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 April 10, 2025 08:00 PM GMT Greater China Technology Semiconductors | Asia Pacific Data NOW: GigaDevice MCU Spot Price vs. MCU Companies' Share Prices Key Takeaways Click here for access Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as ...

Summary of China Yangtze Power Co. Research Call Company Overview - **Company**: China Yangtze Power Co. - **Industry**: Utilities - **Market Cap**: Rmb645,868.8 million - **Stock Rating**: Overweight - **Price Target**: Rmb34.22 - **Current Share Price**: Rmb28.40 (as of April 3, 2025) - **52-Week Range**: Rmb32.28 - Rmb24.39 - **Shares Outstanding**: 22,742 million [6][6] Key Points Earnings and Cash Flow - The company provides defensive earnings and cash flow supported by six hydropower stations with a total installed capacity of 72GW [2][2] - Earnings growth in the medium term is expected to be driven by: 1. Tariff increases from auxiliary services, green certificates, and higher market volume 2. Financial cost savings 3. Decreased depreciation costs due to the end of generators' depreciation period [2][2] Dividend Policy - The company has committed to a dividend payout ratio of over 70% during the period from 2021 to 2025 [2][2] Probability Estimates - There is an estimated 70% to 80% probability for the positive scenario regarding the company's performance [3][3] Valuation Methodology - The price target is derived from a discounted cash flow (DCF) methodology, assuming stable profit and cash flows from hydropower stations - The weighted average cost of capital (WACC) is set at 6.7%, with no terminal growth assumed [9][9] Risks - **Upside Risks**: 1. Better-than-expected hydropower resources 2. Higher-than-expected dividend payout ratio 3. Increased hydropower utilization hours 4. Greater renewable energy capacity expansion [10][10] - **Downside Risks**: 1. Weaker-than-expected hydropower resources 2. Lower-than-expected dividend payout ratio 3. Reduced renewable energy capacity expansion [11][11] Additional Insights - The company is positioned favorably within the utilities sector, with an attractive industry view [6][6] - Analysts express confidence in the company's ability to generate stable cash flows, which supports the positive outlook for its stock price [9][9] This summary encapsulates the essential insights from the research call regarding China Yangtze Power Co., highlighting its financial stability, growth prospects, and associated risks.

众鑫股份 20250412 摘要 Q&A 2024 年公司整体业绩情况如何，特别是四季度的表现？ 2024 年公司整体业绩较 2023 年有所增长，财务报表显示营收、净利润、扣非 利润和每股收益均有所提升。四季度的盈利能力稳步向上，这主要得益于行业 特点，每年四季度通常为春节期间备货，因此业绩较好。今年（2025 年）一季 度预计营收和利润也将正常增长。 • 公司通过在泰国设立工厂，有效规避了中美贸易摩擦带来的关税风险，保 证了美国市场订单的持续供应，并计划进一步扩大泰国产能至 10 万吨，以 满足未来需求。 • 尽管面临美国反倾销和反补贴调查，公司凭借较低的反补贴税率（5.9%） 和技术成本优势，有效降低了潜在的负面影响，并积极应对可能出现的贸 易壁垒。 • 公司持续投入研发，保持技术领先，尤其是在生产设备方面的创新，显著 提高了生产效率和降低了成本，构建了难以复制的竞争优势，并计划将营 收的 3%以上投入研发。 • 公司积极拓展国际市场，包括设立欧洲和南美办事处，以开发欧洲、巴西、 阿根廷和智利等市场，旨在实现 20%以上的海外市场增速，弥补美国市场 可能出现的损失。 • 公司关注国内市场，计划通过进入工 ...

Summary of Shanghai Baosight Software (600845.SS) Conference Call Company Overview - **Company**: Shanghai Baosight Software - **Ticker**: 600845.SS - **Industry**: Software and Automation for Manufacturing, particularly in the Steel Industry Key Financial Results - **4Q24 Results**: - Revenue: Rmb3,888 million, down 5% YoY - Gross Profit: Rmb1,226 million, down 4% YoY - EBIT: Rmb348 million, down 41% YoY - Net Income: Rmb335 million, down 51% YoY - Gross Profit Margin: 32%, flat YoY - Operating Profit Margin: 9%, down 5 percentage points YoY - Net Profit Margin: 9%, down 8 percentage points YoY - All figures missed Goldman Sachs estimates by 7% to 53% [1][2][8] Related-Party Revenue - **2024 Related-Party Revenue**: Rmb6,916 million, down 5% YoY, missing prior guidance by 39% [1][6] - **2025 Guidance**: Targeting Rmb10,200 million in related-party revenue, indicating a 10% decline from 2024 [2][6] Industry Outlook - **Steel Industry Investment**: Continued uncertainties expected, with depressed capacity utilization and margins forecasted for 2025 [2] - **Steel Demand**: Anticipated to stabilize YoY after a prolonged contraction since 2021 [2][3] Revised Financial Forecasts - **Net Income Forecasts**: Revised down by 12-14% for 2025-2030 to reflect current results and industry outlook [2][7] - **New Revenue Estimates**: - 2024: Rmb13,644 million - 2025E: Rmb15,286 million - 2026E: Rmb17,091 million - 2027E: Rmb19,529 million - 2028E: Rmb22,269 million - 2029E: Rmb25,496 million - 2030E: Rmb28,996 million [7] Investment Thesis - **Growth Drivers**: - Increased spending on production software to enhance manufacturing efficiency - Continued consolidation in the steel industry by Baowu Steel Group - Proven track record of expanding into new markets and customers - **Risks**: - 51% of revenue from related-party transactions, exposing the company to fluctuations in spending from Baowu [10][11] Valuation - **12-Month Price Target**: Rmb28.5, based on a 27X 2026E PE discounted back to 2025E with a 10.5% cost of equity [2][11] - **Current Price**: Rmb28.46, indicating a minimal upside of 0.1% [12] Conclusion - The company is rated as Neutral, reflecting a fair valuation compared to peers in the China Industrial Tech sector, with significant reliance on related-party revenue and a challenging outlook for the steel industry [10][11]

April 8, 2025 09:00 PM GMT SMIC | Asia Pacific Domestic AI GPU demand and supply larger than expected; Upgrade to EW | What's Changed | | | | --- | --- | --- | | SMIC (0981.HK) | From | To | | Rating | Underweight | Equal-weight | | Price Target | HK$38.00 | HK$40.00 | Rising AI inference demand and SMIC's capability to source bottlenecked equipment have led to strong revenue growth for its advanced nodes. Move SMIC to EW from UW. Rigid demand for AI chip localization: Driven by DeepSeek, we expect rising d ...

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Asia Pacific Equity Research 08 April 2025 CATL Overweight Expectations reset; cut 2025E EPS by 10% ▼ Sources for: Style Exposure – J.P. Morgan Quantitative and Derivatives Strategy; all other tables are compan ...

Weichai Power (000338.SZ) Strong earnings power underappreciated Apr 2025 Nick Zheng, CFA Goldman Sachs (Asia) L.L.C. +852 2978-1405 nick.zheng@gs.com Yan Lin Goldman Sachs (Asia) L.L.C. +852 2978-7020 yan.lin@gs.com Selina Yan Goldman Sachs (Asia) L.L.C. +852 2978-0178 shuling.yan@gs.com Goldman Sachs 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 rep ...

1Q25 preliminary net income up 24-27% YoY; 4% higher than MSe Reaction to earnings April 8, 2025 09:38 AM GMT Foxconn Industrial Internet Co. Ltd. | Asia Pacific Unchanged Modest upside Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research FII announced preliminary 1Q25 revenue of Rmb159-161bn (+34-35.6% YoY) and net income of Rmb5.2-5.3bn (+24.4-26.8% YoY). Cloud equipment revenue grew >50% YoY in 1Q2 ...

Key Points Summary of the Conference Call for Yingzi Network Company Overview - **Company**: Yingzi Network - **Fiscal Year**: 2024 - **Revenue**: 54.42 billion CNY, up 12.41% YoY - **Net Profit**: 5.04 billion CNY, down 10.52% YoY - **Core Business**: Smart home products and IoT cloud services Financial Performance - **Total Revenue**: 54.42 billion CNY, with a 12.41% increase YoY [3][4] - **Total Profit**: 5.39 billion CNY, down 5.02% YoY [3][4] - **Net Profit**: 5.04 billion CNY, down 10.52% YoY [3][4] - **Smart Home Hardware Revenue**: 43.47 billion CNY, accounting for 80.51% of total revenue, up 9.76% YoY [3][5] - **IoT Cloud Platform Revenue**: 10.52 billion CNY, up 22.87% YoY, accounting for 19.49% of total revenue [3][5] - **Smart Entry Business Revenue**: 7.48 billion CNY, up 47.87% YoY [3][6] - **R&D Expenses**: 8.14 billion CNY, 14.95% of revenue [3][8] - **Sales Expenses**: 8.58 billion CNY, up 26.66% YoY [3][8] - **Cash Dividend**: 3.5 CNY per 10 shares, totaling approximately 2.76 billion CNY, 54.70% of net profit [3][9] Product and Market Development - **Product Line Expansion**: Upgraded from 1+4+N to 2+5+N, introducing AI and IoT dual-core drive [3][4] - **Smart Home Hardware**: 80.51% of revenue, with a gross margin of 34.02%, down 1.36 percentage points [3][5] - **Smart Service Robots**: Revenue exceeded 100 million CNY, up 265% YoY [3][7] - **Domestic Market Revenue**: 34.87 billion CNY, up 5.54% YoY [3][8] - **International Market Strategy**: Focus on localization and multi-category expansion [3][8][21] Strategic Initiatives - **AI Integration**: Launched AI models and expanded into smart home cameras and locks [3][4][11] - **New Brand Launch**: Introduced sub-brand "Qin Xiaodou" targeting younger consumers [3][25][26] - **Cloud Services Growth**: Cloud services revenue close to 20%, with a growth rate of 22.87% [3][15] - **Market Diversification**: Over 30% of revenue from overseas markets, with a focus on Europe, Latin America, and Southeast Asia [3][21][22] Future Outlook - **Growth Areas**: Smart entry and service robots expected to drive future revenue [3][10][41] - **C端 Marketing Improvement**: Increased focus on enhancing C-end marketing capabilities [3][29] - **AI Service Development**: Plans to expand AI services for B-end clients [3][37] - **Sales Expense Management**: Sales expenses expected to fluctuate with gross margin improvements [3][39] Additional Insights - **Consumer Acceptance**: Company remains optimistic about new technology product acceptance [3][13] - **Marketing Strategy**: Focus on product usage and user reputation rather than heavy advertising [3][34] - **Impact of Policies**: Benefited from government policies like trade-in subsidies [3][16][19] This summary encapsulates the key points from the conference call, highlighting the financial performance, product developments, strategic initiatives, and future outlook of Yingzi Network.

牧原股份 20250413 牧原股份在养殖行业中的竞争优势是什么？ 牧原股份在养殖行业中的竞争优势主要体现在以下几个方面： • 牧原股份 2025 年预计出栏量接近 9,000 万头，远超同行神农集团的 300 多 万头，显示其卓越的规模化运营能力。 • 尽管基数庞大，牧原股份 2025 年一季度出栏增速仍超预期，表明其在成本 控制前提下保持了强劲的增长势头。 • 2025 年一季度，牧原股份在猪价同比小幅下降的情况下依然实现盈利，规 模经济中值约为 45 亿元，利润基础稳固。 • 牧原股份预计全年平均养殖成本将降至每公斤 12 元，年底或达 11 元左右。 在周期平均猪价 15 元/公斤时，有望实现年度利润超 300 亿元。 • 牧原股份全年出栏量预计接近 9,000 万头，包含大量仔猪销售，育肥产能 约为 8,000 万头，通过分工化经营提高整体出栏水平和盈利能力。 • 牧原股份通过精细化管理持续降低养殖成本，已处于行业领先水平，并具 备进一步下降的潜力。 • 牧原股份已从高成长阶段过渡到高质量发展阶段，资本开支和负债率均呈 下降趋势，内部管理不断优化，长期配置价值凸显。 i. 成本优化：公司最新的还原成 ...