凯莱英 20251015 摘要 凯莱英凭借疫情期间的交付能力，与大客户建立深度合作，积累海外药 企口碑，小分子 CDMO 业务稳健，支撑公司基本面，海外收入占主导地 位，受国内价格战影响较小。 新兴业务包括化学大分子 CDMO、制剂 CDMO、临床 CRO、生物大分 子 CDMO、技术输出和合成生物技术，目前处于投入期，占公司收入约 20%，未来有望高速发展，显著带动整体业绩。 预计 2025 年至 2027 年，凯莱英收入端增速为十几个百分点，利润端 增速可能略快。小分子业务稳健，新兴业务快速发展，推动整体业绩增 长。 凯莱英由洪博士于 1998 年创立，发展路径与药明康德相似，2016 年 在深交所上市，2021 年在港交所上市。洪博士及管理团队拥有丰富经 验，股权激励计划彰显对未来发展的信心。 公司收入结构中小分子 CDMO 占据主要部分，新兴业务占比约 21%。 小分子 CDMO 利润率较高，占总毛利的 90%，新兴业务有望快速提升 毛利水平。 Q&A 凯莱英公司在传统小分子业务方面的表现如何？ 凯莱英公司在传统小分子业务方面表现出色，当前收入占比约为 70%至 80%。作为国内第二大企业，其毛利率、 ...

聚灿光电 20251015 摘要 旭灿光电 2025 年业绩创新高，营收和利润增长主要得益于产销两旺和 技术创新。高端产品如 Mini LED 和车用照明销售额显著增长，预计 2025 年分别达到 6,000 多万元和接近 1 亿元，远超去年。 红黄光项目进展顺利，单月产量突破 5 万片，预计年底提升至 10 万片， 明年底达 20 万片月产能。该项目有助于公司从单色系向全色系供应商 转型，提升利润空间和营收能力。 公司客户结构优质，60%为上市公司，拥有近 400 家客户，实现业内全 面覆盖。公司处于上游环节，产品具有跨领域使用的通用性，主要应用 于照明、背光和显示三大领域。 公司通过技术进步和效率提升控制采购成本，例如提高设备生产效率和 优化工序匹配。这种降本趋势具有可持续性，有助于提升竞争力和市场 份额。 红光项目良率逐步提升，大规模量产产品毛利率超过 8%，良率超过 80%，接近业内一流水平。新产品良率相对较低，但整体具有竞争力。 Q&A 旭灿光电在 2025 年第三季度的业绩表现如何？主要增长驱动力是什么？ 2025 年第三季度，旭灿光电实现营业收入 24.99 亿元，同比增长 23.59%； 归属 ...

J P M O R G A N Asia Pacific Equity Research 12 October 2025 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. China Electric Motor Suppliers Powering what's next: Initiate coverage of Johnson Electric at OW and Wolong Electric at Neutral We initiate coverage ...

3Q25 miss on longer domestic project cycle but backlog intact, overseas liquid cooling progress on track; Buy 14 October 2025 | 10:22PM HKT Equity Research Shenzhen Envicool Technology (002837.SZ) 002837.SZ 12m Price Target: Rmb81.00 Price: Rmb77.27 Upside: 4.8% Post market close on Oct 13, 2025, Envicool announced 3Q25 results, missing GSe but largely in line with the Visible Alpha consensus, mainly due to (1) longer domestic data center project deployment cycle in the short term as a result of AI chip sup ...

14 October 2025 | 9:56PM HKT Equity Research CHINA CONSTRUCTION: BUILDING MATERIALS 3Q25 Preview: More evidence of price stabilization, with continued market share consolidation Most of our covered Chinese building materials companies are scheduled to report 3Q25 results towards end-October. In this report, we preview 3Q25 results based on our recent channel checks and the latest trends in underlying end-demand and raw material prices. For the quarter, we expect most companies could deliver positive volume ...

Summary of Key Points from the Conference Call Industry Overview - The humanoid robot market is projected to grow from approximately 20,000 units in 2025 to around 1.4 million units by 2035, generating about $38 billion in revenue [3][35] - Humanoids are expected to play a significant role in various sectors, including manufacturing, elderly care, and home chores, with a potential market size of $205 billion in optimistic scenarios [8][39] Core Companies Discussed Tesla - Tesla is developing the Optimus robot for internal use and external sales, with the CEO suggesting that humanoids could account for 80% of the company's future value [1][58] - The company aims to produce 1 million humanoid robots annually by 2030, with potential EPS contributions ranging from $0.10 to $3.00 by 2030, and $0.20 to $13.00 by 2035, depending on shipment volumes and margins [10][66] Jabil - Jabil is positioned to benefit from manufacturing humanoids and providing necessary data for AI training, with potential EPS impacts of up to $1 by 2030 and $4 by 2035 [11][73] - The company has partnerships with Apptronik and has experience in manufacturing and automation, which could facilitate its entry into the humanoid market [11][72] Flex - Flex is expected to generate similar EPS impacts as Jabil, with estimates of up to $0.25 by 2030 and $1 by 2035, depending on humanoid shipments and labor savings [14][74] - The company is focusing on automation and efficiency, with a significant portion of its revenue coming from datacenters and automotive sectors [14][74] Other Notable Companies - Companies like Boston Dynamics, Agility Robotics, Apptronik, and Figure AI are also highlighted for their contributions to humanoid technology and partnerships with larger firms [2][11][23] Technological Challenges and Developments - Current challenges in humanoid robotics include hardware limitations (e.g., precision, battery life) and software development for varied tasks [2][20] - Companies are focusing on gathering data for AI training, with tools like Nvidia's GR00T model being utilized to enhance humanoid capabilities [2][23] - The industry anticipates that it may take several years before humanoids can be deployed at scale in controlled environments like factories [57] Market Dynamics - The global market for industrial robots is approximately 550,000 units per year, suggesting that the humanoid market could grow significantly as adoption increases in both industrial and consumer settings [42][56] - The labor shortage in manufacturing and other sectors in the U.S. presents a strong case for the adoption of humanoid robots to fill gaps [39] Financial Projections - The financial outlook for humanoid robots includes various scenarios (base, bear, bull, blue-sky) with significant revenue potential, particularly in optimistic cases where humanoids become widely adopted [38][39] - The EPS contributions from humanoid robots for companies like Tesla, Jabil, and Flex are contingent on successful scaling and market adoption [10][66][73][74] Conclusion - The humanoid robot market presents substantial growth opportunities for companies involved in manufacturing, AI, and robotics, with Tesla, Jabil, and Flex positioned to capitalize on this emerging sector. However, technological challenges and market dynamics will play a crucial role in determining the pace of adoption and financial success.

Tigermed (3347.HK) From stabilization to growth, riding the wave of the Clinical CRO rebound; Upgrade A-share to Buy, Initiate H at Buy 13 October 2025 | 11:41PM HKT Equity Research | 3347.HK | 12m Price Target: HK$62.10 | Price: HK$42.70 | Upside: 45.4% | | --- | --- | --- | --- | | 300347.SZ | 12m Price Target: Rmb77.10 | Price: Rmb54.35 | Upside: 41.9% | We upgrade Tigermed (A) to Buy (from Neutral) and initiate the H share at Buy. As a leading domestic clinical CRO, Tigermed is well-positioned to benefi ...

Allen Chang 13 October 2025 | 11:12PM HKT Equity Research Horizon Robotics (9660.HK): R&D on cloud computing and technology advancement; Shares placement and subscription completed; Buy Horizon Robotics announced the completion of the shares placement and subscription in Oct 2025 (Link), and issued 639m subscription shares at the price of HK$9.99 per share. The net proceeds of HK$6.4bn are mainly to be used for (1) overseas expansion, (2) R&D investment in cloud resource and intelligent driving technology a ...

Summary of Conference Call Notes Industry Overview - The focus is on the **Optical Transceiver** industry, specifically companies **Innolight** and **Eoptolink**. - The upcoming earnings reports for these companies are anticipated between **October 23 and 30**. Key Points and Arguments Market Conditions - There has been **profit-taking pressure** following strong share performance year-to-date [1] - Proposed **new tariffs on China** by the US may have a limited impact on these companies as they primarily ship from **Thailand to the US** [1] - Upcoming catalysts include **CSP customers' results** and the **OCP Global Summit** from **October 13 to 16** [1] Innolight Financial Expectations - Expected **3Q net profit** of **Rmb3.0 billion**, representing a **113% YoY** increase and **23% QoQ** increase [2] - Anticipated **gross margin** of **43%** and **net margin** of **30%** [2] - Key focus on the contribution from **1.6T shipments** and improvements in margins [2] Eoptolink Financial Expectations - Expected **3Q net profit** of **Rmb2.85 billion**, reflecting a **265% YoY** increase and **20% QoQ** increase [3] - Anticipated **gross margin** of **49.5%** and **net margin** of **40%** [3] - Focus on the **shipment ramp pace** and margin improvements [3] Earnings Estimates Snapshot - **Innolight**: - Revenue: **Rmb9,892 million** (+52% YoY, +22% QoQ) - Gross Profit: **Rmb4,257 million** (+94% YoY, +26% QoQ) - Net Profit: **Rmb2,968 million** (+113% YoY, +23% QoQ) [4] - **Eoptolink**: - Revenue: **Rmb7,154 million** (+198% YoY, +12% QoQ) - Gross Profit: **Rmb3,542 million** (+255% YoY, +19% QoQ) - Net Profit: **Rmb2,853 million** (+265% YoY, +20% QoQ) [4] Long-term Growth Outlook - Companies expect a **robust long-term growth trend** driven by **AI** [9] - Investors are looking for **concrete guidance** on the **800G/1.6T volume outlook for 2027E** [9] - Positive commentary on **2027 demand** could enhance market confidence [9] OCP Global Summit Insights - The summit will showcase **new products** and **technology upgrade trends** [10] - Potential introduction of **optics in scale-up networks** could expand opportunities for optical transceivers [10] Earnings Revisions - **Innolight**: Revenue estimates raised by **up to 14%** for 2025-27E, leading to a **3%-14%** upward revision in net profit estimates [11] - **Eoptolink**: Revenue estimates raised by **7%-17%** for 2025-27E, with net profit estimates revised up by **7%-16%** [12] Investment Thesis - **Innolight**: - Leading position in **800G/1.6T optical transceivers** for AI networking [19] - Strong execution in capacity ramp and product development [20] - Current valuation is appealing based on historical averages [18] - **Eoptolink**: - Positioned to benefit from **800G/1.6T volume ramp-up** [22] - Stock trades at an average level historically, seen as undemanding [22] Risks - **Innolight**: Risks include slower-than-expected demand for **800G**, geopolitical risks, and margin instability [21] - **Eoptolink**: Risks include slower-than-expected ramp pace, geopolitical issues, and increased competition [23] Conclusion - Both **Innolight** and **Eoptolink** are rated as **Buy** with target prices of **Rmb470** and **Rmb450** respectively, based on their growth potential and market positioning [21][23]

Kingsoft Office (688111.SS): Office productivity software driven by local customers, positive to ToB business growth; Buy As the domestic office productivity software leader, Kingsoft Office (KO) offers WPS platform for government and enterprise clients through licenses and subscription models, befitting from the localization trend amid geopolitical uncertainties. China's Ministry of Commerce (MOFCOM) announced the decisions of export control on Oct 9th (Link) and the attached documents use WPS file vs. pre ...