Investment Rating - The report assigns a "Buy" rating to the company with a target price of 75.92 CNY per share, based on a 26x PE valuation for 2026 [5][16]. Core Insights - The company's main business is stimulated by the rising silver prices, which have increased demand for high copper paste. The company has made strategic acquisitions to expand into the storage business, indicating clear long-term growth momentum [2][11]. - The silver price has surged significantly, reaching 14,812 CNY per kilogram by December 15, 2023, a 95.4% increase from the beginning of the year. This has accelerated the company's high copper paste product development and production [11]. - The company has successfully collaborated with downstream strategic customers, achieving stable supply of high copper paste products and is expected to complete GW-level production line commissioning in Q4 [11]. - The company has made acquisitions of Inmeng and Jiangsu Jingkai to create a closed-loop in the storage industry chain, enhancing its competitive advantages in application development, wafer testing, and packaging [11]. - The storage business is rapidly developing, focusing on the DRAM sector, with sales revenue of 269 million CNY achieved in the first three quarters of 2025. The market demand for storage continues to grow, supporting product prices [11]. Financial Summary - The company’s total revenue is projected to grow from 9,603 million CNY in 2023 to 20,158 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 11.7% [4][15]. - Net profit attributable to the parent company is expected to fluctuate, with a peak of 616 million CNY in 2027 after a dip to 138 million CNY in 2025 [4][15]. - The earnings per share (EPS) are forecasted to be 2.65 CNY in 2023, dropping to 0.95 CNY in 2025, and then recovering to 4.24 CNY by 2027 [4][15]. - The return on equity (ROE) is projected to decline from 29.1% in 2023 to 7.6% in 2025, before rebounding to 22.6% in 2027 [4][15]. Market Data - The company has a market capitalization of 8,784 million CNY, with a current share price of 60.46 CNY, which is within a 52-week range of 35.67 to 74.61 CNY [6][5]. - The company’s total assets are expected to grow from 6,785 million CNY in 2023 to 12,191 million CNY by 2027, indicating a strong asset growth trajectory [12][15].

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The AI industry is witnessing significant developments, including the establishment of the Agentic AI Foundation by OpenAI, Anthropic, and Block, aimed at providing neutral governance for open and interoperable AI infrastructure [5] - JEDEC is nearing completion of the SPHBM4 memory specification, which will have only 1/4 the I/O pins of standard HBM4 memory, allowing for higher operational frequencies and increased system memory capacity [6] - OpenAI has partnered with Disney to allow the Sora platform to generate videos featuring iconic characters, enhancing content creation capabilities [7] - Google DeepMind plans to establish its first automated laboratory in the UK by 2026, focusing on materials science research [8] - Adobe has integrated its Photoshop and other tools into ChatGPT, allowing users to edit images and documents through simple text prompts [9] - Google announced the development of AI glasses powered by Gemini technology, set to launch in 2026 [10] - Dell and OpenCSG have launched an integrated IT infrastructure solution aimed at smart startups, facilitating a transition to intelligent architectures [11] - Google introduced the Disco project, which transforms browser tabs into customized web applications using Gemini technology [12] - OpenAI released the GPT-5.2 model, touted as the most advanced model to date, with various functionalities tailored for different user needs [13] - Google has opened its Gemini Deep Research AI to developers, marking a significant step towards industrial application of AI research capabilities [14] - OpenAI's adult mode for ChatGPT is expected to launch in Q1 2026, focusing on age prediction capabilities [15] - Opera has launched its AI browser Neon, integrating AI chat functionalities directly into the browser interface [16] - Boom Supersonic has introduced the Superpower gas turbine system, derived from its supersonic engine technology, aimed at the generator market [17][18] - Rivian has unveiled its self-developed RAP1 autonomous driving processor, utilizing a 5nm process for enhanced performance [19] - Starcloud has achieved the first-ever training of a large language model in space, utilizing a satellite equipped with NVIDIA H100 GPUs [20] - NVIDIA and SK Hynix are collaborating on next-generation SSDs, aiming to enhance data transfer speeds by 8 to 10 times [21]

云需求持续强劲，关注数据中心交付进度 甲骨文（ORACLE)(ORCL.N) ——甲骨文 FY26Q2 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 秦和平(分析师) | 0755-23976666 | qinheping@gtht.com | S0880523110003 | | 刁云鹏(研究助理) | 021-38674878 | diaoyunpeng@gtht.com | S0880125070016 | 本报告导读： 大幅上调 FY2026 资本支出，数据中心建设进度或为收入兑现的瓶颈。甲骨文采用 多种手段应对融资和现金流问题。OCI 具备灵活性，可快速适配多元化客户。 投资要点： | 财务摘要(百万美元) | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 52,961 | 57,399 | 67,046 | 84,328 | 127,751 | | 同比增长 | 6.0% | 8 ...

机载链整合先锋，五企协同打开新成长空间 中航机载(600372) 中航机载公告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 宋博(分析师) | 010-83939829 | songbo3@gtht.com | S0880522120007 | | 杨天昊(分析师) | 010-83939791 | yangtianhao@gtht.com | S0880523080010 | 本报告导读： 中航机载拟收购航投誉华合伙份额，航投誉华持有 5 家机载产业链核心企业股权， 公司此举旨在完善产业链布局、强化协同效应。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 29,007 | 23,880 | 25,055 | 27,951 | 31,429 | | (+/-)% | 4.6% | -17.7% | 4.9% | 11. ...

白鸡产业链价格持续低迷，但公司在逆境中不断提升自身能力。未来随着行业价格 的筑底回升，公司业绩也将迎来更大的向上弹性。 投资要点： 风险提示：消费显著不及预期；出现超预期畜禽疫病。 (+/-)% 9.6% -9.5% 24.9% 8.6% 7.6% 净利润(归母) -457 342 198 478 976 (+/-)% -189.1% 174.9% -42.3% 142.1% 104.0% 每股净收益(元) -0.50 0.38 0.22 0.52 1.07 净资产收益率(%) -6.9% 5.1% 2.9% 6.7% 12.2% 市盈率(现价&最新股本摊薄) — 20.12 34.86 14.40 7.06 资料来源：Wind，国泰海通证券研究 公司能力在价格逆境中不断提升 禾丰股份(603609) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 王艳君(分析师) | 021-38674633 ...

消费景气线索增多，电子产业增长延续 [Table_Authors] 方奕(分析师) 中观景气 12 月第 3 期 本报告导读： 中观景气延续分化，消费景气线索增多，服务消费延续景气，茅台价格环比反弹； AI 产业趋势仍强，电子产业增长延续；地产建筑和耐用品需求偏弱。 [Table_Report] 相关报告 资产概览：全球风偏降温，贵金属领涨 2025.12.15 融资资金流入加速，外资重回流入 2025.12.15 海外联储降息落地，中国政策定调积极 2025.12.15 成交活跃度升高，创业板指估值领涨 2025.12.13 资产概览：商品/权益上涨，中债熊陡 2025.12.09 请务必阅读正文之后的免责条款部分 策 略 研 究 策 略 观 察 证 券 研 究 报 告 策略研究 /[Table_Date] 2025.12.17 投资要点： | | 021-38031658 | | --- | --- | | | fangyi2@gtht.com | | 登记编号 | S0880520120005 | | | 陶前陈(研究助理) | | | 0755-23976164 | | | taoqianchen@g ...

宏观研究 /[Table_Date] 2025.12.17 美国就业：延续放缓 宏 观 研 究 11 月美国就业市场或仍处于逐步放缓的紧平衡状态。一方面，虽然 11 月新增就业 人数略超预期，但新增就业人数或存在高估风险且三个月移动平均仍呈回落态势； 另一方面，失业率超预期回升，边缘就业人群压力加大。但失业率的上行并未恶化 到衰退概率显著增加的程度，美联储或仍有时间与空间选择暂停降息。 投资要点： 明年来看，美联储降息预期升温的事件催化或主要来自两个方面： 第一，失业率持续超预期上升；第二，新任美联储主席释放额外鸽 派信息。 风险提示：特朗普政治施压升级进一步危害美联储独立性；美国失 业率非线性恶化 | [Table_Authors] | 王宇晴(分析师) | | --- | --- | | | 021-23185641 | | | wangyuqing@gtht.com | | 登记编号 | S0880525040119 | | | 梁中华(分析师) | | | 021-23219820 | | | liangzhonghua@gtht.com | | 登记编号 | S0880525040019 | [Ta ...

2025Q1~3 归母净利润下降 24.3%，持续提高智能化制造水平 鸿路钢构(002541) | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 韩其成(分析师) | 021-38676162 | hanqicheng@gtht.com | S0880516030004 | | 郭浩然(分析师) | 010-83939793 | guohaoran@gtht.com | S0880524020002 | | 曹有成(分析师) | 021-23185701 | caoyoucheng@gtht.com | S0880525040079 | 本报告导读： 2025Q1~3 归母净利润下降 24.3%,新签合同增 1.6%。持续提高智能化制造水平降低 生产成本,已规模化投入使用近 2500 台轻巧焊接机器人和地轨式机器人焊接工作站。 投资要点： [维持增持 Table_Summary] 。3季报业绩低于预期，下调预测2025–2027年EPS1.02/1.18/1.32 元增-9.2/16.0/12.2%，给予公司 2025 年 2 ...

2025 年中央经济工作会议成功举办，《求是》杂志发表重磅文章《扩大内需是战略之 举》，高层密集发声将消费提升至经济增长"持久动力"与"稳定锚"的核心高度。 投资要点： |  评 | 2025 | | 年中央经济工作会议与《扩大内需是战略之举》 | | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | --- | | [姓名table_Authors] | | 电话 | 邮箱 | 登记编号 | | | | 訾猛(分析师) | | 021-38676442 | zimeng@gtht.com | S0880513120002 | | | | 邱苗(分析师) | | 021-38675861 | qiumiao@gtht.com | S0880521050001 | [Table_subIndustry] 细分行业评级 | | 本报告导读： [Table_Report] 相关报告 食品饮料《CPI 延续正增，飞天批价波动》 2025.12.13 食品饮料《飞天批价波动，饮料龙头估值吸引力 提升》2025.12.06 食品饮料《大众品成 ...

本报告导读： 近日安孚科技战略入股苏州易缆微，成为其产业方领投人，持续构建第二增长曲线。 投资要点： 投资苏州易缆微，第二曲线再落一子 安孚科技(603031) 安孚科技跟踪点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 蔡雯娟(分析师) | 021-38031654 | caiwenjuan@gtht.com | S0880521050002 | | 成浅之(分析师) | 021-23183327 | chengqianzhi@gtht.com | S0880525110002 | | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 4,318 | 4,638 | 4,771 | 5,295 | 5,730 | | (+/-)% | 27.6% | 7.4% | 2.9% | 11.0% | 8.2% | | 净利润(归母) | 116 ...