Flash | 19 Nov 2025 12:21:49 ET │ 12 pages US Semiconductors QCOM, AVGO, Apple Might Be Evaluating Intel Foundry But We Don't Think it Will Come to Fruition Given Technical Challenges CITI'S TAKE We surmise Qualcomm could be evaluating Intel Foundry for its data center ASIC business (under 1% of sales) as we found QCOM job postings with qualifications including Intel's EMIB packaging technology. We also found job postings at Apple and AVGO that include references to Intel packaging technology, which is agai ...

Summary of GDS Holdings Ltd Conference Call Company Overview - **Company**: GDS Holdings Ltd - **Industry**: Greater China Telecoms - **Market Cap**: Rmb40,784 million - **Current Stock Price**: US$29.02 (as of November 18, 2025) - **Price Target**: US$54.00, indicating an upside of 86% from the current price [8][66] Financial Performance - **3Q25 Results**: - Revenue: Rmb2.9 billion, up 10.2% YoY, in line with estimates [3] - Adjusted EBITDA: Rmb1.3 billion, up 11.4% YoY, 1% above forecast [3] - New Orders: ~30MW across four sites in 3Q25, with YTD new orders reaching 230MW [3] - **Outlook for 2026**: - Expected new orders close to 280MW for the full year, implying 50MW in 4Q25 [4] - Anticipated large-scale procurement of 100MW+ per tender for AI demand [4] - Management is optimistic about the China business and is actively sourcing new land [4] Investment Cycle and Returns - **C-REITs Impact**: - GDS sees a clear path for a five- to six-year data center investment cycle with mid-teens unleveraged IRR and close to 20% leveraged IRR [5] - Plans for a Rmb4-6 billion enterprise value asset package for the first follow-on offering [5] Key Metrics and Projections - **2026 Estimates**: - Revenue: Rmb12,532 million - EBITDA: Rmb5,469 million - EPS: Expected to improve from (2.95) Rmb in 2025 to (1.86) Rmb in 2026 [8] - **Market Share Recovery**: - 2026E MSR could see a 3-4% YoY decline due to contract renewals and dilution from new projects [4] Risks and Considerations - **Upside Risks**: - Progress in asset monetization via REITs at accretive valuations [12] - Volume recovery in China leading to pricing rebound [12] - **Downside Risks**: - Potential reduction in capex from hyperscalers, particularly in AI investments [12] - Increased competition and pricing compression [12] Conclusion - GDS Holdings Ltd is positioned for growth with a strong outlook for 2026, driven by domestic chip supply improvements and significant new orders anticipated. The company is leveraging C-REITs for enhanced returns and is optimistic about its business prospects in China. However, investors should remain cautious of potential risks related to market competition and changes in hyperscaler investment strategies.

摘要 道氏公司第三季度总毛利同比下降 12.9%至 6.879 亿元，但智能设备 毛利率提升至 50.3%，在线营销服务毛利率降至 25.4%。运营费用略 有减少，销售和营销费用下降，研发费用上升。 第三季度营业利润率同比下降至 1.7%，但归属于普通股股东的净收入 同比增长 17%至 1.011 亿元，非 GAAP 净收入增长 3%至 922 百万元。 学习服务板块营收同比下降 61.6%，但前 9 个月营业利润同比增长 149.2%。 人工智能驱动订阅服务总销售额创新纪录，达约 1 亿元，同比增长超 40%。孔子三号翻译模型发布，支持 38 种语言实时翻译。"有疑"词 典 AI 同声传译功能销售额同比增长超 200%。 在线营销业务加速增长，净收入同比增长 51%至 7.397 亿元，主要受 奈特斯集团和海外市场需求驱动。广告 AI 定位优化器提升广告效果，并 计划推出 2.0 版本。 智能设备业务收入同比下降 22%以上至 2.458 亿元，反映公司采取更 严格策略以提升运营健康状况。新推出儿童绘画产品"你怀疑,太空 X" 以及字典笔、辅导笔等产品。 Q&A 道氏公司在 2025 年第三季度的财务表现如 ...

名创优品 20251121 摘要 公司正积极推进 UNCTV CNND、MIT LV SIST 和 CCTV IMF GE SAAS 等多个项目，虽在创新方面取得进展，但仍需优化解决具体问题。 公司正与佩里公司洽谈合作，同时排查解决 CCTV 系统问题，并计划在 未来 40 天内进行检查评估，加大物联网领域投入，并与 Facebook 等 企业深入合作。 公司积极拓展西部地区业务，已取得初步成果，并得到专家支持。内部 正就相关事宜进行讨论协调，确保各项工作顺利开展。 公司关注 GDP 规模变化趋势及 iPhone 等消费品销售情况，以及丰田汽 车等企业在该地区的动态，以全面了解该地区的经济发展状况。 公司注意到 CCTV 和 CNN 等媒体对相关区域的关注，将继续跟踪报道， 保持沟通，秉持公正透明原则处理问题，为各方提供公平服务。 公司正在尝试为用户开发可在无噪音干扰情况下远程操作的机械设备， 甚至可用于太空环境，该技术尚在研发阶段。 作为资深风险投资人，公司认为中国市场充满机遇但也存在挑战，需仔 细评估风险，抓住科技创新、绿色能源及消费升级等领域的发展机会。 Q&A 公司在业务发展方面取得了哪些进展？ 公司 ...

We are Buy rated on NTES/9999.HK with 12-month SOTP-based target prices of US$160/HK$250. Lincoln Kong, CFA +852-2978-6603 | lincoln.kong@gs.com Goldman Sachs (Asia) L.L.C. Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Luqing Zhou +852-3465-4207 | luqing.zhou@gs.com Goldman Sachs (Asia) L.L.C. Key highlights Recent trend by title and pipeline Management elaborated that NTES operates its games in a very long-lasting cycle manner with a community mindset, though each game ...

网易 20251121 摘要 网易公司第三季度总净收入达人民币 284 亿元，其中游戏业务收入 233.3 亿元，同比增长 12%，在线游戏净收入同比增长 13%，环比增 长 3%。非公认会计准则净收入 95 亿元，同比增长 27%，显示出强劲 的盈利能力。 《梦幻西游》PC 版推出创新无限制服务器后，月活跃用户达到两年来的 新高，同时在线人数创纪录达到 358 万，验证了经典游戏通过创新模式 重焕生机的潜力，该模式或可复制到其他社交类游戏中。 网易积极拓展海外市场，新款科幻射击游戏迅速登上美国等西方市场下 载榜首，并在近 100 个市场领先。《逆水寒》全球发行亦获成功，表明 网易具备将中国特色游戏推向国际市场的能力。 有道第三季度总收入同比增长超过 40%，AI 原生战略成效显著。在线营 销服务通过 AI 技术提高程序化广告效率，并推出具备智能功能的辅导平 板电脑，教育和广告业务均保持健康发展。 NBPL 秋季赛成为 2026 年亚运会电竞项目后的首个职业联赛，提升了 网易电竞业务的吸引力。同时，公司不断推出轻松有趣的体验，如以中 国神话为灵感的新动物游戏，以吸引更广泛受众。 Q&A 网易公司在 2025 ...

Summary of Sanhua Intelligent Controls Conference Call Company Overview - **Company**: Zhejiang Sanhua Intelligent Controls - **Industry**: Auto Parts, Humanoid Robots, AIDC Liquid Cooling Key Points and Arguments Financial Performance and Forecasts - FY25-27E forecasts for Sanhua raised by an average of 20% due to a strong 3Q25 performance and positive management guidance [2][11][35] - Management expects profit growth of approximately 20% year-over-year (Y/Y) for 2026, excluding emerging growth drivers [13][39] - 4Q25 profit growth anticipated to be mid-single-digit, outperforming earlier forecasts despite a high base [18] Growth Drivers - **Humanoid Robots**: Significant growth potential identified in the humanoid robot sector, with management reaffirming commitment to key clients and expanding overseas capacity, including a new factory in Thailand [5][11][22] - **AIDC Liquid Cooling**: Strong demand for cooling solutions, with specific product segments like micro-channel heat exchangers showing over 90% Y/Y growth [17][39] - **Auto Parts**: Expected 20% Y/Y growth in the auto parts segment for 4Q25, driven by inventory restocking and positive order trends [19][39] Market Positioning and Strategic Flexibility - Sanhua's global supply chain is well-structured, mitigating risks from Tesla's strategy to localize its supply chain [12][6] - Direct exports from China to the U.S. accounted for only 1% of total revenue in 2024, indicating limited exposure to geopolitical risks [12] - Management's confidence in sustaining growth and margin expansion is supported by a proven ability to navigate macro volatility [6][13] Investment Thesis - The investment case is based on: 1. Benefits from China's policy stimulus for large-scale equipment renewal in home appliances and passenger autos [39][43] 2. Growth in the auto parts business with a diversified customer base [39][43] 3. Strategic positioning in the humanoid robot development landscape [39][43] Valuation and Price Target - Price target raised to Rmb49 for A shares and HK$42 for H shares, reflecting increased earnings forecasts [11][35] - Valuation based on discounted cash flow (DCF) methodology with a WACC of 8.1% and terminal growth rate of 3.5% [40][44] Risks - Potential risks include lower-than-expected global EV demand, increased competition in the auto segment, challenging macro conditions, and slower development in the humanoid robot sector [45] Additional Important Insights - Management highlighted the importance of strategic partnerships and AI integration in accelerating sector evolution [24] - The company is positioned to capture opportunities in both robotics and data center cooling markets [17][39] - Recent capital inflows, such as Figure AI's US$1B Series C round, indicate growing investor confidence in the sector [24] This summary encapsulates the key insights from the conference call, focusing on Sanhua's financial outlook, growth drivers, market positioning, investment thesis, valuation, and associated risks.

Summary of XPeng Inc. Conference Call Company Overview - **Company**: XPeng Inc. (XPEV/9868.HK) - **Industry**: Electric Vehicles (EVs) Key Points 1. Financial Performance and Guidance - XPeng's share price declined by 10% following a 3Q25 result that was in line with expectations but provided below-expectation revenue guidance for 4Q25E, projecting a revenue growth slowdown from 149% year-over-year (YoY) in 3Q25 to 41% in 4Q25E due to increased competition in the market [1][2] - For the full year 2026E, XPeng anticipates a revenue growth of 40%, driven by the launch of 7 new models and collaboration with Volkswagen (VW) [2][6] - The company expects to achieve a GAAP net income of Rmb2.2 billion in 2026E, marking its first full-year break-even with a margin of 2.0% [2][6] 2. New Model Launches - XPeng plans to launch three EREV versions of existing models (G6/G7/P7+) and four new dual-energy models in 2026, including two MONA SUVs [6][9] - The X9 EREV model is set for an official launch on November 20, with pre-sales orders reportedly three times higher than the BEV version [6][9] 3. Collaboration with Volkswagen - XPeng's collaboration with VW is expanding, with technical R&D services expected to contribute to sustainable revenue levels [7][9] - The Turing AI SoC, which has significantly enhanced capabilities, has secured design wins from VW for two B-segment vehicles [7][9] 4. Gross Margin and Cost Management - XPeng reported a total gross margin of 20.1% in 3Q25, an increase of 4.9 percentage points YoY, attributed to higher service revenue from VW [7][9] - The vehicle gross margin was reported at 13.1%, with management expecting stable company-level gross profit margin around 20% in 4Q25E [7][9] 5. Research and Development (R&D) Investments - R&D expenses are projected to increase to Rmb11 billion in 2026E, reflecting ongoing investments in new technologies, including autonomous driving and humanoid robots [2][6] - Management maintains a 2025 full-year R&D expense guidance of Rmb9 billion [7][9] 6. Overseas Expansion - XPeng's overseas sales volume reached 11,000 units in 3Q25, a 54% YoY increase, with local production facilities established in Indonesia and Austria [6][9] - The company expects overseas volume growth to outpace domestic sales in 2026E [6][9] 7. Balance Sheet and Cash Flow - XPeng ended 3Q25 with Rmb29 billion in net cash, with improvements in working capital conditions noted [10][9] - The company has seen a reduction in receivable days from 22 days in 2024 to 10 days in 2025, which is expected to remain stable in 2026E [2][10] 8. Investment Thesis - XPeng is recognized as one of the fastest-growing pure EV makers in China, with a focus on intelligent vehicle features and a significant increase in new model launches [9][11] - The company is currently trading in line with its historical average forward price-to-sales multiple, which is considered attractive given its growth trajectory [11][12] 9. Price Target and Risks - The 12-month price target for XPeng is set at US$25 for ADR and HK$96 for H shares, with an upside potential of approximately 11% [8][12] - Risks include lower-than-expected sales volume, increased price competition, and weaker market demand [12][12] Conclusion XPeng Inc. is positioned for significant growth in the EV market with a robust pipeline of new models and strategic collaborations, particularly with Volkswagen. The company's focus on R&D and overseas expansion, coupled with improving financial metrics, supports a positive investment outlook despite potential market risks.

Summary of GDS Holdings (GDS) Conference Call Company Overview - **Company**: GDS Holdings (GDS/9698.HK) - **Industry**: Data Center Services in China Key Financial Results - **3Q25 Net Revenue**: RMB 2.887 billion, reflecting a 10% year-over-year growth, in line with estimates [5][7] - **3Q25 Adjusted EBITDA**: RMB 1.342 billion, up 11% year-over-year, slightly above estimates [5][7] - **Capacity Utilization**: Increased by 11% year-over-year [1] - **Monthly Service Revenue (MSR)**: Decreased by 2% year-over-year and 3% quarter-over-quarter [1] Order Wins - **New Orders**: GDS China secured 30MW of hyperscale new orders in 3Q25, down from 40MW in 2Q25 and 152MW in 1Q25 [1] DayOne Performance - **DayOne Revenue**: Surged by 177% year-over-year to US$118 million [2][7] - **DayOne Adjusted EBITDA**: Increased by 358% year-over-year to US$42 million [2][7] - **Total Committed Capacity**: Reached 837MW, up 54MW quarter-over-quarter [2] Investment Outlook - **Rating**: GDS is rated as "Buy" with a 12-month target price of US$44 or HK$43, indicating an upside potential of approximately 51.6% [2][11] - **Growth Drivers**: The company is well-positioned to benefit from the growth in Generative AI and cloud services, particularly in AI inferencing and international expansion [8] Risks and Considerations - **Key Risks**: Potential risks include lower-than-expected demand for move-ins, slower revenue ramp-up in overseas markets, and customer churn [9] - **Valuation Methodology**: The target prices are based on a sum-of-the-parts (SOTP) valuation with a 10% holdco discount [9] Additional Insights - **Market Position**: GDS is recognized as a leader in China's carrier-neutral data center market with a wholesale-centric business model [8] - **Future Expectations**: Focus on backlog delivery is expected to enhance revenue growth visibility and improve EBITDA and free cash flow [8] This summary encapsulates the essential financial metrics, performance highlights, investment outlook, and associated risks for GDS Holdings as discussed in the conference call.

万国数据 20251119 摘要 金山云预计全年新增订单将接近 300 兆瓦，前 9 个月已达 240 兆瓦， 主要受益于国内科技行业对人工智能基础设施的大幅投资，标志着数据 中心行业即将迎来强劲复苏。 为应对人工智能需求，金山云已储备约 900 兆瓦电力及一线城市周边土 地，但认为仍需更多资源，并通过数据中心 REITs IPO 进行资产货币化， 以降低融资成本。 金山云战略目标是通过增长和多元化海藻业务，重复回收资本，为股东 解锁价值，并计划在首次 IPO 后 6 个月内完成酸性注射，目标企业价值 在 40-60 亿人民币之间。 中国市场数据中心投资经济稳固，销售价格稳定，单位开发成本降低， 新投资现金收益率可达 11%至 12%，公司计划收购更多土地以抓住市 场机遇。 公司新增订单依赖于新获得土地和电力指标，虽获取电力指标不易，但 公司与政府及电力公司关系良好，有助于顺利获取所需资源。 Day One 在亚太和欧洲市场业务表现积极，需求强劲，公司对未来保持 乐观态度，并看到了在中国部署吉瓦级规模数据中心项目的机会。 金山云在电力和资本方面有哪些准备？ 为应对未来人工智能需求，金山云已经获得约 900 兆 ...