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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-2498】【英】GS-速腾聚创：ADAS激光雷达从重销量转向毛利-多元化布

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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-2498】【英】GS-速腾聚创：ADAS激光雷达从重销量转向毛利-多元化布局机器人-20260901.pdf 【个股-2577】【英】GS-英诺赛科：GaN产品升级-1H26毛利率改善-维持买入-20260830.pdf 【个股-3669】【英】CITI-永达汽车中期业绩与毛利率超预期；多元化布局机器人业务-20260831.pdf 【个股-3690】【英】CITI-美团：2026年二季度业绩后管理层投资者电话会议要点-20260903.pdf 【个股-3690】【英】CITI-美团：转型已验证-UE韧性应对三季季节性-20260831.pdf 【个股-002129】【英】UBS-TCL中环：1H26业绩疲弱-半导体业务成未来增长引擎-20260831.pdf 【个股-2259】【英】GS-紫金黄金国际：2026亚洲领袖会议纪要——全球扩张之路-20260902.pdf 【个股-2382】【英】JPM-舜宇光学科技：2H26智能手机业务走弱-新Pan-IoT需求支撑增长-20260828.pdf 【个股-2454】【英】MS-英伟达与Alphabet投资联发科-深化ASIC合作-20260901.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-2498】【英】GS-速腾聚创：ADAS激光雷达从重销量转向毛利-多元化布局机器人-20260901.pdf 【个股-2577】【英】GS-英诺赛科：GaN产品升级-1H26毛利率改善-维持买入-20260830.pdf 【个股-3669】【英】CITI-永达汽车中期业绩与毛利率超预期；
  2. 多元化布局机器人业务-20260831.pdf 【个股-3690】【英】CITI-美团：2026年二季度业绩后管理层投资者电话会议要点-20260903.pdf 【个股-3690】【英】CITI-美团：转型已验证-UE韧性应对三季季节性-20260831.pdf 【个股-002129】【英】UBS-TCL中环：1H26业绩疲弱-半导体业务成未来增长引擎-20260831.pdf 【个股-2259】【英】GS-紫金黄金国际：2026亚洲领袖会议纪要——全球扩张之路-20260902.pdf 【个股-2382】【英】JPM-舜宇光学科技：2H26智能手机业务走弱-新Pan-IoT需求支撑增长-20260828.pdf 【个股-2454】【英】MS-英伟达与Alphabet投资联发科-深化ASIC合作-20260901.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-2498】【英】GS-速腾聚创：ADAS激光雷达从重销量转向毛利-多元化布局机器人-20260901.pdf

  1. Bottom line: We hosted Robosense Tech Co. (2498.HK, Not Covered) at our Asia Goldman Sachs (China) Securities
  2. sales of its 3D cameras to leading technology firms at average selling price of
  3. materializing, with an initial order for 500 robots scheduled for 3Q26 shipment.
  4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  5. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  7. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  8. long-term financial targets, aiming for Rmb4bn-5bn in revenue by 2027, and scaling

【个股-2577】【英】GS-英诺赛科：GaN产品升级-1H26毛利率改善-维持买入-20260830.pdf

  1. 19% below our estimates and Bloomberg consensus, driven by strong GaN wafers/ allen.k.chang@gs.com
  2. devices and ICs at 11% YoY, and we attribute it to the near-term weakness of +852-2978-1681 | verena.jeng@gs.com
  3. ratio at 47.7%, 1H26 net loss was narrowed to Rmb309m loss, behind our estimates Goldman Sachs (Asia) L.L.C.
  4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  5. Revenues 2,224 2,082 -6% 4,026 4,013 0% 6 ,233 6,217 0% 7 ,571 7,553 0% 8 ,962 8,941 0% 9 ,929 9,908 0% 1 0,674 10,652 0%
  6. GP 443 409 -8% 1,251 1,248 0% 2 ,345 2,343 0% 3 ,010 3,002 0% 3 ,810 3,802 0% 4 ,270 4,260 0% 4 ,590 4,580 0%
  7. OP ( 396) (431) na 4 34 4 34 0% 1,587 1,589 0% 2 ,257 2,254 0% 3 ,056 3,054 0% 3 ,519 3,517 0% 3 ,834 3,832 0%
  8. Net income (355) (448) na 3 66 3 67 0% 1,350 1,350 0% 1 ,949 1,950 0% 2 ,670 2,680 0% 3 ,076 3,077 0% 3 ,398 3,395 0%

【个股-3690】【英】CITI-美团：2026年二季度业绩后管理层投资者电话会议要点-20260903.pdf

  1. Meituan. Key highlights from the call included: 1) Food delivery trend in Price (02 Sep 26 16:10) HK$78.75
  2. domestic hotel room nights recording healthy yoy growth in 2Q26, hotel and travel revenues growth rate decelerated in 3Q26,
  3. large market TAM and low online penetration rate, by improving its 1P and 3P supply in non-food categories, there is room for
    1. Food delivery and Meituan Instashopping business: Applying 1.3x P/S to Meituan’s food delivery and Meituan Instashopping
    1. In-store hotel and travel: Applying an 8x multiple to our adjusted net profit of Rmb19.8bn yields a value of HK$176bn, or
    1. New initiatives excluding grocery retail: Applying 1.0x P/S results in HK$72.8bn, or ~HK$11.8 per share.
    1. Grocery retail (including Meituan Select): Applying 1.0x P/S results in HK$102.5bn, or ~HK$16.6 per share.
    1. Cash balance: We include cash, cash equivalent and short-term investments, but exclude restricted cash. We use 2Q26

【个股-3690】【英】CITI-美团：转型已验证-UE韧性应对三季季节性-20260831.pdf

  1. Operating profit 2,230 4,150 86.1% 2,244 3,986 77.6% 5,665 11,775 107.8% 26,369 24,346 -7.7% 39,974 35,300 -11.7%
  2. GTV (Rmb bn) 314.9 336.5 6.9% 302.4 320.1 5.9% 1,180.3 1,242.4 5.3% 1,230.0 1,330.1 8.1% 1,288.9 1,410.8 9.5%
  3. Operating profit 4,666 4,625 -0.9% 4,498 4,415 -1.8% 18,240 18,754 2.8% 21,606 21,537 -0.3% 27,917 25,265 -9.5%
  4. Operating profit (loss) -2,674 -1,723 35.6% -2,374 -1,846 NM -9,492 -7,424 21.8% -5,408 -6,252 NM -2,140 -4,163 NM
  5. Total revenues 107,386 114,153 6.3% 105,056 109,161 3.9% 405,132 418,995 3.4% 450,587 475,852 5.6% 499,744 523,572 4.8%
  6. Gross profit 33,665 38,832 15.3% 33,389 37,532 12.4% 127,092 137,428 8.1% 151,681 161,647 6.6% 171,940 177,385 3.2%
  7. Adjusted operating profit (loss) -444 2,427 646.7% -130 2,140 NM -3,827 4,351 213.7% 20,961 18,095 NM 37,834 31,137 -17.7%
  8. Adjusted net profit (loss) -186 2,557 1474.1% 89 2,290 NM -4,432 2,402 154.2% 20,255 19,987 NM 35,190 31,640 -10.1%

【个股-002129】【英】UBS-TCL中环：1H26业绩疲弱-半导体业务成未来增长引擎-20260831.pdf

  1. net loss slightly narrowed QoQ to Rmb1.6bn. The weak results were mainly due to loss Price (28 Aug 2026) Rmb9.82
  2. making of wafer and module, and impairment loss. GPM contracted 2.4/1.9ppt YoY/ RIC: 002129.SZ BBG: 002129 CS
  3. 1H26, Zhonghuan shipped 54GW wafer and 7.7GW module, with overseas sales at Avg. daily volume ('000) 219,083
  4. 8.3/2.1GW. Mgmt guided 15% YoY solar business revenue growth in 2026, and targets Avg. daily value (m) Rmb2,216.3
  5. to maintain wafer/cell/module capacity at 130/20/25GW by end-1H27. For BC, the Common s/h equity (12/26E) Rmb16.6b
  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-2382】【英】JPM-舜宇光学科技：2H26智能手机业务走弱-新Pan-IoT需求支撑增长-20260828.pdf

  1. Figure 3: Sunny Optical: Historical forward 12-month P/E vs. mean Figure 4: Sunny Optical: Historical forward 12-month P/B vs. mean
  2. Revenue 18,860 19,434 19,652 23,577 21,906 26,723 24,636 28,579 26,243 30,821 38,294 43,229 48,629 53,215 57,064
  3. Handset lens set (external) 1,844 2,096 2,019 2,275 2,110 2,430 2,326 2,552 2,443 2,680 3,940 4,294 4,541 4,878 4,995
  4. Handset camera module 11,185 10,140 11,229 11,801 11,038 13,181 12,606 13,840 13,236 14,532 21,325 23,030 24,220 26,446 27,077
  5. COGS (31,288) (34,713) (39,219) (42,852) (45,419) o/w Depreciation & amortization 2,226 2,382 2,930 3,243 3,536
  6. Gross profit 7,006 8,516 9,410 10,363 11,645 o/w Changes in working capital (8,256) 2,996 (2,286) (956) (1,149)
  7. Adj. EBITDA 4,470 5,876 7,103 7,895 9,151 Cash flow from investing activities (10,437) (999) (2,725) (2,600) (2,600)
  8. Other long term liabilities 6,117 2,406 1,478 1,478 1,478 Operating leverage 1315.2% 432.8% 155.5% 121.9% 285.7%

【个股-2454】【英】MS-英伟达与Alphabet投资联发科-深化ASIC合作-20260901.pdf

  1. MediaTek announced s uccessful pricing of a US$3.9bn Overseas Convertible Research Associate
  2. MediaTek will adopt new NVIDIA NVLink Fusion Platform, helping customers take Greater China Technology Semiconductors | Taiwan
  3. • In the Bloomberg interview (link), NVIDIA (covered by Joe Moore) and 52-Week Range NT$4,970.00-
  4. partnership and the strategic investment. Essentially, through the NVLink Mkt cap, curr (mn) NT$6,143,350
  5. (see our report MediaTek: Smartphone weak, but Cloud AI taking off). ModelWare net inc (NT 99.9 116.6 233.8 490.9
  6. MediaTek during the interview on August 31, indicated it is indeed engaging ROE (%) 24.7 28.5 48.2 70.2
    1. solidified partnership with Alphabet in For analyst certification and other important disclosures,
  8. ). Our PT of NT$5,588 implies 42% upside. += Analysts employed by non-U.S. affiliates are not registered

文档

【个股-2498】【英】GS-速腾聚创：ADAS激光雷达从重销量转向毛利-多元化布局机器人-20260901.pdf

总结

  1. Bottom line: We hosted Robosense Tech Co. (2498.HK, Not Covered) at our Asia Goldman Sachs (China) Securities
  2. sales of its 3D cameras to leading technology firms at average selling price of
  3. materializing, with an initial order for 500 robots scheduled for 3Q26 shipment.
  4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  5. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  6. Investors should consider this report as only a single factor in making their investment decision. For Reg AC
  7. www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research
  8. long-term financial targets, aiming for Rmb4bn-5bn in revenue by 2027, and scaling

预览

【个股-2498】【英】GS-速腾聚创：ADAS激光雷达从重销量转向毛利-多元化布局机器人-20260901.pdf

【个股-2577】【英】GS-英诺赛科：GaN产品升级-1H26毛利率改善-维持买入-20260830.pdf

总结

  1. 19% below our estimates and Bloomberg consensus, driven by strong GaN wafers/ allen.k.chang@gs.com
  2. devices and ICs at 11% YoY, and we attribute it to the near-term weakness of +852-2978-1681 | verena.jeng@gs.com
  3. ratio at 47.7%, 1H26 net loss was narrowed to Rmb309m loss, behind our estimates Goldman Sachs (Asia) L.L.C.
  4. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  5. Revenues 2,224 2,082 -6% 4,026 4,013 0% 6 ,233 6,217 0% 7 ,571 7,553 0% 8 ,962 8,941 0% 9 ,929 9,908 0% 1 0,674 10,652 0%
  6. GP 443 409 -8% 1,251 1,248 0% 2 ,345 2,343 0% 3 ,010 3,002 0% 3 ,810 3,802 0% 4 ,270 4,260 0% 4 ,590 4,580 0%
  7. OP ( 396) (431) na 4 34 4 34 0% 1,587 1,589 0% 2 ,257 2,254 0% 3 ,056 3,054 0% 3 ,519 3,517 0% 3 ,834 3,832 0%
  8. Net income (355) (448) na 3 66 3 67 0% 1,350 1,350 0% 1 ,949 1,950 0% 2 ,670 2,680 0% 3 ,076 3,077 0% 3 ,398 3,395 0%

预览

【个股-2577】【英】GS-英诺赛科：GaN产品升级-1H26毛利率改善-维持买入-20260830.pdf

【个股-3669】【英】CITI-永达汽车中期业绩与毛利率超预期；多元化布局机器人业务-20260831.pdf

预览

【个股-3669】【英】CITI-永达汽车中期业绩与毛利率超预期；多元化布局机器人业务-20260831.pdf

【个股-3690】【英】CITI-美团：2026年二季度业绩后管理层投资者电话会议要点-20260903.pdf

总结

  1. Meituan. Key highlights from the call included: 1) Food delivery trend in Price (02 Sep 26 16:10) HK$78.75
  2. domestic hotel room nights recording healthy yoy growth in 2Q26, hotel and travel revenues growth rate decelerated in 3Q26,
  3. large market TAM and low online penetration rate, by improving its 1P and 3P supply in non-food categories, there is room for
    1. Food delivery and Meituan Instashopping business: Applying 1.3x P/S to Meituan’s food delivery and Meituan Instashopping
    1. In-store hotel and travel: Applying an 8x multiple to our adjusted net profit of Rmb19.8bn yields a value of HK$176bn, or
    1. New initiatives excluding grocery retail: Applying 1.0x P/S results in HK$72.8bn, or ~HK$11.8 per share.
    1. Grocery retail (including Meituan Select): Applying 1.0x P/S results in HK$102.5bn, or ~HK$16.6 per share.
    1. Cash balance: We include cash, cash equivalent and short-term investments, but exclude restricted cash. We use 2Q26

预览

【个股-3690】【英】CITI-美团：2026年二季度业绩后管理层投资者电话会议要点-20260903.pdf

【个股-3690】【英】CITI-美团：转型已验证-UE韧性应对三季季节性-20260831.pdf

总结

  1. Operating profit 2,230 4,150 86.1% 2,244 3,986 77.6% 5,665 11,775 107.8% 26,369 24,346 -7.7% 39,974 35,300 -11.7%
  2. GTV (Rmb bn) 314.9 336.5 6.9% 302.4 320.1 5.9% 1,180.3 1,242.4 5.3% 1,230.0 1,330.1 8.1% 1,288.9 1,410.8 9.5%
  3. Operating profit 4,666 4,625 -0.9% 4,498 4,415 -1.8% 18,240 18,754 2.8% 21,606 21,537 -0.3% 27,917 25,265 -9.5%
  4. Operating profit (loss) -2,674 -1,723 35.6% -2,374 -1,846 NM -9,492 -7,424 21.8% -5,408 -6,252 NM -2,140 -4,163 NM
  5. Total revenues 107,386 114,153 6.3% 105,056 109,161 3.9% 405,132 418,995 3.4% 450,587 475,852 5.6% 499,744 523,572 4.8%
  6. Gross profit 33,665 38,832 15.3% 33,389 37,532 12.4% 127,092 137,428 8.1% 151,681 161,647 6.6% 171,940 177,385 3.2%
  7. Adjusted operating profit (loss) -444 2,427 646.7% -130 2,140 NM -3,827 4,351 213.7% 20,961 18,095 NM 37,834 31,137 -17.7%
  8. Adjusted net profit (loss) -186 2,557 1474.1% 89 2,290 NM -4,432 2,402 154.2% 20,255 19,987 NM 35,190 31,640 -10.1%

预览

【个股-3690】【英】CITI-美团：转型已验证-UE韧性应对三季季节性-20260831.pdf

【个股-002129】【英】UBS-TCL中环：1H26业绩疲弱-半导体业务成未来增长引擎-20260831.pdf

总结

  1. net loss slightly narrowed QoQ to Rmb1.6bn. The weak results were mainly due to loss Price (28 Aug 2026) Rmb9.82
  2. making of wafer and module, and impairment loss. GPM contracted 2.4/1.9ppt YoY/ RIC: 002129.SZ BBG: 002129 CS
  3. 1H26, Zhonghuan shipped 54GW wafer and 7.7GW module, with overseas sales at Avg. daily volume ('000) 219,083
  4. 8.3/2.1GW. Mgmt guided 15% YoY solar business revenue growth in 2026, and targets Avg. daily value (m) Rmb2,216.3
  5. to maintain wafer/cell/module capacity at 130/20/25GW by end-1H27. For BC, the Common s/h equity (12/26E) Rmb16.6b
  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-002129】【英】UBS-TCL中环：1H26业绩疲弱-半导体业务成未来增长引擎-20260831.pdf

【个股-2259】【英】GS-紫金黄金国际：2026亚洲领袖会议纪要——全球扩张之路-20260902.pdf

预览

【个股-2259】【英】GS-紫金黄金国际：2026亚洲领袖会议纪要——全球扩张之路-20260902.pdf

【个股-2382】【英】JPM-舜宇光学科技：2H26智能手机业务走弱-新Pan-IoT需求支撑增长-20260828.pdf

总结

  1. Figure 3: Sunny Optical: Historical forward 12-month P/E vs. mean Figure 4: Sunny Optical: Historical forward 12-month P/B vs. mean
  2. Revenue 18,860 19,434 19,652 23,577 21,906 26,723 24,636 28,579 26,243 30,821 38,294 43,229 48,629 53,215 57,064
  3. Handset lens set (external) 1,844 2,096 2,019 2,275 2,110 2,430 2,326 2,552 2,443 2,680 3,940 4,294 4,541 4,878 4,995
  4. Handset camera module 11,185 10,140 11,229 11,801 11,038 13,181 12,606 13,840 13,236 14,532 21,325 23,030 24,220 26,446 27,077
  5. COGS (31,288) (34,713) (39,219) (42,852) (45,419) o/w Depreciation & amortization 2,226 2,382 2,930 3,243 3,536
  6. Gross profit 7,006 8,516 9,410 10,363 11,645 o/w Changes in working capital (8,256) 2,996 (2,286) (956) (1,149)
  7. Adj. EBITDA 4,470 5,876 7,103 7,895 9,151 Cash flow from investing activities (10,437) (999) (2,725) (2,600) (2,600)
  8. Other long term liabilities 6,117 2,406 1,478 1,478 1,478 Operating leverage 1315.2% 432.8% 155.5% 121.9% 285.7%

预览

【个股-2382】【英】JPM-舜宇光学科技：2H26智能手机业务走弱-新Pan-IoT需求支撑增长-20260828.pdf

【个股-2454】【英】MS-英伟达与Alphabet投资联发科-深化ASIC合作-20260901.pdf

总结

  1. MediaTek announced s uccessful pricing of a US$3.9bn Overseas Convertible Research Associate
  2. MediaTek will adopt new NVIDIA NVLink Fusion Platform, helping customers take Greater China Technology Semiconductors | Taiwan
  3. • In the Bloomberg interview (link), NVIDIA (covered by Joe Moore) and 52-Week Range NT$4,970.00-
  4. partnership and the strategic investment. Essentially, through the NVLink Mkt cap, curr (mn) NT$6,143,350
  5. (see our report MediaTek: Smartphone weak, but Cloud AI taking off). ModelWare net inc (NT 99.9 116.6 233.8 490.9
  6. MediaTek during the interview on August 31, indicated it is indeed engaging ROE (%) 24.7 28.5 48.2 70.2
    1. solidified partnership with Alphabet in For analyst certification and other important disclosures,
  8. ). Our PT of NT$5,588 implies 42% upside. += Analysts employed by non-U.S. affiliates are not registered

预览

【个股-2454】【英】MS-英伟达与Alphabet投资联发科-深化ASIC合作-20260901.pdf

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