리포트 아카이브
전체 리서치
52페이지 중 19페이지 · 리포트 1235건
50/100
Roblox Corporation 심층 리서치
Roblox는 사용자가 Robux를 구매해 개발자가 만든 체험과 아이템에 지출하고, 회사는 Bookings를 유료 이용자 생애에 걸쳐 인식하는 UGC 몰입형 게임 플랫폼이다. 2026년 Q1 매출은 14.42억 USD, Bookings는 17.31억 USD, DAU는 1.32억 명, 잉여현금흐름은 5.96억 USD였고 유료 이용자는 전년 대비 52% 증가해 플랫폼 플라이휠이 여전히 작동함을 보여준다. 다만 안전 거버넌스 재구축이 단기 성장에 부담을 주고, 주식보상비용은 여전히 크며, 주가는 43.31 USD에서 매출의 약 5.1x에 거래되고 있어 리서치 등급은 관찰이다.
46/100
58Buffett
Airbus SE 심층 리서치
Airbus는 유럽을 기반으로 한 양대 민항기 제조사 중 하나로, A320neo/A350 인도, 수명주기 서비스, 방산·우주 프로그램에서 수익을 창출한다. 2025년 매출 EUR 734억, 고객 금융 전 자유현금흐름 EUR 45.7억, 순현금 EUR 122억을 기록했지만, Q1 2026 인도 부진으로 현금흐름이 마이너스로 돌아섰고 연간 870대 목표 달성을 위해서는 H2에 월평균 약 87대 인도가 필요하며, EUR 179.28에서는 선행 PER 약 25x로 싸지 않다. 보고서 등급은 보유: 고품질의 성숙한 현금창출 기업이지만, 현재 주가는 실행 정상화에 대한 대가를 이미 반영하고 안전마진이 없으므로 더 나은 진입점을 기다릴 가치가 있다.
45/100
SenseTime Group: Generative AI Pivot and Valuation Reset
SenseTime is a leading AI software company in China, with generative AI revenue of RMB3.63 billion in 2025, or 72.4% of total revenue, replacing vision AI as its core business through monetization of models, inference infrastructure, and industry Agents. H2 EBITDA and operating cash flow turned positive for the first time, but full-year free cash flow remained deeply negative, three placement rounds in one year point to dilution pressure, and roughly 10.8x sales is not cheap. Research rating Watch: the pivot is already visible in the revenue mix, but cash generation and dilution constraints are still not fully reflected in the share price.
49/100
51Buffett
Pure Storage: An All-Flash Foundation and the Hyperscaler Narrative
Pure Storage, now renamed Everpure, is an all-flash storage platform company that monetizes through both hardware and subscriptions, with a market capitalization of roughly $24.0 billion. Its enterprise storage foundation is solid and it has secured hyperscaler design wins including Meta, but the stock already prices in large-scale hyperscaler replication and about 5x EV/Sales is not cheap. Rating Hold: at $72, the stock sits in an acceptable holding range, while the odds improve meaningfully only below $50.
52/100
41Buffett
Meitu: The Delivery Test After Imaging Subscriptions Hit Their Stride
Meitu is an AI visual-tools company that uses imaging apps as its entry point and monetizes through subscriptions and usage-based fees, with a total market cap of roughly HK$21.11 billion. Its core subscription business is already working and gross margin runs above 70%, but usage-based revenue, productivity ARR, and overseas paid penetration still have to prove themselves quarter by quarter, while rising compute costs test its pricing power. Rating Hold: at the current HK$4.64 the stock sits in an acceptable holding range, and below HK$4 it becomes more attractive for new money.
40/100
Hua Hong Semiconductor: Value and Price in Mature Specialty Process Platforms
Hua Hong is a China-based foundry centered on mature and specialty processes, monetizing eNVM, power, analog power, and MCU platforms while listed in both A and H shares, with the H-share price translated into USD at about 17.77. Its platform value is real, but gross margin remains in the low teens, depreciation from expansion is still suppressing earnings, and the current price has already capitalized margin and cash-flow recovery ahead of delivery. Rating Hold: the fair buy zone is USD 11.4-13.3 for the H shares, and a higher price should wait until gross margin clearly moves above 15%.
48/100
Elastic: Cash Flow Repair in the Search Layer and the Search AI Option
Elastic is a subscription-led enterprise software company that sells its search foundation into search, observability, and security, while extending into vector retrieval and GenAI RAG. The improvement in contracts, cRPO, and cash flow has been demonstrated, but independent monetization of Search AI still needs several more quarters of proof. Research rating Hold: the current price of USD 60 sits in an acceptable holding zone, while a more attractive entry point is below USD 52.
52/100
57Buffett
안지 테크놀로지: CMP 소재 국산 대체와 두 번째 성장 곡선
안지 테크놀로지는 CMP 연마 슬러리와 기능성 습식 전자화학품을 만드는 반도체 소재 국산 대체의 핵심 종목으로, 2025년 매출은 25.04억 위안이다. 국산 대체는 강하게 실적으로 전환되고 있으나, 약 230위안·PE 60배 이상의 현재 주가에는 전기도금액 등 두 번째 곡선 사업까지 이미 반영돼 있어 보수적 내재가치 대비 안전마진이 남아 있지 않다. 평가는 보유: 합리적 매수 구간은 135~145위안이며, 더 뚜렷한 조정이 나온 뒤 분할로 진입해야 한다.
44/100
56Buffett
Accelink Technologies: AI Datacom Growth Racing Against a Stretched Valuation
Accelink Technologies is an optical components and optical modules supplier spanning transmission, access, and datacom, with 2025 revenue of CNY 11.929 billion and net profit of only CNY 946 million. The market has already attached a very high-multiple premium for an AI datacom challenger, with an approximately CNY 165.3 billion market value implying about 175x PE, far above leaders such as Zhongji Innolight and Eoptolink that have already converted AI demand into profits. Report rating Avoid: AI datacom growth is real, but the current price has pulled forward too much of the catch-up story.
43/100
44Buffett
United Microelectronics Corporation UMC Deep-Dive Research
United Microelectronics Corporation is one of Taiwan's two leading foundries, focused on mature and specialty processes such as 22/28nm. Q1 2026 revenue was NT$61.04 billion with a 29.2% gross margin, but the year-on-year EPS doubling was amplified mainly by non-operating income, while the current price implies 3.87x P/B and roughly 31x adjusted P/E, neither of which is cheap. Research rating Watch: the cyclical recovery is real, but the current price has already discounted most of the optimistic case.
46/100
SentinelOne Deep-Dive Research
SentinelOne is an AI-native endpoint security vendor expanding from autonomous detection into a broader platform through Purple AI, AI-SIEM, and other emerging products. Its latest-quarter ARR was about $1.163 billion, up 23% year over year, and emerging products already account for half of ARR, but revenue growth has slowed from 47% to 22%, stock-based compensation is about 30% of revenue, and the stock trades at a large discount to CrowdStrike. Research rating Hold: the discount has a business basis, while Microsoft bundling and pressure from the leader still leave execution to be proven.
46/100
54Buffett
KYEC Deep-Dive Research
King Yuan Electronics is the world's largest pure-play independent semiconductor testing house, with AI chip testing as its core growth driver. Revenue topped NT$10 billion for the first time in Q1 2026 and gross margin rose for a fifth straight quarter to 39.7%, but 2026 capex has been raised to NT$50 billion, far above last year's revenue, while the current price of NT$282 implies roughly 37x earnings and leaves almost no margin of safety. Research rating Hold: AI testing demand is real, but high capital intensity and peak valuation both need to be digested.
48/100
76Buffett
Kingsoft Office In-Depth Research
Kingsoft Office is China's leading office software company, with revenue supported by WPS personal subscriptions, institutional licensing, and collaboration SaaS. In 2025, revenue reached 5.929 billion yuan, WPS AI MAU climbed to 80.13 million, and annual paying personal users approached 49 million, but the surge in Q1 2026 net profit was mainly driven by investment income while operating PE still sits around 55x. Rating Hold: AI has truly moved into the conversion layer, but reported profit is distorted and valuation remains expensive.
38/100
57Buffett
Inspur Information Deep-Dive Research
Inspur Information is China's leading full-system vendor for AI servers and compute infrastructure, with servers contributing more than 90% of revenue. Revenue reached RMB 164.782 billion in 2025, up 43.25% year over year, but server gross margin fell from 6.76% to 4.52%, and operating cash flow turned negative again at RMB 7.772 billion in Q1 2026. Report rating Hold: the story has grown larger, but profit and cash conversion remain slow, and scale has not translated into pricing power.
51/100
히타치: 심층 분석
히타치는 일본의 종합 전기·기계 챔피언으로, 이제 그리드 에너지, 디지털(Lumada), 철도 모빌리티라는 세 엔진 위에 세워진 인프라 플랫폼으로 재편되었다. FY2025 그룹 매출은 10.59조 엔에 이르고 조정 EBITA 마진은 사상 최고치인 12.4%를 기록했으며, 에너지 수주잔고는 약 10조 엔, 데이터센터 수주는 전년 대비 150% 넘게 늘었다. 등급은 보유: 성장 변곡은 확인되었으나 현재 주가는 내재가치 대비 거의 중립 수준에 있어 뚜렷한 안전마진이 없다.
48/100
GitLab Deep Research
GitLab is an integrated DevSecOps platform that brings code hosting, CI/CD, security, and compliance into a single subscription. FY2026 revenue reached $955 million, up 26% year over year, but FY2027 guidance slowed sharply to 16%-17%, net dollar retention fell from 130% to 117%, and the forward EV/Sales multiple is about 3x. Rating Hold: the platform logic is intact, but slower seat expansion and an unproven second growth curve cap the valuation.
46/100
63Buffett
Yageo Corporation Deep-Dive Research
Yageo is a high-end passive components and sensor platform built through acquisition-led integration, with products spanning MLCCs, tantalum capacitors, and chip resistors. Its Q1 2026 gross margin rose to 38.1% and net profit attributable to the parent reached NT$8.001 billion, up 44.7% year over year, but the current NT$855 share price implies a trailing P/E of about 67x and leaves almost no margin of safety. Report rating Hold: the platform strategy and AI high-end component thesis are credible, but the current price already reflects a neutral-to-optimistic scenario.
47/100
UBTech Robotics Deep-Dive Research
UBTech is China’s first listed humanoid-robotics company, with its core business shifting from education service robots to industrial humanoid robot bodies. In 2025, humanoid-robot revenue reached RMB 821 million, accounting for 41.1% of revenue, while sales surged 2203.7% to 1,079 units and became the company’s largest revenue source for the first time, although it still posted a full-year net loss of RMB 790 million and trades at 23.4x sales. Research rating Hold: commercialization has crossed from zero to one, but the share price has already priced in a large part of the 2027 expansion case.
51/100
32Buffett
Kuaishou Technology: A Deep Dive
Kuaishou is China's second-largest short-video platform, monetizing through advertising, e-commerce, and live streaming, while betting on Kling AI video as a second growth curve. In 2025 adjusted net profit reached 20.65 billion RMB on a P/E of roughly 9.9x, yet Q1 net margin fell from 14.0% to 10.0% even as Kling's single-quarter revenue topped 650 million RMB and grew over 300%. Rating Cautious Buy: the core business is cheaply valued with solid cash flow, and the Kling option is not yet fully priced in.
47/100
GDS Holdings Deep-Dive Research
GDS Holdings is China's leading carrier-neutral third-party data center operator, packaging power, cooling, and operations into long-term capacity leases across domestic facilities and its overseas DayOne interest. Normalized Q1 2026 revenue grew only 7.9%, while RMB 2.137 billion of RMB 2.652 billion in net income came from DayOne gains and net leverage was about 4.7x. Research rating Hold: AI orders are accelerating and the capital recycling loop is opening, but leverage and execution leave the margin of safety too thin.
47/100
66Buffett
Envicool 심층 리서치
Envicool은 데이터센터와 에너지저장 열제어, 액랭 부품, 룸 단위 솔루션을 제공하는 중국 현지 풀체인 액랭 시스템 공급업체다. 2025년 매출은 RMB 60.68억으로 전년 대비 32.23% 증가했지만, 지배주주 귀속 순이익은 15.30% 증가에 그쳤고 영업활동 현금흐름 RMB 1.57억은 순이익 RMB 5.22억을 크게 밑돌았으며 정적 P/E는 약 161배였다. 리서치 등급은 관찰: 액랭 수요는 가시적이지만 현금흐름과 밸류에이션 모두 안전마진을 제공하지 못한다.
34/100
키오시아 홀딩스: 심층 분석
키오시아 홀딩스는 도시바에서 분사한 NAND/SSD 메모리 제조사로 샌디스크와 깊이 공동 생산하며, 일본 시장에서 보기 드문 순수 스토리지 플러스 AI 추론 플레이 중 하나다. FY2026 매출은 2.34조 엔으로 급증하며 이익이 폭발했으나, 같은 날 시가총액 약 44.36조 엔은 TTM P/E를 79배 가까이 함의하고, 이익 정점은 출하량이 아니라 주로 ASP 급등에 기대고 있어 현재 주가는 낙관적 밸류에이션 상단마저 넘어선다. 평가 회피: 운영 회복은 실제이지만, 주가는 AI와 탈순환화를 지나치게 일찍 반영했다.
45/100
83Buffett
Accton Technology 심층 리서치
Accton Technology는 클라우드 벤더와 AI 데이터센터를 위한 화이트박스 이더넷 스위치 ODM으로, 오픈 네트워킹과 OCP에 깊은 기반을 두고 있다. 2025년 매출은 2483억 TWD로 급증했고 2026년 Q1 매출도 전년 대비 64% 증가했으며 영업이익률은 14.3%로 개선됐지만, 현재 약 44x의 TTM P/E, 미주 매출 비중 81%, Q1 재고의 전분기 대비 67% 급증은 밸류에이션이 이미 상당한 성장을 앞당겨 반영했음을 보여준다. 리서치 등급은 보유: AI 네트워킹 펀더멘털은 매우 강하지만 현재 주가는 고성장과 리레이팅을 이미 반영해 안전마진이 없다.
U.S. Market Daily Close｜2026-06-12
U.S. equities closed higher on a sharp drop in oil, SpaceX's first-day listing, and improving breadth, but rates and the pressure on software AI monetization still capped any chase higher. Money rotated risk-on without indiscriminately bidding up tech: Adobe fell on AI monetization concerns and a CFO departure, while the chip chain held up on AMD and Nvidia's China Vera CPU news. Rating Watch: a one-day risk-appetite repair driven by oil and a single IPO needs breadth, rates, and energy prices to confirm before it becomes a trend, so track cleaner cash-flow names over the AI narrative chase.