so why has recovery following china zero covid lockdowns been so tepid (weak traffic + reduced travel retail spend/ capita)?
- online channel closing gap to duty free
- daigou crackdowns
- ramping duty free promotions
with the $cohr fiber laser heads for battery welding making a splash, here’s a coincident battery-driven u/g of (clean b/s) $ipgp.
h/t bg @ raja
the math…
… ev battery capacity to 3TW+ by cy25 (3x+ vs. cy22)
… ~$1M rev per GWh of capacity build
… ev vertical sales ~$1B by cy25 (~20x vs. cy19) incl. ~5% px erosion p.a.
apply ev rev $ growth to cy25 consensus & implies bigly cutting share loss/ gfc outcome.