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.

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Summary of the Conference Call on China Semiconductors Industry Overview - The conference call focused on the semiconductor industry in China, specifically the performance of two major foundry companies: SMIC (Semiconductor Manufacturing International Corporation) and Hua Hong Semiconductor. Key Points Company Performance - **SMIC**: - Reported a record high revenue of **US$2.17 billion** for 3Q24, representing a **14% quarter-over-quarter (QoQ)** increase and a **34% year-over-year (YoY)** increase, aligning with market estimates [11][29]. - Achieved a gross margin (GM) of **20.5%**, exceeding guidance due to strong domestic consumer IC demand, which rose **43% QoQ** [11][29]. - Forecasts flat to slight QoQ revenue growth with stable GM for 4Q24, indicating steady demand in China [11]. - **Hua Hong**: - Reported 3Q24 revenue of **US$526 million**, down **7% YoY** but up **10% QoQ** [11][29]. - Experienced an operational loss of **US$17 million** due to pricing pressures, particularly in IGBT and super junction products, despite achieving full utilization of its production capacity [11][29]. - Management anticipates slight recovery in average selling price (ASP) in 4Q24 [14]. Capital Expenditure and Technology Development - SMIC's capital expenditure (capex) decreased by **40% QoQ** to **US$1.18 billion** in 3Q24, primarily due to technology restrictions on key equipment, but it continues to expand its 12-inch capacity [13]. - Hua Hong is progressing with its new 12-inch fab in Wuxi, with trial production expected to complete by 4Q24 and full ramp-up aimed by the end of 2025. The projected spending for its second 12-inch fab is around **US$2 billion to US$2.5 billion** annually for 2024 and 2025 [13]. ASP Trends - SMIC's ASP increased by approximately **13.6% QoQ** in 3Q24, driven by higher shipments in consumer electronics and a favorable product mix [14]. - In contrast, Hua Hong's ASP decreased by **4% QoQ**, facing pressure on power discrete products, although PMIC and analog products remained resilient [14]. Market Outlook and Analyst Ratings - The competitive landscape in China's foundry market is intensifying, particularly in the 12-inch trailing edge process, with SMIC being the only domestic player capable of producing 28nm chips [28]. - Analysts maintain a **Neutral** rating on SMIC and a **Sell** rating on Hua Hong, with target prices raised to **HK$30** for SMIC and **HK$18** for Hua Hong, reflecting their respective earnings projections and market conditions [15][28]. Earnings Estimates - For Hua Hong, earnings estimates for 2024 were raised by **12%** due to better-than-expected 3Q24 results, but estimates for 2025 and 2026 were cut by **11%** and **6%** respectively due to increasing depreciation pressure [28]. - For SMIC, earnings estimates for 2024 and 2025 were cut by **33%** and **9%** respectively, while the 2026 estimates were raised by **11%** due to expected benefits from domestic demand growth amid US-China decoupling [28]. Additional Insights - The ongoing competition and rising depreciation costs are expected to limit gross margin and earnings upside for Hua Hong, despite achieving peak utilization rates [28]. - The overall demand in China remains steady, but the potential for ASP pressure exists as more mature node capacity ramps up in the market [28]. This summary encapsulates the critical insights from the conference call regarding the performance and outlook of the semiconductor industry in China, particularly focusing on SMIC and Hua Hong.

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： Maintain Buy. Read more: FII 3Q24 results review. shuinu9870 更多一手调研纪要和研报数据加V： 11 November 2024 | 4:40PM HKT Foxconn Industrial Internet (601138.SS): Chairman visit takeaways: Strong ramp up in AI servers; 400G / 800G switch to support 2025E | --- | --- | |--------------------------------------------------------------------------- ...

Summary of Hong Kong Exchanges (0388.HK) Conference Call Company Overview - **Company**: Hong Kong Exchanges and Clearing Limited (HKEX) - **Ticker**: 0388.HK Key Points and Arguments - **Earnings Estimates Revision**: The earnings per share (EPS) estimates for HKEX for 2024, 2025, and 2026 have been revised by -0.1%, -0.2%, and +0.1% respectively, reflecting the disclosed trading volumes for October 2024 and the month-to-date (MTD) volumes for November [7][8] - **Investment Thesis**: The investment thesis remains unchanged with a "Buy" rating on HKEX. The 12-month target price is maintained at HK$395, which corresponds to a price-to-earnings (P/E) ratio of 39.5x for 2025 estimates [7][8] - **Market Capitalization**: The market capitalization of HKEX is reported at HK$413.3 billion (approximately $53.2 billion) [8] - **Revenue Forecasts**: Revenue estimates for the upcoming years are as follows: - 2024: HK$20,516 million - 2025: HK$22,493.7 million - 2026: HK$22,605.7 million - 2027: HK$23,439.9 million [8] - **EPS Estimates**: The new EPS estimates are: - 2024: HK$9.37 - 2025: HK$10.38 - 2026: HK$10.01 - 2027: HK$10.17 [8] - **Dividend Projections**: The projected dividends per share (DPS) are: - 2024: HK$8.41 - 2025: HK$9.35 - 2026: HK$9.01 - 2027: HK$9.16, resulting in a dividend yield of approximately 2.7% to 2.9% [8] Risks and Methodology - **Downside Risks**: The report identifies several risks that could impact HKEX's performance: 1. Increased competition from onshore capital markets 2. Reduced trading velocity in the cash market 3. Fee pressure due to lower fees onshore in China 4. A prolonged deflationary environment in China [7][8] - **Valuation Methodology**: The target price is derived using a three-stage Dividend Discount Model (DDM) [7][8] Additional Insights - **Market Context**: The report emphasizes the competitive landscape and potential challenges posed by domestic markets in China, which could affect HKEX's market share and profitability [7][8] - **Analyst Ratings**: Goldman Sachs maintains a "Buy" rating for HKEX, indicating a positive outlook based on the company's fundamentals and market position [7][8] This summary encapsulates the essential insights from the conference call regarding HKEX, highlighting the company's financial outlook, risks, and investment recommendations.

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： Flash | 12 Nov 2024 11:36:54 ET │ 13 pages China Logistics - Air & Surface Double 11 (Oct 14-Nov 10) Avg Collected Parcel Volume was up 25%YoY shuinu9870 CITI'S TAKE This year Double 11 is 1 week earlier and longer than last year from Oct 14- Nov 11. Compared apple to apple for promotion per ...

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： 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： 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 10 Nov 2024 17:18:01 ET │ 11 pages Zijin Mining (2899.HK) What's New from 2024 Citi China Conference: Unit Cost Largely Stable or Slightly Higher YoY in 2025E shuinu9870 CITI'S TAKE We hosted 2024 Citi China Conference and met with Zijin on Nov 7. Ms. Zhang Yan, Company Secretary, and Ms. Wu Yan, ESG M ...

"All the News That's Fit to Print" PAGE BI murdered Gits frontwoman. THE WEATHER Today, some sun early then turning cloudy, chilly, high 48. Tonight, udy for much of the night, low 40. Tomorrow, partly sunny, windy, high 56. Weather map is on Page A20. | --- | --- | --- | --- ...

D DOM JONES What's News Gold Miners Steal 3 Tons and Counting s 2024 Dow Jones & Company, Inc. All Rights Reserved ******** THURSDAY, NOVEMBER 14, 2024 ~ VOL. CCLXXXIV NO. 116 WSJ.com HHHH $5.00 DJIA 43958.19 À 47.21 0.11% NASDAQ 19230.74 g 0.3% STOXX 600 501.59 g 0.1% 10-YR. TREAS. g 5/32 , yield 4.448% OIL $68.43 À $0.31 GOLD $2,580.80 g $19.20 EURO $1.0565 YEN 155.49 Fed Rate Cut Remains on Track A 2.6% increase in consumer prices is unlikely to derail move in December change from a year earlier *Exclude ...