Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Insights - The company is a leading domestic semiconductor thin film deposition equipment manufacturer, demonstrating rapid revenue growth that confirms its industry-leading position. The company has established a dual-platform driven structure centered on thin film deposition equipment and advanced bonding and supporting measurement equipment. From 2020 to 2024, revenue is projected to grow from 440 million to 4.1 billion yuan, with a compound annual growth rate (CAGR) of 75% [6][7]. - The company is well-positioned to capitalize on the trends of advanced processes and three-dimensional integration, with its thin film deposition business continuing to grow significantly. The global thin film deposition equipment market is expected to reach approximately $24.4 billion by 2025, with the domestic market estimated at around $10.2 billion, indicating substantial room for domestic substitution [6][7]. - The company is strategically expanding into advanced bonding and supporting measurement equipment, which is crucial for achieving high-density, high-performance, and low-power chips, particularly driven by AI applications. The advanced packaging market is projected to grow from $4.3 billion in 2023 to $28 billion by 2029, with a CAGR of about 37% [6][7]. Summary by Sections 1. Company Overview - The company has focused on high-end semiconductor equipment since its establishment in 2010, developing a comprehensive product matrix in thin film deposition and three-dimensional integration equipment [13][15]. - The company has a balanced shareholding structure without a controlling shareholder, with the largest shareholder holding 19.57% [18][21]. 2. Market Opportunities - Thin film deposition is a core process in integrated circuit manufacturing, essential for constructing multi-layer circuit structures and enhancing device performance. The company’s products cover a wide range of applications in logic and memory chip manufacturing [45][46]. - The company’s thin film deposition equipment has shown excellent stability in client production lines, with an average uptime exceeding 90%, matching international standards [6][7]. 3. Financial Performance - The company’s revenue has maintained a high growth trajectory, with a CAGR of 75.19% from 2020 to 2024. In the first three quarters of 2025, revenue reached 4.22 billion yuan, a year-on-year increase of 85.27% [23][27]. - The company’s net profit has been on a continuous rise since turning profitable in 2021, with a net profit of 557 million yuan in the first three quarters of 2025, reflecting a significant year-on-year growth of 105.14% [27][30]. 4. Future Growth Potential - The company has a robust order backlog, with approximately 9.4 billion yuan in orders as of 2024, representing a year-on-year increase of about 46%. This strong demand underlines the company’s market position and customer recognition [27][41]. - The company is continuously optimizing its cost structure, enhancing operational and R&D efficiency, which is expected to improve profit margins as new products enter mass production [27][30].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Insights - The company is a leading domestic semiconductor thin film deposition equipment manufacturer, demonstrating rapid revenue growth that confirms its industry-leading position. The revenue is projected to grow from 440 million yuan in 2020 to 4.1 billion yuan in 2024, with a compound annual growth rate (CAGR) of 75% [6][7]. - The company has established a dual-platform strategy focusing on thin film deposition equipment and advanced bonding and supporting measurement equipment, which enhances its technological capabilities and market position [6][7]. - The global thin film deposition equipment market is expected to reach approximately $24.4 billion by 2025, with the domestic market estimated at around $10.2 billion, indicating significant room for domestic substitution as the current localization rate is below 20% [6][7]. Summary by Sections 1. Company Overview - The company has been focusing on high-end semiconductor equipment since its establishment in 2010, developing a comprehensive product matrix that includes PECVD, ALD, SACVD, HDPCVD, and Flowable CVD technologies [13][15]. - The company has successfully launched its first wafer-to-wafer (W2W) hybrid bonding equipment, expanding its product offerings in the three-dimensional integration equipment sector [13][15]. 2. Market Opportunities - The thin film deposition process is critical in semiconductor manufacturing, responsible for constructing multi-layer circuit structures and enhancing device performance [45]. - The advanced packaging market is projected to grow from $4.3 billion in 2023 to $28 billion by 2029, with a CAGR of approximately 37%, highlighting the increasing demand for hybrid bonding equipment [6][7]. 3. Financial Performance - The company’s revenue is expected to reach 6.38 billion yuan in 2025, with a year-on-year growth rate of 55.52%, and net profit is projected to be 1.04 billion yuan, reflecting a growth rate of 51.32% [8][7]. - The company has a robust order backlog of approximately 9.4 billion yuan as of the end of 2024, indicating strong market demand and customer recognition [6][7]. 4. Product Development and R&D - The company has invested significantly in R&D, with a total of 1,783 patent applications filed, of which 581 have been granted, demonstrating its commitment to innovation [33][27]. - The company’s thin film deposition equipment has achieved a stable operational uptime of over 90%, matching international standards, which enhances its competitive edge [6][7]. 5. Management and Corporate Structure - The company has a balanced shareholding structure with no controlling shareholder, which promotes efficient and collaborative operations [18][21]. - The management team possesses extensive industry experience and a strong technical background, supporting the company’s ongoing innovation and business expansion [21][22].

[Table_Reportdate] 2026年01月27日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 陈伟业 cwy@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260127 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.药品零售新政出台，赋能行业高质量发展——医药生物行业周报（2026/01/19- 2026/01/25） ➢ 2.2026年全球AI服务器出货同比有望增超28%，AI相关芯片涨价持续——电子行业周报 2026/1/19-2025/1/25 ➢ 1.商务部：将优化实施消费品以旧换新，促进家电等大宗耐用商品消费 ➢ 2.上期所调整白银、锡期货相关合约交易限额 ➢ 3.香港特别行政区行 ...

[Table_Reportdate] 2026年01月26日 [table_invest] 超配 [证券分析师 Table_Authors] 杜永宏 S0630522040001 dyh@longone.com.cn 证券分析师 赖菲虹 S0630525050001 lfhong@longone.com.cn [table_stockTrend] -18% -9% 0% 9% 18% 27% 36% 24-06 24-09 24-12 25-03 申万行业指数:医药生物(0737) 沪深300 [相关研究 table_product] [Table_NewTitle 药品零售新政 ] 出台，赋能行业高质量发 ——医药生物行业周报（2026/01/19-2026/01/25） [table_main] 投资要点： ➢ 投资建议： ➢ 本周医药生物板块呈弱势震荡，前期热门股跌幅居前。商务部等九部门联合印发的 关于促进药品零售行业高质量发展的意见，从转型、支付、供应、整合四大维度构建行业 发展框架，推动行业从"单一卖药"向"健康服务"转型。政策明确鼓励兼并重组与横向并购， 叠加医保定点待遇与基层医疗机构平权、医保个 ...

[Table_Reportdate] 2026年01月26日 1 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.台积电CapEX超预期，2025 年智能手机出货实现韧性增长 ——电子行业周报2026/1/12- 2025/1/18 1. 台积电CapEX超预期，2025年智 能手机出货实现韧性增长——电子 行业周报（20260112-20260118） 2. 英伟达Rubin平台正式发布，台 积电2025全年营收创新高——电子 行业周报（20260105-20260111） 3. 英伟达获Groq推理技术授权，中 芯国际对部分产能实施涨价——电 子行业周报（20251222- 20251228） [Table_NewTitle] 2026年全球AI服务器出货同比有望增超 28%，AI相关芯片涨价持续 ——电子行业周报2 ...

[Table_Reportdate] 2026年01月26日 1 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 联系人 方逸洋 fyy@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.台积电CapEX超预期，2025 年智能手机出货实现韧性增长 ——电子行业周报2026/1/12- 2025/1/18 1. 台积电CapEX超预期，2025年智 能手机出货实现韧性增长——电子 行业周报（20260112-20260118） 2. 英伟达Rubin平台正式发布，台 积电2025全年营收创新高——电子 行业周报（20260105-20260111） 3. 英伟达获Groq推理技术授权，中 芯国际对部分产能实施涨价——电 子行业周报（20251222- 20251228） [Table_NewTitle] 2026年全球AI服务器出货同比有望增超 28%，AI相关芯片涨价持续 ➢ 电子板块观点： ...

[证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： [Table_Reportdate] 2026年01月26日 陈伟业 cwy@longone.com.cn 联系人： 邓尧天 dytian@longone.com.cn [晨会纪要 Table_NewTitle] 20260126 [table_summary] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | 1.1. 历史盈利回归参考，看好更长的化工周期——资产配置周报（2026/01/19- | | | | --- | --- | --- | | 2026/01/23） | | 3 | | 1.2. 12 月社零同增 0.9%，消费规模稳步扩大——12 | 月社零报告专题 | 4 | | 2. 财 ...

Core Viewpoints - The report emphasizes a historical profit recovery reference, indicating a positive outlook for a longer chemical cycle, driven by various factors including raw material price fluctuations, macroeconomic demand, supply cycles, and technological advancements [8][9]. Global Asset Review - During the week of January 23, global stock markets, except for A-shares, generally declined, while major commodity futures such as crude oil, gold, copper, and aluminum saw price increases. The dollar index fell, leading to appreciation of the Renminbi, Yen, and Euro [11][12]. - The performance ranking of equity markets was led by the Sci-Tech 50, followed by the Shenzhen Component Index and others, with significant movements in various sectors [11][12]. Domestic Equity Market Review - As of January 23, the domestic equity market showed a preference for cyclical stocks over growth, consumption, and finance, with an average daily trading volume of 27,750 billion Yuan. Among the 31 sectors, 24 experienced gains, with construction materials, oil and petrochemicals, and steel leading the increases [18][19]. Interest Rate and Exchange Rate Tracking - The report notes that short-term interest rates are expected to stabilize following the end of the tax period, with a significant amount of medium to long-term deposits maturing in the first half of the year. The central bank's supportive stance is anticipated to mitigate liquidity pressures [9][20]. - The report highlights that the long-term bond yields are expected to remain under pressure due to concerns over supply and macroeconomic recovery, while short-term rates may see slight increases [21][22]. Commodity Tracking - Crude oil prices increased to $61.07 per barrel, with U.S. crude production rising to 13.732 million barrels per day, reflecting a year-on-year increase of 255,000 barrels per day [29]. - Gold prices reached a new high of $4,981.31 per ounce, driven by geopolitical tensions and market expectations of future interest rate cuts by the Federal Reserve [45][46]. Industry and Themes - The report suggests a favorable outlook for the chemical sector, driven by historical profit recovery trends and the anticipated upward cycle due to reduced capacity in Europe and Japan, along with a slowdown in new domestic projects [8][9]. - The application of AI in the industry is also highlighted as a potential growth area, alongside recommendations for investment in the chemical and non-ferrous sectors for 2026 [8].

Group 1: Global Market Overview - Global stock markets generally declined in the week ending January 23, 2026, except for A-shares, with the Sci-Tech Innovation Index performing well[2] - Major commodity futures, including crude oil, gold, copper, and aluminum, saw price increases, while the US dollar index fell, leading to appreciation of the RMB, JPY, and EUR[2] - The average daily trading volume in the domestic equity market was 27,750 billion RMB, down from 34,283 billion RMB[2] Group 2: Domestic Equity Market Insights - As of January 23, 2026, 24 out of 31 sectors in the Shenwan industry index rose, with the top gainers being construction materials (+9.23%), oil and petrochemicals (+7.71%), and steel (+7.31%)[2] - The banking sector experienced a decline of -2.70%, while telecommunications and non-bank financials fell by -2.12% and -1.45%, respectively[2] Group 3: Chemical Industry Outlook - The chemical industry is expected to enter a longer positive cycle, with historical average ROE for basic chemicals projected at 10.14% from 2006 to 2024, and peaks of 16.32% in 2007 and 17.6% in 2021[8] - Factors supporting this outlook include the clearing of outdated facilities in Europe and Japan, a slowdown in new domestic projects, and a gradual global economic recovery[8] Group 4: Interest Rates and Currency Trends - Short-term funding rates are expected to stabilize post-tax period, with the central bank's supportive stance likely to mitigate the impact of maturing deposits on liquidity[9] - The 1Y government bond yield rose by 3.95 basis points to 1.2819%, while the 10Y yield fell by 1.26 basis points to 1.8298%[2] Group 5: Commodity Price Tracking - As of January 23, 2026, WTI crude oil prices rose to $61.07 per barrel, a 2.7% increase from the previous week[29] - Gold prices reached a new high of $4,981.31 per ounce, reflecting an 8.31% increase week-on-week[45]

Group 1: Company Overview - The report highlights that Jinchuang Group (603680) expects a significant increase in net profit for 2025, projecting a range of 540 million to 620 million yuan, representing a year-on-year growth of 78.77% to 105.25% [5] - The company anticipates a non-recurring net profit of 560 million to 640 million yuan for 2025, indicating a growth of 72.72% to 97.39% year-on-year [5] - The demand for rail transit vehicles is expected to rise due to large-scale tenders for the Fuxing high-speed trains, with the company benefiting from increased delivery volumes and improved product structure leading to higher overall gross margins [5][6] Group 2: Industry Insights - The mechanical equipment industry is projected to see growth in both domestic and international forklift sales, with total sales for 2025 expected to reach 1.4518 million units, a year-on-year increase of 12.9% [9] - Domestic forklift sales are expected to grow by 12.6% in 2025, driven by a recovery in demand linked to the manufacturing and logistics sectors [10] - The report notes that the overall forklift market is showing stable growth, with expectations for this trend to continue into 2026 [10] Group 3: Investment Recommendations - The report maintains a positive outlook for Jinchuang Group, projecting net profits of 551 million, 587 million, and 665 million yuan for 2025 to 2027, with corresponding EPS of 0.70, 0.75, and 0.85 yuan, and PE ratios of 23X, 21X, and 19X respectively, recommending a "buy" rating [8] - The report emphasizes the importance of technological barriers and a comprehensive product range for the company to strengthen its position in the rail transit vehicle supply market [8]