Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [3][5]. Core Insights - The company has a solid foundation in structural components, and the introduction of modularized new products is expected to drive a second growth curve [2][3]. - Revenue for the first three quarters of 2025 reached 794 million yuan, a year-on-year increase of 28.86%, while net profit attributable to shareholders was 245 million yuan, up 8.29% year-on-year [1][2]. - The semiconductor structural component revenue surged over 66% year-on-year to 279 million yuan in the first half of 2025, driven by high capital expenditure from downstream wafer fabs and urgent demand for supply chain autonomy [2][3]. Financial Performance Summary - For 2025, the company is projected to achieve a net profit of 365 million yuan, with corresponding PE ratios of 78, 53, and 37 for the years 2025, 2026, and 2027 respectively [3][4]. - The company expects revenue growth rates of 78.45% in 2024, followed by 29.09% in 2025, and 31.03% in 2026 [4][10]. - The net profit growth rate is forecasted to be 279.88% in 2024, 17.35% in 2025, and 46.11% in 2026 [4][10]. Market Position and Strategy - The company is transitioning from a single component supplier to a core functional module solution provider, with high-margin new products expected to drive valuation upwards [3][5]. - The successful integration of the ceramic heater into major equipment manufacturers' supply chains marks a significant milestone, with plans for accelerated production following the issuance of convertible bonds [3][5]. Stock Performance - As of December 16, 2025, the company's stock closed at 65.10 yuan, with a 12-month price range of 47.72 to 66.89 yuan [5]. - The company has shown absolute returns of 23% over the past month and 24% over the past three months [7].

Report Industry Investment Rating No relevant content provided. Core View of the Report - The target price of Tianzhun Convertible Bond on the first day is estimated to be between 129 and 134 yuan, and investors are advised to actively subscribe. The expected conversion premium rate on the first - day of listing is in the range of 38% - 43%, corresponding to a target price of around 129 - 134 yuan. The estimated first - day new - bond subscription winning rate is around 0.0035% - 0.0057% [3][19][20] Summary According to the Directory 1. Tianzhun Convertible Bond New - Bond Analysis and Investment Advice 1.1 Convertible Bond Basic Terms Analysis - Tianzhun Convertible Bond is issued through priority allotment and online issuance, with a bond and issuer rating of AA-. The issuance scale is 872 million yuan, the initial conversion price is 55.73 yuan, the convertible bond parity on December 12, 2025, is 93.74 yuan, the pure bond value is 93.02 yuan. The game terms (lower - revision, redemption, and put - back clauses) are normal. Overall, the bond issuance scale is average, liquidity is average, the rating is acceptable, and the bond floor provides good protection. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14] 1.2 New - Bond Initial Price Analysis after Listing - The company's main products are industrial vision equipment, including visual measurement equipment, visual inspection equipment, visual process equipment, and intelligent driving solutions. The funds raised will be used to upgrade and expand existing products, enhance market competitiveness, and maintain technological leadership. The target price of the convertible bond on the first day of listing is estimated to be between 129 and 134 yuan, and the conversion premium rate is expected to be in the range of 38% - 43% [3][18][19] 1.3 Convertible Bond New - Bond Subscription Winning Rate Analysis - The estimated first - day new - bond subscription winning rate is around 0.0035% - 0.0057%. Assuming the old shareholders' allotment ratio is 43% - 65%, the scale available for the market is 308 million - 499 million yuan. Based on the assumption of 8.77 million online valid subscriptions, the winning rate is calculated [4][20] 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Up - and Downstream Industry Situation - Tianzhun Technology is a well - known domestic vision equipment platform company, focusing on serving the electronics, semiconductor, and new - energy vehicle industries. It provides high - end vision equipment products. The upstream of the machine - vision industry includes core hardware and software, the mid - stream consists of application systems and visual equipment, and the downstream is mainly end - user industries such as 3C electronics, automotive, and semiconductors [21][22] 2.2 Company's Operating Conditions - From 2022 to the first three quarters of 2025, the company's operating income remained generally stable, with minor fluctuations. The main business is prominent, but the comprehensive gross profit margin and net profit margin have shown a downward trend in recent years. The period expenses have gradually increased, and the R & D expenses have fluctuated slightly. The accounts receivable turnover rate has gradually decreased, and the proportion of accounts receivable in operating income has fluctuated significantly [24][28][32] 2.3 Company's Equity Structure and Major Subsidiaries - As of September 30, 2025, the equity structure is relatively concentrated. Qingyi Investment is the largest shareholder, and Ningbo Zhunzhi is the second - largest shareholder. The top two shareholders hold a combined 42.82% of the shares, and the top ten shareholders hold 64.67% of the shares. Qingyi Investment is the controlling shareholder, and Xu Yihua is the actual controller [4][20][44] 2.4 Company's Business Characteristics and Advantages - Tianzhun Technology is a well - known domestic vision equipment platform company. Its competitive advantages include technological innovation, an intellectual property protection mechanism, and talent cultivation. It has established multiple R & D innovation platforms, has a strict intellectual property protection system, and a large R & D team [49][50] 2.5 Allocation of the Raised Funds - After deducting issuance fees, 400 million yuan of the raised funds is planned for the R & D and industrialization project of industrial vision equipment and precision measurement instruments; 278 million yuan is for the R & D and industrialization project of semiconductor metrology equipment; 194 million yuan is for the R & D and industrialization project of intelligent driving and embodied intelligent controllers. Each project has its own investment return indicators and construction periods [12][51][53]

Investment Rating - The report maintains an "Outperform" rating for the real estate industry, indicating that the industry index is expected to outperform the market benchmark in the next six months [6]. Core Insights - The report highlights a continued decline in real estate sales, with a cumulative year-on-year decrease of 7.8% in sales area and 11.1% in sales revenue for the first eleven months of 2025 [2][11]. - The report notes that the decline in real estate investment has widened, with a 15.9% year-on-year decrease in development investment, and a 20.5% drop in new construction area [3][19]. - Funding for real estate has also decreased, with total funds available to developers down by 11.9% year-on-year, and domestic loans showing a negative year-on-year change of 2.5% [4][21]. - The report emphasizes the need for policy support to stabilize the real estate market, with expectations for new policies to be introduced in 2026 to boost demand [5]. Summary by Sections Sales Data - In the first eleven months of 2025, the total sales area reached 790 million square meters, with a year-on-year decline of 7.8%. The sales revenue amounted to 7.5 trillion yuan, reflecting an 11.1% year-on-year decrease [2][11]. - In November 2025 alone, the sales area was 67 million square meters, down 17.3% year-on-year, while sales revenue was 610 billion yuan, down 25.1% year-on-year [2]. Investment Data - Real estate development investment totaled 7.9 trillion yuan in the first eleven months of 2025, down 15.9% year-on-year. The new construction area was 530 million square meters, reflecting a 20.5% decline [3][19]. - The construction area was 6.56 billion square meters, down 9.4% year-on-year, and the completed area was 390 million square meters, down 18.0% year-on-year [3][21]. Funding Data - The total funds available to real estate companies were 8.5 trillion yuan, down 11.9% year-on-year. Domestic loans accounted for 1.3 trillion yuan, showing a 2.5% decline [4][21]. - Self-raised funds were 3.1 trillion yuan, down 11.9%, and personal mortgage loans were 1.2 trillion yuan, down 15.1% [4]. Policy Insights - The Central Economic Work Conference emphasized stabilizing the real estate market as a key task for 2026, with potential policies to reduce housing costs and stimulate demand [5]. - The report suggests focusing on three areas for investment: commercial real estate, second-hand brokerage, and property services, along with quality developers [5].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Insights - The company has shown a robust performance in the first three quarters of 2025, achieving revenue of 930 million yuan, a year-on-year increase of 10.6%, and a net profit attributable to shareholders of 37.34 million yuan, up 74.8% year-on-year [1]. - The company's core business in bearing rings is entering a clear recovery phase, with capacity utilization rates improving significantly from 40-50% to 70-90% due to previous heavy asset investments [1]. - The humanoid robot sector is identified as a trillion-yuan market, with the company positioned to benefit from the growth in this industry through its key component, the planetary roller screw [2]. - The company has developed an insulated bearing inner ring to address the issue of electrical corrosion in electric drive systems for new energy vehicles, which is expected to reduce costs by over 30% compared to mainstream ceramic ball bearing solutions [2]. - The company is advancing its globalization strategy, having received approval for a factory in Mexico and exploring opportunities in Europe and Thailand [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 1.35 billion yuan, 1.77 billion yuan, and 2.24 billion yuan, respectively, with net profits expected to reach 66 million yuan, 130 million yuan, and 200 million yuan [4][12]. - The earnings per share (EPS) is projected to grow from 0.53 yuan in 2025 to 1.62 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 122.43 to 40.42 [4][12]. - The company is expected to achieve a gross margin improvement from 15.2% in 2025 to 19.3% in 2027, indicating enhanced profitability [12].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The target price of Shenyu Convertible Bond on the first day of listing is expected to be between 140 - 145 yuan, and investors are advised to actively subscribe [3][18]. - The expected first - day new - bond lottery winning rate is around 0.0035% - 0.0037% [4][19]. 3. Summary According to Related Catalogs 3.1 Shenyu Convertible Bond New - Bond Analysis and Investment Suggestions 3.1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Shenyu Convertible Bond are priority placement and online issuance, with a bond and issuer rating of AA-. The issuance scale is 500 million yuan, the initial conversion price is 39.31 yuan. As of December 12, 2025, the closing price of the underlying stock was 36.40 yuan, and the bond parity was 92.60 yuan. The calculated pure bond value was 91.23 yuan. The game terms (downward revision, redemption, and put provisions) are normal. Overall, the bond issuance scale is low, liquidity is poor, the rating is acceptable, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary participation [2][14]. 3.1.2 New - Bond Initial Listing Price Analysis - The company mainly engages in the R & D, production, and sales of coaxial cables and also conducts gold wire - drawing business. After the issuance of the convertible bond, the funds will be fully used for the intelligent field data cable construction project. The company aims to strengthen its investment and business layout in the automotive data cable and computing power data cable fields, improve production efficiency and delivery capacity, and seize more market share through economies of scale [3][17]. - Considering the current market environment and parity level, the conversion premium rate of Shenyu Convertible Bond on the first day of listing is expected to be in the range of [52%, 57%], corresponding to a first - day listing target price around 140 - 145 yuan [3][18]. 3.1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - As of the end of June 2025, the top two major shareholders held a combined 36.80% of the shares, and the top ten major shareholders held a combined 41.11%. Assuming the old - shareholder placement ratio is 37% - 41%, the scale of Shenyu Convertible Bond available to the market is 294 million - 316 million yuan. Assuming the online effective subscription volume is 8.53 million households, the lottery winning rate is around 0.0035% - 0.0037% [4][19]. 3.2 Underlying Stock Fundamental Analysis 3.2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company's main products are coaxial cables, RF connectors and components, and it also conducts gold wire - drawing business. Coaxial cables are the main products, including various series. The company has a complete product matrix and has made progress in multiple fields [20]. - The upstream of the communication cable industry includes copper and plastic material industries. China's stable copper production and the basic localization of plastic materials ensure production needs, but raw material price fluctuations affect the company. The downstream is the cable assembly industry, and the terminal industries include consumer electronics, data communication, etc. The demand in these fields is growing [20][21][22]. 3.2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed a fluctuating trend. Coaxial cable sales decreased in 2023 due to the slowdown of communication base station construction and increased from 2024 to the first half of 2025 due to market expansion. The gold wire - drawing business income declined in the first half of 2025 because the company reduced low - margin business [25]. - The company's comprehensive gross profit margin and net profit margin showed an upward trend. The gross profit margin increased mainly because the company expanded new markets and reduced low - margin business. The company's period expenses increased year - by - year, mainly due to equity incentive expenses and increased sales promotion. R & D expenses remained stable, and accounts receivable were relatively stable. The company's net profit attributable to the parent company fluctuated greatly [30][31][43]. 3.2.3 Company's Equity Structure and Major Subsidiaries - As of June 30, 2025, the company's equity structure was relatively dispersed. Ren Fengjuan was the largest shareholder, and the top two major shareholders held a combined 36.80% of the shares, and the top ten major shareholders held a combined 41.11%. Ren Fengjuan, Tang Xiaonan, and Tang Jiankang were the actual controllers [45]. 3.2.4 Company's Business Characteristics and Advantages - Market reputation and customer resource advantages: The company has a good market reputation and brand image, and has established long - term and stable relationships with many well - known enterprises. It has also established a one - stop multi - target service platform [47]. - R & D innovation and technology accumulation advantages: The company has a scientific R & D management system, has mastered multiple core production processes, and has a large number of patents. It focuses on high - tech and high - value - added product layout [48][50]. - Product quality advantages: The company has a perfect quality control system and has passed multiple quality management certifications, achieving seamless connection with top - level quality specifications [51]. 3.2.5 Arrangement of This Fund - Raising Investment - The company plans to issue convertible bonds to raise up to 500 million yuan, which will be fully used for the intelligent field data cable construction project after deducting issuance fees. The project has a total investment of 504.2642 million yuan, with an expected annual output of 272,500 kilometers of intelligent field data cables. After reaching full production, it is expected to achieve an annual operating income of 476.8936 million yuan, with an internal rate of return of 12.58% (after - tax) and a static investment payback period of 8.44 years (including the construction period) [52][53].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][5]. Core Views - The company has shown significant revenue growth, with a 81.77% year-on-year increase in revenue for the first three quarters of 2025, reaching 679 million yuan, and a return to profitability with a net profit of 37 million yuan [2]. - The company is a leading supplier of testing probes in the semiconductor industry, benefiting from strong demand from high-quality clients, including NVIDIA, and is expected to see positive growth driven by the surge in overseas AI demand [2][3]. - The company has successfully launched new products that meet the high-speed and high-precision requirements of the AI era, including a high-pin-count MEMS probe card that has been adopted by leading chip manufacturers [3]. Financial Summary - Revenue is projected to grow significantly from 569 million yuan in 2024 to 1.805 billion yuan in 2027, with corresponding growth rates of 99.13%, 55.69%, 41.86%, and 43.64% [4]. - The net profit is expected to turn positive in 2025, reaching 60 million yuan, and further increasing to 388 million yuan by 2027, with growth rates of 218.33% and 102.98% for 2026 and 2027 respectively [4]. - The earnings per share (EPS) is forecasted to improve from -0.07 yuan in 2024 to 2.56 yuan in 2027, reflecting the company's recovery and growth trajectory [4].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Insights - The company is a leading player in the precursor materials industry, expected to benefit from the high demand in the storage sector. Memory prices have increased by 50% this year and are projected to rise further by 30% in Q4 2025 and approximately 20% at the beginning of next year [1][3]. - The company has shown significant growth in cash flow, with a 136.63% year-on-year increase in operating cash flow, attributed to increased sales collections [2]. - The company’s electronic materials product line is comprehensive, covering critical semiconductor manufacturing processes, and is well-positioned to benefit from the recovery of the storage industry and domestic supply chain localization trends [3]. Financial Performance - In Q3 2025, the company achieved revenue of 2.174 billion yuan, a year-on-year increase of 24.75%, with a gross margin improvement of 2.28 percentage points to 32.78% [2]. - The net profit attributable to the parent company for Q3 2025 was 273 million yuan, up 19.24% year-on-year, with a net profit margin of 12.57% [2]. - Revenue projections for 2025-2027 are 8.609 billion yuan, 10.637 billion yuan, and 12.374 billion yuan, respectively, with net profits expected to be 1.114 billion yuan, 1.483 billion yuan, and 1.808 billion yuan [4][5]. Business Segments - The LNG board business is experiencing strong demand due to the growth in large LNG transport vessels and ultra-low temperature insulation materials, with a solid order backlog and completed GTT certification processes [3]. - The company is positioned to leverage its technological and certification barriers in the LNG sector, enhancing its long-term profitability [3].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a strong potential for stock price appreciation in the next six months [4][6]. Core Insights - The company has demonstrated significant growth in profitability, with a 66.99% year-on-year increase in net profit for the first three quarters, driven by an optimized product mix and a high gross margin of 49.54% [2][4]. - The company has a robust order backlog of 9.072 billion yuan, representing a 34.1% year-on-year increase, which supports revenue guidance of 6.5 to 7.1 billion yuan for the year [2]. - The company is expanding its product offerings beyond cleaning equipment, with strong growth in other front-end equipment, particularly in response to AI chip demand [3]. - The company has raised its global revenue target for 2030 from 3 billion USD to 4 billion USD, with a specific target of 2.5 billion USD for the China region [3]. Financial Summary - For the fiscal years 2025 to 2027, the company is projected to achieve net profits of 1.602 billion yuan, 1.997 billion yuan, and 2.352 billion yuan, respectively, with corresponding price-to-earnings ratios of 53, 43, and 36 times [4][5]. - The company expects revenue growth rates of 44.48% in 2024, 23.92% in 2025, and 23.67% in 2026, indicating a strong growth trajectory [5][11]. - The gross margin is projected to remain high, around 49.9% for 2026 and 2027, reflecting the company's strong pricing power and cost management [11].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [4] Core Viewpoints - The company maintains a strong position in its core business, leading globally in dry stripping and rapid thermal processing (RTP) with a market share of approximately 35% in dry stripping, ranking second globally, and about 13% in RTP, with a long-term gross margin above 40% [2] - The etching segment is expected to become a new growth driver, with significant breakthroughs in differentiated ICP technology, including the newly launched RENA-E etching equipment, which has received bulk orders, and the commercial introduction of atomic-level surface treatment equipment, Escala [2] - The company benefits from local supply chain advantages, leading to higher gross margins domestically compared to overseas operations, and has increased inventory to 3.69 billion yuan to meet strong downstream demand [3] Financial Summary - For the first three quarters, the company achieved revenue of 3.796 billion yuan, a year-on-year increase of 14.01%, and a net profit attributable to shareholders of 516 million yuan, up 22.73% year-on-year [1] - The forecasted net profits for 2025, 2026, and 2027 are expected to be 660 million yuan, 884 million yuan, and 1.275 billion yuan, respectively, with corresponding P/E ratios of 116, 86, and 60 times [3][4] - The company’s revenue is projected to grow from 4.633 billion yuan in 2024 to 7.999 billion yuan in 2027, reflecting a compound annual growth rate of 26.51% [11]

Report Industry Investment Rating - Not provided in the report Core Viewpoints of the Report - The target price of Aohong Convertible Bond on the first day is estimated to be between 127 and 131 yuan, and investors are advised to actively subscribe [3][20] - The estimated first - day new - bond lottery winning rate is around 0.0019% - 0.0025% [4][21] Summary According to Relevant Catalogs 1. Aohong Convertible Bond New - Bond Analysis and Investment Recommendations 1.1 Convertible Bond Basic Terms Analysis - The issuance methods of Aohong Convertible Bond are priority placement and online issuance, with a bond and issuer rating of AA-. The issuance scale is 580 million yuan, the initial conversion price is 34.04 yuan, the bond parity on December 12, 2025, is 87.51 yuan, the pure bond value is 92.83 yuan, and the game terms are normal. Overall, the bond issuance scale is average, the liquidity is average, the rating is acceptable, and the bond floor protection is good [2][16] 1.2 New - Bond Initial Listing Price Analysis - The company is a high - tech enterprise engaged in PCB R & D, production, and sales. The funds raised will be used for the Thailand production base construction project, which is conducive to optimizing the company's production capacity layout and meeting overseas market demand. The estimated conversion premium rate on the first - day of listing is in the range of [45%, 50%], corresponding to a target price of around 127 - 131 yuan [3][19][20] 1.3 Convertible Bond New - Bond Lottery Winning Rate Analysis - Assuming the old - shareholder placement ratio is 63% - 72%, the scale available for the market is 162 million - 215 million yuan. Assuming 8.53 million online valid subscriptions, the estimated first - day lottery winning rate is around 0.0019% - 0.0025% [4][21] 2. Underlying Stock Fundamental Analysis 2.1 Company's Main Business and Industry Upstream and Downstream Situations - The company is a high - tech enterprise engaged in PCB R & D, production, and sales. Its products include single - sided, double - sided, and multi - layer boards, and it has penetrated into new application scenarios. The upstream of the PCB manufacturing industry includes raw materials such as copper - clad laminates, and the downstream is mainly the application industries of PCB products. The global and Chinese PCB industries' output value has been increasing annually [22][23][24] 2.2 Company's Operating Conditions - From 2022 to the first half of 2025, the company's operating income showed a fluctuating upward trend, with the main business income accounting for over 89% in each period. The product structure was relatively stable. The comprehensive gross profit margin was relatively stable, and the net profit margin was also stable. The company's period expenses showed a downward trend, R & D expenses increased slightly, accounts receivable increased, and the return on equity was relatively stable [27][31][34] 2.3 Company's Equity Structure and Main Subsidiaries - As of June 30, 2025, the company's equity structure was relatively concentrated. Yang Jiuhong and Chen Dinghong were the top two shareholders, and they were the actual controllers of the company as persons acting in concert [46] 2.4 Company's Business Characteristics and Advantages - The company has customer resource advantages, with many well - known domestic and foreign customers. It has R & D and technology reserve advantages, with 139 patents. It also has quality control advantages, with a detailed production quality control system [51][52][53] 2.5 Allocation of This Round of Fundraising - The company plans to issue convertible bonds to raise up to 580 million yuan. After deducting issuance fees, the 580 million yuan will be used for the Thailand production base construction project. The project aims to improve production capacity and overseas layout, and is expected to achieve an average annual operating income of 663.2 million yuan after reaching full production [54][55]