Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5]. Core Views - The company is a leading manufacturer of precision metal components in China, with products widely used in high-growth sectors such as 3C consumer electronics, automotive, new energy, and power tools. The company is expected to enter the screw rod field, which will further enhance its growth potential [5]. Summary by Sections 1. Deepening Precision Metal Components, Profit Reversal Imminent - The company builds competitive barriers through "high-end customer binding + industrial synergy expansion" as a core player in the precision metal components sector on the Sci-Tech Innovation Board [2]. - The company has a growth trajectory characterized by "technological breakthroughs → capital empowerment → boundary expansion," with plans to enter the micro screw rod field by 2025 [2]. - The product layout includes a matrix of "3C + automotive + power tools + emerging fields," leveraging micron-level processing capabilities to penetrate diverse sectors such as consumer electronics and humanoid robots, supporting multiple growth drivers [2]. 2. Focus on Precision Manufacturing, Multi-Line Collaborative Growth in 3C, Automotive, and Power Tools - In the 3C sector, the company has a comprehensive product system for precision metal components, widely used in laptops, tablets, smartphones, and wireless earphones, with strong ties to major global customers, particularly in North America [3]. - In the automotive sector, the company has achieved mass delivery and technical accumulation in core areas such as sunroofs, headlights, and power systems, continuously expanding its diversified product lines [3]. - The power tools sector is showing clear recovery in 2024, with the company leveraging its technological advantages in precision manufacturing and smart production to establish a solid customer base [3]. 3. Importance of Micro Screw Rods, Dual Layout of Technology and Equipment - The company is expanding into the micro screw rod market, leveraging its existing capabilities and collaborating with leading machine tool manufacturers to overcome technical barriers [4]. - The micro screw rod is currently in the research and sample testing phase, with plans to establish a subsidiary in Suzhou dedicated to humanoid robot projects, investing 1 billion yuan, with construction expected to start in mid-2025 [4]. - The company’s MiM technology offers significant advantages in producing complex gear components, enabling it to manufacture high-precision gears and gear rings that traditional machining cannot achieve [4]. 4. Earnings Forecast and Investment Recommendations - The company is expected to achieve a net profit of 1.62 billion yuan in 2025, 2.49 billion yuan in 2026, and 3.01 billion yuan in 2027, with corresponding dynamic P/E ratios of 47, 30, and 25 times [5].

Investment Rating - The report maintains an "Overweight" rating for the semiconductor equipment industry, indicating a positive outlook for the sector [1]. Core Insights - The development of domestic computing power chips is gaining attention, with significant benefits expected for domestic equipment manufacturers. Huawei announced a three-year roadmap for its Ascend AI chips, aiming to release four new products between 2026 and 2028, which is expected to enhance the market share of domestic computing power chips [4]. - Domestic advanced process expansion is exceeding expectations, which is favorable for local equipment manufacturers. The report highlights the establishment of Changxin Storage and the anticipated new iteration cycle in memory technology [4]. - The high-end SoC testing machine market presents significant opportunities, with domestic companies like Huafeng Measurement and Changchuan Technology actively working on SoC testing machines to meet the high demands of testing [4]. - The demand for advanced packaging in computing power chips is expected to benefit equipment manufacturers, as domestic supply chains are anticipated to shift towards local advanced packaging suppliers [4]. - Investment recommendations include companies involved in front-end processes such as North Huachuang and Zhongke Feimeng, as well as back-end packaging firms like Huafeng Measurement and Changchuan Technology [4].

Investment Rating - The report maintains a "Buy" rating for Hikvision Technology Co., Ltd. [1] Core Views - Hikvision is positioned as a global leader in the security industry, focusing on intelligent IoT and digital transformation, leveraging its extensive experience in the field [7] - The company is expanding its innovative business segments, which are expected to contribute significantly to revenue growth, with a focus on eight key areas including robotics, smart logistics, and AIoT [7] - The development of AI large models is creating new business opportunities, enhancing both core and innovative business segments, thus supporting long-term sustainable growth [7] - Revenue projections for 2025-2027 are estimated at 973 billion, 1080 billion, and 1179 billion RMB, with net profits expected to be 137 billion, 157 billion, and 179 billion RMB respectively [7] Financial Projections - Total revenue is projected to grow from 89,341 million RMB in 2023 to 117,903 million RMB in 2027, reflecting a compound annual growth rate (CAGR) of approximately 9.16% [1] - The net profit attributable to shareholders is expected to fluctuate, with a decline in 2024 followed by a recovery, reaching 17,923 million RMB by 2027 [1] - The earnings per share (EPS) is forecasted to increase from 1.54 RMB in 2023 to 1.96 RMB in 2027 [1] Market Data - The closing price of Hikvision's stock is reported at 30.75 RMB, with a market capitalization of approximately 281.82 billion RMB [5] - The price-to-earnings (P/E) ratio is projected to decrease from 19.98 in 2023 to 15.72 in 2027, indicating potential value appreciation [1][5]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company has established a strong market position in the production of Arachidonic Acid (ARA) and Docosahexaenoic Acid (DHA), with significant growth potential driven by domestic and international demand [8][13]. - The company is expected to benefit from the expiration of patents held by competitors, allowing for increased market share and revenue growth [8][47]. - The financial forecasts indicate robust revenue and profit growth, with a projected revenue increase from 7.00 billion yuan in 2025 to 9.43 billion yuan in 2027, and net profit rising from 1.76 billion yuan to 2.55 billion yuan in the same period [1][8]. Summary by Sections 1. Company Overview - Founded in 2004, the company has pioneered the industrialization of ARA, DHA, and other products, with applications in human nutrition, animal nutrition, and personal care [8][13]. - The company has established long-term partnerships with global nutrition and dairy companies, exporting products to over 30 countries [8][13]. 2. Market Position and Growth - The company holds a market share of 13.5% globally and over 50% domestically in the ARA sector as of 2021, with expectations for further growth due to patent expirations of competitors [47]. - The domestic ARA market has shown a CAGR of 9.85% from 2015 to 2021, driven by rising disposable incomes and regulatory changes [46]. 3. Financial Performance - Revenue is projected to grow from 443.80 million yuan in 2023 to 942.93 million yuan by 2027, with a CAGR of 25.19% from 2023 to 2024 [1]. - Net profit is expected to increase from 91.37 million yuan in 2023 to 255.02 million yuan by 2027, reflecting a strong CAGR of 41.95% in 2024 [1]. 4. Product Segmentation - ARA is projected to account for approximately 70.2% of revenue in 2024, while DHA is expected to contribute 19.6% [15][26]. - The company is diversifying its product offerings, including SA and β-carotene, to enhance its market presence [15][13]. 5. Strategic Initiatives - The company is focusing on expanding its international market presence, particularly in light of the expiration of patents held by competitors, which will allow for competitive pricing and increased market penetration [8][47]. - The strategic direction emphasizes a dual focus on human nutrition and animal nutrition, with ongoing investments in product development and market expansion [8][13].

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250918 美联储降息 25 个基点，北证 50 指数下跌 1.01% ◼ 今日新股：无 ◼ 风险提示：个股盈利不及预期，行业竞争加剧，贸易摩擦加剧，政策不 及预期等。 2025 年 09 月 18 日 证券分析师 朱洁羽 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 执业证书：S0600524080003 yuhy@dwzq.com.cn 证券分析师 薛路熹 执业证书：S0600525070008 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《港股新政优化资本准入，工信部征 集智能网联汽车组合驾驶辅助相关标 准意见》 2025-09-17 《商务部加大信贷力度，北证 50 收涨 0.63%》 2025-09-16 东吴证券研究所 1/8 请务必阅读正文之后的免责声明部分 内容目录 | 1. 资本市场新 ...

证券研究报告·行业点评报告·机械设备 机械设备行业点评报告 沙特阿美拟三年启动 85 个重大项目，油服设 备产业链有望受益 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 未来三年沙特阿美将执行 85 个重大项目，涵盖油气生产、管道网络 及民用基础设施 沙特阿美高级合同顾问 9 月初，于利雅得未来项目论坛上宣布，未 来三年沙特阿美将执行 85 个重大项目，涵盖油气生产、管道网络及民 用基础设施。其中油气及石化板块占据重要位置，共 20 个项目，涉及 石油、天然气和炼油设施的升级，重点关注硫回收装置、气田压缩系统 和炼油装置的开发。投资规模可观，将催生大量产品、设备和长期项目 需求。目前项目采购清单包括：2.1 万公里碳钢管道、220 万吨结构钢 材、4.1 万公里电缆、1700 公里输电线路，以及针对气田压缩系统、炼 油装置等关键设施的升级改造。 ◼ 资本支出高企，利好具备技术优势和市场准入的龙头企业 沙特阿美 2025 年资本支出指引维持 520 亿-580 亿美元区间，同比 增长 3%-15%，资本开支继续增长，油服设备需求可持续，利好相关领 域同时具备技术优势和市场准 ...

证券研究报告·宏观报告·宏观点评 宏观点评 20250918 9 月 FOMC：重启降息——2025 年 9 月 FOMC 会议点评 2025 年 09 月 18 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 张佳炜 执业证书：S0600524120013 zhangjw@dwzq.com.cn 证券分析师 韦祎 执业证书：S0600525040002 weiy@dwzq.com.cn 研究助理 王茁 执业证书：S0600124120013 wangzhuo@dwzq.com.cn 相关研究 《特朗普干预美联储独立性的三个途 径》 2025-09-15 《供需分化的三个结果——8 月经济 数据点评》 2025-09-15 东吴证券研究所 1 / 9 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：9 月 FOMC 如期降息 25bps，点阵图指引年内还有 2 次降 息，基本符合预期，但同时指引明年还有额外 1 次降息，相比市场预期 明显偏鹰。发布会上 Powell 对于就业和通胀的观点与 8 ...

Macro Strategy - Trump's intervention in the independence of the Federal Reserve is expected to occur through three main avenues: nominating a compliant Fed Chair, adjusting the personnel structure of the Fed Board, and intervening in the appointment of regional Fed presidents [1][18] - With the new Fed Chair's appointment, Trump is anticipated to have greater influence, potentially leading to more aggressive rate cuts than currently priced in by the market, with the policy rate possibly falling below the neutral level of 3% [1][18] Economic Commentary - In August, both domestic and external demand weakened, leading to a situation where supply adjustments lag behind demand, reinforcing a short-term scenario of strong supply and weak demand [2][19] - The industrial production growth rate remained above 5%, indicating resilience in the supply side despite a slight decline, while GDP growth is expected to remain around 5% in Q3 [2][19] - The divergence between supply and demand is unsustainable, and if demand does not strengthen, supply is likely to follow suit, leading to greater pressure on GDP in Q4 compared to Q3 [2][19] Fixed Income Market - The market is seeing an increase in expectations for the resumption of "government bond trading," with significant liquidity measures being implemented, including a 1 trillion yuan reverse repo operation [4][22] - The anticipated resumption of government bond trading could stabilize bond yields and further lower financing costs for the real economy [4][22] Industry Analysis - The battery sector is expected to see price increases for energy storage cells, marking the end of a three-year deflation period, with leading companies like CATL and others showing strong performance [15] - The report highlights a positive outlook for the battery sector, particularly for companies with low valuations and strong earnings potential, such as Tianqi Lithium and others [15] - The solid-state battery segment is also emphasized as a key area for investment, with companies like Xiamen Tungsten and others being recommended [15]

证券研究报告·公司点评报告·电池 先导智能（300450） 交付多条固态电池干法成膜设备，龙头强者 恒强 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,628 | 11,855 | 13,800 | 15,850 | 19,000 | | 同比（%） | 19.35 | (28.71) | 16.41 | 14.86 | 19.87 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,533.42 | 2,040.81 | 2,483.70 | | 同比（%） | (23.45) | (83.88) | 435.97 | 33.09 | 21.70 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.98 | 1.30 | 1.59 | | P/E（现价&最新摊薄） | 48.54 | 301.08 | 56.17 | 42.21 | 34.68 | [Tab ...

Investment Rating - The report maintains a positive outlook on the battery sector, particularly favoring leading companies like CATL and others in the second tier [1]. Core Insights - The battery sector is experiencing robust growth, with CATL leading in profit contribution and market share, while second-tier companies show significant improvement [2][3]. - Demand for energy storage batteries is expected to exceed expectations, with a projected global demand of 1,877 GWh in 2025, representing a 35% year-on-year increase [2]. - The report highlights the acceleration of battery exports and the development of new technologies, with leading companies setting the pace [2]. Summary by Sections PART 1: Operational Comparison - CATL's profit contribution in the battery sector reached 90%, with the battery segment accounting for 42% of the overall industry profit in Q2 2025, reflecting a 7% increase year-on-year [5][6]. - Second-tier companies are showing signs of recovery, with gross margins improving to 15-20% [2][5]. PART 2: Demand Outlook - Global demand for energy storage batteries is expected to reach 521 GWh in 2025, a 60% increase year-on-year, with further growth anticipated in 2026 [2][20]. - The report indicates that the price of energy storage batteries has stabilized and is beginning to recover, leading to improved profitability [2][21]. PART 3: Industry Trends - The report notes that leading companies are accelerating their overseas production capacity to meet local supply needs, particularly in Europe and Southeast Asia [2][3]. - Technological advancements are ongoing, with a focus on larger cell sizes and improved performance metrics [2][3]. PART 4: Valuation Comparison and Investment Recommendations - The report suggests that leading companies have a clear valuation advantage, with CATL being the top pick, followed by other notable firms such as Yiwei Lithium Energy and Xinwangda [2][3]. - The report emphasizes the potential for continued profitability in the battery sector, particularly for leading companies and those with low valuations [2][3].