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52페이지 중 20페이지 · 리포트 1235건
45/100
Toyota Motor Deep Dive: The World's Largest Automaker, With Hybrid Vehicles and Financial Services as Its Profit Base
Toyota is the world's largest automaker, earning profits from vehicle manufacturing and financial services, with FY2026 revenue of JPY 50.68 trillion and becoming the first company in Japanese corporate history to cross JPY 50 trillion in revenue. Operating profit in the same year fell 21.5% year over year to JPY 3.766 trillion, while North America generated JPY 21.08 trillion in revenue but only JPY 73.6 billion in operating profit, with full-year tariff drag of about JPY 1.4 trillion. Rating Hold: hybrid cash flow is resilient, but North American tariffs and BEV catch-up make rerating a slow variable.
38/100
Fortrea Deep Dive: Global Clinical CRO Repair After the Labcorp Spin-Off
Fortrea is a global CRO spun out of Labcorp in 2023, focused on Phase II-IV clinical operations and clinical pharmacology, with 2025 revenue of $2.723 billion. Its book-to-bill has stayed above 1.1x for three consecutive quarters, but the midpoint of 2026 revenue guidance still implies a decline and gross debt is about 5.6x adjusted EBITDA. Research rating Watch: early order recovery is visible, while revenue decline and high leverage have not yet been resolved.
59/100
Atlassian 심층 분석: Jira를 중심으로 한 협업·개발 소프트웨어 플랫폼
Atlassian은 Jira와 Confluence를 중심으로 구축된 협업·개발 소프트웨어 구독 기업으로, FY2025 매출은 52.15억 달러이며 Cloud가 약 3분의 2를 차지한다. FY2026 Q3 매출은 전년 대비 32% 성장했으나 그중 약 5000만 달러는 Data Center 종료에 따른 매출 인식 선반영분이며, 주식보상비용은 여전히 영업이익률을 25%포인트나 갉아먹는다. 보유 등급: Cloud와 ITSM 모멘텀은 여전히 강하지만, 선반영 인식과 AI가 좌석 기반 과금 모델에 던지는 시험은 아직 해소되지 않았다.
47/100
Certara Deep Dive: A Biosimulation Software and Services Platform Embedded in Regulatory Workflows
Certara is a biosimulation software and regulatory-science services provider whose software is used by 20 global regulatory agencies and helps drug developers shorten R&D and approval pathways through modeling and simulation. Software revenue grew nearly 18% year over year in 2025, but the larger services business saw revenue fall 4% and bookings decline 14% in Q1 2026, while full-year core growth guidance is only 0%–4%. Research rating Watch: the software moat remains intact, but the services drag and restructuring execution still need quarterly proof.
52/100
56Buffett
WuXi Biologics Deep Dive: A Biologics CRDMO Where Manufacturing Delivery Runs Ahead While Valuation Is Held Back by a Geopolitical Discount
WuXi Biologics is a global biologics CRDMO platform that uses a win-the-molecule model to carry early-stage programs all the way to late-stage commercial manufacturing, converting them into sticky back-end revenue. 2025 revenue reached RMB 21.79 billion, up 16.7% year on year, with back-end manufacturing already at 43.4% of revenue; yet 58.1% of revenue comes from North America, and the valuation is pinned at roughly 22x trailing earnings by a BIOSECURE-driven geopolitical discount. Rating Hold: manufacturing delivery is proven, but listing risk is not yet resolved and the margin of safety remains thin.
51/100
RoboSense Deep Dive: A LiDAR Supplier Powered by the Twin Engines of Automotive and Robotics
RoboSense is a LiDAR supplier driven by the twin engines of automotive ADAS and robotics, using in-house chips to cut costs and scale up volume. In 2025 it posted revenue of 1.941 billion yuan and lifted gross margin to 26.5%, turning its first-ever quarterly profit in Q4; in Q1 2026 gross margin slipped back to 21.7% and it lost another 63.32 million yuan, so the scale inflection has arrived but the profit inflection is not yet proven. Rating Watch: robotics volume is materializing, but durable profitability still needs validating, and the current price sits above the ideal buy zone of HKD 19 to 23.
47/100
MongoDB Deep Dive: A Document Database Platform Centered on Atlas
MongoDB is a document database platform centered on its Atlas cloud service, which accounted for 75% of FY2026 revenue. Atlas growth has held near 29% over the past four quarters, but GAAP profitability remains negative, stock-based compensation is a heavy dilution drag, and the Postgres ecosystem is competing for default developer mindshare. Research rating Hold: a forward EV/Sales multiple of roughly 8.7x already reflects most of the growth case, leaving too little margin of safety.
37/100
ICON plc In-Depth Research
ICON plc (ICLR) is one of the world's leading clinical research outsourcing providers, or CROs. The 2026 accounting restatement confirmed control failures and a one-time $3.9 billion backlog reduction, yet 2025 free cash flow still reached $862 million, putting the company into a valuation reset under a governance discount. Report rating Hold: the valuation already reflects part of the bad news, but governance repair is not yet strong enough to support a Buy rating, with an ideal buy zone of $108 to $116.
37/100
Wolfspeed Deep Dive: A vertically integrated silicon carbide pure play with scarce assets, but margins and per-share value are still underwater
Wolfspeed is a U.S.-based vertically integrated silicon carbide power semiconductor pure play that relisted after completing its Chapter 11 restructuring in September 2025. The roughly 70% debt reduction solved the interest burden, but not the margin problem: FY2026 Q3 gross margin was -27%, operating cash flow remains negative, and convertibles plus warrants leave further dilution risk. Research rating Watch: scarce assets, but margins and per-share value are still underwater.
51/100
KEYENCE: In-Depth Research
Keyence is a Japanese industrial-automation supplier driven by a fabless, direct-sales model and a high cadence of new products, centered on FA sensors, machine vision, and measurement instruments. FY2026 revenue rose 10.4% year over year with a 51% operating margin and continued overseas expansion, yet at the current price of 72,260 yen the trailing P/E is about 39.4x and the owner-earnings yield has fallen below the Japanese 10-year government bond. Rating Hold: business quality is top-tier, but the current price already largely reflects that quality and growth.
47/100
47Buffett
Wistron Corporation Deep Dive: From Notebook ODM to Core Executor in NVIDIA's AI Server Manufacturing Chain
Wistron Corporation has transformed from a notebook ODM into a manufacturer of NVIDIA AI server compute boards and racks, while holding a 40.13% stake in Wiwynn. Revenue doubled in 2025 to TWD 2.1865 trillion and AI revenue reached 79%, but gross margin fell to 6.1% and operating cash flow turned sharply negative. Report Rating Hold: the transformation has already been priced in, while cash flow and margins do not support a more aggressive premium; the ideal buy range is TWD 105 to 120.
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.