Key takeaways:
Why do cosmetics go overseas? There is a broader market demand overseasAt present, the global cosmetics market is still maintaining rapid development, of which skin care and makeup are still the main categories of cosmetics, and the skin care market is expected to reach 216.1 billion US dollars in 2026, and the color cosmetics market is expected to reach 93.3 billion US dollars. Among the various markets, the Southeast Asian market has layout value. The export value of domestic cosmetics showed a stable and continuous upward trend. The domestic export market has entered a stage of steady growth, and major domestic brands are actively seeking brands to go overseas through cross-border e-commerce, offline channels and other ways. In 2023, China's exports of beauty, cosmetics and toiletries will reach 650.6 billion US dollars, with a 4-year CAGR of 1891%；China's exports of beauty cosmetics and toiletries reached 11030,000 tons, with a 4-year CAGR of 623%。Stone of Other Mountains:From the perspective of overseas experience, going overseas is the only way for the development of leading enterprises. Domestic successful experience:Most of the domestic overseas exports are concentrated in the field of makeup, and are dominated by cutting-edge brands.
China's beauty advantages:The domestic beauty industry chain is complete and has a short development cycle. Domestic beauty has a complete industrial chain, which can save a long time compared with overseas brands in terms of formula debugging, inspection process, trial production plan and other aspects, because it is easier to meet the changing needs of consumers. All kinds of domestic ingredients are expected to be exported to overseas markets, providing a new direction for development. With the continuous progress of scientific research and technology, domestic beauty enterprises have continuously improved their production technology with overseas big brands and OEM. In recent years, the core ingredients of domestic cosmetics have been continuously improved, such as Bethany's purslane and arbutin, which are excavated according to Yunnan; Proya's hexapeptide and A alcohol are benchmarked against international brands. Compared with overseas brands, domestic products are more cost-effective. Compared with overseas brands, domestic beauty brands** are lower, so it is easier to adapt to the needs of local consumers when targeting countries in Southeast Asia.
How to get out? Each brand needs to develop an overseas expansion path suitable for its own development according to its own brand positioning and main target region. You can take advantage of the current overseas online, offline and independent station platform development, among which the rapid rise of TikTok live broadcast and short ** platform may become a new trend, and various KOL promotion can promote the rapid development of the brand. Establish their own brand image and adhere to brand positioning. A brand's own positioning will become the cornerstone of consumers' brand awareness, and at the same time, the Chinese culture and different characteristics carried by the brand will also become the driving force for the sustainable development of the brand. Localized consumer demand is the core of a brand's steady development overseas. Brands need to tailor their products to different consumer needs.
Key takeaways:
In the early morning of February 16, 2024, OpenAI officially released the Wensheng ** model SORA. Users only need to enter text commands, and SORA can quickly generate 60s** content while understanding and simulating the real world. Wensheng's ** large model evolves and iterates, and 2024 will welcome the ** year of AI. In 2023, dozens of Wensheng ** large models will be born, and the number of global users will exceed one million, but most of the ** models are still in the early stage of products. In 2024, major companies will accelerate the pace of research and development of Wensheng's ** model. From the creative side, most of the models that have been released in the market are from startups and small technology development teams, including Runaway, Pika, etc., and have shown considerable completion results and business models. It is expected that with the release of products from major technology manufacturers, the follow-up related product ecology will continue to prosper.
SORA's impact on media applications: amplify the value of film and television IP, reduce advertising costs, and generate game scenes. 1) SORA + Film & TV:It is expected to significantly reduce the production threshold and cost, and greatly enrich the creativity and style of film and television works. The emergence of SORA will reshape the film and television industry, and it is expected that companies with core directors or creative talents, as well as IP resources, will benefit more. 2) SORA + Marketing:It is expected that SORA will improve the efficiency of advertising-related creation, provide inspiration, enhance the attractiveness of advertising, and is expected to partially replace low-creative, replicable content, and at the same time, it can also generate customized content in large quantities at low cost and improve customer conversion and retention. 3) SORA+ GAMES:The game is also a manifestation of the virtual world, and Sora's understanding and simulation of the physical world can be highly adapted to the development of game scenes, and Sora can help create characters or backstories and reduce development costs.
Key takeaways:
1.Sensors: The basis for humanoid robots to perceive the internal and external environment, it is expected that after industrialization matures, it will account for about 22% of the total BOM cost of humanoid robots. The humanoid robot mainly includes four core technology modules: environmental perception module, intelligent AI chip module, motion control module, and operating system module. Among them, the environment perception module is mainly composed of sensors responsible for data acquisition and environmental cognition. According to Musk's release on January 16, 2024, Optimus has been able to fold clothes on the desktop, and as the target application scenarios of humanoid robots expand from industrial scenarios to home scenarios, higher requirements are put forward for the humanoid robot sensor system.
2.Market size:Torque sensors, vision sensors, and inertial navigation have a wide range of application scenarios, and tactile sensors are still in the early stage of development. At present, the global market size of torque sensors, flexible tactile sensors, vision sensors, and inertial navigation IMUs is 100 million yuan, and it is expected that the incremental market space in the field of humanoid robots will reach 100 million yuan by 2030.
3.Competitive Landscape:At present, the sensors in the field of humanoid robots are mainly overseas manufacturers, and domestic enterprises started late, which is expected to take advantage of the trend of humanoid robots industry to overtake.
Key takeaways:
1.Company Profile & Business Overview. Founded in 1984 and started with financial leasing business, Universal Medical is a state-owned state-owned listed company with health care as its main business, and in 2017, it took advantage of the divestiture reform of state-owned medical institutions to realize the successful transformation into a "health care service enterprise integrating industry and finance". In terms of shareholder background, the company's largest shareholder is General Technology Group, and Global Medical has ranked first in the group in net profit for four consecutive years. In terms of business development, the company is based on traditional finance and consulting business to provide stable and sufficient cash flow. The hospital group business has driven revenue growth in recent years, and as of 23H1, the proportion of hospital group revenue has increased to 55%.
2.Finance & Consulting. On the asset side, the company's asset scale grew steadily and the quality was excellent, with a CAGR of 11.1 net interest-bearing assets in 19-23H101%, the non-performing asset ratio has remained below 1% all year round, and the average yield of interest-bearing assets has decreased due to the intensification of competition in recent years, but it is still firm above 7%. On the liability side, the average cost ratio of debt in 23H1 increased to 4 due to the global interest rate environment33%。Looking ahead, under the downward trend of domestic interest rates, the interest rate of the company's last two corporate bonds is25%, and the overall cost ratio is expected to decline in '24.
3.Hospital Group Business. In terms of comprehensive medical business: in terms of volume, as of 23H1, the company has 64 medical institutions, 160,000 beds, 9 projects under construction with a total of 4,000+ beds, of which 8 projects will open in 23 or 24. In terms of price, the annualized single-bed revenue CAGR of 20-23H1 companies is 1054%, reflecting excellent operational capabilities. From a policy point of view, the "Work Plan for Supporting the High-quality Development of Medical Institutions of State-owned Enterprises" was released in February 23, which is conducive to the company giving full play to the advantages of group operation.
Key takeaways:
The global AI computing power hub, AI demand drives strong growth. On the hardware side, NVIDIA has formed a product portfolio of "GPU + CPU + DPU", becoming the king of computing power in multiple tracks such as vertical and horizontal data centers, game graphics cards, professional visualization, and autonomous driving. In the data center track, Nvidia's shipments will account for about 60-70% of the AI chip market in 2023. In the gaming graphics card track, Nvidia accounts for more than 80% of the shipments of consumer-grade discrete graphics cards. On the software side, we believe that DGX Cloud is expected to be the second growth curve of NVIDIA's data center business in the long run.
The surge in demand for AI computing power has led to strong revenue and profit performance of NVIDIA. FY2024Q3 Nvidia's revenue was 181$20, YOY +206%, of which data center, gaming, professional visualization, and autonomous driving are 145 29 4 300 million US dollars, YOY +279% +81% +108% 4%. In the fiscal third quarter of 2024, the company's non-GAAP net profit was approximately $10 billion, and the non-GAAP net profit margin reached 55%. Demand: How long can the demand for AI computing power last? The sustainability of NVIDIA's data center performance comes from the sustainability of AI computing power demand. 1) On the training side, more countries and enterprises will enter the AI arms war, and the amount of parameter data of the model will also be larger. 2) On the inference side, the gradual implementation of AI on the device side and the breakthrough of AI applications in more technology and manufacturing fields have brought stronger demand for inference computing power. We roughly calculate: 1) Training side: Based on assumptions, by 2030, the world will need the same amount of computing power equivalent to 20 million H100. 2) Reasoning: Based on the assumption, the cumulative global demand by 2030 is equivalent to more than 11.6 billion A30 sheets of the same amount of computing power.
Supply:The faucet faces the spoiler. There are also competitors for AI chip supply: 1) Data center GPU novices such as AMD and Intel. 2) Google TPU, Microsoft Athena and other cloud vendors self-developed chips. NVIDIA has also made full preparations for the challenges from competitors: 1) In terms of software and hardware products, the company continues to iterate new products in hardware products and continue to maintain its advantages in software architecture. Nvidia expects to release the Hopper architecture H200 in 2024 and is also expected to release its next-generation GPU, the Blackwell B100, ahead of schedule. The number of CUDA architecture developers and the number of developers is also increasing. 2) In terms of upstream and downstream ecology, on the one hand, NVIDIA binds the computing power needs of downstream enterprises through investment and equity participation, and on the other hand, locks in upstream production capacity through tens of billions of US dollars in procurement commitments.
Key takeaways:
The company released a 2023 performance forecast, and it is expected that the operating income in 2023 will be 67-700 million yuan, down 35% to 37% year-on-year; Net profit attributable to the parent company 226-2.7.6 billion yuan, down 47 percent year-on-year5% to 57%; Net profit not attributable to parent company 225-2.7.5 billion yuan, a year-on-year decrease of 455% to 554%。Converted to the median value of Q4 operating income of 16.7 billion yuan, down 42% year-on-year; The median net profit attributable to the parent company was 05.4 billion yuan, a year-on-year decrease of 625%；The median net profit of non-attributable to the parent company was 05.8 billion yuan, down 58% year-on-year.
The low prosperity of semiconductors dragged down performance. Since 2022, the semiconductor boom has declined and remained low, and the company's orders have been greatly affected, especially the decline in orders for the traditional product simulation testing machine 8200, and the slowdown in customer acceptance under the superimposed low prosperity, resulting in a sharp decline in revenue and net profit in 2023.
The proportion of new products has increased, and the SOC testing machine platform has intensive communication with customers. Accelerate overseas expansion. The company attaches great importance to overseas markets for a long time and firmly promotes overseas development strategies. The company has increased the recruitment and training of overseas service personnel and technical support personnel, and accelerated the construction of a global sales network. At present, the company has set up wholly-owned subsidiaries in the United States and Southeast Asia, and employs local employees for market development and customer service. In order to ensure the stability of the equipment and better provide localized services for overseas customers, the company is also actively implementing the construction of overseas production centers in Malaysia. The overseas layout will provide strong support for the subsequent overseas market expansion. Since the beginning of this year, the company has also been actively visiting overseas customers, continuing to increase overseas expansion efforts, and overseas customers continue to increase. The economy is expected to reverse, the guidance of large manufacturers is optimistic, and orders are expected to recover.