Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is being covered for potential investment opportunities [24]. Core Viewpoints - The company, China Ruilin (603257.SH), provides engineering technical services for the non-ferrous metal mining, selection, smelting, and processing industries, with a strong background in the industry since its establishment in 1957 [2][6]. - The company has shown a fluctuating revenue trend, with projected revenues of CNY 2.617 billion, CNY 2.866 billion, and CNY 2.474 billion for 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 30.51%, 9.53%, and -13.68% [7][4]. - The company has a robust order backlog of CNY 5.769 billion as of June 30, 2024, indicating stable future performance expectations [16]. Summary by Sections Basic Financial Status - The company achieved revenues of CNY 2.617 billion in 2022, CNY 2.866 billion in 2023, and CNY 2.474 billion in 2024, with corresponding net profits of CNY 148 million, CNY 148 million, and CNY 155 million [4][7]. - The revenue breakdown for the first half of 2024 shows engineering design consulting at CNY 312 million (34.84%), engineering general contracting at CNY 356 million (39.73%), and equipment integration at CNY 228 million (25.38%) [7]. Industry Situation - The engineering surveying and design industry has maintained steady growth, with total industry revenue reaching CNY 8.91 trillion in 2022 and a growth rate of approximately 6.11% [12]. - The non-ferrous metal application sector is closely tied to global metal price trends, with exploration budgets remaining stable despite fluctuations [14]. Company Highlights - The company has a strong state-owned background with significant shareholding from major state-owned enterprises, enhancing its credibility and market position [16]. - It has expanded its business into environmental and municipal sectors while leveraging the "Belt and Road" initiative for global expansion, achieving overseas revenues of CNY 309 million, CNY 425 million, and CNY 521 million from 2021 to 2023 [17]. Fundraising Project Investment - The company plans to invest CNY 50.79 million in two projects: an Innovation Development Center and an Information Technology Upgrade Project, both aimed at enhancing operational capabilities [19][20]. Peer Comparison - Compared to similar companies, the average revenue for peer companies in 2023 was CNY 2.866 billion, with an average PE-TTM of 24.37X and an average gross profit margin of 29.91% [21][22]. The company’s revenue and gross margin are below the industry average, indicating potential areas for improvement [21].

2025 年 02 月 21 日 公司研究●证券研究报告 永杰新材（603271.SH） 新股覆盖研究 投资要点 | 交易数据 | 总市值（百万元） | | | | --- | --- | --- | --- | | 流通市值（百万元） | 总股本（百万股） | 147.52 | | | 流通股本（百万股） | 个月价格区间 | 12 | / | | 李蕙 | 分析师 | 执业证书编号：S0910519100001 | SAC | | lihui1@huajinsc.cn | 戴筝筝 | 报告联系人 | | | daizhengzheng@huajinsc.cn | | | | 相关报告 华金证券-新股- 新股专题覆盖报告（常友科 技）-2025 年第 9 期-总第 535 期 2025.2.16 华金证券-新股- 新股专题覆盖报告（汇通控 股）-2025 年第 8 期-总第 534 期 2025.2.14 华金证券-新股- 新股专题覆盖报告（毓恬冠 佳）-2025 年第 6 期-总第 532 期 2025.2.13 华金证券-新股- 新股专题覆盖报告（宏海科 技）-2025 年第 5 期-总第 531 期 ...

Inflation Data - February CPI fell to -0.7%, a decrease of 1.2 percentage points from January, marking the first negative year-on-year change in 13 months[1] - Core CPI dropped to -0.1%, down 0.7 percentage points, the lowest since February 2021[1] - PPI's year-on-year decline slightly narrowed to -2.2%, a reduction of 0.1 percentage points from January[1] Food and Commodity Prices - February food CPI decreased by 3.3% year-on-year, a drop of 3.7 percentage points from January[1] - Seasonal effects from the early Spring Festival led to a month-on-month food CPI decline of 0.5%, significantly lower than the average of 0.6% in previous years[1] - Meat prices, including pork, saw a month-on-month decrease of 0.9%, indicating ample supply[1] Consumer Demand and Policy Implications - Core CPI's significant drop indicates weak internal consumer demand, necessitating continued consumption subsidies[1] - February's service prices fell by 0.68% month-on-month, aligning with seasonal trends post-Spring Festival[1] - The government has increased fiscal support, expanding special bonds by 500 billion to 4.4 trillion and special treasury bonds to 1.8 trillion, which is expected to stimulate infrastructure investment[1] Economic Outlook - The report anticipates a gradual narrowing of PPI's year-on-year decline, with a potential positive shift by Q4 2025[1] - The impact of increased tariffs from the U.S. on durable goods purchasing power may necessitate additional consumption subsidies by mid-year[1] - The overall CPI forecast for the year has been slightly revised down to an average of 0.3%[1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading domestic low-power Bluetooth provider with a comprehensive technology layout and continuous new product releases. It holds a strong position in multiple sectors within its industry and is recognized as a representative in the global first tier [4][27] - The company has achieved significant advancements in the RISC-V field, successfully mass-producing its first RISC-V based wireless SoC chip in 2020, showcasing its strong potential in multi-core heterogeneous computing [29] - The company is expected to achieve revenues of 844 million yuan, 1.115 billion yuan, and 1.466 billion yuan from 2024 to 2026, with corresponding net profits of 97 million yuan, 171 million yuan, and 309 million yuan, reflecting a robust growth trajectory [5][4] Summary by Sections Company Overview - The company specializes in the design and sale of wireless IoT system-level chips, focusing on cutting-edge technology development in the low-power Bluetooth chip sector. It has become one of the most comprehensive companies in this niche globally [18] Market Potential - According to the Bluetooth Alliance, the shipment of Bluetooth devices is expected to reach 7.5 billion by 2028, with a compound annual growth rate (CAGR) of 8% over the next five years [15] Financial Performance - The company reported revenues of 609 million yuan in 2022, with a projected increase to 844 million yuan in 2024, reflecting a year-on-year growth of 32.7% [5] - The gross profit margin is expected to improve from 41.3% in 2022 to 49.1% by 2026, indicating enhanced profitability [5] Competitive Position - The company has established stable partnerships with leading brands in various sectors, including Xiaomi, Logitech, and Nvidia, which underscores its competitive advantage and product quality [21][30] - It ranks third globally in low-power Bluetooth chip shipments as of 2020, with a market share of 12% [22] Product Development - The company has launched a machine learning and AI development platform, TLEdgeAI-DK, which supports mainstream local AI models and is recognized as the world's lowest power consumption smart IoT connection protocol platform [28] - The company continues to innovate in the RISC-V architecture, with products like TL751X integrating high-performance cores, showcasing its commitment to advanced technology [29]

Investment Rating - The investment rating for the company is "Buy," indicating that it is expected to outperform the relevant market index by more than 15% over the next 6-12 months [33]. Core Viewpoints - The company, Silicon Electric Co., Ltd. (301629.SZ), focuses on the research, production, and sales of semiconductor testing equipment, particularly in the field of probe testing technology. It has established a strong technological advantage in applications such as optoelectronic chips and integrated circuits [6][21]. - The company has achieved significant revenue growth in recent years, with projected revenues of 442 million yuan, 546 million yuan, and 508 million yuan for 2022, 2023, and 2024 respectively, reflecting year-over-year growth rates of 10.73%, 23.61%, and -7.08% [7][4]. - The company holds a 25.70% market share in the probe testing equipment market in mainland China as of 2023, indicating its leading position in the domestic market [21]. Summary by Sections Basic Financial Status - The company reported revenues of 442 million yuan in 2022, 546 million yuan in 2023, and a forecast of 508 million yuan in 2024, with corresponding net profits of 116 million yuan, 89 million yuan, and 93 million yuan [4][7]. - The revenue breakdown for the first half of 2024 shows that the main product categories are chip probe tables (163 million yuan, 57.21%), wafer probe tables (106 million yuan, 37.09%), and other products (16 million yuan, 5.70%) [7]. Industry Situation - The semiconductor testing equipment industry is crucial for controlling costs and ensuring quality throughout the semiconductor manufacturing process. The global market for semiconductor testing equipment is projected to grow significantly, with a forecasted growth rate of 7.4% in 2024 and 30.3% in 2025 [14][18]. Company Highlights - The company is recognized as a domestic leader in probe table equipment, having successfully broken the monopoly of foreign manufacturers. It has established long-term partnerships with major players in the optoelectronic chip sector [21][22]. - The company is expanding its product line to include sorting machines, exposure machines, and AOI detection equipment, enhancing its market offerings [22]. Fundraising Project Investments - The company plans to invest in three main projects through its IPO: the development of probe tables and industrial base, sorting machine technology research, and upgrading its marketing service network [24][25]. Peer Comparison - Compared to similar companies, the average revenue for peer companies in 2023 was 762 million yuan, with an average PE-TTM of 58.40X and an average gross profit margin of 60.15%. The company’s revenue and gross margin are below the industry average [26][27].

三月延续震荡偏强，均衡配置 定期报告 投资要点 3 月行业配置：建议均衡配置科技、补涨的成长、部分消费和顺周期等行业。（1） 科技仍可能是配置主线：一是历史经验上 3 月政策导向以及产业趋势向上的行业相 对占优；二是当前来看，政策支持的方向是科技和消费，产业趋势上行的方向是科 技。（2）部分消费和顺周期 3 月也有配置机会：一是历史经验上 3 月中下旬业绩 偏好的行业表现相对占优；二是今年一季报相对偏好的行业可能是消费和部分顺周 期行业。（3）3 月配置可能转向均衡：一是历史经验上两会后一至两个月内 TMT 相对大盘大概率没有超额收益，要有超额收益需要持续不断的产业趋势催化；而核 心资产相对大盘大概率有超额收益。二是今年 3 月来看，科技产业催化仍可能不断， 仍可能有一定超额收益；核心资产估值偏低，基本面可能边际改善，大概率有超额 收益。（4）3 月建议均衡配置：一是政策和产业趋势向上的电子（半导体、消费 电子）、机械（机器人）、传媒（AI 应用）、通信（算力）、计算机（自动驾驶、 数据要素）；二是政策支持和基本面可能边际改善的消费（家电、汽车、食品、社 服、商贸）；三是基本面可能改善和补涨的医药、电新、部分 ...

2025 年 03 月 07 日 宏观类●证券研究报告 出口初现降温迹象，山雨欲来尚需绸缪 事件点评 国际贸易数据点评（2025.1-2） 投资要点 分析师 秦泰 SAC 执业证书编号：S0910523080002 qintai@huajinsc.cn 报告联系人 周欣然 zhouxinran@huajinsc.cn 相关报告 扩财政促内需的含金量正在上升——《政府 工作报告》解读 2025.3.5 两会聚焦：五大看点 2025.3.4 PMI 节后反弹，投资好于消费——PMI 点评 （2025.2） 2025.3.2 LPR 四度持平，十债利率升至 1.7%，释放 何种信号？——华金宏观·双循环周报（第 95 期） 2025.2.21 信贷创纪录"开门红"，年初集中还是全年趋 高？——金融数据速评（2025.1）2025.2.14 http://www.huajinsc.cn/ 1 / 4 请务必阅读正文之后的免责条款部分 剔除春节提前导致的暂时性偏低效应，1-2 月出口同比增速下滑至 6.0%左右，特朗普对 华加征关税开始导致初步的出口降温现象。1-2 月出口（美元计价，下同）同比增长 2.3%， 较 2 ...

2025 年 03 月 07 日 行业研究●证券研究报告 Manus 重塑生产力由思考至执行全链自动化 投资要点 传媒 行业快报 一年行业表现 资料来源：聚源 | 升幅% | 1M | 3M | 12M | | --- | --- | --- | --- | | 相对收益 | 4.45 | 1.51 | 11.72 | | 绝对收益 | 7.4 | 1.08 | 23.13 | | 分析师 | | | 倪爽 | | SAC | 执业证书编号：S0910523020003 | | | | | nishuang@huajinsc.cn | | | | 报告联系人 | | | 王延森 | | | wangyansen@huajinsc.cn | | | 投资评级 领先大市(维持) 首选股票 评级 http://www.huajinsc.cn/ 1 / 3 请务必阅读正文之后的免责条款部分 事件： 3 月 6 日，Monica.im 研发的全球首款 AI Agent 产品 Manus 宣布推出。 根据研发团队介绍，该产品为自主的 AI 代理，能够解决各类复杂多变的任务。 区别于传统 AI 助手，Manus 能提供建议 ...

2025 年 03 月 06 日 公司研究●证券研究报告 浙江华远（301535.SZ） 新股覆盖研究 投资要点 交易数据 | 总市值（百万元） | | | --- | --- | | 流通市值（百万元） | | | 总股本（百万股） | 361.50 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 | | | daizhengzheng@huajinsc.cn | 相关报告 华金证券-新股- 新股专题覆盖报告（江南新 材）-2025 年第 15 期-总第 541 期 2025.3.3 华金证券-新股- 新股专题覆盖报告（新亚电 缆）-2025 年第 14 期-总第 540 期 2025.3.2 华金证券-新股- 新股专题覆盖报告（恒鑫生 活）-2025 年第 13 期-总第 539 期 2025.3.1 华金证券-新股- 新股专题覆盖报告（弘景光 电）-2025 年第 12 期-总第 538 期 2025.2.23 华 ...