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48/100
67Buffett
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.
39/100
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.
51/100
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.
38/100
74Buffett
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.
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글로벌 방위산업 공급망
종목 54개특수 소재에서 프라임 플랫폼까지: 재무장 사이클을 읽는 공급망 전체 지도
암 · 희귀질환 · 난치성 프런티어
종목 108개표적/면역/세포/유전자/핵산/방사성의약품: 미충족 수요가 큰 질환에 도전하는 프런티어 치료 양식과 이를 구축하는 글로벌 및 중국 기업들의 지도
전 산업의 틈새 챔피언
종목 90개좁은 영역을 장악하고 글로벌 1위 또는 3위 이내에 들며 실질적인 가격 결정력을 보유한 기업들로, 산업 사슬의 핵심 고리에 자리한 틈새 챔피언이다. 이 분류는 Hermann Simon의 "히든 챔피언" 개념을 따르되 그가 제시한 규모와 무명성 기준은 완화했다(규모 상한 없음, 저자세 유지 요건 없음). 중요한 것은 영역이 얼마나 좁은지와 입지가 얼마나 깊이 뿌리내렸는지이며, 이를 8개 기능 영역에 걸쳐 정리했다.
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