证 券 研 究 报 告 铠侠（KIOXIA）FY2025Q3 业绩点评及业绩说明会纪要 收入创历史新高，FY25Q4 指引大超市场预期 会议地点：线上 事项： 2026 年 2 月 12 日铠侠发布 2025 财年 Q3 季度报告。公司财务季度 FY2025Q3 截至 2025 年 12 月 31 日，即自然季度 CQ2025Q4。 评论： 1. 业绩总览：FY25Q3 营收 5436 亿日元（包括与合资企业相关的销售额 514 亿日元，QoQ +21.3%，YoY +20.8%），符合公司指引（公司指引为 5000-5500 亿日元），主要得益于平均售价的上涨、基于存储容量计算的位元出货量增加， 以及汇率变动的正面影响。毛利率为 26.6%（QoQ +7.2pct），主要得益于更高 的定价，单位成本的降低符合预期，进一步提升了毛利率。非 GAAP 净利润 895 亿日元（QoQ +114.9%，YoY +17.3%），非 GAAP 净利率 16.5% （QoQ +7.2pct）。拆分量价来看，FY25Q3 出货 ASP 环比增长 10-15%，出货位元环比 增长 5%左右。 2. 终端市场划分情况：（1）整 ...

纵横股份（688070）深度研究报告 推荐（首次） 全谱系工业无人机领军企业，以"低空+AI 行业应用"深 化布局低空数字经济——华创交运|低空 60 系列（二十七） 公司研究 证 券 研 究 报 告 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 474 | 618 | 794 | 955 | | 同比增速(%) | 57.1% | 30.4% | 28.4% | 20.3% | | 归母净利润(百万) | -36 | 10 | 55 | 100 | | 同比增速(%) | 44.5% | 129.1% | 430.1% | 80.3% | | 每股盈利(元) | -0.41 | 0.12 | 0.63 | 1.14 | | 市盈率(倍) | -143 | 491 | 93 | 51 | | 市净率(倍) | 9.0 | 8.1 | 7.4 | 6.5 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 12 日收 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][8]. Core Insights - The company reported a revenue of 6.793 billion yuan for 2025, representing a year-on-year increase of 14.63%. The net profit attributable to shareholders was 871 million yuan, up 6% year-on-year. The total chip sales exceeded 174 million units, marking a growth of approximately 21.68% [2][4]. - The company anticipates a revenue growth of 10% to 20% in Q1 2026 and a full-year revenue increase of 25% to 45% for 2026 [2]. - The gross margin for 2025 was reported at 37.97%, an increase of 1.42 percentage points year-on-year, with a projected net profit of 871 million yuan for 2025, excluding share-based payment impacts [8]. - The company has established a strong partnership with Google, serving as a core chip supplier for Google's next-generation AI hardware, which is expected to drive significant growth in the coming years [8]. Financial Summary - The company’s total revenue is projected to grow from 5.926 billion yuan in 2024 to 10.760 billion yuan by 2027, with a compound annual growth rate (CAGR) of 21.2% [4]. - The net profit attributable to shareholders is expected to increase from 822 million yuan in 2024 to 1.885 billion yuan in 2027, reflecting a CAGR of 27.7% [4]. - The earnings per share (EPS) is forecasted to rise from 1.95 yuan in 2024 to 4.48 yuan in 2027, indicating strong profitability growth [4]. Product and Market Development - The company has successfully launched over 20 chip models featuring self-developed intelligent computing units, with a significant increase in shipments of 6nm chips expected to reach over 30 million units in 2026, a growth of approximately 233% [8]. - The WiFi product line has seen substantial growth, with nearly 20 million units sold in 2025, including over 7 million units of WiFi 6 chips, which is expected to exceed 10 million units in 2026 [8]. - The acquisition of ChipMic is aimed at enhancing the company's technology stack in cellular communication, optical communication, and Wi-Fi [8].

Investment Rating - The report assigns a neutral investment rating for the company, indicating expectations of performance within a range of -10% to 10% relative to the benchmark index over the next six months [60]. Core Insights - The company reported Q4 2025 revenue of $1.53 billion, a year-over-year decrease of 11.16% and a quarter-over-quarter decrease of 1.34%, aligning with seasonal trends and previous guidance [2][10]. - Non-GAAP gross margin for Q4 was 38.2%, down 7.1 percentage points year-over-year but up 0.2 percentage points quarter-over-quarter, consistent with prior guidance [2][10]. - The company expects Q1 2026 revenue to be between $1.44 billion and $1.54 billion, with a gross margin forecast of 37.5% to 39.5% [3][23]. Financial Performance Overview - For the full year 2025, the company achieved revenue of $6.0 billion, reflecting a year-over-year decline of 15.35%, with a Non-GAAP gross margin of 38.4% [8]. - Q4 inventory levels decreased to 192 days, with strategic inventory at 76 days and base inventory at 117 days, indicating a healthy inventory status [13][14]. Business Segment Performance - Power Solutions Group (PSG) reported Q4 revenue of $724 million, down 11% year-over-year and 2% quarter-over-quarter [2]. - Analog and Mixed Signal Group (AMG) generated Q4 revenue of $556 million, down 9% year-over-year and 5% quarter-over-quarter [2]. - Intelligent Sensing Group (ISG) saw Q4 revenue of $250 million, a 17% year-over-year decline but a 9% quarter-over-quarter increase [2]. Strategic and Operational Developments - The company is advancing its Fab-Liter strategy, with wafer fab capacity reduced by 12% in 2025 and a utilization rate of 68% in Q4 [12][3]. - The Treo platform has doubled its sampling numbers year-over-year, with design channels exceeding $1 billion across various applications [3]. - The company plans to launch over 30 new GaN devices in 2026, enhancing its wide bandgap strategy [4][12]. AI Data Center Growth - AI data centers have become a core growth engine, contributing over $250 million in revenue for the year and expected to continue growing significantly [4][17]. - The company has achieved a 99.5% efficiency in SiC MOSFET hybrid modules, securing design wins in key platforms [4][21].

债券研究 证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20260212 ❖ 市场概况：今日增量上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.45%、上证综指环比上涨 0.05%、深证成 指环比上涨 0.86%、创业板指环比上涨 1.32%、上证 50 指数环比下降 0.28%、 中证 1000 指数环比上涨 0.91%。 市场风格：中盘成长相对占优。大盘成长环比上涨 0.01%、大盘价值环比下降 0.69%、中盘成长环比上涨 1.66%、中盘价值环比上涨 0.60%、小盘成长环比 上涨 1.43%、小盘价值环比上涨 0.00%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 813.29 亿元，环比 增长 15.00%；万得全 A 总成交额为 21607.71 亿元，环比增长 7.98%；沪深两 市主力净流出 11.81 亿元，十年国债收益率环比降低 1.01bp 至 1.79%。 转债价格：转债中枢提升，高价券占比下降。转债整体收盘价加权平均值为 143.27 元，环比昨日上升 0.35%。其中偏股型转债的收盘价为 219.24 元，环比 上升 5.28%；偏债型转债的收盘价为 ...

Investment Rating - The report assigns a neutral investment rating for the company, indicating expectations of performance within a range of -10% to 10% relative to the benchmark index over the next six months [60]. Core Insights - The company reported Q4 2025 revenue of $1.53 billion, a year-over-year decrease of 11.16% and a quarter-over-quarter decrease of 1.34%, aligning with seasonal trends and previous guidance [2][10]. - Non-GAAP gross margin for Q4 was 38.2%, down 7.1 percentage points year-over-year but up 0.2 percentage points quarter-over-quarter, consistent with prior guidance [2][10]. - The company expects Q1 2026 revenue to be between $1.44 billion and $1.54 billion, with a gross margin forecast of 37.5% to 39.5% [3][23]. Financial Performance Overview - For the full year 2025, the company achieved revenue of $6.0 billion, reflecting a year-over-year decline of 15.35%, with a Non-GAAP gross margin of 38.4% [8]. - Q4 inventory levels decreased to 192 days, with strategic inventory at 76 days and base inventory at 117 days, indicating a healthy inventory status [13][14]. Business Segment Performance - Power Solutions Group (PSG) reported Q4 revenue of $724 million, down 2% quarter-over-quarter and 11% year-over-year [2]. - Analog and Mixed Signal Group (AMG) generated Q4 revenue of $556 million, down 5% quarter-over-quarter and 9% year-over-year [2]. - Intelligent Sensing Group (ISG) saw Q4 revenue of $250 million, up 9% quarter-over-quarter but down 17% year-over-year [2]. Strategic and Operational Developments - The company is advancing its Fab-Liter strategy, reducing wafer fab capacity by 12% in 2025, with a utilization rate of 68% in Q4 [3][12]. - The Treo platform has doubled its sampling numbers year-over-year, with design channels exceeding $1 billion, covering various applications including automotive and industrial [3][12]. - The company plans to launch over 30 new GaN devices in 2026, enhancing its wide bandgap technology offerings [3][12]. AI Data Center Growth - AI data centers have become a core growth engine, contributing over $250 million in revenue for the year, with expectations for continued growth [4][17]. - The company has achieved a 99.5% efficiency in SiC MOSFET hybrid modules, securing design wins in key platforms [4][21].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [2][8]. Core Insights - The company reported a revenue of 6.793 billion yuan for 2025, representing a year-over-year increase of 14.63%. The net profit attributable to shareholders was 871 million yuan, up 6% year-over-year. The total chip sales exceeded 174 million units, marking a growth of approximately 21.68% [2][4]. - The company anticipates a revenue growth of 10% to 20% in Q1 2026 and a full-year revenue increase of 25% to 45% for 2026 [2]. - The gross margin for 2025 was reported at 37.97%, an increase of 1.42 percentage points year-over-year, with a projected gross margin of 40.46% for Q4 2025 [8]. - The company has established a strong partnership with Google, serving as a core chip supplier for Google's next-generation AI hardware, which is expected to enhance its market position significantly [8]. Financial Performance Summary - **Revenue and Profit Forecasts**: - 2024A: Revenue of 5.926 billion yuan, net profit of 822 million yuan - 2025E: Revenue of 6.793 billion yuan, net profit of 871 million yuan - 2026E: Revenue of 8.878 billion yuan, net profit of 1.477 billion yuan - 2027E: Revenue of 10.760 billion yuan, net profit of 1.885 billion yuan [4][9]. - **Growth Rates**: - Revenue growth rates are projected at 10.3% for 2024, 14.6% for 2025, 30.7% for 2026, and 21.2% for 2027 [4][9]. - Net profit growth rates are expected to be 65.0% for 2024, 6.0% for 2025, 69.5% for 2026, and 27.7% for 2027 [4][9]. - **Valuation Metrics**: - The company is projected to have a P/E ratio of 48 for 2024, decreasing to 21 by 2027. The P/B ratio is expected to decline from 6.2 in 2024 to 3.7 in 2027 [4][9]. Product and Market Development - The company has successfully launched over 20 chip models featuring its self-developed intelligent computing units, with a significant increase in sales of 6nm chips expected to reach 30 million units in 2026, a growth of approximately 233% [8]. - The company has also expanded its product lineup in Wi-Fi technology, with sales of Wi-Fi 6 chips expected to exceed 10 million units in 2026 [8]. - The acquisition of ChipMic has strengthened the company's technology matrix in cellular communication, optical communication, and Wi-Fi [8].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [49]. Core Insights - Amkor reported Q4 2025 revenue of $1.889 billion, a year-on-year increase of 15.9%, exceeding guidance [3][7]. - The gross profit for Q4 2025 was $315 million, with a gross margin of 16.7%, reflecting a quarter-on-quarter increase of 240 basis points [3][7]. - Net profit for Q4 2025 reached $172 million, with earnings per share of $0.69 [3][7]. - The company expects Q1 2026 revenue to be between $1.6 billion and $1.7 billion, representing a year-on-year growth of 25% [4][15]. Summary by Sections 1. Q4 2025 Operating Performance - Overall performance showed Q4 2025 revenue of $1.889 billion, a quarter-on-quarter decrease of 5.0% but a year-on-year increase of 15.9%, surpassing expectations [3][7]. - Gross profit was $315 million, with a gross margin of 16.7%, and net profit was $172 million, translating to earnings per share of $0.69 [3][7]. 2. Performance by End Market - **Communication Market**: Revenue grew by 28% year-on-year in Q4 2025, driven by increased market share in the current generation of iOS smartphones [9]. - **Automotive and Industrial Market**: Revenue increased by 25% year-on-year in Q4 2025, supported by strong growth in advanced automotive content in the ADAS application area [10]. - **Consumer Market**: Revenue decreased by 10% year-on-year in Q4 2025, reflecting the product lifecycle of high-volume wearable products launched in the second half of 2024 [11]. - **Computing Market**: Revenue grew by 6% year-on-year in Q4 2025, primarily due to strong demand for AI-related PC devices and network infrastructure [12]. 3. Company Guidance for Q1 2026 - The company anticipates Q1 2026 revenue between $1.6 billion and $1.7 billion, with a year-on-year growth of 25% [4][15]. - Gross margin is expected to be between 12.5% and 13.5%, with net profit projected between $45 million and $70 million, and earnings per share expected to be between $0.18 and $0.28 [4][15]. 4. Capital Expenditure - The company expects capital expenditures in 2026 to increase to between $2.5 billion and $3 billion, with 65% to 70% allocated for facility expansion, including the first phase of the Arizona project [4][15]. - Approximately 30% to 35% will be used for high-density fiber optics, testing, and other advanced packaging capacity [4][15].

公司研究 证 券 研 究 报 告 纵横股份（688070）深度研究报告 推荐（首次） 全谱系工业无人机领军企业，以"低空+AI 行业应用"深 化布局低空数字经济——华创交运|低空 60 系列（二十七） [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 474 | 618 | 794 | 955 | | 同比增速(%) | 57.1% | 30.4% | 28.4% | 20.3% | | 归母净利润(百万) | -36 | 10 | 55 | 100 | | 同比增速(%) | 44.5% | 129.1% | 430.1% | 80.3% | | 每股盈利(元) | -0.41 | 0.12 | 0.63 | 1.14 | | 市盈率(倍) | -143 | 491 | 93 | 51 | | 市净率(倍) | 9.0 | 8.1 | 7.4 | 6.5 | 资料来源：公司公告，华创证券预测 注：股价为 2026 年 2 月 12 日收 ...

Group 1 - The core issue facing asset management institutions is the contradiction between the expansion of liabilities due to the "deposit migration" phenomenon and the "asset scarcity" caused by low interest rates in the post-real estate era [7][8]. - The potential scale of deposit migration is estimated to exceed 32 trillion yuan, with 1-year and above fixed deposits maturing in 2026 expected to be between 50-70 trillion yuan [2][13]. - As deposit willingness declines and investment willingness improves, residents are likely to diversify their asset allocation from housing and deposits to a broader range of financial assets, with insurance, bank wealth management, and public "fixed income+" products being key beneficiaries [2][20]. Group 2 - The low interest rate environment has led to a significant decline in the yields of traditional fixed-income assets, making equity assets more attractive; for instance, the 3-year fixed deposit rate of major banks has dropped from 4.25% in 2013 to 1.25% currently [3][37]. - The shift towards equity investments is expected to bring approximately 1.2 trillion yuan of incremental funds to the stock market by 2026, with insurance, bank wealth management, and public "fixed income+" products contributing around 0.8 trillion, 0.3 trillion, and 0.1 trillion yuan respectively [3][37]. - Insurance funds are increasingly allocating to equity assets to balance the rigid liability costs with declining yields on traditional assets, with the proportion of equity investments expected to rise significantly in the coming years [39][40]. Group 3 - Bank wealth management products are facing challenges due to structural issues post-net worth reform, which limits their ability to attract long-term funds; currently, equity assets account for only 2.1% of their total investment [30][43]. - Public "fixed income+" products have a systematic research advantage in equity investments, but their growth is constrained by market volatility, which may deter low-risk depositors [31][43]. - The overall asset allocation of insurance funds still has significant room for improvement, with current equity asset allocation at only 15.5%, compared to much higher levels in developed markets [25][41].