Group 1 - The core point of the news is the unexpected success of the bond issuance by Jinlang Technology, with over 432,000 winning numbers for the convertible bond Jinlang 02, attracting many retail investors [1] - The current stock price of Jinlang Technology is 76.38 yuan, with a conversion price of 89.82 yuan and a conversion value of 85.04 yuan, indicating a low conversion value which is rare in recent times [1] - Despite the low conversion value, the bond has a high rating of AA, suggesting that investors may still achieve positive returns from the new convertible bond, even if it experiences a slight decline [1] Group 2 - There is a possibility that the market may rise during the period between the winning announcement and the bond's listing, potentially increasing the conversion value of Jinlang 02 and enhancing investor returns [2] - The current market sentiment is cautious, with many investors hesitant due to the index nearing a ten-year high, reflecting a lingering "bear market mentality" among seasoned investors [3] - The banking sector, particularly state-owned banks like Agricultural Bank, is showing signs of recovery, breaking out of a long period of low valuations and indicating a potential re-evaluation of low valuation, high dividend assets [5]

Core Viewpoint - Jinlang Technology reported a decrease in the number of shareholders and a mixed performance in stock price, while showing growth in revenue and net profit for the third quarter [2] Group 1: Shareholder and Stock Performance - As of October 10, the number of shareholders for Jinlang Technology was 77,964, a decrease of 6,655 from the previous period (September 30), representing a decline of 7.86% [2] - The closing price of Jinlang Technology on the reporting date was 76.38 yuan, an increase of 1.45%, but the stock has cumulatively decreased by 17.49% since the concentration of shares began [2] - The stock experienced three days of increase and five days of decrease during the reporting period [2] Group 2: Financing and Margin Data - As of October 17, the latest margin trading balance for the stock was 1.866 billion yuan, with a financing balance of 1.854 billion yuan, indicating an increase of 146 million yuan in financing balance, or 8.53%, since the concentration of shares began [2] Group 3: Financial Performance - For the first three quarters, Jinlang Technology achieved operating revenue of 5.663 billion yuan, a year-on-year increase of 9.71%, and a net profit of 865 million yuan, a year-on-year increase of 29.39% [2] - The basic earnings per share were 2.1900 yuan, with a weighted average return on equity of 9.93% [2] Group 4: Institutional Ratings - In the past month, the stock received a buy rating from one institution [2] - The highest target price forecast is 91.00 yuan, as provided by CICC in a report released on October 16 [2]

证券日报网讯锦浪科技10月20日在互动平台回答投资者提问时表示，截至2025年10月10日公司股东总户 数77，964户。 （文章来源：证券日报） ...

Group 1 - The core point of the article is that Jinlang Technology (300763) announced the results of its online subscription for convertible bonds, with approximately 432,100 winning numbers [1] - Each winning number can subscribe to 10 bonds, equivalent to an investment of 1,000 yuan in Jinlang's convertible bonds [1] Group 2 - The winning numbers are detailed in a table format, including various ending digits for different categories of winning numbers [2]

证券代码：300763 证券简称：锦浪科技 公告编号：2025-089 锦浪科技股份有限公司 向不特定对象发行可转换公司债券 中签号码公告 保荐人（主承销商）：国泰海通证券股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 锦浪科技股份有限公司（以下简称"锦浪科技"或"发行人"）和国泰海通证 券股份有限公司（以下简称"国泰海通"、"保荐人（主承销商）"或"主承销商"） 根据《中华人民共和国证券法》《上市公司证券发行注册管理办法》（证监会令 〔第 227 号〕）、《证券发行与承销管理办法》（证监会令〔第 228 号〕）、《深圳证券 交易所上市公司自律监管指引第 15 号——可转换公司债券（2025 年修订）》（深证 上〔2025〕223 号）、《深圳证券交易所上市公司证券发行与承销业务实施细则 （2025 年修订）》（深证上〔2025〕268 号）和《深圳证券交易所创业板上市公司自 律监管指南第 1 号——业务办理（2025 年修订）》（深证上〔2025〕398 号）等相关 规定向不特定对象发行可转换公司债券（以下简称"可转债"或"锦浪转 0 ...

Summary of Key Points Core Viewpoint - Jinlang Technology (300763) announced the results of its online convertible bond lottery on October 20, with approximately 432,100 winning numbers, each allowing the subscription of 10 bonds (equivalent to 1,000 yuan) for Jinlang Convertible Bond 02 [1]. Group 1: Lottery Results - The total number of winning lottery numbers is about 432,100 [1]. - Each winning number can subscribe to 10 bonds, totaling 1,000 yuan [1]. Group 2: Winning Number Details - Winning numbers ending with "5": 84968, 04968, 24968, 44968, 64968 [2]. - Winning numbers ending with "6": 958613, 458613, 641322 [2]. - Winning numbers ending with "7": 5764243 [2]. - Winning numbers ending with "8": 76049194, 16049194, 36049194, 56049194, 96049194 [2]. - Winning numbers ending with "9": 423916451 [2]. - Winning numbers ending with "10": 5598388987, 4323006165, 1425780614 [2].

Investment Rating - Industry Investment Rating: Overweight [1] Core Views - The price of large storage battery cells continues to rise, indicating strong demand in the energy storage sector. The domestic independent energy storage market is expected to grow due to supportive policies [5][30]. - The domestic offshore wind power sector remains in a high-growth phase, with significant projects such as the 500MW offshore wind project in Hainan officially starting construction [4][21]. - The photovoltaic industry shows stable pricing across the supply chain, with strong overseas demand supporting battery prices [3][14]. Summary by Sections Photovoltaics - The price of silicon wafers and battery cells continues to rise, while module prices remain stable. Strong overseas market demand is a key driver for the price trends [3][14]. - The Qinghai 136 document has initiated bidding for renewable energy projects, with a total mechanism electricity scale of 22.41 billion kWh [14][15]. - GCL-Poly's third-quarter profit reached 960 million yuan, showcasing resilience in a competitive environment [16]. Wind Power - The domestic offshore wind power sector is experiencing high growth, with significant projects like the 500MW offshore wind project in Yangjiang receiving preliminary approval [4][20]. - The Zhejiang offshore wind project has awarded contracts for ±500kV DC submarine and land cables, indicating ongoing investment in infrastructure [20]. Energy Storage - The average price of large storage battery cells has risen to 0.308 yuan/Wh, reflecting strong demand and supply dynamics [25][30]. - In September, the domestic energy storage market saw a significant increase in new installations, with a total of 3.08GW/9.17GWh added, marking a year-on-year growth of 205% in power and 171% in capacity [26]. - The PJM region in the U.S. faces urgent energy storage needs, requiring the deployment of 16-23GW of storage systems over the next 7 to 15 years to meet increasing load demands [27][29]. Hydrogen Energy - The green methanol project is set to receive national subsidies, with companies like Fuan Energy investing in significant production capacity [31][39]. - The hydrogen energy sector is experiencing favorable development trends, with national support for new technologies and financing becoming more accessible [39]. Electric Grid Equipment - NVIDIA's release of the 800V DC white paper highlights the need for high-voltage direct current solutions in data centers, driven by increased power density and load variability [40]. - Investment opportunities in the electric grid sector include companies involved in high-voltage direct current technology and related equipment [41]. Electric Vehicles - The government has launched a three-year plan to double charging facilities, aiming for 28 million nationwide by the end of 2027 [42][45]. - The heavy-duty truck market has seen a nearly 80% year-on-year increase in sales, indicating strong demand and market recovery [45]. Humanoid Robots - A strategic partnership between Zhaofeng and German company Neura has been established, focusing on humanoid robot technology and significant order potential [47][49]. - The humanoid robot sector is entering a phase of small-batch production, with investment opportunities in companies with new technologies and strong order visibility [50].

Summary of Ginlong Technologies 3Q25 Earnings Call Company Overview - **Company**: Ginlong Technologies (300763.SZ) - **Industry**: Solar Inverter and Energy Storage Systems Key Financial Highlights - **Net Profit**: Increased by 29.4% year-over-year (yoy) to Rmb865 million in the first nine months of 2025 (9M25) - **3Q25 Net Profit**: Decreased by 16.8% yoy and 35.4% quarter-over-quarter (qoq) to Rmb263 million, missing consensus estimates which forecasted a profit increase of 68% yoy to Rmb1,158 million for 2025E [1][2] - **Revenue**: Grew by 3.4% yoy to Rmb1,869 million in 3Q25, with total revenue for 9M25 at Rmb5,663 million, reflecting a 9.7% yoy increase [2][9] - **Gross Profit Margin**: Improved by 2.4 percentage points yoy to 36.0% in 9M25, with a slight increase of 0.4 percentage points to 36.8% in 3Q25 [2][9] - **SG&A Expenses**: Increased by 4.8 percentage points yoy to 19.4% in 3Q25, primarily due to higher administrative and selling expenses [1][2] Earnings Miss Analysis - **Reasons for Earnings Miss**: - Low revenue growth attributed to a decline in PV inverter demand, despite increased sales of energy storage Power Conversion Systems (PCS) [1] - Higher selling, general, and administrative (SG&A) expenses impacting profitability [1][2] Competitive Positioning - **Market Comparison**: Ginlong's revenue growth is lagging behind peers with a higher sales mix of energy storage products: - Deye: 64% revenue mix from energy storage - Sungrow: 41% revenue mix from energy storage - Ginlong: 21% revenue mix from energy storage in 1H25 [1][8] - **Valuation Concerns**: Ginlong's 2026E price-to-earnings (PE) ratio is 33.1x, which is considered expensive compared to Deye (15.1x) and Sungrow (16.4x) [1][8] Future Outlook - **Convertible Bonds Issuance**: Approval to issue Rmb1,677 million in convertible bonds, with proceeds allocated to various projects including solar power stations and a new high-voltage PV inverter production facility [3][7] - **Target Price**: The target price for Ginlong is set at Rmb55.00 per share, indicating a potential downside of 37.4% from the current price of Rmb87.90 [5][11] Risks and Considerations - **Upside Risks**: Potential for higher-than-expected solar installations and favorable changes in trade policies affecting solar exports [12] - **Downside Risks**: Lower-than-expected demand for energy storage and increased competition in the inverter market [14][16] Conclusion - **Recommendation**: Maintain a Sell rating on Ginlong due to concerns over revenue growth and high valuation relative to peers, alongside a disappointing earnings report for 3Q25 [1][8]

证券代码：300763 证券简称：锦浪科技 公告编号：2025-088 锦浪科技股份有限公司 向不特定对象发行可转换公司债券 网上发行中签率及优先配售结果公告 保荐人（主承销商）：国泰海通证券股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 锦浪科技股份有限公司（以下简称"锦浪科技"、"发行人"或"公司"） 和国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人（主承销商）" 或"主承销商"）根据《中华人民共和国证券法》、《上市公司证券发行注册管 理办法》（证监会令〔第 227 号〕）、《证券发行与承销管理办法》（证监会令 〔第 228 号〕）、《深圳证券交易所上市公司自律监管指引第 15 号——可转换公 司债券（2025 年修订）》（深证上〔2025〕223 号）、《深圳证券交易所上市公 司证券发行与承销业务实施细则（2025 年修订）》（深证上〔2025〕268 号）和 《深圳证券交易所创业板上市公司自律监管指南第 1 号——业务办理（2025 年修 订）》（深证上[2025]398 号）等相关规定组织实施本次向不特定对象发行可转 ...

Core Viewpoint - The inverter industry company Jinlang Technology (300763.SZ) reported a mixed performance in its Q3 results, showing revenue growth but a decline in net profit, leading to a drop in stock price, indicating investor concerns about short-term profitability [2][7]. Financial Performance - For the first three quarters of the year, Jinlang Technology achieved a total revenue of 56.63 billion yuan, a year-on-year increase of 9.71%, and a net profit attributable to shareholders of 8.65 billion yuan, up 29.39% [2]. - In Q3 alone, the company reported revenue of 18.69 billion yuan, a 3.43% increase year-on-year, but net profit fell to 2.63 billion yuan, down 16.85% compared to the same period last year [2][7]. - The company’s net profit for the first half of the year was particularly strong, with a 70.96% increase year-on-year, reaching 6.02 billion yuan [4]. Market Dynamics - The growth in Jinlang Technology's performance is attributed to recovering demand in the European market and increasing installations in emerging markets due to supportive policies [5]. - The company has seen significant growth in its energy storage inverter segment, with revenue for this product reaching 7.93 billion yuan in the first half of 2025, a staggering increase of 313.51% [4]. - The overseas market, including regions like Oceania, the Middle East, and Africa, has shown strong performance, contributing to 46.86% of total revenue [4][6]. Industry Trends - The overall inverter industry is experiencing positive growth, with a reported 47.86% increase in net profit among 16 major inverter companies [5]. - The competitive landscape is intensifying, with price and technology battles among leading firms, predominantly Chinese companies, which hold a significant market share [10]. - The company plans to raise up to 1.677 billion yuan through convertible bonds to enhance production capacity and R&D efforts, indicating a commitment to expanding its market presence [10]. Future Outlook - Analysts predict that the domestic inverter market will stabilize, with energy storage demand expected to outpace traditional photovoltaic inverters [9]. - Emerging markets are anticipated to maintain high growth, particularly in the Middle East, Oceania, and Africa, while the European market is expected to gradually recover [9].