Recherche actions · Vision de long terme

La recherche en investissement dans la perspective d'un actionnaire de long terme

Le cadre Zen Horizon qui dissèque la qualité des entreprises, les remparts concurrentiels et la valeur intrinsèque de l'IA, de la technologie et des actions mondiales — avec une lecture claire de la marge de sécurité.

1238 études15 thématiques1186 titres

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48/100 67Buffett Surveiller SG Micro: 42.7% H1 Growth at a 51.84% Gross Margin Proves Share and Content Gains, but the A Share at CNY 120.55 Is 105x Trailing Earnings and Above the CNY 89 Base Value SG Micro is a Beijing fabless-plus analog chip designer whose more than 7,200 saleable products span signal chain, power management and sensors, with about 94% of revenue sold through distributors. H1 2026 revenue rose 42.7% to CNY 2.60 billion and recurring profit 164.6% at a 51.84% gross margin as optical modules lifted network and computing to about 25% of sales, yet CNY 1.68 billion of net inventory, share-based pay of about 24% of attributable profit and an undisclosed distributor channel mean the quality problem has changed rather than disappeared. Rating Watch: the A share at CNY 120.55 trades at about 105 times trailing attributable earnings and above the CNY 89 base-case value with no margin of safety; the ideal buy price is CNY 42–48 and the acceptable hold range CNY 78–100. SG Micro Corp300661 · ShenzhenAnalog Chips28 septembre 2026 39/100 Conserver Kubota Corporation: A ¥70bn Tariff Refund Lifts the FY2026 Margin to 12.2% from 10.1%, and ¥2,751.5 Sits 28–38% Above the ¥2,000–2,150 Conservative Value Kubota is an Osaka-based machinery group built around compact farm equipment, engines and construction machinery: Farm & Industrial Machinery produced 88.6% of H1 2026 revenue, North America supplied 42.1%, and a captive-finance book carried ¥2.23 trillion of finance receivables at June 2026. FY2026 guidance of ¥400 billion operating profit and a 12.2% margin includes about ¥70 billion of non-recurring US tariff refunds, so the company's own ex-refund margin is 10.1%, while operating cash flow over FY2021 to FY2025 was only 0.69 times cumulative parent net income and cumulative reported free cash flow was around negative ¥314 billion. Rating Hold: at ¥2,751.5 the shares trade at 10.8 times guided EPS but closer to 13 times refund-normalized earnings and 28–38% above the ¥2,000–2,150 conservative value, so the margin of safety is none and the ideal buy price is ¥1,550 to ¥1,650. Kubota Corporation6326 · TSEConstruction Machinery28 septembre 2026 51/100 Surveiller Unitree Robotics: 5,215 Humanoids at a 63.2% Gross Margin Prove the Hardware, but CNY 488 Is 116x FY2025 Revenue and Sits Above the CNY 350 Base Value Unitree Robotics is a Hangzhou maker of humanoid and quadruped robots, components and embodied-AI software that debuted on Shanghai's STAR Market on August 19, 2026; humanoids supplied 51.8% of 2025 main-business revenue, and it sold 5,215 humanoids and 23,037 quadrupeds at 63.2% and 56.7% product gross margins. At CNY 488 it is worth CNY 197.38 billion, about 116x FY2025 revenue and 334x profit excluding non-recurring items, while H1 2026 revenue growth slowed to 48.54% and adjusted profit fell 19.34% as R&D and selling spending rose; filings still do not disclose how much humanoid revenue comes from productive industrial labor rather than research, education and display. Rating Watch: the operating evidence is materially more attractive than the stock price, which sits above the CNY 350 base fair value with no conservative margin of safety; the ideal buy price is CNY 105–120 and the acceptable hold range CNY 300–400. Yushu Technology Co., Ltd.688836 · ShanghaiAI Industrials & Robotics28 septembre 2026 38/100 74Buffett Conserver Cavco Industries: Q1 Revenue Was Flat Against the American Homestar Pro Forma While Comparable EPS Fell 22.5%, and $543.21 Sits 26–39% Above the $390–430 Conservative Value Cavco Industries is a top-three U.S. factory-built-home producer that also owns 92 retail stores and a small financial-services segment providing mortgages, chattel lending and manufactured-home insurance; factory-built housing supplied $2.16 billion of FY2026's $2.24 billion revenue. Q1 FY2027 revenue grew 9.5% as reported to $610.0 million but was flat against the $610.3 million pro forma including American Homestar, comparable diluted EPS fell 22.5% from $7.01 to $5.43, and housing gross margin slid to 20.8% from 22.6% even as backlog rose more than 50% from March to $298 million. Rating Hold: $543.21 sits almost exactly in the $520–575 base-value range, but it stands roughly 26–39% above the $390–430 conservative value, so the margin of safety is zero and the ideal buy range is $310–345. Cavco Industries, Inc.CVCO · États-UnisHomebuilding25 septembre 2026

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Thématiques en vedette

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La chaîne d'approvisionnement mondiale de la défense

54 titres

Des matériaux de spécialité aux plateformes des maîtres d'œuvre : une cartographie complète de la chaîne d'approvisionnement du cycle de réarmement

Cancer · Maladies rares · Frontières thérapeutiques difficiles

108 titres

Thérapies ciblées / immunothérapies / thérapies cellulaires / géniques / à base d'acides nucléiques / radiopharmaceutiques : une cartographie des thérapies de pointe s'attaquant aux maladies à fort besoin médical non satisfait, et des acteurs mondiaux et chinois qui les développent

Les champions de niche dans chaque secteur

90 titres

Des entreprises qui dominent un créneau étroit, premières ou parmi les trois premières au monde, dotées d'un véritable pouvoir de fixation des prix : des champions de niche sur les maillons critiques de la chaîne. Le cadre s'inspire des « champions cachés » d'Hermann Simon, mais en assouplit les seuils de taille et de discrétion (aucun plafond de taille, aucune obligation de rester dans l'ombre). Ce qui compte, c'est l'étroitesse du créneau et l'ancrage de la position, déployés sur huit domaines fonctionnels.

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