Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 shows signs of bottoming out in single-unit profitability, with a focus on solid-state electrolyte membranes to create a second growth curve [8] - The company is expected to maintain a 25% growth in shipments for 2025, with a projected total of 5 billion square meters [8] - The company has signed a strategic cooperation agreement with Ruigu New Materials to jointly develop high-performance solid electrolyte membranes [8] Financial Performance Summary - Total revenue for 2023 is projected at 3,013 million yuan, with a year-on-year growth of 4.62% [1] - The net profit attributable to shareholders for 2023 is expected to be 576.33 million yuan, reflecting a year-on-year decrease of 19.87% [1] - The earnings per share (EPS) for 2023 is estimated at 0.43 yuan, with a price-to-earnings (P/E) ratio of 28.78 [1] Future Projections - Revenue is expected to grow to 4,139 million yuan in 2025, representing a year-on-year increase of 16.90% [1] - The net profit attributable to shareholders is projected to reach 402.69 million yuan in 2025, with a year-on-year growth of 10.68% [1] - The EPS for 2025 is forecasted at 0.30 yuan, with a P/E ratio of 41.19 [1] Operational Insights - The company has improved its operating cash flow significantly, with a net cash flow from operating activities of 7.5 billion yuan in Q2 2025, an increase of 11% quarter-on-quarter [8] - The company is expected to release new production capacity in Q3 and Q4 2025, contributing to the anticipated growth in shipments [8] - The company has maintained a low inventory level, with inventory at 830 million yuan at the end of Q2 2025, slightly down from Q1 [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The Q2 performance of the company met market expectations, with a significant year-on-year revenue increase of 61.8% in H1 2025 and a net profit increase of 34.4% [8] - The company is expected to achieve a sales volume of 320,000 tons in 2025, representing a year-on-year growth of over 45% [8] - The report anticipates stable profitability in the second half of 2025, with a projected net profit per ton of approximately 0.3 million yuan [8] - The target price for the company's stock is set at 78.8 yuan, based on a 20 times price-to-earnings ratio for 2025 [8] Financial Summary - Total revenue projections for the company are as follows: 4,391 million yuan in 2023, 5,229 million yuan in 2024, 8,414 million yuan in 2025, 10,474 million yuan in 2026, and 12,588 million yuan in 2027, with respective year-on-year growth rates of -8.18%, 19.10%, 60.90%, 24.48%, and 20.19% [1] - The net profit attributable to the parent company is forecasted to be 722.90 million yuan in 2023, 838.33 million yuan in 2024, 1,026.77 million yuan in 2025, 1,425.47 million yuan in 2026, and 1,749.14 million yuan in 2027, with year-on-year growth rates of -43.94%, 15.97%, 22.48%, 38.83%, and 22.71% [1] - The earnings per share (EPS) are projected to be 2.77 yuan in 2023, 3.21 yuan in 2024, 3.94 yuan in 2025, 5.46 yuan in 2026, and 6.71 yuan in 2027 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The expected listing price of Jinwei Convertible Bonds on the first day is between RMB 122.16 and RMB 135.89, and the expected winning rate is 0.0048%. Considering the good bond - bottom protection, average attractiveness in rating and scale, the expected conversion premium rate on the first - day of listing is around 29%. It is recommended to actively subscribe [1][13][14]. - Jindawei is a leading enterprise in the full - industry chain of nutritional health, with fluctuating revenue and net profit attributable to the parent company since 2020. The company's revenue mainly comes from the sales of health products, Coenzyme Q10, and Vitamin A series, and the product structure changes annually. The sales net profit margin and gross profit margin have decreased, while the sales expense ratio has increased [1][20][22]. 3. Summary According to the Directory 3.1. Convertible Bond Basic Information - Jinwei Convertible Bonds (127111.SZ) started online subscription on August 20, 2025, with a total issuance scale of RMB 1.292 billion. After deducting issuance fees, the net raised funds will be used for Coenzyme Q10 reconstruction and expansion projects, construction projects of 30,000 tons of allulose and 5,000 tons of inositol per year, information system construction projects, and supplementary working capital [1]. - The current bond - bottom valuation is RMB 98.24, and the YTM is 2.16%. The conversion parity is RMB 99.95, and the parity premium rate is 0.05%. The convertible bond terms are average, and the total share capital dilution rate is 9.76%, with relatively small dilution pressure on the equity [1][11][12]. 3.2. Investment Subscription Suggestions - The expected listing price of Jinwei Convertible Bonds on the first day is between RMB 122.16 and RMB 135.89. By referring to comparable targets and empirical results, the expected conversion premium rate on the first - day of listing is around 29% [13][14]. - The expected priority subscription ratio of original shareholders is 68.21%, and the expected winning rate is 0.0048% [17]. 3.3. Analysis of the Underlying Stock's Fundamental 3.3.1. Financial Data Analysis - Jindawei is a leading enterprise in the full - industry chain of nutritional health, mainly engaged in the R & D, production, and sales of health food and feed additives. Its revenue has fluctuated since 2020, with a compound growth rate of - 1.94% from 2020 - 2024. In 2024, the revenue was RMB 3.24 billion, a year - on - year increase of 4.43%. The net profit attributable to the parent company also fluctuated, with a compound growth rate of - 22.73% from 2020 - 2024. In 2024, it was RMB 342 million, a year - on - year increase of 23.59% [18][19][20]. - The company's revenue mainly comes from the sales of health products, Coenzyme Q10, and Vitamin A series. The proportion of health product sales revenue in the main business revenue has been increasing steadily since 2022, while the proportions of Coenzyme Q10 and Vitamin A series have been decreasing steadily [22]. - The company's sales net profit margin and gross profit margin have decreased, the sales expense ratio has increased, the financial expense ratio has decreased, and the management expense ratio has increased. The sales revenue is mainly from overseas markets [23]. 3.3.2. Company Highlights - The company uses synthetic biology as the underlying technology, applies it to the large - scale production of most raw material products, and actively uses synthetic biotechnology to layout new products [31]. - The company adheres to the principle of "strengthening innovation and leading the future", establishes a technology R & D and innovation system integrating enterprises, the market, and industry - university - research cooperation. It has multiple R & D platforms, more than 200 R & D personnel, and 194 domestic and foreign patent technologies as of December 31, 2024 [32].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant year-on-year revenue growth of 168% in H1 2025, with a gross profit margin increase of 6.6 percentage points to 49% [2] - The growth is attributed to the domestic substitution of wet paper-based friction plates and the dual benefits from the automotive industry's expansion, alongside successful overseas market penetration [2][3] - The company is expanding into new fields such as electronic control limited-slip differentials (ELSD), which are expected to drive substantial growth due to their application in electric vehicles [4] Financial Performance Summary - For H1 2025, the company achieved revenue of 205 million yuan, net profit attributable to shareholders of 75 million yuan, and a non-recurring net profit of 69 million yuan, representing year-on-year increases of 68%, 168%, and 147% respectively [2] - In Q2 2025, revenue was 104 million yuan, with a net profit of 37 million yuan, showing year-on-year growth of 42% and 103% respectively [2] - The company’s revenue from the new energy vehicle sector reached 53.34 million yuan in H1 2025, a 113% increase year-on-year, contributing to 28% of total revenue [3] Growth Opportunities - The global market for electronic differentials is projected to grow from 4.22 billion USD in 2024 to 11.14 billion USD by 2032, indicating a significant opportunity for the company's products [4] - The company has established partnerships with major domestic and international automotive manufacturers, enhancing its market position and growth potential [4] Earnings Forecast - The forecasted net profit for the company is 150 million yuan for 2025, 215 million yuan for 2026, and 323 million yuan for 2027, with corresponding P/E ratios of 37.99, 26.59, and 17.65 [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown significant revenue growth driven by its own brand expansion, with a projected revenue increase of 52.06% in 2025 and a net profit growth of 70.07% [1][7] - The introduction of new brands and products is expected to continue driving growth, with the company focusing on niche markets and innovative product offerings [7] - The financial forecasts indicate a strong upward trend in both revenue and profit margins, reflecting the company's robust business model and market positioning [1][7] Financial Summary - Total revenue for 2025 is projected at 2,685 million RMB, with a year-on-year growth of 52.06% [1] - The net profit attributable to shareholders is expected to reach 179.66 million RMB in 2025, representing a 70.07% increase compared to the previous year [1] - The earnings per share (EPS) is forecasted to be 0.82 RMB in 2025, with a corresponding price-to-earnings (P/E) ratio of 65.76 [1][8] - The gross margin for the first half of 2025 improved to 56.9%, an increase of 11.4 percentage points year-on-year [7] - The company’s total assets are projected to be 1,513 million RMB by 2026, with a debt-to-equity ratio of 30.15% [8]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% over the next six months [110]. Core Insights - The report suggests that there is a "Scaling Law" for Scale Up networks, which will lead to increased demand for network connections, particularly in light of the growing requirements for AI computing [3][6]. - The need for Scale Up networks is driven by the "memory wall" problem and the evolution of AI computing paradigms, necessitating the pooling of memory resources [4][32]. - The report emphasizes that the demand for larger Scale Up networks is linked to Total Cost of Ownership (TCO), user experience, and the expansion of model capabilities [6][52]. Summary by Sections 1. Expansion of Scale Up Networks - NVIDIA is continuously expanding the Scale Up network through two main paths: enhancing single-card bandwidth and increasing supernode scale [3][19]. - The latest NVLink 5.0 supports a single-card bandwidth of 7200 Gb/s, doubling the bandwidth from the previous generation [16][19]. - The Scale Up supernode scale has evolved from H100 NVL8 to GH200 and GB200, with NVL72 being a key configuration for improving training and inference efficiency [19][22]. 2. Necessity of Scale Up Networks - The "memory wall" issue, where the gap between model parameters and single-card memory capacity is widening, necessitates the pooling of memory through Scale Up networks [35]. - AI training and inference require various parallel computing methods, with tensor parallelism being highlighted for its efficiency in optimizing computation [39][43]. 3. Demand for Larger Scale Up Networks - As user Token Per Second (TPS) consumption increases, the performance of existing servers will decline, necessitating larger Scale Up networks to enhance effective performance [6][52]. - The report indicates a non-linear relationship between Scale Up size and actual performance, suggesting that larger networks will yield greater performance benefits [6][57]. 4. Building Larger Scale Up Networks - The report outlines the need for a second layer of Scale Up switches between cabinets to accommodate the growing demand for network connections [80][85]. - It highlights that each GPU in the second layer requires nine additional equivalent 1.6T connections, significantly increasing the network's complexity compared to Scale Out networks [93]. 5. Investment Recommendations - The report identifies potential beneficiaries of the expanding Scale Up demand, including companies involved in optical interconnects and switches, such as Zhongji Xuchuang and Astera Labs [105].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's performance in 2025 is expected to be under pressure due to impairment impacts and intense market competition [7] - Revenue for 2025 is projected to decline slightly by 2.50% year-on-year, with total revenue estimated at 3.81 billion [1] - The net profit attributable to the parent company is forecasted to decrease by 15.92% year-on-year, reaching 424.1 million [1] - The company is focusing on transforming its product varieties, particularly in corn seeds, which may face challenges in the competitive market [7] - The peanut seed business is expected to become a significant growth driver in the next three years [7] Financial Summary - Total revenue for 2023 is reported at 5.34 billion, with a year-on-year growth of 22.10% [1] - The net profit for 2023 is 794.2 million, reflecting a year-on-year increase of 28.68% [1] - The latest diluted EPS for 2023 is 0.48 yuan per share [1] - The company’s gross margin for H1 2025 is 18.30%, showing a slight increase of 0.63% year-on-year [7] - The company’s total assets are projected to reach 970 million by 2027 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.201 billion yuan in the first half of 2025, representing a year-on-year increase of 3.87%, while the net profit attributable to shareholders was 269 million yuan, a decrease of 26.85% year-on-year [2] - The fluctuation in performance is primarily due to product structure adjustments, with high-margin carbon fiber and fabric segments experiencing a revenue decline of 6.85% to 636 million yuan, despite maintaining a gross margin of 60.32% [2] - The low-margin wind power carbon beam business benefited from a recovery in downstream wind power demand, achieving a revenue increase of 47.95% to 369 million yuan, becoming a key growth driver [2] - The overall gross margin decreased from 44.63% in the first half of 2024 to 42.47% in the first half of 2025, influenced by changes in product structure [2] - The company is optimizing resource allocation to promote the scaling of products like wind power carbon beams, although demand in high-value-added areas is under short-term pressure, leading to profit growth significantly lagging behind revenue growth [2] Financial Summary - The company forecasts total revenue of 2.694 billion yuan for 2025, with a year-on-year growth of 9.94% [1] - The net profit attributable to shareholders is projected to be 761 million yuan in 2025, reflecting a year-on-year increase of 2.68% [1] - The latest diluted EPS is expected to be 0.92 yuan per share for 2025, with a P/E ratio of 34.17 [1] - The comprehensive gross margin for the first half of 2025 was 42.47%, with the carbon fiber and fabric segment maintaining a gross margin of 60.32% [2] - The company reported a cash flow from operating activities of 307 million yuan, a decrease of 15.76% year-on-year, primarily due to changes in payment collection and increased inventory [2]

Macro Strategy - The core viewpoint of the report emphasizes that the "innovation bull market" in 2025 is a positive cycle driven by policy guidance, capital pricing, and industrial implementation, leading to liquidity and valuation improvements [1][24][25] - The report highlights that macro policies are still being implemented, the "科特估" (Keto Estimation) system is gradually improving, and the entry of medium to long-term funds into the market will meet annual targets [1][24][25] - As of August 13, 2025, the A-share trading volume has exceeded 2 trillion yuan, indicating a positive market sentiment and structural trading cycle [1][24][25] Industry Insights - The report discusses the significant growth in the technology sector, particularly in areas such as humanoid robots, consumer electronics, and new energy, where China is leading globally in patents, sales, and design standards [24][25] - The "科特估" system is noted for reshaping the valuation of high-tech companies in the capital market, providing more value to enterprises aligned with high-quality development and national industrial security [24][25] - The report anticipates that as AI applications become more prevalent, the technology industry will further drive demand recovery, leading to a clear upward trend in prices and corporate profits [1][24][25] Company Performance - 泰凌微 (TaiLing Micro) is projected to achieve significant revenue growth, with adjusted revenue forecasts for 2025-2027 at 1.15 billion, 1.48 billion, and 1.88 billion yuan, respectively, and net profits of 220 million, 350 million, and 500 million yuan [8] - 骄成超声 (JiaoCheng Ultrasonic) has seen strong growth in its lithium battery and wiring harness businesses, with revised profit forecasts indicating a net profit of 150 million, 300 million, and 500 million yuan for 2025-2027 [8] - 零跑汽车 (Leap Motor) has adjusted its net profit forecast for 2025 to 880 million yuan, reflecting positive feedback on new vehicle models and strategic collaborations in the electric vehicle market [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company is undergoing a significant transformation in marketing strategies while managing inventory effectively amidst a challenging market environment [7] - The company has reported a substantial decline in revenue and net profit for the first half of 2025, with revenue down 35.32% year-on-year and net profit down 45.34% year-on-year [7] - The report emphasizes the company's proactive measures to adjust its operations, including the launch of new products to stabilize its market position [7] Financial Performance Summary - For 2023, total revenue is projected at 33,126 million RMB, with a year-on-year growth of 10.04% [1] - The forecast for 2024 shows a decline in revenue to 28,876 million RMB, a decrease of 12.83% [1] - By 2025, revenue is expected to drop further to 20,161 million RMB, reflecting a significant decline of 30.18% [1] - The company's net profit for 2023 is estimated at 10,016 million RMB, with a growth of 6.80% [1] - The net profit is projected to decrease to 6,673 million RMB in 2024, down 33.37% [1] - For 2025, the net profit is expected to further decline to 3,996 million RMB, a decrease of 40.12% [1] - The report anticipates a dynamic dividend yield of over 6.5% based on the company's commitment to distribute at least 70% of its net profit as dividends from 2024 to 2026 [7] Market and Operational Insights - The company is focusing on reducing inventory and enhancing sales strategies in response to ongoing market pressures [7] - The report notes a significant drop in sales for both mid-range and regular products, with declines of 36.52% and 27.24% respectively in the first half of 2025 [7] - The company is also adjusting its distribution strategy, with a focus on strengthening its presence in key markets while reducing the number of distributors in less profitable regions [7]