9 January 2026 | 9:20PM HKT Equity Research CIMC (000039.SS/2039.HK; NC): Consumer & Leisure Corp Day: Offshore engineering equipment earnings to pick up with strong order Simon Cheung, CFA +852-2978-6102 | simon.cheung@gs.com Goldman Sachs (Asia) L.L.C. Wing Huang +852-2978-0415 | ying.huang@gs.com Goldman Sachs (Asia) L.L.C. c45a43530f604d12bcb9a82b5aa6b9f6 n Offshore engineering equipment: The group provides Engineering Procurement Construction services in FPSO (Floating production storage and offloading ...

Summary of Shenzhen Mindray (300760.SZ) Conference Call Company Overview - Shenzhen Mindray is a leading medical device manufacturer in China, with three core segments: Patient Monitoring and Life Support (PMLS), In Vitro Diagnostics (IVD), and Medical Imaging, contributing 37%, 38%, and 20% of total revenue respectively in FY24 [24][25]. Key Industry Insights - The China medtech sector is a strategic focus for the government, driven by an aging population and increasing healthcare spending. The sector is expected to recover in 2026 after facing challenges in 2024 [3]. - Mindray's overseas business accounts for over 50% of its revenue, with a target to double market share in emerging markets within five years [1][3]. Financial Performance and Projections - **Earnings Summary**: - FY2023: Net Profit of Rmb 11,582 million, Diluted EPS of Rmb 9.558, P/E ratio of 21.3 [5]. - FY2025E: Projected Net Profit of Rmb 9,488 million, a decline of 18.7% YoY, with a P/E ratio of 26.2 [5]. - FY2026E: Expected recovery with Net Profit of Rmb 10,982 million, a growth of 15.7% YoY, and a P/E ratio of 22.6 [5]. - **Valuation**: - Target price set at Rmb 285, indicating a potential upside of 39.9% from the current price of Rmb 203.68 [6][10]. - Mindray appears undervalued compared to domestic peers, trading at approximately 23x FY26 P/E versus 38x for peers [2]. Strategic Initiatives - **Growth Acceleration**: Management anticipates a return to positive domestic growth in 2026 and further acceleration in 2027 [1]. - **Innovation Focus**: Shift towards high-end, higher-margin products and a recurring revenue model, particularly in IVD reagents [1]. - **Digital Ecosystem**: Development of integrated solutions combining equipment, IT, and AI to enhance competitive advantage [1][19]. Risks and Challenges - Potential margin pressure in FY25 due to strategic investments aimed at long-term growth [2]. - Geopolitical risks, particularly U.S.-China trade tensions, could impact revenue and sourcing [27]. - Challenges in maintaining competitive positioning if unable to adapt to technological trends and customer needs [27]. Conclusion - Mindray is positioned as a top pick in the medtech sector, with a strong growth trajectory supported by strategic initiatives and a favorable market outlook. The company is expected to leverage its leading market position to capitalize on emerging opportunities while navigating potential risks [4][25].

9 January 2026 | 5:41PM HKT Equity Research Zhejiang China Commodities City Group (600415.SS, NC): APAC Consumer & Leisure Corp Day — new initiatives unlocking ample growth Bottom line: We hosted Zhejiang China Commodities City Group (600415.SS, Not Covered) for a virtual meeting at our APAC Consumer & Leisure Corp Day on Jan 9, 2026. Key takeaways include: 1) Yiwu's export momentum remains strong with export value +25% yoy in 11M25, and mgmt's tone was optimistic towards export growth into the next few yea ...

Summary of Horizon Robotics Conference Call Company Overview - **Company**: Horizon Robotics (9660.HK) - **Industry**: Smart driving technology and AI capabilities Key Points 1. Product Development - Management is committed to R&D, developing a BPU (brain processing units) platform for the next chipset, Journey 7, which is expected to enhance AI capabilities - Journey 7 is currently under design, aiming for completion in 1H27, with computing power projected to reach 1,500 to 2,000 TOPS, facilitating the migration of smart driving levels for car OEMs - The company is also working on chipsets that integrate smart cockpits and smart driving, positioning itself as a competitor to Qualcomm, with a launch planned for 2Q26 [2][3] 2. 2026 Outlook - Management is optimistic about growth in 2026, driven by the increasing smart driving trend in China, local car OEMs opting for more local suppliers, and product mix upgrades from ADAS to AD - Revenue growth is expected to outpace shipment growth due to product mix upgrades, with Geely identified as a key customer for growth in 2026E, alongside BYD, Chery, Changan, and FAW - China is anticipated to remain the primary market, with non-China markets expected to contribute by 2028E - Gross margin (GM) is believed to depend on product mix, with software yielding higher GM compared to domain controllers [3][4] 3. Competitive Landscape - Management is confident in their strong R&D capabilities and competitive price-to-performance ratio, which supports car OEMs in achieving smart driving - Transitioning from in-house solutions to third-party solutions may take time for car OEMs due to the longer product life cycle of automobiles compared to smartphones - Car OEMs have better balance sheets than smartphone manufacturers, allowing for sustained R&D investments - NVIDIA is viewed as a market leader, driving the adoption of smart driving across more car models, with Horizon Robotics aiming to be a significant player in this space [4][10] 4. Financial Projections - A 12-month target price of HK$15.30 is derived based on an EV/EBITDA multiple of 28.0x, using estimates of the company's 2029E EBITDA - The target price reflects a potential upside of 57.9% from the current price of HK$9.69 [9][11] 5. Risks - Key downside risks include: - Increased competition or pricing pressure in the auto supply chain amid slow demand - Slower-than-expected product mix upgrades towards AD - Delays in expanding the customer base - Supply chain risks due to geopolitical tensions [10][11] Additional Insights - The company is focused on continuous product mix upgrades to enhance dollar content per vehicle - Management's positive outlook is supported by ongoing trends in smart driving and localization within the automotive industry [1][3]

9 January 2026 | 6:32PM HKT Equity Research Anji Micro (688019.SS) Accelerated advanced nodes expansion to support CMP Slurry growth; Rising demand from AI memory; Buy 688019.SS 12m Price Target: Rmb331.00 Price: Rmb263.66 Upside: 25.5% We are constructive on Anji Micro as CMP slurry local leader, riding on accelerated advanced node (memory, advanced logic) capacity expansion and Gen-AI trend to drive memory demand. We expect to see rising capex spending from local memory suppliers to expand new capacity, a ...

Summary of Aluminum Corporation of China (Chalco) Conference Call Company Overview - **Company**: Aluminum Corporation of China (2600.HK) - **Industry**: Aluminum production and mining - **Core Competitiveness**: Ownership of stable and reliable bauxite resources, ensuring sustainable development. As of 2024, it is the world's largest alumina and primary aluminum producer by capacity [23][24]. Key Financial Updates - **Net Profit Forecast**: Revised for 2025E/26E/27E by +2%/+4%/+7% to Rmb14.0 billion, Rmb19.1 billion, and Rmb21.9 billion respectively, driven by higher aluminum price forecasts [1][2]. - **Target Price (TP)**: Increased to HK$15.94 from HK$12.41, based on a price-to-book (PB) ratio of 2.81x for 2026E, reflecting a stronger-than-historical-average return on equity (ROE) [3][25]. - **Expected Returns**: Anticipated share price increase of 18.4% and a total return of 23.0%, including a dividend yield of 4.6% [4]. Earnings Summary - **2023A**: Net Profit of Rmb6.717 billion, EPS of Rmb0.391 - **2024A**: Net Profit of Rmb12.400 billion, EPS of Rmb0.723 - **2025E**: Net Profit of Rmb14.011 billion, EPS of Rmb0.817 - **2026E**: Net Profit of Rmb19.070 billion, EPS of Rmb1.112 - **2027E**: Net Profit of Rmb21.876 billion, EPS of Rmb1.275 [6][8]. Market Dynamics - **Aluminum Prices**: Expected to remain high due to supply control and demand growth, particularly in the context of China's carbon-neutral goals [24]. - **Cost Structure**: Anticipated cost of sales for aluminum and alumina is projected to remain stable, with gross profit margins improving over the forecast period [9]. Risks - **Downside Risks**: Include lower-than-expected aluminum and alumina prices, higher-than-expected costs, and potential government policy changes regarding supply cuts [26]. Investment Strategy - **Recommendation**: Rated as a "Buy" due to expected benefits from China's carbon-neutral initiatives and favorable market conditions for aluminum prices [24][25]. Additional Insights - **Earnings Sensitivity**: The company's earnings are sensitive to fluctuations in aluminum and alumina prices, with significant impacts on net profit projections based on price changes [11]. - **Valuation Metrics**: The target price reflects a valuation that is 2.25 standard deviations above the historical average, indicating confidence in future earnings growth [3][25]. This summary encapsulates the key points from the conference call regarding Aluminum Corporation of China, highlighting financial forecasts, market dynamics, and investment strategies.

Summary of StarPower Conference Call Company Overview - **Company**: StarPower (603290.SS) - **Industry**: Semiconductor, specifically focusing on power semiconductors including SiC (Silicon Carbide) and GaN (Gallium Nitride) technologies Key Points 1. Revenue Growth Outlook for 2026 - Management is optimistic about revenue growth across various end markets in 2026 - **AI Servers**: Growth driven by the AI infrastructure cycle, with collaborations with global-tier power supply vendors for SiC devices expected to expand in 2026 [2] - **Automotive**: Anticipated increase in EV penetration rates and SiC adoption, with efforts to engage more global-tier car OEMs, particularly in Europe [2] - **Industrial**: Growth through penetration of global-tier customers such as Delta, Schneider, ABB, and Siemens [2] - **Photovoltaic**: Market share expansion despite modest end demand [2] - **Home Appliances**: Strong growth supported by increased market share and IPM capacity expansion [2] 2. SiC and GaN Technology Outlook - The pricing gap between SiC and IGBT (Insulated Gate Bipolar Transistor) has narrowed from Rmb2,000-3,000 to within Rmb1,000, driven by lower SiC substrate costs [3] - SiC devices are expected to be used in EVs priced at Rmb200k+ in 2025, potentially decreasing to Rmb100k+ in 2026 [3] - Management maintains that their SiC pricing remains competitive due to superior quality, with a yield rate of 80% [3] - Expansion into GaN technology is underway, with products capable of covering over 1,000V, targeting applications in EVs and AI data centers [3] 3. Pricing Trends - Management expects the pricing decline in power semiconductors to moderate to normal levels by 2026, as some smaller vendors may exit the market due to losses [4] - Despite ongoing pricing pressures, the company anticipates a stable gross margin trend in 2026 due to product mix upgrades [7] 4. Valuation and Price Target - The company is rated Neutral with a 12-month target price of Rmb121.20, representing a 21.0% upside from the current price of Rmb100.17 [10] - Valuation methodology includes applying a 31.0x target P/E multiple to the 2026E EPS [8] 5. Key Risks - Risks include stronger or weaker-than-expected IGBT market growth, variability in new design wins and market share gains, and competition levels [9] Additional Insights - The company is focusing on upgrading its product mix to mitigate pricing pressures in the power semiconductor market [1] - Management's proactive approach in expanding product lines and capturing new markets is viewed positively, although the overall market conditions remain challenging [1][2]

Summary of SmartSens Conference Call Company Overview - **Company**: SmartSens (688213.SS) - **Industry**: CMOS Image Sensor (CIS) supplier - **Key Markets**: Automotive, smartphones, surveillance, and robotics - **Key Clients**: Huawei, BYD, Hikvision, Dahua [3][4] Key Points 1. Smartphone CIS Business - Management is optimistic about the smartphone CIS market, driven by brand clients focusing on AI imaging capabilities [1][4] - The company has seen a **40% YoY increase** in smartphone CIS revenue, reaching **Rmb1.8 billion**, which constitutes **46% of total revenues** [3] - The growth is attributed to the ramp-up of **50Mpx CIS** and a shift towards high-end smartphone models [3][4] - Rising material costs are prompting smartphone brands to improve their cost structures [4] 2. Automotive CIS Business - Strong growth in the automotive CIS sector is expected, with management anticipating continued momentum into **2026** [1][8] - SmartSens is collaborating with local EV leaders and foundries like Nexchip to enhance product launch efficiency [8] - The company is developing high-end products targeting **8Mpx CIS** for Advanced Driver Assistance Systems (ADAS) [8] 3. Overseas Expansion Plans - SmartSens plans to expand its overseas business, focusing on CIS for smartphones, automobiles, and innovative products like AI glasses [1][9] - The strategy includes starting with one to two clients to gain experience before expanding to more brands [9] - The company aims to serve top-tier automobile brands in international markets, leveraging its competitiveness in AI glasses CIS [9] 4. Industry Outlook - The overall sentiment in the CIS market is positive, with expectations for local suppliers to benefit from specification upgrades and localization trends in China [2] - Emerging applications such as AI glasses and robotics are anticipated to support revenue growth for local CIS suppliers [2] 5. Financial Performance - In the first half of **2025**, the revenue breakdown was **46%** from smartphones, **41%** from surveillance, and **13%** from automotive CIS [3] - The company’s mature supply chain management is highlighted as a competitive advantage, particularly in offering high cost-performance ratio products [7] Additional Insights - Management emphasizes the importance of co-designing next-generation products with major brand customers to meet evolving specifications [4] - The company’s R&D and manufacturing capabilities are noted for their efficiency, allowing for quick responses to client demands [4] This summary encapsulates the key insights from the SmartSens conference call, highlighting the company's strategic focus areas, market dynamics, and financial performance.

Summary of Jinko Solar Investor Call Company Overview - **Company**: Jinko Solar (688223.SS) - **Industry**: Solar Energy Key Points from the Call Partnership and Technology Development - Jinko Solar has partnered with XtalPi to focus on AI-assisted R&D for perovskite tandem solar cells, aiming for commercialization by 2028E [1][2] - The AI-driven R&D process is expected to reduce the development cycle by up to 70%, significantly improving efficiency in material composition selection [2] Market Outlook and Growth Potential - Jinko is optimistic about the application of perovskite tandem solar cells in space-based solar power, which could enhance energy efficiency [1][7] - The company anticipates a rise in earnings from module sales, with the sales mix of high-efficiency products projected to increase from 5% in 2025E to 60% in 2026E at premium prices [1] - The solar module industry is believed to have passed its cyclical trough, indicating potential for recovery and growth [1] Financial Performance and Projections - **Earnings Summary**: - 2023A: Net Profit of Rmb 7,440 million, Diluted EPS of Rmb 0.730, EPS growth of 170.4% [3] - 2024A: Net Profit of Rmb 99 million, Diluted EPS of Rmb 0.010, EPS growth of -98.6% [3] - 2025E: Net Profit of -Rmb 4,653 million, Diluted EPS of -Rmb 0.465 [3] - 2026E: Net Profit of -Rmb 1,143 million, Diluted EPS of -Rmb 0.114, EPS growth of 75.4% [3] - 2027E: Net Profit of Rmb 2,401 million, Diluted EPS of Rmb 0.240, EPS growth of 310.2% [3] Valuation and Investment Rating - Target price set at Rmb 7.50 per share, with an expected total return of 17.4% [5][8] - Current market cap is Rmb 63,933 million (approximately US$ 9,137 million) [5] Risks and Challenges - Key risks include unfavorable changes in overseas trade policies affecting solar and energy storage system (ESS) exports from China, failure of measures to reduce excessive solar production capacity, and lower-than-expected global solar installation demand [9] Additional Insights - The efficiency of Jinko's perovskite-silicon tandem solar cells has reached 34.76%, which is 25.1% higher than the highest efficiency of silicon-only TOPCon cells [7] - Space-based solar power offers advantages such as higher energy density and longer power generation hours compared to ground-based systems [7]

Summary of MetaX Conference Call Company Overview - **Company Name**: MetaX (688802.SS) - **Industry**: Semiconductor, specifically focusing on AI chips and GPU technology - **Profile**: A leading local GPU fabless supplier specializing in high-performance GPU R&D, offering diversified GPUs and GPU servers tailored for AI use cases and cloud infrastructure in China [3][17] Key Points Discussed 1. AI Computing Cluster and Product Migration - Management emphasized their commitment to product migration and expanding AI computing clusters, with most clusters currently exceeding 1,000 AI chips and gradually increasing towards 10,000 AI chips [4] - The next generation of AI chips is targeted for mass production in Q1 2026, featuring enhancements in both computing power and memory compared to current models [4] 2. Market Outlook - Management maintains a positive outlook on AI demand in China, anticipating industry growth to reach triple digits by 2026 [5] - The company aims to achieve a growth rate that exceeds the market average through market share expansion across various end markets, including education, financial industries, hospitals, energy, telecommunications, and internet companies [5][8] 3. New Product Launch: C600 Platform - The recently launched C600 platform features in-house IP architecture capable of supporting SuperPod clusters, with plans for different versions catering to pure inferencing or a combination of training and inferencing [9] - Expected shipments of the C600 platform are projected to ramp up in 2026, with specifications including 144GB bandwidth memory and MetaXLink for SuperPod supporting up to 256 cards [9] 4. Demand for AI Chips - Management's positive view on the rising demand for computing power for AI training and inferencing aligns with expectations for local suppliers of AI chips to benefit from the Gen-AI trend and localization efforts [2] 5. Long Verification Process for China Cloud - The verification process for cloud services can take up to 12 months due to varying testing requirements and customized AI server needs for each cloud service provider (CSP) [8] Additional Insights - The company is focused on avoiding customer concentration by targeting a diverse range of end markets [5][8] - Future product developments are planned, with another new generation expected to enter mass production in 2027, further enhancing computing power [4] This summary encapsulates the key discussions and insights from the MetaX conference call, highlighting the company's strategic focus on AI technology and market growth potential in China.