The Point for Asia Pacific

研报英文原文证据摘录

The Point for Asia Pacific

to attain notably less wallet share than JP/KR/TW comps for GB200 architecture

but they set to win more share for GB300 / Vera Rubin thanks to their technology

curve upgrade, fast response time to ever-changing NVDA architecture and

commitment for capacity build. This should lead to earnings upside for China plays

in our coverage. Besides AI-Infra, other verticals like embodied AI, factory

automation, excavators also had a more upbeat outlook. By contrast, property and

FAI verticals remain muted. We reaffirm our view KBL > Han’s Laser > Shengyi in

AI-Infra chain, and Hengli > Leader Drive > UBTech in Embodied AI chain. Sell-

rated on CRRC, Dingli, Topband, Oppein, Heli, Envicool.

Eric Lau

JX Advanced Metals (5016.T) - Reportedly increasing InP substrate production

capacity by up to 10x (Nikkei)

The Nikkei reported on June 15 that JXAM is set for a ten-fold expansion in InP

substrate production capacity. According to the article, the firm is poised to invest

¥120bn through FY3/31 and raise production capacity 7x-10x compared to FY3/26

levels. The firm expects an attendant OP contribution of several hundred billion

yen in FY3/31. JXAM has already announced InP substrate capacity expansions in

July 2025, October 2025, and February 2026 (total related capex c¥25bn, with a

three-fold increase in production capacity versus FY3/26 levels). If the Nikkei

report is accurate, this would be the firm's fourth capacity expansion decision

within the past year. The aforementioned ¥120bn capex and 7x-10x production

capacity appear to be cumulative figures for all four expansions.

Yuta Nishiyama

Country Top Calls

Mengniu (2319.HK) - London NDR takeaways; 1H26E sales growth likely above

FY26 guidance