Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Electric Vehicles (EV) and Consumer Electronics Key Highlights from the SU7 New Facelift Launch - **Launch Date**: March 19, 2026 - **Pricing**: - SU7: US$32.0k (Rmb219.9k) - SU7 Pro: US$36.4k (Rmb249.9k) - SU7 Max: US$44.2k (Rmb303.9k) - Prices are only Rmb4k higher than first-gen models despite comprehensive upgrades [1][11] - **Order Performance**: - 15,000 confirmed orders within the first 34 minutes, outperforming the first-gen SU7 which had 89,000 pre-orders in the first 24 hours [2] - Initial order momentum expected to be steadier compared to previous models due to improved consumer expectations and delivery policies [3] Consumer Experience and Order Volume - **Consumer Focus**: Enhanced purchase experience leading to more stable order volumes compared to initial spikes seen in previous models [3] - **Delivery Expectations**: Improved manufacturing capacity and delivery policies, including "ready-to-ship" vehicles within 1-5 weeks [3] Future Product Launches - **Upcoming Models**: - YU7 GT model expected to launch around mid-2026 - A full-size extended-range electric vehicle SUV anticipated in late Q3 2026 [4] Investment in AI - **Investment Commitment**: Rmb60 billion planned for AI over the next three years, with Rmb16 billion earmarked for 2026 [5] - **Strategic Positioning**: Xiaomi aims to leverage its "Human x Car x Home" ecosystem to capture growth in the global AI model industry [5] Financial Projections - **EV Volume Expectations**: Projected to reach 610,000 units in 2026, with 190,000 units for SU7, 380,000 for YU7, and 40,000 for the large-sized SUV model [21] - **Gross Profit Margin (GPM)**: Expected to decline to 17.9% in Q1 2026 and 20.7% in Q2 2026 due to increased consumer benefits and rising costs [23] Competitive Positioning - **Market Comparison**: The SU7 facelift model is positioned competitively against peers like Tesla and Xpeng in terms of size, driving dynamics, and range [19] - **Performance Enhancements**: Significant upgrades in powertrain performance, chassis control, and safety features compared to first-gen models [11][18] Risks and Challenges - **Market Risks**: - Intense competition in the smartphone and EV sectors - Potential pressure on gross margins due to rising costs and market dynamics [25] - **Execution Risks**: Concerns regarding the execution of brand premiumization and the EV business strategy [25] Investment Thesis - **Long-term Outlook**: Xiaomi is viewed as a leader in the physical AI space with strong ecosystem integration capabilities, positioning it well for future growth in the EV market [26] Price Target - **12-Month Target Price**: HK$41.00, representing a potential upside of 12.9% from the current price of HK$36.32 [28]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Energy Security** sector, particularly in the **Asia Pacific** region, highlighting the implications of recent disruptions in energy infrastructure and the need for defensive investment strategies in related themes such as **Defence**, **Critical Minerals**, and **Renewable Energy & Storage** [3][10]. Core Insights and Arguments - **Energy Disruption Impact**: QatarEnergy's strike on the Ras Laffan Industrial City complex, vital for LNG exports to Asia, emphasizes that Asia is more vulnerable to disruptions in crude oil and LNG than other regions. This could lead to a potential market decline of **15-20%** from current levels in adverse scenarios [3][10]. - **Investment Recommendations**: Investors are advised to position themselves in beneficiaries of Energy Security and related sub-themes, as these sectors are currently trading at a discount compared to the MSCI ACWI index despite their long-term outperformance [3][4]. - **Contractor Order Books**: Asia-listed contractors with exposure to the Middle East are experiencing share price corrections due to near-term earnings uncertainty. However, the anticipated global energy supply chain spending may extend contractor order books, presenting a favorable entry point for companies like **Samsung C&T** and **Larsen & Toubro** [4][10]. - **Supply Chain Risks**: Investor meetings indicate a lack of awareness regarding supply chain risks, particularly in the AI sector. There is a recommendation to use recent market rallies to adopt a more defensive stance [10]. Additional Important Insights - **Energy Access Focus**: The current market environment is characterized by a unique focus on energy access rather than just price impacts, with Asia's dependency on Middle Eastern crude oil and LNG supply being a critical factor [13][20]. - **LNG Import Statistics**: In 2024, **China** is projected to import **24%**, **India** **40%**, and **Japan** **28%** of their LNG from Qatar, highlighting the region's reliance on specific suppliers [22]. - **Policy Shifts**: Recent events are expected to elevate energy security discussions in policy-making, leading to increased budget allocations for domestic energy systems, grid resilience, and infrastructure investments aimed at enhancing storage capacity and diversifying energy sources [20]. - **Renewable Energy and Storage**: The integration of renewable energy with storage solutions is seen as essential for reducing reliance on imported hydrocarbons and stabilizing power systems. The structural deflation in renewables is making them a viable alternative for energy generation [29][30]. Performance Metrics - **Thematic Performance**: The performance of thematic categories such as Energy Security, Critical Minerals, and Renewable Energy is being tracked against the MSCI ACWI, with the expectation of continued growth in these sectors [5][29]. - **Valuation Metrics**: The report includes various valuation metrics for companies within the Energy Security and related sectors, indicating potential upside and performance expectations [11][12][34]. Conclusion - The conference call emphasizes the critical need for strategic positioning in the Energy Security sector amidst ongoing disruptions and highlights the potential for growth in renewable energy and related themes. Investors are encouraged to remain vigilant about supply chain risks and to consider defensive strategies in their portfolios.

Horizon Robotics Conference Call Summary Company Overview - **Company**: Horizon Robotics - **Ticker**: 9660.HK - **Industry**: China Autos & Shared Mobility - **Market Cap**: Rmb85,388.7 million - **Current Stock Price**: HK$7.25 - **Price Target**: HK$11.50, representing a 59% upside potential Key Financial Metrics - **Revenue Growth**: Horizon expects a revenue CAGR of over 60% (up from 50%), targeting Rmb6 billion+ in revenue by 2026 [2][5] - **Revenue Breakdown**: - Licensing revenue expected to remain steady YoY at Rmb1.9 billion - Product revenue projected to increase by over 140% to Rmb3.9 billion [2] - **Volume Growth Target**: Management reiterated a 35% volume growth target for 2026, indicating a significant increase in average selling price (ASP) due to a higher mix of advanced driver (AD) chips [2] - **Gross Margin Target**: Aiming for a gross margin of over 60% in 2026, with product gross margin around 40-50% and licensing near 100% [3] Product and Market Developments - **HSD Deliveries**: Expected to reach 400,000 units in 2026, supported by a strong order pipeline [3] - **New Product Launch**: Horizon plans to launch its integrated cockpit-driving solution, Agentic SOC/OS, soon [3] Research and Development - **R&D Expenses**: Anticipated R&D expenses of Rmb5.5-6 billion in 2026, with a long-term investment goal of up to Rmb50 billion to achieve Level 4 autonomy by 2030 [10] - **R&D Focus**: Increased investments in computing power for cloud training, with R&D expenses rising 64% YoY to Rmb2.9 billion in 2H25 [8] Financial Performance - **Adjusted Net Loss**: Reported an adjusted net loss of Rmb1.5 billion in 2H25, widening the full-year adjusted net loss to Rmb2.8 billion [8] - **Product Gross Margin**: Decreased by 24 percentage points YoY to 24.3% in 2H25, attributed to lower margins from HSD domain controllers [8] Competitive Positioning - **Cost Savings for OEMs**: Horizon's solutions could provide significant cost savings for OEMs through memory chip and PCB cost optimization [9] - **Competitive Advantage**: Management believes its established ecosystem in both entry-level and high-end AD chips, along with expertise in AD software solutions, strengthens its competitive position against peers like NVIDIA and Qualcomm [9] Risks and Considerations - **Market Risks**: Potential risks include slower-than-expected ADAS/AD adoption in China, supply chain disruptions, and competition from OEMs' in-house hardware design initiatives [13] - **Valuation Methodology**: Utilizes a probability-weighted DCF model with a WACC of 12.2% and a long-term growth rate of 3% [11] Conclusion Horizon Robotics is positioned for significant growth in the coming years, driven by strong revenue projections, product innovations, and strategic investments in R&D. However, the company faces challenges from market competition and operational risks that could impact its performance.

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Investment Rating - The report assigns a BUY rating to Horizon Robotics, indicating a positive outlook for the company's stock performance [1]. Core Insights - Horizon Robotics has raised its revenue CAGR guidance from 50% to 60% due to the rollout of Horizon SuperDrive (HSD), positioning the company favorably in the city NOA solutions market and other advanced driving technologies [1]. - The company is expected to achieve significant sales growth, with HSD sales volume projected to increase 18 times YoY to 0.4 million units in FY26E, and more than double in FY27E and FY28E [8]. - Horizon Robotics is also targeting pilot operations of robotaxis by Q3 2026, showcasing its comprehensive autonomous driving capabilities [8]. - The management's revenue projections indicate a strong growth trajectory, with expected revenues of RMB 5.9 billion in FY26E and RMB 9.8 billion in FY27E, driven by increased shipments and higher contributions from HSD [2][11]. Financial Summary - Revenue is projected to grow from RMB 2.4 billion in FY24A to RMB 15.6 billion in FY28E, reflecting a YoY growth rate of 53.6% in FY24A and 59.6% in FY28E [2][11]. - Gross margin is expected to decline from 77.3% in FY24A to 60.8% in FY28E, indicating potential cost pressures as the company scales [2][11]. - Operating profit is forecasted to improve from a loss of RMB 3.3 billion in FY25A to a profit of RMB 1.6 billion in FY28E, suggesting a path to profitability [2][11]. - Adjusted net profit is anticipated to turn positive by FY28E, reaching RMB 2.5 billion [8][11]. Valuation - The target price for Horizon Robotics is set at HK$10.00, representing a 37.9% upside from the current price of HK$7.25 [3]. - The valuation is based on a price-to-sales (P/S) ratio of 13x for FY27E, which is considered justified given the company's unique position in the autonomous driving and robotics sectors [8].

Core Viewpoint - The S&P 500 has faced challenges in 2026, primarily due to geopolitical tensions affecting oil prices, but there are still investment opportunities, particularly with Tesla, which is expected to outperform the index this year [1][2]. Group 1: Tesla's Market Position - Tesla is the market leader in electric vehicles (EVs) in the U.S., capturing 58.9% of all EV sales in Q4 2025, significantly ahead of General Motors at 10.8% [5]. - Globally, Tesla ranks as the second-largest EV manufacturer, following BYD, and is one of only two non-Chinese companies in the top five [6]. Group 2: Financial Performance - Tesla experienced an 11% decline in auto sales revenue and a 3% drop in total revenue in 2025, but this is viewed as a temporary setback rather than a long-term decline [4]. - The company's net profit margin stands at 4% with a debt-to-equity ratio of 0.18, indicating strong financial stability compared to General Motors, which has a net margin of 1.5% and a debt-to-equity ratio of 2.08 [7]. Group 3: Innovation and Future Prospects - CEO Elon Musk is recognized as a significant business leader, having transformed the perception of EVs and led Tesla to launch its first Robotaxi service in Austin and San Francisco in 2025 [9][12]. - Tesla plans to expand its Robotaxi service to several major cities in 2026, including Dallas, Houston, and Miami, which could enhance its market presence [13]. - The anticipated IPO of SpaceX adds to the investment appeal of Tesla, as Musk's track record suggests he is likely to achieve his ambitious goals [14].

Core Viewpoint - The automotive market dynamics have shifted, with consumers now opting for joint venture vehicles for their affordability rather than domestic brands, which were previously chosen for the same reason [1][13]. Sales Performance - In a local market, two dealerships reported an average of 20 customer visits daily, with half specifically interested in the Emgrand model. Last month, a total of 138 vehicles were sold, with 51 units being Emgrand, indicating strong demand [2]. - The current inventory includes 31 units of Emgrand, with the 1.5T premium version making up 80% of the stock. The most popular colors are black and white, each accounting for 30-40% of sales [3]. Customer Demographics - The customer demographic for the Emgrand shows a gender ratio of approximately 6:4, with the primary age group between 20 and 50 years. Notably, younger female buyers often receive financial support from their families, while male buyers tend to be older and more price-sensitive [4][5]. Competitive Landscape - The main competitors identified include Changan's fourth-generation Eado, Nissan's Sylphy, and Volkswagen's Bora. However, 30-40% of customers also compare the Emgrand with other joint venture models like the Lavida and Jetta [7]. - The Emgrand often outperforms competitors due to its superior configuration and larger space, appealing to consumers looking for value [8]. Pricing and Promotions - The Emgrand's pricing strategy has seen increasing discounts, from ¥9,000 in December to ¥13,000 recently, reflecting a competitive approach to attract buyers [15]. - The most popular configuration is the 1.5T premium version, which includes advanced features and is priced reasonably, making it the best value option [16]. Customer Feedback and Issues - Customers have reported issues with the 360-degree panoramic camera, which occasionally lags. However, the Emgrand is praised for retaining physical buttons, making it user-friendly for older individuals [19]. - Maintenance costs for the 1.5T model are approximately ¥600 annually, while the 1.5L model is cheaper at around ¥300, but requires more frequent servicing [21]. Trade-in Policies - The trade-in policy offers a cash rebate of ¥3,000 for non-GEELY vehicles and ¥4,000 for GEELY vehicles. Notably, trading in an old Emgrand for a new one provides an additional ¥3,000, totaling ¥7,000 in rebates [22]. - Certain professions, such as firefighters and teachers, may qualify for an additional ¥2,000 subsidy, which sales representatives may not always mention [23].