Investment Rating - Maintain "Buy" rating for the environmental protection industry [1] Core Views - The Fourth Plenary Session emphasizes integrating green development into the modern industrial system, accelerating market-oriented resource allocation, and addressing local government debt as a key task for the 14th Five-Year Plan [9][10] - The report highlights significant growth in the environmental sector, particularly in clean energy, recycling resources, and waste management, driven by policy support and market reforms [12][14] Policy Tracking - The Fourth Plenary Session outlines the importance of green transformation as a systemic project across economic and social development, with specific measures to achieve carbon peak and neutrality goals [9][10] - Key initiatives include accelerating the construction of a dual control system for carbon emissions, promoting green low-carbon energy transformation, and enhancing the circular economy [10][11] Industry Trends - The environmental protection sector is witnessing a surge in new energy sanitation vehicle sales, with a year-on-year increase of 63.18% and a penetration rate rise of 6.29 percentage points to 17.40% [6][9] - The report notes improvements in the profitability of biodiesel production, with stable prices for waste cooking oil and rising net profits [12][14] Investment Recommendations - Focus on clean energy operations, particularly in green electricity and green hydrogen, with specific companies recommended for investment [12][14] - In the recycling sector, companies involved in biofuels and recycled plastics are highlighted as key investment opportunities [12][14] - The report suggests that market-oriented pricing reforms in waste and water management will enhance cash flow stability and profitability for companies in these sectors [13][14] Company Tracking - Longjing Environmental plans to raise 2 billion yuan through a private placement to enhance its capital structure and support growth in green electricity and energy storage [12][14] - The report indicates that companies in the solid waste sector are experiencing improved cash flow and dividend payouts, with notable increases in free cash flow and dividend ratios [19][20]

Investment Rating - The report maintains a "Buy" rating for Petty Holdings (佩蒂股份) [1] Core Views - The company is experiencing pressure on revenue and net profit due to overseas market challenges, particularly from tariffs, but is expected to see marginal improvements in the future [7] - Despite the challenges, the domestic brand "Jueyan" is anticipated to maintain strong revenue growth, although at a slower pace [7] - The report has adjusted profit forecasts for 2025-2027, expecting net profits of 160 million, 230 million, and 280 million yuan respectively, reflecting a year-on-year change of -13%, +45%, and +23% [7] Financial Performance Summary - For 2023, total revenue is projected at 1,411 million yuan, with a year-on-year decrease of 18.51% [1] - The net profit attributable to the parent company is expected to be -11.09 million yuan in 2023, a significant decline of 108.72% year-on-year [1] - The latest diluted EPS is forecasted at -0.04 yuan for 2023, with a P/E ratio of -383.42 [1] - The gross margin for Q3 2025 is reported at 32.2%, showing a year-on-year increase of 1.3 percentage points [7] - The sales net profit margin for Q3 2025 is 9.5%, down 2.5 percentage points year-on-year [7] Market Data Summary - The closing price of the stock is 17.09 yuan, with a market capitalization of 4,252.51 million yuan [5] - The price-to-book ratio is 2.30, and the total circulating A-share market value is 2,768.34 million yuan [5] - The company has a total share capital of 248.83 million shares, with 161.99 million shares circulating [6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown significant revenue growth, with total revenue for the first three quarters of 2025 reaching 512 million yuan, a year-on-year increase of 145.16%. The net profit attributable to shareholders was 81.99 million yuan, reflecting a substantial year-on-year growth of 995.37% [1][8] - The strong performance is attributed to an accelerated order delivery schedule and an increase in the proportion of high-margin products. The gross profit margin stands at 47.98%, slightly down from 49.74% in the same period last year, indicating robust core business profitability [8] - The company has successfully turned around from a loss in the same period last year, with a net profit margin of 16.03%, showcasing improved cost control and operational efficiency [8] Financial Summary - Revenue Forecast: The company is projected to achieve total revenues of 682.44 million yuan in 2025, 913.23 million yuan in 2026, and 1,203.33 million yuan in 2027, with year-on-year growth rates of 55.83%, 33.82%, and 31.77% respectively [1][9] - Net Profit Forecast: The net profit attributable to shareholders is expected to be 111.17 million yuan in 2025, 141.77 million yuan in 2026, and 164.56 million yuan in 2027, with growth rates of 471.42%, 27.53%, and 16.07% respectively [1][9] - Earnings Per Share (EPS): The latest diluted EPS is projected to be 0.66 yuan in 2025, 0.85 yuan in 2026, and 0.98 yuan in 2027 [1][9] - Valuation Metrics: The price-to-earnings (P/E) ratios are expected to be 56.35 in 2025, 44.18 in 2026, and 38.07 in 2027 [1][9] Operational Efficiency - The company's asset-liability ratio is reported at 35.79%, indicating a manageable level of debt. The company has increased short-term borrowings significantly, but has eliminated long-term debt, reflecting a proactive adjustment of its debt structure [8] - The cash flow from operating activities for the first three quarters of 2025 was -29 million yuan, primarily due to an increase in accounts receivable and inventory, which is typical during a business expansion phase [8]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5]. Core Views - The company is a leader in the aluminum plate-fin heat exchanger market and is entering the liquid cooling sector for data centers, which opens up new growth opportunities [2][16]. - The company has a strong technical foundation and customer resources, which are expected to drive growth in both traditional and emerging markets [16][24]. - The demand for efficient and energy-saving heat exchange solutions is surging due to the rapid growth of AI server computing power, aligning the company's capabilities with industry trends [5]. Summary by Sections 1. Company Overview - Founded in 2000, the company focuses on manufacturing aluminum plate-fin heat exchangers for various industries, including air compressors and engineering machinery [2][16]. - The establishment of a joint venture with Suzhou Hexin Precision Technology marks the company's entry into the liquid cooling equipment sector, which is significant for business expansion [2][16]. 2. Traditional Markets - The company has diversified applications in various sectors, including engineering machinery, wind power, compressors, and diesel engines, with significant market potential in each [3][4]. - The engineering machinery market is projected to have a cooling system market space of approximately $14 billion in 2024, driven by the recovery in demand and the electrification trend [3][37]. - The wind power sector is expected to see a cooling system market space of around 14.7 billion yuan in 2024, benefiting from industry recovery and technological upgrades [4][41]. - The compressor market is estimated to reach approximately $9.8 billion in 2024, with traditional and AI data center demands driving growth [4][46]. - The diesel engine market for data centers is projected to reach 74.9 billion yuan by 2028, indicating substantial growth potential [4][59]. 3. Data Center Sector - Liquid cooling technology is essential for addressing heat dissipation challenges in data centers, offering advantages such as low energy consumption and high cooling efficiency [4][5]. - The market for liquid cooling systems is expected to grow significantly, with projections of 29.4 billion yuan for ASIC systems and 58.1 billion yuan for NVIDIA systems by 2026 [4]. - The company has established strong ties with key players in the industry, positioning itself favorably within the supply chain for liquid cooling components [4][5]. 4. Financial Projections - The company is expected to see a compound annual growth rate (CAGR) of approximately 13% in revenue from 2015 to 2024, with a notable recovery in profitability [24][26]. - The projected net profit for 2025-2027 is estimated at 1.0 billion, 2.0 billion, and 3.2 billion yuan, respectively, with corresponding dynamic P/E ratios of 49, 25, and 16 times [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 net profit improved sequentially, driven by enhanced cost control and increased gross margin [7] - The company has planned a total production capacity of 900,000 pieces for silicon carbide substrates, with new applications opening up for 12-inch substrates [7] - The company maintains a positive outlook on its multi-business growth potential despite current challenges in the photovoltaic industry [7] Financial Performance Summary - For the first three quarters of 2025, the company achieved total revenue of 8.27 billion yuan, a year-on-year decrease of 42.9%, and a net profit attributable to shareholders of 900 million yuan, down 69.6% year-on-year [7] - In Q3 2025, the company reported a single-quarter revenue of 2.474 billion yuan, a year-on-year decrease of 42.9% and a sequential decrease of 7.0% [7] - The gross margin for Q3 2025 was 29.21%, showing a year-on-year decrease of 3.0 percentage points but a sequential increase of 8.6 percentage points [7] - The company's cash flow from operating activities for Q3 turned negative, primarily due to a decrease in cash received from sales [7] Capacity and Product Development - The company has a clear advantage in 8-inch substrate production, with plans to benefit from the industry's shift from 6-inch to 8-inch production [7] - The company has successfully launched its first 12-inch silicon carbide substrate processing pilot line, which opens new application spaces [7] - The company is focused on providing comprehensive solutions for large silicon wafers, advanced packaging, and silicon carbide equipment [7] Earnings Forecast and Valuation - The company’s net profit forecasts for 2025-2027 are 1 billion, 1.2 billion, and 1.5 billion yuan, respectively, corresponding to a current P/E ratio of 52, 42, and 34 times [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a quarter-on-quarter decline in performance due to exchange rate losses and delays in overseas projects, but is expected to maintain high growth throughout the year [3] - The financial forecast for the company has been slightly adjusted downwards for 2025, while the forecasts for 2026 and 2027 remain unchanged. The projected net profit for 2025-2027 is 280 million, 392 million, and 519 million yuan respectively, representing year-on-year growth of 29%, 40%, and 32% [3] - The target price is set at 27 yuan, based on a price-to-earnings ratio of 25 times for 2026 [3] Financial Performance Summary - For Q3 2025, the company reported total revenue of 8.82 billion yuan, a year-on-year increase of 5.79% but a quarter-on-quarter decrease of 2.14%. The net profit for the quarter was 390 million yuan, up 29.64% year-on-year but down 50.12% quarter-on-quarter [3][8] - The gross margin for Q3 2025 was 28.31%, reflecting a decrease of 2.88 percentage points year-on-year and a decline of 4.52 percentage points quarter-on-quarter [3][8] - The company’s total revenue for the first three quarters of 2025 reached 25.90 billion yuan, a year-on-year increase of 6.14%, with a net profit of 1.37 billion yuan, up 27.26% year-on-year [8] Financial Forecasts - The company’s total revenue is projected to reach 4.16 billion yuan in 2025, with a year-on-year growth rate of 23.42%. The net profit is expected to be 280.22 million yuan, reflecting a growth rate of 29.03% [1][9] - The earnings per share (EPS) for 2025 is estimated at 0.77 yuan, with a price-to-earnings ratio of 24.05 times [1][9] - The company’s operating cash flow for 2025 is forecasted to be 423 million yuan, with a net profit margin of 6.74% [9]

证券研究报告·行业跟踪周报·计算机 计算机行业跟踪周报 脑机接口："十五五"重点布局，技术持续突 破 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 10 月 27 日 证券分析师 王紫敬 执业证书：S0600521080005 021-60199781 wangzj@dwzq.com.cn 行业走势 -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 30% 2024/10/28 2025/2/25 2025/6/25 2025/10/23 计算机 沪深300 相关研究 《大脑：具身智能落地的关键》 2025-10-24 《美国对所有关键软件实施出口管 制，推荐信创+工业软件》 2025-10-14 东吴证券研究所 1 / 8 请务必阅读正文之后的免责声明部分 内容目录 ◼ 政策频发，规范标准逐步清晰：2025 年 9 月，国家医保局发文要求做好 脑机接口等创新医用耗材产品申报赋码工作的公告，这意味着产品一旦 获批，就能快速进入医保结算系统，解决了进院的"最后一公里"问题。 国家药监局发布《采用脑机接口技术的医疗器械术语》行业标准，20 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company's performance is under short-term pressure, but there is optimism regarding growth driven by semiconductor vacuum pumps and data center demand [1][7] - The company has experienced a significant decline in revenue and net profit due to the downturn in the photovoltaic industry, but the AI refrigeration compressor business is seeing growth [7] - The semiconductor vacuum pump market is expected to grow as domestic manufacturers increase their market share, with the company already entering the mass delivery phase [7] - The data center construction sector is experiencing high demand, and the company has a comprehensive product line to meet the cooling needs of data centers [7] Financial Summary - For 2023, the total revenue is projected at 3,852 million yuan, with a year-on-year growth of 17.96%. However, a decline is expected in 2024 and 2025, with revenues of 3,674 million and 3,171 million yuan respectively [1][8] - The net profit attributable to the parent company is forecasted to be 865.03 million yuan in 2023, with a significant drop to 625.26 million yuan in 2025, reflecting a year-on-year decrease of 27.51% [1][8] - The company's gross margin for the first three quarters of 2025 is reported at 34.9%, down 5.8 percentage points year-on-year [7] - The company has maintained high R&D investment, with R&D expenses increasing by 11.3% year-on-year to 138 million yuan in the first three quarters of 2025 [7] Market Position and Outlook - The company is positioned as a leading domestic manufacturer in the semiconductor vacuum pump market, with completed product series and certifications that cater to critical manufacturing processes [7] - The company has received significant orders for screw compressors for data centers, indicating strong future revenue potential [7] - The report forecasts net profits for 2025-2027 to be 6.3 billion, 7.1 billion, and 8.4 billion yuan respectively, with corresponding P/E ratios of 22, 20, and 17 times [7][8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Insights - The company has shown significant growth in Q3 2025, with revenue reaching 757 million yuan, a year-on-year increase of 30.6%, and a net profit attributable to shareholders of 85 million yuan, up 24.8% year-on-year [7] - High-end PCB electroplating equipment demand is driving performance, with Q3 revenue increasing by 67.2% year-on-year and net profit soaring by 236.9% year-on-year [7] - The company is positioned to benefit from the rising demand for HDI electroplating equipment, with new product developments enhancing its technological capabilities [7] Financial Performance Summary - For 2023, total revenue is projected at 909.23 million yuan, with a year-on-year decline of 10.13%. By 2025, revenue is expected to rise to 964.38 million yuan, reflecting a growth of 28.59% [1] - The net profit attributable to shareholders is forecasted to be 151.43 million yuan in 2023, decreasing by 29.01%, but is expected to rebound to 147.05 million yuan in 2025, marking a growth of 112.28% [1] - The company's earnings per share (EPS) is projected to be 0.51 yuan in 2023, dropping to 0.23 yuan in 2024, and recovering to 0.49 yuan in 2025 [1] Operational Highlights - The gross margin for the first three quarters of 2025 was 34.0%, with a slight year-on-year decrease of 4.80 percentage points. However, Q3 gross margin improved to 36.1%, showing a quarter-on-quarter increase of 1.1 percentage points [7] - The company has seen a significant increase in operating cash flow, with Q3 2025 cash flow from operating activities reaching 48 million yuan, a year-on-year increase of 574.3% [7] - The company has successfully developed new products in both PCB and renewable energy electroplating equipment, enhancing its market position [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's revenue from the new energy sector is expected to maintain a steady growth of 25-30% year-on-year, with strong performance in energy storage and wind power markets, while the photovoltaic market shows a slight decline [8] - The AIDC market is accelerating, with expected revenue growth of 20-25% year-on-year in the data center business, driven by rapid growth in the operator and communication power markets [8] - The real estate market continues to be a drag, with a projected revenue decline of 25-30% year-on-year for the company's real estate downstream market [8] - The company has effectively controlled its operating expenses, with a 9% year-on-year increase in expenses, and a significant increase in contract liabilities by 158% year-on-year [8] - The profit forecast has been adjusted downwards due to unexpected price declines in the new energy sector, with revised net profit estimates for 2025-2027 being 3.55 billion, 5.10 billion, and 7.14 billion respectively [8] Financial Summary - Total revenue for 2023 is projected at 4,585 million, with a year-on-year growth of 10.30% [1] - The net profit attributable to the parent company for 2023 is estimated at 510.97 million, reflecting a year-on-year increase of 21.15% [1] - The latest diluted EPS for 2023 is expected to be 0.45 yuan per share [1] - The company's total assets are projected to reach 5,506 million in 2024, with a total liability of 1,529 million [9] - The company's operating cash flow for 2024 is expected to be 456 million [9]