Core Viewpoint - Jiangfeng Electronics is a leading global manufacturer of ultra-pure metal sputtering targets, focusing on aluminum, titanium, tantalum, copper, and tungsten targets, with a dual-driven strategy of targets and components expected to drive revenue and profit growth [3][4][8]. Group 1: Business Overview - Jiangfeng Electronics has established a complete industrial chain from ultra-pure metal raw material purification to target manufacturing, serving major clients like TSMC, SMIC, and SK Hynix [3][4]. - The company has achieved significant growth in both target and component businesses, with a projected revenue CAGR of 32.6% from 2020 to 2024, and an expected revenue of 4.6 billion yuan in 2025, representing a 28% year-on-year increase [4][26]. - The company’s gross margin has remained stable between 28% and 30%, with a gross margin of 28.93% in Q3 2025, and target gross margins showing a recovery starting in 2023 [32][33]. Group 2: Target Business - Jiangfeng Electronics is the global leader in ultra-pure metal sputtering targets, with a market share of 26.9% in sales volume, and is expected to be the largest supplier by shipment volume in 2024 [5][47]. - The demand for sputtering targets is driven by a supply-demand gap and rising costs, with significant price increases observed since 2025 due to rising costs of aluminum, copper, and tungsten [5][6]. - The company is positioned to benefit from the increasing demand for advanced process technologies, with major clients planning to expand their production capacities significantly [5][6]. Group 3: Component Business - The component business is expected to open a second growth curve, with revenue from components projected to reach 8.87 billion yuan by 2024, growing 55.53% year-on-year [29]. - Jiangfeng Electronics has successfully scaled production of key components such as silicon electrodes, gas distribution plates, and heaters, with a focus on increasing the domestic production rate of electrostatic chucks [6][29]. - The acquisition of a stake in Kaide Quartz is expected to enhance the company’s capabilities in quartz products, further solidifying its position in the semiconductor supply chain [6][8]. Group 4: Strategic Development - The company has a stable core team with significant international expertise, which is crucial for long-term development and innovation in ultra-pure metal materials [18][21]. - Jiangfeng Electronics is actively pursuing a diversified industrial layout, covering semiconductor materials, core components, and specialized equipment, establishing a comprehensive competitive advantage [21][26]. - The company’s strategic collaborations and technological advancements are expected to drive long-term growth and market share expansion in both the target and component sectors [7][8].

英伟达存储机柜和DS Engram模块均展现AI数据中心多级存储架构演变趋势，NAND在数据中心重 要性日益凸显。2026年存储新增产能有限，海外原厂因技术转移等因素使得有效产能释放滞后，供 需缺口预计将延续至2027年，原厂库存持续紧张，下游模组厂等开启战略备货以应对客户需求。供 需结构的变化进一步支撑2026年合约价上行趋势，带动产业链公司业绩稳步增长，建议关注海外存 储/国内模组/利基存储和上游设备/材料等产业链公司。 需求端：AI推理驱动存储需求成倍增长，NAND成数据中心容量底座。 AI推理驱动存储架构 向"HBM+DRAM+NAND"三级金字塔架构演进，RAG与长上下文确立了大容量NAND在降本增效与 解决"模型幻觉"中的核心地位。技术层面，多模态视频生成带来百倍内存需求，英伟达Rubin平台 引入每GPU 16TB独立存储机柜，以及DeepSeek Engram架构利用DRAM/SSD卸载HBM压力， 均验证了"以大容量廉价存储换取算力效率"的技术路径，单机存储搭载量呈指数级跃升。行业层 面，NAND正式迈入ZB级数据时代，数据中心将取代移动端成为最大单一市场，预计2026年服务 器DRAM占比 ...

展望26年： 短期来说，AWS新架构产品有望 Q2 切换并放量，公司有望借此迎来新一轮的增长拐 点。目前公司高端产能仍在快速扩充，吉安二期和泰国季度的产能预计将于26年年中投产，公司同 时正积极给Meta、谷歌等ASIC客户以及NV打样认证，有望在AI服务器以及高速交换机市场进一步 提升市占率，迎来弹性业绩增量 。 投资建议： 我们最新预计公司 25-27年营收至***/***/***亿，归母净利至 ***/***/***亿，对 应PE ***/***/***倍，我们看好公司中长期高端产能加速扩张并持续释放，产品结构不断优化，未 来在算力市场的客户开拓及产品布局所带来的增长潜力，***"***"投资评级。 风险提示： 新增产能释放不及预期；下游需求低于预期；行业竞争加剧；贸易摩擦加剧。 团队介绍 鄢凡： 北京大学信息管理、经济学双学士，光华管理学院硕士，18年证券从业经验，08-11年中信证券，11年加入招商证 券，现任研发中心董事总经理、电子行业首席分析师、TMT及中小盘大组主管。 团队成员： 程鑫、 谌薇、 涂锟山、 赵琳、 研究助理（ 王焱仟 ）。 团队荣誉： 11/12/14/15/16/17/19/ ...

Core Viewpoint - World Advanced (VIS, 5347.TW) reported Q4 2025 earnings with revenue of NT$12.594 billion, a year-on-year increase of 9.0% and a quarter-on-quarter increase of 2.0%, driven by ASP growth and favorable exchange rates, despite a decline in wafer shipment volume [2][4]. Financial Overview - Q4 2025 revenue was NT$12.594 billion, with a gross margin of 27.5%, and a net profit of NT$1.748 billion, resulting in an EPS of NT$0.93. The revenue for the full year 2025 is projected to be NT$48.591 billion, a 10% increase from the previous year [2][14]. - The total wafer shipment volume for Q4 2025 was 626,000 pieces, with an ASP of $624 per piece, reflecting a 5% quarter-on-quarter increase [2][14]. Segment Performance - Revenue from processes below 0.18um slightly decreased quarter-on-quarter, while the share of power management chips continued to rise, accounting for 78% of total revenue in Q4 2025 [3][4]. - The revenue from power management chips was NT$9.823 billion, a year-on-year increase of 19.8% and a quarter-on-quarter increase of 7.5% [3]. Capacity and Utilization - The company expects wafer shipments in Q1 2026 to increase by 1%-3%, with ASP projected to decline by 3%-5% due to product mix changes. The gross margin is expected to be between 28%-30%, and capacity utilization is anticipated to rise to 80%-85% [4][15]. - The construction of the 12-inch factory in Singapore is progressing slightly ahead of expectations, with sample production expected to begin in mid-2026 [4][15]. Long-term Outlook - For 2026, wafer capacity is expected to decrease by 4% year-on-year, with capital expenditures projected to remain at NT$60-70 billion, primarily for the Singapore factory [4][15]. - The company anticipates a strong demand for power management products in automotive and data center applications, with significant growth expected in the power management and discrete device sectors [4][21]. Cost Structure and Profitability - The company expects depreciation expenses to increase by 12% in 2026, driven by ongoing capital expenditures and upgrades to production capacity [23]. - The operating expense ratio is projected to be around 12% of revenue in 2026, with a focus on maintaining a gross margin of over 30% when capacity utilization reaches 85%-90% [23].

点击招商研究小程序查看PDF报告原文 事件：公司公告 25 年业绩预增：归母净利 32.5-34.5 亿元同比+87%～98%，扣非归母净利 30.8-32.8亿元同比+84%～96%。结合公司及行业近 况，我们点评如下： Q4业绩环比下滑，源于PCB业务大客户拉货放缓和中低阶CCL价格传导不充分。 单看Q4 业绩，归母净利中值9.1 亿元，同比+147.5%环 比-10.8%；扣非归母净利中值8.0 亿元，同比+121.0%环比-20.1%。环比业绩表现下滑，不及市场预期，我们分析主因：1）子公司生益电子 Q4 业绩中值3.6 亿环比下滑 2.3 亿，对母公司生益科技的业绩环比角度产生的拖累约 1.4 亿；2）10 月的CCL 涨价未能 Cover 26Q4 上游原材 料的价格成本的上涨，其中Q4 LME 铜价涨幅超过20%，铜箔加工费及玻纤布价格均有不同幅度的上涨，这意味着 CCL 利润增加更多来源于公司 高速材料的放量，而中低端 CCL 的盈利改善表现不及市场预期。全年来看，业绩增长主要源于：1）CCL 销量增长，产品结构优化带动毛利率提 升；2）子公司生益电子在 AI PCB领域获得大客户突破，持续扩 ...

点击招商研究小程序查看PDF报告原文 事件：公司公告25 年业绩预增：归母净利31.5-33.4 亿同比+68.0%～78.0%，扣非归母净利29.9-31.7 亿同比+72.0%～82.0%。结合行业和公司 近况，我们点评如下： Q4业绩中值环降，不及市场预期。 单看Q4季度，归母净利中值9.2亿元，同比+136.2%环比-4.5%；扣非归母中值9.0亿元，同比+146.7% 环比-1.9%。业绩中值环比下滑，主因Q4新增泰国工厂和南通四期工厂投入运营，新增较大的人工成本和固定折旧摊销，此外汇率波动亦带来 一定的汇兑损失等财务费用。全年来看，公司充分把握AI算力升级、存储市场需求增长、汽车电动智能化三大增长机遇，通过强化市场开发力 度、提升市场竞争力，推动产品结构优化。同时，深入推进数字化转型与智能制造升级，提升运营管理能力，助益公司营收规模和利润实现同 比增长。 公司AI算力客户及产能持续加速导入和扩张，产品结构不断优化，有望打开新的业绩增长空间。 我们认为公司中长期有几点重要的业务趋势： 1）海外AI 算力需求旺盛，新增产能有望快速爬坡实现盈亏平衡，贡献弹性利润；2）国产算力 26 年有望实现放量增长， ...

Core Viewpoint - The company reported a significant increase in revenue and net profit for the year, driven by structural demand in emerging computing scenarios such as high-performance servers and artificial intelligence [2]. Financial Performance - The company's revenue for the year was approximately 18.95 billion, a year-on-year increase of 42.0% - The net profit attributable to shareholders was about 3.82 billion, up 47.7% year-on-year - The net profit margin was 20.2%, an increase of 0.8 percentage points year-on-year [2] - In Q4, revenue reached 5.433 billion, a year-on-year increase of 25.45% and a quarter-on-quarter increase of 8.26% - The net profit for Q4 was 1.105 billion, up 49.52% year-on-year and 6.75% quarter-on-quarter [2] Growth Drivers - The company is expected to continue its rapid growth due to the acceleration of global AI technology development, which will drive demand for computing power - The company is enhancing its strategic cooperation with leading clients in Europe and the U.S. through its H-share issuance, which is expected to significantly increase the proportion of high-value product shipments [3] - The company is accelerating overseas capacity construction and improving its global supply chain, which will enhance customer service capabilities and market response efficiency [3] - Recent investments in advanced technology research and development, such as CoWoP and mSAP, are aimed at expanding high-end product capacity and optimizing product structure [3] Long-term Outlook - The company has a clear long-term growth logic, aligning with the rapid development trend of AI computing power and expanding high-end capacity both domestically and internationally - The increasing proportion of high-end products is expected to open up upward growth space for performance [4]

点击招商研究小程序查看PDF报告原文 事件： 泰瑞达（TER）发布25Q4季报，营收10.83亿美元，同比+43.8%/环比+40.8%，大超预期；毛利 率57.2%，符合此前指引，同比-2.2pcts/环比-1.3pcts；运营利润3.14亿美元，同比+92.6%/环 比+100%，EPS为1.80美元，同比+89.5%/环比+111.6%。综合财报及交流会议信息，总结要点 如下： 1）业绩情况： 营收10.83亿美元，同比+43.8%/环比+40.8%，大超预期，主要系AI计算与存储 需 求 强 劲 ， 超 60% 营 收 来 自 AI 领 域 ； 毛 利 率 57.2% ， 符 合 此 前 指 引 ， 同 比 -2.2pcts/ 环 比-1.3pcts；运营利润3.14亿美元，同比+92.6%/环比+100%。 2、半导体测试业务同环比高增，各业务板块环比双位数增长。 分业务板块：1）半导体测试部门： 25Q4营收为8.83亿美元，同比+57.4%/环比+45.7%，受人 工智能计算和存储需求推动同环比增长强劲；其中SoC测试营收为6.47亿美元，环比增长47%；存 储测试营收为2.06亿美元，环比增长 ...

点击招商研究小程序查看PDF报告原文 事件： 25Q4公司营收93.8万亿韩元，同比+24%/环比+9%；营业利润20.1万亿韩元，同比+209%/环比 +65%；净利润19.6万亿韩元，同比+151%/环比+61%，营收及利润均创历史新高。25全年公司营收 333.6万亿韩元，同比+11%；营业利润43.6万亿韩元，同比+33%；净利润45.2万亿韩元，同比 +31%。其中DX部门受新智能手机发布影响减弱以及美国关税后家电需求疲软影响，营收环比出现下 滑；然而DS部门受存储价格走强、HBM和其他高附加值产品销售扩大带动，营收及盈利能力表现强 劲，并完全弥补前者下滑，推动总体营收及利润实现高增。研发投资总额达10.9万亿韩元，环比增加2 万亿韩元，全年总额达37.7万亿韩元，创下纪录。 2、Q4集团4部门营收同比均提升，存储业务营收同比高增62%。 1）分部门： 25Q4 DX/DS/SDC/ 哈 曼 部 门 销 售 额 分 别 为 44.3/44.0/9.5/4.6 万 亿 韩 元 ， 同 比 +9%/+46%/+17%/+17%，环比-8%/+33%/+17%+16%；营业利润1.3/16.4/2.0/0 ...

点击招商研究小程序查看PDF报告原文 事件： 泛林集团（NASDAQ:LRCX）于2026年1月28日发布CY25Q4（即FY26Q2）财报，25Q4收入 53.45亿美元，同比+22.14%/环比+0.39%，毛利率49.70%，同比+2.2pcts/环比-0.9pct，代工 收入31.54亿元，环比-1.28%，占比降低一个百分点至59%。综合财报及交流会议信息，总结要 点如下： 评论： 1、公司毛利率超预期，CSBG业务持续稳健增长。 25Q4公司营收53.45亿美元，同比+22.14%/环比+0.39%，超指引中值（52亿美元），其中 CSBG 收 入 19.87 亿 美 元 ， 同 比 +13.54%/ 环 比 +11.82%； 毛 利 率 49.70% ， 略 超 指 引 上 限 （47.5%-49.5%），较有利的客户结构使得毛利率表现优于预期，同比+2.2pcts/环比-0.9pct， 环比下降主要系客户结构不及三季度。 2、四季度DRAM营收环比高增，中国大陆地区收入下滑。 1）按类别拆分： ①代工： 25Q4收入占比59%，环比-1pct，连续数个季度维持较高占比，主要 系先进制程领域投资 ...