西部证券晨会纪要-20260114

Group 1: Company Overview - The report focuses on Gobi Jia (920438.BJ), a leading player in high-end optical materials, which is positioned as a pioneer in advanced packaging and AI upstream core material substitution [1][5][7] - Gobi Jia has established itself as a "small giant" in the glass industry, with a stable foundation and continuous breakthroughs in specialty functional glass, achieving import substitution in multiple fields [1][6][7] Group 2: Financial Projections - Revenue projections for Gobi Jia are estimated to reach 635 million, 928 million, and 1.339 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits expected to be 63 million, 120 million, and 191 million yuan for the same years [1][7] - The report assigns a "buy" rating based on comparable company valuation averages, indicating a positive outlook for the company's financial performance [1][7] Group 3: Industry Insights - The waterproof industry, represented by Dongfang Yuhong (002271.SZ), is experiencing a market share increase due to industry recovery expectations and improved operational quality [10][11] - Dongfang Yuhong's market share has risen from 15.8% in 2019 to 22.0% in 2024, benefiting from the consolidation of market share among leading companies [10][11] - The company is prioritizing overseas expansion, with a compound annual growth rate (CAGR) of 37.0% in overseas revenue from 2020 to 2024, indicating a strong growth trajectory in international markets [11][12] Group 4: Strategic Developments - Gobi Jia is investing up to 1 billion yuan to build six production lines for specialty electronic glass fibers, targeting applications in AI servers, 5G/6G communications, and aerospace [6][7] - Dongfang Yuhong is transforming its business structure by enhancing retail channels, which accounted for 84% of revenue in the first half of 2025, and expanding product categories to drive growth [12][13]