February 1, 2026 09:37 PM GMT M Idea Ping An Insurance Group Co of China Ltd | Asia Pacific Trip Takeaways - Improving ROE on Solid Group Strategy and Synergies; AI Impresses in Favorable Environment We held full day meetings with PA's Group CFO, Chief Scientist, and Bank management, and we visited its high end senior care community. The trip strengthened our positive view, supported by a strong outlook, leading AI, and solid elderly care synergies. Improving ROE outlook at >15% over the medium term, underp ...

Flash | 01 Feb 2026 15:53:28 ET │ 11 pages kyna.wong@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Sangfor Technologies (300454.SZ) FY25/4Q25 NP guidance misses CITI'S TAKE Sangfor guided FY25 revenue to grow 5.5-7.2% YoY to Rmb7,930- 8,059mn (5% below CitiE/BBGe) with net profit to grow 76.8-102.7% YoY to Rmb348-399mn (34%/16% below CitiE/BBGe). Recurring net profit would grow 207.2-261.9% YoY to Rmb236-278mn. Non-recurring income and loss impa ...

Summary of AccoTest (688200.SS) Conference Call Company Overview - **Company**: AccoTest (688200.SS) - **Industry**: Semiconductor testing equipment Key Points Revenue and Growth Projections - AccoTest guided 2025 revenues to grow by 41% to 56% YoY, reaching Rmb1.3 billion to Rmb1.4 billion, with a 4Q25 midpoint revenue guidance of Rmb405 million, which aligns with estimates [1][3] - 4Q revenue is expected to increase by 18% to 67% YoY [1] - 2025 net income (NI) growth is projected at 46% to 78% YoY, with 4Q25 NI guidance between Rmb45 million and Rmb155 million, slightly lower than previous estimates due to high R&D spending [1][3] Market Trends and Demand Drivers - The company is optimistic about rising AI demand and localization trends in China, which are expected to drive equipment growth [2] - Strong demand from AI data center clients is leading to increased adoption of testing equipment for PMIC/SoC, with expectations for rising contributions from the STS8300 system and the high-end STS8600 system [2] Earnings Revision - Earnings for 2026 and 2027 have been revised up by 2% due to higher revenues from the STS8300 and STS8600 systems driven by strong testing equipment demand from AI clients [3] - Operating expense (Opex) ratio has been revised down by 0.2 percentage points for both 2026 and 2027 estimates due to larger revenue scale [3] Financial Metrics - **2025E Revenue**: Rmb1,359 million (unchanged) - **2026E Revenue**: Rmb1,781 million (up 2% from previous estimate) - **2027E Revenue**: Rmb2,046 million (up 2% from previous estimate) - **Net Income for 2025E**: Rmb546 million (down 1% from previous estimate) [4] Valuation and Price Target - Target price (TP) raised to Rmb354 from Rmb311, based on a 2027E P/E multiple of 49.5x, reflecting a market re-rating driven by rising capex in China Semis [6][9] - Current price is Rmb301.27, indicating an upside potential of 17.5% [13] Risks - Potential risks include slower-than-expected ramp-up of SoC test equipment, weaker demand than anticipated, and intensified competition which could impact market share and margins [12] Additional Insights - The company is developing in-house ASIC for its semiconductor testing systems to enhance its capabilities [2] - The financial summary indicates a gross margin of 74.0% for 2025E, with operating and net margins projected at 37.5% and 40.2% respectively [4][10] This summary encapsulates the key insights from the conference call regarding AccoTest's financial outlook, market trends, and strategic initiatives, providing a comprehensive overview for potential investors.

Flash | 01 Feb 2026 17:21:38 ET │ 11 pages Innolight (300308.SZ) FY25/4Q25 NP guidance inline with consensus CITI'S TAKE Innolight (300308.SZ) 02 February 2026 Citi Research Innolight guided FY25 net profit of Rmb9800-11800mn, up 89.5-128.2% YoY, mid-point is largely inline with BBGe. Recurring net profit reached Rmb9700-117000mn, up 91.4-130.8% YoY. Excluding ESOP impact, optical transceiver business achieved net profit of Rmb10800-13100mn, up 90.8-131.4% YoY. Several financial impacts incurred in 2025: ES ...

Summary of WUS (002463.SZ) Conference Call Company Overview - **Company**: WUS (002463.SZ) - **Industry**: Printed Circuit Board (PCB) manufacturing Key Points 1. Rising PCB Usage - Management emphasized the increasing use of PCBs in AI server racks for connecting AI chips, highlighting three connection methods: copper cable, optical module/fiber, and PCB - PCB is seen as a reliable integration method that offers better durability under high temperatures and saves space, which can be utilized for liquid cooling and thermal management - The demand for high-speed connections driven by AI is leading to specification upgrades in PCB, including better materials, higher layers, and increased density, which complicates design and manufacturing processes - WUS aims to optimize the cost-to-performance ratio to enhance mass production capabilities [2][3] 2. Strategy and Capacity Expansion - WUS is focusing on high-end PCBs rather than aggressively expanding capacity in mature technologies, having exited the consumer electronics market in 2007 - Capacity expansion in China will concentrate on the latest technology and high-layer PCBs, with trial production expected to start in Q3 2026 - The Thailand production site has passed client qualifications and is capable of producing 26-layer PCBs, with expectations of breakeven or profitability by 2026E [3][4] 3. New Technology in Expansion - The industry is exploring the use of PCBs to directly connect chips within AI server racks, which could reduce substrate usage and create a flatter system, thereby shortening connection paths - This innovation is part of WUS's strategy to enhance power consumption efficiency and improve the cost-to-performance ratio [4][7] 4. Financial Projections - WUS's net income is projected to grow at a 30% CAGR from 2026 to 2028E - Gross margin is expected to expand to 37% by 2028E, compared to 35% in 9M25A - The total addressable market (TAM) for global PCBs is anticipated to grow by 113% and 171% YoY in 2026 and 2027E, respectively, which is favorable for WUS's growth and product mix upgrade [1][2] 5. Valuation and Price Target - A 12-month price target of RMB 127 is set, based on a target P/E multiple of 26x 2027E EPS - The target P/E is derived from the correlation between P/E and EPS growth of WUS's peers [7][9] 6. Key Risks - Potential risks include slower-than-expected migration to high-end AI servers and high-speed switches, increased competition in the AI PCB market, and delays in new capacity expansion [8] Additional Information - Current market cap is RMB 134.2 billion ($19.3 billion) with a price of RMB 69.75, indicating an upside potential of 82.1% [9]

Summary of Key Points from the Conference Call Industry Overview - The automotive sector is undergoing significant transformation with advancements in electrification, automation, and informatization, potentially leading to a revolution in transportation similar to the introduction of the moving assembly line by Ford over a century ago [2][10] Autonomous Driving and Robotaxi Trends - The shift from rule-based systems to end-to-end (E2E) architectures and variable large architectures (VLA) is evident, with many companies pursuing hybrid designs that combine safety mechanisms with AI models [3] - Advanced Driver Assistance Systems (ADAS) and Autonomous Driving (AD) penetration is expected to rise significantly, with L2+ systems projected to reach approximately 34% penetration by 2035, up from 12% in 2025 [5] - The global robotaxi market is anticipated to grow to USD 67.3 billion by 2030, with China being the most scalable market due to supportive policies and deployment momentum [6] Key Players and Strategies - Major automakers are adopting diverse strategies for autonomous driving: - **Toyota** is pursuing a multi-pathway strategy, combining in-house development with partnerships [10] - **Honda** is focusing on developing its own E2E system while collaborating with Helm.ai [10] - **Nissan** is leveraging Wayve's E2E technology [10] - In China, companies like **Pony.ai**, **WeRide**, and **Apollo Go** are leading the robotaxi deployment, with significant partnerships enhancing their capabilities [45] Investment Implications - Japanese automakers are expected to launch software-defined vehicles (SDVs) starting with Toyota's RAV4 in 2025, followed by Honda's 0 Series and Sony Honda Mobility's AFEELA in 2026 [10] - The transition to SDVs presents both opportunities and risks for traditional auto parts suppliers, as automakers increasingly assert control over software layers, potentially eroding supplier revenues [11] - The Japanese government has set a target for 30% SDV penetration by 2030-2035, which may accelerate strategic initiatives across the sector [12] Market Ratings - **Outperform Ratings**: Toyota, Suzuki, BYD, Xiaomi, Li Auto, Grab, BMW, Ferrari, Renault, Aston Martin, Hesai, Tuopu - **Market-Perform Ratings**: Honda, Denso, XPeng, NIO, Volkswagen, Mercedes, Stellantis, Volvo Cars, Continental - **Underperform Ratings**: Nissan, Mazda, Subaru, Black Sesame, Daimler Truck [12][15][17][26] Additional Insights - The integration of advanced technologies in the automotive sector is leading to a shift in competitive dynamics, with traditional OEMs partnering with tech companies to enhance their offerings [14] - The development of autonomous driving capabilities is closely linked to the operational design domain (ODD), which defines the conditions under which autonomous vehicles can operate [41][42] - The future of tyre technology is also evolving, with tyres expected to function as sensors that communicate data to vehicles, enhancing predictive maintenance and driving performance [18]

Summary of the Conference Call for Zhonghang Optoelectronics Company Overview - Zhonghang Optoelectronics reported total revenue exceeding 20 billion RMB and profits nearing 3.4 billion RMB, leading the industry [2][4] - The company is actively expanding into the civilian market, with rapid growth in the new energy vehicle sector, expected to account for 25% of total revenue by 2025 [2][4] Core Business Insights - In the early stages of the 14th Five-Year Plan, military products accounted for approximately 60% of revenue, while civilian products made up 40%. By 2023-2024, the share of civilian products is projected to rise to 60%, with military products decreasing to 40%, driven by high growth in sectors like new energy vehicles [2][4] - Military connectors have a gross margin exceeding 40%, while civilian products have a gross margin around 20%. Despite the rapid growth of civilian products, military products remain the cornerstone of performance, although the contribution of civilian products to profits is expected to increase gradually [2][5][6] Competitive Advantages - Zhonghang Optoelectronics' core competitive advantages are summarized in five areas: 1. **Specialization**: Annual R&D investment remains around 10%, ensuring technological leadership [7] 2. **Market Orientation**: A combination of state-owned enterprise background, private mechanisms, and foreign enterprise culture creates a market incentive system [7] 3. **Group Strategy**: Expansion through asset acquisitions and restructuring, such as acquiring Fujida to fill gaps in the RF field [7] 4. **Precision**: Organizational structure adjusted from functional departments to business units to improve efficiency [7] 5. **Internationalization**: Active overseas market expansion, including establishing subsidiaries in Germany and factories in Vietnam [7] Military and Civilian Development Logic - In the military sector, the focus is on increasing market share (currently over 50%) and vertical integration, achieving a compound annual growth rate (CAGR) of over 25% despite limited overall industry growth [8] - In the civilian sector, the company adopts a platform layout strategy in emerging industries, avoiding highly competitive markets. It targets sectors like data center liquid cooling, commercial aerospace, and intelligent networking for new energy vehicles, with each unit aiming for a scale exceeding 1 billion RMB [8] Future Development Outlook - Zhonghang Optoelectronics aims to consolidate its advantages in the military sector while expanding into new civilian industries and international markets, maintaining steady growth and increasing industry influence [3][9] - The company plans to enhance efficiency and professional technology to solidify its leading position, leveraging high reliability and durability in military applications, and expanding its reach in civilian markets through horizontal growth strategies [9]

紫金矿业 20260130 摘要 有色金属回调受多重因素影响：美元指数反弹、美联储政策预期变化、 美国与伊朗危机担忧缓和以及部分金属品种库存回升，共同导致了市场 波动，其中沪铝、沪铜、沪锡分别下跌 4%、3%和 8%。 尽管短期回调，但大宗商品超级周期长期看多，预计持续 3 年以上，受 大国博弈、战略收储、供应链重构和国内反内卷等多重因素驱动，2026 年有色板块仍有较大上涨空间，即使经历 1 月涨幅 30%后的调整，仍保 持 20%以上涨幅。 紫金矿业投资价值较高，核心逻辑在于看多铜价，预计 LME 铜价将达 1.5 万美元，沪铜达 12 万元。尽管年初至今跑输有色大盘，但随着铜价 上涨，其表现将逐步改善，当前宏观环境及供给端约束下，对紫金矿业 持乐观态度。 铜的表现落后于黄金，黄金已上涨 70%。预计未来资金将逐步流入铜市 场。紫金矿业持有紫金黄金国际 87%股份，后者涨幅超 60%，若后续 大票抛压结束，紫金矿业有望迎来补涨。 Q&A 为什么今天有色金属板块出现大跌？ 今天有色金属板块大跌的核心原因是昨晚贵金属价格的剧烈波动，特别是黄金 ETF 的波动率达到了历史峰值。通常，当波动率达到峰值时，黄金价格 ...

中际旭创 20260131 摘要 中际旭创四季度毛利率环比提升近两个百分点，主要受益于高端产品和 硅光产品出货比例增加，毛利润绝对额环比增长约 30-35%，但受一次 性费用、研发及汇兑损失影响，费用绝对额环比增加 55-60%。 2025 年四季度，中际旭创 800G 产品出货量持续增长，1.6T 产品开始 快速上量，硅光产品占比进一步提高，尤其是 800G 硅光产品全年占比 超一半，1.6T 硅光产品占比更高，显著拉动毛利率。 客户需求旺盛，部分重点客户已下达 2026 年全年订单，订单能见度已 达 2026 年四季度，部分客户正在酝酿 2027 年订单，行业前景持续景 气。 2026 年一季度 1.6T 产品出货量预计将快速增长，全年需求规模显著提 升，但单季是否超过 800G 产品需根据后续出货情况判断。 光芯片供应相对紧张，公司通过提升硅光比例、锁定大规模生产厂商产 能等方式缓解，预计 2026 年上半年物料紧张状况逐步缓解，不影响交 付能力。 Q&A 请介绍一下中际旭创 2025 年四季度的整体经营情况和财务表现。 2025 年四季度，中际旭创的整体经营情况和财务表现均呈现出稳健增长态势。 首先， ...

长城汽车 20260130 摘要 长安汽车 2025 年销量达 132.4 万辆，新能源渗透率 51.5%，营收 2,227.9 亿元，同比增长 10.2%，单车收入 16.83 万元，含税指导价 20 万元以上车型销售 53.4 万台，品牌向上战略成效显著。 国内市场销量 81.8 万辆，同比增长 4.8%；海外市场销量 50.6 万辆， 同比增长 11.7%，占比超 38%，12 月海外销量超 5.7 万台，目标 2026 年挑战 60 万台，全球化战略稳步推进。 2025 年第四季度营收 692.08 亿元，同比增 15.46%，单车收入 17.29 万元，创单季度营收新高；净利润 12.77 亿元，环比下降 44.4%，主要因年终奖计提影响。 公司确立混动、纯电、性能三轨并行技术路线，布局电池、电驱等核心 零部件，第四季度新能源车型销量 12.52 万台，同比增 13%，环比增 6%，技术创新驱动增长。 推进"万级大量"品牌战略，全球用户超 1,600 万，海外渠道超 1,500 家，总销量超 200 万台，深耕澳洲、中东等市场，并通过巴西工厂拓展 南美市场，全球化布局深化。 Q&A 长安汽车 202 ...