J.P. Morgan Asia Technology Tracker 12 May 26 All Ring Tech; AP Memory Technology Corp; Kinik; Xiaomi (1810); Hon. Precision and More

研报英文原文证据摘录

J.P. Morgan Asia Technology Tracker 12 May 26 All Ring Tech; AP Memory Technology Corp; Kinik; Xiaomi (1810); Hon. Precision and More

Asia Pacific Equity Research AC Asia Pacific Equity Research

12 May 2026 J P M O R G A N

aprr.publications@jpmorgan.com

expected pace throughout 2026 and into 2027, in our view, driven by the expanding diamond disk revenue

scale. Given TSMC’s accelerating N3 and N2 capacity increase in the next 2-3 years, we think Kinik’s

diamond disk capacity expansion schedule should also be pulled in to meet the stronger demand (JPMe

60k/month in 2H26 and 70k/80k in 2027/28 vs 50k by end-2025). In addition, the order momentum from

other non-TSMC DBU customers is also increasing rapidly, along with Kinik’s share gain potential. Coupled

with the stabilized ABU demand and ongoing new SBU capacity kick-in, we believe Kinik’s near-term

revenue will continue to grow, while long-term earnings growth will be supported by stronger DBU demand

with GM upside. OW.

Xiaomi (1810) (Neutral), China

1Q preview- Smartphone margins likely better, but achieving FY26 EV target now needs a steep

ramp in 2H; Neutral (Gokul Hariharan)

Going into Xiaomi’s 1Q26E earnings, we believe that overall adjusted net income is likely to hold up better

than expected, helped by better smartphone and IoT gross margins, despite a steep decline in YoY revenue

growth for smartphones and the EV segment. Memory cost pressures are likely to continue in 2Q26, with

DRAM and NAND prices likely growing 40-60% QoQ, but Xiaomi is likely to defend its GMs at ~8% range,

through a mix of higher pricing, despeccing and giving up certain segments of the market. We now model

FY26 EPS to decline ~27% YoY, and our estimates are still 12% lower than street consensus, indicating at