Personal notes on China broker reports, not the reports themselves. Core thesis, key data, independent views.
Notes
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.
Notes
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.
Notes
BYD's 1H26 revenue fell 7%, but Zheshang sees a flash-charge-driven turnaround. We read between the lines: ASP recovery and overseas localization are real, but FX losses of RMB 4.7bn and surging notes payable deserve equal attention.