Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady growth in performance, with both revenue and profit showing positive growth in the first half of 2025. Revenue reached 7.453 billion yuan, a year-on-year increase of 6.38%, while net profit attributable to shareholders was 312 million yuan, up 13.88% year-on-year [4]. - The company has a robust order backlog of approximately 34.5 billion yuan, with deliveries expected between 2025 and 2027. It has also made strides in international expansion, signing a global framework cooperation agreement with mining giant Rio Tinto [5]. - Profitability has improved, with a net profit margin of 4.19%, an increase of 0.28 percentage points year-on-year, despite a slight decrease in gross margin [5]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 7.453 billion yuan, with various segments contributing positively: material handling equipment revenue was 2.322 billion yuan (+8.51%), new energy equipment revenue was 1.734 billion yuan (+21.45%), metallurgy equipment revenue was 1.948 billion yuan (+21.04%), and core components revenue was 1.014 billion yuan (+25.29%) [4]. - The company forecasts revenue for 2025-2027 to be 14.727 billion yuan, 15.782 billion yuan, and 16.770 billion yuan, respectively, with year-on-year growth rates of 3.12%, 7.17%, and 6.26% [6]. - The projected net profit for the same period is expected to be 649 million yuan, 752 million yuan, and 837 million yuan, reflecting growth rates of 30.35%, 15.87%, and 11.27% respectively [6]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 23.35, with projected P/E ratios for 2025, 2026, and 2027 at 18.01, 15.54, and 13.96 respectively [3][6]. - The price-to-book (P/B) ratio is projected to decrease from 1.59 in 2024 to 1.27 by 2027 [9].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights China's commitment to climate action, with a new round of Nationally Determined Contributions (NDC3.0) aiming for a 7%-10% reduction in greenhouse gas emissions from peak levels by 2035, and a target for non-fossil energy consumption to exceed 30% of total energy consumption [4][5] - The report anticipates improvements in demand for green industries as countries update their NDCs ahead of COP30, with a focus on new technologies in the photovoltaic sector [6] Summary by Relevant Sections Industry Basic Situation - The closing index is at 9725.34, with a 52-week high of 9725.34 and a low of 5804.61 [1] Investment Suggestions - The report suggests focusing on new technologies such as perovskite tandem cells and heterojunction technology, with specific companies like GCL-Poly Energy and Trina Solar recommended for investment [6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The demand for VPD chips is driven by the upgrade of SSD interfaces and technological iterations, with a shift from SATA to PCIe and NVMe standards enhancing SSD performance [4] - The AI wave is creating incremental demand in the DDR5 SPD market, as AI servers require significantly more memory modules compared to traditional servers, thus injecting new growth momentum [5] - The company has rapidly increased its market share in the automotive-grade EEPROM sector, successfully introducing products to major global automotive electronics suppliers [7] Company Overview - Latest closing price: 131.96 CNY - Total shares: 1.58 billion; Total market value: 20.9 billion CNY - 52-week high/low: 131.96 CNY / 47.23 CNY - Debt-to-asset ratio: 6.2% - Price-to-earnings ratio: 71.72 [3] Financial Projections - Expected revenues for 2025-2027 are 1.38 billion, 1.80 billion, and 2.32 billion CNY respectively, with net profits of 0.45 billion, 0.63 billion, and 0.86 billion CNY [8] - Revenue growth rates are projected at 34.22%, 30.52%, and 28.86% for the years 2025, 2026, and 2027 respectively [10] - The company is expected to maintain a gross margin of approximately 57.5% to 57.8% over the forecast period [13]

Investment Rating - The industry investment rating is "Strongly Outperforming the Market" and is maintained [1]. Core Viewpoints - The report highlights the solid-state battery equipment sector as a key area for investment, emphasizing the growth potential and technological advancements within the industry [1]. - The report provides detailed insights into several leading companies in the solid-state battery equipment market, showcasing their revenue growth, market share, and technological capabilities [1]. Summary by Relevant Sections 1.1 XianDao Intelligent - XianDao Intelligent, established in 2002, is a leading global provider of intelligent manufacturing solutions for new energy [6]. - The company's revenue from 2020 to 2024 was 59, 100, 139, 166, and 119 billion yuan, with net profits of 7.68, 15.85, 23.18, 17.75, and 2.86 billion yuan respectively [6]. - In the first half of 2025, the revenue from lithium battery equipment was 45 billion yuan, accounting for 69% of total revenue, with a gross margin of approximately 39% from 2022 to 2024 [6][9]. - The company holds a 15.5% market share globally and 19.0% in China for lithium battery equipment [6]. 1.2 YingHe Technology - YingHe Technology, founded in 2006, specializes in lithium battery intelligent equipment and offers digital factory solutions [10]. - The company's revenue from 2020 to 2024 was 24, 52, 90, 98, and 85 billion yuan, with net profits of 1.91, 3.11, 4.87, 5.54, and 5.03 billion yuan respectively [10]. - In the first half of 2025, lithium battery equipment revenue was 28 billion yuan, making up 66% of total revenue, with a gross margin recovering to 18.5% [10]. 1.3 LiYuanHeng - LiYuanHeng, established in 2014, focuses on smart equipment for various industries, including solid-state batteries [20]. - The company's revenue from 2020 to 2024 was 14, 23, 42, 50, and 25 billion yuan, with net profits of 1.40, 2.12, 2.90, -1.88, and -10.44 billion yuan respectively [20]. - In the first half of 2025, lithium battery equipment revenue was 15 billion yuan, representing 81% of total revenue, with a gross margin of 27.1% [20]. 1.4 HongGong Technology - HongGong Technology, founded in 2008, specializes in automated material handling solutions [26]. - The company's revenue from 2020 to 2024 was 3, 6, 22, 32, and 21 billion yuan, with net profits of 0.66, 0.50, 2.98, 3.15, and 2.08 billion yuan respectively [26]. - In the first half of 2025, lithium battery equipment revenue was 6.88 billion yuan, accounting for 91% of total revenue, with a gross margin of 26.6% [26]. 1.5 HaiMuXing - HaiMuXing, established in 2008, focuses on laser and automation equipment for various industries [32]. - The company's revenue from 2020 to 2024 was 13, 20, 41, 48, and 45 billion yuan, with net profits of 0.77, 1.09, 3.80, 3.22, and -1.63 billion yuan respectively [32]. - In the first half of 2025, revenue from lithium battery laser and automation equipment was approximately 10 billion yuan, making up 59% of total revenue, with a gross margin of 10.0% [32]. 1.6 NaKonoer - NaKonoer, founded in 2000, specializes in high-precision roller pressing equipment and holds a 23.4% market share in China's lithium roller pressing equipment market [40]. - The company has developed various dry electrode production equipment and is advancing its solid-state battery production equipment [40]. 1.7 ManSiTe - ManSiTe, established in 2014, focuses on high-precision coating technology and has developed a dual-line product layout for solid-state batteries [43]. - The company has successfully delivered various solid-state battery equipment to clients, including dry multi-roller film systems and solid-state battery front-end lines [43].

Economic Overview - The GDP of Shangzhou District grew by 4.6% in 2024, with a further increase to 6% in the first half of 2025[2] - The contribution of the three industries to GDP in 2024 was 10.4% for the primary sector, 25.1% for the secondary sector, and 64.5% for the tertiary sector[2] - Fixed asset investment increased by 21.8% year-on-year in 2024, while real estate investment saw a significant decline of 21.1%[2] Fiscal Situation - The local general public budget revenue reached 55.746 million yuan in 2024, a growth of 5.84%, but tax revenue fell by 22.9% to 32.765 million yuan[3] - The general budget expenditure rose from 3.302 billion yuan in 2021 to 4.211 billion yuan in 2024, with a growth rate of 0.44%[3] - The debt balance increased to 8.345 billion yuan in 2024, representing 43.62% of GDP, which is 15 times the general public budget revenue[3] Industry Development - Shangzhou District is focusing on five key industrial clusters: new materials, green food, health medicine, cultural tourism, and building materials[1] - The new materials industry is prioritized, with a target to develop a high-end edible fungus industry base by 2025, aiming for 100 million bags[18] - The cultural tourism sector received 4.6433 million visitors in the first seven months of 2025, generating a total tourism revenue of 2.948 billion yuan[19] Risks and Recommendations - The district faces risks from national macroeconomic policy changes, economic slowdown, and challenges in industrial transformation[4] - Recommendations include focusing on industrial upgrading, enhancing technological innovation, and improving the investment environment[4]

分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 近期研究报告 《波动降低后是更好的参与时机》 - 2025.09.15 策略观点 降息交易(1)：降息之后的资产定价机制 ⚫ 投资要点 发布时间：2025-09-25 大盘指数 8000 9000 10000 11000 12000 13000 14000 2000 3000 4000 上证指数 深证成指 1000 2000 3000 5000 6000 7000 8000 中小100 创业板指 资料来源：聚源，中邮证券研究所 研究所 美国联邦基金期货市场对美联储有着极强的降息预期。根据计算 得到的预期利率变动，美国联邦基金期货市场的交易员们认为美联储 将在未来 6 个月降息 85bp，在未来 12 个月降息 125bp。在美联储 9 月议息会议宣布降息 25bp 后，交易员们对未来美联储的政策路径预 期并没有发生改变，此前的预期是 6 个月降息 110bp 和 12 个月降息 150bp，可以认为美联储的本次降息幅度完全在市场的预期内，并且 美联储主席鲍威尔在会后的讲话也并未改变市场预期。 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The launch of the new ASIL-D functional safety grade automotive SBC SC6259XQ will support automotive intelligence, integrating multiple power sources in a single chip [2][3]. - The company is experiencing a growth phase with a 21.08% year-on-year revenue increase to 785 million yuan in Q2 2025, driven by product line expansion and entry into high-end consumer electronics and smart automotive electronics [3]. - Future revenue projections are optimistic, with expected revenues of 3.31 billion yuan in 2025, 4.21 billion yuan in 2026, and 5.30 billion yuan in 2027, alongside net profits of 331 million yuan, 452 million yuan, and 608 million yuan respectively [4][6]. Financial Forecasts and Metrics - Revenue for 2024 is projected at 2.567 billion yuan, with a growth rate of 44.19%, and is expected to grow at rates of 28.78%, 27.29%, and 25.94% in the following years [6][13]. - The company's EBITDA is forecasted to increase from 267.87 million yuan in 2024 to 703.60 million yuan in 2027 [6]. - The net profit margin is expected to stabilize around 10% by 2027, with a projected net profit of 607.60 million yuan [6][13]. - The company’s P/E ratio is projected to decrease from 71.05 in 2024 to 35.89 in 2027, indicating potential valuation improvement [6][13].

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is launching the AW86501BDC product, which is part of its X series Hall sensors, featuring industry-leading low power consumption of only 50nA, a compact 1x1mm package, and external stray magnetic field suppression to enhance data transmission reliability [4] - The company is expected to generate revenues of 32.5 billion, 36.4 billion, and 39.5 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 4.0 billion, 5.5 billion, and 7.0 billion yuan for the same years, maintaining a "Buy" rating [6] Company Overview - The latest closing price of the company's stock is 87.20 yuan, with a total market capitalization of 203 billion yuan and a circulating market value of 118 billion yuan [3] - The company has a total share capital of 2.33 billion shares, with 1.36 billion shares in circulation, and a debt-to-asset ratio of 22.9% [3] - The company's earnings per share (EPS) is projected to be 1.09 yuan for 2024, increasing to 3.02 yuan by 2027, with a price-to-earnings (P/E) ratio decreasing from 79.76 in 2024 to 28.91 in 2027 [8][10]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Last week, the bond market sentiment was volatile, with interest rates showing a V-shaped oscillation. Credit bonds also had mixed performance, with the over - sold second - tier and perpetual (二永) bonds partially recovering, while ultra - long - term credit bonds continued to perform poorly. The cost - effectiveness of coupon assets has increased [1][4][10]. - 2 - 5 - year bank secondary capital bonds can continue to be considered; a strategy of sinking into 1 - 3 - year weak - quality urban investment bonds is recommended, as the riding income of about 3 - year varieties with a yield of over 2.2% is quite significant. Ultra - long - term credit bonds have improved in coupon cost - effectiveness after continuous adjustment, but only allocation - type institutions are advised to consider them due to the lack of marginal improvement in liquidity [4][25]. 3. Summary According to the Catalog 3.1 Bond Market Performance - **Interest Rate Bonds**: The overall trend of interest rate bonds was oscillatory last week. The active 10 - year Treasury bond fluctuated between 1.76% - 1.81%, with the bearish force slightly stronger and the bond price weakening over the week [1][10]. - **Credit Bonds**: Different - term credit bond varieties showed differentiated performance. The yields of 1Y - 5Y Treasury bonds and AAA, AA + medium - and short - term notes changed to varying degrees from September 15th to September 19th, 2025. Ultra - long - term credit bonds continued to weaken, with the decline of 10Y varieties generally exceeding that of the same - term interest rate bonds [10][11][12]. 3.2 Secondary - tier and Perpetual (二永) Bonds - **Yield Changes**: After over - adjustment the week before last, the yields of 1Y - 5Y of secondary - tier and perpetual bonds decreased, while those of ultra - long - term parts were similar to ultra - long - term credit bonds. The yields of 1 - 5 years, 7 years, and 10 years of AAA - bank secondary capital bonds decreased by 1.19BP, 1.21BP, 2.58BP, 0.53BP, 1.51BP respectively, and increased by 1.63BP and 3.53BP respectively [2][17]. - **Trading Situation**: In the first half of the week, the sentiment for recovery was high, while in the second half, it was more pessimistic. From September 15th to September 19th, the proportion of low - valuation transactions of secondary - tier and perpetual bonds was 100.00%, 100.00%, 100.00%, 0.00%, 2.44% respectively; the average trading durations were 6.16 years, 4.66 years, 5.01 years, 1.07 years, 0.96 years respectively. The discount trading amplitude was generally within 2BP, and there were only 8 transactions with an amplitude of over 3BP [18][20]. 3.3 Ultra - long - term Credit Bonds - **Selling Pressure**: The institutional selling of ultra - long - term credit bonds continued to strengthen throughout the week, but it was not a typical urgent selling situation. From September 15th to September 19th, the proportion of discount transactions was 56.10%, 70.73%, 48.78%, 65.85%, 78.05% respectively, and most of the discount amplitudes were within 4BP [3][21]. - **Buying Willingness**: The market's willingness to buy ultra - long - term credit bonds remained weak, and high - activity transactions were mainly concentrated in weak - quality urban investment bonds. The proportion of transactions below the valuation was 26.83%, 9.76%, 36.59%, 21.95%, 7.32% respectively. However, about 25% of the transactions below the valuation had an amplitude of over 4BP, mainly in 2 - 5 - year weak - quality urban investment bonds [3][22][27]. 3.4 Curve Shape and Yield Quantiles - **Curve Steepness**: The steepness of the 1 - 2 - year and 2 - 3 - year segments of the full - grade yield curve was the highest, and it was steeper than that after the sharp decline at the end of July. Taking AA + medium - term notes and AA urban investment bonds as examples, the slopes of different segments were calculated [13]. - **Yield Quantiles**: From September 15th to September 19th, 2025, the 1Y - 3Y coupon assets had a certain cost - effectiveness, but the credit spread protection was insufficient. The valuation yields to maturity of 1Y - AAA, 3Y - AAA, etc. were at the corresponding quantiles since 2024, and the historical quantiles of credit spreads were also provided [14][16].

证券研究报告：区域经济|深度报告 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 区域经济研究专题 重庆城口：交通便利性跃升，西部矿都迎来新机遇 l 基本情况 地理特征：城口县位于重庆东北部，渝、川、陕三省（市）交界 处，历史悠久，于1998年2月20日划归重庆市直管，全县东西长100.4 公里，南北宽65.7公里，辖区面积 3289.04平方公里，下辖 2街道12 镇 11 乡。城口县山地居多，普遍海拔在 1000—1800 米，境内共有大 小河流 779 条，素有"九山半水半分田"之称，气候温和，雨量充沛， 四季分明。 人口及交通情况：城口县人口规模相对较小，2024 年末户籍人 口 24.64 万人，常住人口 19.66 万人，人口数量稳定，但老龄化趋势 明显，劳动力有所外流。交通方面，多山多水的地理条件使城口县经 济相对闭塞，但未来随着高速公路、铁路陆续贯通，城口县交通便利 性将迎来跃升。 产业升级方面，城口县第一产业大规模开发增量农牧业的空间或 相对有限，在现有农牧业的基础上做优产业链或更加契合重庆市的政 策方针，延长农 ...