31 December 2025 | 11:47AM HKT Equity Research Kematek (301611.SZ): Ceramic components ramp up on capacity expansion and local SPE clients penetration; Buy We view Kematek as one of key beneficiaries of China semis capacity expansion and growing advanced nodes by offering structural ceramic components and ceramic devices. Kematek has wide product coverage across lithography/ deposition/ etching/ Ion implantation tools, and we see the company continuing to penetrate local SPE clients through deep cooperation ...

Summary of Victory Giant (300476.SZ) Conference Call Company Overview - **Company Name**: Victory Giant (300476.SZ) - **Industry**: PCB (Printed Circuit Board) manufacturing - **Products**: Offers MLPCB (Multi-layer PCB), HDI (High-Density Interconnect), single/double layer PCB, FPC (Flexible Printed Circuit), etc. - **End Markets**: AI data centers, automobiles, telecom, smart terminals - **Global Presence**: Operations in mainland China, Malaysia, Vietnam, and Thailand [3][4] Key Points Discussed 1. Capacity Expansion - **Accelerated AI PCB Capacity Expansion**: Victory Giant is expanding its AI PCB capacity more rapidly than before, with plans for two new larger factories in HuiYang and capacity expansion in Thailand and Vietnam. Management emphasized that the time required to ramp up new capacity has decreased due to strong partnerships with major clients and experience in product verification [4][10]. 2. Technological Advantages - **MLPCB and HDI Expertise**: The company has developed mass production capabilities for HDI (28-layers) and MLPCB (70-layers), which are crucial for the new specifications of AI server platforms. Management noted that equipment parameters and material formulas significantly impact performance and yield rates, particularly in laser drilling and copper fill plating processes [5][9]. 3. Dollar Content Upgrade Opportunities - **Revenue Growth from Dollar Content Upgrades**: Management anticipates that upgrades in dollar content will drive revenue growth for AI PCBs. This is attributed to the shift towards new AI platforms with higher speeds (800G / 1.6T and above), which require PCBs with more layers and high-end CCL (Copper Clad Laminate) materials. The company is committed to R&D for new technologies, including 30-layer HDIs and 100+ layer MLPCBs [10][4]. 4. Market Outlook - **Positive Industry Outlook**: The management's comments align with a positive outlook for the China PCB industry, particularly for high-end PCB and CCL suppliers. The expected strong demand for AI PCBs is anticipated to benefit local suppliers as they expand capacity to meet growing needs [2][4]. 5. Customer Penetration - **Continuous Customer Penetration in AI Infrastructure**: Victory Giant is focused on increasing its customer base in AI infrastructure, which includes solutions for AI accelerator cards, AI servers, data center switches, UBB, SSDs, DDR, and optical transceivers [3][4]. Additional Insights - **Strategic Partnerships**: The company’s ability to ramp up capacity quickly is supported by deep partnerships with major clients, which enhances its competitive edge in the market [4][10]. - **Focus on R&D**: Continuous investment in research and development is crucial for maintaining technological leadership and meeting the evolving demands of the AI sector [10][4]. This summary encapsulates the key discussions and insights from the conference call regarding Victory Giant's strategic initiatives, market positioning, and growth prospects in the PCB industry.

Summary of Tesla Inc. Conference Call Company Overview - **Company**: Tesla Inc - **Industry**: Autos & Shared Mobility - **Market Cap**: $1,585,713 million as of December 31, 2025 - **Stock Rating**: Equal-weight - **Price Target**: $425.00 Key Financial Metrics - **4Q25 Deliveries**: 418,000 vehicles, a decrease of 16% year-over-year, slightly missing sell-side consensus of 422,900 vehicles by 1% but beating Morgan Stanley estimates of 402,000 vehicles [1][8] - **Energy Storage System (ESS) Deployments**: 14.2 GWh, exceeding expectations of 13.4 GWh [1][8] - **2026 Estimates**: - Vehicle unit sales: 1.597 million, a decrease of 2.5% year-over-year - ESS deployment: 64 GWh, an increase of 37% [1] Core Business Insights - **Robotaxi Business**: The primary catalyst for Tesla's growth in 1H26, with advancements in Full Self-Driving (FSD) technology being crucial for future vehicle demand [1] - **Volume Growth Expectations**: Anticipated double-digit growth in vehicle volume starting from 2027 [1] Price Target Methodology - **Bear Case**: $145 per share, with components including: - $30/share for automotive (6 million units by 2040 at a 6.5% EBIT margin) - $50/share for Network Services (60% attach rate at $200/month ARPU) - $45/share for Tesla Mobility (2 million car fleet at ~40% EBITDA margin) - $20/share for Energy [3][25] - **Base Case**: $425 per share, with components including: - $55/share for core automotive (9 million units by 2040 at a 10.5% EBIT margin) - $145/share for Network Services (80% attach rate at $240/month ARPU) - $125/share for Tesla Mobility (5 million cars at ~$1.33/mile) - $40/share for Energy [19] - **Bull Case**: $860 per share, with optimistic projections for all segments [3][19] Earnings and Revenue Estimates - **2025 Revenue**: $93,941 million - **2026 Revenue**: $97,275 million - **2027 Revenue**: $118,124 million - **Auto Gross Margin**: Expected to be 16.3% in 2026 [27] Risks and Challenges - **Market Competition**: Increased competition from traditional OEMs, startups, and large tech firms in both automotive and robotics sectors [31][32] - **Execution Risks**: Associated with robotaxi, FSD, and humanoid projects [32] - **Regulatory Risks**: Potential regulatory challenges, particularly in China [32] Additional Insights - **Consensus Rating Distribution**: 42% Overweight, 38% Equal-weight, 21% Underweight [23] - **Global Revenue Exposure**: 20-30% from Europe and Mainland China, with minimal exposure to Latin America and MEA [28] This summary encapsulates the key points from the Tesla Inc. conference call, highlighting the company's performance, future expectations, and the associated risks in the current market landscape.

Summary of Conference Call Notes on Qianfang Technology Company Overview - **Company Name**: Qianfang Technology Co., Ltd. (千方科技) - **Industry**: Smart Transportation and Artificial Intelligence IoT - **Founded**: 2000 - **Key Developments**: Acquired a major security camera company in 2017 and formed a strategic partnership with Alibaba in 2018 for smart transportation solutions [10][21] Key Points and Arguments Investment in Autonomous Driving - **Investment Plan**: Qianfang Technology plans to invest approximately 1.1 billion RMB in developing an autonomous driving logistics project [1][2] - **Focus Areas**: The project will focus on key technologies such as AI models, 5G, vehicle-road collaboration, and cloud computing in trunk transportation scenarios [2] - **Expected Returns**: The project has a projected internal rate of return (IRR) of 13% post-tax [2] Financial Performance and Shareholder Returns - **Dividend Announcement**: The board approved a mid-term dividend of 0.02 RMB per share, reflecting a commitment to shareholder returns [1][3] - **Cash Flow**: The company has shown significantly higher operating cash flow compared to net profit over the past three years, indicating strong cash generation capabilities [3] - **Future Profitability**: The shift towards autonomous driving logistics and SaaS software services is expected to enhance profitability and cash flow quality [3] Stock Rating and Price Target - **Target Price**: The 12-month target price is set at 13.20 RMB based on a discounted cash flow (DCF) analysis with a WACC of 8.7% [4][21] - **Current Stock Price**: As of December 26, 2025, the stock price was 11.95 RMB, indicating a potential upside of 10.5% [5][9] Market Position and Competitive Advantage - **Technological Edge**: Qianfang Technology possesses unique data on heavy cargo positioning and national highway network data, enhancing its competitive position in the autonomous logistics sector [2] - **Strategic Shift**: The focus on autonomous driving in trunk logistics is seen as beneficial for future profitability and aligns with China's strategic development in vehicle-road collaboration [1][2] Additional Important Information - **Market Capitalization**: Approximately 18.9 billion RMB (2.69 billion USD) [5] - **Stock Performance**: The stock has fluctuated between 7.98 RMB and 12.01 RMB over the past 52 weeks [5] - **Analyst Ratings**: The stock is rated as "Buy" with a forecasted return exceeding market expectations [17] Risks and Challenges - **Potential Risks**: Risks include lower-than-expected government investment in smart transportation, slower development of vehicle-road collaboration, increased competition, and challenges in technology and supply chain affecting product margins [11]

Summary of Victory Giant (300476.SZ) Conference Call Company Overview - **Company Name**: Victory Giant (300476.SZ) - **Industry**: PCB (Printed Circuit Board) manufacturing - **Products**: Offers MLPCB (Multi-layer PCB), HDI (High-Density Interconnect), single/double layer PCB, FPC (Flexible Printed Circuit), etc. - **End Markets**: AI data centers, automobiles, telecom, smart terminals - **Global Presence**: Operations in mainland China, Malaysia, Vietnam, and Thailand [3][4] Key Points Discussed 1. Capacity Expansion - **Accelerated AI PCB Capacity Expansion**: Victory Giant is expanding its AI PCB capacity more rapidly than before, with plans for two new larger factories in HuiYang and expansions in Thailand and Vietnam. Management emphasized that the ramp-up time for new capacity has decreased due to strong partnerships with major clients and experience in product verification [4][10][9] 2. Technological Advantages - **Accumulated Know-How**: The company has significant mass production capabilities for both HDI (28-layers) and MLPCB (70-layers), which are crucial for meeting the specifications of new AI server platforms. Management noted that equipment parameters and material formulas significantly impact performance and yield rates, particularly in laser drilling and copper fill plating processes [5][9] 3. Dollar Content Upgrade Opportunities - **Revenue Growth from Dollar Content Upgrades**: Management anticipates that upgrades in dollar content will drive revenue growth for AI PCBs. This is attributed to a shift towards new AI platforms with higher speeds (800G / 1.6T and above), which require PCBs with more layers and high-end CCL (Copper Clad Laminate) materials (M8 / M9 and above). The company is committed to ongoing R&D for new technologies, including 30-layer HDIs and 100+ layer MLPCBs [10][4] 4. Market Outlook - **Positive Industry Outlook**: The management's comments align with a broader positive outlook for the China PCB industry, particularly for high-end PCB and CCL suppliers. The expected strong demand for AI PCBs is anticipated to benefit local suppliers as they expand capacity to meet growing needs [2][4] 5. Customer Penetration - **Continuous Customer Penetration in AI Infrastructure**: Victory Giant is focused on deepening its customer relationships within the AI infrastructure sector, which is expected to support its growth trajectory [4][10] Additional Insights - **Strategic Partnerships**: The company’s ability to ramp up capacity quickly is attributed to its deep partnerships with major clients, which enhances its competitive edge in the market [4][10] - **Focus on R&D**: Victory Giant is actively engaged in R&D to validate new technologies and collaborate with clients on the design of the latest products, indicating a strong commitment to innovation [10][4] This summary encapsulates the key discussions and insights from the conference call regarding Victory Giant's strategic initiatives, market positioning, and growth prospects in the PCB industry.

30 December 2025 | 2:59PM HKT Equity Research China Semis: Moore Thread (688795.SS, NC) visit: Local GPU supplier riding on AI trend; new GPU platform for large-scale computing cluster We visited Moore Thread (688795.SS, Not Covered) management in Beijing recently. Moore Thread is a local GPU supplier with in-house architecture, offering GPU for AI training/ inferencing and gaming. Overall, management is positive on the enhanced performance and computing power of the company's new GPU platform that is relea ...

Earnings revision: We revise down our VeriSilicon earnings by 8% / 12% / 14% / 14% / 12% in 2026E-2030E to reflect a lower revenues contribution from higher margin semi design services and IP solutions considering the likely longer time needed to see an acceleration of AI edge devices. That said, we view robust cloud contribution positively and remain constructive on the strong growth ahead driven by Gen-AI demand. We revise down GM by 0.3ppts~1.9ppts in 2026E-2030E on product mix changes. Allen Chang 30 De ...

Summary of RoboTechnik Management Call Company Overview - **Company Name**: RoboTechnik (300757.SZ) - **Established**: 2011 - **Initial Focus**: Photovoltaic cell manufacturing equipment - **Acquisition**: Entered the CPO market by acquiring FiconTEC, a leader in automated assembly and testing systems for integrated photonic devices and high-end opto-electronic components in 2020, with FiconTEC becoming a subsidiary in 2025 [3][9] Industry Insights - **Market Segment**: Co-Packaged Optics (CPO) and Silicon Photonics (SiPh) - **Growth Drivers**: Increased demand for SiPh solutions due to rising data volumes for AI model training and the need for higher computing efficiency [5][9] - **Technological Advancements**: SiPh optical modules are expected to contribute significantly to 800G and 1.6T optical modules due to their compact structure and production efficiency [2] Key Takeaways from Management Call 1. **Automated Assembly and Testing Systems**: - RoboTechnik utilizes advanced AI and machine learning algorithms for high-precision alignments, meeting customer requirements for 800G+ SiPh or CPO products [4] - The company has developed auto align technology capable of detecting defects as small as 0.5μm [4] 2. **Business Expansion Plans**: - Equipment revenues related to optical modules and engines increased by 229% year-over-year in the first half of 2025 [9] - Plans to establish production lines in mainland China and expand sales and technical support teams to provide localized services [9] 3. **Positive Market Outlook**: - Management maintains a positive outlook on the demand for high-precision automated equipment for assembly and testing, aiming to expand capacity to meet rising end demand [1][5] 4. **Technological Capabilities**: - RoboTechnik's experience in image processing and alignment algorithms enhances the precision of their equipment, which is crucial for the evolving demands of the SiPh and CPO markets [4][8] Additional Insights - **Strategic Positioning**: The acquisition of FiconTEC positions RoboTechnik favorably within the AI infrastructure cycle, aligning with industry trends towards automation and efficiency in optical components [1][3] - **Investment Recommendations**: Analysts recommend buying stocks of companies like Innolight, Eoptolink, Landmark, VPEC, and TFC Optical, which are expected to benefit from the growth in SiPh optical modules [2] This summary encapsulates the key points discussed during the management call, highlighting RoboTechnik's strategic initiatives, market opportunities, and technological advancements within the opto-electronic components industry.

December 30, 2025 12:22 PM GMT Zijin Mining Group (2899.HK, 2899 HK) Greater China Materials | China | Stock Rating | | | Overweight | | | --- | --- | --- | --- | --- | | Industry View | | | Attractive | | | Price target | | | HK$46.10 | | | Up/downside to price target (%) | | | 30 | | | Shr price, close (Dec 30, 2025) | | | HK$35.36 | | | Mkt cap, curr (mn) | | | US$125,471 | | | Avg daily trading value (mn) | | | US$178 | | | Fiscal Year Ending | | 12/24 12/25e 12/26e 12/27e | | | | EPS (Rmb)** | 1.19 | 1 ...

国际复材 20251230 摘要 AI 电子布需求激增，谷歌等公司大量应用二代布，预计 2026 年需求不 低于 5,000 万米，2027 年可能达到 1.几亿米，国际复材积极扩产应对 市场需求。 国际复材作为玻纤龙头，新增年化产能 6,000 万米生产线，处于全球领 先地位，逐步进入一代布和二代布的批量供给阶段，并计划新增约 50 个干锅，使二代布产能翻倍。 公司已为规划项目筹划资源匹配，包括新增订购资金及贵金属采购，目 前贵金属储备充足，并已订购 500 多台织布机，将于 2026 年下半年逐 步交货。 干锅全部转向生产二代布后，每月供给量可达数十万米，客户结构从以 生益科技为主扩展到红河、台光等企业，生益科技仍是当前最紧迫需求 方之一。 二代布干锅法良率约为拉丝环节 70%-80%，整体拉通计算 50%- 60%。公司交付能力尚未完全满足客户需求，如生益科技预计 2026 年 月需求量将达 60-100 吨。 Q&A 近期玻纤行业的变化和趋势如何？ 近期玻纤行业呈现出积极变化，特别是在 AI 电子部件的升级趋势方面。二代布 被认为是 2026 年缺口最大的品种，主要用于 NV 的 GB300 Swit ...