China Chemical New Materials 19 December 2024 ab 9 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： Founded in 2000, Tinci Materials (Tinci) is the largest electrolyte and LiPF6 producer globally by capacity. The company features a highly integrated electrolyte material value chain and good economies of scale, strengthening its cost competitiveness compared to its peers. Tinci is also a major electrolyte supplier to Contemporary Amperex Technology and is also planning to expand its production capacit ...

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： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： China CXO shuinu9870 be passed (see our earlier note), it is always possible that another bill targeting China CXO is proposed. • We expect the US Department of Defense (DoD) to submit a biotechnology assessment report to Congress by June 15, with some content related to China. As noted in the past, we believe such a report will include an assessment of China's biotechnology capabilities. Though we don't know when or whether ...

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 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 Life Science Tools & Diagnostics Buy-side Survey Assessing Investor Sentiment for Life Science Tools Rachel Vatnsdal AC +1 612 384 8611 rachel.vatnsdal@jpmchase.com J.P. Morgan Securities LLC 1Rachel Vatnsdal rachel.vatnsdal@jpmchase.com +1 612 384 8611 Casey Woodring casey.woodring@jpmchase.com +1 212 622 9074 Marta Nazarovets Zaremba marta.zaremba@jpmchase.com +1 212 622 6046 Jaden Rismay jaden.ri ...

See the end pages of this presentation for analyst certification and important disclosures, including non-US analyst 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. 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 更多一手调研纪要和研报数据加V：shuinu9870 更多 ...

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： shuinu9870 shuinu9870 19 Dec 2024 05:35:44 ET │ 10 pages Weekly Battery Updates (up to 15 Dec) 更多一手调研纪要和研报数据加V： Dec-24E NEV+ESS Battery Forecasts: We estimate full sector NEV+ESS battery production at 116.6GWh in Dec-24E (-1% MoM) and 1,082GWh in FY24E (+39% YoY); Dec/FY24E ESS domestic shipments at 20.9GWh (-0.2% MoM) and 198.2GWh (+108% YoY); Dec/FY24E domestic NEV-PV battery installation at 62.4GWh (+6% MoM) and 480.7GWh (+36% YoY), factoring Dec-24E NEV-PV re ...

That didn't seem quite the right weather for a cover at this time of year so the sketch showed him walking through the snow. In the first iteration he is rather small, dwarfed by the sheer length of his journey but also oddly overshadowed by a telephone pole. The second idea drew on a story about the world's greatest fish market, Toyosu, in the Japanese capital, Tokyo. Fish is more Christmassy than you might think. Many countries incorporate fish into their festive meals (herring in Denmark, shrimp on the B ...

更多一手调研纪要和研报数据加V： 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 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： Securities Japan Co., Ltd. is the author, publisher and distributor of the report. Distributed by UBS AG, Tokyo Branch to Professional Investors (except as otherwise permitted) in relation to foreign exchange and other banking businesses when relevant. Australia: Clients of UBS AG: Distributed by UBS AG (ABN 47 088 129 613 and holder of Australian Financial Services License No. 231087). For all other recipients: Distr ...

| --- | --- | --- | |---------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------| | | | | | December ...

Industry Overview * **Hardware Growth Acceleration**: The report forecasts hardware growth to accelerate in 2025, with a focus on enterprise vs. consumer end markets. However, the current valuation at 19 P/E for 4-7% rev/EPS growth in 2025 suggests that acceleration is already priced in. * **CIO Survey**: The 3Q24 CIO survey indicates that CIOs expect spending on PCs, servers, and storage to accelerate in 2025. This aligns with the overall optimistic outlook for hardware spending growth. * **Tech Hardware Valuation**: Tech hardware stocks are currently trading at an all-time high P/E of 19x, which is 4-6x turns above valuations at similar points in past cycles. This suggests that the market has already priced in a growth re-acceleration in 2025. * **Hardware Spending Expectations**: The report forecasts average enterprise hardware revenue growth of 3% Y/Y in 2025, with the strongest growth in AI servers and PCs. Average consumer hardware revenue growth is expected to be 3% Y/Y, ~175bps below consensus. * **Macroeconomic Factors**: The report identifies macroeconomic factors such as interest rates, inflation, and employment as headwinds to hardware spending. However, it also notes that clarity on the presidential election and a favorable interest rate environment could alleviate some of these concerns. * **Tail Risks**: The report identifies tariffs and cuts to government spending as potential tail risks to hardware spending in 2025. However, it believes that the impact of these risks is less significant than perceived. Key Companies and Their Outlooks * **Apple (AAPL)**: The report maintains an Overweight rating on Apple, considering it the Top Pick in the US IT hardware coverage universe. The company is expected to benefit from a multi-year iPhone refresh cycle and consistent double-digit Services growth. * **Dell Technologies (DELL)**: Dell remains one of the core IT hardware Overweights, well-positioned to benefit from accelerating AI server orders and a cyclical recovery in core servers, storage, and PCs. * **Seagate Technology (STX)**: Seagate is considered an Overweight due to its strong position in the HDD market and potential for revenue and gross margin expansion. * **Kornit Digital (KRNT)**: Kornit is the top small cap Overweight, leading in the digital textile printing market with strong growth and margin trajectory. * **Garmin (GRMN)**: Garmin is Underweight due to concerns about sustainability of its growth rates and negative risk-reward profile. * **Sonos (SONO)**: Sonos is Underweight until clearer evidence that the negative consumer reaction to the mid-2024 app update has passed. * **Xerox Corp (XRX)**: Xerox is Underweight due to challenges in its core business and uncertain macro environment. * **CDW Corporation (CDW)**: CDW is Equal-weight, potentially undervalued as a way to play a more robust cyclical recovery in 2025. * **Ingram Micro (INGM)**: INGM is Equal-weight, with potential for upside as a beneficiary of a more robust cyclical recovery in 2025. * **Logitech (LOGI)**: LOGI is Underweight due to concerns about execution and valuation. Conclusion The report provides a comprehensive overview of the IT hardware industry, highlighting key trends, risks, and opportunities. While the industry is expected to grow in 2025, valuation concerns and macroeconomic uncertainties remain. The report offers valuable insights for investors looking to navigate the complex landscape of the IT hardware industry.

Figure 54: Housing services 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 Dec-27 3-month change data 3-month change forecast model projection 12-month change data 12-month change forecast Source: BEA, UBS estimates Figure 55: PCE health care services prices 0% 1% 2% 3% 4% Dec-17 Dec-19 Dec-21 Dec-23 Dec-25 Dec-27 3-month change data 3-month change forecast model projection 12-month change data 12-month change forecast Source: BEA, UBS estimates Figure 56: Food services 0% 1% 2% 3% 4% 5% 6 ...