HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Suzhou Calmcar Electronics Technology / Equity Capital Markets

Suzhou Calmcar Electronics Technology (CALMCAR HK)

<ul>
<li>Calmcar’s profit model is based on a light-asset, software-centric business model. It stabilizes performance through high-margin L2 production business, and supports the scale expansion of the high-growth L4 business.</li>
<li>Calmcar’s financial data exposes problems that the market is generally concerned about: continuous losses, negative operating cash flow, and the opposite trend of gross margin when the L4 business expands.</li>
<li>As a leading company, <a href="https://www.smartkarma.com/entities/horizon-robotics-class-b" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics </a>has a better profit and cash flow situation than Calmcar, and therefore deserves a higher premium. So, Calmcar’s valuation would be lower than peer.</li>
</ul>


Calmcar’s profit model is based on a light-asset, software-centric business model. It stabilizes performance through high-margin L2 production business, and supports the scale expansion of the high-growth L4 business.
Calmcar’s financial data exposes problems that the market is generally concerned about: continuous losses, negative operating cash flow, and the opposite trend of gross margin when the L4 business expands.
As a leading company, Horizon Robotics has a better profit and cash flow situation than Calmcar, and therefore deserves a higher premium. So, Calmcar’s valuation would be lower than peer.


Pre-IPO Suzhou Calmcar Electronics Technology - High Valuation Is Not Convincing

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Byzantine Billing System Holds Back Chinese Hospitals’ Embrace of Private Insurance</li><li>Beijing Exchange’s IPO Frenzy Spurs Arbitrage and Regulatory Tightening</li><li>IMF Raises China Growth Forecast, Urges ‘More Forceful’ Property-Sector Intervention</li></ul>

In Depth: Byzantine Billing System Holds Back Chinese Hospitals’ Embrace of Private InsuranceBeijing Exchange’s IPO Frenzy Spurs Arbitrage and Regulatory TighteningIMF Raises China Growth Forecast, Urges ‘More Forceful’ Property-Sector Intervention

CX Daily: Byzantine Billing Holds Back Hospitals’ Private Insurance Push 

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of HS TECH in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO, SENSETIME, NIO.</li>
</ul>


We analysed the earning revision of component stocks of HS TECH in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO, SENSETIME, NIO.


HS TECH Index Earning Revision (Sep): BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO

<ul>
<li>We analysed the earning revision of component stocks of HSCEI in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN.


HSCEI Index Earning Revision (Sep): ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN

HK/China Equity Long-Short

Osbert Tang, CFA

Thematic (Sector/Industry)

<ul>
<li>Following Trump's threats on tariffs and pull-out of meeting with Xi, the 5% collapse in the HSI futures implies a heavy sell-off in HK when the market reopens.</li>
<li>The stocks with the best YTD performance and significant strengths in the last month are the prime candidates most vulnerable to the initial collapse. </li>
<li>
<a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a>, <a href="https://www.smartkarma.com/entities/kuaishou-technology" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd-d7b798e2-202d-4e01-9a1e-799e2ae8f0c7" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a>, and <a href="https://www.smartkarma.com/entities/hua-hong-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:7201:1" rel="noopener">Hua Hong Semiconductor (1347 HK)</a> are badly exposed.</li>
</ul>


Following Trump's threats on tariffs and pull-out of meeting with Xi, the 5% collapse in the HSI futures implies a heavy sell-off in HK when the market reopens.
The stocks with the best YTD performance and significant strengths in the last month are the prime candidates most vulnerable to the initial collapse. 

Semiconductor Manufacturing International Corp (SMIC) (981 HK), Kuaishou Technology (1024 HK), Alibaba (9988 HK), and Hua Hong Semiconductor (1347 HK) are badly exposed.


China

Horizon Robotics develops artificial intelligence (AI) chips and software platforms for intelligent vehicles, focusing on self-driving cars and advanced driver assistance systems (ADAS). The company offers integrated solutions, including its Journey™ series AI processors and Brain Processing Unit (BPU) architecture. Horizon Robotics is headquartered in Beijing, China, and was founded in 2015.

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Horizon Robotics (9660 HK)

Pre-IPO Suzhou Calmcar Electronics Technology - High Valuation Is Not Convincing

Calmcar's profit model relies on a light-asset, software-centric approach, but faces financial challenges compared to Horizon Robotics who has...

Xinyao (Criss) Wang

CX Daily: Byzantine Billing Holds Back Hospitals’ Private Insurance Push

In Depth: Byzantine Billing System Holds Back Chinese Hospitals’ Embrace of Private Insurance Beijing Exchange’s IPO Frenzy Spurs Arbitrage and...

Caixin Global

HS TECH Index Earning Revision (Sep): BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO

We analyzed HS TECH's consensus for Sep 2026 and highlighted changes of EPS in BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO,...

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Sep): ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN

We analyzed HSCEI's consensus for Sep 2026 and highlighted changes of EPS in ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN.

Ke Yan, CFA, FRM

HK Strategy: Who Will Suffer the Most?

Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Suzhou Calmcar Electronics Technology - High Valuation Is Not Convincing

​Calmcar's profit model relies on a light-asset, software-centric approach, but faces financial challenges compared to Horizon Robotics who has...

Xinyao (Criss) Wang

CX Daily: Byzantine Billing Holds Back Hospitals’ Private Insurance Push

In Depth: Byzantine Billing System Holds Back Chinese Hospitals’ Embrace of Private Insurance Beijing Exchange’s IPO Frenzy Spurs Arbitrage and...

Caixin Global

HS TECH Index Earning Revision (Sep): BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO

We analyzed HS TECH's consensus for Sep 2026 and highlighted changes of EPS in BIDU, TONGCHENG TRAVEL, TRIP.COM, MINIMAX, Kuaishou, LI AUTO,...

Ke Yan, CFA, FRM

HSCEI Index Earning Revision (Sep): ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN

We analyzed HSCEI's consensus for Sep 2026 and highlighted changes of EPS in ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN.

Ke Yan, CFA, FRM

HK Strategy: Who Will Suffer the Most?

​Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...

Osbert Tang, CFA

Calmcar's profit model relies on a light-asset, software-centric approach, but faces financial challenges compared to Horizon Robotics who has...

Trump's tariff threats and market uncertainty lead to a potential heavy sell-off in HK, with top-performing stocks like SMIC, Kuaishou, Alibaba,...