Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is expected to achieve a net profit attributable to shareholders of 1.526 to 1.659 billion yuan in 2025, representing a year-on-year growth of 15% to 25% [4] - The company adheres to a new "Three Full Strategy" focusing on comprehensive solutions, digitalization, and globalization, which is expected to drive revenue and profit growth [5] - The company has increased its overseas investments, with international business accounting for approximately 47% of total revenue, and plans to establish over 10 new overseas subsidiaries in key markets by 2026 [6] Company Overview - The latest closing price is 11.39 yuan, with a total market capitalization of 23.2 billion yuan [3] - The company has a debt-to-asset ratio of 60.1% and a price-to-earnings ratio of 16.69 [3] Financial Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 33.737 billion, 37.205 billion, and 40.599 billion yuan, with year-on-year growth rates of 12.22%, 10.28%, and 9.12% respectively [8] - The net profit attributable to shareholders is forecasted to be 1.593 billion, 1.985 billion, and 2.426 billion yuan for the same years, with growth rates of 20.01%, 24.63%, and 22.22% respectively [8] - The corresponding PE valuations for 2025, 2026, and 2027 are 14.56, 11.68, and 9.56, maintaining a "Buy" rating [8]

证券研究报告：固定收益报告 发布时间：2026-01-30 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 研究助理:王一 SAC 登记编号:S1340125070001 Email:wangyi8@cnpsec.com 近期研究报告 《1 月收官，政府债供给压力如何？》 - 2026.01.27 固收专题 货币"新工具"会是什么样？ ⚫ 中国央行："向非银提供流动性"和"收窄利率走廊" 显然，当前投资者在讨论"中国版 ONRRP"时，已经将向"非银提 供流动性"和"提高利率走廊下限"两个政策取向混为一谈。但在以 往的央行公开政策论述中，这两者并非关联在一起的。第一，央行在 2025 年四季度和今年初提出"向非银机构提供流动性"问题，但前提 是在"在特定情景下"，而非常规操作。第二，央行在 2024 年之后多 次提到"利率走廊收窄"，至今未明确落地相关工具。央行诉求收窄 利率走廊由来已久，若推出新政策工具来框定资金利率的运行下限， 并不令人意外；但这种政策方向却与非银的流动性管理无关，央行对 非银的流动性管理被设定在流动性救助 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company's performance in the first three quarters of 2025 faced short-term pressure, but the revenue in the third quarter showed a significant increase, indicating signs of recovery. The company achieved a revenue of 289 million yuan, a year-on-year decrease of 20.54%, and a net profit attributable to shareholders of 25 million yuan, down 61.30% [3]. In the third quarter alone, the revenue reached 107 million yuan, reflecting a year-on-year increase of 41.51% [3]. - The product matrix continues to optimize, with a wide range of applications. The company is a leading manufacturer of probe testing technology equipment in China, successfully integrating into the supply chains of major industry players such as Huada Semiconductor and BYD Semiconductor [4]. The product range includes manual to fully automatic probe stations, compatible with 4-inch to 12-inch wafers, serving critical semiconductor manufacturing fields [4]. - The company has established deep collaborations with several leading semiconductor manufacturers, maintaining the highest market share among domestic probe station manufacturers in mainland China. Its probe testing technology has received high recognition from downstream customers, and the company is continuously enhancing its competitive advantages through intellectual property development and talent acquisition [5]. Financial Projections - The company is expected to achieve revenues of 460 million yuan, 550 million yuan, and 690 million yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is projected to be 40 million yuan, 80 million yuan, and 130 million yuan for the same years [6].

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company's performance in the first three quarters of 2025 faced short-term pressure, but the revenue growth in the third quarter indicates a potential recovery [3]. - The company achieved a revenue of 289 million yuan in the first three quarters of 2025, a year-on-year decrease of 20.54%, and a net profit attributable to shareholders of 25 million yuan, down 61.30% year-on-year [3]. - In the third quarter of 2025, the company reported a revenue of 107 million yuan, reflecting a year-on-year increase of 41.51%, although the net profit attributable to shareholders decreased by 54.37% [3]. Company Overview - The company is a leading manufacturer of probe test technology equipment in China, with a diverse product matrix that includes manual to fully automatic probe stations, compatible with 4-inch to 12-inch wafers [4]. - The company has successfully penetrated the supply chains of major industry players such as Huada Semiconductor, Zhaoxin Microelectronics, and BYD Semiconductor, covering various applications in integrated circuits and optoelectronic chips [4]. - It is the first company in mainland China to achieve the industrialization of 12-inch wafer probe stations, breaking the monopoly of foreign manufacturers in several semiconductor product areas [5]. Financial Projections - The company is expected to achieve revenues of 460 million yuan, 550 million yuan, and 690 million yuan in 2025, 2026, and 2027, respectively, with net profits attributable to shareholders projected at 40 million yuan, 80 million yuan, and 130 million yuan for the same years [6]. - The report anticipates a revenue growth rate of -10.19% in 2025, followed by a recovery with growth rates of 20.11% in 2026 and 25.29% in 2027 [10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][13]. Core Insights - The company is positioned to benefit from the increasing penetration of OLED technology and the expansion of panel manufacturers, which is expected to significantly open up the domestic market for photomasks. Currently, China holds 76% of global LCD capacity and 47% of OLED capacity, with photomask capacity at only 31.4%, indicating a substantial demand gap [3]. - The company is investing RMB 2 billion in a new production base in Xiamen to enhance its capacity for high-generation, high-precision photomasks, with plans to establish 11 production lines focused on G8.6 and below AMOLED technologies. The first phase of this project is expected to generate revenue by the second half of 2026 [3]. - The semiconductor photomask market in China is projected to reach nearly RMB 20 billion by 2025, driven by advancements in packaging technologies and increasing demand from sectors such as AI, automotive electronics, and 5G/6G applications. The company has already achieved mass production of photomasks for 180nm nodes and is progressing towards 130nm and 150nm nodes [4]. Financial Projections - The company is expected to achieve revenues of RMB 1.17 billion, RMB 1.57 billion, and RMB 2.11 billion for the years 2025, 2026, and 2027, respectively, with net profits of RMB 264 million, RMB 366 million, and RMB 515 million for the same years [5][9]. - The projected growth rates for revenue are 30.21% for 2025, 33.63% for 2026, and 34.27% for 2027, indicating a strong upward trend in financial performance [9][12]. - The earnings per share (EPS) are forecasted to be RMB 1.37, RMB 1.89, and RMB 2.66 for 2025, 2026, and 2027, respectively, with a decreasing price-to-earnings (P/E) ratio from 56.93 in 2024 to 21.10 in 2027, suggesting improving valuation metrics over time [9][12].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [5][13]. Core Insights - The company is positioned to benefit from the increasing penetration of OLED technology and the expansion of panel manufacturers, which is expected to significantly open up the domestic market for photomasks. Currently, China holds 76% of global LCD capacity and 47% of OLED capacity, with photomask capacity at only 31.4%, indicating a substantial demand gap [3]. - The company is investing RMB 2 billion in a new production base in Xiamen to enhance its capacity for high-generation, high-precision photomasks, with plans to establish 11 production lines focused on G8.6 and below AMOLED technologies. The first phase will include 5 production lines, with equipment expected to be installed by 2026 [3]. - The semiconductor photomask market in China is projected to reach nearly RMB 20 billion by 2025, driven by advancements in packaging technologies and increasing demand from sectors such as AI, automotive electronics, and 5G/6G [4]. Financial Projections - The company is expected to achieve revenues of RMB 1.17 billion, RMB 1.57 billion, and RMB 2.11 billion for the years 2025, 2026, and 2027, respectively. Corresponding net profits are projected to be RMB 264 million, RMB 366 million, and RMB 515 million [5][9]. - The report outlines a growth rate of 30.21% for 2025, with subsequent years showing growth rates of 33.63% and 34.27% for 2026 and 2027, respectively [9][12]. - The earnings per share (EPS) is forecasted to increase from RMB 0.99 in 2024 to RMB 2.66 by 2027, reflecting a strong upward trend in profitability [12].

Investment Rating - The investment rating for the company is upgraded to "Buy" [1][7] Core Insights - The company is experiencing accelerated growth through the launch of new products in various sectors, including automotive laser radar and intelligent robotics. Notable products include the dToF laser radar chips and the SAC8905 chip for L2 level assisted driving [5][6] - Revenue projections for the company are estimated at 29.5 billion, 40.3 billion, and 55.3 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 3.0 billion, 5.0 billion, and 8.0 billion yuan for the same years [7] Company Overview - The latest closing price of the company's stock is 70.74 yuan, with a total market capitalization of 298 billion yuan and a circulating market value of 132 billion yuan. The company has a total share capital of 4.22 billion shares, with 1.87 billion shares in circulation [3] - The company has a debt-to-asset ratio of 31.0% and a price-to-earnings ratio of 114.10 [3] Financial Forecasts - The company’s projected operating revenues for 2025, 2026, and 2027 are 29.47 billion, 40.27 billion, and 55.28 billion yuan respectively, with corresponding growth rates of 25.2%, 36.7%, and 37.3% [9][11] - The expected net profit for the same years is projected to be 3.05 billion, 5.01 billion, and 8.03 billion yuan, with growth rates of 18.9%, 64.3%, and 60.3% respectively [9][11]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][88]. Core Insights - The leisure food and beverage industry in China is experiencing rapid expansion, with a projected GMV growth from 2.9 trillion yuan to 3.7 trillion yuan from 2019 to 2024, reflecting a CAGR of 5.5% [3][10]. - The company, "鸣鸣很忙," is positioned as the leading group in the mass retail sector, with revenue expected to exceed 39.3 billion yuan by 2024, showcasing strong growth potential [3][29]. - The company is exploring international markets, particularly in Southeast Asia, where the snack market is diversifying and showing significant growth [3][64]. Summary by Sections Industry Expansion - The leisure food and beverage sector is projected to grow significantly, with the down-market segment being a key driver, increasing from 1.7 trillion yuan to 2.3 trillion yuan (CAGR 6.5%) [3][10]. - The market is witnessing a shift towards specialized retail and e-commerce channels, with significant growth rates of 13.9% and 9.6% respectively [10][11]. Company Overview - "鸣鸣很忙" is set to achieve a revenue of 39.3 billion yuan in 2024, with a compound annual growth rate of 203% from 2022 to 2024 [29]. - The company has a robust store expansion strategy, with the number of stores expected to reach 19,517 by the third quarter of 2025 [41][44]. - The company employs a direct supply chain model, reducing costs by approximately 25% compared to traditional supermarket channels [56]. Financial Projections - Revenue forecasts for 2025-2027 are 63.06 billion yuan, 81.66 billion yuan, and 89.93 billion yuan, representing year-on-year growth of 60.29%, 29.49%, and 10.13% respectively [3][88]. - Adjusted net profit is expected to reach 2.52 billion yuan, 4.08 billion yuan, and 4.68 billion yuan for the same period, with significant growth rates of 176%, 62%, and 15% [3][88]. International Market Exploration - The Southeast Asian snack market is projected to reach 12.3 billion USD by 2024, with a compound annual growth rate of 2.57% from 2020 to 2024 [64]. - The company is focusing on markets like Thailand, Indonesia, and Vietnam, where local preferences are shifting towards health-oriented snacks and unique flavors [67][83].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][88]. Core Insights - The leisure food and beverage industry in China is experiencing rapid expansion, with a projected GMV growth from 2.9 trillion yuan to 3.7 trillion yuan from 2019 to 2024, reflecting a CAGR of 5.5% [3][10]. - The company, "鸣鸣很忙," is positioned as the leading group in the mass retail sector, with revenue expected to exceed 39.3 billion yuan by 2024, showcasing strong growth potential [3][29]. - The company is exploring international markets, particularly in Southeast Asia, where the snack market is diversifying and showing significant growth [3][64]. Summary by Sections Industry Expansion - The leisure food and beverage sector is projected to grow significantly, with the down-market segment being a key driver, increasing from 1.7 trillion yuan to 2.3 trillion yuan (CAGR 6.5%) [3][10]. - The market is witnessing a shift towards specialized retail channels, with the growth of specialty stores and e-commerce, reflecting changing consumer preferences [10][11]. Company Overview - "鸣鸣很忙" is consolidating its position as the first mass retail group through brand mergers, with a revenue forecast of 39.3 billion yuan by 2024 [3][29]. - The company has achieved a significant increase in store count, reaching 19,517 stores by the third quarter of 2025, with a focus on lower-tier cities [3][41]. Financial Performance - Revenue is expected to grow from 63.06 billion yuan in 2025 to 89.93 billion yuan in 2027, with adjusted net profit projected to rise from 2.52 billion yuan to 4.68 billion yuan during the same period [3][88]. - The company is expected to achieve a stable gross margin of 9.73% by 2025, driven by operational efficiencies and a digital marketing strategy [3][29]. International Expansion - The Southeast Asian snack market is projected to reach 12.3 billion USD by 2024, with a notable demand for health-oriented snacks [3][64]. - The company is leveraging its supply chain advantages to penetrate markets in Thailand, Indonesia, and Vietnam, where local consumer preferences are evolving [3][67].

Investment Rating - The investment rating for the company is upgraded to "Buy" [1][7] Core Insights - The company is experiencing accelerated growth through the release of new products in various sectors, including automotive laser radar and intelligent robotics. Notable products include the dToF laser radar chips and the SAC8905 chip for L2 level assisted driving [5] - The company has invested in Yuan Chuan Micro to develop high-performance AI inference chips, aiming to meet the increasing demand for high computing power in robotics and automotive applications [6] Financial Projections - The projected revenues for 2025, 2026, and 2027 are 29.5 billion, 40.3 billion, and 55.3 billion yuan respectively, with net profits of 3.0 billion, 5.0 billion, and 8.0 billion yuan [7] - The company’s revenue growth rates are expected to be 25.2% in 2025, 36.7% in 2026, and 37.3% in 2027 [11] - The earnings per share (EPS) is projected to increase from 0.72 yuan in 2025 to 1.90 yuan in 2027 [11] Financial Metrics - The company’s total market capitalization is 298 billion yuan, with a total share capital of 4.22 billion shares [3] - The price-to-earnings (P/E) ratio is projected to decrease from 116.41 in 2024 to 37.15 in 2027, indicating improving valuation [11] - The company maintains a debt-to-asset ratio of 31.0%, which is expected to rise to 49.0% by 2027 [11]