리포트 아카이브
전체 리서치
52페이지 중 25페이지 · 리포트 1235건
43/100
Schrödinger (SDGR) Zen Horizon Research Report
Schrödinger is a physics-based computational drug discovery platform built around FEP+, a gold-standard method, with 19 of the world's top 20 pharma companies as software customers and additional upside from internal and partnered pipelines plus repeat equity monetizations. Its current market value is about $1.1 billion, with roughly $300 million of net cash, while the stock is down 86% from its 2021 peak. Research rating Hold: a real platform with a hard moat and cheap parts, but slower software growth and limited near-term catalysts keep the risk-reward balanced.
38/100
65Buffett
Hon Hai Precision (2317.TW) Zen Horizon Deep-Dive Research
The world's largest electronics manufacturing services (EMS) leader is being re-rated as AI servers, including roughly a 40% share in NVL72 racks, lift cloud and networking revenue above iPhone-related revenue for the first time. Yet gross margin is only 6% and net margin 2%, the profit pool sits with Nvidia rather than the assembler, PE-TTM is around 20x at a ten-year high, and the margin of safety is thin. Rating Hold: the ideal buy zone requires a pullback to below roughly TWD 220.
46/100
SiTime (SITM) Zen Horizon Research Report
SiTime is the only scaled MEMS precision-timing player globally, replacing quartz crystal oscillators at the physical-material level with silicon-based oscillators. Its MEMS segment share exceeds 80%, while AI data centers drove Q1'26 revenue up 88% and FY26 guidance to at least 80% growth, though the $3.2 billion acquisition of Renesas's timing business adds leverage, dilution, and integration uncertainty. Research rating Watch: a real moat and real growth, but the current price leaves little margin for error.
36/100
GlobalFoundries (GFS) Zen Horizon Research Report
GlobalFoundries is the only Western pure-play foundry with manufacturing capacity across the United States, Europe, and Singapore, built around RF-SOI, FD-SOI, automotive, power, silicon photonics, and trusted manufacturing. The core thesis is a scarce reshoring and silicon-photonics positioning offset by a mature-node foundry model with only 26% gross margin, far below TSMC's 62%, and cyclical revenue. Research rating Watch: a real strategic asset, but the stock has already moved ahead of Wall Street consensus and fundamental growth.
43/100
73Buffett
Sanhua Intelligent Controls (002050.SHE) Zen Horizon Deep-Dive Research
Sanhua Intelligent Controls is the global leader in refrigeration control components, a new-energy vehicle thermal-management Tier-1 supplier, and an actuator option on humanoid robotics. FY25 revenue reached 31.0 billion yuan, attributable net profit was 4.06 billion yuan (+31%), gross margin was 28.8%, ROE was 15.8%, and the balance sheet was close to net cash. Research rating Watch: a high-quality manufacturer at a demanding price, with too much value already assigned to an unproven robotics option.
37/100
Cognex Zen Horizon Framework Deep Dive: The Eyes of Machine Vision, a Great Business at an Expensive Price
Cognex is the world's second-largest machine-vision leader, with a 68% gross margin, a 24% FCF margin, zero debt, and Q1 revenue reaccelerating by 24%. The core issue is valuation: 76× TTM PE and 44× forward PE sit near the top of its historical range, at a premium to every comparable company, mostly by 2-3×, while the share price has doubled in six months and leaves no margin of safety. Research rating Watch: a high-quality business at an expensive price, with the real entry point around $40-49.
53/100
38Buffett
Credo (CRDO) Zen Horizon Report
The pioneer of the AI data center copper interconnect category (Active Electrical Cable, AEC) and the leader with roughly 75% share. FY2026 revenue tripled to $1.335 billion, with a 68% gross margin, 35% GAAP net margin, $1.4 billion in net cash, and almost no debt—a connectivity picks-and-shovels play that is top tier on both quality and growth. Rating Watch: a superb business bought at a price that has already prepaid years of flawless growth, with tail risks from customer concentration and geopolitics holding it down.
30/100
59Buffett
Amkor (AMKR) Zen Horizon Report
The world's second-largest and the largest U.S.-listed OSAT packaging-and-test house, with advanced packaging (HDFO/2.5D) at roughly 83% of revenue, an AI advanced-packaging portfolio guided to roughly triple in 2026, and Arizona as the only at-scale advanced-packaging capacity on U.S. soil (CHIPS Act subsidy, co-located with TSMC, anchored by Apple and Nvidia). This is a capital-heavy cyclical business running just 14% gross margin and about 6% operating margin, with Apple at roughly 30% of revenue. Rating Watch: a real strategic foothold bought right at the start of a capital-devouring phase, with the market already pricing in zero upside.
36/100
SMIC (0981.HK) Zen Horizon In-Depth Research
China's largest foundry and the only mainland player with advanced-node capability at DUV 7nm, SMIC generated FY25 revenue of USD 9.33 billion with a 21% gross margin, but ROE was only about 3%, free cash flow was about USD -5.2 billion, and profits relied heavily on government subsidies. The core debate is whether strategic indispensability, AI-driven mature-node pricing, and domestic substitution can offset weak returns, heavy capex, and export-control ceilings. Research rating Watch: a strategically important asset, but at the current price the risk-reward is skewed downward.
55/100
Astera Labs (ALAB): A Zen Horizon Report
The purest play on the AI server connectivity bottleneck, spanning four product lines (PCIe/CXL retimers, smart cable modules, CXL memory controllers, and the Scorpio fabric switch) plus the COSMOS software layer. It holds a de facto monopoly in Gen5 retimers, PCIe Gen6 already accounts for one-third of total revenue, FY2025 revenue hit $850 million (+115%), Q1 2026 reached $308 million in a single quarter (+93%), non-GAAP gross margin runs at 76%, GAAP has turned positive, and net cash sits near $1.2 billion. The business is a textbook chokehold. Rating Watch: a first-rate chokehold business priced so richly it leaves no room for any misstep.
46/100
62Buffett
WuXi AppTec Zen Horizon Framework Deep Dive: A Fine Business, a Fair Price, and an Unresolved Geopolitical Catch
WuXi AppTec is the global leader in small-molecule CRDMO, with the highest gross margin among peers and core recurring net profit still up 32.6%. The central thesis is that the business quality remains high, but the H-share price of HKD 125.6 sits only inside a neutral valuation band, lacks a margin of safety, and still carries unresolved BIOSECURE/1260H binary geopolitical risk plus ongoing controlling-shareholder selling. Research rating Watch: a high-quality compounder worth monitoring, but current price and unresolved tail risk do not justify a new-position entry.
42/100
Entegris (ENTG) Zen Horizon Research Report
Entegris is a global leader in semiconductor purification consumables, with about 75% of revenue tied to annuity-like materials consumed as wafers are produced. Its core thesis rests on certified-in filters, CMP slurries, specialty materials and gases, and wafer carriers, with no single product platform above 3% of sales and very high switching costs once qualified into fab processes. Research rating Watch: a high-quality compounder and one of the cleanest AI pick-and-shovel cash-flow stories, but the current price leaves little margin of safety.
45/100
68Buffett
Schneider Electric (SU.PA) Zen Horizon Research Report
Schneider Electric is a global leader in electrical distribution and energy management, with data centers accounting for about 30% of 2025 orders and making it one of the clearest picks-and-shovels suppliers for AI power. FY2025 revenue reached €40.2bn, adjusted EBITA margin was 18.7%, and cash conversion exceeded 100%. Research rating Watch: a first-class compounder already priced near the top of its historical range, where patience for a better entry point matters more than chasing momentum.
49/100
67Buffett
Asia Vital Components: Deep-Dive Research Using the Zen Horizon Framework
Asia Vital Components is the world's largest system thermal solutions manufacturer and a core liquid-cooling supplier for Nvidia AI servers. FY2025 revenue exceeded NT$100 billion with YoY growth of 95%, EPS reached NT$49.17, and Q1'26 EPS hit a record NT$20.17, confirming real acceleration. Report rating Watch: a high-quality AI liquid-cooling leader, but the stock already prices in much of the 2026-2027 upside while short-term momentum has begun to show cracks.
33/100
Redwire: A Long-Term Owner's View — Good Runway, an Unproven Good Company
A space-infrastructure plus defense unmanned-systems platform: demand is real, but commercial quality is unproven, Owner Earnings are still negative, and dilution and internal-control risks run high. At the current 18.62 dollars the stock already sits at the top of an optimistic valuation, leaving no margin of safety. Rating Watch: real demand and option value, but not yet a proven business that compounds cash for common shareholders, and the price has prepaid much of the success.
U.S. Market Close Daily | 2026-06-04
A daily read of where U.S. equities sit after a mixed-but-firm session. The Dow set a record and the S&P edged higher as falling oil and Treasury yields cushioned the tape, while Broadcom's guidance miss capped semiconductors and the Nasdaq. Rating Watch: a record-strong index masks a rotation rather than a broad breakout, so chasing the AI leadership here carries asymmetric risk.
40/100
82Buffett
FII Zen Horizon Research: No. 1 in AI server rack assembly, real earnings acceleration, but a thin business at a rich valuation
FII is the world's largest assembler of Nvidia GB200/GB300 NVL72 rack-scale AI servers, with an estimated 45-48% share. Earnings are genuinely accelerating, with FY25 revenue up 48%, net profit up 52%, and Q1'26 net profit up 102%, but the business remains low-margin contract manufacturing with weak pricing power. Rating Watch: a strong AI compute beta leader, but valuation, governance, and cycle risks leave the risk-reward unattractive at the current price.
41/100
Bruker Zen Horizon Research: A Hidden Champion in Scientific Instruments, but Organic Growth Is Receding and Valuation Has Priced In the Recovery
Bruker is a hidden global champion in high-end scientific analytical instruments, with a near-oligopoly position in NMR. Organic growth has turned negative for consecutive periods, reported growth is being held up by acquisitions and FX, GAAP earnings have swung to a loss, and the profit recovery depends heavily on cost execution after a roughly 70% one-month surge left the current price of $59.97 above the average sell-side target by 16% and forward PE at about 27-28x near the top of peers. Research rating Watch: a high-quality moat business that needs either a confirmed organic inflection or a pullback toward roughly $48 to restore margin of safety.
45/100
Cameco Zen Horizon Research: Western Uranium Champion, but the Price Has Prepaid Too Much for the Nuclear Revival
Cameco is the world's largest publicly listed uranium producer and a pillar of the Western nuclear fuel cycle, squarely exposed to the AI-driven nuclear revival. The business quality is high, but a PE of about 107x, EV/EBITDA of about 50-78x, and third-party fair-value estimates of $47-87 suggest the market has already priced in a great deal while uranium remains highly cyclical. Research rating Watch: wait for a stronger margin of safety, likely around $80.
46/100
Horizon Robotics: A Zen Horizon Framework Deep-Dive
Horizon Robotics is a China leader in automotive intelligent-driving chips, despite the robotics label. Its in-house BPU and Journey-series SoCs have delivered FY2025 revenue of RMB 3.76 billion, 47.7% share in ADAS chips for Chinese domestic brands, and cumulative Journey shipments above 10 million units, but adjusted net loss widened to RMB 2.8 billion, R&D reached 137% of revenue, high-end urban NOA share trails Huawei, and core customers are building in-house chips. Report rating Watch: a real domestic autonomy-chip leader whose profitability path and competitive position still need clearer proof.
49/100
83Buffett
Dassault Systèmes: A Zen Horizon Framework Deep-Dive Research Report
Dassault Systèmes is a global leader in industrial software, built around the 3DEXPERIENCE platform and a virtual-twin portfolio spanning CATIA, SOLIDWORKS, SIMULIA, DELMIA, and Medidata. FY2025 revenue was €6.24 billion (+4% cc), recurring revenue was 82% of software revenue, non-IFRS operating margin was 32%, and the company held net cash, making it a very high-quality subscription software franchise. Rating Watch: a durable compounder whose valuation has de-rated sharply, but whose growth has not yet stabilized enough to create a clear margin of safety.
50/100
81Buffett
Delta Electronics Zen Horizon Framework Deep Dive
Delta Electronics is the global leader in AI data-center power and liquid cooling, a picks-and-shovels power-electronics champion deeply tied to Nvidia. FY2025 revenue reached NT$554.9 billion (+32%), EPS was NT$23.14, gross margin hit a record high, and AI-related products already accounted for about 30% of revenue. Research rating Watch: an outstanding business whose current price has pulled too much future upside into the present.
45/100
Infineon Technologies Zen Horizon Framework Deep-Dive Research
Infineon is the global leader in both power semiconductors and automotive semiconductors, and a core supplier for AI data-center power delivery. FY2025 revenue of €14.66 billion (-2%) and a 17.5% segment result margin mark a cyclical trough, while FY2026 guidance has been raised to 'significant growth.' Rating Watch: a world-class franchise is being repriced ahead of earnings delivery, so the right stance is to track it closely and wait for a margin of safety.
59/100
62Buffett
CATL: Zen Horizon Framework 심층 분석
전기차 구동 배터리와 에너지저장 배터리 양대 부문에서 세계 1위를 차지한 기업이다. FY2025 매출은 4237억 위안, 모회사 귀속 순이익은 722억 위안(+42%), ROE는 약 25%, 순현금은 3335억 위안에 달했으며, 가격 전쟁을 거치는 동안 시장 점유율과 매출총이익률이 모두 역행 상승했다. A주는 약 30%에 가까운 이익 성장에 대해 후행 PER 약 24배, 선행 PER 약 20배에 거래되어 밸류에이션은 싸다기보다 적정한 수준이며, 지정학(1260H/IRA), 산업 과잉 공급, 대주주 매도가 주요 리스크다. 등급은 신중 매수: 적정한 가격에 매겨진 고품질 제조 컴파운더로, 현재 수준에서 추격 매수하기보다 조정 시 분할 매집할 가치가 있다.