주식 리서치 · 장기 관점
장기 사업가의 시선으로 보는 투자 리서치
Zen Horizon 프레임워크로 AI, 기술, 글로벌 주식의 사업 질, 해자, 내재가치를 하나하나 해부하고 안전마진을 명확히 짚어 드립니다.
리포트 1240건테마 15개종목 1186개
최신 리서치
리서치 더 보기
54/100
58Buffett
Eli Lilly: A 43% ROIC Incretin Leader Priced for ≈ 18% a Year EPS Growth, with No Margin of Safety at USD 1,417.54
Eli Lilly is a US innovative drugmaker whose incretins Mounjaro and Zepbound generated 66% of Q3 2026 revenue. Q3 2026 revenue rose 39% to USD 24,397M on 53% volume growth while realized price fell 15%, and 2026 revenue guidance has been raised to USD 91–92B; at USD 1,417.54 the price needs ≈ 18%/yr EPS compounding against falling prices. Rating Watch: the price sits above the USD 970–1,312 hold zone with no margin of safety, and the ideal buy zone is USD 492–547.
45/100
72Buffett
Sungrow Power Supply: Q3 Profit Fell 67.67% as Margins Relapsed, and at CNY 65.29 the Shares Still Sit 48% Above Conservative Value
Sungrow is a founder-controlled maker of solar inverters and grid-scale battery storage systems, and storage was 50.0% of its H1 2026 revenue. Q3 2026 broke the second-quarter recovery: attributable net income fell 67.67% year on year to CNY 1.34 bn and group gross margin slipped to about 29.4% from 38.6% in Q2, while US and EU market barriers keep widening. Rating Watch: at CNY 65.29 the price is 48% above the CNY 44.2 conservative value, so there is no margin of safety, and the ideal buy zone is CNY 32–35.
48/100
67Buffett
SG Micro: 42.7% H1 Growth at a 51.84% Gross Margin Proves Share and Content Gains, but the A Share at CNY 120.55 Is 105x Trailing Earnings and Above the CNY 89 Base Value
SG Micro is a Beijing fabless-plus analog chip designer whose more than 7,200 saleable products span signal chain, power management and sensors, with about 94% of revenue sold through distributors. H1 2026 revenue rose 42.7% to CNY 2.60 billion and recurring profit 164.6% at a 51.84% gross margin as optical modules lifted network and computing to about 25% of sales, yet CNY 1.68 billion of net inventory, share-based pay of about 24% of attributable profit and an undisclosed distributor channel mean the quality problem has changed rather than disappeared. Rating Watch: the A share at CNY 120.55 trades at about 105 times trailing attributable earnings and above the CNY 89 base-case value with no margin of safety; the ideal buy price is CNY 42–48 and the acceptable hold range CNY 78–100.
39/100
Kubota Corporation: A ¥70bn Tariff Refund Lifts the FY2026 Margin to 12.2% from 10.1%, and ¥2,751.5 Sits 28–38% Above the ¥2,000–2,150 Conservative Value
Kubota is an Osaka-based machinery group built around compact farm equipment, engines and construction machinery: Farm & Industrial Machinery produced 88.6% of H1 2026 revenue, North America supplied 42.1%, and a captive-finance book carried ¥2.23 trillion of finance receivables at June 2026. FY2026 guidance of ¥400 billion operating profit and a 12.2% margin includes about ¥70 billion of non-recurring US tariff refunds, so the company's own ex-refund margin is 10.1%, while operating cash flow over FY2021 to FY2025 was only 0.69 times cumulative parent net income and cumulative reported free cash flow was around negative ¥314 billion. Rating Hold: at ¥2,751.5 the shares trade at 10.8 times guided EPS but closer to 13 times refund-normalized earnings and 28–38% above the ¥2,000–2,150 conservative value, so the margin of safety is none and the ideal buy price is ¥1,550 to ¥1,650.
인사이트
전체 인사이트
- The Buffett Quality Screen, First Edition: 1,790 Companies, Six Lenses, and the 16 That Survive Both of Our Boards 2026년 8월 6일
- Cheap With a Grievance, or Cheap for a Reason? A Value-Trap Test From 1,013 Scorecards 2026년 8월 6일
- The Mention Map, July 2026: Four Gravity Centers, Four Holes 2026년 7월 26일
- AI 순환 금융: 천재적 설계인가, 세기의 폰지인가 — 루프 안의 달러를 한 장씩 전부 세어 보았다 2026년 7월 7일
추천 테마
전체 15개 테마
글로벌 방위산업 공급망
종목 54개특수 소재에서 프라임 플랫폼까지: 재무장 사이클을 읽는 공급망 전체 지도
암 · 희귀질환 · 난치성 프런티어
종목 108개표적/면역/세포/유전자/핵산/방사성의약품: 미충족 수요가 큰 질환에 도전하는 프런티어 치료 양식과 이를 구축하는 글로벌 및 중국 기업들의 지도
전 산업의 틈새 챔피언
종목 90개좁은 영역을 장악하고 글로벌 1위 또는 3위 이내에 들며 실질적인 가격 결정력을 보유한 기업들로, 산업 사슬의 핵심 고리에 자리한 틈새 챔피언이다. 이 분류는 Hermann Simon의 "히든 챔피언" 개념을 따르되 그가 제시한 규모와 무명성 기준은 완화했다(규모 상한 없음, 저자세 유지 요건 없음). 중요한 것은 영역이 얼마나 좁은지와 입지가 얼마나 깊이 뿌리내렸는지이며, 이를 8개 기능 영역에 걸쳐 정리했다.
관심 종목이 보이지 않나요?
맞춤 리포트 신청