CATL (300750.SZ / 03750.HK) — Deep Dive
CATL Deep Dive: Analyzing 2025/1H2026 financials, 40%+ market share, and the FCF tension between expansion/CVC and buybacks.
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Reading Notes: Montage Technology(688008.SH) — Dual Growth in Memory Interconnect & Compute Fabric
Huachuang initiates Montage Tech with Strong Buy. 2025 rev +49.9% to RMB 5.46bn; 1H26E net profit +64–81%. MRDIMM CAGR 148% through 2030 drives the re-rating story. But 76x 2026E P/E leaves little room for execution missteps.
Reading Notes: Zijin Gold International (02259.HK), highly correlated with Zijin Mining (601899.SH)
Zijin Gold International 02259.HK: 1H26 revenue +100% to US$3.99bn, net profit +179% to US$1.45bn on gold strength and mine M&A. But 2027E output flat at 60.3t — all growth deferred to 2028. Margin story depends on cost curve, not volume.
NAURA Technology: Revenue +25%, Operating Cash Flow Turns Positive, But Net Profit Only +5% – Where Did the Money Go?
NAURA 1H26: revenue +25%, operating CF turns positive, but net profit only +5%. The gap isn't weak demand – it's R&D expensing, qualification costs, sales buildout & option amortisation. Unpacking the four prepaid costs. (176 letters)
NAURA Technology (002371.SZ) – Deep Dive
NAURA Technology (002371.SZ): China’s seven‑category front‑end equipment platform. Revenue +25% but R&D caps profit. Gross margin recovery & Core Micro synergy key to 2027E inflection. Base‑case target RMB321.