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50/100
Mobileye Deep-Dive Research
Mobileye is the ADAS leader, controlled by Intel, that sells tiered intelligent-driving capabilities to global automakers through EyeQ chips, software, and REM crowdsourced maps. 2026Q1 revenue rose 27% year over year to $558 million and the midpoint of full-year guidance was raised to $1.975 billion, but the company also booked a $3.788 billion goodwill impairment in the quarter, while advanced driving and Robotaxi monetization remain slower than the optimism of 2022 implied. Research rating Hold: core ADAS cash flow is solid, and the current price is closer to fair than cheap.
49/100
61Buffett
Celestica Inc. Deep-Dive Research
Celestica is a Canadian electronics manufacturer that builds high-bandwidth switches and AI data center platforms for hyperscale cloud customers, with CCS and ATS as its two operating pillars. Q1 2026 revenue grew 52.8% year over year to $4.047 billion and full-year guidance was raised to about $19.0 billion, but full-year free cash flow guidance is only about $500 million, implying a yield of roughly 1.2%. Research rating Hold: the business reinvention has already been recognized, and the current share price is prepaying for continued perfection over the next two years.
53/100
Baidu: A Deep Research Study
Baidu is a Chinese internet platform anchored on search-advertising cash flow and pivoting toward AI cloud and Robotaxi. In Q1 2026 AI-related revenue reached 13.6 billion yuan, clearing half of the core business for the first time, with AI cloud infrastructure up 79% year over year, even as online marketing fell 22% and profit conversion remains unproven. Rating Watch: the AI cloud is accelerating, but the advertising decline and unproven profit conversion have yet to deliver an adequate margin of safety.
48/100
80Buffett
Wiwynn Corporation Deep-Dive Research
Wiwynn Corporation is an ODM-direct supplier of AI servers and rack systems serving hyperscale cloud customers, spun out of the Wistron system in 2012. 2025 revenue reached NT$950.66 billion, up 163.7% year on year, with AI products contributing more than half, but the top three customers account for nearly 97% of revenue and operating cash flow was negative in both 2024 and 2025. Report rating Hold: AI execution is very strong, but customer concentration and weak cash conversion limit the current risk-reward.
U.S. Market Close Daily｜2026-06-11
A daily read on U.S. equities. Cooling Iran risk pulled oil lower and sparked a tech rebound, lifting the three major indices to their best single-day showing since April, yet a hot PPI print and split software stocks still cap any appetite to chase. Rating Watch: a relief bounce on receding geopolitical risk, not a confirmed all-clear on rates or conflict.
40/100
62Buffett
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
28Buffett
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
38Buffett
argenx（ARGX.US / ARGX.BR）：Zen Horizon レポート
argenx は希少自己免疫疾患の抗体医薬で世界をリードし、FcRn 阻害薬という領域を最初に切り開いたファーストインクラス企業である。中核製品 Vyvgart（efgartigimod）はすでに3適応症（gMG と CIDP が全世界、ITP は日本）で承認され、投与患者は約19000人、FY2025 の製品売上高は41.5億ドル（+90%）、営業利益は初の黒字となる10.5億ドルを計上した。Vision 2030 は患者50000人・ラベル10件・第III相分子5件を掲げる。レーティングはウォッチ：資産としての質は本物だが、882.41ドルという株価はすでに順調な実行を織り込んでおり、720ドル以下への調整が出て初めてエントリーの窓が開く。
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.