CRISPR Therapeutics AG (NASDAQ:CRSP) Guggenheim Inaugural Healthcare Innovation Conference November 12, 2024 2:00 PM ET Company Participants Samarth Kulkarni - CEO and Chairman Conference Call Participants Debjit Chattopadhyay - Guggenheim Partners Debjit Chattopadhyay Good afternoon and thank you for joining us at Guggenheim's Inaugural Healthcare Innovations Conference. I am Debjit and one of the therapeutic analysts here. And joining me today is Samarth Kulkarni, CEO and Chairman of CRISPR Therapeutics. ...

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Key Takeaways Industry Overview - **Industry**: Asia Pacific Technology Hardware - **Coverage Universe**: Greater China Technology Hardware Company Specific - **Company**: Sunny Optical (2382.HK) - **Stock Rating**: Overweight - **Industry View**: In-Line - **Price Target**: HK$72.00 Financial Highlights - **Revenue**: 36,300 million RMB (12/24e) - **Net Income**: 2,618 million RMB (12/24e) - **EPS**: 2.39 RMB (12/24e) Performance Analysis - **Handset CCM**: YTD growth rate decelerated from -1% in Jan-Sep to -5% in Jan-Oct. - **Handset Lenses**: Recorded +17% YTD growth in Jan-Oct. - **Vehicle Lenses**: YTD growth remains stable at 12% in Jan-Oct. Outlook - **Handset CCM**: Weak shipments but ASP and margin recovery expected. - **Handset Lenses**: Resilient performance likely to beat target. - **Vehicle Lenses**: Mix improvement remains a priority. Risks - **Upside Risks**: Improvement in handset lens gross margin, faster-than-expected vehicle lens/module growth, etc. - **Downside Risks**: Component shortages, intense CCM competition, weaker-than-expected handset lens demand, etc. Valuation Methodology - **Base Case**: Residual Income Model (RIM)-derived SOTP methodology. - **Cost of Equity**: 11% - **Growth Rates**: 10%, 8%, and 20% for medium-term, and 3%, 3%, and 3% for long-term. Analysts - **Andy Meng, CFA**: Equity Analyst - **Betty Chen**: Research Associate - **Sharon Shih**: Equity Analyst

Summary of SMIC (0981.HK) Earnings Call Company Overview - **Company**: Semiconductor Manufacturing International Corporation (SMIC) - **Ticker**: 0981.HK - **Industry**: Semiconductor Foundry Key Points from the Earnings Call Financial Performance - **3Q24 Results**: - Revenue increased by **14% QoQ** to **US$2.171 billion** - Gross margin improved to **20.5%**, up **6.5 percentage points QoQ** [10][12] - **4Q24 Guidance**: - Expected revenue growth of **0% to 2% QoQ** - Gross margin projected to remain stable between **18% and 20%** [10][13] Capacity Expansion - **2024 Capacity Additions**: - Management maintains guidance for **60,000 12-inch wafers per month (wpm)** capacity additions, leading to a total capacity of **900,000 wpm** by year-end [10][15] - **Future Capex**: - Capex for 2025 is expected to grow by **8% YoY**, reaching **US$8.5 billion** [10][15] Market Demand and Trends - **2025 Demand Outlook**: - Anticipated growth in wafer demand driven by recovery in major end markets, particularly consumer electronics [12][37] - AI trends are expected to boost demand for semiconductors, especially in power management ICs and low-power computing chips [12][37] - **End Market Performance**: - Consumer electronics, which account for over **50% of SMIC's revenue**, are expected to grow steadily [37] - Industrial and automotive segments are recovering slowly, with expectations of improvement from **2H25** [12][37] Strategic Focus - **Product Mix Improvement**: - Increased focus on high-end power semiconductors, particularly for automotive applications [13][12] - **Technology Platform Development**: - Plans to shift some expansion efforts from logic products to power semiconductors to build a comprehensive technology platform [13][12] Earnings Revisions - **2024 Earnings Revision**: - Earnings revised down by **18%** due to lower-than-expected results in 3Q24 and higher operational expenses anticipated in 4Q24 [15][10] - **Long-term Earnings Outlook**: - Slight upward revisions for 2025-2029 earnings by **3% to 1%** due to better demand outlook and recovery in gross margins [15][10] Valuation and Price Target - **Target Price**: - 12-month target price raised by **14%** to **HK$29.2** based on a **31x 2025E P/E** [15][39] - **Valuation Methodology**: - Target price reflects long-term EPS growth compared to global peers [15][39] Risks - **Key Risks**: - Demand fluctuations in smartphones and consumer electronics - Potential delays in end-market diversification - Supply chain restrictions due to geopolitical factors [40][39] Conclusion - **Investment Rating**: - SMIC is rated as **Neutral** due to a balanced outlook of long-term growth potential against near-term market challenges [37][39]

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shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 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 shuinu9870 Buy Catalyst Watch: Upside, expires 01-DEC-24 Price (08 Nov 24 16:10) HK$14.74 Target price HK$19.40 Expected share price return 31.6% Expected dividend yield 2.6% Expected total return 34.2% Market Cap HK$148,425M US$19,091M 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： Flash | 10 Nov 2024 22:20:37 ET │ 12 pages Geely Automobile (0175.HK) Soft-la ...

更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...