研报掘金丨中邮证券：维持新莱应材“买入”评级，业务规模实现持续增长

Core Viewpoint - The report from Zhongyou Securities indicates that Xinlai Materials is experiencing steady operational progress and continuous growth in business scale, with revenue reaching 2.255 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 4.31%. However, overseas business has faced some decline due to macroeconomic factors [1] Group 1: Business Performance - The company achieved a revenue of 2.255 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 4.31% [1] - There is a noted decline in overseas business attributed to macroeconomic conditions [1] Group 2: Industry Positioning - In the semiconductor sector, the company is seizing opportunities from the domestic shift in the semiconductor supply chain, actively positioning itself in the semiconductor equipment and component market [1] - The company is benefiting from the stable development of the domestic dairy and beverage industries, increasing efforts in key customer development [1] Group 3: Business Model and Market Share - The "equipment + packaging" business model enhances customer stickiness, leading to a steady increase in market share [1] - The company plans to focus on the research and design of ultra-clean core components and continue to provide high-end, efficient, and ultra-clean products [1] Group 4: Future Strategy - Future efforts will target reducing the technology gap between domestic and international brands, accelerating the process of import substitution [1] - The company aims to develop a series of products including ultra-clean pumps, ultra-clean pipeline fittings, ultra-clean vacuum chambers, and sterile valves for biological use [1]