Z世代投资学堂

用最有趣的方式学投资!投资漫画《大赢家》连载中,每日爆更中!

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    • Z世代投资学堂Z世代投资学堂
      ·03-25

      Initial Report(part2): Johnson & Johnson (JNJ), 212.61% 5-yr Potential Upside (EIP, Xinying CHAN)

      3.1 Economic moatGlobal Presence and Strong Brand LoyaltyJNJ has a strong global presence, operating in over 60 countries. The company's renowned brands, including Tylenol, Band-Aid, and Johnson's, are widely recognized and trusted by consumers. This expansive global reach and strength of its brand gives JNJ a competitive edge, establishing a positive reputation and fosters customer loyalty.Innovative Research and Development (R&D) FocusJNJ places significant emphasis on advancing research and development, making substantial investments in pioneering healthcare solutions. This steadfast commitment to R&D empowers the company to introduce cutting-edge products to the market, which gives the company an advantage in the fast evolving healthcare industry.3.2 SWOT analysisInvestment The
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      Initial Report(part2): Johnson & Johnson (JNJ), 212.61% 5-yr Potential Upside (EIP, Xinying CHAN)
    • Z世代投资学堂Z世代投资学堂
      ·03-22

      Initial Report(part2): Palantir Technologies (PLTR), 162% 5-yr Potential Upside (EIP, Kenny CHENG)

      The main goal of any share repurchase program is to deliver a higher share price. This buyback announcement could signify that the board may feel that the company's shares are undervalued, making it a good time to buy them. Meanwhile, the announcement could also be perceived as an expression of confidence by the management. Changing Revenue Mix toward the Commercial Segment In Palantir's most recent quarterly results, the company's government revenue totaled a little under $308 million, which was 23% (compared to 25% in 2021) more than the $251 million in revenue its commercial clients brought in.Customer count grew 34% year-over-year. US commercial customer count grew 37% year-over-year, from 132 customers in Q3 2022 to 181 customers in Q3 2023. Commercial revenue grew 23% year-over-yea
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      Initial Report(part2): Palantir Technologies (PLTR), 162% 5-yr Potential Upside (EIP, Kenny CHENG)
    • Z世代投资学堂Z世代投资学堂
      ·03-21

      Initial Report(part2): AutoZone (NYSE: AZO), 46% 3-yr Potential Upside (EIP, Louis TEE)

      Investment Thesis 1. Defensive positioning amidst unfavourable economic backdrop in 2024 and beyond: The nature of AZO’s demand is countercyclical – as the economic growth weakens, unemployment rises, real disposable wages decline – hence, consumers push back new car purchases during an economic downturn. As a result, used car numbers will increase after a recession which leads to more customers needing repairs and maintenance of their older cars. As seen in the 2008 Great Financial Crisis and the 2020 Covid Pandemic, AZO’s same-store-sales (aka organic sales that are created in existing stores), grew the following years post-recession by high single digits to mid-teens. The Covid Pandemic in 2020 caused new car sales in 2020-2022 to dwindle, making the average age of vehicles in the U
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      Initial Report(part2): AutoZone (NYSE: AZO), 46% 3-yr Potential Upside (EIP, Louis TEE)
    • Z世代投资学堂Z世代投资学堂
      ·03-18

      Initial Report(part2): Sony Group Corporation (SONY), 14.4% 5-yr Potential Upside (VIP SEA, 张嘉育Olivia)

      In the 2023 CIS market rankings, Sony continues to maintain its first position with a market share rebounding to 42%. Samsung secures the second spot with a reduced market share of 19%, and Omnivision Group's market share falls to 11%, approaching pre-pandemic levels. Currently, the global automotive CMOS image sensor market is dominated by three key players: ON Semiconductor, Omnivision Technologies, and Sony, shaping the competitive landscape. Sony has achieved record-breaking revenue in the smart imaging sector, securing the top position with an impressive 55% market share. According to the latest research report released by TechInsights in 2023, the smartphone image sensor market has experienced slight growth, surpassing a total revenue of over $14 billion. This indicates a continue
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      Initial Report(part2): Sony Group Corporation (SONY), 14.4% 5-yr Potential Upside (VIP SEA, 张嘉育Olivia)
    • Z世代投资学堂Z世代投资学堂
      ·03-18

      Initial Report(part1): Sony Group Corporation (SONY), 14.4% 5-yr Potential Upside (VIP SEA, 张嘉育Olivia)

      1 Company Overview Sony is a technology company with operations spanning various sectors, including gaming, electronics, entertainment, and finance. In 1946, Masaru Ibuka and Akio Morita founded the precursor to Sony in a post-war department store. In 1955, the company introduced Japan's first transistor radio. In 1968, Sony developed Trinitron technology, leading to the introduction of color televisions on the market. In 1979, Sony launched the first portable cassette player, the Walkman. In 1983, Sony developed CD technology. In 1989, Sony acquired the American record company Columbia Records for $6 billion. In 1991, Sony integrated lithium-ion battery technology, leading to the development of commercial lithium-ion batteries. In 1994, Sony introduced the PlayStation gaming console. In
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      Initial Report(part1): Sony Group Corporation (SONY), 14.4% 5-yr Potential Upside (VIP SEA, 张嘉育Olivia)
    • Z世代投资学堂Z世代投资学堂
      ·02-12

      Initial Report(part2): Haidilao International Holding Ltd.(HKSE), 42.7% 1-yr Potential Upside (EIP, Jayme YAK)

      2) Popmart has established a strong economic moat by actively seeking out global artists and securing intellectual property rights. This strategic move allows Popmart to develop its own unique toys and go beyond the production of toys solely derived from existing television series, establishing a distinctive brand presence. The company's in-house design team collaborates with artists to refine designs in alignment with the distinctive style of the intellectual property figures and incorporates valuable input from consumer feedback, enhancing the attractiveness of their products. This approach allows artists to concentrate on the creative design aspect while Popmart handles the commercialization process. A pivotal moment in Popmart's expansion was founder Wang Ning's visit to Kenny, the art
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      Initial Report(part2): Haidilao International Holding Ltd.(HKSE), 42.7% 1-yr Potential Upside (EIP, Jayme YAK)
    • Z世代投资学堂Z世代投资学堂
      ·01-25

      Initial Report(part1): Futu Holdings Ltd. (FUTU.O), 95.78% 5-yr Potential Upside (VIP GC, Billy ZHANG)

      Template_Initial Memo 副本 Company Overview Futu Holdings Limited is an internet brokerage company providing investors with US and Hong Kong stock trading services, with a one-stop financial trading platform, Futu Niu Niu, which supports A-shares, Hong Kong stocks, and US stocks, covering PC, MAC, iOS, and Android.It primarily serves the newly affluent Chinese population seeking a plethora of opportunities to facilitate the once-in-a-lifetime transformation of the wealth management industry and to build a broader digital portal for a wider range of financial services. In Part 1, this article will explore two questions (1) What does Futu's revenue consist of? (2) How and why total and segmented revenues have changed in recent years. Five stages of Futu growth With reference to the table a
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      Initial Report(part1): Futu Holdings Ltd. (FUTU.O), 95.78% 5-yr Potential Upside (VIP GC, Billy ZHANG)
    • Z世代投资学堂Z世代投资学堂
      ·01-24

      Initial Report: Shenzhen Mindray (SZSE:300760), 53% 5-yr Potential Upside (EIP, 沈佳扬)

      Why did the share price fall? The Anhui province local government used a volume-based procurement (“VBP”) to purchase chemiluminescence immunoassay (“CLLA”) in 2021. This means that the ASP would reduce, causing expected margins to decline. This triggered a selloff in share price. But the impacts were temporary or if not negligible as the factory prices were unaffected. In fact, margins and revenue size have grown since then. Thus, there may be some mispricing exist. Business model: Shenzhen Mindray (“SM”) is engaged in the R&D, manufacturing, and marketing of medical devices and relevant services. It has three major business segments: (1) Patient Monitoring & Life Support (2) In-Vitro Diagnostics (3) Medical Imaging. Their key focus has established their presence among new high-e
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      Initial Report: Shenzhen Mindray (SZSE:300760), 53% 5-yr Potential Upside (EIP, 沈佳扬)
    • Z世代投资学堂Z世代投资学堂
      ·2023-11-05

      初始报告:中国移动(600941.SH),52%的5年潜力增长(VIP GC,谢宇迪)

      中国移动 一、基本概况 中国移动是全球领先的通信及信息服务企业,致力于为个人、家庭、政企、新兴市场提供全方位的通信及信息服务,是我国信息通信产业发展壮大的科技引领者和创新推动者。二十余年来,公司持续推进信息技术突破与应用,推动我国信息通信产业实现了“2G跟随、3G突破、4G同步、5G引领”的跨越式发展,建成了惠及全球五分之一人口的高速、移动、安全、泛在信息基础设施,一直以来,公司持续推进转型升级和创新发展,在语音、数据、宽带、专线、IDC、云计算、物联网等业务基础上,积极开拓数字经济新蓝海,不断推出超高清视频、视频彩铃、和彩云、移动认证、权益超市等个人数字内容与应用,拓展娱乐、教育、养老、安防等多样化智慧家庭运营服务,引领智慧城市、工业、交通、医疗等产业互联网DICT解决方案示范项目落地。进入5G时代,公司积极筑牢“新基建”根基,夯实千行百业数智化转型的关键基础;加速“新要素”运用,推动信息技术和数据的汇聚应用,为经济增长注入强劲动力;促进“新业态”繁荣,丰富拓展数字生活、生产、治理的信息服务,打造经济社会民生数智化转型升级的创新引擎。     二、投资要点 a)    C端业务文件,5G千兆网带来ARPU提升,5G套餐渗透率63%,仍有较大空间,同时云计算等B端业务快速成长,业绩贡献度不断提升。 b)    中国特色估值体系重构,产业数字化价值显现,近期有海外云服务禁止中国使用的新闻,看好国内移动云市场份额突破。 c)    优化资本开始,提前布局算力网络,铺垫AI算力基础,云网一体化优势显著。 d)    产业投资有望可以往产业链上下游拓展,将移动产业生态圈不断完善,打来进一步的协同效应。   三、估值分析
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      初始报告:中国移动(600941.SH),52%的5年潜力增长(VIP GC,谢宇迪)
    • Z世代投资学堂Z世代投资学堂
      ·2023-11-04

      初始报告:爱美客(XSHE:300896)15%的5年潜力增长(VIP GC,叶政)

      投资建议:买入(目标价为低于359.55元) 轻医美行业发展空间巨大,中国市场处于早期阶段 爱美客具备医美行业的护城河(先发优势;技术专利积累) 当前价格处于历史平均低点,且爱美客近期回购股权 公司概述 爱美客于2004年成立,一家从事生物医用材料研发、生产和销售的企业,是中国最早开展医疗美容生物医用材料自主研发的企业。爱美客在多款不同产品都扮演着先领者的角色(参考下表)如今,按销量计已成为中国最大的玻尿酸产品制造商。2020年市场份额为27.2%,按销售额计公司2020年市场份额为14.3%,在中国所有玻尿酸产品制造商中排名第一、在全球制造商中排名第三。 持股平台高度激励员工 爱美客的高管及核心技术人员专业背景多元,行业积累深厚。同时,公司内建立了员工持股平台,以最大程度上激发员工的工作积极性。 产品线 爱美客在打造自家产品方面主要采用“ 差异化 + 多品类” 的战略。目前爱美客拥有七款获得三类医疗器械认证的产品:五款基于透明质酸的皮肤填充剂、童颜针、PPDO面部埋植线产品。爱美客的产品线主要可以分为溶液类、凝胶类和理植类三种,其中爱美客专注于做注射类玻尿酸产品,并逐步拓展其他类业务 行业分析 轻医美行业特点 轻医美行业的技术、资质和认证壁垒较高,因此新进入的企业很难在短期形成规模效应,由此决定了拥有先发优势的企业能够避免新进入者的干扰。 医美行业发展 中国的医疗美容服务市场增速高于全球水平,2016年至2020年的CAGR为18.9%,而同时期全球的CAGR为2.2%。尽管如此,从渗透率看,中国市场医美渗透率较其他医美大国(日本、韩国、美国等)仍存在较大的可发展空间。 产业链 医美产业链由上游产品供应、中游服务机构以及下游消费者构成。上游的药剂产品制造商由于具备核心技术与规模优势,议价能力较强,对应毛利率最高。中游服务机构和下游消费者中又存在较为关键的
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      初始报告:爱美客(XSHE:300896)15%的5年潜力增长(VIP GC,叶政)
       
       
       
       

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