Investment Rating - The report assigns a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 28.669 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 14.78%. However, the net profit attributable to shareholders decreased by 11.39% to 0.954 billion yuan, and the net profit after deducting non-recurring items fell by 23.25% to 0.784 billion yuan [1][2] - The company's revenue in Q3 2025 was 10.064 billion yuan, up 6.03% year-on-year, with a net profit of 0.483 billion yuan, an increase of 5.66% year-on-year. The growth in revenue was driven by significant increases in the computing, industrial and medical electronics, and automotive electronics segments, which saw year-on-year growth of 69.5%, 40.7%, and 31.3%, respectively [2] - The company has a long-standing presence in the storage business, with its subsidiary benefiting from the global storage cycle. The subsidiary specializes in advanced flash memory packaging and testing, ensuring stable production and performance [3] - The company is investing heavily in advanced packaging technology, with R&D expenses increasing by 24.7% to 1.54 billion yuan in the first three quarters of 2025. It has made significant progress in key technology areas such as optical-electrical integration and high-density system-level packaging [3] Financial Summary - The company forecasts revenues of 38.986 billion yuan, 43.864 billion yuan, and 50.121 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 1.429 billion yuan, 1.977 billion yuan, and 2.766 billion yuan for the same years, with corresponding P/E ratios of 49.86x, 36.05x, and 25.77x [4][5] - The financial summary indicates a projected revenue growth rate of 21.2% for 2024, followed by 8.4%, 12.5%, and 14.3% for the subsequent years. The net profit growth rate is expected to be 9.4% in 2024, with a decline of 11.2% in 2025, and then a recovery with growth rates of 38.3% and 39.9% in 2026 and 2027, respectively [4][11]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a revenue of 1.238 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 19.28%. The net profit attributable to the parent company was 266 million yuan, up 1.98% year-on-year [1]. - The company is expected to benefit from increased marketing investments in preparation for the Q4 peak season, particularly in the children's care segment [2][3]. - The company has a robust product system and refined operational capabilities, which are expected to enhance its market share as it continues to expand its product and channel offerings [4]. Financial Performance Summary - For Q3 2025, the company achieved a revenue of 342 million yuan, a 16.67% increase year-on-year. The net profit attributable to the parent company was 78 million yuan, down 2.89% year-on-year [1][2]. - The revenue breakdown for Q3 2025 shows that mosquito repellent products generated 132 million yuan (+48.54%), while children's care products brought in 146 million yuan (-2.76%) [2]. - The overall expense ratio for the first three quarters of 2025 was 33.41%, an increase of 4.67 percentage points year-on-year, primarily due to increased marketing expenditures [3]. - The gross margin for the first three quarters of 2025 was 58.27%, a slight decrease of 0.06 percentage points year-on-year, while the net profit margin was 21.50%, down 3.65 percentage points [3]. Future Projections - The company expects revenues of 1.598 billion yuan, 1.939 billion yuan, and 2.359 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 318 million yuan, 392 million yuan, and 483 million yuan for the same years [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company achieved a revenue growth of 11.6% to 25.9 billion yuan for the fiscal year 2024/25, with the main brand's revenue increasing by 10.1% to 18.48 billion yuan, demonstrating resilience despite a warm winter [1][3]. - The company is expected to maintain a revenue growth rate of 10% for the full fiscal year 2025/26, with net profit growth projected to exceed revenue growth [3]. - The launch of the "Puff" series at Paris Fashion Week and the introduction of the AREAL high-end urban line are part of the company's strategy to enhance brand image and international influence [2][3]. Financial Summary - For the fiscal year 2025, the company is projected to achieve a revenue of 25.9 billion yuan, with a year-on-year growth of 11.6% [4]. - The net profit attributable to the parent company is expected to reach 3.51 billion yuan, reflecting a growth of 14.3% [4]. - The company anticipates revenue growth of 10.1%, 10.4%, and 10.5% for the fiscal years 2026, 2027, and 2028, respectively, reaching 28.51 billion yuan, 31.46 billion yuan, and 34.77 billion yuan [3][4]. Market Conditions - A significant drop in temperatures and a later Spring Festival in 2026 are expected to positively impact winter clothing sales, extending the sales season by approximately 15 days compared to 2025 [3]. - The company is focusing on product development in collaboration with internationally renowned designers and enhancing product functionality to strengthen its market position [3]. Future Projections - The company is projected to achieve net profits of 3.92 billion yuan, 4.41 billion yuan, and 4.93 billion yuan for the fiscal years 2026, 2027, and 2028, respectively, with corresponding growth rates of 11.7%, 12.4%, and 11.8% [4][3]. - The estimated price-to-earnings ratios for the next three fiscal years are 13, 12, and 11 times, indicating a favorable valuation outlook [3].

1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The target price of Jinlang Convertible Bond 02 on the first - day of listing is expected to be between 117 - 121 yuan, and investors are advised to actively subscribe. The estimated first - day conversion premium rate is in the range of 37% - 42% [3][18]. - The estimated first - day new bond lottery winning rate is around 0.0094% - 0.0134% [4][19]. 3. Summary According to the Directory 3.1 Jinlang Convertible Bond 02 New Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance method of Jinlang Convertible Bond 02 is priority placement and online issuance. The bond and issuer ratings are both AA. The issuance scale is 1.677 billion yuan, the initial conversion price is 89.82 yuan, the conversion parity on October 20, 2025, is 85.04 yuan, the pure bond value is 97.94 yuan. The game terms are normal. The bond has high issuance scale, good liquidity, acceptable rating, and good bond floor protection [2][14]. 3.1.2 New Bond Initial Listing Price Analysis - The company focuses on the distributed photovoltaic power generation field, with two core businesses: photovoltaic inverters and distributed photovoltaic power generation. The funds raised from this issuance will be used for multiple projects such as distributed photovoltaic power station projects, high - voltage high - power grid - connected inverter new construction projects, etc., which can optimize the company's capital structure and enhance its competitiveness [3][17]. - The target price of Jinlang Convertible Bond 02 on the first - day of listing is expected to be between 117 - 121 yuan, with an estimated conversion premium rate of 37% - 42% [3][18]. 3.1.3 Convertible Bond New Bond Lottery Winning Rate Analysis - The estimated first - day new bond lottery winning rate is around 0.0094% - 0.0134%. Assuming the old shareholder placement ratio is 33% - 53%, the scale available for the market is 788 million - 1.123 billion yuan. Based on the assumption of 8.38 million online valid subscriptions, the lottery winning rate is calculated [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Up - and - Downstream Situation - The company focuses on the distributed photovoltaic power generation field, with photovoltaic inverters and distributed photovoltaic power generation as its two core businesses. The raw materials mainly include electronic components, structural parts, and auxiliary materials. The procurement cost of raw materials is affected by factors such as commodity prices. The company's main customers are photovoltaic power generation system integrators, EPC contractors, etc. The downstream market demand is affected by policies, energy goals, etc. [20][21]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed a growth trend, with year - on - year growth rates of 77.8%, 3.59%, 7.23%, and 13.09% respectively. The main income sources are inverter product sales and distributed photovoltaic power generation business income. The comprehensive gross profit margin remained stable, and the net profit margin fluctuated. The company's R & D expenses showed an upward trend, and the period expenses also increased. The accounts receivable remained stable, and the accounts receivable turnover rate was relatively high. The net profit attributable to the parent company changed significantly, and the profitability declined [24][27][29]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of the end of 2024, the company's equity structure was relatively dispersed. The top two shareholders held a combined 32.86% of the shares, and the top ten shareholders held a combined 53.72%. The controlling shareholder is Wang Yiming, and the actual controllers are Wang Yiming, Wang Junshi, and Lin Yibei. The company has 9 domestic first - level subsidiaries, 1 overseas first - level subsidiary, and 6 other enterprises directly or indirectly controlled by the controlling shareholders and actual controllers [43]. 3.2.4 Company's Business Characteristics and Advantages - The company has brand advantages, having won many awards and having its products applied in many landmark projects. It has technology R & D advantages, with a strong R & D team and multiple R & D platforms. It also has industry - leading advantages, being recognized as a national manufacturing single - champion enterprise and having its products play important roles in the photovoltaic power generation system [46][47]. 3.2.5 Allocation of Funds Raised in This Issuance - The company plans to issue convertible bonds to raise up to 1.677 billion yuan. The funds will be used for six projects: a distributed photovoltaic power station project (354 million yuan), a high - voltage high - power grid - connected inverter new construction project (333 million yuan), a medium - and large - power hybrid energy storage inverter new construction project (291 million yuan), a Shanghai R & D center construction project (248 million yuan), a digital and intelligent improvement project (99 million yuan), and supplementing working capital (351 million yuan) [12][48].

Investment Rating - The report rates the real estate industry as "Outperform" [1] Core Insights - The real estate market in September showed weak performance, with cumulative sales area down 5.5% year-on-year and sales revenue down 7.9% year-on-year for the first nine months of 2025 [2][3] - Investment in real estate development decreased by 13.9% year-on-year, with residential investment down 12.9% [3] - The funding for real estate projects saw a decline of 8.4% year-on-year, with domestic loans turning negative for the first time [3] - Housing prices in 70 major cities continued to decline, with second-hand housing prices down 0.6% month-on-month [4] - The report suggests that policy measures are urgently needed to stabilize the market, with a focus on demolition and renovation projects as potential areas for policy support [5] Summary by Sections Sales Data - In the first nine months of 2025, the total sales area of commercial housing reached 660 million square meters, with a year-on-year decrease of 5.5% [2] - The sales revenue for commercial housing was 6.3 trillion yuan, down 7.9% year-on-year [2] Investment Data - Real estate development investment totaled 6.8 trillion yuan, reflecting a year-on-year decline of 13.9% [3] - New housing starts amounted to 450 million square meters, down 18.9% year-on-year [3] Funding Data - Total funding for real estate projects was 7.2 trillion yuan, down 8.4% year-on-year [3] - Domestic loans accounted for 1.1 trillion yuan, showing a year-on-year decrease of 0.4% [3] Price Trends - New housing prices in 70 cities fell by 0.4% month-on-month and 2.7% year-on-year [4] - Second-hand housing prices in 70 cities decreased by 0.6% month-on-month and 5.2% year-on-year [4] Policy Outlook - The report emphasizes the need for policy measures to stabilize the market, with a focus on demolition and renovation as key areas for future policy initiatives [5] - The expectation is for a new round of policy easing to support the real estate market [5]

Report Summary 1. Investment Rating of the Industry No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The progress of the new policy - based financial instruments' release may exceed 60%, and it is expected to be fully released by the end of October. The investment leverage ratio has increased, but the high - frequency data reaction is not obvious, and subsequent key data verification nodes should be focused on [1][3][4]. 3. Summary by Relevant Catalogs 3.1 New Policy - based Financial Instruments Release Progress - As of October 17, the two policy banks (CDB and ADBC) have released approximately 290 billion yuan of new policy - based financial instruments, with a release progress close to 70%. The CDB has released 189.35 billion yuan, with a progress of about 75.74%, and the ADBC has completed 100.111 billion yuan of fund release, with a progress close to 66.74%. By linear extrapolation, about 356.2 billion yuan of the 500 - billion - yuan new policy - based financial instruments established since the end of September may have been released. It is expected to be fully released by the end of October [1]. 3.2 Fund Allocation - More funds are allocated to major economic provinces. The CDB has released 146.58 billion yuan to 12 major economic provinces, accounting for 77.41%, and the ADBC has invested 67.136 billion yuan in 407 projects in these provinces, accounting for 67.06%. - The new policy - based financial instruments also support private investment and new infrastructure. Private investment has received 63.879 billion yuan of support from the two policy banks, and the new infrastructure field, mainly invested by the CDB, has received 71.05 billion yuan in projects related to digital economy, artificial intelligence, and consumption [2]. 3.3 Investment Leverage Ratio - The investment leverage ratio of the new policy - based financial instruments is between 12.59 - 14.79 times, slightly stronger than the previous round (10 - 13.2 times in 2022) [3]. 3.4 High - Frequency Data and Follow - up Monitoring - High - frequency data shows that the operating rates of petroleum asphalt plants and major steel mills' rebar production have signs of bottoming out and rebounding, while other indicators are still weak. It is recommended to continuously track high - frequency indicators to judge the implementation of physical work volume and its support for Q4 GDP. The next important data verification time points are the October credit data (sub - items such as medium - and long - term corporate loans/entrusted loans) and economic data (infrastructure investment, etc.) to be released in early November [4].

[Table_Title] 证券研究报告/公司动态报告 单壁产品提升盈利能力、固态电池扩大市场空间 报告摘要： [Table_Summary] 固态电池大幅提升碳纳米管市场空间。在固态电池领域，由于其对导电 剂的性能和用量要求更高，单壁碳纳米管的市场空间更为广阔。根据高 工锂电预测，目前液态电池对碳纳米管导电剂的需求约为 20-30 吨每 GWh，而半固态电池的导电剂需求将大幅提升至 70-120 吨每 GWh。如 果液态电池碳纳米管添加量以 20 吨/GWh，半固态电池碳纳米管添加量 以 70 吨/GWh，半固态电池较液态电池增长 2.5 倍。鉴于固态电池在材 料特性与结构设计上的升级，其对碳纳米管导电剂的需求大概率远超半 固态电池。国内市场方面，新能源汽车渗透率增长 50%，结合固态电池 对碳纳米管导电剂需求是液态电池上限的 4 倍，预计中国市场固态电池 中碳纳米管导电剂需求有望扩大 5 倍。海外市场方面，新能源汽车渗透 率增长约 6 倍，结合需求倍数 4，海外固态电池中碳纳米管导电剂需求 有望扩大 27 倍。综合来看，在新能源汽车市场规模持续扩张与固态电池 技术革新的双重作用下，全球固态电池中的碳纳米管 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation for stock price appreciation in the next six months [5]. Core Insights - The company reported Q3 results that exceeded expectations, with revenue of 5.348 billion yuan, a year-on-year increase of 39.02%, and a net profit of 1.766 billion yuan, up 100.52% [1][2]. - The growth in revenue and profit is attributed to successful leasing strategies and the strong performance of emerging businesses, particularly Chinagoods and cross-border payment services [1][2]. - The company has seen significant cash inflow and contract liabilities, with operating net cash inflow reaching 9.605 billion yuan in the first three quarters of 2025, a year-on-year increase of over 20 times [2]. Financial Summary - For the first three quarters of 2025, the company achieved total revenue of 13.061 billion yuan, a 23.07% increase, and a net profit of 3.457 billion yuan, up 48.45% [1]. - The projected revenue for 2025-2027 is 23.146 billion yuan, 28.965 billion yuan, and 34.766 billion yuan, respectively, with net profits of 4.792 billion yuan, 6.053 billion yuan, and 6.955 billion yuan [3][4]. - The company’s net profit margin improved to 26.47%, reflecting a 4.53 percentage point increase year-on-year [1]. Emerging Business Growth - The emerging business segment, particularly the Chinagoods platform and cross-border payment services, is expected to continue its high growth trajectory, with transaction volume exceeding 27 billion yuan, a year-on-year increase of over 35% [2]. - The integration of AI capabilities and the establishment of a closed-loop ecosystem for trade and payment services are anticipated to enhance service offerings and market competitiveness [2].

Investment Rating - The report assigns a "Buy" rating to the company [4]. Core Insights - The company has rapidly developed into a leading enterprise in the high-end medical imaging equipment sector in China, with a comprehensive product line covering CT, MR, MI, XR, and RT [1][2]. - The shift towards centralized procurement in various provinces is expected to significantly accelerate the domestic replacement rate of medical imaging equipment, particularly in high-end devices, leading to sustained industry prosperity [1][2]. - The company's global expansion strategy aims to establish benchmarks in high-end markets, build barriers in mature markets, and create ecosystems in emerging markets, with strong growth anticipated in overseas business [1][2]. Summary by Sections Company Overview - Founded in 2011, the company focuses on high-performance medical imaging diagnostic and treatment equipment, providing innovative solutions across the entire chain from basic research to clinical application [15][18]. Financial Performance - The company achieved total revenue of 10.3 billion yuan in 2024, a decrease of 9.73% year-on-year, with a net profit attributable to the parent company of 1.262 billion yuan, down 36.08% [3][28]. - For the first half of 2025, the company reported revenue of 60.16 billion yuan, a year-on-year increase of 12.79%, and a net profit of 9.98 billion yuan, up 5.03% [28]. Product Lines and Market Position - The company has established five major product lines: CT, MR, MI, XR, and RT, with steady development across all lines [41]. - In the CT segment, the company launched the first domestic photon counting CT device, uCT Ultima, which received NMPA approval, marking a significant innovation milestone [2][41]. - The MR segment saw a revenue increase of 16.80% in the first half of 2025, with the ultra-high-end MR device uMR Jupiter 5T gaining traction globally [41]. - The MI segment maintained its leadership in the PET/CT market, with continuous growth in installations [41]. Global Expansion - The company has expanded its overseas revenue significantly, with 22.20 billion yuan in overseas income in 2024, representing a year-on-year increase of 33.81% [37]. - The establishment of regional headquarters and R&D centers in various global locations supports the company's international growth strategy [19][20].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a strong potential for stock price appreciation in the next six months [5]. Core Insights - The company has launched the HOSON-Robot, a humanoid robot that leverages its expertise in semiconductor high-end equipment manufacturing and motion control technology, marking a significant step towards a second growth curve in embodied intelligence [1][3]. - The HOSON-Robot features a hybrid intelligent architecture that balances learning efficiency with safety and control, allowing it to switch between end-to-end and layered models based on the operational context [3]. - The company is expected to achieve net profits of 0.41 billion, 1.43 billion, and 2.37 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 175, 50, and 30 times [3]. Financial Summary - The company's projected revenue for 2025 is 1.01 billion yuan, with a growth rate of 8.52% compared to the previous year [4]. - The net profit for 2025 is estimated at 0.41 billion yuan, reflecting a slight increase of 1.47% from 2024 [4]. - The earnings per share (EPS) is forecasted to be 0.40 yuan in 2025, with a significant increase to 1.40 yuan by 2026 [4]. - The company’s total market capitalization is approximately 7.16 billion yuan, with a closing price of 70.15 yuan as of October 13, 2025 [5].