****** FRIDAY, NOVEMBER 15, 2024 ~ VOL. CCLXXXIV NO. 117 WSJ.com HHHH $5.00 How Beijing Took Over Banking Hub INSIDE DJIA 43750.86 g 207.33 0.47% NASDAQ 19107.65 g 0.6% STOXX 600 507.03 À 1.1% 10-YR. TREAS. À 6/32 , yield 4.425% OIL $68.70 À $0.27 GOLD $2,568.20 g $12.60 EURO $1.0531 YEN 156.27 World's Largest Coral Found Off Solomon Islands SEASCAPE: Divers swim over the newly discovered coral, believed to be the world's largest, in the Pacific Ocean. The coral, MANU SAN FELIX/NATIONAL GEOGRAPHIC PRISTINE ...

Commanders come up short in 26-18 loss to Eagles. D1 RiCky CARioTi/The WAShingTon PoST Sen. John Cornyn (r-Texas) said he would like to have access to the House ethics Committee's findings on matt Gaetz. Prices may vary in areas outside metABCD ropolitan Washington. ESU V1 V2 V3 V4 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

"All the News That's Fit to Print' VOL. CLXXIV .... No. 60,339 FRIDAY, NOVEMBER 15, 2 THE WEATHER Today, turning out partly sunny, in- reasingly windy, high 58. Tonight, mostly clear, windy, low 45. Tomor- row, partly to mostly sunny, windy, Weather map, Page B12 $4.00 Staff members cleaned out the office of Representative Matt Gaetz, who resigned after being nominated to be the attorney general. NEWS ANALYSIS Trump's Picks To the Senate A Warning to Confirm Or Be Elbowed Aside By KATIE ROGERS WASHINGTON — ...

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Key Takeaways Industry Overview - **Industry**: Asia Pacific Technology Hardware - **Coverage Universe**: Greater China Technology Hardware Company Specific - **Company**: Sunny Optical (2382.HK) - **Stock Rating**: Overweight - **Industry View**: In-Line - **Price Target**: HK$72.00 Financial Highlights - **Revenue**: 36,300 million RMB (12/24e) - **Net Income**: 2,618 million RMB (12/24e) - **EPS**: 2.39 RMB (12/24e) Performance Analysis - **Handset CCM**: YTD growth rate decelerated from -1% in Jan-Sep to -5% in Jan-Oct. - **Handset Lenses**: Recorded +17% YTD growth in Jan-Oct. - **Vehicle Lenses**: YTD growth remains stable at 12% in Jan-Oct. Outlook - **Handset CCM**: Weak shipments but ASP and margin recovery expected. - **Handset Lenses**: Resilient performance likely to beat target. - **Vehicle Lenses**: Mix improvement remains a priority. Risks - **Upside Risks**: Improvement in handset lens gross margin, faster-than-expected vehicle lens/module growth, etc. - **Downside Risks**: Component shortages, intense CCM competition, weaker-than-expected handset lens demand, etc. Valuation Methodology - **Base Case**: Residual Income Model (RIM)-derived SOTP methodology. - **Cost of Equity**: 11% - **Growth Rates**: 10%, 8%, and 20% for medium-term, and 3%, 3%, and 3% for long-term. Analysts - **Andy Meng, CFA**: Equity Analyst - **Betty Chen**: Research Associate - **Sharon Shih**: Equity Analyst

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 本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 | --- | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

shuinu9870 shuinu9870 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： 更多一手调研纪要和研报数据加V： 本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 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 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： weakness was bought through the day, particularly post the conference call as the M Update November 10, 2024 06:00 PM GMT | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of SMIC (0981.HK) Earnings Call Company Overview - **Company**: Semiconductor Manufacturing International Corporation (SMIC) - **Ticker**: 0981.HK - **Industry**: Semiconductor Foundry Key Points from the Earnings Call Financial Performance - **3Q24 Results**: - Revenue increased by **14% QoQ** to **US$2.171 billion** - Gross margin improved to **20.5%**, up **6.5 percentage points QoQ** [10][12] - **4Q24 Guidance**: - Expected revenue growth of **0% to 2% QoQ** - Gross margin projected to remain stable between **18% and 20%** [10][13] Capacity Expansion - **2024 Capacity Additions**: - Management maintains guidance for **60,000 12-inch wafers per month (wpm)** capacity additions, leading to a total capacity of **900,000 wpm** by year-end [10][15] - **Future Capex**: - Capex for 2025 is expected to grow by **8% YoY**, reaching **US$8.5 billion** [10][15] Market Demand and Trends - **2025 Demand Outlook**: - Anticipated growth in wafer demand driven by recovery in major end markets, particularly consumer electronics [12][37] - AI trends are expected to boost demand for semiconductors, especially in power management ICs and low-power computing chips [12][37] - **End Market Performance**: - Consumer electronics, which account for over **50% of SMIC's revenue**, are expected to grow steadily [37] - Industrial and automotive segments are recovering slowly, with expectations of improvement from **2H25** [12][37] Strategic Focus - **Product Mix Improvement**: - Increased focus on high-end power semiconductors, particularly for automotive applications [13][12] - **Technology Platform Development**: - Plans to shift some expansion efforts from logic products to power semiconductors to build a comprehensive technology platform [13][12] Earnings Revisions - **2024 Earnings Revision**: - Earnings revised down by **18%** due to lower-than-expected results in 3Q24 and higher operational expenses anticipated in 4Q24 [15][10] - **Long-term Earnings Outlook**: - Slight upward revisions for 2025-2029 earnings by **3% to 1%** due to better demand outlook and recovery in gross margins [15][10] Valuation and Price Target - **Target Price**: - 12-month target price raised by **14%** to **HK$29.2** based on a **31x 2025E P/E** [15][39] - **Valuation Methodology**: - Target price reflects long-term EPS growth compared to global peers [15][39] Risks - **Key Risks**: - Demand fluctuations in smartphones and consumer electronics - Potential delays in end-market diversification - Supply chain restrictions due to geopolitical factors [40][39] Conclusion - **Investment Rating**: - SMIC is rated as **Neutral** due to a balanced outlook of long-term growth potential against near-term market challenges [37][39]

Summary of NVIDIA Corp (NVDA.O) Conference Call Company Overview - **Company**: NVIDIA Corp (NVDA.O) - **Industry**: Graphics Processing Units (GPUs) and related technologies - **Headquarters**: Santa Clara, CA - **Founded**: January 1993 by Jen-Hsun Huang and partners Key Financial Insights - **Upcoming Earnings Report**: NVIDIA is set to report its October quarter results after market close on November 20, 2024 - **Sales Projections**: - **October Quarter**: Total sales expected at $33 billion, with data center sales at $29 billion, slightly below expectations of $34 billion and $30 billion respectively [8] - **January Quarter**: Total sales projected at $36.5 billion, with data center sales at $32 billion, compared to expectations of $37.5 billion and $33 billion [8] - **Gross Margin**: Expected to be 73% for January quarter, approximately 30 basis points below market expectations due to a higher mix of H200 products [8] - **Earnings Per Share (EPS)**: - FY2025 EPS revised up by $0.10 to $2.78, FY2026 by $0.55 to $4.86, and FY2027 by $0.08 to $5.59 [8] - **Target Price**: Increased from $150 to $170 based on a consistent 35x P/E ratio on revised CY25 EPS [8] Market Performance - **Current Share Price**: $145.26 as of November 11, 2024 - **Expected Total Return**: 17.1% with no expected dividend yield [9] - **Market Capitalization**: Approximately $3,563.23 million [9] Growth Projections - **Sales Revenue Growth**: - 2024: 125.9% increase - 2025: 105.9% increase - 2026: 75.2% increase - 2027: 19.5% increase [15] - **Core NPAT Growth**: Expected to grow from $8.37 billion in 2024 to $152.55 billion in 2027 [15] Risks and Challenges - **Competitive Risks**: Potential loss of market share in gaming could negatively impact stock performance [30] - **Adoption Rates**: Slower-than-expected adoption of new platforms may lead to lower sales in data centers and gaming [30] - **Market Volatility**: Fluctuations in the automotive and data center markets could add volatility to stock performance [30] - **Cryptomining Impact**: Changes in the cryptomining landscape could affect gaming sales [30] Investment Strategy - **Recommendation**: Maintain a "Buy" rating on NVIDIA due to strong secular growth opportunities in AI [28] - **Valuation**: Target price reflects a valuation based on a 35x P/E multiple, aligning with historical averages [29] Conclusion NVIDIA Corp is positioned for significant growth driven by its leadership in GPU technology and expanding opportunities in AI. However, investors should remain cautious of competitive pressures and market volatility that could impact future performance.

shuinu9870 shuinu9870 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： 更多一手调研纪要和研报数据加V： 本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 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 shuinu9870 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： Asia Pacific Economic Research 11 November 2024 J P M O R G A N China: Deflation continued despite pickup in activity 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： • October CPI moderated to 0.3%oya on a 0.1%m/m sa decline. Food prices fell 0.8%m/m sa in October, with falling pork prices (-3. ...