbbec (688322.SS), Wolong (600580.SS), and Bozhon (688097.SS), which cooperate with leading Chinese humanoid robot maker Zhiyuan Robot, or AgiBot (智元机器人). We also met with Rongtai (603119.SS), Shuanghuan (002472.SZ), and Hengli (601100.SS), which cooperate with the leading US NEV/humanoid robot maker. We summarize our ...

25 June 2025 | 10:06PM HKT InnoCare Pharma (9969.HK): China Healthcare Corporate Day 2025 — Key Takeaways: Target one major BD deal in 2H25 Presenters: Bonnie Yuan - Investor Relations Director Honglin Yan +852-2978-6666 | honglin.yan@gs.com Goldman Sachs (Asia) L.L.C. c45a43530f604d12bcb9a82b5aa6b9f6 Goldman Sachs InnoCare Pharma (9969.HK) Bottom line: management noted on-track commercial progress in 2Q and guided one major BD deal in 2H25. We expect potential licensing-out opportunities to come from two T ...

We hosted Shandong Weigao's CFO and IR team with investors on June 25 at our China Healthcare Corporate Day 2025. Bottom line: Mmgt noted 1) its full-year revenue growth guidance of 10–15% y/y remains unchanged. 1H25 may exhibit slower momentum, while management remains confident in a stronger 2H rebound due to a more favorable base (1H/2H24 revenue split at Rmb6.64bn/6.45bn) and accelerated new product contribution. 2) The ramp-up of new products is progressing as planned, particularly in perioperative car ...

China Solar: Tracking profitability inflection May rush installation spike suggests deeper demand pullback into 2H25 Our China Solar Profitability Tracker follows monthly supply/demand and inventory dynamics by sub-sector, and the spot prices/input costs implied cash GP & EBITDA margin trends for companies under our coverage. Key highlights in June MTD: Sector view: We continue to expect capacity cuts in 2025E-26E (average 17% of end-24 capacity cut across main value chain) due to cash burn and market acces ...

We hosted WuXi XDC's Head of IR & PR with investors on Jun 24 at our China Healthcare Corporate Day 2025. Bottom line: mgmt reiterated 1) high visibility of FY25 revenue growth guidance of over 35% y/y, backed with strong client demand in ADC development, particularly from emerging China Biotech companies; 2) technological leadership in ADC and bio-conjugates, e.g. diversified technology platform for DAR, payload, linker, etc., and the advantage of new molecule development; 3) on-track capacity expansion wi ...

24 June 2025 | 2:17PM CST China Solar Lower for longer Bottom line: Profitability inflection to be pushed out due to slower demand growth and long run normalized earnings to stay low, but still on track to reach a cyclical bottom in 2025E. We believe China's solar industry is on track to reach a cyclical bottom in 2025E with improving supply/demand balance on back of larger capex cut by Group 1 players, but mid-to-long run normalized profitability will likely stay low in our view, given demand growth slowdo ...

Investment Rating - The report assigns a Neutral rating to Tesla Inc. with a 12-month price target of $285, indicating a potential downside of 18.3% from the current price of $348.68 [16][19]. Core Insights - The launch of Tesla's robotaxi operations is seen as a significant step towards addressing the autonomous vehicle (AV) rideshare market, with an estimated market size of approximately $7 billion in the U.S. by 2030 [13]. - Initial user feedback on the robotaxi rides has been largely positive, highlighting smooth driving experiences, although some navigation issues were reported [4][6]. - The comparison with Waymo indicates that Tesla's operational area and service hours are currently more limited, which may affect its competitive positioning in the AV market [7][10]. Summary by Sections Robotaxi Launch Performance - Initial rides have shown a good degree of drive smoothness, with users noting features like a customer support button and personalized preferences [4][6]. - A navigation error was reported where a vehicle incorrectly used a left turn lane, raising concerns about the technology's readiness [6][10]. Comparison with Waymo - Tesla's robotaxi operates in a smaller area and has limited hours (6 am to midnight) compared to Waymo's 24/7 service in a larger operational area [7][10]. - Pricing for Tesla's rides is set at a flat fee of $4.20, while Waymo's pricing varies like traditional Uber rides [7]. Scaling and Future Outlook - The presence of a Tesla employee in the vehicle and the reported navigation issues suggest that scaling will be slow in the near term [10]. - Regulatory developments will be crucial for the speed of scaling, with Texas recently signing a bill requiring permits for robotaxi operations [11]. - The report includes a discounted cash flow (DCF) analysis for Tesla's robotaxi business, indicating a wide range of potential value per share depending on scaling and margin differentiation [14][16].

Investment Rating - The overall industry investment rating is "In-Line" for Technology - Software & Services in Europe [8] Core Insights - The report highlights several positive developments from the Hexagon LIVE conference, including the introduction of a humanoid robot named Aeon and a clearer strategy for Hexagon, although short-term earnings risks and a lack of clarity on the remaining Hexagon hinder a more constructive outlook [2][4] - RELX's partnership with Harvey is noted as a significant move in the legal AI sector, potentially reshaping the competitive landscape and keeping RELX at the forefront of Legal AI [3] - Informa reported a 7.9% underlying growth in its AGM update, indicating solid performance across the group [3] Company Summaries Hexagon - Key takeaways from Hexagon include the rebranding of ALI to Octave and the announcement of Aeon, a humanoid robot [2] - The report suggests a sum-of-the-parts (SOTP) valuation but expresses caution due to short-term earnings risks and strategic clarity [2] RELX - The partnership with Harvey is seen as a strategic advantage, positioning RELX favorably within the Legal AI market [3] Informa - Informa's AGM update reflects a strong underlying growth performance of 7.9%, indicating positive momentum for the company [3] Autodesk - The Architecture Billings Index (ABI) data for May 2025 shows cautious optimism with month-over-month improvement in billings demand, although overall demand remains in decline [5] monday.com - The company is moving upmarket and expanding its product offerings, which presents both risks and opportunities, leading to an equal-weight rating due to fair pricing at approximately 34x EV/FCF [6] Salesforce - Analysis suggests potential upside to FY27/FY28 due to recent price increases [6] Back-Office Sector - The report indicates that the back-office sector is likely to be one of the first beneficiaries of AI, with ERP upgrades catalyzed by AI technology [4]