Investment Rating - The report assigns a rating of AA-/AA- to the company and its convertible bond issuance [5][6]. Core Viewpoints - The company is a leading player in the aluminum rolling materials industry, focusing on the research, production, and sales of aluminum-based products and composite materials [10][14]. - The company has a strong emphasis on innovation and green development, with a significant portion of its revenue derived from aluminum thermal transmission materials [10][11]. - The report highlights the company's financial performance, noting a 15.92% year-on-year increase in revenue for the first nine months of 2024, reaching 3.811 billion yuan, and a 58.59% increase in net profit [28]. Summary by Sections Convertible Bond Analysis - The issuance scale of the convertible bond is 785 million yuan, with a term of 6 years and a conversion price of 12.52 yuan [5][6]. - The bond features a high compensation interest rate of 10.7% and market-oriented adjustment clauses [5][6]. - The pure bond value is calculated at 95.41 yuan, with a corresponding yield to maturity (YTM) of 2.81% [5][6]. Company Overview - The company is primarily engaged in the development and production of aluminum-based series products and composite materials, with a focus on lightweight material solutions [10][11]. - The major products include aluminum-based series products, aluminum-steel composite materials, and multi-metal composite materials, with aluminum-based products accounting for over 92% of revenue in recent years [10][11][13]. Industry Analysis - The aluminum rolling processing industry is characterized by a high demand for high-end aluminum materials, which are still largely imported due to domestic production limitations [16][19]. - The report notes that the aluminum rolling materials market in China has been growing, with a compound annual growth rate of 6.17% from 2017 to 2022 [18][19]. Financial Analysis - The company's liquidity ratios improved significantly in 2023 and 2024, surpassing industry averages, indicating better financial health [29][30]. - The report indicates that the company has maintained a stable cash flow from operating activities, with net cash flow from operations exceeding net profit in previous years [30]. Valuation Performance - As of January 3, 2025, the company's price-to-earnings (P/E) ratio is 81.46, which is higher than the industry average, indicating a high valuation elasticity [33]. - The report also highlights a decline in the company's stock price by 6.47% year-to-date, underperforming the industry index [33]. Fundraising Project Analysis - The company plans to use the raised funds for a project to produce 350,000 tons of low-carbon aluminum thermal transmission materials annually, with an expected internal rate of return of 18.5% [36].

2025 年 01 月 06 日 行业研究●证券研究报告 从云到端/存算一体，AI 带动存力容量/技术双升 投资要点 容量：从云到端，AI 催生端侧存储容量增加。在云端，AI 依赖于大规模的数据 中心和高效庞大的存储系统来存储、传输并处理数据。数据中心有着大规模集群 式的存储硬件来应对海量数据，而在端侧，AI 需要在计算资源、存储资源受限 的设备上实现实时、低功耗的数据处理，这对存储芯片的容量、速度和能效提出 全新的要求，也推动存储技术革新。对端侧 AI 设备来说，算力和数据的加持实 现了各种智能功能，而数据存放及高效读写需要更强大的存储芯片为其提供助 力。（1）AI 手机：16G 的 DRAM 已是 AI 手机最低基本配置。根据电子发烧友 网统计，基于高通和联发科旗舰芯片的智能手机比较集中的是支持 70 亿的 AI 大模型参数，且 16GB+512GB 存储搭配最为集中。根据电子发烧友网数据，以 70 亿大模型压缩后需要 4GB 来算，再加上 6GB App 保活、4GB 安卓 OS，故 支持 70 亿参数大模型的智能手机，实现图像生成功能等，其内存至少需要 14GB。（2）AI PC：更快的数据传输速度、 ...

2025 年 01 月 05 日 公司研究●证券研究报告 兴福电子（688545.SH） 新股覆盖研究 下周三（1 月 8 日）有一家科创板上市公司"兴福电子"询价。 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 260.00 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 | | | daizhengzheng@huajinsc.cn | 相关报告 华金证券-新股- 新股专题覆盖报告（林泰新 材）-2024 年第 90 期-总第 517 期 2024.12.9 华金证券-新股- 新股专题覆盖报告（中力股 份）-2024 年第 89 期-总第 516 期 2024.12.7 华金证券-新股- 新股专题覆盖报告（博科测 试）-2024 年第 88 期-总第 515 期 2024.12.6 华金证券-新股- 新股专题覆盖报告（蓝宇股 ...

Investment Rating - The investment rating for the company is "Buy" [30] Core Viewpoints - The company, Fuling Co., Ltd. (001356.SZ), primarily engages in the research, production, and sales of plastic dining utensils and biodegradable materials, with a significant focus on the North American market [8][21] - The company has established long-term partnerships with major international fast-food chains such as McDonald's and KFC, contributing to its competitive advantage [21] - The company has shown resilience in the face of trade tensions, having strategically positioned production facilities in the U.S. and Mexico to mitigate tariff impacts [21] - The company has experienced fluctuations in revenue and profit, with a notable decline in 2023, but forecasts a recovery in 2024 with expected revenue growth of 15.41% to 20.71% [9][25] Financial Performance Summary - The company reported revenues of 1.46 billion, 2.15 billion, and 1.89 billion CNY for the years 2021, 2022, and 2023, respectively, with year-over-year growth rates of 36.53%, 47.79%, and -12.32% [9][6] - The net profit for the same years was 116.3 million, 255.4 million, and 215.7 million CNY, with corresponding growth rates of 50.96%, 119.51%, and -15.55% [9][6] - For the first nine months of 2024, the company achieved revenues of 1.706 billion CNY, reflecting a year-over-year increase of 27.71% [9] Industry Overview - The company operates within the plastic industry, specifically focusing on disposable plastic dining utensils and biodegradable materials [13][14] - The global plastic production has shown steady growth, with production reaching 400 million tons in 2022 [14] - The biodegradable plastic market in China is rapidly expanding, driven by increasing environmental awareness and government policies promoting biodegradable materials [19][20] Competitive Positioning - Fuling Co., Ltd. ranks among the top manufacturers in the domestic plastic dining utensils sector, with a significant portion of its revenue derived from exports to the U.S. [21] - The company has a higher revenue scale compared to its peers, with a 2023 revenue of 1.889 billion CNY, while the average revenue of comparable companies was 1.573 billion CNY [25]

2025 年 01 月 05 日 行业研究●证券研究报告 消费电子 行业快报 Micro LED 加速产业化，眼镜上屏迎来机遇 投资要点 投资评级 同步大市(维持) 首选股票 评级 一年行业表现 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | 1.3 | 9.88 | 8.48 | | 绝对收益 | -2.65 | 3.84 | 21.27 | | 分析师 | | | 孙远峰 | | SAC | 执业证书编号：S0910522120001 sunyuanfeng@huajinsc.cn | | | | 分析师 | | | 王海维 | | SAC | 执业证书编号：S0910523020005 wanghaiwei@huajinsc.cn | | | | 报告联系人 | | | 宋鹏 | | | songpeng@huajinsc.cn | | | 相关报告 集成电路：CoWoS 或迎量/价/需三振，L 路线 有望为主流-华金证券-电子-先进封装-行业快 报 2025.1.1 消费电子：Meta 欲添加显示，光波导+Micro LED 或将受 ...

事件：当地时间 12 月 2 日，美国芯片大厂 Marvell 宣布同亚马逊 AWS 达成一 份为 5 年的协议，Marvell 将向 AWS 提供的系列芯片包括定制 AI 产品、有缘 电缆（AEC）、PCIe 重定时器（Retimer）等。 事件分析： 高速铜缆分为无源铜缆和有源铜缆两类。无源铜缆 DAC，即直连线缆或直连， 铜缆是无源线缆。无源 DAC 有着低成本、低功耗、高可靠性等优点，常用于 数据中心同机柜或相邻机柜之间的数据传输，是目前高速线缆市场主流产 品。有源铜缆，是无源铜缆的演进，随着传输速率的提升，无源铜缆损耗过大无法 满足互联长度，有源铜缆应需而出，即在 DAC 基础上加入信号调节芯片后，即形 成有源电缆，分为 ACC 和 AEC。其中 ACC 使用 ReDriver 技术，适合短距离应用。 AEC 采用 Retimer 技术，支持更长距离和更高稳定性。目前，无源铜缆由于传输 距离较短所以一般用于机柜内设备间的互连；有源电缆的传输距离相对长些，可用 于机柜间设备的互连。 2025 年 01 月 05 日 行业研究●证券研究报告 "无源+有源"铜缆并行，构筑数据中心底层连 投资要点 无源铜缆 ...

2025 年 01 月 05 日 策略类●证券研究报告 连续剧烈博弈之后风险偏好选择向下，休整期或已经事实性开启 新股专题 投资要点 新股周观点：在连续两个交易周两级极限拉扯之后，伴随外部驱动力有所减弱，上 周新股次新板块出现剧烈休整，风险偏好选择向下，或宣告休整周期已经事实性开 启；回顾来看，12 月中上旬新股情绪指标已经开始明显弱势，截至当前，休整期 可能已经持续月余，伴随上周情绪指标有触及冰点迹象，可能也无须过度悲观，新 的投资机会或也将逐渐孕育。短期建议适度谨慎，耐心观察，重视估值性价比。 （1）上周，整体新股次新板块呈现剧烈调整，弱势加剧；假设以 2024 年以来上 市的新股次新板块比较来看，上周平均周涨幅约-11.2%，实现正收益占比约 5.1%。 （2）在连续二个交易周两级极限拉扯之后，方向选择或是应有之义；而随着此前 被反复拉抬的局部高人气产业链新股次新标的稍有弱势，整体本就较为低迷的新股 板块交投情绪加剧下行，短端新股二级情绪指标甚至有触及冰点迹象。 （3）可能本次方向选择切实宣告新股次新板块已经步入休整周期，结合新股二级 情绪指标走弱时间，可能自 2024 年 12 月中上旬休整周期已经事 ...

春季行情还有吗？ 定期报告 投资要点 2025 年 01 月 04 日 策略类●证券研究报告 | 分析师 | 邓利军 | | --- | --- | | SAC | 执业证书编号：S0910523080001 | | | denglijun@huajinsc.cn | | 报告联系人 | 张欣诺 | | | zhangxinnuo@huajinsc.cn | | 报告联系人 | 张诗瀑 | | | zhangshipu@huajinsc.cn | 相关报告 新股二级交投持续呈现显著的分歧，当前或 正处于关键方向选择窗口-华金证券新股周 报 2024.12.30 一月可能继续震荡偏强，中小盘成长占优 2024.12.28 1 月金股推荐 2024.12.25 短期调整不改中小盘成长占优 2024.12.23 外力依旧是板块结构性活跃的重要驱动力， 或需警惕两级分化加剧-华金证券新股周报 2024.12.22 http://www.huajinsc.cn/ 1 / 16 请务必阅读正文之后的免责条款部分 历史上春季行情节奏不一，政策或流动性偏紧、外部风险事件等可能导致震荡出现。 （1）历史上春季行情节奏各有不同。 ...

2025 年 01 月 03 日 宏观类●证券研究报告 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 消费内需带动制造业 PMI 平稳收官——PMI 点评（2024.12） 2024.12.31 利润跌幅收窄，主因降息降费——工业企业 利润点评（2024.11）暨双循环周报（第 88 期） 2024.12.27 日英央行按兵不动，无力扭转汇率跳水趋势 ——华金宏观·双循环周报（第 87 期） 长期国债收益率连续快速下行，美元指数却开年飙升人民币贬破 7.3。汇率约束下 如何实施好"适度宽松"的货币政策？这成为央行当前必须解决的、又会对春节前 后债市股市造成直接影响的一个关键问题。2024 年 12 月初我国 10 年国债收益率 降至2%以下低位运行，中下旬下行斜率迅速趋陡，至2025年1月2日报于1.6077% 的历史低位，较 2024 年 11 月末低达 41BP。与此同时，美国债券市场则开始定价 美联储年内最后一次会议降息同时给出的鹰派展望、以及导致美联储转鹰的特朗普 激进 ...

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is being covered for potential investment opportunities [33]. Core Insights - The company, 超研股份 (Chao Yan Co., Ltd.), specializes in the research, production, and sales of medical imaging equipment and industrial non-destructive testing equipment. It has a significant market presence in the ultrasound diagnostic equipment sector in China [7][21]. - The company reported revenues of 284.1 million CNY in 2021, 336.2 million CNY in 2022, and 326.5 million CNY in 2023, with year-over-year changes of -11.73%, 18.34%, and -2.87% respectively. The net profit attributable to the parent company was 76.8 million CNY in 2021, 127.1 million CNY in 2022, and 115.4 million CNY in 2023, with year-over-year changes of -4.10%, 65.48%, and -9.16% respectively [8][5]. - For the first nine months of 2024, the company achieved revenue of 261 million CNY, a year-over-year increase of 10.75%, and a net profit of 92 million CNY, a year-over-year increase of 10.05% [8][21]. - The company is expected to see a revenue growth of 14.54% and a net profit growth of 9.74% in 2024 compared to 2023, according to management's preliminary forecasts [8][28]. Summary by Sections Basic Financial Status - The company has shown fluctuations in revenue and profit over the past three years, with a notable increase in 2022 followed by a slight decline in 2023. The revenue breakdown for 2023 indicates that medical ultrasound equipment accounted for 50.16% of total revenue [8][5]. Industry Situation - The global ultrasound medical imaging equipment market is projected to grow from 197,683 units in 2019 to 305,989 units by 2024, with a compound annual growth rate (CAGR) of 9.13%. China is expected to capture 60% of this growth, highlighting its potential as a key market [15][16]. Company Highlights - 超研股份 is recognized as a leading supplier of ultrasound diagnostic instruments in China, with a strong historical background dating back to 1983 when it developed the first domestically produced ultrasound device. The company has established partnerships with over 15,000 hospitals nationwide [21][23]. - The company is actively expanding its product lines into portable DR equipment, medical auxiliary diagnosis systems, and industrial non-destructive testing equipment, with several new products launched between 2023 and 2024 [24][21]. Fundraising Project Investment - The company plans to invest in four key projects through its IPO, including the development of medical imaging products, industrial non-destructive testing systems, portable DR systems, and the establishment of an innovation base [25][27]. Comparison with Industry Peers - In comparison to similar companies, 超研股份 has a lower revenue scale but maintains a competitive gross margin. The average revenue for comparable companies in 2023 was 6.099 billion CNY, with an average PE-TTM of 36.14X and an average gross margin of 54.96% [28][29].