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#外资研报

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附件总结 【个股-000660】【英】CITI-花旗2026韩国会议要点：SK海力士-20260827.pdf

  1. reconfirmed our view that HBM de-spec issues reflect constrained supply rather than Expected dividend yield 0.1%
  2. Our 12-month target price for SK Hynix of W3,100,000 is derived using a sum-of-the-parts (SOTP) methodology, based on
  3. 2026E EBITDA. In calculating total operating value, we break down SK Hynix’s operating businesses into HBM and
  4. commodity/others business to reflect a structural change in next-gen memory market. We reference a global peer (TSMC) in
  5. assigning a fair-value EV/EBITDA multiple for HBM business, as we project the memory market is evolving from a traditional
  6. memory business, we apply a historical average of 12m fwd EV/EBITDA during the beginning or early stage of memory upcycles
  7. in the past. We apply 8.6x EV/EBITDA to HBM segment and 7.4x to commodity segment to derive the target price.
  8. Downside risks that could prevent the shares from reaching our target price include: 1) a downturn in DRAM demand;

【个股-000660】【英】UBS-SK海力士：DRAM出货量增长推升至上限-20260830.pdf

  1. Nvidia (we believe) as a customer, it also had to shift more resources to server DDR5 and Avg. daily value (m) Won11,010,616.1
  2. LPDDR5X. This moves wafer starts back to DDR from HBM, with a trade ratio of 3.2-1.0 Common s/h equity (12/26E) Won354175b
  3. puts SK Hynix in a relatively better spot than prior, whilst combined production yields 12/28E 735,840 770,102 5 493,869
  4. Total sales 103,483 104,923 -1.4% 120,756 120,998 -0.2% 356,134 357,816 -0.5% 601,542 588,667 2.2% 669,629 653,374 2.5% 564,788 554,525 1.9%
  5. DRAM sales 77,542 78,424 -1.1% 92,397 91,682 0.8% 269,420 269,587 -0.1% 461,266 443,656 4.0% 557,270 537,224 3.7% 497,804 485,280 2.6%
  6. NAND Flash sales 25,677 26,229 -2.1% 28,120 29,069 -3.3% 85,804 87,183 -1.6% 139,330 144,032 -3.3% 111,386 115,146 -3.3% 66,002 68,230 -3.3%
  7. Operating profit 82,995 83,994 -1.2% 98,964 98,470 0.5% 280,111 280,617 -0.2% 499,797 483,488 3.4% 541,019 520,424 4.0% 416,551 401,284 3.8%
  8. DRAM OP 64,322 64,919 -0.9% 78,109 76,911 1.6% 220,810 220,209 0.3% 393,338 373,436 5.3% 467,918 444,856 5.2% 394,636 378,630 4.2%

【个股-1024】【英】UBS-快手2026投资者日及创作者大会要点-20260831.pdf

  1. near term macro challenges and gradually stabilise and bottom out, underpinned by: 1) Price (28 Aug 2026) HK$33.46
  2. short-form video still as the most durable online media growth segment over the next 2– RIC: 1024.HK BBG: 1024 HK
    1. a strong balance sheet, with cRmb100bn cash providing flexibility for AI investment 52-wk range HK$91.85-33.02
  4. and core business development while maintaining cost discipline and ROI focus. Market cap. HK$145b/US$18.4b
  5. lower commission rates and traffic subsidies, has weighed on near-term GMV and Avg. daily volume ('000) 63,060
  6. monetisation growth. Looking ahead, e-commerce strategy will remain centered on Avg. daily value (m) HK$2,659
  7. supporting merchants and KOLs, strengthening merchandise supply and brand Common s/h equity (12/26E) Rmb85.8b
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

【个股-1347】【英】UBS-华虹半导体：2026年A股会议—看好进一步涨价-20260903.pdf

  1. centered on: 1) pricing momentum and gross margin trajectory, 2) capacity expansion Price (02 Sep 2026) HK$117.50
  2. plans across 8" and 12" fabs, and 3) the sustainability of current demand strength RIC: 1347.HK BBG: 1347 HK
  3. this year and a further increase expected in 2027 as the company believes undersupply Avg. daily volume ('000) 40,141
  4. will persist. Management estimates that pricing by end of this year will remain 10-15% Avg. daily value (m) HK$6,127.2
  5. below the 2022 peak, leaving room for upside. We expect gross margin to gradually Common s/h equity (12/26E) US$9.16b
  6. Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share
  7. UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

【个股-1357】【英】MS-美图公司：CFO与CPO团队电话会议纪要-20260831.pdf

  1. its stack around the full content lifecycle—creation → distribution → asset Revenue, net (Rmb mn) 3,859 4,754 6,055 7,701
  2. 70%+ as stabilized gross margin level. It plans to step up paid marketing in 4Q— += Analysts employed by non-U.S. affiliates are not registered
  3. We value Meitu using a 10-year DCF model as a more stable approach to capture long-term ▪Although leisure has maintained fast
  4. assumptions include a 11.5% WACC and a 12.4% cost of equity (2.0% risk free rate, 1.6 beta, a new growth phase driven by productivity
  5. and 6.5% risk premium), a cost of debt of 4.0%, a debt weighting of 10%, and a terminal apps with agent‑led monetization.
  6. MAU growth: 3.0%, 4.0% and 4.0% in 2026- MAU growth: 2.0%, 3.0% and 3.0% in 2026- MAU growth: 2.0%, 3.0% and 2.0% in 2026-
  7. Paying user penetration: 8.2%, 9.7% and Paying user penetration: 7.2%, 8.7% and Paying user penetration: 6.7%, 7.7% and 8.7%
  8. R&D expense growth: 4%, 14% and 15.2% in R&D expense growth: 4%, 15% and 16.2% in R&D expense growth: 4%, 15.5% and 16.7%

【个股-285A】【英】UBS-铠侠控股：打出谈判王牌-5万亿日元投资计划-20260828.pdf

  1. We calculate that ¥5.0trn in investment would enable an additional 200-220K/month of Avg. daily volume ('000) 42,750
  2. capacity for the 332-layer BiCS10 generation and 180-200K/month for the 4xx-layer Avg. daily value (m) ¥2,864,369.5
  3. generation. Our current forecast assumes production capacity of 350K/month at the Common s/h equity (03/27E) ¥5610b
  4. capacity could recover to as high as 550K/month. The risk of a decline in market share is Net debt to EBITDA (03/27E) NM
  5. Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share
  6. Total liabilities (incl pref shares) 2,415.2 2,182.0 2,291.0 1,398.3 -39.0 1,524.1 9.0 1,576.3 1,681.9 1,674.8
  7. Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts.1 Cash EPS (UBS, diluted) is calculated using UBS net income adding back depreciation
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

【个股-285A】【中英】UBS-铠侠：UBS关西峰会2026中国专场要点-20260829.pdf

  1. with the company's IR representative as the speaker. The venue, with capacity for 50 Price (28 Aug 2026) ¥47,900
  2. people, was almost full, indicating strong interest from Chinese investors. The meeting RIC: 285A.T BBG: 285A JP
  3. Regarding long-term agreements (LTA) for CY27-28, the company has largely secured Avg. daily volume ('000) 42,611
  4. hyperscalers, enterprise customers, and major consumer technology companies. For Common s/h equity (03/27E) ¥5610b
  5. prepayments or deposits, aiming to balance earnings stability through floor pricing with Net debt to EBITDA (03/27E) NM
  6. Total liabilities (incl pref shares) 2,415.2 2,182.0 2,291.0 1,398.3 -39.0 1,524.1 9.0 1,576.3 1,681.9 1,674.8
  7. Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts.1 Cash EPS (UBS, diluted) is calculated using UBS net income adding back depreciation
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

文档

【个股-000660】【英】CITI-花旗2026韩国会议要点：SK海力士-20260827.pdf

总结

  1. reconfirmed our view that HBM de-spec issues reflect constrained supply rather than Expected dividend yield 0.1%
  2. Our 12-month target price for SK Hynix of W3,100,000 is derived using a sum-of-the-parts (SOTP) methodology, based on
  3. 2026E EBITDA. In calculating total operating value, we break down SK Hynix’s operating businesses into HBM and
  4. commodity/others business to reflect a structural change in next-gen memory market. We reference a global peer (TSMC) in
  5. assigning a fair-value EV/EBITDA multiple for HBM business, as we project the memory market is evolving from a traditional
  6. memory business, we apply a historical average of 12m fwd EV/EBITDA during the beginning or early stage of memory upcycles
  7. in the past. We apply 8.6x EV/EBITDA to HBM segment and 7.4x to commodity segment to derive the target price.
  8. Downside risks that could prevent the shares from reaching our target price include: 1) a downturn in DRAM demand;

预览

【个股-000660】【英】CITI-花旗2026韩国会议要点：SK海力士-20260827.pdf

【个股-000660】【英】UBS-SK海力士：DRAM出货量增长推升至上限-20260830.pdf

总结

  1. Nvidia (we believe) as a customer, it also had to shift more resources to server DDR5 and Avg. daily value (m) Won11,010,616.1
  2. LPDDR5X. This moves wafer starts back to DDR from HBM, with a trade ratio of 3.2-1.0 Common s/h equity (12/26E) Won354175b
  3. puts SK Hynix in a relatively better spot than prior, whilst combined production yields 12/28E 735,840 770,102 5 493,869
  4. Total sales 103,483 104,923 -1.4% 120,756 120,998 -0.2% 356,134 357,816 -0.5% 601,542 588,667 2.2% 669,629 653,374 2.5% 564,788 554,525 1.9%
  5. DRAM sales 77,542 78,424 -1.1% 92,397 91,682 0.8% 269,420 269,587 -0.1% 461,266 443,656 4.0% 557,270 537,224 3.7% 497,804 485,280 2.6%
  6. NAND Flash sales 25,677 26,229 -2.1% 28,120 29,069 -3.3% 85,804 87,183 -1.6% 139,330 144,032 -3.3% 111,386 115,146 -3.3% 66,002 68,230 -3.3%
  7. Operating profit 82,995 83,994 -1.2% 98,964 98,470 0.5% 280,111 280,617 -0.2% 499,797 483,488 3.4% 541,019 520,424 4.0% 416,551 401,284 3.8%
  8. DRAM OP 64,322 64,919 -0.9% 78,109 76,911 1.6% 220,810 220,209 0.3% 393,338 373,436 5.3% 467,918 444,856 5.2% 394,636 378,630 4.2%

预览

【个股-000660】【英】UBS-SK海力士：DRAM出货量增长推升至上限-20260830.pdf

【个股-1024】【英】GS-快手科技：投资者日要点——社区韧性、AI期权与更审慎的资本支出路径-20260831.pdf

预览

【个股-1024】【英】GS-快手科技：投资者日要点——社区韧性、AI期权与更审慎的资本支出路径-20260831.pdf

【个股-1024】【英】UBS-快手2026投资者日及创作者大会要点-20260831.pdf

总结

  1. near term macro challenges and gradually stabilise and bottom out, underpinned by: 1) Price (28 Aug 2026) HK$33.46
  2. short-form video still as the most durable online media growth segment over the next 2– RIC: 1024.HK BBG: 1024 HK
    1. a strong balance sheet, with cRmb100bn cash providing flexibility for AI investment 52-wk range HK$91.85-33.02
  4. and core business development while maintaining cost discipline and ROI focus. Market cap. HK$145b/US$18.4b
  5. lower commission rates and traffic subsidies, has weighed on near-term GMV and Avg. daily volume ('000) 63,060
  6. monetisation growth. Looking ahead, e-commerce strategy will remain centered on Avg. daily value (m) HK$2,659
  7. supporting merchants and KOLs, strengthening merchandise supply and brand Common s/h equity (12/26E) Rmb85.8b
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

预览

【个股-1024】【英】UBS-快手2026投资者日及创作者大会要点-20260831.pdf

【个股-1347】【英】UBS-华虹半导体：2026年A股会议—看好进一步涨价-20260903.pdf

总结

  1. centered on: 1) pricing momentum and gross margin trajectory, 2) capacity expansion Price (02 Sep 2026) HK$117.50
  2. plans across 8" and 12" fabs, and 3) the sustainability of current demand strength RIC: 1347.HK BBG: 1347 HK
  3. this year and a further increase expected in 2027 as the company believes undersupply Avg. daily volume ('000) 40,141
  4. will persist. Management estimates that pricing by end of this year will remain 10-15% Avg. daily value (m) HK$6,127.2
  5. below the 2022 peak, leaving room for upside. We expect gross margin to gradually Common s/h equity (12/26E) US$9.16b
  6. Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share
  7. UBS Global Research publishes a quantitative assessment of its analysts' responses to certain questions about the likelihood of an occurrence
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

预览

【个股-1347】【英】UBS-华虹半导体：2026年A股会议—看好进一步涨价-20260903.pdf

【个股-1357】【英】MS-美图公司：CFO与CPO团队电话会议纪要-20260831.pdf

总结

  1. its stack around the full content lifecycle—creation → distribution → asset Revenue, net (Rmb mn) 3,859 4,754 6,055 7,701
  2. 70%+ as stabilized gross margin level. It plans to step up paid marketing in 4Q— += Analysts employed by non-U.S. affiliates are not registered
  3. We value Meitu using a 10-year DCF model as a more stable approach to capture long-term ▪Although leisure has maintained fast
  4. assumptions include a 11.5% WACC and a 12.4% cost of equity (2.0% risk free rate, 1.6 beta, a new growth phase driven by productivity
  5. and 6.5% risk premium), a cost of debt of 4.0%, a debt weighting of 10%, and a terminal apps with agent‑led monetization.
  6. MAU growth: 3.0%, 4.0% and 4.0% in 2026- MAU growth: 2.0%, 3.0% and 3.0% in 2026- MAU growth: 2.0%, 3.0% and 2.0% in 2026-
  7. Paying user penetration: 8.2%, 9.7% and Paying user penetration: 7.2%, 8.7% and Paying user penetration: 6.7%, 7.7% and 8.7%
  8. R&D expense growth: 4%, 14% and 15.2% in R&D expense growth: 4%, 15% and 16.2% in R&D expense growth: 4%, 15.5% and 16.7%

预览

【个股-1357】【英】MS-美图公司：CFO与CPO团队电话会议纪要-20260831.pdf

【个股-285A】【英】UBS-铠侠控股：打出谈判王牌-5万亿日元投资计划-20260828.pdf

总结

  1. We calculate that ¥5.0trn in investment would enable an additional 200-220K/month of Avg. daily volume ('000) 42,750
  2. capacity for the 332-layer BiCS10 generation and 180-200K/month for the 4xx-layer Avg. daily value (m) ¥2,864,369.5
  3. generation. Our current forecast assumes production capacity of 350K/month at the Common s/h equity (03/27E) ¥5610b
  4. capacity could recover to as high as 550K/month. The risk of a decline in market share is Net debt to EBITDA (03/27E) NM
  5. Source: Company accounts, LSEG Eikon, UBS estimates. Metrics marked as (UBS) have had analyst adjustments applied. Valuations: based on an average share price that year, (E): based on a share
  6. Total liabilities (incl pref shares) 2,415.2 2,182.0 2,291.0 1,398.3 -39.0 1,524.1 9.0 1,576.3 1,681.9 1,674.8
  7. Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts.1 Cash EPS (UBS, diluted) is calculated using UBS net income adding back depreciation
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

预览

【个股-285A】【英】UBS-铠侠控股：打出谈判王牌-5万亿日元投资计划-20260828.pdf

【个股-285A】【中英】UBS-铠侠：UBS关西峰会2026中国专场要点-20260829.pdf

总结

  1. with the company's IR representative as the speaker. The venue, with capacity for 50 Price (28 Aug 2026) ¥47,900
  2. people, was almost full, indicating strong interest from Chinese investors. The meeting RIC: 285A.T BBG: 285A JP
  3. Regarding long-term agreements (LTA) for CY27-28, the company has largely secured Avg. daily volume ('000) 42,611
  4. hyperscalers, enterprise customers, and major consumer technology companies. For Common s/h equity (03/27E) ¥5610b
  5. prepayments or deposits, aiming to balance earnings stability through floor pricing with Net debt to EBITDA (03/27E) NM
  6. Total liabilities (incl pref shares) 2,415.2 2,182.0 2,291.0 1,398.3 -39.0 1,524.1 9.0 1,576.3 1,681.9 1,674.8
  7. Source: Company accounts, UBS estimates. (UBS) metrics use reported figures which have been adjusted by UBS analysts.1 Cash EPS (UBS, diluted) is calculated using UBS net income adding back depreciation
  8. the 12-month timeframe reflected in any equity rating set out in this note. For previous responses please make reference to (i) previous UBS

预览

【个股-285A】【中英】UBS-铠侠：UBS关西峰会2026中国专场要点-20260829.pdf

【个股-000660】【英】CITI-SK海力士：共封装光学路线图亮相-自然·电子学-20260902.pdf

预览

【个股-000660】【英】CITI-SK海力士：共封装光学路线图亮相-自然·电子学-20260902.pdf

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