- The report defines a formula for calculating the benchmark allocation scale of a specific index across all sample funds, expressed as: $$bmAsset_{i}=\sum_{j=1}^{N}fundAsset_{j}\times weight_{i,j}$$ Here, \(bmAsset_{i}\) represents the benchmark allocation scale of index \(i\), \(fundAsset_{j}\) is the fund scale of fund \(j\), and \(weight_{i,j}\) is the weight of index \(i\) in fund \(j\) [10][11] - Another formula calculates the industry benchmark allocation scale as the sum of the benchmark allocation scales of all constituent stocks within an industry: $$bmInduAsset_{k}=\sum_{s=1}^{S}bmStkAsset_{s}$$ Here, \(bmInduAsset_{k}\) represents the benchmark allocation scale of industry \(k\), \(bmStkAsset_{s}\) is the benchmark allocation scale of stock \(s\), and \(S\) is the total number of constituent stocks in industry \(k\) [15][16] - The benchmark allocation scale of a stock is calculated as: $$bmStkAsset_{s}=\sum_{i=1}^{L}bmAsset_{i}\times stkWeight_{s,i}$$ Here, \(bmStkAsset_{s}\) represents the benchmark allocation scale of stock \(s\), \(bmAsset_{i}\) is the benchmark allocation scale of index \(i\), \(stkWeight_{s,i}\) is the weight of stock \(s\) in index \(i\), and \(L\) is the total number of indices containing stock \(s\) [17] - The formula for estimating the industry allocation scale based on fund holdings is: $$fundInduAsset_{k,T}=\sum_{s=1}^{S}\sum_{j=1}^{J}\frac{stkMv_{j,s,T-1}}{totalStkMv_{j,T-1}}\times totalStkMv_{j,T}$$ Here, \(fundInduAsset_{k,T}\) represents the fund allocation scale of industry \(k\) at time \(T\), \(stkMv_{j,s,T-1}\) is the holding scale of stock \(s\) by fund \(j\) at time \(T-1\), \(totalStkMv_{j,T-1}\) is the total stock holding scale of fund \(j\) at time \(T-1\), and \(totalStkMv_{j,T}\) is the total stock holding scale of fund \(j\) at time \(T\) [18] - The report introduces the concept of "potential impact" by standardizing industry under-allocation using free-float market capitalization as a proxy for industry capacity. The formula is: $$PotentialImpact = \frac{IndustryUnderAllocation}{IndustryFreeFloatMarketCap}$$ This metric reflects the potential inflow or outflow impact on industries based on their under-allocation relative to free-float market capitalization [23][25][29] - Using the unified benchmark framework, the report analyzes industry deviations under two major indices: - **CSI 300**: Industries with the largest over-allocation are electronics (1647 billion RMB), machinery (1070 billion RMB), and chemicals (807 billion RMB). Industries with the largest under-allocation are banking (2381 billion RMB), non-banking finance (2149 billion RMB), and food & beverages (568 billion RMB) [26][27][28] - **CSI A500**: Industries with the largest over-allocation are electronics (1291 billion RMB), machinery (911 billion RMB), and chemicals (442 billion RMB). Industries with the largest under-allocation are banking (1286 billion RMB), non-banking finance (1033 billion RMB), and utilities (329 billion RMB) [32][33][35] - The report concludes that regardless of benchmark type, the industries with the highest potential inflow impact are banking and non-banking finance, while the industries with the highest potential outflow impact are light manufacturing and textiles & apparel [5][23][34]

公司报告 | 年报点评报告 众辰科技（603275） 证券研究报告 产业链布局持续完善，伺服、PLC 等业务逐渐起量 公司 24 年全年及 25 年第一季度经营情况如下： 2024 年全年实现营业总收入 6.76 亿元，YOY+9.67%；归母净利润 2.15 亿 元，YOY+11.79%；扣非净利润 1.79 亿元，YOY-0.25%；毛利率 41.23%， yoy-1.4pcts，净利率 31.73%，yoy+0.55pcts。 2025Q1 实现营业总收入 1.5 亿元，YOY+3.32%；归母净利润为 4352.35 万 元，YOY-7.83%；扣非净利润为 3546.32 万元，YOY-11.9%。公司的毛利率 为 41.92%，yoy-0.8pcts；净利率为 28.73%，yoy-3.7pcts。 公司持续丰富产品线及配套建设。公司持续丰富变频器和伺服系统及其上 下游的产品线，推进配套产品体系建设，打造从驱动层到控制层、执行层 的产业链布局。芜湖与上海产能项目推进，高压变频器生产基地建设启动。 公司立足于行业客户日益增长的综合解决方案需求，为行业客户提供一体 化解决方案。 主营业务外探求新业务增 ...

Investment Rating - The industry rating is maintained as "Outperform" [7] Core Insights - The global semiconductor industry is expected to continue its optimistic growth trajectory in 2025, with significant recovery in terminal demand and ongoing domestic substitution efforts [5][15] - The demand for AI-related hardware is driving strong growth in the data center sector, with companies like NVIDIA and Broadcom experiencing increased orders for GPUs and related chips [3][13] - The industrial control market is showing signs of recovery, particularly in China, driven by the transition to smart vehicles and strong demand for industrial chips [3][14] Summary by Sections 1. IC Design - Digital logic chip sector shows strong performance, with AMD reporting a net profit of $709 million, up 476% year-over-year, and Qualcomm achieving a net profit of $2.812 billion, up 21% year-over-year [12][26] - Storage chip sector highlights include Micron's revenue of $8.053 billion, up 38% year-over-year, and SK Hynix's net profit of 8.11 trillion KRW, up 323% year-over-year [12][48] - Analog chip sector sees Texas Instruments reporting a net profit of $1.179 billion, up 7% year-over-year [12][53] 2. Equipment - Applied Materials (AMAT) reported revenue of $7.166 billion, up 7% year-over-year, while ASML's net profit reached €2.4 billion [12] 3. Foundry and IDM - TSMC's net profit was NT$361.56 billion, up 60.3% year-over-year, while Intel's revenue remained flat at $12.7 billion [12][19] 4. Testing and Packaging - ASE Technology's net profit was NT$7.554 billion, up 33% year-over-year [12] 5. Market Outlook - The semiconductor industry is expected to benefit from strong AI demand, with global data center spending projected to reach $1 trillion by 2028 [3][13] - The recovery in the industrial market is evident, with Texas Instruments noting strong demand in home appliances and power transmission [3][14] - The renewable energy sector is anticipated to see stable demand, particularly in overseas markets, with companies like Infineon expecting gradual recovery in the second half of 2025 [14] 6. Recommendations - Focus on SoC and supporting solution providers such as Hengxuan Technology and Rockchip Technology, as well as ASIC companies like Aojie Technology [6] - Attention to semiconductor storage firms like Jiangbolong and Shannon Semiconductor, and IDM foundries like Huahong Semiconductor and SMIC [6]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][64]. Core Views - The company is undergoing a transformation from its traditional waterproof materials business to the display panel and semiconductor testing equipment sectors, which are expected to provide significant growth opportunities [2][13]. - The acquisition of Suzhou Jiazhi Technology is anticipated to enhance the company's performance, with a commitment to achieve a cumulative net profit of no less than 240 million yuan from 2025 to 2027 [1][51]. - The report highlights the potential for a turnaround in the company's main business after reaching a low point, alongside the expected growth in the newly acquired testing equipment business [64]. Summary by Sections Company Overview - The company has historically focused on waterproof materials but is now shifting towards the display panel and semiconductor testing equipment markets, with a diversified shareholding structure [2][13][16]. - The company has faced challenges in its waterproof business since 2021, with a projected loss of 540 million yuan in 2024 [2][18]. Jiazhi Technology - Jiazhi Technology, established in 2017, is positioned in the second tier of the panel testing equipment market and has begun sales in semiconductor testing equipment [3][32]. - The market for panel testing equipment is expected to recover gradually, with a projected demand of 9.6 billion yuan in 2024 [39][40]. Financial Projections - The company's revenue from waterproof materials is projected to reach 2.4 billion yuan in 2025, with a growth rate of 4% [63]. - Jiazhi Technology's revenue is expected to grow significantly, reaching 511 million yuan by 2027, with a compound annual growth rate of 34% [64][51]. Market Dynamics - The report notes that the display panel testing equipment market is currently dominated by two leading companies, with Jiazhi holding approximately 6% market share [47]. - The semiconductor testing equipment segment is still in the early stages, with limited volume production expected in the short term but significant long-term potential [50].

2025Q1：实现收入 10.89 亿元，YOY+15.53%，归母净利润 1.03 亿元， YOY+15.15%，扣非归母净利润 1.00 亿元，YOY+15.92%。 2024 年业绩有所承压，公司经营提质增效仍显韧性。2024 年，公司围绕 "两智一新"战略，通过智能化、数字化产品升级不断推出适配新能源、 智算中心、智能楼宇等场景的高端解决方案并逐步实现行业重点客户拓展 及样板点项目的打造；加大研发投入，研发投入占比提升，新申请专利 456 项，其中发明专利 127 项；营销端持续进行营销运营体系建设和合作伙伴 生态建设，引入 AI 智能客服坐席于销售前中后业务，探索全新的 LDC 业 务模式；整合快速响应的集成供应链，建立高效的运营体系，升级物流与 仓储配送，内外协同，响应客户需求。 公司报告 | 季报点评 良信股份（002706） 证券研究报告 新能源、数据中心等需求增长，利润率修复 公司 2024 年度和 25 年第一季度经营情况如下： 2024 年：实现收入 42.4 亿元，YOY-7.57%，归母净利润 3.1 亿，YOY-38.92%， 扣非归母净利 2.6 亿，YOY-41.61%。 20 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][3]. Core Views - The company is expected to achieve a total revenue of 676 million yuan in 2024, representing a year-over-year increase of 9.67%. The net profit attributable to the parent company is projected to be 215 million yuan, up 11.79% year-over-year [1]. - The company is expanding its product line and enhancing its integrated solutions to meet the growing demand from industry clients [1][2]. - The company has adjusted its profit forecast for 2025 to 240 million yuan, down from a previous estimate of 360 million yuan, while projecting net profits of 280 million yuan and 330 million yuan for 2026 and 2027, respectively [3]. Financial Performance Summary - In Q1 2025, the company reported total revenue of 150 million yuan, a year-over-year increase of 3.32%, with a net profit of approximately 43.52 million yuan, down 7.83% year-over-year [1]. - The gross margin for 2024 is expected to be 41.23%, a decrease of 1.4 percentage points year-over-year, while the net margin is projected at 31.73%, an increase of 0.55 percentage points year-over-year [1]. - The company’s main business revenue primarily comes from frequency converters and servo systems, which accounted for 98.12% of total revenue in 2024 [2]. Business Development - The company is focusing on diversifying its revenue streams beyond its main business, with significant growth in specialized machines, servo systems, and other products, which saw revenue increases of 39.52%, 35.23%, and 103.16% respectively [2]. - The company is enhancing its production capacity with projects in Wuhu and Shanghai, including the establishment of a high-voltage frequency converter production base [1].

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][3]. Core Views - The company is expected to achieve a revenue of 14.1 billion yuan in 2024, representing a year-over-year growth of 9.07%, and a net profit of 1.631 billion yuan, reflecting a year-over-year increase of 17.09% [1][3]. - The company has strengthened its leading position in the industry, with a global market share increase of 1.7 percentage points in 2024, making it the largest in the relay market [2]. - The company has invested over 900 million yuan in technological upgrades and capacity expansion, adding 29 automated production lines to enhance efficiency in high-pressure direct current relays and automotive relays [2]. Financial Performance - In Q1 2025, the company reported a revenue of 3.983 billion yuan, a year-over-year increase of 15.35%, and a net profit of 411 million yuan, also up by 15.47% year-over-year [1]. - The gross profit margin for 2024 is projected to be 36.21%, with a net profit margin of 15.34% [1]. - The company expects to achieve a net profit of 1.879 billion yuan in 2025, with a growth rate of 15.23% [3]. Market Position - The company holds a 40% market share in high-pressure direct current relays, 23.1% in automotive relays, and 57.1% in power relays, benefiting from the global smart grid transformation [2]. - The expansion of the company's production bases in Germany and Indonesia is expected to enhance its competitiveness in the European market and diversify its product offerings [2]. Financial Projections - The projected revenue growth rates for the company are 12.15% in 2025, 14.23% in 2026, and 14.76% in 2027 [5]. - The earnings per share (EPS) is expected to increase from 1.56 yuan in 2024 to 2.40 yuan in 2027 [5].

公司报告 | 季报点评 良信股份（002706） 证券研究报告 新能源、数据中心等需求增长，利润率修复 2024 年：实现收入 42.4 亿元，YOY-7.57%，归母净利润 3.1 亿，YOY-38.92%， 扣非归母净利 2.6 亿，YOY-41.61%。 2025Q1：实现收入 10.89 亿元，YOY+15.53%，归母净利润 1.03 亿元， YOY+15.15%，扣非归母净利润 1.00 亿元，YOY+15.92%。 2024 年业绩有所承压，公司经营提质增效仍显韧性。2024 年，公司围绕 "两智一新"战略，通过智能化、数字化产品升级不断推出适配新能源、 智算中心、智能楼宇等场景的高端解决方案并逐步实现行业重点客户拓展 及样板点项目的打造；加大研发投入，研发投入占比提升，新申请专利 456 项，其中发明专利 127 项；营销端持续进行营销运营体系建设和合作伙伴 生态建设，引入 AI 智能客服坐席于销售前中后业务，探索全新的 LDC 业 务模式；整合快速响应的集成供应链，建立高效的运营体系，升级物流与 仓储配送，内外协同，响应客户需求。 2025 年 Q1 营收回暖，净利率呈现修复趋势。市场需求复 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][6]. Core Viewpoints - The company is a leader in ductile iron casting and is expanding into core components for robotic reducers, leveraging advanced casting technology to broaden its product applications [1][4]. - The casting industry has a promising outlook, with significant advantages in continuous casting of ductile iron [2][4]. - The company is expected to achieve substantial revenue growth, with projected revenues of 1.245 billion, 1.534 billion, and 1.942 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 20.5%, 23.2%, and 26.6% [4][5]. Summary by Sections 1. Focus on Advanced Casting Technology and Product Application Expansion - The company, established in 2012, specializes in precision machining and continuous cast iron parts, holding core technologies in these fields and forming a "one core product and process, two core application areas" business structure [1][14]. - The company has seen steady revenue growth, with a compound annual growth rate (CAGR) of 14.5% in revenue and 10.9% in net profit from 2018 to 2023 [21][22]. - The company has a concentrated shareholding structure, with the actual controllers holding over 50% of the shares, which supports its expansion projects [29][32]. 2. Leading Continuous Casting Technology and Market Expansion - China leads the global casting industry, with ductile iron casting showing significant growth potential [10][35]. - The company has developed a leading continuous casting production line, achieving an annual output of 135,000 tons, positioning itself as a major supplier in the industry [10][50]. - The demand for products in the air compression and hydraulic sectors is rapidly increasing, with the company capitalizing on this growth [56][57]. 3. Deepening Industry Engagement and Robotic Reducer Component Layout - Ductile iron is well-suited for the core requirements of robotics, with the company making strides in the RV reducer market, which is undergoing domestic substitution [3][63]. - The company has made technological breakthroughs in key components for RV reducers and is beginning to supply these products in small batches, indicating potential for significant market share [3][63].

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4][35]. Core Viewpoints - The company reported a revenue of 2.216 billion yuan in 2024, a year-on-year decrease of 2.69%, and a net profit attributable to shareholders of 602 million yuan, down 8.03% year-on-year [1][9]. - The decline in revenue is primarily attributed to the drop in market prices for functional silanes, despite an increase in sales volume due to capacity expansion from investment projects [2][11]. - The company maintains a high cash dividend payout ratio of 61.67% for 2024, reflecting its commitment to returning value to shareholders [1][9]. Financial Performance Summary - In 2024, the company achieved a gross profit of 761 million yuan, a decrease of 94 million yuan year-on-year, with a comprehensive gross margin of 34.3%, down 3.2 percentage points year-on-year [22]. - The first quarter of 2025 saw a revenue of 492 million yuan, a year-on-year decline of 16.20%, and a net profit of 97 million yuan, down 37.39% year-on-year [10][22]. - The company’s cost management remains strong, with a low expense ratio of 3.8% in 2024 and 2.9% in the first quarter of 2025 [29]. Business Development and Capacity Expansion - The company is investing 1 billion yuan in a comprehensive silicon-based new materials project, aiming to achieve an annual production capacity of 182,000 tons of functional silanes by the end of 2026 [3][33]. - A new project for functional new materials silicon-based precursors is being initiated with an investment of 430 million yuan, expected to produce 10,000 tons of optical fiber-grade silicon tetrachloride and 5,000 tons of electronic-grade ethyl silicate by October 2027 [3][34]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are estimated to be 562 million yuan, 640 million yuan, and 731 million yuan respectively [35].