業種
Consumer Electronics
Consumer Electronics のすべてのレポート — 全 5 件。
41/100
69Buffett
Transsion Holdings: H1 Gross Margin Rebounded to 22.6% on Price Rises and Cheap Inventory, but Operating Cash Flow of Negative CNY 5.861 Billion Leaves CNY 57.82 Above the CNY 44-47 Conservative Value
Transsion Holdings is an emerging-market handset specialist that sells TECNO, Infinix and itel through roughly 3,500 distributors and 2,500 service outlets, shipping 169.0 million handsets in 2025 for third place globally by units but only eighth by handset revenue. FY2025 revenue fell 4.55% while attributable profit dropped 53.49% to CNY 2.581 billion as memory rose to 28.0% of inventory cost; H1 2026 then rebounded 21.85% and 46.22% with gross margin back at 22.6%, but management credits older cheap inventory, stock doubled to CNY 18.935 billion and operating cash flow swung to negative CNY 5.861 billion. Rating Hold: normalized owner earnings of roughly CNY 2.2 billion put the equity near 30 times, and at CNY 57.82 the stock sits 23% above the CNY 44-47 conservative value, so the next leg is a cash-and-volume test rather than an earnings-growth test.
43/100
83Buffett
Apple Inc.: Strip Out the Tariff Refunds and the 50.1% Margin Becomes 48.1%, While 308.91 Dollars Earns Less Than the Ten-Year Treasury
A premium-device maker that monetizes an installed base above 2.5 billion units through integrated hardware, silicon and high-margin services, with a reported Products gross margin of 40.1%, which includes the tariff refunds, and Services at 75.6% in the June quarter. Reported fiscal third-quarter earnings of 2.02 dollars and a 50.1% gross margin included about 0.11 dollars and roughly two percentage points from nonrecurring tariff refunds, leaving underlying figures of 1.91 dollars and 48.1%, and the shares fell 7.35% on July 31 to 308.91 dollars on weaker September guidance. Rating Hold: at 35.9 times underlying trailing earnings the 2.79% earnings yield sits 1.95 points below the 4.74% ten-year Treasury, so new capital gets no conservative margin of safety.
33/100
81Buffett
HP Inc.: A Value-Investing Deep Dive
A mature hardware company kept afloat by its print-supplies cash cow: the valuation is undemanding but the business quality is mediocre. We assign a Watch rating, with a fair entry price of 19 to 22 dollars; at the current 24.68 dollars the margin of safety is insufficient. Rating Watch: a cheap-looking cash cow whose price still does not cover its ordinary-business flaws.
47/100
95Buffett
Garmin Ltd. Deep Value Investment Research
Garmin is a multi-category professional hardware platform spanning Fitness, Outdoor, Marine, Aviation, and Auto OEM, backed by zero long-term debt and $4.1 billion of net cash. The core thesis is that the business is high quality, cash-generative, and conservatively run, but the current price of $238.53, at roughly 27x P/E, already discounts much of that quality. Research rating Watch: a durable compounder worth tracking closely, but not a clear value opportunity at today's price.
48/100
56Buffett
Xiaomi Group Long-Term Owner-Oriented Research
Xiaomi is now a platform hardware company built around smartphones, AIoT, internet services, and a rapidly scaling EV business. 2025 revenue reached RMB 457.29 billion, profit attributable to owners reached RMB 41.64 billion, EV revenue rose 223.8% and moved close to breakeven, while internet services carried a 76.5% gross margin; however, the HK$30.7 share price already pays upfront for stable smartphones, EV scaling, and AIoT expansion. Research rating Watch: a stronger business, but Apple-like moat depth and a clear margin of safety are still absent.