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英维克 - 进入 10 倍总可寻址市场(TAM)的黄金窗口
2025-10-20 01:19
ab 17 October 2025 Global Research Shenzhen Envicool Technology Co., Ltd A golden window to access a 10x TAM Riding the liquid cooling boom: the golden window for expanding overseas We lift our price target for Envicool from Rmb30.15 to Rmb100.00 on its potential expansion into overseas markets and solidifying leadership in China. We expect the global rack-level liquid cooling market to see secular growth through 2028, due to increasing power density of AI racks. Moreover, we see 2026 as a golden window for ...
中国物流-9 月ASP进一步回升;圆通速递表现优异,顺丰包裹量依然强劲-China Logistics-ASP further Recovered in Sep; YTOSTO Outperformed & SF Parcel Volume Remained Strong
2025-10-20 01:19
Flash | 19 Oct 2025 17:16:49 ET │ 11 pages See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations In Sep'25, Tongda players' ASP further recovered as reflected in the 3 A- share players' monthly operational data. YTO/STO/YUNDA increased their ASP by Rmb 6/6/10 cents MoM, +1.1/+4.95/+0.5% yoy. YTO and STO outperformed on balance between volume and price, while Yunda continued to underperform with market share loss likely. YTO achieved 14.9% yoy revenue growth, wit ...
紫金矿业 - 2025 年第三季度基本符合预期;在铜和黄金价格上涨下利润强劲增长;买入评级
2025-10-20 01:19
Equity Research 19 October 2025 | 11:42AM HKT Zijin Mining (2899.HK) Earnings Review: 3Q25 mostly inline; Strong profit growth under rising copper and gold prices; Buy | 2899.HK | 12m Price Target: HK$37.50 | Price: HK$32.60 | Upside: 15.0% | | --- | --- | --- | --- | | 601899.SS | 12m Price Target: Rmb37.50 | Price: Rmb30.17 | Upside: 24.3% | Zijin reported 3Q25 NP of Rmb14.6bn (PRC GAAP) and EPS of Rmb0.548/sh, up 57% yoy. 9M25 recurring NP was at Rmb34.7bn (PRC GAAP) or 69% of our full-year 2025 estimate ...
华测检测 - 2025 年投资者日要点 - 持续精益管理以进一步提升效率,加速海外扩张;买入评级
2025-10-20 01:19
20 October 2025 | 2:40AM HKT Equity Research Centre Testing Intl Group (300012.SZ) 2025 investor day takeaways: Continued LEAN management to drive further efficiency gain with accelerating overseas expansion; Buy 300012.SZ 12m Price Target: Rmb14.50 Price: Rmb14.33 Upside: 1.2% On Oct 16-17, we attended Centre Testing's 2025 Investor Day in Shanghai, listened to a full day ofpresentations by CEO Mr. Xianzhong Shentu as well as 16 senior mgmt/divisional heads and visited three of CTI's labs the next day. We ...
思源电气-2025 年第三季度利润超预期,自由现金流同比增长四倍;
2025-10-20 01:19
Flash | 17 Oct 2025 09:24:35 ET │ 12 pages Sieyuan Electric (002028.SZ) 3Q25 Profit Beats as Positive Free Cashflow Quadruples YoY; More to Follow from Citi Post Results Call CITI'S TAKE Sieyuan announced net profit +45.7% yoy to Rmb1,293m in 9M25, including +48.7% yoy to Rmb899m in 3Q25. The results exceeded market expectations as consensus (Bloomberg) and Citi forecasts its net profit +33.5% yoy to Rmb2,736m and +34.2% yoy to Rmb2,749m, respectively, for 2025E. The 9M25 net profit surge was driven by a co ...
所有风电场和新核电机组增值税退税削减;对龙源电力和中广核电力持谨慎态度-China Electric Utilities-VAT Rebate Cuts for All Wind Farms & New Nuclear Units; Cautious on Longgyuan & CGN Power
2025-10-20 01:19
Flash | 19 Oct 2025 13:47:45 ET │ 13 pages See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making the ...
海康威视-2025 年第三季度投资者电话会议要点:去库存初见成效
2025-10-20 01:19
Ac t i o n | 19 Oct 2025 18:02:06 ET │ 14 pages Hangzhou Hikvision Digital Technology (002415.SZ) 3Q25 Investor Call Takeaways: Emerging Fruit of Destocking CITI'S TAKE Hikvision posted 3Q25 results and we attended the 3Q25 investor call. 3Q25 revenue rose 1% YoY to Rmb23.9bn, 4%/8% below CitiE/BBGe, while 3Q25 margin rose 1.3ppts YoY to 44.8%, 0.7ppts ahead of CitiE. 3Q25 op. profit rose 8% YoY to Rmb3.7bn, largely in line. 3Q25 net profit rose 20% YoY to Rmb3.7bn, 9%/3% ahead of CitiE/BBGe, helped by non- ...
寒武纪:人工智能生态系统持续扩张;2025 年第三季度营收保持高位,带动 2025 年前三季度接近 2025 年指引下限;买入
2025-10-19 15:58
Summary of Cambricon's Conference Call Company Overview - **Company**: Cambricon (688256.SS) - **Industry**: AI Chip Manufacturing Key Points Financial Performance - **3Q25 Revenue**: Rmb1.7 billion, up 1333% YoY, consistent with 2Q25 levels, and close to Bloomberg consensus estimates [4][8] - **9M25 Revenue**: Rmb4.6 billion, nearing the low-end of the 2025 revenue guidance of Rmb5 billion [1] - **4Q25 Revenue Projection**: If high-end guidance of Rmb7 billion is achieved, 4Q25 revenues could increase by 39% QoQ to Rmb2.4 billion [1] - **Gross Margin (GM)**: Decreased to 54% in 3Q25 from 56% in 2Q25, reflecting a shift in product mix from government projects to enterprise clients [4][10] - **Operating Expenses (Opex)**: Ratio improved to 21%, better than consensus estimates, with R&D expenses increasing by 12% QoQ [7][10] Strategic Partnerships - **Sensetime Cooperation**: A strategic agreement signed in October 2025 to leverage technical advantages in AI chips and foundation models, aiming to enhance product compatibility and accelerate AI deployment [2] - **Zhipu Collaboration**: Zhipu's new GLM-4.6 model successfully deployed on Cambricon's AI chips, marking a significant achievement in local chip production [3] Market Dynamics - **Contract Liability**: Reduced to Rmb80 million in 3Q25 from Rmb543 million in 2Q25, indicating improved cash flow management [1] - **Inventory Increase**: Inventory rose by 39% QoQ, suggesting strong market demand and effective wafer supply management [1] Future Outlook - **Revenue Guidance**: Analysts have raised 2025E net income estimates by 8% due to better-than-expected cost control [10] - **Target Price**: Maintained at Rmb2,104, reflecting a 68.6% upside potential from the current price of Rmb1,247.68 [16][14] Risks - **Supply Chain Risks**: Potential wafer supply restrictions due to Cambricon being added to the US Entity List in December 2022 [15] - **Competition**: Increased competition in the cloud chips market could impact future growth [15] Additional Insights - **R&D Capability**: Recognition of Cambricon's strong R&D capabilities, as evidenced by passing compatibility tests with other leading AI models [3] - **Cost Control**: Effective cost management strategies have led to a significant improvement in operating income, exceeding analyst expectations [7][10] This summary encapsulates the essential insights from Cambricon's conference call, highlighting its financial performance, strategic partnerships, market dynamics, future outlook, and associated risks.
中国银行板块:在 2025 年第三季度业绩中寻求深度价值;买入招商银行-China Banks_ Seeking deep value into 3Q25 results; Buy CMB
2025-10-19 15:58
Claire Ouyang +852-2978-6686 | claire.x.ouyang@gs.com Goldman Sachs (Asia) L.L.C. 17 October 2025 | 8:09PM HKT Equity Research CHINA BANKS Seeking deep value into 3Q25 results; Buy CMB The A/H-share listed bank stocks we cover have recorded market-cap-weighted absolute returns of 12%/21% YTD. We believe this is driven more by improving fundamentals than by sector allocation demand seeking dividend yields, primarily reflected in the stabilization of asset quality and the narrowing decline in NIMs. As we head ...
中国银行业:2025 年第三季度业绩前瞻 - 净息差压力缓解且手续费收入强劲,为未来表现优异奠定基础-China Banks_ 3Q25 earnings preview_ eased NIM pressure & strong fee income, set stage for outperformance ahead
2025-10-19 15:58
Vi e w p o i n t | 15 Oct 2025 11:45:46 ET │ 11 pages China Banks 3Q25 earnings preview: eased NIM pressure & strong fee income, set stage for outperformance ahead CITI'S TAKE We expect covered China banks' 3Q25E revenue growth of +1.4% y-y on smaller NIM compression and decent fee income, offsetting by muted loan growth and weak trading gains. With stable asset quality, we expect banks to release provisions and buffer earning growth (+3.0% y-y in 3Q25E, vs. +0.8% y-y in 1H25). We expect all large banks' 9M ...