[Table_Info1] 屹唐股份(688729) 电子 [Table_Title] 证券研究报告 / 公司点评报告 去胶热处理全球领先，刻蚀突破构筑新成长极 事件： [Table_Summary] 2025 年 12 月 13 日，集微咨询发布《2025 中国半导体前道设备行业上市 公司研究报告》。公司前三季度实现营业收入 37.96 亿元，同比增长 14.01%；实现归母净利润 5.16 亿元，同比增长 22.73%。其中第三季度单 季营收 13.14 亿元；归母净利润 1.68 亿元，同比微降。 点评： 核心主业地位稳固，全球份额持续领先。公司承接 Mattson Technology 核 心技术，在干法去胶和快速热处理（RTP）领域构建了深厚护城河，其中 干法去胶设备全球市占率约 35%，位居全球第二，在逻辑制程领域处于 绝对领先地位；RTP 设备全球市占率约 13%，毛利率长期维持在 40%以 上。随着针对存储客户开发的高性价比机型持续导入，以及 Helios 和 Millios 系列 RTP 产品在晶圆翘曲控制上的技术优势加速释放，公司有望 国产替代抢占海外巨头应用材料相关市场份额。 刻蚀赛道多 ...

[Table_Info1] 证券研究报告 [Table_Title] 证券研究报告/债券研究报告 澳弘转债定价：首日转股溢价率 45%~50% ---东北固收转债分析 报告摘要： [Table_Summary] 12 月 9 日，澳弘电子公告拟于 2025 年 12 月 11 日通过网上发行可转债， 公司本次计划发行可转换公司债券募集资金总额不超过 5.80 亿元。本次 发行募集资金扣除发行费用后，5.80 亿元拟全部用于泰国生产基地建设 项目，项目总投资 5.96 亿元。 澳弘转债发行方式为优先配售，网上发行，债项和主体评级 AA-。发行 规模为 5.80 亿元，初始转股价格为 34.04 元，参考 12 月 12 日正股收盘 价格 29.79 元，转债平价 87.51 元，参考同期限同评级中债企业债到期收 益率（12 月 12 日）为 3.75%，到期赎回价 112 元，计算纯债价值为 92.83 元。博弈条款方面，下修条款（15/30，85%）正常、赎回条款（15/30， 130%）正常、回售条款（30/30，70%）正常。综合来看，债券发行规模 一般，流动性一般，评级尚可，债底保护性较好。机构入库不难 ...

Investment Rating - The report rates the communication industry as "Outperform" [4] Core Insights - The communication sector has shown strong performance, with the Shenwan Communication Index rising by 6.27% during the week of December 8-14, 2025, significantly outperforming the broader market [12] - Cignal AI has raised its market size forecast for Optical Circuit Switches (OCS) to at least $2.5 billion by 2029, a 40% increase from previous estimates, driven by the expansion of AI and data center deployments [31] - UMC has obtained technology licensing for 300mm silicon photonics process from imec, which will accelerate the development of silicon photonics technology, addressing the bottlenecks of traditional copper interconnects [2] Summary by Sections Market Review - The communication sector ranked first among 31 Shenwan primary industries in terms of growth, with significant contributions from sub-industries such as communication network equipment (up 8.62%) and communication cables (up 8.28%) [15] - Notable stock performances included Dekoli (up 43.66%) and Zhongci Electronics (up 40.65%), while *ST Jinglun saw a decline of 13.99% [19] Industry Dynamics - UMC's licensing agreement with imec for the iSiPP300 silicon photonics process will enhance its capabilities in optical interconnect solutions, crucial for data centers and high-performance computing [24] - Nvidia has been granted permission to export its H200 AI chips to China, which could generate significant revenue despite a 25% revenue share to the U.S. government [28] - Cignal AI's report indicates that OCS technology is evolving from a niche application to a foundational technology for large-scale AI systems, with a growing number of active suppliers and deployment scenarios [31][32] - Broadcom's Q4 financial results showed a record revenue of $64 billion, driven by AI semiconductor sales, with expectations for continued growth in the upcoming quarters [35]

[Table_Title] 证券研究报告 / 公司动态报告 上游铜球氧化铜粉受益 AI PCB 高速增长 [➢Table_Summary] 成熟铜基材料制造供应商，下游应用领域广泛 [Table_Summary] 公司拥有成熟的金属压延成型、精密加工、化学制造等铜基新材料主要 制造工艺，核心产品包括铜球系列、氧化铜粉系列及高精密铜基散热片 系列三大产品类别。公司产品广泛应用在 PCB 制造、光伏电池板镀铜制 程、复合铜箔制造、有机硅单体合成催化剂、PCB 埋嵌散热工艺、功率 半导体散热、服务器液冷散热等多个领域。 ➢ AI PCB 高速增长，抬升上游铜球氧化铜粉景气度 1）PCB 制造是铜球的最主要应用领域，也是对铜球产品技术要求最高的 领域，随着电子技术的飞速发展，中国和全球 PCB 产业也在持续成长。 2）目前 PCB 行业使用氧化铜粉的产品主要为对线宽线距、镀层均匀性 要求比较高的高阶 PCB 产品，包括 HDI 板、IC 载板、FPC 等高集成、 高精密电镀铜领域。3）2025 年上半年，全球 PCB 行业在 AI 算力需求 爆发与新能源汽车智能化浪潮的双重驱动下，呈现显著的结构性增长。 根据 Pri ...

[Table_Info1] [Table_Title] 证券研究报告 / 公司点评报告 技术赋能转型，具身智能赛道再添新力 --- 点评报告 [Table_Summary] 事件：公司以 1 亿元全资设立机器人子公司，同步调整组织架构增设机 器人业务板块。这是其依托汽车零部件领域积累的高精密制造技术优势， 向具身智能核心赛道延伸的关键布局，既契合高端制造产业升级趋势， 也为公司开辟了第二增长曲线。 深耕汽车零部件，顺势延伸布局具身智能。公司在模具开发、高精密加 工及热处理领域拥有核心技术，转型具备天然协同性。同时公司在发动 机高压共轨系统喷油器、新能源汽车电机轴等产品上积累了成熟的精密 制造经验，这些能力与机器人核心零部件的生产要求高度匹配。其次公 司此前有提前布局研发，很大程度上降低转型试错成本。已在 9 月与长 三角哈特机器人产业技术研究院签署共建研发实验室协议，由研究院组 建技术团队，公司提供场地、资金及设备支持，联合研发机器人关键零 部件，为子公司业务落地奠定技术基础。子公司注册资本 1 亿元，经营 范围包含：智能机器人的研发；智能机器人销售；人工智能行业应用系 统集成服务；人工智能基础资源与技术平台 ...

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [3][9]. Core Insights - The company is positioned in the high-end surgical instrument market, focusing on minimally invasive and intelligent solutions, which are expected to drive significant growth [3][16]. - The market for surgical staplers is expanding due to increasing surgical demands and a shift towards minimally invasive procedures, with the company benefiting from domestic substitution trends [1][2]. - The company's dual strategy of focusing on both domestic and international markets has led to a substantial increase in overseas revenue, which is projected to continue growing [3][4]. Summary by Sections 1. High-End Surgical Instrument Layout - The company has established itself in the high-end surgical stapler market through continuous innovation and has developed several leading technologies [16][22]. - The management team emphasizes a long-term strategy focused on innovation and market penetration, which has resulted in over 800 patents [19][20]. - The company has a comprehensive quality management system that enhances production efficiency and product reliability [33]. 2. Market Potential and Competitive Advantage - The surgical stapler market is expected to grow significantly, driven by increasing surgical procedures and a rising penetration rate of minimally invasive surgeries in China [1][2]. - The company is actively involved in R&D, with a focus on developing high-value products that meet market demands [22][23]. - The domestic market is supported by policy incentives and an expanding healthcare infrastructure, which is expected to further boost demand for surgical instruments [1][2]. 3. Intelligent Platform Development - The MA platform is being developed to create a second growth curve for the company, with significant investments already made and patents secured [2][3]. - The intelligent surgical platform aims to address industry pain points and enhance operational efficiency through advanced technology [2][3]. 4. International Market Expansion - The company has successfully entered 64 countries, with overseas revenue growing from 0.42 billion to 1.06 billion from 2020 to 2024, representing a 21.6% year-on-year increase [3][4]. - The international strategy is complemented by partnerships with global leaders, enhancing brand recognition and market presence [3][4]. 5. Financial Projections - The company forecasts a steady increase in revenue and net profit from 2025 to 2027, with projected net profits of 0.80 billion, 1.01 billion, and 1.28 billion respectively [3][4].

Investment Rating - The report assigns a "Buy" rating to the company [8]. Core Insights - The company has been deeply engaged in cleanroom integration for 17 years, covering three major fields: medical, laboratory, and electronics. It possesses integrated capabilities across the entire industry chain, including design, construction, procurement, and after-sales service [1][2]. - In 2024, the company is expected to achieve revenue of 1.708 billion yuan, a year-on-year increase of 6.64%, with a net profit attributable to the parent company of 67 million yuan, a decrease of 37.75%. For the first three quarters of 2025, revenue is projected to be 1.431 billion yuan, a year-on-year increase of 32.59%, with a net profit of 61 million yuan, a significant increase of 211.46% [1][2]. - The medical cleanroom business is experiencing high growth, with a rich order backlog. The company's orders in the medical and laboratory sectors have increased from 1.727 billion yuan in 2022 to 3.706 billion yuan in the first half of 2025 [1][2]. - The company has successfully entered the electronic cleanroom sector, establishing an electronic division in 2024 and winning multiple projects, with an order backlog of 121 million yuan as of the first half of 2025 [2]. Financial Summary - Revenue projections for 2025-2027 are 2.581 billion yuan, 3.535 billion yuan, and 5.051 billion yuan, representing year-on-year growth rates of 51.15%, 36.94%, and 42.89% respectively. Net profit attributable to the parent company is expected to be 137 million yuan, 215 million yuan, and 426 million yuan, with growth rates of 104.47%, 57.72%, and 97.83% respectively [2][7]. - Earnings per share (EPS) are projected to be 1.27 yuan, 2.00 yuan, and 3.95 yuan for 2025, 2026, and 2027, with corresponding price-to-earnings (PE) ratios of 24.99, 15.84, and 8.01 [2][7].

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 33.76 CNY for the next six months, indicating an expected price increase of over 15% compared to the market benchmark [4][6]. Core Insights - The company, Longda Co., Ltd., specializes in high-temperature alloy materials and is expected to benefit from the growing demand for AI-related electricity usage. The company has expanded its business from copper-based alloys to nickel-based and high-temperature alloys, with applications in various industries including aerospace, energy, oil and gas, and automotive [1][4]. - The aerospace sector shows strong growth potential, with increasing demand for high-temperature alloys in both military and civil aviation markets. The automotive turbocharger market in China is also expanding, leading to higher usage of high-temperature alloys [2]. - The company has a diverse customer base in the gas turbine sector, including major players like GE and Siemens. It is actively expanding its production capacity, particularly in Malaysia, which is expected to significantly enhance its profitability and customer support capabilities [3][4]. Financial Summary - The projected revenue for the company from 2025 to 2027 is 17.3 billion CNY, 21.9 billion CNY, and 28.0 billion CNY, respectively. The net profit attributable to the parent company is expected to be 1.06 billion CNY, 1.67 billion CNY, and 2.38 billion CNY for the same period [4][5]. - The company anticipates a revenue growth rate of 24.33% in 2025, 26.30% in 2026, and 28.15% in 2027, with net profit growth rates of 59.92%, 57.62%, and 42.61% for the respective years [5][11].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4][5] Core Views - The acquisition of Anhui Tuosheng will enhance profitability and expand the product delivery capabilities in the automotive NVH (Noise, Vibration, and Harshness) sector [2][3] - The company is a leader in the polyurethane buffer block market, holding a 36% market share, and aims to build a comprehensive product matrix by integrating rubber-based elastomers through this acquisition [2][3] - The company is also exploring new applications for polyurethane materials in the robotics field, which could open additional revenue streams [3] Financial Summary - The company reported revenues of 4.87 billion, 6.10 billion, and 5.49 billion for Q1-Q3 of 2023, 2024, and 2025 respectively, with net profits of 0.42 billion, 0.59 billion, and 0.47 billion, reflecting net profit margins of 8.6%, 9.7%, and 8.5% [2] - Projected revenues for 2025-2027 are estimated at 8.30 billion, 9.77 billion, and 11.49 billion, with corresponding net profits of 0.89 billion, 1.10 billion, and 1.40 billion [3] - The company’s PE ratios are projected to be 39.73, 32.07, and 25.26 for 2025, 2026, and 2027 respectively [3] Market Position - The company’s automotive damping components account for 65% of total revenue, primarily from polyurethane buffer blocks and top supports used in automotive suspension systems [2] - The company has established a supply chain presence with major domestic automakers including BYD, SAIC-GM, Geely, and others [2]

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The target price for PULIAN Convertible Bond on its first day of listing is estimated to be between RMB 137 and RMB 142, with a recommended active subscription. The expected conversion premium rate on the first - day of listing is in the range of 42% - 47% [3][22]. - The estimated first - day new - bond lottery winning rate is around 0.0018% - 0.0022% [4][23]. 3. Summary According to the Table of Contents 3.1. PULIAN Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The PULIAN Convertible Bond will be issued through priority placement and online issuance. Its bond and issuer ratings are both A+. The issuance scale is RMB 243 million, with an initial conversion price of RMB 18.26. The conversion parity on December 5, 2025, was RMB 96.44, and the pure - bond value is RMB 82.46. The game terms (lower - adjustment, redemption, and put - back clauses) are normal. Overall, the bond has a low issuance scale, poor liquidity, and a weak rating, but the bond floor protection is acceptable. It is difficult for institutions to include it in their portfolios, but there is no objection to primary - market participation [2][17]. 3.1.2. Analysis of New - Bond Initial Listing Price - The company's main business is to provide information solutions and IT integrated services for large - scale group enterprises. The funds raised from this issuance will be used for upgrading and expanding existing products, enhancing market competitiveness, and maintaining a leading position in industry technology [3][21]. - The target price for PULIAN Convertible Bond on its first day of listing is estimated to be between RMB 137 and RMB 142, with a recommended active subscription. The expected conversion premium rate on the first - day of listing is in the range of 42% - 47% [3][22]. 3.1.3. Analysis of Convertible Bond New - Bond Lottery Winning Rate - The estimated first - day new - bond lottery winning rate is around 0.0018% - 0.0022%. Assuming an old - shareholder placement ratio of 21% - 34%, the scale available in the market is between RMB 161 million and RMB 191 million. Assuming 8.7 million online valid subscriptions, the lottery - winning rate when subscribing to the maximum limit is around 0.0018% - 0.0022% [4][23]. 3.2. Analysis of the Underlying Stock's Fundamental Conditions 3.2.1. Company's Main Business and the Upstream and Downstream of the Industry - The company's main business is to provide information solutions and IT integrated services for large - scale group enterprises. It has strong innovation and delivery capabilities and serves many large - scale central enterprises [24]. - The upstream of the industry consists of enterprises producing basic software and computer hardware products, with sufficient supply. The downstream includes energy, construction, and finance industries, and the digital transformation of the downstream market drives the development of the software industry [24][25]. 3.2.2. Company's Operating Conditions - The company's operating income has shown an overall upward trend from 2022 to the first half of 2025, with year - on - year growth rates of 19.31%, 7.80%, 11.60%, and 9.45% respectively. Customized software business is the main source of income [28]. - The company's comprehensive gross profit margin and net profit rate have shown a downward trend from 2022 to the first half of 2025, mainly due to factors such as changes in the market environment and a significant increase in labor costs [31]. - The company's periodic expenses and R & D expenses have fluctuated greatly in recent years. The proportion of accounts receivable in operating income has shown an upward trend, and the accounts - receivable turnover rate has slightly decreased [34][39][40]. - The company's net profit attributable to the parent has fluctuated greatly, and its profitability and weighted ROE have also fluctuated significantly [44]. 3.2.3. Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure is relatively dispersed. The top two shareholders, Lin Guoqiang and Wang Hu, have a combined shareholding of 21.41%, and they are the controlling shareholders and actual controllers. Through a concerted action agreement, they jointly control 38.27% of the voting rights of the company's shares [47]. 3.2.4. Company's Business Characteristics and Advantages - The company has long - term technological accumulation, with XBRL - related systems and products widely applied. It has a mature development platform with high performance, strong scalability, and high flexibility [50]. - The company has advantages in talent reserves and R & D innovation. It has a R & D team with rich experience, a sound talent - training system, a R & D project - management mechanism, and close industry - university - research cooperation [51]. - The company has advantages in customer resources and market - feedback acquisition. It has a wide range of customers, can optimize products based on customer feedback, and quickly implement R & D results to expand market share [53]. 3.2.5. Allocation of Funds Raised in this Issuance - The company plans to issue convertible bonds to raise a maximum of RMB 243 million. After deducting issuance fees, RMB 85 million will be used for the domestic ERP function expansion project, RMB 49 million for the digital intelligent financial risk management and control product construction project, and RMB 108 million for the Yunhu Platform R & D and upgrade project [1][15][54]. - The domestic ERP function expansion project aims to upgrade and expand the existing ERP product, with an expected average annual operating income of RMB 141.1822 million, an after - tax internal rate of return of 17.78%, and an after - tax payback period of 7.99 years (including the construction period) [55]. - The digital intelligent financial risk management and control product construction project aims to upgrade and expand existing XBRL application products and solutions. The expected average annual operating income is RMB 54.0622 million, the after - tax internal rate of return is 23.55%, and the after - tax payback period is 6.41 years (including the construction period) [56]. - The Yunhu Platform R & D and upgrade project aims to enhance the platform's intelligence and technical capabilities, which is beneficial for the company to maintain and enhance its technological advantages and core competitiveness, but it does not directly generate economic benefits [57].