大华股份 - A 我们更新模型以反映 2025 年 1 季度的实际财务数据，并维持我们 2025-27 年预测基本不变。由于需求前景疲软且竞争加剧，我们维 持"中性"评级；我们截至 2026 年 6 月的目标价为 17.5 元，基于 12 倍的一年动态市盈率得出。 中国 证券研究 2025 年 4 月 22 日 中性 002236.SZ, 002236 CH 模型更新 股价（2025 年 4 月 21 日）： 15.79 元 目标价（2026 年 6 月）： 17.50 元 证券研究报告 科技 证券分析师: 冯令天 AC (86-21) 6106 6359 billy.feng@jpmorgan.com 登记编号: S1730520030005 证券分析师: 许日 (86-21) 6106 6318 ri.xu@jpmchase.com 登记编号: S1730522100001 证券分析师: 刘叶 (86-21) 6106-6200 ye.liu@jpmorgan.com 登记编号: S1730521090001 摩根大通证券（中国）有限公司 重要变更（财年12月份结束） | | 旧 | 新 | | --- ...

April 21, 2025 11:41 PM GMT Asia Technology | Asia Pacific M Foundation Tuesday TMT: TSMC, Tariff Impact on Technology, and Japan SPE Join our Technology analysts Shawn Kim, Charlie Chan, Tetsuya Wadaki, and Derrick Yang as they discuss TSMC's takeaways post results, further potential tariff impacts on Technology, and Japan semicap equipment updates. | Morgan Stanley Asia Limited+ | | | --- | --- | | Shawn Kim | | | Equity Analyst | | | Shawn.Kim@morganstanley.com | +852 3963-1005 | | Morgan Stanley Taiwan ...

2Q25 Outlook: Finding Certainty In Uncertainty We expect tariff impact to weigh on the materials space in 2Q25. We prefer gold, cement, building materials and steel for 2Q25, and in 2H25 metals-related stocks may outperform when further stimulus comes through. April 22, 2025 09:00 PM GMT China Materials | Asia Pacific Demand showed signs of recovery in 1Q, outlook for 2Q is uncertain due to tariff concerns: Multiple signs show demand seems to have bottomed in China in 2024. 3M 2025 domestic excavator sales ...

Funding is never an issue for ODM/EMS to add assembly capacity in a new country, but supply chain support, operational skills, and logistics infrastructure will take time to build. Server assembly capacity is diversified and what's in Mexico and the US could meet US market demand. However, the production capacity for Apple hardware devices and NBs remains >70% located in China currently. That said, regional production is needed but it will raise overall production costs. Our analysis shows that the FOB pric ...

Topchoice - A Hidden uncertainties behind the fragile smile of China's dental giant: Initiate with UW We initiate coverage of Topchoice with an UW rating and a Dec-25 PT of Rmb34. Topchoice is one of the top dental chains in China, operating 84 medical facilities and equipped with ~3,100 dental chairs as of 3QFY24. We see dental services facing short- and long-term challenges, leading to profitability pressure. Our FY25E/26E EPS is 8%/10% below consensus. The prospect of weaker-than-expected earnings growth ...

Priced as of April 17, 2025 In this note, we include the latest comp sheet and valuation metrics for global automotive OEMs (page 3), auto parts suppliers (page 5), auto auction service providers (page 13), tire manufacturers (page 14), auto rentals (page 15), and auto dealers (page 16). J P M O R G A N North America Equity Research 21 April 2025 Autos Valuation Comp Sheet Autos & Auto Parts Ryan Brinkman AC (1-212) 622-6581 ryan.j.brinkman@jpmorgan.com Rajat Gupta AC (1-212) 622-6382 rajat.gupta@jpmorgan.c ...

April 22, 2025 03:23 AM GMT Apple, Inc. | North America Survey Says: Stronger Than Expected Apple Intelligence Perception and iPhone Upgrade Rates M Amidst a challenging fundamental backdrop, our March '25 AlphaWise US iPhone survey screens positively and highlights 1) better-than-expected Apple Intelligence adoption, perception, willingness to pay, 2) record N12M US upgrade intentions, and 3) strong interest in a thin and foldable iPhone. Key Takeaways While the tariff backdrop creates myriad uncertainties ...

April 21, 2025 04:13 AM GMT Semiconductors | North America Weekly: Earnings Week 1 (TXN, LRCX, INTC) We preview the first set of earnings; we don't see big near term surprises but assessing longer term tariff impact will be key. TXN (UW, reporting after the market close on Wednesday, April 23): Expect in line results and outlook, with margins and cash flow still under some pressure. The recovery from a two year inventory correction is likely to be muted by tariff impact, but near term we don't expect major ...

Global Markets Strategy 21 Apr 2025 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. China/HK Equity Strategy Dashboard | Wendy Liu AC | | --- | | (852) 2800 1087 | | wendy.m.liu@jpmorgan.com | | J.P. Morgan Securities (Asia Pacific) Limited/J.P. Morgan | | B ...

April 22, 2025 09:00 PM GMT China Healthcare | Asia Pacific SMID-Cap CRO/CDMOs: Impacts from Potential Tariffs and FDA Animal Testing Rules Direct CMO tariff exposure of major China CRO/CDMO names is no more than 10%, while increasing macro uncertainties beyond tariffs could dampen funding beta. FDA proposal to phase out animal testing has limited impact on our covered pre-clinical CROs in 2025. Key Takeaways Higher tariffs + Increasing uncertainty = Softer funding beta + more cautious R&D budget: The direc ...