c45a43530f604d12bcb9a82b5aa6b9f6 Buy c45a43530f604d12bcb9a82b5aa6b9f6 Pony AI Inc. (PONY) c45a43530f604d12bcb9a82b5aa6b9f6 Goldman Sachs Pony AI Inc. (PONY) - 5,000 10,000 15,000 20,000 25,000 2025E 2026E 2027E 2028E 2029E 2030E Remote assistant cost TNC cut Depreciation - Vehicle Depreciation - ADK Fleet operation and maintenance (US$)Segment Partners/ Clients 124 396 1,490 3,441 11,401 58,237 180,790 - 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 2024E 2025E 2026E 2027E 2028 ...

Andrew Webb AC (44-20) 7134-0121 andrew.x.webb@jpmorgan.com Europe Credit Research 20 December 2024 J P M O R G A N Germany: The four player market features the incumbent, DT, maintaining a leading share, at the other end of the market share spectrum is 1&1 with ~10% subscriber market share. The company transitioned from MVNO to MNO after acquiring 5G spectrum in the 2019 auctions. 1&1 is presently rolling out its mobile network (Open RAN), while making use of roaming agreements. The company surprised the m ...

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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 report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/ ...

US Machinery J P M O R G A N See page 5 for analyst certification and important disclosures. J.P. Morgan 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 their investment decision. www.jpmorganmarkets.com Company-Specific Disclosures: Important disclosures, including price ch ...

Company and Industry Key Points 1. **Company Overview**: Cambricon is a leading Chinese AI chipset supplier. The company focuses on AI chipsets for various applications, including intelligent cluster systems for governments and autonomous driving chips. [44] 2. **Revenue Growth**: Goldman Sachs expects Cambricon's revenue to grow by 4%, 9%, and 16% in 2025E-2027E, driven by ongoing demand from government projects and the widening applications of AI technology. [5] 3. **Valuation**: Goldman Sachs uses a discounted EV/EBITDA methodology to derive a target price of Rmb538.0 for Cambricon. The target EV/EBITDA multiple is based on peers' trading EV/EBITDA vs. forward-year fundamentals. [2, 56] 4. **Key Risks**: The key risks identified include weaker/stronger-than-expected government projects, competition in AI chips and accelerators, slower/faster-than-expected local foundry supplies, slower/faster-than-expected expansion to non-government projects, and the company's addition to the US Entity List in December 2022. [3] 5. **M&A Rank**: Cambricon has an M&A rank of 3, indicating a low probability (0%-15%) of being acquired. [14] 6. **Market Cap**: Cambricon's market cap is Rmb281.6bn ($38.6bn) as of December 2024. [45] 7. **Enterprise Value**: Cambricon's enterprise value is Rmb280.5bn ($38.4bn) as of December 2024. [45] 8. **Beta**: Cambricon's beta is 1.3. [23] 9. **Risk-Free Rate**: The risk-free rate is 3.0%. [23] 10. **Market Risk Premium**: The market risk premium is 6.5%. [23] 11. **Revenue Breakdown**: Cambricon's revenue breakdown by region is 49% global, 34% Greater China, and 17% other regions. [27] 12. **Revenue Breakdown by Segment**: Cambricon's revenue breakdown by segment includes 63% AI chips (government projects), 57% other segments, and 40% other segments. [54] 13. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 14. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 15. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 16. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 17. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 18. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 19. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 20. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54]

North America Equity Research 23 December 2024 Within we highlight data center interconnect, transport, optical, and fiber-to-thehome commentary from Hardware & Networking companies and other vendors during the most recent earnings cycle as well as the recent J.P. Morgan Hardware, Networking & Semis Bus Tour hosted by J.P. Morgan Hardware and Networking Analyst Samik Chatterjee. Telecom Services, Cable & Satellite Sebastiano C Petti AC (1-212) 622-8529 sebastiano.c.petti@jpmorgan.com Jerome Darling (1-212) ...

Xcel Brands, Inc. (NASDAQ:XELB) Q3 2024 Earnings Conference Call December 23, 2024 5:00 PM ET Company Participants Robert D'Loren - Chairman and CEO James Haran - CFO Seth Burroughs - EVP, Business Development and Treasury and Secretary Conference Call Participants Michael Kupinski - NOBLE Capital Markets Anthony Lebiedzinski - Sidoti Howard Brous - Wellington Shields Operator Thank you for standing by. My name is Celine and I will be your conference operator today. At this time I would like to welcome ever ...

Limoneira Company (NASDAQ:LMNR) Q4 2024 Earnings Conference Call December 23, 2024 4:30 PM ET Company Participants John Mills - Investor Relations, ICR Harold Edwards - President and Chief Executive Officer Mark Palamountain - Executive Vice President, and Chief Financial Officer Conference Call Participants Ben Klieve - Lake Street Capital Markets Gerard Sweeney - ROTH Capital Partners Operator Greetings, and welcome to the Limoneira's Fourth Quarter Fiscal Year 2024 Financial Results Conference Call. At t ...

Bridgeline Digital, Inc. (NASDAQ:BLIN) Q4 2024 Earnings Conference Call December 23, 2024 4:30 PM ET Company Participants Thomas Windhausen - CFO and Treasurer Ari Kahn - President and CEO Conference Call Participants Howard Halpern - Taglich Brothers Operator Thank you for standing by and welcome to Bridgeline Digital's Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operato ...