R&Y(SH:603286) Zheng Quan Shi Bao·2026-01-20 18:25Core Viewpoint - Daying Electronics (603286) is experiencing a significant stock price increase despite forecasting a net loss for the fiscal year 2025, indicating a potential disconnect between market sentiment and the company's fundamental performance [1][2]. Group 1: Stock Performance - On January 20, Daying Electronics' stock price reached a record high of 83.68 CNY per share, closing at 81.81 CNY, with a cumulative increase of over 20% in the past three trading days [1]. - Since 2025, the company's stock price has increased more than threefold, suggesting strong market interest despite underlying financial challenges [1]. Group 2: Financial Forecast - Daying Electronics anticipates a net loss of between 49 million CNY and 33 million CNY for the fiscal year 2025, marking a decline compared to the previous year [2]. - The primary reasons for the expected loss include intensified industry competition, customer price pressures, and the initial ramp-up phase of a new factory, which has not yet realized scale effects [2]. - The company's gross margin from core operations has decreased, compounded by increased fixed asset depreciation, share-based payment amortization, and rising R&D expenditures, leading to a decline in overall profitability [2]. Group 3: Business Operations - The company has indicated that its electronic skin products are an extension of existing sensor technologies used in the automotive sector, but currently, there are no customers, orders, or related revenue for these products [1]. - Daying Electronics has noted that its core business has not undergone significant changes, and the electronic skin products are not expected to impact current financial performance [1].