MeiraGTx Holdings (MGTX) Update / Briefing February 21, 2025 08:00 AM ET Speaker0 Good morning, and welcome to the GTX Investor Event. At this time, all attendees are in a listen only mode. A question and answer session will follow the presentations. As a reminder, this call is being recorded and a replay will be made available on the Mirror GTX website following the conclusion of the event. I'd now like to turn the call over to Doctor. Sandy Forbes, President and Chief Executive Officer of Miura GTX. Pleas ...

Summary of Luxshare Precision Industry Conference Call Company Overview - **Company**: Luxshare Precision Industry - **Industry**: Electric Components & Equipment - **Market Cap**: Rmb315 billion (approximately US$43.3 billion) [6] - **12-month Rating**: Buy - **12-month Price Target**: Rmb58.00 (previously Rmb37.00) [6] Key Points Diversification and Growth Strategy - Luxshare's growth has been closely tied to Apple, with 75% of its revenue in 2023 coming from Apple-related products. The company aims to reduce this dependency to 49% by 2027 through diversification into sectors like edge AI, electric vehicles (EV), and high-performance computing [1][10][19]. - The company expects to double its earnings by 2027, driven by new verticals and key customer breakthroughs in consumer electronics, automotive, computing, and communication sectors [1]. Revenue Projections - **Communication Sector**: Projected to grow at a 43% CAGR from 2025 to 2027, driven by securing tier-1 international clients [2]. - **Automotive Sector**: Expected to see a CAGR of 40-50% over the same period, aided by synergies from the Leoni acquisition [2]. - **Non-Consumer Business Contribution**: Anticipated to rise from 12% of revenue in 2023 to 49% by 2030, significantly reducing reliance on Apple [2]. Consumer Electronics and AI - Luxshare has experienced substantial growth since its listing in 2010, with revenue and earnings increasing 229x and 95x, respectively. The company forecasts a 10% long-term revenue CAGR for its consumer electronics segment, driven by edge AI and the acquisition of Wingtech's ODM business [3][30]. - The edge computing market is projected to grow from US$131 billion in 2023 to US$511 billion by 2033, with a CAGR of 15%, indicating strong demand for AI-enabled devices [17][29]. Valuation Insights - Current valuation is seen as attractive, trading at 18x NTM consensus PE, which is below its five-year average of 23x. The market has not fully priced in the potential growth from non-Apple segments [4][12]. - The target valuation is derived from a 25x 2025E PE, implying a PEG of 1.0x, assuming a 25% EPS CAGR from 2026 to 2030 [4]. Recent Developments - Luxshare has expanded its partnerships with major global clients, including NVIDIA, Google, and Cisco, following the resolution of a complaint that previously hindered its growth [11]. - The acquisition of Wingtech's ODM business is expected to enhance Luxshare's offerings in non-Apple consumer electronics, which previously generated Rmb23.7 billion in sales over three years [30][31]. Market Dynamics - The company faces challenges from US tariffs and stagnant smartphone shipment growth, but it is positioned to benefit from emerging markets and technological advancements [4][10]. - The shift in focus from Apple to non-Apple customers is expected to drive long-term growth, with a forecasted 4% sales CAGR for the consumer electronics business from 2025 to 2027 [8][16]. Conclusion Luxshare Precision Industry is strategically diversifying its revenue streams away from Apple, targeting high-growth sectors such as automotive and communication. The company is well-positioned to capitalize on emerging technologies like edge AI, with significant growth expected in the coming years. The current valuation presents an attractive investment opportunity as the market begins to recognize the potential of Luxshare's non-Apple growth.

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 17 February 2025 | 4:16AM GMT Multi-Industry Heatmap: 4Q24 so far Our Heatmap tracks sequential earnings acceleration/deceleration across various end markets. We are entering the final stage of 4Q24 season, with c.60% of our coverage and c.30% of our globally tracked companies now having reported. It is so far a strong season for our coverage and this week we continued to see solid beats on orders and sales. While most companies are beating on adj EBITA, margins are in line with ...

Summary of Conference Call Notes Industry Overview - **Industry**: Greater China Semiconductors, specifically focusing on the MCU (Microcontroller Unit) market - **Market Performance**: The China MCU market experienced a revenue decline of 14% in 2024, which is less severe compared to the global MCU market's 19% decline. This is attributed to an earlier correction in the Chinese market starting mid-2022, while the global peak occurred in March 2023 [4][5] Key Insights - **Market Dynamics**: - Local players in the China MCU market are expected to continue gaining market share in 2025, despite foreign companies implementing "China for China" strategies [5] - Pricing pressure remains significant for foreign MCU players, with STMicroelectronics' 32-bit MCU pricing dropping by 3% to Rmb8.15, while Gigadevice's pricing remained stable at Rmb6.1, narrowing the premium from 61% in October 2024 to 34% [3][5] - Demand for home appliances has decreased compared to Q4 2024, while consumer electronics demand was strong prior to the Chinese New Year due to government subsidies [3] - **Future Expectations**: - The expectation is that local MCU companies will maintain their competitive edge as foreign partnerships take time to ramp up and cost advantages may not be realized until early 2026 [5] - Analysts have turned positive on the China MCU market since November 2024, indicating a potential recovery [4] Company-Specific Insights - **Preferred Stocks**: - Espressif (688018.SS) is highlighted as a preferred investment due to its edge AI opportunities and competitive RISC-V MCU offerings [5] - Nuvoton (4919.TW) is also favored due to its new BMC progress and overall MCU market bottoming [5] - Sino Wealth (300327.SZ) is rated Equal-weight amid intense competition in AMOLED driver ICs, but with improving demand for MCU and BMIC [5] - GigaDevice (603986.SS) is rated Equal-weight based on fair valuation [5] Additional Considerations - **Consumer Confidence**: Consumer confidence in China's economy showed signs of recovery in December 2024, which may influence future spending in the semiconductor sector [14] - **Capex Trends**: Leading MCU companies are expected to lower their capital expenditures in 2025 compared to 2024, indicating a cautious approach to investment amid market uncertainties [18] Risks and Opportunities - **Upside Risks**: - Sustained MCU upcycle and faster localization in China could lead to significant market gains [33][41] - Increased traction in automotive and BMC business could enhance margins [42] - **Downside Risks**: - A potential early end to the MCU upcycle with severe pricing erosion could negatively impact market dynamics [33][41] - Slower-than-expected localization and intensified competition may lead to margin contractions [41][42] This summary encapsulates the key points from the conference call, focusing on the MCU market dynamics, company-specific insights, and potential risks and opportunities within the Greater China semiconductor industry.

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 February 17, 2025 10:13 PM GMT Global Economic Thematic M Global Foundation Multipolar World: Trade Almanac As geopolitics sharpen the focus on supply chains, we introduce a trade database that maps supply chains across sectors, products, and geographies. Using our interactive models, users can pull extensive trade data to track flows over time. Alongside the publication of Multipolar World: Supply Chain Strain, we introduce the Trade Almanac – an interactive trade database that ...

Summary of Japan Equity Strategy & Thematic Research Industry and Company Focus - **Industry**: Japanese Stock Market - **Company**: UBS Securities Japan Co., Ltd. Key Points and Arguments 1. **Impact of US Tariff Policy**: - US President Trump signed executive orders for increased tariffs on imports from Mexico, Canada, and China, with additional tariffs on steel and aluminum products. Japan's steel and aluminum exports to the US are only 0.05% of GDP, indicating minimal impact from these tariffs [1][9][10]. - Japan's average tariff rate is 3.7%, comparable to the US's 3.3%, suggesting that Japan may not be significantly affected by the tariff policies [10]. 2. **Japanese Stock Performance**: - The TOPIX index has been flat year-to-date, underperforming major European, US, and Asian stock indices. This underperformance may reflect excessive pessimism regarding the impact of US tariffs [3][17][18]. - Corporate earnings are on track, and the negative assessments regarding US tariffs may be overly pessimistic [3][17]. 3. **Sector-Specific Concerns**: - Export sectors, particularly autos and machinery, are likely to be affected by global economic impacts of tariffs and non-tariff barriers [4][24]. - Trading houses, wholesalers, and automobiles have shown noticeable underperformance, indicating reliance on overseas demand [17]. 4. **Domestic Demand Drivers**: - An inflationary shift due to Japan-specific wage increases and corporate reforms may drive Japanese stocks. The results of the Shunto (spring wage negotiations) in March and corporate reform trends ahead of full-year earnings results in May are expected to act as catalysts [24][25]. 5. **Market Sentiment and Expectations**: - The analysis indicates that the impact of US tariff policy is not directly reflected in the market, while inflation expectations have peaked, and interest rate drivers have increased [25]. - There is potential for sector rotation from overseas demand-related sectors to domestic demand-driven sectors, suggesting a shift in investment focus [30]. Other Important Insights - **Global Context**: For European and Chinese stocks, factors such as a potential ceasefire in Ukraine and AI-related expectations are currently more influential than tariff concerns [24]. - **Crowding Scores**: UBS crowding scores for Japanese stocks have shown slight recovery after a decline, indicating potential shifts in investor sentiment [29]. This comprehensive analysis highlights the resilience of the Japanese stock market amidst global tariff challenges, emphasizing the importance of domestic demand and corporate reforms as key drivers for future performance.

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. Jiangsu Hengli Hydraulic - A Capitalizing on new opportunities amid core business turnaround: raise PT with humanoid bot breakthrough Hengli's stock surged by the daily limit of 10% today, while the CSI300 rema ...

+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. 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 17 February 2025 | 10:12AM HKT iFlytek (002230.SZ): DeepSeek on iFlytek open platform; Spark X1, Deep reasoning model launched; Neutral iFlytek launched its first deep reasoning model Spark X1 in Jan 2025 and upgraded version of Spark LLM (Large Language Model) V4.0 Turbo post the launch of Spark V4.0 Turbo in Oct 2024 (link). Management h ...

Equity Research U.S. Multi-Industry 17 February 2025 U.S. Multi-Industry Whose numbers look very 2H- loaded? RRX (our EPS ests. are below the Street), LII (our EPS ests. are above the Street), VNT screen as most at risk. VRT, ROP, MMM screen as being least at risk for 2H loading dynamics in 2025 (among Dec. year-end companies) For our thoughts ahead of our 2025 Industrials Select Conference, please see our note here. For a summary of the companies that will be attending our conference, please see our Compan ...

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 A c t i o n | 17 Feb 2025 10:44:22 ET │ 13 pages Shuanghuan Drive (002472.SZ) Solid Fundamental + Humanoid Robot Optionality; Raise TP to Rmb42.0 and Reiterate Buy CITI'S TAKE While we keep our 2025E earnings estimate unchanged, we raise our TP of Shuanghuan by 50% to Rmb42.0 as we roll over the EPS base from 2024 to 2025 (2024 preliminary results were released on 20 Jan) and apply a higher P/E multiple (from 23x to 28x) to reflect not only solid core business growth (primarily ...