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 April 9, 2025 08:30 AM GMT BYD Company Limited | Asia Pacific Risk Reward Update What's Changed M Update Morgan Stanley Asia Limited+ Tim Hsiao Equity Analyst Tim.Hsiao@morganstanley.com +852 2848-1982 BYD Company Limited (002594.SZ, 002594 CS) China Autos & Shared Mobility | China | Stock Rating | | Equal-weight | | --- | --- | --- | | Industry View | | In-Line | | Price target | | Rmb305.00 | | Shr price, close (Apr 8, 2025) | | Rmb327.51 | | 52-Week Range | | Rmb403.40-203.99 ...

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 April 10, 2025 08:00 PM GMT Greater China Technology Semiconductors | Asia Pacific Data NOW: GigaDevice MCU Spot Price vs. MCU Companies' Share Prices Key Takeaways Click here for access Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consider Morgan Stanley Research as ...

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 卓胜微 - A 短期阵痛，长期获益；评级下调至"减持" ▼ 我们认为长期来看卓胜微可巩固其市场和技术龙头地位，这得益于其垂 直整合策略（从而最终提供有吸引力的成本结构和先进的模块产品）。 不过，短期盈利压力可能延续到未来几个季度，原因是公司自有产能爬 坡造成费用上升和价格竞争（低端分立产品以价换量/市场份额策略）。 同时，安卓智能手机需求弱于预期，以及和村田的潜在知识产权纠纷都 是短期估值的不利因素。我们将卓胜微的评级下调至"减持"，并基于 22 倍的动态市盈率得出截至 2026 年 6 月的目标价 56.0 元，同时我们建 议在 2025 年下半年予以重新审视，原因是盈利可能好转和手机旗舰机型 的先进射频模块份额上升。 中国 证券研究 2025 年 4 月 10 日 ▼ 减持 300782.SZ, 300782 CH 股价（2025 年 4 月 9 日）： 74.45 元 目标价（2026 年 6 月）： 56.00 元 之前（2024 年 12 月）： 162.00 元 证券研究报告 科技 证券分析师: 冯令天 AC (86-21) 6106 63 ...

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 10 April 2025 | 7:03AM CST Innolight (300308.SZ): 1Q25 profit Rmb1.4bn~1.7bn, +54% YoY at mid-point Innolight preannounced its 1Q25 net profit to be Rmb1.4bn~1.7bn. The midpoint at Rmb1.55bn (US$212mn, +54% YoY, +9% QoQ) is in line with our estimate of Rmb1.53bn. Excluding stock compensation expenses, its optical transceiver business had net profit of Rmb1.6bn~1.9bn in 1Q25. While 1Q25 results show a robust demand/shipment trend in 1Q25 and represent a re-acceleration in sequent ...

众鑫股份 20250412 摘要 Q&A 2024 年公司整体业绩情况如何，特别是四季度的表现？ 2024 年公司整体业绩较 2023 年有所增长，财务报表显示营收、净利润、扣非 利润和每股收益均有所提升。四季度的盈利能力稳步向上，这主要得益于行业 特点，每年四季度通常为春节期间备货，因此业绩较好。今年（2025 年）一季 度预计营收和利润也将正常增长。 • 公司通过在泰国设立工厂，有效规避了中美贸易摩擦带来的关税风险，保 证了美国市场订单的持续供应，并计划进一步扩大泰国产能至 10 万吨，以 满足未来需求。 • 尽管面临美国反倾销和反补贴调查，公司凭借较低的反补贴税率（5.9%） 和技术成本优势，有效降低了潜在的负面影响，并积极应对可能出现的贸 易壁垒。 • 公司持续投入研发，保持技术领先，尤其是在生产设备方面的创新，显著 提高了生产效率和降低了成本，构建了难以复制的竞争优势，并计划将营 收的 3%以上投入研发。 • 公司积极拓展国际市场，包括设立欧洲和南美办事处，以开发欧洲、巴西、 阿根廷和智利等市场，旨在实现 20%以上的海外市场增速，弥补美国市场 可能出现的损失。 • 公司关注国内市场，计划通过进入工 ...

Summary of China Yangtze Power Co. Research Call Company Overview - **Company**: China Yangtze Power Co. - **Industry**: Utilities - **Market Cap**: Rmb645,868.8 million - **Stock Rating**: Overweight - **Price Target**: Rmb34.22 - **Current Share Price**: Rmb28.40 (as of April 3, 2025) - **52-Week Range**: Rmb32.28 - Rmb24.39 - **Shares Outstanding**: 22,742 million [6][6] Key Points Earnings and Cash Flow - The company provides defensive earnings and cash flow supported by six hydropower stations with a total installed capacity of 72GW [2][2] - Earnings growth in the medium term is expected to be driven by: 1. Tariff increases from auxiliary services, green certificates, and higher market volume 2. Financial cost savings 3. Decreased depreciation costs due to the end of generators' depreciation period [2][2] Dividend Policy - The company has committed to a dividend payout ratio of over 70% during the period from 2021 to 2025 [2][2] Probability Estimates - There is an estimated 70% to 80% probability for the positive scenario regarding the company's performance [3][3] Valuation Methodology - The price target is derived from a discounted cash flow (DCF) methodology, assuming stable profit and cash flows from hydropower stations - The weighted average cost of capital (WACC) is set at 6.7%, with no terminal growth assumed [9][9] Risks - **Upside Risks**: 1. Better-than-expected hydropower resources 2. Higher-than-expected dividend payout ratio 3. Increased hydropower utilization hours 4. Greater renewable energy capacity expansion [10][10] - **Downside Risks**: 1. Weaker-than-expected hydropower resources 2. Lower-than-expected dividend payout ratio 3. Reduced renewable energy capacity expansion [11][11] Additional Insights - The company is positioned favorably within the utilities sector, with an attractive industry view [6][6] - Analysts express confidence in the company's ability to generate stable cash flows, which supports the positive outlook for its stock price [9][9] This summary encapsulates the essential insights from the research call regarding China Yangtze Power Co., highlighting its financial stability, growth prospects, and associated risks.

Weichai Power (000338.SZ) Strong earnings power underappreciated Apr 2025 Nick Zheng, CFA Goldman Sachs (Asia) L.L.C. +852 2978-1405 nick.zheng@gs.com Yan Lin Goldman Sachs (Asia) L.L.C. +852 2978-7020 yan.lin@gs.com Selina Yan Goldman Sachs (Asia) L.L.C. +852 2978-0178 shuling.yan@gs.com Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this rep ...

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. Asia Pacific Equity Research 08 April 2025 CATL Overweight Expectations reset; cut 2025E EPS by 10% ▼ Sources for: Style Exposure – J.P. Morgan Quantitative and Derivatives Strategy; all other tables are compan ...

April 8, 2025 09:00 PM GMT SMIC | Asia Pacific Domestic AI GPU demand and supply larger than expected; Upgrade to EW | What's Changed | | | | --- | --- | --- | | SMIC (0981.HK) | From | To | | Rating | Underweight | Equal-weight | | Price Target | HK$38.00 | HK$40.00 | Rising AI inference demand and SMIC's capability to source bottlenecked equipment have led to strong revenue growth for its advanced nodes. Move SMIC to EW from UW. Rigid demand for AI chip localization: Driven by DeepSeek, we expect rising d ...

Summary of Shanghai Baosight Software (600845.SS) Conference Call Company Overview - **Company**: Shanghai Baosight Software - **Ticker**: 600845.SS - **Industry**: Software and Automation for Manufacturing, particularly in the Steel Industry Key Financial Results - **4Q24 Results**: - Revenue: Rmb3,888 million, down 5% YoY - Gross Profit: Rmb1,226 million, down 4% YoY - EBIT: Rmb348 million, down 41% YoY - Net Income: Rmb335 million, down 51% YoY - Gross Profit Margin: 32%, flat YoY - Operating Profit Margin: 9%, down 5 percentage points YoY - Net Profit Margin: 9%, down 8 percentage points YoY - All figures missed Goldman Sachs estimates by 7% to 53% [1][2][8] Related-Party Revenue - **2024 Related-Party Revenue**: Rmb6,916 million, down 5% YoY, missing prior guidance by 39% [1][6] - **2025 Guidance**: Targeting Rmb10,200 million in related-party revenue, indicating a 10% decline from 2024 [2][6] Industry Outlook - **Steel Industry Investment**: Continued uncertainties expected, with depressed capacity utilization and margins forecasted for 2025 [2] - **Steel Demand**: Anticipated to stabilize YoY after a prolonged contraction since 2021 [2][3] Revised Financial Forecasts - **Net Income Forecasts**: Revised down by 12-14% for 2025-2030 to reflect current results and industry outlook [2][7] - **New Revenue Estimates**: - 2024: Rmb13,644 million - 2025E: Rmb15,286 million - 2026E: Rmb17,091 million - 2027E: Rmb19,529 million - 2028E: Rmb22,269 million - 2029E: Rmb25,496 million - 2030E: Rmb28,996 million [7] Investment Thesis - **Growth Drivers**: - Increased spending on production software to enhance manufacturing efficiency - Continued consolidation in the steel industry by Baowu Steel Group - Proven track record of expanding into new markets and customers - **Risks**: - 51% of revenue from related-party transactions, exposing the company to fluctuations in spending from Baowu [10][11] Valuation - **12-Month Price Target**: Rmb28.5, based on a 27X 2026E PE discounted back to 2025E with a 10.5% cost of equity [2][11] - **Current Price**: Rmb28.46, indicating a minimal upside of 0.1% [12] Conclusion - The company is rated as Neutral, reflecting a fair valuation compared to peers in the China Industrial Tech sector, with significant reliance on related-party revenue and a challenging outlook for the steel industry [10][11]