Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The refining profit is expected to recover, with sulfur providing incremental performance [1] - The supply-demand relationship for PX continues to improve, and profitability in the polyester segment is likely to recover [2] - The company benefits from the increase in gasoline and diesel crack spreads due to overseas refinery disruptions [3] - Significant increases in sulfur prices provide profit elasticity for the company [4] - The company is positioned for substantial profit recovery from 2025 to 2027, with projected net profits of 1.38 billion, 2.27 billion, and 2.57 billion yuan respectively [4] Summary by Sections Company Overview - The company is a leading private refining and chemical enterprise in China, with a processing capacity of 40 million tons of crude oil and significant production capabilities in PX and PTA [1][18] - The company has a diversified product range, including high-end materials and new energy products, with ongoing projects expected to launch between 2026 and 2027 [1][18] Market Dynamics - The domestic PX capacity is expected to see minimal expansion from 2024 to 2025, while downstream PTA and polyester capacities are projected to grow, enhancing PX pricing power [2] - Global gasoline and diesel crack spreads have surged due to disruptions in overseas refineries, benefiting the company's refined oil exports [3] Financial Performance - The company achieved a revenue of 227.81 billion yuan in the first three quarters of 2025, with a slight year-on-year decline of 7.09%, but a net profit increase of 1.34% [39] - The projected net profits for 2025-2027 indicate a significant recovery trajectory, with a 90.9% increase expected in 2025 [4][11] Future Outlook - The company is focusing on high-quality development, with strategic investments in new materials and partnerships with major players like Saudi Aramco [28][34] - The ongoing projects in high-end materials and new energy are expected to enhance the company's product chain and profitability in the coming years [28][29]

同研究 /公司深 2025 年 12 月 29 日 下载动联科 (688582) 强芯强国之特种模块/芯片系列报告之八: MEMS 惯性 传感器领军者，国产替代叠加场景拓展驱动高增长 型入(首次评级) | 市场数据: 2025 年 12 月 26 日 | | | --- | --- | | 收盘价（元） 68.25 | | | 一年内最高/最低（元） 88.95/45.57 | | | 市净率 | 11.3 | | 股息率%（分红/股价） | 0.56 | | 流通 A 股市值 (百万元) 17,077 | | | 上证指数/深证成指 3,963.68/13,603.89 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025年09月30日 | | --- | --- | | 每股净资产（元） | 6.05 | | 资产负债率% | 3.13 | | 总股本/流通 A 股 (百万) | 402/250 | | 流通 B 股/H 股 (百万) | -/- | 年内股价与大盘对比走势： 沪深300指数 证券分析师 韩强 A0230518060003 hanqiang@swsres ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is focusing on the development of key technologies for logistics automation, which is expected to open a second growth curve [1] - The logistics automation sector is entering a golden development period, with significant market potential due to low penetration rates [8] - The company has a strong positioning advantage and is expected to benefit from its deep collaborations with over 30 provincial transportation investment groups [8] - The core profit model will focus on automated transportation services and SaaS subscription software, which is anticipated to drive future growth [8] - The company's main business is gradually recovering, with a focus on improving profitability and expanding overseas operations [8] - The company has announced a mid-term cash dividend of 0.2 yuan per 10 shares, balancing shareholder returns with transformation investments [8] - Earnings forecasts for 2025-2027 are projected at 3.40 billion, 4.96 billion, and 6.80 billion yuan for net profit, with EPS of 0.22, 0.31, and 0.43 yuan respectively [8] Financial Summary - Total revenue for 2023 is projected at 7.794 billion yuan, with a year-on-year growth of 11.28% [1] - The company expects a net profit of 542.40 million yuan in 2023, with a significant increase of 212.39% year-on-year [1] - The P/E ratio is expected to be 34.81 in 2023, dropping to 27.79 by 2027 [1] - The company’s operating cash flow is projected to be 143 million yuan in 2024, increasing to 763 million yuan by 2027 [9]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 114 yuan [5][8]. Core Insights - The company has successfully transitioned from police equipment to military models, focusing on special robots and intelligent perception as its two main businesses. It has developed various special robots for reconnaissance, bomb disposal, and nuclear detection, winning multiple bids [2][3]. - The company is positioned as a core supplier for intelligent grouping of manned and unmanned equipment, enhancing situational awareness and operational effectiveness in military applications [3][4]. - The company has strategically entered the overseas market, benefiting from the rapid growth of the drone export market, with monthly export values increasing from 10-20 billion yuan to 30-40 billion yuan [4]. Financial Projections - The company is expected to achieve net profits of 0.21 billion yuan, 0.62 billion yuan, and 1.53 billion yuan for the years 2025, 2026, and 2027, with growth rates of turning profitable, 202%, and 146% respectively [5]. - The company's revenue is projected to grow from 0.225 billion yuan in 2023 to 0.980 billion yuan in 2027, with a significant recovery anticipated in 2025 [6][22]. Business Analysis - The company has been deeply engaged in the "intelligent perception + robotics" sector for over a decade, with a focus on military trade and technology reserves since 2016 [15][19]. - The company has developed a range of special robots and intelligent perception devices, with a strong market presence and competitive edge in the domestic and international markets [36][40]. - The company is actively expanding into simulation and intelligent manufacturing sectors, which are expected to contribute to balanced revenue streams [25][27]. Market Position - The global special robot market is projected to grow from 5.9 billion USD in 2020 to 13.3 billion USD in 2025, with the Chinese market expected to increase from 12.1 billion yuan to 29.9 billion yuan in the same period [40][41]. - The company is recognized as a key player in the intelligent perception equipment sector, with capabilities in developing complex optical reconnaissance devices and a comprehensive product range [42][43].

Investment Rating - The report initiates coverage on Bailong Chuangyuan with a "Buy" rating and sets a target price of RMB 28.00, corresponding to a 25x PE for 2026 [1][5][7]. Core Insights - Bailong Chuangyuan is positioned as a leader in the functional sugar sector, benefiting from a product mix that aligns with health trends, strong technical barriers providing pricing power, and a global production layout that supports sustained leadership in the functional sugar market [1][14][35]. - The company is expected to experience robust growth driven by the release of dietary fiber and prebiotic capacities in the first half of 2026, alongside the penetration potential of allulose sugar, which is anticipated to become a new growth driver [1][2][35]. Summary by Sections Beta Dimension - Bailong Chuangyuan focuses on the functional sugar sector, with three main product categories—prebiotics, dietary fibers, and allulose sugar—benefiting from the global "sugar reduction" and health upgrade trends [2][15]. - The global market for prebiotics is projected to grow at a CAGR of 8.6% from 2024 to 2030, driven by increasing consumer awareness and supportive policies in dairy and infant formula sectors [2][15]. - Dietary fibers are expected to see a CAGR of 10.0% from 2024 to 2030, with resistant dextrin leading the growth due to its enhanced functionality [2][15]. - Allulose sugar is anticipated to have a CAGR of 16.9% from 2024 to 2030, as it expands from beverages to baked goods, supported by regulatory approvals in key markets [2][15]. Alpha Dimension - The company leads in market share within the functional sugar industry, with significant global market positions in dietary fibers, prebiotics, and allulose sugar [3][16]. - Technical advantages include high purity and low-cost production methods for resistant dextrin and allulose sugar, which enhance competitive positioning [3][16]. - Customer stickiness is strong, with 67% of revenue coming from overseas markets, where the competitive environment is less aggressive than in domestic markets [3][16]. - The company’s flexible production management allows for efficient capacity allocation, focusing on high-value products, and plans for expansion in Thailand are expected to further enhance global competitiveness [3][16]. Market Perspective - The report counters market concerns regarding domestic competition leading to price wars, emphasizing the company's high overseas revenue proportion and the customized nature of its products, which create high switching costs for customers [4][16]. - The business model is designed to mitigate risks associated with capacity expansions by competitors, as the company's products are closely tied to long-term health trends rather than short-term price competition [4][16]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is RMB 3.6 billion, RMB 4.7 billion, and RMB 6.2 billion for the years 2025 to 2027, respectively, with corresponding EPS of RMB 0.86, RMB 1.12, and RMB 1.48 [5][10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is a leading player in chemical modular manufacturing with excellent profitability, benefiting from increased investments by core clients in China, leading to significant growth in contract signings and revenue [1][24]. - The industrial modularization penetration rate is continuously increasing, providing a stable order source for the company's main business [2]. - The company plans to raise 750 million yuan through convertible bonds to build a new base in Nantong, which will expand its capacity for large module manufacturing and tap into the nuclear power sector as a new growth point [3][4]. - The nuclear module business is projected to contribute an additional 460 million yuan in performance by 2025, driven by contracts with major nuclear power operators [4]. Summary by Sections 1. Chemical Modular Manufacturing Leader with Excellent Profitability - The company has established a full industry chain layout in chemical EPFCO, integrating design, procurement, modularization, construction, and maintenance [14]. - The company has seen rapid revenue growth due to increased investments from core clients like BASF and Invista, with a total contract amount of 4.2 billion yuan in 2022, doubling its total revenue from 2021 [24][25]. - The company's profitability is superior to its peers, with a gross margin consistently maintained between 15%-20% since 2021, and a projected gross margin of 16.1% for 2024 [30]. 2. Continuous Improvement in Industrial Modularization Penetration - Modular construction offers significant advantages over traditional methods in cost control, construction efficiency, and operational performance, leading to a stable demand for the company's main business [2]. - The company has successfully completed several benchmark large modular projects, enhancing its technical capabilities and establishing stable partnerships with multinational chemical giants [2]. 3. Fundraising for Nantong Base to Enter Nuclear Power Sector - The Nantong base is expected to significantly increase the company's large module manufacturing capacity, with an estimated annual output value of 2.1 billion yuan upon reaching full production [3]. - The nuclear power sector is projected to see substantial growth, with an average annual investment of approximately 160 billion yuan expected to be driven by the construction of new nuclear units [3]. 4. Earnings Forecast, Valuation, and Investment Recommendations - The company is forecasted to achieve net profits of 220 million yuan, 246 million yuan, and 356 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.49, 0.55, and 0.79 yuan per share [4]. - The current stock price corresponds to a P/E ratio of 28, 25, and 17 for the years 2025, 2026, and 2027, indicating potential for significant earnings growth from the nuclear business [4].

证 券 研 究 报 告 安克创新（300866）14 周年庆&嘉年华活动点评 强推（维持） 线下活动诚意十足，重视长线配置价值 事项： 近日我们受邀出席公司新品内测与线下访谈活动，并同步参加安克创新 14 周 年庆以及创造者嘉年华，现作核心反馈如下： 评论： | 元 | | | --- | --- | | 目标价：145 | | | 当前价：113.63 | 元 | [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 24,710 | 31,080 | 38,150 | 45,675 | | 同比增速(%) | 41.1% | 25.8% | 22.7% | 19.7% | | 归母净利润(百万) | 2,114 | 2,699 | 3,211 | 3,785 | | 同比增速(%) | 30.9% | 27.6% | 19.0% | 17.9% | | 每股盈利(元) | 3.94 | 5.03 | 5.99 | 7.06 | | 市盈率 ...

Investment Rating - The report maintains a "Buy" rating for Zhejiang Rongtai [5] Core Views - Zhejiang Rongtai plans to establish a joint venture with Weichuang Electric in Thailand to develop key components for robotics, aiming to enhance its product layout in the mechatronics market [1] - The company has made significant progress in its robotics strategy, with steady delivery of lead screws and successful collaborations with major robotics firms [1] - The financial outlook remains strong, with projected revenue growth and high profitability levels, particularly in the mica insulation materials sector [2] Financial Summary - Revenue projections for 2023 to 2027 are as follows: - 2023: 800 million - 2024: 1,135 million - 2025: 1,518 million - 2026: 2,059 million - 2027: 2,805 million - Year-over-year growth rates are expected to be 19.9% in 2023, 41.8% in 2024, 33.7% in 2025, 35.7% in 2026, and 36.2% in 2027 [4] - Net profit forecasts for the same period are: - 2023: 172 million - 2024: 230 million - 2025: 308 million - 2026: 415 million - 2027: 576 million - Year-over-year growth rates for net profit are projected at 28.4% in 2023, 34.0% in 2024, 34.0% in 2025, 34.5% in 2026, and 38.9% in 2027 [4][2] - The expected P/E ratios for 2025 to 2027 are 122, 91, and 65, respectively [2][4]

上 市 公 司 公 司 研 究 / 公 司 深 度 2025 年 12 月 29 日 芯动联科 (688582) ——强芯强国之特种模块/芯片系列报告之八：MEMS 惯性 传感器领军者，国产替代叠加场景拓展驱动高增长 报告原因：首次覆盖 买入（首次评级） | 市场数据： 2025 年 12 月 26 日 | | | --- | --- | | 收盘价（元） | 68.25 | | 一年内最高/最低（元） | 88.95/45.57 | | 市净率 | 11.3 | | 股息率%（分红/股价） | 0.56 | | 流通 A 股市值（百万元） | 17,077 | | 上证指数/深证成指 3,963.68/13,603.89 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 6.05 | | 资产负债率% | 3.13 | | 总股本/流通 A 股（百万） | 402/250 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -50% 0% 50% 100% ...

Investment Rating - The report initiates coverage with a rating of "Buy" for the company [2]. Core Insights - The company is positioned as a leading enterprise in wet chemical products, focusing on semiconductor applications and expanding its international and diversified strategies to become a world-class electronic materials company [7][19]. - The semiconductor industry is entering a prosperous cycle, with significant capacity expansion in wafer fabs, which is expected to benefit material suppliers like the company [7][41]. - The company has a robust product matrix, including electronic-grade phosphoric acid and sulfuric acid, which are pivotal for its growth, especially in functional wet chemical products [8][9]. Summary by Sections 1. Company Overview - The company, established in 2008, specializes in the research, production, and sales of wet electronic chemicals, with a focus on semiconductor applications [16]. - It has developed a comprehensive product system, including electronic-grade phosphoric acid, sulfuric acid, and hydrogen peroxide, achieving high standards recognized by major semiconductor manufacturers [16][18]. 2. Industry Outlook - The semiconductor industry is experiencing a "super cycle," with rising demand for storage chips and increased wafer fab utilization, leading to a favorable environment for material suppliers [41][43]. - The report highlights that domestic semiconductor companies are ramping up production, which will further enhance the demand for the company's products [46]. 3. Financial Performance - The company has shown steady revenue growth, with total revenue projected to reach 1,459 million yuan in 2025, reflecting a year-on-year growth rate of 28.3% [6]. - The net profit attributable to the parent company is expected to grow significantly, reaching 227 million yuan in 2025, with a projected PE ratio of 59 [6][8]. 4. Product Development - The company is expanding its product offerings in functional wet chemicals, with a focus on electronic gases and advanced electronic materials, which are expected to contribute to long-term growth [19][20]. - The report indicates that the company has a strong pipeline of new products, with 35 products successfully tested by advanced process customers [19]. 5. Market Position - The company benefits from its affiliation with Xingfa Group, a leading player in the phosphorus chemical industry, providing a strong supply chain advantage [22]. - The company’s market share in electronic-grade phosphoric acid is the highest in China, with significant production capacity planned for the coming years [20][24].