Investment Rating - The report assigns an investment rating of A+/A+ to the company and its convertible bonds [49]. Core Viewpoints - The company, Huakang Medical, is a modern comprehensive service provider for medical purification systems, focusing on creating clean, safe, and intelligent medical environments [51]. - The medical purification system market in China is substantial, with a market size of approximately 31.268 billion yuan annually, and the company holds a market share of about 4.32% as of 2023 [64]. - The company has experienced a decline in revenue and net profit in 2024, primarily due to delayed project timelines and increased accounts receivable [66]. Company Overview - Huakang Medical specializes in the research, design, implementation, and operation of medical purification systems, as well as the sale of medical equipment and consumables [51][87]. - The company serves various hospitals, including major public health institutions, and has a significant focus on the central region of China [62]. Industry Analysis - The medical purification system industry is characterized by a low level of market concentration, with many small players and few leading companies [9][42]. - The public healthcare system in China is rapidly developing, with a significant increase in the number of medical institutions, which is expected to drive demand for medical purification systems [54]. Financial Analysis - As of 2024, the company's liquidity ratios are relatively stable, with a current ratio of 1.97 and a quick ratio of 1.63, indicating good solvency compared to industry peers [69]. - The company's asset-liability ratio has increased to 44.17% in 2024, reflecting a rise in bank borrowings to support operational needs [67]. Valuation Performance - The company's price-to-earnings (P/E) ratio is 34.23, which is lower than the average of comparable companies, indicating potential for valuation improvement [71]. - The report anticipates a first-day conversion premium of approximately 28% for the convertible bonds, suggesting a favorable market reception [49]. Fundraising Project Analysis - The company plans to invest in several projects, including a smart medical IoT cloud platform upgrade and a logistics center for medical consumables, with total investments amounting to 84.032 billion yuan [4][74]. - The expected internal rate of return for the logistics center projects is estimated at 18.52% and 20.28%, indicating strong financial viability [75].

| --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------|--------------------------------------------------|----------------------------------|-----------| | 2024 年 12 月 23 日 \n半导体 | | | 行业研究●证券研究报告 \n行业快报 | | | SEMI 上调全球芯片设备销售额预期，国产厂 | 投资评级 | 领先大市 | | (维持) | | 商多措并举持续注入增长动能 | 一年行业表现 | | | | | 投资要点 | | | | | | SEMI 上调全球芯片设备销售额预期， 24 年中国大陆设备销售额达 490 亿美元 | | ...

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| --- | --- | --- | --- | |---------------|-------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|--------------------------------------| | 2024 | 年 12 月 22 日 \n钧崴电子（ 301458.SZ ） | | 公司研究●证券研究报告 \n新股覆盖研究 | | | 下周二（12 月 24 日）有一家创业板上市公司"钧崴电子"询价。 | 交易数据 | | | | 钧崴电子（ 301458 ）：公司主要从事电流感测精密电阻及熔断器的设计、研发、 | 总市值（百万元） | | | | 制造和销售。公司 2021-2023 年分别实现营业收入 5.63 亿元 /5.46 亿元 /5.64 亿元， | 流通市值（百万元 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------|----------|------------|-------------|--------|------------------------|------------------------|----------------|---------------------|---------------------------------| | 股票代码 | 股票简称 | 网上申购日 | 申 购 代 码 | 发行价 | 发 行 总 量 （万股） | 网 上 发 行 量（万股） | 发 行 市 盈 率 | 网 上 申 购 中签率% | 所 属 行 业 （ 申 万 2021） | | 603072.SH | 天和磁材 | 2024-12-20 | 732072 | 12.30 | 6,607 | 2,643 | 20.13 | / | 有色金属 | | 001391.SZ | 国货航 | 2024-12-19 | 001391 | 2.30 | 151,935 | 6 ...

华 发 集 团 旗 下 企 业 http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 投资评级说明 增持 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨幅在 5%至 15%之间； 中性 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨幅在-5%至 5%之间； 减持 — 未来 6-12 个月内相对同期相关证券市场代表性指数跌幅在 5%至 15%之间； 领先大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数领先 10%以上； 同步大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数涨跌幅介于-10%至 10%； 落后大市 — 未来 6-12 个月内相对同期相关证券市场代表性指数落后 10%以上。 张文臣、周涛、申文雯声明，本人具有中国证券业协会授予的证券投资咨询执业资格，勤勉尽责、诚实守信。本人对本报告的内容 和观点负责，保证信息来源合法合规、研究方法专业审慎、研究观点独立公正、分析结论具有合理依据，特此声明。 本公司具备证券投资咨询业务资格的说明 本报告仅供华金证券股份有限公司（以下简称"本公司"）的客户使用。本公司不会因为任何 ...

http://www.huajinsc.cn/1 / 14请务必阅读正文之后的免责条款部分 定期报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------|----------------------|------------------------|---------------------|--------------|----------------------|--------------------|---------------------|--------------|--------------------|-------|-----------------------| | | | | | | | | | | | | | | | 2019/12/3 2019/12/17 | 2019/12/17- 2019/12/24 | 2019/12/24 2020/1/4 | | 2000/12/29 2021/1/2G | 2021/1/25 2021 ...

| --- | --- | |------------------------------------------------------|-------| | | | | 聚焦: 日英央行按兵不动,无力担转汇率跳水趋势… | | | 国内外经济道踪:汽车消费再创新高,商品房销售涨幅稳定 . | | | 华 金宏观-全球 宏观资 产价格 綜 合 面板（GMAPP） . | | 请务必阅读正文之后的免责条款部分 同日召开货币政策例会的日本银行也同样选择了将政策利率维持在当前水平不变，在此前 日央行相关人员多次暗示日本经济实现复苏、物价水平回升的背景下，这一决定当即给日元汇 率泼了冷水，日元兑美元汇率大跌。当地时间 12 月 19 日，日本银行召开货币政策例会，以 8:1 通过将政策利率维持在当前水平的表决，并未如此前宣扬般加息，并在货币政策报告中直言"随 着最近企业的行为更多地转向提高工资和价格，与过去相比，汇率的走势更有可能影响价格"。 日央行行长植田和男在发布会上称日本的"经济、通胀仍有较高的不确定性"，将进一步评估"明 年'春斗'的趋势和特朗普政策对通胀的影响"来决定是否要进一步加息，实际上反映了日本当 ...

Investment Rating - The report does not explicitly mention the investment rating for Huangshan Gujie (301581 SZ) [1][2][3] Core Views - Huangshan Gujie specializes in the R&D, production, and sales of heat dissipation substrates for power semiconductor modules, primarily used in new energy vehicles [24] - The company has achieved significant revenue growth, with 2021-2023 revenues of 255 million yuan, 537 million yuan, and 759 million yuan, respectively, representing YoY growth of 186 60%, 110 08%, and 41 43% [17] - Net profit attributable to the parent company also grew significantly, reaching 34 million yuan, 99 million yuan, and 157 million yuan in 2021-2023, with YoY growth of 126 70%, 190 19%, and 58 12% [17] - The company's innovative use of cold precision forging technology for copper pin-type heat dissipation substrates has given it a competitive edge in quality and cost [47] - Huangshan Gujie has established long-term partnerships with global power semiconductor manufacturers such as Infineon, ON Semiconductor, and Bosch, with its products accounting for 65% of Infineon's procurement share, 100% of ON Semiconductor's, and 80% of Bosch's [47] - The company's global market share for copper pin-type heat dissipation substrates increased from 19 66% in 2021 to 32 70% in 2023 [47] Industry Overview - The demand for heat dissipation substrates is closely tied to the new energy vehicle industry, which has seen rapid growth [45] - Global new energy vehicle sales reached 14 3694 million units in 2023, with corresponding heat dissipation substrate demand of 19 8316 million units [7] - The automotive-grade power semiconductor module market faces stringent requirements, including high-temperature resistance, mechanical strength, and long service life [36] - Direct liquid cooling has become the mainstream cooling method for automotive-grade power modules, with pin-type heat dissipation substrates being widely adopted [55] Financial Performance - In 2023, Huangshan Gujie's revenue was 759 million yuan, a 41 43% YoY increase, while net profit attributable to the parent company was 157 million yuan, up 58 12% YoY [17] - For 2024, the company forecasts revenue growth of 0 12% to 1 11% and a net profit decline of 16 01% to 17 98% [4] - The company's core product, copper pin-type heat dissipation substrates, accounted for 98 51% of total revenue in 2023 [52] Capacity Expansion - Huangshan Gujie's IPO fundraising will be used for two main projects: the intelligent manufacturing and capacity expansion project for power semiconductor module heat dissipation substrates, and the R&D center construction project [10] - The capacity expansion project is expected to add 10 million units of annual production capacity, a 150% increase from the 2023 capacity of 6 6139 million units [9] - As of June 2024, the construction progress of the two projects was 33 57% and 51 38%, respectively [8] Peer Comparison - Compared to peers such as Zhengqiang Co, Haoneng Co, and Zhaofeng Co, Huangshan Gujie's revenue and gross profit margin are below the industry average [49] - In 2023, the average revenue of comparable companies was 1 056 billion yuan, with an average PE-TTM of 30 31X and an average gross profit margin of 32 89% [49] - Huangshan Gujie's 2023 revenue was 759 million yuan, with a gross profit margin of 28 70% [49]

Industry Investment Rating - Leading the Market (Maintained) [2] Core Views - The 2025 refrigerant quota has been announced, with second-generation refrigerants (HCFCs) seeing a reduction in production quotas, while third-generation refrigerants (HFCs) have seen an increase, albeit smaller than previously indicated [2] - The industry is expected to maintain high prosperity due to the quota system, with potential shortages and price increases anticipated in 2025 [2] - Downstream demand, particularly in the home air conditioning sector, has shown strong growth, with domestic sales and exports both increasing significantly [4] - The concentration of production capacity among a few key players is expected to influence market dynamics strongly [2] Summary by Sections Refrigerant Quota Changes - Second-generation refrigerants (HCFCs) production quota for 2025 is 163,600 tons, a decrease of 49,600 tons from 2024 [2] - R22 production quota is 149,100 tons, a decrease of 31,400 tons from 2024 [2] - R141b production quota is 9,157 tons, a decrease of 11,938 tons from 2024, with only one company, Sanmei, retaining the quota [2] - R142b production quota is 3,360 tons, a decrease of 5,995 tons from 2024 [2] - R123 and R124 production quotas are 1,738 tons and 250 tons respectively, both seeing reductions from 2024 [2] - Third-generation refrigerants (HFCs) production quota for 2025 is 791,900 tons, an increase of 43,400 tons from 2024 [2] - R32 production quota is 280,300 tons, an increase of 40,800 tons from 2024 [2] - R134a production quota is 208,300 tons, a decrease of 7,400 tons from 2024 [2] - R125 production quota is 167,300 tons, an increase of 1,614 tons from 2024 [2] - R143a production quota is 47,300 tons, an increase of 1,781 tons from 2024 [2] - R152a production quota is 33,700 tons, an increase of 1,063 tons from 2024 [2] - R227ea production quota is 31,400 tons, an increase of 157 tons from 2024 [2] - R245fa production quota is 19,500 tons, an increase of 5,354 tons from 2024 [2] - R236fa production quota is 756 tons, a decrease of 86 tons from 2024 [2] - R236ea production quota is 191 tons, an increase of 50 tons from 2024 [2] - R41 production quota is 102 tons, an increase of 52 tons from 2024 [2] Market Dynamics and Demand - Home air conditioning production in November 2024 was 16.71 million units, a 55.7% increase year-on-year [4] - Home air conditioning sales in November 2024 were 15.38 million units, a 44.2% increase year-on-year [4] - Domestic sales of home air conditioning in November 2024 were 6.73 million units, a 28.7% increase year-on-year [4] - Exports of home air conditioning in November 2024 were 8.65 million units, a 59.1% increase year-on-year [4] - Production schedules for December 2024, January 2025, and February 2025 show year-on-year increases of 31.7%, 4.1%, and 31.5% respectively [4] Price Trends - As of December 19, 2024, the average price of R22 is 32,500 yuan/ton, a 66.67% increase from the beginning of the year [4] - The average price of R32 is 40,500 yuan/ton, a 138.24% increase from the beginning of the year [4] - The average price of R134a is 40,000 yuan/ton, a 45.45% increase from the beginning of the year [4] - The average price of R125 is 38,000 yuan/ton, a 38.18% increase from the beginning of the year [4] - The average price of R410a is 39,000 yuan/ton, a 73.33% increase from the beginning of the year [4] Investment Recommendations - Key companies to watch include Juhua Group, Sanmei, Yonghe, Haohua Technology, Dongyue Group, Dongyangguang, and upstream raw material fluorite company Jinshi Resources [4]