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详情 返回 思维纪要社 思想者 2026-09-04 08:25 #外资研报 【个股-285A】【英】JPM-铠侠与SanDisk宣布2031财年前在日本投资5

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详情 返回 思维纪要社 思想者 2026-09-04 08:25 #外资研报 【个股-285A】【英】JPM-铠侠与SanDisk宣布2031财年前在日本投资5万亿日元-20260828.pdf 【个股-285A】【英】MS-铠侠宣布K3工厂建设计划-20260827.pdf 【个股-0241】【英】GS-阿里健康：药品驱动营收稳健-AI早期布局-20260831.pdf 【个股-285A】【英】CITI-铠侠控股：正式宣布北上Fab 3建设-维持买入评级-20260827.pdf 【个股-285A】【英】GS-股东回报有望推动估值倍数扩张-重申买入-20260828.pdf 【个股-285A】【英】JPM-铠侠-285A-：与SanDisk合资公布日本5万亿日元投资计划-20260828.pdf 外资研报 风险提示：市场有风险，投资需谨慎

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  1. 详情 返回 思维纪要社 思想者 2026-09-04 08:25 #外资研报 【个股-285A】【英】JPM-铠侠与SanDisk宣布2031财年前在日本投资5万亿日元-20260828.pdf 【个股-285A】【英】MS-铠侠宣布K3工厂建设计划-20260827.pdf 【个股-0241】【英】GS-阿里健康：药品驱动营收稳健-AI早期布局-20260831.pdf 【个股-285A】【英】CITI-铠侠控股：正式宣布北上Fab 3建设-维持买入评级-20260827.pdf 【个股-285A】【英】GS-股东回报有望推动估值倍数扩张-重申买入-20260828.pdf 【个股-285A】【英】JPM-铠侠-285A-：与SanDisk合资公布日本5万亿日元投资计划-20260828.pdf 外资研报 风险提示：市场有风险，投资需谨慎

附件总结 【个股-285A】【英】JPM-铠侠与SanDisk宣布2031财年前在日本投资5万亿日元-20260828.pdf

  1. announcement itself is not a major surprise, given management's existing view that (82-2) 758-5725
  2. current capacity can meet demand through early 2029 but that greenfield jay.h.kwon@jpmorgan.com
  3. investment will be needed thereafter. The amount is somewhat larger than we J.P. Morgan Securities (Far East) Limited, Seoul
  4. Kioxia and SanDisk plan to invest roughly ¥5 trillion in NAND front-end (91-22) 6157 3764
  5. production equipment in Japan in FY2026–31. The total includes ¥1.8 trillion neelay.kamath@jpmchase.com
  6. See page 3 for analyst certification and important disclosures, including non-US analyst disclosures.
  7. {[{KHlTEygn-zm7rFxDVBh1RkZuUf3UYtF0VV14Zrb3AP9PaRr_zpmeA9fOdj7rgu3em77cOsK4JN1FWiARxT64aRs}]}
  8. {[{KHlTEygn-zm7rFxDVBh1RkZuUf3UYtF0VV14Zrb3AP9PaRr_zpmeA9fOdj7rgu3em77cOsK4JN1FWiARxT64aRs}]}

【个股-285A】【英】MS-铠侠宣布K3工厂建设计划-20260827.pdf

  1. KIOXIA and SanDisk's JV expects to invest a total of ¥5 trillion in front-end Div yld (03/27e) (%) 1.5
  2. We believe KIOXIA's previously announced capex outlook for FY3/27-3/29 may be Prior EPS, basic (¥)* - - - -
  3. ¥5trn (over $31bn) by 2032: S ubject to support from the Japanese government, EV/EBITDA, basic 8.7 3.2 2.3 2.0
  4. capacity expansion, related infrastructure, and technology enhancements at the ** = Based on consensus methodology
  5. would consider constructing a new fab at a timing consistent with market growth. investors should be aware that the firm may have a conflict of
  6. through CY29, while additional capacity for CY30 and beyond would require a new Research as only a single factor in making their investment
  7. therefore today's announcement contains no major surprise. However, the company += Analysts employed by non-U.S. affiliates are not registered
  8. than the timeline implied at the June Investor Day. communications with a subject company, public appearances

【个股-0241】【英】GS-阿里健康：药品驱动营收稳健-AI早期布局-20260831.pdf

  1. Bottom line: We hosted Ali Health on Aug 31 at our GS Asia Leaders Conference Luqing Zhou
  2. 2026 in Hong Kong. Management discussion and investor focus are centered around: +852-3465-4207 | luqing.zhou@gs.com
  3. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  4. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  5. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  6. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  7. Market cap: HK$49.9bn / $6.4bn Revenue (Rmb mn) 34,255.1 38,812.7 43,359.9 48,043.1
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 31 Aug 2026 close.

【个股-285A】【英】CITI-铠侠控股：正式宣布北上Fab 3建设-维持买入评级-20260827.pdf

  1. Reported net profit 272,315 554,490 5,714,000 8,059,000 8,401,000 Investing cashflow -173,011 -221,512 -510,000 -580,000 -650,000
  2. Core NPAT 272,315 554,490 5,714,000 8,059,000 8,401,000 Financing cashflow -322,679 -96,074 -2,983,000 -3,720,000-4,280,000
  3. Reported EPS (¥) 513.0 1,012.6 10,738.3 16,178.2 18,041.8 Free cashflow to s/holders 252,569 335,478 4,080,000 7,280,000 8,180,000
  4. Sales 342.8 448.3 543.6 1,002.9 1,767.1 2,352.9 2,822.0 3,048.0 1,076.6 1,706.5 2,337.6 9,990.0 13,866.0 14,675.0 9,463.0 11,948.0 12,608.0
  5. OP 44.9 85.9 142.8 596.8 1,270.0 1,900.0 2,350.0 2,547.0 -252.7 451.7 870.4 8,067.0 11,386.0 11,868.0 7,680.0 9,700.0 10,200.0
  6. Net income 18.3 40.7 87.8 407.7 842.2 1,361.8 1,686.0 1,824.0 -243.7 272.3 554.5 5,714.0 8,059.0 8,401.0 5,493.0 6,958.0 7,314.0
  7. Non-GAAP GP 71.5 122.4 176.9 643.1 1,380.2 1,937.1 2,388.2 2,588.2 -123.9 570.5 1,013.9 8,293.0 11,596.0 12,081.0 7,833.0 9,908.0 10,411.0
  8. Non-GAAP OP 45.2 87.2 144.7 599.2 1,326.2 1,900.2 2,350.2 2,547.2 -254.0 453.0 876.2 8,067.0 11,386.0 11,868.0 7,680.0 9,700.0 10,200.0

【个股-285A】【英】JPM-铠侠-285A-：与SanDisk合资公布日本5万亿日元投资计划-20260828.pdf

  1. 訂正/修正版 (詳細(cid:1502)(cid:1495)(cid:1463)(cid:1497)(cid:1506)(cid:1592)(cid:1556)(cid:1578)(cid:1568)(cid:1630)(cid:1645)(cid:1577)(cid:1620)(cid:1645)(cid:1541)(cid:1479)覧(cid:1474)(cid:1491)(cid:1480)(cid:1463)(cid:1398))
  2. (cid:1566)(cid:1563)(cid:1568)(cid:1576)(cid:1555)(cid:1612)(cid:1645)(cid:1628)(cid:1592)(cid:1556)(cid:1636)(cid:1569)(cid:1578) (285A)
  3. 27日17:50 JST(cid:1404)(cid:1573)(cid:1570)(cid:1575)(cid:1583)(cid:1562)(cid:1513)SanDisk（Harlan Sur(cid:1571)(cid:1608)(cid:1652)）(cid:1506)合同(cid:1505)(cid:1404)
  4. (cid:1548)投資(cid:1491)(cid:1541)(cid:1506)発表(cid:1405)支援額(cid:1512)規模(cid:1509)(cid:1538)(cid:1540)今後各社(cid:1512)実質負担(cid:1513)変動
  5. (cid:1491)(cid:1541)(cid:1478)(cid:1404)仮(cid:1509)支援(cid:1478)(cid:1588)(cid:1637)(cid:1512)場合(cid:1404)(cid:1573)(cid:1570)(cid:1575)(cid:1583)(cid:1562)(cid:1512)負担(cid:1513)総額約5兆円 鹿内 美欧 AC
  6. （(cid:1576)(cid:1637)(cid:1585)）(cid:1512)60%(cid:1404)約3兆円(cid:1506)(cid:1508)(cid:1541)見込(cid:1529)(cid:1405)(cid:1573)(cid:1570)(cid:1575)(cid:1583)(cid:1562)(cid:1513)6月 (81-3) 6736 1313
  7. (cid:1512)Investor Day(cid:1505)示(cid:1489)(cid:1497)NAND市場(cid:1512)(cid:1611)(cid:1595)(cid:1600)成長見通(cid:1489)（CY2025-2028E
  8. (cid:1568)(cid:1643)(cid:1591)(cid:1652)(cid:1615)(cid:1633)(cid:1564)(cid:1586)SSD（eSSD）需要(cid:1512)増加(cid:1505)(cid:1623)(cid:1595)(cid:1575)(cid:1585)(cid:1478)改善(cid:1489)(cid:1404)同業他社(cid:1548)

文档

【个股-285A】【英】JPM-铠侠与SanDisk宣布2031财年前在日本投资5万亿日元-20260828.pdf

总结

  1. announcement itself is not a major surprise, given management's existing view that (82-2) 758-5725
  2. current capacity can meet demand through early 2029 but that greenfield jay.h.kwon@jpmorgan.com
  3. investment will be needed thereafter. The amount is somewhat larger than we J.P. Morgan Securities (Far East) Limited, Seoul
  4. Kioxia and SanDisk plan to invest roughly ¥5 trillion in NAND front-end (91-22) 6157 3764
  5. production equipment in Japan in FY2026–31. The total includes ¥1.8 trillion neelay.kamath@jpmchase.com
  6. See page 3 for analyst certification and important disclosures, including non-US analyst disclosures.
  7. {[{KHlTEygn-zm7rFxDVBh1RkZuUf3UYtF0VV14Zrb3AP9PaRr_zpmeA9fOdj7rgu3em77cOsK4JN1FWiARxT64aRs}]}
  8. {[{KHlTEygn-zm7rFxDVBh1RkZuUf3UYtF0VV14Zrb3AP9PaRr_zpmeA9fOdj7rgu3em77cOsK4JN1FWiARxT64aRs}]}

预览

【个股-285A】【英】JPM-铠侠与SanDisk宣布2031财年前在日本投资5万亿日元-20260828.pdf

【个股-285A】【英】MS-铠侠宣布K3工厂建设计划-20260827.pdf

总结

  1. KIOXIA and SanDisk's JV expects to invest a total of ¥5 trillion in front-end Div yld (03/27e) (%) 1.5
  2. We believe KIOXIA's previously announced capex outlook for FY3/27-3/29 may be Prior EPS, basic (¥)* - - - -
  3. ¥5trn (over $31bn) by 2032: S ubject to support from the Japanese government, EV/EBITDA, basic 8.7 3.2 2.3 2.0
  4. capacity expansion, related infrastructure, and technology enhancements at the ** = Based on consensus methodology
  5. would consider constructing a new fab at a timing consistent with market growth. investors should be aware that the firm may have a conflict of
  6. through CY29, while additional capacity for CY30 and beyond would require a new Research as only a single factor in making their investment
  7. therefore today's announcement contains no major surprise. However, the company += Analysts employed by non-U.S. affiliates are not registered
  8. than the timeline implied at the June Investor Day. communications with a subject company, public appearances

预览

【个股-285A】【英】MS-铠侠宣布K3工厂建设计划-20260827.pdf

【个股-0241】【英】GS-阿里健康：药品驱动营收稳健-AI早期布局-20260831.pdf

总结

  1. Bottom line: We hosted Ali Health on Aug 31 at our GS Asia Leaders Conference Luqing Zhou
  2. 2026 in Hong Kong. Management discussion and investor focus are centered around: +852-3465-4207 | luqing.zhou@gs.com
  3. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  4. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  5. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  6. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  7. Market cap: HK$49.9bn / $6.4bn Revenue (Rmb mn) 34,255.1 38,812.7 43,359.9 48,043.1
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 31 Aug 2026 close.

预览

【个股-0241】【英】GS-阿里健康：药品驱动营收稳健-AI早期布局-20260831.pdf

【个股-285A】【英】CITI-铠侠控股：正式宣布北上Fab 3建设-维持买入评级-20260827.pdf

总结

  1. Reported net profit 272,315 554,490 5,714,000 8,059,000 8,401,000 Investing cashflow -173,011 -221,512 -510,000 -580,000 -650,000
  2. Core NPAT 272,315 554,490 5,714,000 8,059,000 8,401,000 Financing cashflow -322,679 -96,074 -2,983,000 -3,720,000-4,280,000
  3. Reported EPS (¥) 513.0 1,012.6 10,738.3 16,178.2 18,041.8 Free cashflow to s/holders 252,569 335,478 4,080,000 7,280,000 8,180,000
  4. Sales 342.8 448.3 543.6 1,002.9 1,767.1 2,352.9 2,822.0 3,048.0 1,076.6 1,706.5 2,337.6 9,990.0 13,866.0 14,675.0 9,463.0 11,948.0 12,608.0
  5. OP 44.9 85.9 142.8 596.8 1,270.0 1,900.0 2,350.0 2,547.0 -252.7 451.7 870.4 8,067.0 11,386.0 11,868.0 7,680.0 9,700.0 10,200.0
  6. Net income 18.3 40.7 87.8 407.7 842.2 1,361.8 1,686.0 1,824.0 -243.7 272.3 554.5 5,714.0 8,059.0 8,401.0 5,493.0 6,958.0 7,314.0
  7. Non-GAAP GP 71.5 122.4 176.9 643.1 1,380.2 1,937.1 2,388.2 2,588.2 -123.9 570.5 1,013.9 8,293.0 11,596.0 12,081.0 7,833.0 9,908.0 10,411.0
  8. Non-GAAP OP 45.2 87.2 144.7 599.2 1,326.2 1,900.2 2,350.2 2,547.2 -254.0 453.0 876.2 8,067.0 11,386.0 11,868.0 7,680.0 9,700.0 10,200.0

预览

【个股-285A】【英】CITI-铠侠控股：正式宣布北上Fab 3建设-维持买入评级-20260827.pdf

【个股-285A】【英】GS-股东回报有望推动估值倍数扩张-重申买入-20260828.pdf

预览

【个股-285A】【英】GS-股东回报有望推动估值倍数扩张-重申买入-20260828.pdf

【个股-285A】【英】JPM-铠侠-285A-：与SanDisk合资公布日本5万亿日元投资计划-20260828.pdf

总结

  1. 訂正/修正版 (詳細(cid:1502)(cid:1495)(cid:1463)(cid:1497)(cid:1506)(cid:1592)(cid:1556)(cid:1578)(cid:1568)(cid:1630)(cid:1645)(cid:1577)(cid:1620)(cid:1645)(cid:1541)(cid:1479)覧(cid:1474)(cid:1491)(cid:1480)(cid:1463)(cid:1398))
  2. (cid:1566)(cid:1563)(cid:1568)(cid:1576)(cid:1555)(cid:1612)(cid:1645)(cid:1628)(cid:1592)(cid:1556)(cid:1636)(cid:1569)(cid:1578) (285A)
  3. 27日17:50 JST(cid:1404)(cid:1573)(cid:1570)(cid:1575)(cid:1583)(cid:1562)(cid:1513)SanDisk（Harlan Sur(cid:1571)(cid:1608)(cid:1652)）(cid:1506)合同(cid:1505)(cid:1404)
  4. (cid:1548)投資(cid:1491)(cid:1541)(cid:1506)発表(cid:1405)支援額(cid:1512)規模(cid:1509)(cid:1538)(cid:1540)今後各社(cid:1512)実質負担(cid:1513)変動
  5. (cid:1491)(cid:1541)(cid:1478)(cid:1404)仮(cid:1509)支援(cid:1478)(cid:1588)(cid:1637)(cid:1512)場合(cid:1404)(cid:1573)(cid:1570)(cid:1575)(cid:1583)(cid:1562)(cid:1512)負担(cid:1513)総額約5兆円 鹿内 美欧 AC
  6. （(cid:1576)(cid:1637)(cid:1585)）(cid:1512)60%(cid:1404)約3兆円(cid:1506)(cid:1508)(cid:1541)見込(cid:1529)(cid:1405)(cid:1573)(cid:1570)(cid:1575)(cid:1583)(cid:1562)(cid:1513)6月 (81-3) 6736 1313
  7. (cid:1512)Investor Day(cid:1505)示(cid:1489)(cid:1497)NAND市場(cid:1512)(cid:1611)(cid:1595)(cid:1600)成長見通(cid:1489)（CY2025-2028E
  8. (cid:1568)(cid:1643)(cid:1591)(cid:1652)(cid:1615)(cid:1633)(cid:1564)(cid:1586)SSD（eSSD）需要(cid:1512)増加(cid:1505)(cid:1623)(cid:1595)(cid:1575)(cid:1585)(cid:1478)改善(cid:1489)(cid:1404)同業他社(cid:1548)

预览

【个股-285A】【英】JPM-铠侠-285A-：与SanDisk合资公布日本5万亿日元投资计划-20260828.pdf

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