Luxshare Precision 002475.SZ 002475 CH EQUITY: TECHNOLOGY Takeaways from Investor Day Quick Note Luxshare hosted an on-site investor conference at its headquarters in Dongguan on 20 November. We profile our key takeaways and thoughts below: Luxshare highlighted its revenue growth levers During the conference, management outlined the progress and objectives of each major business group (Consumer Electronics, Communication, and Automotive) and showcased product development. Luxshare flagged its four revenue g ...

25 November 2025 Asia Emerging Robotics Asia Emerging Robotics: The necessity of "laser eyes"; Good entry points for Hesai Dien Wang, Ph.D. +852 2123 2622 dien.wang@bernsteinsg.com Jay Huang, Ph.D. +852 2123 2631 jay.huang@bernsteinsg.com Eunice Lee, CFA +852 2123 2606 eunice.lee@bernsteinsg.com Qingyuan Lin, Ph.D. +852 2123 2654 qingyuan.lin@bernsteinsg.com Weibin Liang, Ph.D. +852 2123 2666 weibin.liang@bernsteinsg.com Mika Fu +852 2166 4805 mika.fu@bernsteinsg.com Since our recent initiation (see here), ...

Accessible version Banks - China (H/A) 2026 Year Ahead: defensive anchor with potential upside Price Objective Change Key themes for the China bank sector in 2026 Defensive anchor amid market volatilities in 2026 Equity investors remain constructive on the China market in 2026, supported by global monetary easing, China's steady economic growth, ongoing technological advancement, and the authority's commitment to a "slow-bull" equity market. However, with MSCI China trading at an above-average P/E (~13x), w ...

Summary of Vanke's Conference Call Company Overview - **Company**: Vanke (00002.SZ / 2202.HK) - **Industry**: Real Estate Development - **Founded**: May 1984 - **Positioning**: Largest property developer in China, primarily focused on residential development, with a shift towards the high-end market [14][21] Key Financial Metrics - **Total Debt & Payables**: Rmb500 billion by June 2025, including: - External borrowings: Rmb349 billion - Bank loans: Rmb265 billion (Rmb165 billion secured, Rmb100 billion unsecured) - Borrowings from financial institutions: Rmb41 billion (Rmb28 billion secured, Rmb13 billion unsecured) - Bonds payable: Rmb44 billion (Rmb10 billion offshore senior notes) [2] - **Contracted Sales**: Rmb115 billion in the first 10 months of 2025, down 43% year-over-year [3] - **Land Acquisitions**: Recent purchases in Hangzhou (Rmb1 billion), Wuhan (Rmb349 million), and Chongqing (Rmb321 million) [3] Financial Performance - **Revenue**: Expected to decline from Rmb465.7 billion in 2023 to Rmb343.2 billion in 2024, a decrease of 26% [10] - **Core Profit**: Projected loss of Rmb45.4 billion in 2024, with a core EPS of -Rmb4.01 [10] - **Gross Profit Margin**: Expected to decrease from 14.5% in 2023 to 9.4% in 2024 [10] Market Sentiment and Strategic Outlook - **Investor Sentiment**: Negative short-term sentiment due to bond extension proposal, but long-term impact expected to be limited [4] - **Management Strategy**: Focus on fulfilling delivery and debt obligations, optimizing capital structure, and enhancing management efficiency [15][22] - **Future Plans**: Emphasis on positive cash flow, sales of non-core assets, and lower capital expenditures [15] Valuation and Risks - **Target Price**: - H-shares: HK$5.47, reflecting a 70% discount to estimated NAV of HK$18.22 [16][18] - A-shares: Rmb6.71, reflecting a 60% discount to estimated NAV of Rmb16.76 [23][25] - **Risks**: - Downside risks include slower asset turnover and worse-than-expected margins [19][26] - Upside risks include favorable policy changes and stronger GDP growth [19][26] Additional Insights - **Debt Management**: Vanke is conducting bond extensions without principal cuts, indicating a focus on maintaining liquidity [4] - **Market Position**: Vanke remains a leading brand in the property sector, supported by government and banking institutions [15][16] This summary encapsulates the critical aspects of Vanke's recent conference call, highlighting its financial status, strategic direction, and market outlook.

Summary of the Conference Call for Jin Control Coal Industry Industry Overview - The company operates in the coal mining industry, specifically focusing on coal production and related activities. Key Points and Arguments 1. **Production Stability**: Despite the State Development and Reform Commission's supply guarantee and the Energy Bureau's overproduction policies, the company's production progress remains stable, with an average monthly output of approximately 3 million tons since October [2][3][3]. 2. **Panjiayao Tungsten Mine Progress**: The integration of the Panjiayao Tungsten Mine into the listed company is progressing smoothly, with expectations to complete the necessary procedures by the end of the year [2][4][4]. 3. **Tax Payments for Siliang Mine**: The Siliang Mine has already paid over 10 million yuan in taxes, with an outstanding tax payment of over 100 million yuan expected to be completed by year-end [2][5][5]. 4. **Copper-Zinc Mine Recovery**: The copper-zinc mine has partially resumed normal production since October, leading to improved profitability and a narrowing decline in annual investment returns [2][6][6]. 5. **Coal Price Trends**: The average coal price from January to September was 423 yuan per ton, a year-on-year decrease of 14.4%. Since October, coal prices have not shown significant improvement, with expectations of fluctuating between 750 to 800 yuan per ton due to weak demand and market sentiment [2][7][9]. 6. **Coal Prices in October**: In October, the price for Tashan coal was around 510-520 yuan per ton, while Siliang coal was slightly above 200 yuan per ton. Tashan's costs remained stable, while Siliang's costs increased slightly due to maintenance [2][8][8]. 7. **Inventory Levels**: The company is currently in a replenishment phase due to previously low inventory levels caused by rapid price increases [2][10][10]. 8. **Long-term Coal Contracts**: The proportion of long-term contracts for thermal coal remains around 40%, with no significant issues in contract fulfillment. The Tashan mine has direct transportation to nearby power plants, while Siliang has resumed normal contract fulfillment after renegotiation [2][11][11]. 9. **Sales Volume Decline**: The decline in Tashan's sales volume from January to September was primarily due to an increase in calorific value from 5,000 to 5,500 kcal, which reduced the yield during washing. This strategy, while ensuring sales, has increased costs and may impact future sales depending on market demand [2][11][11]. Additional Important Information - The company is closely monitoring market conditions and adjusting strategies accordingly, particularly in response to seasonal demand fluctuations expected in winter [2][9][9].

Summary of Zhaoyi Innovation Conference Call Company Overview - Zhaoyi Innovation is a fabless design company established in 2005, specializing in four core product lines: Nor Flash, SLC NAND Flash, DRAM, and MCU, all of which rank among the top ten globally, making it the only Chinese company to achieve this status in these segments [4][2][3]. Financial Performance - In Q3 2025, Zhaoyi Innovation reported revenue of 2.681 billion yuan, representing a year-on-year increase of 31.4% and a quarter-on-quarter increase of 19.6% [5]. - The net profit attributable to shareholders was 508 million yuan, up 61.1% year-on-year and 49% quarter-on-quarter [5]. - The gross margin reached 40.7%, an increase of 3.7 percentage points quarter-on-quarter, with a net profit margin of 19.3% [5]. Product Line Insights Nor Flash - The market share for Nor Flash is projected to reach 18.5% in 2024, with further growth expected in 2025 [2]. - A price increase of 10% for mid-to-large capacity Nor Flash products was implemented starting July 2025, officially taking effect in September [6]. - The price increase is attributed to inventory digestion, high demand, and limited capacity from upstream foundries [6]. - A moderate price increase of 15% is anticipated for 2026 [6]. SLC NAND - SLC NAND was the fastest-growing segment in Q3, with a revenue increase of 60% quarter-on-quarter [7]. - Following a price increase in July, the gross margin improved from single digits to double digits [7]. - Supply tightness is expected to continue into Q4, with potential price increases exceeding 20% in the following year [7]. - The compound annual growth rate (CAGR) forecast for the next five years has been raised from 10% to 15% due to plans to expand higher-density NAND products [7]. DRAM - The niche DRAM segment is expected to surpass MCU to become the second-largest product line by 2025 [8]. - Despite a slowdown in price increases in Q4, high prices are expected to be maintained in 2026 [8]. - The gross margin for this segment improved from single digits in Q1 to over 20% in Q2, reaching even higher levels in Q3 [9]. - New DDR4 8G products are rapidly capturing market share, with plans to roll out self-developed LPDDR4 series and develop LPDDR5 small-capacity products [9]. MCU - MCU prices have bottomed out, but revenue is maintained through a 20% increase in volume [10]. - Significant growth in automotive MCU business is anticipated before 2030, with new A7 and A9 series products competing against H2P and Infineon [10]. - Customized storage solutions have completed validation and are expected to contribute revenue in cockpit, robotics, and IPC sectors [10]. Market Dynamics - The overall market is characterized by strong demand and supply constraints, particularly in the NAND and DRAM segments, which are driving price increases and revenue growth across Zhaoyi Innovation's product lines [6][7][8].

三一重能 20251127 摘要 预计 2026 年风电供应链端降本 2-3%，内部优化降本 3-5%，受益于技 术进步、零部件盈利及大兆瓦产能缓解。2025 年已实现超 5%降本目标， 成本控制成效显著。 2025 年国内风电装机量预计超 120GW，未来五年平均不低于 120GW/年。公司预计 2026 年装机量约 110GW，虽略低于 2025 年， 但价格上涨将保证价值量。 公司 2025 年第四季度风机出货量预计 15-16GW，占全年 40%。全年 毛利率前低后高，预计第四季度毛利率提升至 5%-6%，全年毛利率超 5%。 2025 年电站销售规模预计突破 1GW，第四季度出售量较大，完成目标 概率高。电站转让业务利润率可达 20%以上，未来几年预计保持良好持 续性。 2026 年出口业务增速预计加快，收入保守估计超 30 亿元，高于 2025 年十几亿元水平。海外新增订单目标 4-5GW，同比增长 60%以上。 Q&A 2026 年零部件价格趋势如何？ 目前我们与供应商已经开始讨论 2026 年的零部件价格，但最终定价预计将在 2026 年初确定。我们认为，2026 年整体零部件成本仍有 2-3 ...

Summary of the Conference Call Company and Industry Overview - The company is focused on the rapid development of AI technology and has adjusted its business strategy to concentrate resources on core enterprises like Shenghong, particularly in the HDI and mechanical drilling sectors [2][3] - The company’s existing products, GB200 and GB300, have established a dominant market position, with nearly all large-scale production being supplied by the company [2] Key Points and Arguments - The company is leveraging ultra-fast laser technology to address challenges posed by M9 material processing, which has been widely applied in Apple products [2][5] - The company plans to expand its product lines to include exposure, forming, laminating, and testing, aiming to maximize value in AI scenarios [2][6] - By 2030, the PCB market value is expected to rise to $100-200 billion, driven by the AI industry, potentially doubling the size of the original market [2][8] - The company anticipates mass production of ultra-fast laser technology by mid-2026, with significant demand expected from the AI market [2][9] Financial Performance and Market Position - The company has shown steady performance improvements year-on-year and quarter-on-quarter, establishing a solid foundation for long-term growth [3] - Currently, 80% of the company's revenue comes from drilling equipment, with plans to transition into a high-end equipment supplier [4][14] - The company maintains a gross margin of approximately 50% and aims to enhance precision and efficiency in its products [21] Technological Developments - The transition from CO2 lasers to ultra-fast lasers is aligned with industry trends, with expectations for mass production to begin in 2026 [7] - The complexity of PCB drilling processes has increased significantly in AI applications, necessitating more advanced equipment to handle higher density and thickness [11] - CCD backup drilling equipment has shown strong market performance, with sales expected to account for 40%-50% of the required drilling machines in AI scenarios [12] Competitive Landscape - New entrants in the PCB field have not significantly impacted the existing market structure due to their lack of understanding of PCB-specific requirements [15] - Major technology companies continue to invest heavily in the industry, indicating a positive long-term outlook despite short-term market fluctuations [16][17] Future Outlook - The company is optimistic about the AI market's growth, with expectations of significant increases in equipment demand and value as technology evolves [22] - Collaboration with key clients like Pengding is crucial, with ongoing advancements in ultra-fast laser drilling machines expected to deepen these partnerships [19] - The company is transforming into a high-end equipment supplier, focusing on producing more technically demanding products and expanding its presence in the core supply chains of leading enterprises [20]

Summary of Zhongke Chuangda Conference Call Company Overview - Zhongke Chuangda focuses on AIOS as its core strategy, integrating AI chip trends to innovate and launch M1 to M4 series products primarily for the automotive sector [2][5] - The company has established a complete product line centered around computing in the IoT business, including handheld terminals, smart vision, edge computing, smart meeting systems, and AI-enabled devices [2][6] Key Industry Insights - The automotive industry is transitioning from software-defined vehicles to AI-defined vehicles, with Zhongke Chuangda's AIOS and AI Box driving this change [2][8][16] - The industrial mobile robotics sector is seeing Zhongke Chuangda position itself as a comprehensive robotics company, integrating software development, hardware design, and manufacturing to meet automation needs [2][7] Financial Performance - In 2025, Zhongke Chuangda's overall operating conditions remain healthy despite some pressure on operating cash flow due to project and payment cycles [3] - The company expects overseas market growth to outpace domestic market growth, particularly in the automotive sector [3] Strategic Collaborations - Zhongke Chuangda employs an ecosystem sales strategy, collaborating with chip manufacturers, OS vendors, large model vendors, and internet companies to build a robust ecosystem [4][15] - The partnership with ByteDance in the IoT sector has deepened, establishing a joint laboratory to empower automotive and IoT clients [4][21] Product Development and Innovation - The AIOS strategy drives the development of various products, including the AI Box, which offers up to 200 TOPS computing power and supports 7B models on the edge [5][16] - The company has launched new AMR robots at the 2025 Asia Logistics Exhibition, showcasing its commitment to innovation in robotics [2][24] Market Trends and Future Outlook - The IoT business is expected to continue its rapid growth, driven by a strong AIoT platform and diversified product offerings [10][12] - Zhongke Chuangda anticipates significant growth in AI PCs, AR glasses, and handheld terminal devices in 2025, with a focus on integrating new solutions for clients [14] Sales and Marketing Strategy - The sales strategy is centered on ecosystem collaboration rather than increasing the number of sales personnel, relying on core technology and engineering culture [4][15] - The company maintains a stable sales team while leveraging partnerships to drive product adoption [15] Conclusion - Zhongke Chuangda is well-positioned for future growth with a strong focus on AIOS, strategic partnerships, and a commitment to innovation across various sectors, particularly in automotive and IoT [2][8][22]

中原传媒 20251127 摘要 中原传媒 2025 年前三季度营收略降，但利润总额同比增长 9.83%至 8.29 亿元，净利润增加 2.56 亿元，部分受益于所得税政策。毛利率提 升近两个百分点，同时通过人员缩减 324 人，薪酬支出减少 5,300 多万 元等措施有效控制成本，预计全年业绩实现两位数增长。 2025 年秋季教材教辅征订同比下降幅度小于 1%，整体平稳。河南省因 高考大省的特殊性，市场监管相对宽松。预计 2026 年营收保持平稳， 利润增长 10%左右，公司扣除非主业收入，新业务贡献度不高，但成本 控制措施持续提升盈利能力。 公司通过人员缩减、薪酬管理和费用控制降低成本，员工减少 324 人， 薪酬支出减少 5,300 多万元。加强对销售推广费及招待费等费用的管理， 相关费用显著下降，有效提升了盈利能力，预计未来几年财务状况将维 持稳定。 教材业务方面，义务教育阶段教材略有增长，循环教材比例提升带来增 量。高中教辅市场化程度高，公司争取在平易教辅领域实现全面覆盖， 促进收入增长。教材涨价正在争取，新课标教材价格有所提升，预计 2026 年秋季学期体现。 Q&A 请简要介绍中原传媒 2025 ...