Report Summary 1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Viewpoints of the Report - Next year's first - quarter central bank's medium - and long - term liquidity operations are likely to remain loose, and stable money prices have become the norm. The inter - bank certificate of deposit rate may fall below 1.6% at the turn of the year and rise after mid - January but not exceed 1.7%. There may be a central decline in the short - end [3][10]. - The yield curve has steepened due to the rise of ultra - long - end and then the decline of the short - end. The decline of the short - end reflects the further consolidation of the loose liquidity expectation. The central bank's repurchase operations and stable money prices at the end of the year catalyze the loose liquidity expectation [4][11]. - The expected increase in the central bank's bond - buying scale drives the short - end treasury bond yield to decline. The large - scale net purchase of short - term treasury bonds by big banks in the secondary market may also lead to an unexpected decline in short - end yields [3][13]. - The decline of short - end treasury bond yields may drive the decline of other short - end varieties such as inter - bank certificates of deposit. The current 1 - year treasury bond yield has fallen to around 1.35%, equivalent to around 1.3% in history [4][15]. - The steeper the yield curve, the safer it is. The decline of the short - end may be a signal that the ultra - long - end adjustment is in place. The current 30 - year treasury bond is at an extreme position, and the enlarged term spread can reflect the pricing of future risks [4][17]. 3. Summary According to the Directory Curve Steeper, Safer - **Short - end Yield Outlook**: The central bank's medium - and long - term liquidity operations in the first quarter of next year are likely to remain loose. The inter - bank certificate of deposit rate may decline at the turn of the year and rise slightly later, and there may be a central decline in the short - end [3][10]. - **Yield Curve Steepening Reason**: The short - end and long - end are separated. After the "bear steepening" of the ultra - long - end, the short - end decline drives the curve to steepen further. The short - end decline reflects the consolidation of the loose liquidity expectation, which is related to the central bank's repurchase operations and stable money prices [11]. - **Factor Driving Short - end Yield Decline**: The expected increase in the central bank's bond - buying scale and the large - scale net purchase of short - term treasury bonds by big banks in the secondary market may drive the short - end treasury bond yield to decline [13]. - **Impact on Other Short - end Varieties**: The decline of short - end treasury bond yields may drive the decline of other short - end varieties such as inter - bank certificates of deposit. The current 1 - year treasury bond yield has fallen to around 1.35%, equivalent to around 1.3% in history [15]. - **Signal of Ultra - long - end Adjustment**: The decline of the short - end may be a signal that the ultra - long - end adjustment is in place. The 30 - year treasury bond is at an extreme position, and the enlarged term spread provides safety protection for the long - end and ultra - long - end [17].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - Precious metals are recommended to be held firmly due to their continued price increase, driven by a decrease in the US CPI and expectations of interest rate cuts in 2026, which enhances the probability of a soft landing. Industrial precious metals like silver and platinum are favored, while gold is expected to underperform in the short term. The long-term trend of de-dollarization is anticipated to continue, and investors are advised to hold low-cost positions despite market volatility [5] - Copper prices are expected to rise again due to a soft landing scenario, with LME copper increasing by 2.75% this week. The anticipated supply-demand tightness in 2026, coupled with increased fiscal spending expectations from the US government, suggests that price adjustments should be viewed as buying opportunities [6] - Aluminum prices have increased by 2.80%, supported by low inventory levels and resilient demand from sectors like automotive and electronics, despite December being a traditional off-peak season. Investors are encouraged to buy aluminum and related equities on dips [6] - Tin prices have surpassed 340,000 yuan/ton, driven by reduced macroeconomic uncertainty and speculative trading, although high prices have led to stagnant spot transactions. A significant inventory buildup is noted, and while short-term price corrections may occur, the long-term price center is expected to remain above 300,000 yuan [7] - Tungsten prices continue to reach new highs, with black tungsten concentrate prices rising to 430,000 yuan/ton. Supply constraints and strong demand from sectors like defense and controlled nuclear fusion are expected to maintain upward pressure on prices [8] Summary by Sections Industry Performance - The non-ferrous metals sector saw a weekly increase of 1.16%, ranking 14th among industry indices [17] Price Movements - Basic metals: LME copper up 2.75%, aluminum up 2.80%, zinc down 1.94%, lead up 0.94%, tin up 4.50% - Precious metals: COMEX gold up 0.90%, silver up 8.55%, NYMEX palladium up 16.03%, platinum up 14.27% - New energy metals: LME nickel up 1.92%, cobalt up 1.21%, lithium carbonate up 3.33% [20] Inventory Levels - Global visible inventories increased: copper by 19,262 tons, aluminum by 6,978 tons, zinc by 31,871 tons, lead by 21,368 tons, tin by 1,575 tons, nickel by 3,870 tons [34]

Investment Rating - The report maintains a "Buy" rating for the company [5][8] Core Insights - The company plans to acquire a 51% stake in Zhongshi Xunleng, enhancing its capabilities in liquid cooling solutions for data centers and automotive applications. This acquisition is expected to strengthen the company's design, manufacturing, and testing capabilities in liquid cooling technology [3] - The company has established strong partnerships with major clients across various sectors, including consumer electronics, digital infrastructure, smart transportation, and clean energy, positioning itself as a leader in high-performance polymer materials and thermal management solutions [4] - Revenue projections for the company are optimistic, with expected revenues of 2 billion, 2.6 billion, and 3.3 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 305 million, 413 million, and 551 million yuan for the same years [5][9] Financial Summary - The company is projected to achieve a revenue growth rate of approximately 24.51% in 2024, followed by 28.24% in 2025, and maintaining similar growth rates in subsequent years [9][12] - The expected earnings per share (EPS) are forecasted to increase from 0.67 yuan in 2024 to 1.84 yuan by 2027, indicating strong profitability growth [9][12] - The company's asset-liability ratio is projected to rise from 19.5% in 2024 to 39.1% by 2027, reflecting a potential increase in leverage as it expands operations [12]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady revenue and profit growth, with a significant increase in net profit excluding non-recurring items. In the first three quarters of 2025, the company achieved a revenue of 921 million yuan, a year-on-year increase of 11.59%. The net profit attributable to shareholders reached 90 million yuan, up 23.05%, while the net profit excluding non-recurring items surged by 141.76% to 62 million yuan [4]. - The company is optimizing its storage controller chip matrix and strengthening its market advantage in the SSD controller field. It has fully laid out SATA and PCIe 3.0/4.0/5.0 SSD controller chips, becoming one of the manufacturers with the most complete product lines in the industry. In the first half of 2025, the company saw steady growth in SSD controller chip shipments, with significant market recognition for its PCIe Gen4 products [5]. - The embedded controller chip segment is expected to become a new growth engine. The company has entered the embedded controller chip market, with its UFS 3.1 controller chip already being applied in mobile terminals. The development of embedded UFS module solutions is progressing smoothly, which may become a new business growth point for the company [6]. Financial Projections - The company is projected to achieve revenues of 1.4 billion yuan, 1.7 billion yuan, and 2.0 billion yuan in 2025, 2026, and 2027 respectively, with net profits attributable to shareholders of 150 million yuan, 200 million yuan, and 270 million yuan for the same years [7]. - The financial metrics indicate a growth rate of 13.55% for revenue in 2024, increasing to 20.26% by 2027. The net profit growth rate is expected to be 126.04% in 2024, tapering to 35.33% by 2027 [10]. Relative Valuation - The company is positioned as a leading independent SSD controller chip manufacturer globally, with a comprehensive chip design and industrialization platform. The relative valuation analysis suggests a price-to-sales (P/S) average of 20.31x for 2025, based on comparisons with peers [13].

证券研究报告：机械设备 | 公司点评报告 发布时间：2025-12-19 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 36.88 | | --- | --- | | 总股本/流通股本（亿股）2.05 | / 1.32 | | 总市值/流通市值（亿元）76 | / 49 | | 52 周内最高/最低价 | 39.10 / 17.99 | | 资产负债率(%) | 70.7% | | 市盈率 | -18.36 | | 第一大股东 | 杨宇红 | 研究所 我们预计公司 2025-2027 年营业收入 10.53、17.74、22.48 亿 元，同比增长 1.53%、68.37%、26.78%；预计归母净利润 0.27、2.29、 3.18 亿元，同比增长 107.20%、749.90%、38.73%；对应 PE 分别为 273.92、32.23、23.23 倍。维持"增持"评级。 l 风险提示： 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 分析师:虞洁攀 SAC 登记编号:S1340523050002 Em ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Insights - The company is accelerating the production capacity of humanoid robots and has secured multiple mass production orders from both domestic and international brands. As of the end of August, the value of humanoid robot structural components delivered exceeded 80 million yuan, with over 400 part numbers supplied to clients [4] - The company's new energy business, which includes core products such as power battery structural components and charging pile components, is progressing steadily. New production bases have been established in various provinces, ensuring stable supply to key clients like CATL [5] - Revenue projections for the company are 18.07 billion yuan in 2025, 21.01 billion yuan in 2026, and 24.00 billion yuan in 2027, with net profits expected to be 650 million yuan, 950 million yuan, and 1.30 billion yuan respectively, maintaining a "Buy" rating [6] Company Overview - The latest closing price of the company's stock is 36.19 yuan, with a total market capitalization of 49.3 billion yuan and a circulating market value of 49.1 billion yuan. The company has a debt-to-asset ratio of 58.7% and a price-to-earnings ratio of 60.32 [3]

买入 |维持 个股表现 2024-12 2025-02 2025-05 2025-07 2025-10 2025-12 -15% -7% 1% 9% 17% 25% 33% 41% 49% 57% 中微公司 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 279.17 | | --- | --- | | 总股本/流通股本（亿股）6.26 | / 6.26 | | 总市值/流通市值（亿元）1,748 | / 1,748 | | 52 周内最高/最低价 | 319.11 / 165.98 | | 资产负债率(%) | 24.7% | | 市盈率 | 106.96 | | 第一大股东 | 上海创业投资有限公司 | 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:翟一梦 SAC 登记编号:S1340525040003 Email:zhaiyimeng@cnpsec.com 中微公司(688012) ICP 刻蚀加速增长，CCP 刻蚀受益于存储扩产 证券研究报告：电子 | 公司点评报告 股票投资评级 l 投资 ...

Investment Rating - The investment rating for TaiLing Microelectronics (688591) is "Buy" and is maintained [2][7] Core Views - The company is entering a harvest period after previous investments, with multiple product lines experiencing rapid growth. The continuous investment in edge AI products and expansion into overseas markets has led to new product shipments exceeding expectations, resulting in significant revenue increases across all product lines, particularly in multi-mode and audio segments. The overseas revenue continues to grow [5][6] - For the first three quarters of 2025, the company achieved approximately 766 million yuan in operating revenue, a year-on-year increase of 30.49%, with Q3 alone contributing 263 million yuan. The net profit attributable to the parent company for the same period was approximately 140 million yuan, reflecting a year-on-year growth of 117.35% [5][6] Financial Projections - The projected operating revenues for 2025, 2026, and 2027 are 1.11 billion yuan, 1.44 billion yuan, and 1.87 billion yuan, respectively. The net profits attributable to the parent company are expected to be 210 million yuan, 303 million yuan, and 410 million yuan for the same years [7][10] - The company anticipates a growth rate of approximately 30% for operating revenue in 2025 and a gradual decline to about 29.41% by 2027 [10][12] Market Expansion - The planned acquisition of Shanghai Panqi Microelectronics will enable the company to enter the Sub-1G market, which is rapidly growing due to digital economy initiatives and smart meter upgrades. Panqi Microelectronics has established Sub-1G chip solutions with excellent performance metrics, and TaiLing Microelectronics aims to leverage its global sales network to promote these products to overseas clients [6][7]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company has experienced a decline in revenue but an increase in net profit, with a reported revenue of 8.49 billion yuan for the first three quarters of 2025, down 9.37% year-on-year, while net profit attributable to shareholders rose by 22.32% to 1.17 billion yuan [5][6]. - The company is focusing on optimizing its business structure and exploring new business models, such as "bookstore + IP" [7]. - The gross profit margin has shown a recovery trend, reaching 46.12% for the first three quarters of 2025, an increase of 2.00 percentage points year-on-year [6]. Financial Performance Summary - For the first three quarters of 2025, the company reported a total revenue of 8.49 billion yuan, with a net profit of 1.17 billion yuan, reflecting a year-on-year growth of 22.32% [5]. - The company’s revenue for Q3 2025 was 2.15 billion yuan, down 12.94% year-on-year, while net profit for the same period was 153 million yuan, a decrease of 16.33% [5][6]. - The company plans to invest 48 million yuan in upgrading its flagship store, aiming to enhance customer experience and diversify its business offerings [7]. Earnings Forecast - The earnings forecast for 2025, 2026, and 2027 estimates revenues of 12.9 billion yuan, with net profits of 1.55 billion yuan, 1.61 billion yuan, and 1.67 billion yuan respectively [8][10]. - The expected EPS for the same years is projected to be 0.86 yuan, 0.89 yuan, and 0.93 yuan, with corresponding P/E ratios of 13, 13, and 12 [8][10].

Industry Overview - The report maintains a strong market rating for the non-ferrous metals sector, with a closing index of 7715.84, a 52-week high of 7846.97, and a low of 4280.14 [1]. Investment Highlights - In 2025, precious metals, particularly gold, were highlighted as the best-performing assets, with gold prices stabilizing above $4000 per ounce and silver outperforming gold due to liquidity factors [4][5]. - The precious metals market in 2025 was characterized by two phases: the first phase involved diversification in asset allocation driven by tariff expectations from the Trump administration, leading to a significant rise in gold prices, while the second phase saw a rally due to anticipated interest rate cuts by the Federal Reserve [5][15]. - The outlook for 2026 suggests that gold prices may continue to rise, supported by weakening dollar credibility, increasing inflation expectations, and continued inflows into gold ETFs [6][37]. Silver Market Analysis - Silver outperformed gold in 2025, particularly after April, due to a recovery in risk appetite and ongoing supply-demand imbalances, with prices reaching historical highs above $60 per ounce by December [39][50]. - The silver market is expected to continue its upward trend in 2026, driven by declining inventories and some countries designating silver as a reserve asset, enhancing its investment appeal [50][51]. Supply and Demand Dynamics - The report indicates a persistent supply-demand imbalance in the silver market, with significant inventory pressures observed in Shanghai and London, and CME market dynamics reflecting speculative trading [43][44]. - The total supply of silver is projected to remain constrained, with mine production and recycling rates showing modest growth, while demand from industrial applications continues to rise [42]. ETF Inflows and Market Trends - In 2025, there was a notable increase in gold ETF holdings, particularly from Western investors, which played a crucial role in driving gold prices above $4000 per ounce [30][33]. - The inflow of ETFs from North America and Europe significantly contributed to the gold market's performance, marking a shift in investment patterns compared to previous years [31][33].