Report Archive
All Research
Page 12 of 43 · 1027 reports
40/100
Powertech Technology Deep-Dive Research
Powertech Technology is a Taiwan-based memory OSAT built around packaging, testing, and module services, with a current push into FOPLP and HBM-related advanced packaging. Q1 2026 gross margin of 19.4% and EPS of TWD 2.5 confirm a cyclical turn, but capex has been raised to TWD 50 billion and the stock trades near 40x earnings, far above its historical 13–21x range. Report rating Watch: the cycle improvement is real, direct HBM evidence remains insufficient, and the ideal buy zone is TWD 180–220.
37/100
Biren Technology Deep-Dive Research
Biren is a domestic high-end GPGPU designer that sells self-developed GPUs, systems, and software stacks as packaged solutions to intelligent computing centers and cloud customers. Revenue reached RMB 1.035 billion in 2025, up 207.2% year on year, but more than 94% was recognized in the second half, operating cash outflow was RMB 2.137 billion, and the price-to-sales ratio was about 98.7x. Research rating Watch: scarcity is real, but the current price already discounts several years of high-growth delivery, with an ideal buy zone of HKD 21–25.
41/100
JCET In-Depth Research
JCET is a top-three global OSAT provider, with a post-STATS ChipPAC footprint spanning China, Singapore, South Korea, and a global customer base. Revenue reached a record RMB 38.871 billion in 2025, but net profit attributable to shareholders fell 2.75% year on year to RMB 1.565 billion, while RMB 10 billion of 2026 capex continues to consume free cash flow. Research rating Watch: the advanced-packaging option is real, but it is not enough to offset heavy capital intensity and front-loaded valuation, with an ideal buy range of RMB 28–36.
40/100
Iluvatar CoreX In-Depth Research
A domestic general-purpose GPU designer, Iluvatar CoreX sells compute through training cards, inference cards, and AI solutions, making it a scarce Hong Kong-listed name not yet on the Entity List. In 2025, revenue reached RMB 1.034 billion, gross margin was 54.0%, adjusted loss narrowed to RMB 438.8 million, and the stock traded at roughly 110x price-to-sales. Rating Avoid: inference volume is real progress, but HKD 519 already discounts two to three years of execution, with an ideal buy range of HKD 190-255.
40/100
In-Depth Research on Tongfu Microelectronics
A major mainland China OSAT provider, Tongfu is deeply tied to AMD through its Suzhou and Penang joint-venture plants, accounting for more than 80% of AMD's related products. Revenue reached RMB 27.921 billion in 2025 and net profit attributable to shareholders reached a record RMB 1.219 billion, but recurring net profit was only RMB 841 million and recurring PE is above 110x. Research rating Watch: AMD-linked demand is materializing quickly, but recurring earnings and the margin of safety have not caught up with the share price, leaving the ideal buy range at RMB 28 to 36.
44/100
In-Depth Research on MetaX
MetaX is a domestic full-function GPU designer whose core team came from AMD, with the XiYun C series contributing 94.31% of revenue. 2025 revenue reached 1.644 billion yuan, up 121.26%, while net loss attributable to shareholders was still 789 million yuan, operating cash flow was -1.260 billion yuan, the price-to-sales ratio was about 169x, and three lock-up expiries are due within the year. Research rating Avoid: the company is improving, but the share price has already discounted years of successful execution, with an ideal buy range of 170-220 yuan.
47/100
Cambricon In-Depth Research
Cambricon is a Chinese AI chip design company whose cloud products now contribute almost all revenue and which achieved its first full-year profit in 2025. Revenue reached 6.497 billion yuan, up 453.21% year over year, but operating cash flow was a net outflow of 498 million yuan, the top five customers contributed 88.66% of sales, and trailing P/S was about 93.5x. Research rating Avoid: the earnings inflection has arrived, but the current price has nearly prepaid the next two rounds of execution, with an ideal buy range of 280–340 yuan.
46/100
Moore Threads In-Depth Research
Moore Threads is a domestic full-function GPU designer listed on the STAR Market in late 2025, with revenue already shifting toward AI compute clusters. 2025 revenue reached CNY 1.506 billion, up 243.37%, and 2026Q1 net profit attributable to shareholders turned positive, but recurring profit remained negative, operating cash flow showed a CNY 1.487 billion net outflow, and the stock trades at about 192.6x sales, above Cambricon. Research rating Watch: revenue is scaling, but cash flow and recurring profit have not yet validated the valuation, with an ideal buy range of CNY 166–194.
46/100
Hygon Information In-Depth Research
Hygon Information is a domestic high-end processor design company, with CPUs providing the cash flow from Xinchuang and localization and DCUs providing upside optionality. 2025 revenue reached 14.377 billion yuan, up 56.92%, but the annual report does not split CPU and DCU revenue, while the static P/E is about 264x, more expensive than NVIDIA. Research rating Hold: CPU provides the floor and DCU provides elasticity, but the valuation has already priced in substantial optimism, with an ideal buy zone of 160-176 yuan.
45/100
SENASIC Electronics Deep Research
SENASIC is an automotive-grade wireless sensing SoC designer, ranked third globally and first in China by 2025 revenue, with an IPO offer price of HKD 18.36 in June 2026 and an expected Main Board listing on June 17. 2025 revenue reached RMB 477.9 million, gross margin rose to 28.0%, and adjusted loss narrowed to RMB 31.88 million, but the offer price implies roughly 12.7 times sales while wBMS is still on the eve of validation and design wins. Rating Watch: TPMS leadership is proven, the wBMS option remains early, and the ideal buy zone is HKD 12-14.
45/100
Shenzhen HQVT Technology In-Depth Research
An intelligent-sensing supplier that uses multispectral sensing hardware to secure scenario entry points and lifts gross margin through large-model services, with its Hong Kong IPO launched in June 2026 at an offer price of HKD 7.20. In 2025, large-model services already contributed more than half of revenue and pushed gross margin to 22.3%, but operating cash outflow widened to RMB 129.9 million, while the IPO price implies about 7.2x sales and about 164x earnings. Research rating Watch: the business upgrade is real, the current price offers no margin of safety, and the ideal buy zone is HKD 4.0-4.8.
44/100
LDROBOT In-Depth Research
LDROBOT supplies visual perception modules to service robot makers while selling its own branded robotic lawn mowers overseas, with 2025 revenue of about RMB 748 million. Newly listed on the Hong Kong Stock Exchange in May 2026, it now trades at roughly 15.7x sales, far above perception peers at 5-6x, meaning the market is already discounting delivery two years out. Research rating Watch: the dual-engine business has potential, but the current price offers no margin of safety, with an ideal buy zone of HKD 16-18.
47/100
Tesla Deep-Dive Research
Tesla is a platform company with electric vehicles as its cash-flow base, layered with energy storage, the charging network, and autonomous-driving/robotics options. In 2025, energy revenue grew 27% and became a second growth curve, but automotive revenue fell 10%, profits leaned heavily on policy benefits, and the market has already priced in autonomous-driving success ahead of proof. Research rating Hold: a good company, but the current price of USD 396.68 discounts too much unverified long-term expectation.
47/100
Tesla Value Investment Research
A manufacturing and platform company built on electric vehicles, with energy storage and software subscriptions layered on top. Its moat in brand, direct sales, and the Supercharger network remains real, but 2025 net income was only $3.794 billion, and a $1.4 trillion market cap implies more than 360x trailing earnings, so the stock is priced for the Robotaxi and robotics endgame. Rating Watch: an excellent business at an expensive price, with a need to wait for a sufficient margin of safety.
46/100
Coupang (CPNG.US) Zen Horizon Research Report
Coupang is South Korea's largest e-commerce platform, built around its Rocket Delivery first-party logistics moat, with more than 14 million Rocket WOW paid members. The core thesis is that Product Commerce remains a strong cash-generating base, while Eats, Play, fintech, Farfetch, and Taiwan expansion add optionality but also investment drag after a major customer data incident. Research rating Watch: a durable logistics compounder, but the 34 million-customer data incident, Q1 2026 operating loss, margin deleveraging, and Naver/Temu competition leave earnings visibility too low for a buy rating.
55/100
argenx (ARGX.US / ARGX.BR): A Zen Horizon Report
argenx is the global leader in antibody therapies for rare autoimmune disease and the first-in-class pioneer of the FcRn-inhibitor field. Its core product Vyvgart (efgartigimod) is now approved across three indications (gMG, CIDP globally plus ITP in Japan), with roughly 19,000 patients on therapy, FY2025 net sales of USD 4.15 billion (+90%), and a first-ever positive operating profit of USD 1.05 billion. Vision 2030 targets 50,000 patients, 10 labels, and 5 Phase III molecules. Rating Watch: a genuinely strong asset whose USD 882.41 price already prices in smooth execution, so the entry window opens only on a pullback to USD 720 or below.
37/100
A Long-Term Business Owner's Research Report on National Silicon Industry Group
National Silicon Industry Group is the mainland China leader in domestic substitution for semiconductor wafers, with core products spanning 300mm, 200mm and smaller polished wafers, epitaxial wafers, and SOI wafers for domestic fabs. Revenue reached a post-listing high of about RMB 3.7 billion in 2025, but gross margins in both the 300mm and 200mm wafer businesses remained negative, the company posted losses for two straight years, operating cash flow was RMB -559 million, and it remains in a phase of capacity ramp-up and repeated equity financing. Research rating Watch: an important strategic materials company worth tracking, but not yet a mature cash-flow asset with a compelling margin of safety.
42/100
A Long-Term Owner's View of Huate Gas
Huate Gas is a leading Chinese domestic-substitution player in electronic specialty gases, supplying high-purity specialty gases and gas equipment for semiconductor and display manufacturing. The core thesis is that the company benefits from domestic substitution and fab/display capacity expansion, but 2025 revenue rose only 1.7%, net profit attributable to shareholders fell about 27% to RMB 135 million, the static P/E is about 163x, and margins plus capital returns are being eroded by price competition, capacity ramp-up, and depreciation. Report rating Watch: a capable domestic substitute in a promising niche, but the current valuation leaves little room for owner-oriented returns.
38/100
GlobalWafers Deep Value Investment Research
GlobalWafers is the world's third-largest supplier of semiconductor silicon wafers, focused on 300mm/200mm polished and epitaxial wafers for global wafer fabs. After its 2020 attempt to acquire Germany's Siltronic fell through, the company shifted toward building out global capacity itself, and by 2025 revenue was about NT$60.6 billion while profitability weakened as gross margin fell from 43% to 24%. Research rating Watch: a strategically important cyclical materials asset, but the current price does not offer enough margin of safety.
52/100
Disco: A Long-Term Business Owner's View
Disco is Japan's leading back-end semiconductor equipment maker, specializing in the three high-precision, mission-critical steps of wafer dicing, grinding, and polishing, with an integrated equipment-plus-consumables-plus-service model that benefits deeply from AI/HBM and advanced packaging demand. FY2025 net profit was roughly 135.5 billion yen, overseas sales made up 87.6% of the total, the balance sheet carries long-term net cash, gross margins are exceptionally high, and management runs the business against a four-year RORA discipline. Rating Watch: a superb business whose current price already prepays years of high-growth, high-margin, AI-driven expectations, leaving little margin of safety.
45/100
Chroma ATE Value Investment Deep-Dive
Chroma ATE is Taiwan's leading test and measurement equipment company, with core businesses in semiconductor testing, power electronics testing for EVs, energy storage and power supplies, and automated optical inspection equipment. Q1 2026 revenue grew 73% year over year and May revenue grew 133% year over year, but 2025 reported profit included a large one-off capital gain, leaving true owner earnings at roughly NT$4.3 billion after adjustment. Rating Avoid: a strong business is being priced as if years of high growth are already guaranteed, leaving almost no margin of safety.
43/100
Lenovo Group (0992.HK) Zen Horizon Framework Deep-Dive Research
Lenovo Group is the world's largest personal computer (PC) vendor, ranking first by IDC's 2026 Q1 share at 25.2%, and its Hybrid AI strategy spans three business groups: Intelligent Devices Group (IDG, about 70% of revenue), Infrastructure Solutions Group (ISG, AI server business), and Solutions and Services Group (SSG). FY2025/26 revenue, through March 2026, reached a record USD 83.1 billion, up 20.3%, with AI-related revenue doubling to 33% of the group, ISG turning profitable for the first full year, and the company ending the year in a net cash position. Research rating Watch: a good asset with a sound balance sheet, but 2026 PC-market headwinds, thin AI-server margins, and sell-side consensus targets below the current price leave a negative margin of safety.
48/100
Siemens AG (SIE.XETRA) Zen Horizon Research Report
Siemens AG is a global leader in industrial automation and digitalization, headquartered in Munich and primarily listed on Xetra, with four engines: Digital Industries, Smart Infrastructure, Mobility, and a roughly 67% stake in Siemens Healthineers that is now moving toward deconsolidation. The core thesis is that Siemens has a rare full-stack industrial technology moat and direct exposure to AI data-center electrification, but FY2025 net income included a one-off Innomotics gain and valuation is no longer cheap at a TTM PE of 27.7x. Research rating Watch: wait for clearer evidence of a DI cycle recovery, durable SI data-center orders, and Altair/Dotmatics synergies before moving into a buy range.
48/100
Prysmian Group (PRY.MI) Zen Horizon Research Report
Prysmian Group is the global leader in power cables and systems, primarily listed on Euronext Milan and spanning submarine/underground high-voltage transmission, power grids, electrification including industrial and construction, specialty cables, and digital solutions for data centers and fiber. FY2025 revenue reached €19.65B (+15.4% nominal / +5.4% organic), net profit attributable to shareholders was €1.27B (+74%, including roughly €346M of one-off gains from the YOFC stake sale), Adj EBITDA was €2.40B at a 14.2% margin on standard metal prices, Transmission delivered a full-year 18.3% margin ahead of its 2028 target with backlog above €17B, and the 2024 USD 4.2B Encore Wire acquisition strengthened North America. Research rating Watch: a high-quality leader with powerful long-term drivers, but current valuation already prices in much of the good news.