机器人板块自去年 10 月起呈现震荡上行态势，受益于强劲的内需和机 器人供应商与北美大客户的深度合作，预计一季度板块仍有上行概率。 核心北美系链公司如三花拓普、恒力、永泰等老牌企业稳健性强，值得 关注；新进供应商如森林、恒辉等公司的发展和资金变化可能对市场产 生影响。 国产机器人公司借壳或 IPO 上市将推动产品更新和销量增长，小鹏、小 米、华为等产业链发展潜力巨大，2024 年或为国产机器人大规模量产 的拐点。 2026 年机器人应用场景将更加广泛，物流（德玛、永创）、电力（易 家和）和消防（青鸟）等领域值得重视，国产机器人上市潮也将带动应 用场景发展。 TPU 材料因其耐磨、耐油、高弹性等特性，在人形机器人整机厂中成为 趋势，用于替代外部或内部金属结构件，小鹏汽车及特斯拉已新增相关 职位。 Q&A 机器人板块掘金 20260119 摘要 TPU 材料在机器人外壳保护、仿生肌肉包覆、脚部缓冲垫和关节密封等 方面具有显著优势，智源灵犀机器人已采用黄色 TPU 足部材料实现减震 保护。 市场对 TPO 材料在机器人中的应用预期较高，凯众股份、永太科技和明 基视讯等公司在 TPO 材料端具有优势，并已在大客户处占 ...

Summary of the Conference Call for 瑞普生物 (Reap Bio) Company Overview - 瑞普生物 is engaged in the animal health industry, focusing on poultry products, vaccines, and pet care products. The company has shown resilience in its poultry segment and is optimizing its product structure with an increasing share of vaccine business [2][3]. Key Points Industry and Business Performance - The poultry products business remains the core driver of performance, with a significant contribution to overall revenue [2][3]. - Vaccine business has shifted from a 50:50 ratio with pharmaceuticals to a 60:40 ratio, indicating a substantial increase in vaccine sales [3]. - The pet care segment achieved record sales, nearing 1 billion yuan in 2025, marking the highest level in the company's history [3]. - The company has made breakthroughs in research and development, particularly in subunit vaccines and mRNA vaccines, with plans to launch industry-leading products [2][3]. Financial Performance and Challenges - In Q4 2025, the downturn in the pig farming sector exerted pressure on the company's continued use of formulations, but the poultry segment's profitability and emerging pet business mitigated the overall impact [2][4]. - The raw material drug business underperformed expectations, particularly with the price of florfenicol experiencing a downturn. The company plans to focus on high-margin products and optimize production capacity [2][5]. Strategic Initiatives - The company is enhancing its service model by providing comprehensive lifecycle services to major clients, which has helped maintain profitability despite market challenges [4]. - Plans to expand the customer base in the supply chain business to 20,000 pet hospitals and stores by 2028, aiming for total sales exceeding 2 billion yuan [3][8]. - The company is also pursuing international market expansion, with a goal for export revenue to account for at least 10% of total income in the next 3-5 years [11]. Product Development and Market Position - The cat trivalent vaccine is a core product in the pet segment, accounting for 30%-40% of sales, with plans for market share expansion through channel promotion and brand enhancement [6][7]. - The company is actively engaging with large-scale breeding and food processing enterprises to ensure stable growth in synthetic biology projects, particularly in the silk protein project, which has significant market potential [12]. Future Outlook - The company anticipates continued growth in the pet segment, with strong performance expected in Q4 2026, particularly during promotional events like Double Eleven [5]. - The overall strategy includes optimizing product structure and enhancing operational efficiency to sustain revenue and profit growth [3][4]. Miscellaneous - Non-operating income for Q4 is expected to be around 100 million yuan, primarily from government subsidies and investment income [10]. - The company is in the process of listing with 瑞派 (Ruipai) and has submitted necessary documentation to the Hong Kong Stock Exchange [9]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic initiatives, and future outlook in the animal health industry.

Summary of Key Points from the Conference Call Industry Overview: Greater China Auto, EV, and EV Battery Industry Forecasts - **China's Auto Industry**: Expected to face challenges in 2026 with a forecasted decline in auto wholesales by **1.6% YoY** compared to a **10% YoY** increase in 2025. This decline is attributed to front-loaded demand in 2025 [1] - **Domestic EV Sales**: Anticipated to grow only **7% YoY** in 2026 due to a **5% increase in purchase tax** and reduced trade-in subsidies [1] - **Export Sales**: Projected to increase by **12% YoY**, reaching **7.9 million units** in 2026, with EV exports expected to surge by **40% YoY** [1] - **Competition Dynamics**: Shift from price competition to configuration-based competition, necessitating more investment in autonomous driving (AD) and smart cabin technologies [1] Key Automotive/EV Themes for 2026 Theme 1: Export Growth - **Export Growth**: Companies like Chery and BYD are expected to benefit significantly from exports, especially with the EU's minimum EV price replacing tariffs [2] Theme 2: Autonomous Driving Development - **ADAS to AD Transition**: L3 permits issued to Changan and BAIC, with highway/city NOA penetration expected to exceed **40%** in 2026 and **85%** by 2030. L4/L5 penetration is projected to reach **8%** by 2030 [3] Theme 3: Cost Concerns - **Battery and Memory Costs**: Rising costs and supply stability of memory are key concerns for auto OEMs [3] Key Battery Themes for 2026 Theme 1: Energy Storage Systems (ESS) - **ESS Demand**: Global battery ESS installations expected to grow by **33% YoY** in 2026, with shipments increasing by **41% YoY** [4] Theme 2: Global Expansion - **Overseas Capacity Expansion**: Chinese battery manufacturers are accelerating their overseas capacity expansion, particularly in Europe and Southeast Asia, in response to rising tariffs and trade tensions [4] Theme 3: VAT Rebate Changes - **Export VAT Rebate Cut**: Anticipated to lead to a rush in battery production and shipment in Q1 2026, potentially increasing raw material prices and exerting cost pressure on battery makers and auto OEMs [5] Theme 4: Technological Innovation - **Sodium-Ion Battery**: Launch of Gen-2 sodium-ion battery expected, with ASSB (all-solid-state battery) small-batch production anticipated to start in 2027 and scale up significantly post-2029 [5] Investment Recommendations - **Top Picks**: - **XPeng**: Launch of Mona SUV and HR in 2H26, with a focus on AI-related businesses [6] - **CATL**: Growth driven by CEV, ESS, and overseas capacity despite short-term cost pressures [6] - **Tuopu**: Major supplier for humanoid robots with overseas expansion [6] - **Minth**: Resilient earnings growth supported by high overseas market exposure [6] - **Hesai**: Increased LiDAR adoption in China alongside L3 ADAS development [6] Additional Insights - **Market Dynamics**: The shift in competition and the focus on technological advancements highlight the evolving landscape of the automotive and EV sectors in China, emphasizing the need for companies to adapt to changing consumer preferences and regulatory environments [1][3][4][5]

Summary of Shennan Circuits Conference Call Company Overview - **Company Name**: Shennan Circuits Co Ltd (SCC) - **Ticker**: 002916.SZ - **Sector**: Technology, specifically in PCB (Printed Circuit Board) and IC substrate manufacturing - **Headquarters**: Shenzhen, Guangdong, China Key Industry Insights - **AI Networking and Server Growth**: SCC is positioned as a leading supplier of high layer count (HLC) PCBs for AI networking equipment, benefiting from the upward trend in AI investments in China [1][2] - **IC Substrate Demand**: The company is also a key player in the IC substrate market, which is expected to grow significantly due to China's self-reliant AI roadmap [3] Financial Performance and Forecasts - **Revenue Growth**: Revenue forecasts for FY25-27F have been increased by 0.8-5.8%, reflecting stronger demand in both IC substrate and AI PCB sectors [1][14] - **Earnings Growth**: Earnings forecasts for FY25-27F have been raised by 1.6-17%, driven by improved margins and product mix [1][14] - **Target Price**: The target price has been raised to CNY263, implying an 18% upside from the current trading price of CNY222.82 [1][5] Segment Performance - **PCB Segment**: Expected to contribute 20-30% of revenue from AI server and networking applications in FY26F, with a projected CAGR of 30% for FY25-27F [2] - **IC Substrate Segment**: Anticipated to grow at a CAGR of 21% from FY25-27F, contributing 17% of total revenue by FY27F [3] Financial Metrics - **Revenue Estimates**: - FY25F: CNY22,736 million - FY26F: CNY29,039 million - FY27F: CNY35,601 million [4] - **Net Profit Estimates**: - FY25F: CNY2,968 million - FY26F: CNY4,377 million - FY27F: CNY5,826 million [4] - **EPS Growth**: Normalized EPS is expected to grow from CNY5.79 in FY26F to CNY8.74 in FY27F, reflecting a strong growth trajectory [4] Risks and Challenges - **Capacity Constraints**: SCC is facing capacity constraints in the AI PCB market for FY25F, which could impact growth [1] - **Market Competition**: Increased competition in the PCB market and potential sanctions on telecom companies in China pose risks to achieving the target price [12][19] Valuation Methodology - The target price of CNY263 is based on a P/E ratio of 40x FY26F EPS of CNY6.56, aligned with a projected earnings CAGR of 40% for FY25-27F [1][19] Additional Insights - **Market Capitalization**: Approximately USD 21.3 billion [5] - **Dividend Yield**: Expected to increase from 0.8% in FY25F to 1.6% in FY27F [4] - **ROE Improvement**: Projected ROE to rise from 18.9% in FY25F to 26.5% in FY27F, indicating improved profitability [4] This summary encapsulates the key points from the conference call regarding Shennan Circuits, highlighting its growth potential, financial forecasts, and the challenges it faces in the current market environment.

Summary of Shenzhen Kstar Science & Tech (002518.SZ) Conference Call Company Overview - **Company**: Shenzhen Kstar Science & Tech (002518.SZ) - **Industry**: Electric power conversion technology, focusing on data centers and energy storage systems (ESS) Key Financial Highlights - **FY25 Net Income**: Expected in the range of Rmb600 million to Rmb660 million, representing a year-over-year increase of 52% to 67%, with a midpoint growth of 60% [5] - **Recurring Net Income**: Projected between Rmb550 million and Rmb620 million, indicating a 60% to 80% year-over-year increase, with a midpoint growth of 70% [5] - **4Q25 Net Income**: Estimated between Rmb154 million and Rmb214 million, showing a significant year-over-year increase of 313% to 473% [5] - **Sales Growth**: Anticipated total sales CAGR of 27% from 2025 to 2030, driven by overseas high-power electrical sales [1][9] Revenue and Earnings Forecast - **Revenue Forecast**: - 2025E: Rmb5,332 million - 2026E: Rmb7,527 million - 2027E: Rmb9,761 million - 2028E: Rmb11,861 million - 2029E: Rmb14,334 million - 2030E: Rmb17,384 million [6] - **Net Income Forecast**: - 2025E: Rmb632 million - 2026E: Rmb1,046 million - 2027E: Rmb1,451 million - 2028E: Rmb1,865 million - 2029E: Rmb2,356 million - 2030E: Rmb2,940 million [6] Strategic Initiatives - **Overseas Expansion**: Kstar is focusing on increasing its overseas sales, particularly in high-power electricals, which are expected to rise from Rmb100 million in 2025E to Rmb800 million in 2026E [1] - **Product Development**: The company is actively developing next-generation products, including 800V DC systems, to capitalize on the architecture upgrade cycle expected from 2026 [1][11] - **ODM Model**: The overseas ODM model is projected to command a pricing premium of 25% to 50% compared to domestic orders, enhancing profitability [1] Margin and Return Expectations - **Gross Profit Margin (GPM)**: Expected to expand to 33% by 2028E, supported by a higher mix of overseas sales [1] - **Operating Profit Margin (OPM)**: Anticipated to reach 18% by 2028E [1] - **Return on Equity (ROE)**: Projected average ROE of 25% from 2026 to 2030 [1] Investment Thesis - **Growth Drivers**: - Expansion into overseas markets, particularly North America - Increased domestic data center revenue due to higher capital expenditures from state-owned and private enterprises - Recovery in overseas ESS business driven by normalized channel inventories and demand [19] - **Valuation**: The 12-month price target is set at Rmb67.6, based on a P/E ratio of 26x for 2028E, indicating a potential upside of 26% from the current price [2][7] Risks - **Key Risks**: - Lower-than-expected growth in US ODM orders - Delays in new product launches, particularly the 800V DC products - Slower growth in overseas ESS and associated margins [20] Conclusion - **Recommendation**: Maintain a Buy rating on Kstar, given its strong growth prospects, attractive valuation, and ongoing transition into a key ODM partner for global data center electrical players [2][19]

Summary of BOE (000725.SZ) Conference Call Company Overview - **Company**: BOE Technology Group Co., Ltd. (000725.SZ) - **Industry**: Display Panel Manufacturing Key Points LCD TV Panel Market - Management is optimistic about the LCD TV panel market in 2026, driven by sports events and recovery in the US market [1][2] - Full utilization rates were achieved in December 2025, with strong momentum continuing into January 2026 due to rising panel prices and consumption-driven policies in the US [2] - The demand for larger TV sizes is expected to increase, particularly in the US market, which is anticipated to be a major catalyst in the first half of 2026 [2] - The overall LCD TV area growth was only 1% YoY in 2025, but is expected to improve in 2026 [2] OLED Smartphone Panel Market - The OLED smartphone panel market is facing challenges due to a soft end-market and rising memory costs, which may hinder shipment growth in 2026 [1][3] - Management expects stable pricing for OLED panels, as current prices are already low [3] - There is potential for better growth in OLED panels for global-tier smartphone brands in 2026 compared to 2025, leveraging production experience from the previous year [3] - The foldable smartphone segment is expected to see stronger growth in 2026, especially with a leading global brand entering the market [3] Capacity Expansion - BOE's Gen-8.6 OLED facility was completed in December 2025 and is set to begin mass production in mid-2026, with depreciation starting in 2027 [1][7] - Management highlighted that depreciation peaked in 2025, which will support cash flow in the coming years [7] Financial Outlook - BOE is rated Neutral with a 12-month target price of RMB 4.79, reflecting a target EV/EBITDA multiple of 4.9x, which is in line with the company's average [1][8] - Revenue projections for 2026 are estimated at RMB 221.4 billion, with EBITDA expected to reach RMB 47.8 billion [1][10] Risks and Considerations - Key risks include the pace of flexible OLED shipment growth, market share gains in both large-sized LCD and small-sized flexible OLED panels, and the ramp-up speed at new factories [1][9] - The competitive landscape in the OLED smartphone market remains a concern, with potential for healthier pricing competition if the number of major suppliers decreases [3] Additional Insights - The management's mixed tone regarding the LCD and OLED markets reflects the current competitive dynamics and market conditions [1] - The anticipated increase in LCD TV prices in 2026 compared to 2025 suggests a positive trend for the company, despite challenges in the OLED segment [2][3] This summary encapsulates the key insights from the conference call regarding BOE's market outlook, financial projections, and associated risks.

18 January 2026 | 6:29PM HKT Equity Research Muyuan Foods (002714.SZ) Leading low cost producer; strong free cash flow generation outlook; Maintain Buy 002714.SZ 12m Price Target: Rmb67.00 Price: Rmb47.33 Upside: 41.6% We revise down recurring net profit for Muyuan by 52% in 2025E, 21% in 2026E, and 14% in 2027E, to incorporate lower domestic benchmark hog pricing, and 1H25/3Q25 results. We expect earnings to recover in 2026E, driven by improving hog pricing from the bottom. Muyuan's competitive low-cost po ...

Flash | 18 Jan 2026 19:42:13 ET │ 10 pages Gotion High Tech (002074.SZ) Takeaways from 2026 Business Outlook Call CITI'S TAKE We hosted a 2026 Business Outlook Call with Gotion on Jan 17. Mr. Liu Qinfeng, Vice President of the IR department, and other management team members attended the call. Effective battery capacity was ~150GWh at YE2025, including 30+GWh ESS battery capacity, and mgmt. expects effective capacity to reach 200GWh+ in YE2026E, including ~60GWh ESS battery capacity. Below are our key takea ...

Flash | 18 Jan 2026 16:22:43 ET │ 11 pages CMOC (3993.HK) Takeaways from 2026 Business Outlook Call CITI'S TAKE We hosted a 2026 Business Outlook Call with CMOC on Jan 16th. CMOC's copper output reached 741kt in 2025, higher than the previous guidance in early 2025, benefiting from stable power supply in DRC for TFM and KFM projects, as well as technology upgrade for TFM. The implied 4Q25 copper output was 198kt, +4% QoQ, and the output guidance is 760- 820kt in 2026E. The cobalt output was 25.8t in 4Q25, - ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the **Chinese power grid industry**, specifically focusing on the **State Grid Corporation of China** and its investment plans during the **15th Five-Year Plan (FYP)** period from **2026 to 2030**. [1][3] Key Points and Arguments 1. **Investment Targets**: The State Grid aims for a fixed-asset investment of **Rmb 4 trillion** during the 15th FYP, a **40% increase** from the **Rmb 2.8 trillion** during the 14th FYP. This indicates an annual investment of at least **Rmb 800 billion**, translating to a **CAGR of at least 6%**. [1][8] 2. **Growth Segments**: The **Ultra High Voltage (UHV)** segment is expected to grow the fastest at **24% year-on-year** in **2026E**. Investments will shift towards smart grid infrastructure from **2028E to 2030E** due to the increasing share of renewable energy. [2] 3. **Distribution vs. Transmission**: Over the 2026E-2030E period, distribution investments are projected to grow faster than transmission, increasing its contribution to total investment from **57% to 59%**. [2] 4. **Power Transmission Capacity**: The State Grid plans to enhance cross-regional and cross-provincial power transmission capacity by over **30%** compared to the end of the 14th FYP. [3] 5. **Renewable Energy Integration**: By **2030**, renewable energy is expected to account for approximately **30%** of total power generation, supporting the integration of up to **900 GW** of distributable renewable energy capacity. [7] 6. **Market Dynamics**: The competition landscape shows market share consolidation among top players like **Sieyuan**, **Pinggao**, and **TBEA**. [10][29] Additional Important Insights - **Investment Trends**: In **2025**, the disclosed grid investment reached **Rmb 560.4 billion**, marking a **6% year-on-year** increase, with expectations of achieving **11% year-on-year** by year-end. [10][12] - **Equipment Tendering**: Transmission equipment tendering grew by **26% year-on-year** in 2025, with primary equipment at **27%** and secondary equipment at **20%**. However, UHV equipment tendering declined by **12% year-on-year** due to fewer new lines starting construction. [10][14][22] - **Future Expectations**: Five new UHV lines are expected to start construction in **2026E**, with UHV investments anticipated to peak in **2027E**. [25] - **Consolidation in Product Categories**: There is noted consolidation in product categories such as **GIS**, **disconnectors**, and **power transformers**, with significant market shares held by leading companies. [29] This summary encapsulates the critical insights from the conference call regarding the Chinese power grid industry, highlighting investment plans, growth segments, and market dynamics.