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 ...

Investment Rating - Kingmed is downgraded to Neutral with a 12-month target price (TP) of Rmb41, down from Rmb75, indicating a 12.9% upside potential [1][24][20] - Dian Diagnostics maintains a Neutral rating with a revised TP of Rmb16, down from Rmb23, reflecting a 19.8% upside [1][24][20] - AmoyDx is rated as Buy with a target price of Rmb36, based on strong growth prospects in the cancer companion diagnostics market [1][28][20] Core Insights - The independent clinical laboratories (ICLs) are facing prolonged headwinds beyond the short-term impacts of Covid, including lower testing volumes, increased competition, and price cuts for diagnostic services [1][2][10] - The number of independent labs in China has surged from approximately 15,000 in 2019 to around 26,000 in 2023, intensifying competition in the market [2][10] - The anti-corruption campaign in healthcare is shifting diagnostics from outsourcing to in-hospital testing, benefiting companies like AmoyDx that focus on companion diagnostics [1][24][20] Summary by Sections Kingmed - Kingmed's revenue is projected to decline from Rmb15.5 billion in 2022 to Rmb8.3 billion in 2024, with a net profit of Rmb447 million expected in 2024 [1][32] - The company's gross profit margin (GPM) is anticipated to decrease due to a 30% price cut on average selling prices (ASP), which will reduce GPM by 4.3 percentage points [10][14] - Kingmed's market share is expected to remain stable despite the competitive pressures, but revenue and net profit estimates have been lowered due to declining total addressable market (TAM) [16][17] Dian Diagnostics - Dian's revenue is expected to decrease from Rmb13.4 billion in 2023 to Rmb13.0 billion in 2024, with a significant drop in net profit from Rmb663 million in 2023 to Rmb374 million in 2024 [1][35] - The company faces challenges from the loss of Covid-related business and increased competition, leading to a decline in GPM and NPM [27][24] - Dian's ability to leverage established relationships with hospitals gained during the Covid period is seen as a potential growth driver for its non-Covid testing business [27][24] AmoyDx - AmoyDx is projected to see a significant increase in the penetration rate of tumor companion diagnostics from 13% in 2020 to 45% by 2031, with expected revenue growth above 20% annually over the next decade [1][28] - The company's domestic sales reached Rmb785 million in FY23, reflecting a year-on-year growth of 23.65%, with in-hospital revenue growing over 40% [24][28] - AmoyDx's overseas business is also expanding, expected to contribute over 20% of its revenue by 2031 [1][28]

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].

Investment Rating - The report initiates a "Buy" rating for CATL (300750.SZ) with a 12-month target price of 304 CNY, indicating a potential upside of 49.8% from the current price of 203 CNY [3][17][20]. Core Insights - CATL's high-quality batteries offer superior energy density and reliability, positioning the company at the low end of the cost curve and supporting its industry-leading unit profit margin, which is approximately double that of its peers [5][17]. - The report forecasts CATL to maintain resilient global market share, with domestic market share expected to expand, despite facing pressure on free cash flow due to capital expenditure slowdown [5][17]. - Long-term profitability and market share for CATL are deemed reasonable, with an expected compound annual growth rate (CAGR) of 26% for EPS from 2024 to 2030, and production growth projected at around 50% [5][20]. - The current price-to-earnings (P/E) ratio of 17 times reflects concerns over industry overcapacity; however, a recovery in utilization rates could serve as a short-term catalyst for CATL's stock price in the second half of 2024 [5][20]. Summary by Sections Investment Summary - CATL is positioned as a key player in the global energy transition, with strong profit prospects in its battery division [17]. - The proprietary "dual-sided" battery profit framework predicts unit profits to expand from 188 CNY/kWh in 2024 to around 200 CNY/kWh by 2026-2030, outperforming market expectations [17][39]. - The report anticipates CATL's global market share to slightly decline from 40% in 2023 to 37% by 2030, with domestic market share increasing from 48% to 53% during the same period [17][18]. Financial Analysis - CATL's financial metrics indicate a robust growth trajectory, with a projected EPS CAGR of 26% from 2024 to 2030 and a production growth rate of approximately 50% [5][20]. - The report highlights that CATL's unit profit margins are expected to benefit from higher energy density batteries, which are projected to command a price premium [39]. Valuation - The report notes that CATL's valuation is at a cyclical low, with a target price of 304 CNY based on a P/E ratio of 17 times, suggesting significant upside potential [5][20]. - The expected P/E ratios for 2024-2026 are projected at 30x, 20x, and 15x, respectively, compared to a historical average of 33x [5][20]. Market Dynamics - The report discusses the limited impact of electric vehicle price competition on CATL's profitability, with potential EPS declines estimated at 13-14% due to price pressures [18][39]. - CATL's strong bargaining power is expected to mitigate the impact of cost pressures from battery price reductions [18][39].

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 ...