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附件总结 【个股-9660】【英】MS-地平线机器人1H26电话会要点：抢占软硬切市场-20260901.pdf

  1. names, set to enter mass production in 2H26 and contribute meaningfully in 2027. In Junming.Zhang1@morganstanley.com +852 2848-5412
  2. the current pipeline, HSD has now secured wins at all five top-selling domestic Horizon Robotics(9660.HK, 9660 HK)
  3. revenue of over Rmb5bn for 2026, implying 33%+ YoY growth to ~Rmb3bn in 2H26, Shr price, close (Aug 31, 2026) HK$4.72
  4. supported by ~2.8mn shipments (full-year 5mn+). Building on the pipeline, 52-Week Range HK$11.32-3.60
  5. R&D stays elevated, but breakeven in plan: Management reiterated heavy, Avg daily trading value (mn) HK$1,309
  6. saturated R&D investment to defend its technology lead and drive share gains, but, Fiscal Year Ending 12/25 12/26e 12/27e 12/28e
  7. in the meanwhile, expects the pace spending to accelerate slower than gross profit, EPS (Rmb)** (0.81) (0.19) (0.08) 0.08
  8. leaving its 2028 breakeven (on a Rmb10bn+ revenue base) goal within reach. Revenue, net (Rmb mn) 3,758 6,092 9,381 13,300

【个股-9880】【英】CITI-优必选1H26净亏损不及预期-人形机器人收入同比飙升14-5倍-20260831.pdf

  1. driven by 14.5x YoY revenue growth of full-sized humanoid robot products Expected share price return 49.7%
  2. © 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports and Citi Research Estimates
  3. We value loss-making UBTECH using P/S. Our target price of HK$125.0 is based on 13x 2026E P/S, similar to its average P/S
  4. Downside risks that could prevent the stock from reaching our target price include: 1) weaker-than-expected revenue growth,
    1. slower-than-expected humanoid robot development, and 3) worse-than-expected profitability due to higher R&D costs
  6. Our target price for Hengli of Rmb135.0 is based on ~44x 2027E P/E, set at 1.0x SD over the past 5 years to reflect its strong
  7. Our target price for LD of Rmb496 is based on 322x 2027E P/E, set at +1.5x SD to reflect its stronger-than-expected visibility
  8. Key fundamental downside risks that could cause the stock price deviate from our target price include: 1) slower growth in the

【个股-9880】【英】JPM-优必选：指引维持-利润率改善-交付集中下半年-20260831.pdf

  1. UBTech hosted its 1H26 results briefing on Sunday evening (August 30), Infrastructure, Industrials &
  2. 4.0B and also reiterated the shipment target of ~7k units, despite a slight delay at (852) 2800-8589
  3. the Guangxi Liuzhou factory due to flooding and heavy rainfall. 1H revenue grew karen.yy.li@jpmorgan.com
  4. GPM product mix, and a continued focus on execution and delivery for 2H26, with sunny.su@jpmorgan.com
  5. will be back-end loaded, and emphasized the importance of ramping up production (852) 2800-8598
  6. that much of the year’s deliveries will be concentrated in 2H26. Management J.P. Morgan Securities (Asia Pacific) Limited/ J.P.
  7. See page 8 for analyst certification and important disclosures, including non-US analyst disclosures.
  8. Full-size industrial humanoid shipment (Walker S planned capacity ramping up towards 10,000 units per

【个股-300757】【英】GS-罗博特科：CPO-OCS-SiPh驱动测试设备高增-2Q26大幅超预期-20260828.pdf

  1. revenue. 2Q26 GM of 43.6% was higher than our estimate, reflecting product mix +852-2978-1681 | verena.jeng@gs.com
  2. EPS (Rmb) (0.17) (0.04) (0.25) 0 .05 (0.23) 0 .27 0.65 2.08 0.24 0.70 0.41 (0.41) 2 .76 22.94 46.52 5 1.90 57.64
  3. GM 17.5% 34.3% 34.2% 37.8% 36.3% 43.6% 47.9% 54.4% 22.2% 21.9% 28.7% 34.5% 49.6% 57.3% 56.5% 54.9% 53.6%
  4. OPM -29.3% -17.0% -23.9% 19.3% -23.0% 19.7% 24.4% 34.4% 5.6% 9.1% 11.7% 0.9% 25.2% 34.7% 34.7% 33.9% 33.4%
  5. NM -27.1% -4.7% -24.7% 1.6% -23.7% 10.2% 19.8% 29.2% 2.9% 4.9% 5.8% -7.0% 19.7% 29.7% 29.7% 28.8% 28.3%
  6. Opex ratio 46.8% 51.3% 58.1% 18.5% 59.3% 23.9% 23.5% 20.0% 16.5% 12.8% 17.0% 33.6% 24.3% 22.6% 21.8% 21.0% 20.2%
  7. Tax rate 16.8% -0.1% 19.4% 52.6% 13.9% 12.9% 12.9% 12.9% 8.6% 7.1% -4.5% 7.7% 12.9% 13.5% 14.0% 14.5% 15.0%
  8. Source: Company data, Goldman Sachs Global Investment Research, Refinitiv Source: Company data, Goldman Sachs Global Investment Research

【个股-600547】【英】JPM-山东黄金A-H：2Q26环比复苏-仍落后全年预期-20260831.pdf

  1. Revenue 82,518 104,287 124,022 139,448 150,415 Cash flow from operating activities 13,340 21,493 21,463 25,155 28,237
  2. Adj. EBITDA 12,966 18,285 23,241 28,971 33,281 Cash flow from investing activities (22,801) (13,609) (18,276) (17,911) (16,424)
  3. Adj. PBT 5,682 9,089 14,924 19,351 22,571 Cash flow from financing activities 11,004 (1,875) (4,098) (5,274) (6,165)
  4. Other long term liabilities 39,704 33,916 33,916 33,916 33,916 Operating leverage 141.5% 144.0% 275.1% 213.3% 192.2%
  5. Revenue 82,518 104,287 124,022 139,448 150,415 Cash flow from operating activities 13,340 21,493 21,463 25,155 28,237
  6. Adj. EBITDA 12,966 18,285 23,241 28,971 33,281 Cash flow from investing activities (22,801) (13,609) (18,276) (17,911) (16,424)
  7. Adj. PBT 5,682 9,089 14,924 19,351 22,571 Cash flow from financing activities 11,004 (1,875) (4,098) (5,274) (6,165)
  8. Other long term liabilities 39,704 33,916 33,916 33,916 33,916 Operating leverage 141.5% 144.0% 275.1% 213.3% 192.2%

【个股-005930】【英】CITI-三星电子3Q26预览：汇兑与奖金拖累利润-存储上行周期未变-20260831.pdf

  1. inventory is sold this quarter. In addition, we estimate weaker mobile and consumer Market Cap W1,520,032,438M
  2. Extraord./Min.Int./Pref.div. -830 -946 -924 -1,000 -1,000 Investing cashflow -85,382 -68,512 15,191 -79,736 -113,419
  3. Reported net profit 33,621 44,261 277,249 333,999 340,506 Dividends paid -10,889 -9,897 -51,400 -106,098 -119,854
  4. Per share data 2024 2025 2026E 2027E 2028E Free cashflow to s/holders 21,576 37,793 215,746 285,563 288,441
  5. System LSI (2,283) (2,372) (504) (1,213) (1,078) (2,833) (3,354) (2,827) (4,875) (6,372) (10,093) (9,367)
  6. Sales (Wbn) Total 79,141 74,566 86,062 93,837 133,873 171,500 207,470 216,921 300,871 333,606 735,063 935,023
  7. 10-naJ 20-naJ 30-naJ 40-naJ 50-naJ 60-naJ 70-naJ 80-naJ 90-naJ 01-naJ 11-naJ 21-naJ 31-naJ 41-naJ 51-naJ 61-naJ 71-naJ 81-naJ 91-naJ 02-naJ 12-naJ 22-naJ 32-naJ 42-naJ 52-naJ 62-naJ
  8. 00-naJ 10-naJ 20-naJ 30-naJ 40-naJ 50-naJ 60-naJ 70-naJ 80-naJ 90-naJ 01-naJ 11-naJ 21-naJ 31-naJ 41-naJ 51-naJ 61-naJ 71-naJ 81-naJ 91-naJ 02-naJ 12-naJ 22-naJ 32-naJ 42-naJ 52-naJ 62-naJ

【个股-6181】【英】GS-老铺黄金-6181-HK-亚洲领袖会议要点——消费情绪改善-金价波动下策略更灵活-20260902.pdf

  1. coupled with headwinds from unusual gold price volatility, front-loaded demand +852-2978-0473 | keira.liu@gs.com
  2. before the meaningful price hike in end Feb. Jul-Aug remains off-peak season, and Goldman Sachs (Asia) L.L.C.
  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. volatility, and is prioritizing inventory digestion through 3Q using existing, relatively
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 2 Sep 2026 close.

【个股-6869】【英】GS-长飞光纤：光纤价格2H26E维持高位-2Q26毛利率超预期-20260828.pdf

  1. fiber pricing outlook, and sector multiple. YOFC delivered 2Q26 NI at 606% QoQ to Goldman Sachs (Asia) L.L.C.
  2. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  3. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  4. Overseas EPC and others 2,781 3,352 1,295 1,887 1,553 1,630 1,712 (2,705) (3,833) (5,124) ( 5,536)
  5. Revenue 13,353 12,197 14,252 24,587 34,936 38,848 2,894 3,491 3,891 3,977 3,695 6,114 6,763 8,016
  6. Gross profit 3,272 3,330 4,380 12,307 18,635 19,418 806 1,001 1,155 1,418 1,534 3,700 3,155 3,918
  7. Operating margin 6.4% 7.6% 11.4% 35.1% 42.3% 40.2% 7.8% 10.4% 11.9% 14.3% 22.5% 45.2% 32.3% 35.5%
  8. EBITDA margin 11.9% 13.6% 16.5% 39.1% 45.2% 42.8% 14.1% 15.7% 16.6% 18.9% 29.2% 49.2% 36.0% 38.6%

【个股-9660】【英】MS-地平线机器人：2Q26收入符合预期-毛利率改善但运营费用拖累-20260831.pdf

  1. Unchanged In-line Largely unchanged Junming.Zhang1@morganstanley.com +852 2848-5412
  2. Impact to our thesis Financial results versus consensus Direction of next 12-month
  3. ...to enhance operating leverage and restore investor confidence in sales Mkt cap, curr (mn) Rmb59,334.8
  4. This is crucial to underpinning growth in 2027 amid crowded competition. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e
  5. preliminary guidance of Rmb1.4-1.7bn: Operating loss widened from Rmb1.5bn in EBITDA (Rmb mn) (3,750) (2,827) (1,002) 1,559
  6. 1H26 revenue grew 33% YoY, to Rmb2.1bn, at the high end of preliminary ROE (%) (87.9) (22.1) (10.6) 11.6
  7. YoY increase in gross profit, likely reflecting ongoing R&D investment in J7 and HSD
  8. Probability-weighted DCF, with probability weightings of 25% bull case, 50% base case, 25%

文档

【个股-9660】【英】MS-地平线机器人1H26电话会要点：抢占软硬切市场-20260901.pdf

总结

  1. names, set to enter mass production in 2H26 and contribute meaningfully in 2027. In Junming.Zhang1@morganstanley.com +852 2848-5412
  2. the current pipeline, HSD has now secured wins at all five top-selling domestic Horizon Robotics(9660.HK, 9660 HK)
  3. revenue of over Rmb5bn for 2026, implying 33%+ YoY growth to ~Rmb3bn in 2H26, Shr price, close (Aug 31, 2026) HK$4.72
  4. supported by ~2.8mn shipments (full-year 5mn+). Building on the pipeline, 52-Week Range HK$11.32-3.60
  5. R&D stays elevated, but breakeven in plan: Management reiterated heavy, Avg daily trading value (mn) HK$1,309
  6. saturated R&D investment to defend its technology lead and drive share gains, but, Fiscal Year Ending 12/25 12/26e 12/27e 12/28e
  7. in the meanwhile, expects the pace spending to accelerate slower than gross profit, EPS (Rmb)** (0.81) (0.19) (0.08) 0.08
  8. leaving its 2028 breakeven (on a Rmb10bn+ revenue base) goal within reach. Revenue, net (Rmb mn) 3,758 6,092 9,381 13,300

预览

【个股-9660】【英】MS-地平线机器人1H26电话会要点：抢占软硬切市场-20260901.pdf

【个股-9880】【英】CITI-优必选1H26净亏损不及预期-人形机器人收入同比飙升14-5倍-20260831.pdf

总结

  1. driven by 14.5x YoY revenue growth of full-sized humanoid robot products Expected share price return 49.7%
  2. © 2026 Citigroup Inc. No redistribution without Citigroup's written permission. Source: Company Reports and Citi Research Estimates
  3. We value loss-making UBTECH using P/S. Our target price of HK$125.0 is based on 13x 2026E P/S, similar to its average P/S
  4. Downside risks that could prevent the stock from reaching our target price include: 1) weaker-than-expected revenue growth,
    1. slower-than-expected humanoid robot development, and 3) worse-than-expected profitability due to higher R&D costs
  6. Our target price for Hengli of Rmb135.0 is based on ~44x 2027E P/E, set at 1.0x SD over the past 5 years to reflect its strong
  7. Our target price for LD of Rmb496 is based on 322x 2027E P/E, set at +1.5x SD to reflect its stronger-than-expected visibility
  8. Key fundamental downside risks that could cause the stock price deviate from our target price include: 1) slower growth in the

预览

【个股-9880】【英】CITI-优必选1H26净亏损不及预期-人形机器人收入同比飙升14-5倍-20260831.pdf

【个股-9880】【英】JPM-优必选：指引维持-利润率改善-交付集中下半年-20260831.pdf

总结

  1. UBTech hosted its 1H26 results briefing on Sunday evening (August 30), Infrastructure, Industrials &
  2. 4.0B and also reiterated the shipment target of ~7k units, despite a slight delay at (852) 2800-8589
  3. the Guangxi Liuzhou factory due to flooding and heavy rainfall. 1H revenue grew karen.yy.li@jpmorgan.com
  4. GPM product mix, and a continued focus on execution and delivery for 2H26, with sunny.su@jpmorgan.com
  5. will be back-end loaded, and emphasized the importance of ramping up production (852) 2800-8598
  6. that much of the year’s deliveries will be concentrated in 2H26. Management J.P. Morgan Securities (Asia Pacific) Limited/ J.P.
  7. See page 8 for analyst certification and important disclosures, including non-US analyst disclosures.
  8. Full-size industrial humanoid shipment (Walker S planned capacity ramping up towards 10,000 units per

预览

【个股-9880】【英】JPM-优必选：指引维持-利润率改善-交付集中下半年-20260831.pdf

【个股-300757】【英】GS-罗博特科：CPO-OCS-SiPh驱动测试设备高增-2Q26大幅超预期-20260828.pdf

总结

  1. revenue. 2Q26 GM of 43.6% was higher than our estimate, reflecting product mix +852-2978-1681 | verena.jeng@gs.com
  2. EPS (Rmb) (0.17) (0.04) (0.25) 0 .05 (0.23) 0 .27 0.65 2.08 0.24 0.70 0.41 (0.41) 2 .76 22.94 46.52 5 1.90 57.64
  3. GM 17.5% 34.3% 34.2% 37.8% 36.3% 43.6% 47.9% 54.4% 22.2% 21.9% 28.7% 34.5% 49.6% 57.3% 56.5% 54.9% 53.6%
  4. OPM -29.3% -17.0% -23.9% 19.3% -23.0% 19.7% 24.4% 34.4% 5.6% 9.1% 11.7% 0.9% 25.2% 34.7% 34.7% 33.9% 33.4%
  5. NM -27.1% -4.7% -24.7% 1.6% -23.7% 10.2% 19.8% 29.2% 2.9% 4.9% 5.8% -7.0% 19.7% 29.7% 29.7% 28.8% 28.3%
  6. Opex ratio 46.8% 51.3% 58.1% 18.5% 59.3% 23.9% 23.5% 20.0% 16.5% 12.8% 17.0% 33.6% 24.3% 22.6% 21.8% 21.0% 20.2%
  7. Tax rate 16.8% -0.1% 19.4% 52.6% 13.9% 12.9% 12.9% 12.9% 8.6% 7.1% -4.5% 7.7% 12.9% 13.5% 14.0% 14.5% 15.0%
  8. Source: Company data, Goldman Sachs Global Investment Research, Refinitiv Source: Company data, Goldman Sachs Global Investment Research

预览

【个股-300757】【英】GS-罗博特科：CPO-OCS-SiPh驱动测试设备高增-2Q26大幅超预期-20260828.pdf

【个股-600547】【英】JPM-山东黄金A-H：2Q26环比复苏-仍落后全年预期-20260831.pdf

总结

  1. Revenue 82,518 104,287 124,022 139,448 150,415 Cash flow from operating activities 13,340 21,493 21,463 25,155 28,237
  2. Adj. EBITDA 12,966 18,285 23,241 28,971 33,281 Cash flow from investing activities (22,801) (13,609) (18,276) (17,911) (16,424)
  3. Adj. PBT 5,682 9,089 14,924 19,351 22,571 Cash flow from financing activities 11,004 (1,875) (4,098) (5,274) (6,165)
  4. Other long term liabilities 39,704 33,916 33,916 33,916 33,916 Operating leverage 141.5% 144.0% 275.1% 213.3% 192.2%
  5. Revenue 82,518 104,287 124,022 139,448 150,415 Cash flow from operating activities 13,340 21,493 21,463 25,155 28,237
  6. Adj. EBITDA 12,966 18,285 23,241 28,971 33,281 Cash flow from investing activities (22,801) (13,609) (18,276) (17,911) (16,424)
  7. Adj. PBT 5,682 9,089 14,924 19,351 22,571 Cash flow from financing activities 11,004 (1,875) (4,098) (5,274) (6,165)
  8. Other long term liabilities 39,704 33,916 33,916 33,916 33,916 Operating leverage 141.5% 144.0% 275.1% 213.3% 192.2%

预览

【个股-600547】【英】JPM-山东黄金A-H：2Q26环比复苏-仍落后全年预期-20260831.pdf

【个股-005930】【英】CITI-三星电子3Q26预览：汇兑与奖金拖累利润-存储上行周期未变-20260831.pdf

总结

  1. inventory is sold this quarter. In addition, we estimate weaker mobile and consumer Market Cap W1,520,032,438M
  2. Extraord./Min.Int./Pref.div. -830 -946 -924 -1,000 -1,000 Investing cashflow -85,382 -68,512 15,191 -79,736 -113,419
  3. Reported net profit 33,621 44,261 277,249 333,999 340,506 Dividends paid -10,889 -9,897 -51,400 -106,098 -119,854
  4. Per share data 2024 2025 2026E 2027E 2028E Free cashflow to s/holders 21,576 37,793 215,746 285,563 288,441
  5. System LSI (2,283) (2,372) (504) (1,213) (1,078) (2,833) (3,354) (2,827) (4,875) (6,372) (10,093) (9,367)
  6. Sales (Wbn) Total 79,141 74,566 86,062 93,837 133,873 171,500 207,470 216,921 300,871 333,606 735,063 935,023
  7. 10-naJ 20-naJ 30-naJ 40-naJ 50-naJ 60-naJ 70-naJ 80-naJ 90-naJ 01-naJ 11-naJ 21-naJ 31-naJ 41-naJ 51-naJ 61-naJ 71-naJ 81-naJ 91-naJ 02-naJ 12-naJ 22-naJ 32-naJ 42-naJ 52-naJ 62-naJ
  8. 00-naJ 10-naJ 20-naJ 30-naJ 40-naJ 50-naJ 60-naJ 70-naJ 80-naJ 90-naJ 01-naJ 11-naJ 21-naJ 31-naJ 41-naJ 51-naJ 61-naJ 71-naJ 81-naJ 91-naJ 02-naJ 12-naJ 22-naJ 32-naJ 42-naJ 52-naJ 62-naJ

预览

【个股-005930】【英】CITI-三星电子3Q26预览：汇兑与奖金拖累利润-存储上行周期未变-20260831.pdf

【个股-6181】【英】GS-老铺黄金-6181-HK-亚洲领袖会议要点——消费情绪改善-金价波动下策略更灵活-20260902.pdf

总结

  1. coupled with headwinds from unusual gold price volatility, front-loaded demand +852-2978-0473 | keira.liu@gs.com
  2. before the meaningful price hike in end Feb. Jul-Aug remains off-peak season, and Goldman Sachs (Asia) L.L.C.
  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. volatility, and is prioritizing inventory digestion through 3Q using existing, relatively
  8. Source: Company data, Goldman Sachs Research estimates, FactSet. Price as of 2 Sep 2026 close.

预览

【个股-6181】【英】GS-老铺黄金-6181-HK-亚洲领袖会议要点——消费情绪改善-金价波动下策略更灵活-20260902.pdf

【个股-6869】【英】GS-长飞光纤：光纤价格2H26E维持高位-2Q26毛利率超预期-20260828.pdf

总结

  1. fiber pricing outlook, and sector multiple. YOFC delivered 2Q26 NI at 606% QoQ to Goldman Sachs (Asia) L.L.C.
  2. Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
  3. should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
  4. Overseas EPC and others 2,781 3,352 1,295 1,887 1,553 1,630 1,712 (2,705) (3,833) (5,124) ( 5,536)
  5. Revenue 13,353 12,197 14,252 24,587 34,936 38,848 2,894 3,491 3,891 3,977 3,695 6,114 6,763 8,016
  6. Gross profit 3,272 3,330 4,380 12,307 18,635 19,418 806 1,001 1,155 1,418 1,534 3,700 3,155 3,918
  7. Operating margin 6.4% 7.6% 11.4% 35.1% 42.3% 40.2% 7.8% 10.4% 11.9% 14.3% 22.5% 45.2% 32.3% 35.5%
  8. EBITDA margin 11.9% 13.6% 16.5% 39.1% 45.2% 42.8% 14.1% 15.7% 16.6% 18.9% 29.2% 49.2% 36.0% 38.6%

预览

【个股-6869】【英】GS-长飞光纤：光纤价格2H26E维持高位-2Q26毛利率超预期-20260828.pdf

【个股-9660】【英】MS-地平线机器人：2Q26收入符合预期-毛利率改善但运营费用拖累-20260831.pdf

总结

  1. Unchanged In-line Largely unchanged Junming.Zhang1@morganstanley.com +852 2848-5412
  2. Impact to our thesis Financial results versus consensus Direction of next 12-month
  3. ...to enhance operating leverage and restore investor confidence in sales Mkt cap, curr (mn) Rmb59,334.8
  4. This is crucial to underpinning growth in 2027 amid crowded competition. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e
  5. preliminary guidance of Rmb1.4-1.7bn: Operating loss widened from Rmb1.5bn in EBITDA (Rmb mn) (3,750) (2,827) (1,002) 1,559
  6. 1H26 revenue grew 33% YoY, to Rmb2.1bn, at the high end of preliminary ROE (%) (87.9) (22.1) (10.6) 11.6
  7. YoY increase in gross profit, likely reflecting ongoing R&D investment in J7 and HSD
  8. Probability-weighted DCF, with probability weightings of 25% bull case, 50% base case, 25%

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【个股-9660】【英】MS-地平线机器人：2Q26收入符合预期-毛利率改善但运营费用拖累-20260831.pdf

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