Investment Rating - The report initiates coverage with a "Buy" rating for the company [11] Core Insights - The semiconductor business is driving revenue growth, with innovative materials achieving breakthroughs across multiple areas. In 2024, the company is expected to achieve revenue of 3.338 billion yuan, a year-on-year increase of 25.14%, and a net profit attributable to shareholders of 521 million yuan, a year-on-year increase of 134.54% [3][10] - The CMP polishing pad business continues to solidify its leading position in domestic supply, with sales revenue of 716 million yuan in 2024, representing a year-on-year growth of 71.51% [4] - The company is diversifying its semiconductor business, with significant advancements in CMP polishing liquids, cleaning liquids, and semiconductor display materials, all showing substantial revenue growth [5][7] Company Overview - The latest closing price is 27.91 yuan, with a total market capitalization of 26.2 billion yuan and a total share capital of 938 million shares [2] - The company has a debt-to-asset ratio of 34.1% and a price-to-earnings ratio of 49.84 [2] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 4.053 billion yuan, 4.901 billion yuan, and 5.900 billion yuan, respectively, with net profits of 701 million yuan, 959 million yuan, and 1.290 billion yuan [10][13] - The expected growth rates for revenue are 21.44%, 20.91%, and 20.39% for the respective years [13] Product Development - The company has made significant progress in high-end wafer photoresists, with over 20 products developed and 12 samples sent for client verification [8] - The semiconductor packaging materials, including PI and temporary bonding adhesives, have also seen initial orders, indicating a strong market entry [9]

Investment Rating - The report assigns a "Buy" rating for the company 600968.SH and an "Accumulate" rating for 688548.SH, both with no prior ratings [1]. Core Views - The company, known as CNOOC Development, is a comprehensive service provider in the marine energy sector, focusing on oil and gas exploration and development, as well as low-carbon energy services. The report highlights the company's integrated service capabilities and its strategic focus on digital transformation and deep-sea technology, which are expected to drive steady growth in operating performance [4][9]. Summary by Sections Section 1: Deepening Marine Energy Service Industry - CNOOC Development is controlled by China National Offshore Oil Corporation (CNOOC) and has been listed since June 2019. The company provides a range of services across the oil and gas industry, including exploration, development, production, and logistics [19]. - The company has seen significant revenue growth, with operating income increasing from 19.376 billion RMB in 2016 to 52.517 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 13.27% [25]. - The company is expanding its market presence both domestically and internationally, with a focus on enhancing its competitive edge in the global market [31][32]. Section 2: Marine Oil and Gas Extraction - The report notes that marine oil and gas extraction is crucial for national energy security, with CNOOC's production targets set to increase significantly in the coming years. The marine oil production is expected to reach 68 million tons by 2025 [52][53]. - Globally, marine oil and gas exploration is projected to continue growing, with marine resources accounting for a significant portion of new oil and gas reserves [57][66]. Section 3: Comprehensive Marine Energy Service Provider - CNOOC Development is positioned as a key player in the integration of traditional energy and new energy sectors, focusing on technology innovation and sustainable development [21]. - The company has a strong emphasis on low-carbon and digital services, with a notable increase in research and development investments, which reached 1.537 billion RMB in 2024 [33][40]. - The company maintains a robust dividend policy, with total dividends reaching 1.372 billion RMB in 2024, indicating strong cash flow and high dividend potential [40].

We hosted NCE Power's (605111.SS, Not Covered) management on May 21 at our TechNet Conference China 2025. Key discussions were around the demand outlook for power semiconductors, competition and pricing trend. Overall, NCE Power sees an increasing demand from the majority of its end markets, driving a positive demand recovery outlook for power semis this year. However, there is ongoing competition among domestic/ overseas peers as well as tariff uncertainties. To mitigate risks, NCE Power will continue to e ...

Investment Rating - The investment rating for Shennan Circuits is "Buy" with a 12-month target price of Rmb152, indicating a potential upside of 40% from the current price of Rmb108.6 [9][12]. Core Insights - Shennan Circuits is positioned as a key supplier in the high-end PCB market in China, benefiting from domestic AI infrastructure investments, which are expected to drive robust revenue and net profit growth [9]. - The company is experiencing a strong demand for AI-related products, with overall PCB capacity utilization exceeding 90% and AI-related capacity running at full production [3][9]. - The ABF business is in the early ramp-up stage, with expectations of narrowing losses in 2025 due to cost control and increased revenue [4][9]. Summary by Sections Raw Material Costs - Raw material costs, particularly for gold and copper-related materials, are on the rise, prompting Shennan to negotiate prices with suppliers. Gold-related materials account for less than 10% of total procurement [2][9]. - Management plans to pass some of the cost increases to customers due to high overall demand and utilization levels [2]. PCB Outlook - The demand for PCBs is robust, driven by local AI needs, including AI accelerators and high-speed optical transceivers. This demand is expected to improve the product mix and gross margin outlook into 2Q~3Q25 [3][9]. ABF Business Status - The Guangzhou ABF plant reported a pre-tax loss of Rmb550 million in 2024, but management anticipates a reduction in losses for 2025, projecting revenues of over Rmb100 million [4][9]. - Monthly depreciation costs are expected to remain below Rmb30 million, with current costs at Rmb25 million [6][9]. Financial Projections - Revenue projections show a growth trajectory from Rmb17,907 million in 2024 to Rmb26,694 million by 2027, with net income expected to rise from Rmb1,879 million in 2024 to Rmb4,014 million in 2027 [7][12].

27 May 2025 | 8:44AM CST YJ Semitech (688498.SS): TechNet China 2025: CW laser ramp remains the primary driver for 2025; Sell | Technet China | | --- | We hosted YJ Semitech at GS TechNet China 2025 conference. Key investors' focus during the meeting was on the company's CW laser ramp outlook, margin dynamics, and scope for EML expansion. The company echoed the supply tightness in laser chips (EML and CW lasers) and maintained that its CW laser will see meaningful shipment ramp in coming quarters. In the me ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has faced performance pressure due to its engineering business, but has achieved breakthroughs in hydrogen energy orders [4][5] - The company reported a revenue of 91.13 billion yuan in 2024, a year-on-year decrease of 13.31%, with a net profit attributable to the parent company of 7.04 billion yuan, down 4.98% year-on-year [7] - The company expects net profits for 2025, 2026, and 2027 to be 8.19 billion yuan, 9.00 billion yuan, and 10.08 billion yuan respectively, corresponding to P/E ratios of 11x, 10x, and 9x [5][8] Financial Performance Summary - In Q1 2025, the company achieved a revenue of 19.65 billion yuan, a year-on-year decline of 32.25%, and a net profit of 1.29 billion yuan, down 30.77% year-on-year [7] - The gross margin for 2024 was 19.18%, which improved by 0.86 percentage points year-on-year [7] - The company’s revenue is projected to grow to 119.30 billion yuan by 2027, with a year-on-year growth rate of 10.9% [8] Hydrogen Energy Business Development - The company launched its 1500Nm3/h alkaline electrolyzer product in 2024, achieving the highest hydrogen production pressure in the industry, filling a domestic gap [7] - The company has signed significant orders, including a 2×100Nm³/h order with Shanghai Lianfeng and has been shortlisted for major hydrogen production projects [7] - National policies have been introduced to encourage hydrogen energy, with a current public tender volume for electrolyzers reaching 1.77GW [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a significant decline in performance due to pressure on engineering business, while hydrogen energy orders have achieved breakthroughs [4][5] - The company expects net profits attributable to shareholders to be 8.19 billion, 9.00 billion, and 10.08 billion for the years 2025, 2026, and 2027 respectively, corresponding to PE ratios of 11x, 10x, and 9x [5] Financial Performance Summary - In 2024, the company achieved revenue of 91.13 billion, a year-on-year decrease of 13.31%, with a net profit attributable to shareholders of 7.04 billion, down 4.98% year-on-year [7] - For Q1 2025, the company reported revenue of 19.65 billion, a year-on-year decline of 32.25%, and a net profit of 1.29 billion, down 30.77% year-on-year [7] - The gross margin for 2024 was 19.18%, which improved by 0.86 percentage points year-on-year [7] Business Outlook - The hydrogen energy sector is expected to become a new growth point, with the company launching a 1500Nm3/h alkaline electrolyzer product and completing a 500MW hydrogen production equipment production base [7] - The company has secured significant orders, including a 2×100Nm³/h order from Shanghai Lianfeng and part of the world's largest green hydrogen ammonia integrated project [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 97.46 billion, 107.61 billion, and 119.30 billion respectively, with expected year-on-year growth rates of 6.9%, 10.4%, and 10.9% [8] - The net profit attributable to shareholders is projected to grow to 8.19 billion in 2025, 9.00 billion in 2026, and 10.08 billion in 2027, with corresponding net profit growth rates of 16.2%, 9.9%, and 12.0% [8]

28 May 2025 | 12:41AM HKT TechNet China 2025: Longcheer (603341.SS): AI terminals and smart cockpit bring potential upside We hosted Longcheer (603341.SS, Not Covered) management at our TechNet Conference China 2025 (May 21-22) in Shanghai. Key discussions were around its development of smartphone business and new business segments (AI glasses, PC, automotive electronics). Overall, management remains positive on the company's long term growth, driven by market share expansion in PCs as local brand makers ar ...

证券研究报告：汽车 | 公司点评报告 发布时间：2025-05-28 股票投资评级 买入|维持 个股表现 -17% -11% -5% 1% 7% 13% 19% 25% 31% 37% 2024-05 2024-08 2024-10 2025-01 2025-03 2025-05 亚普股份 汽车 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 18.94 | | --- | --- | | 总股本/流通股本（亿股）5.13 / 5.13 | | | 总市值/流通市值（亿元）97 / 97 | | | 52 周内最高/最低价 | 20.19 / 12.19 | | 资产负债率(%) | 35.1% | | 市盈率 | 19.33 | | 第一大股东 | 国投高科技投资有限公 | | 司 | | 研究所 分析师:付秉正 SAC 登记编号:S1340524100004 Email:fubingzheng@cnpsec.com 亚普股份(603013) 拟收购赢双科技 54.5%股权，开辟成长新路径 ⚫ 事件 5 月 27 日晚，亚普股份公告拟以自有资金 5.78 亿元购买赢双科 技 54.5 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [6]. Core Insights - The company is benefiting from a significant increase in demand for AI cluster networking, with projected revenues of CNY 8.647 billion in 2024, representing a year-on-year growth of 179.15%, and a net profit of CNY 2.838 billion, up 312.26% [1]. - The company has successfully launched industry-leading products, including the latest 800G/1.6T optical modules, and is enhancing its global presence through partnerships with major communication equipment manufacturers and internet companies [2]. - The company's profitability is improving due to refined management practices, achieving a gross margin of 44.72% in 2024 and a net margin of 32.82% [3]. Financial Projections - Revenue and net profit forecasts for the company have been significantly raised, with expected net profits of CNY 6.721 billion in 2025 and CNY 8.883 billion in 2026, reflecting growth rates of 136.84% and 32.17% respectively [4]. - The company's earnings per share (EPS) is projected to reach CNY 9.48 in 2025 and CNY 12.53 in 2026, with a price-to-earnings (P/E) ratio decreasing to 12X and 9X in the same years [5][12]. Profitability and Efficiency - The company has achieved a gross margin of 44.72% in 2024 and 48.66% in Q1 2025, indicating a continuous improvement in operational efficiency [3]. - The return on equity (ROE) is projected to be 45.63% in 2025, reflecting strong profitability and effective capital management [12]. Market Position and Competitive Advantage - The company is positioned as a leader in the high-end optical module market, with its advanced products expected to drive substantial revenue growth in the coming years [4]. - The ongoing development of high-speed optical modules is anticipated to contribute significantly to the company's performance, supported by its strategic partnerships and technological advancements [2][4].