Group 1: Financial Performance - In Q1 2025, the company achieved revenue of CNY 2.002 billion, a year-on-year increase of 32.14% [2] - The net profit attributable to shareholders was CNY 0.39 billion, up 39.30% year-on-year [2] - The non-recurring net profit attributable to shareholders was CNY 0.22 billion, reflecting a growth of 20.80% [2] Group 2: Product Performance - The shipment volume of battery chemicals significantly increased, driven by a competitive market for lithium battery materials [2] - The electrolyte business saw a nearly 80% year-on-year increase in shipment volume, although prices experienced a decline [5] - The overseas sales of electrolytes accounted for nearly 20% of total sales in Q1 2025 [6] Group 3: Market Outlook - The demand for fluorinated liquids is expected to grow, particularly due to the increasing installation of wafer fabs [3] - The company anticipates stable growth in the fluorinated liquid market, supported by its unique technological advantages [3] - The emerging industries such as new energy and data centers are expected to drive demand for related fluorine materials [2] Group 4: Project Updates - The Haidefu project showed improved sales performance and reduced losses in Q1 2025, with expectations for better performance than in 2024 [4] - The Malaysian electrolyte project is in the early approval and planning stages, with completion expected within two years [7] - The acquisition of Jiangxi Shilei has resulted in good operational performance, with full production capacity achieved [8] Group 5: Strategic Initiatives - The company plans to increase R&D investment to expand its product line and enhance market share [3] - The 2023 stock incentive plan is expected to incur expenses of approximately CNY 60-70 million, to be recognized quarterly [8]

来源：内容 编译自 businesskorea ，谢谢。 三星电子 NAND 开发部门负责人呼吁员工加倍努力，在未来技术上重新获得对竞争对手的超强竞 争优势。 目前，三星电子的NAND闪存主要用于智能手机和个人电脑，这些闪存基于三层单元（TLC）技 术，具有良好的耐用性和低延迟性。因此，三星电子正在向TLC技术投入大量资源。许尔认为，只 关注眼前问题可能会导致错失未来的增长引擎。 三星电子内部期待Hur Sung-hoi的彻底反省能为扭转局面创造动力。这是因为，尽管三星电子一 直倾向于掩盖NAND竞争力的下滑，但坦诚地分享这一事实可能会带来整体技术发展的改变。 三星电子相关人士表示，"几年前，包括Hur Sung-hoi在内的高层管理人员对QLC技术也持否定态 度，整个组织的眼光都只着眼于当前"，并补充道，"现在高层管理人员已经开始诚实地看待形势， 积极的一面是我们获得了新的发展势头"。 三星正在开发400多层3D NAND 去年，三星表示，正在开发第九代286 层3D NAND ，并正在开发 400 层技术。 据业内人士4月29日透露，三星电子内存业务部闪存开发室室长、负责NAND开发的Hur Sung-h ...

Group 1 - The core viewpoint of the news highlights that the company Tongli Risheng possesses technological advantages in data center energy storage and source-network-load-storage business, ensuring power supply reliability reaches 99.99% through optimized equipment configuration and enhanced component reliability [1] - The company is focusing on increasing the proportion of green electricity usage in IDC (Internet Data Center) by integrating green electricity with energy storage in the Qingyang project, aiming to reduce or completely replace diesel engine configurations and lower electricity costs [1] - The company is strategically targeting long-term stable loads and is prioritizing the layout of computing power centers while continuously developing high-quality renewable energy assets through wind and storage combinations [1] Group 2 - The elevator market is transitioning from an incremental market to a stock market, with expectations for good performance in the rail transit escalator business by 2025, and the company is expanding its non-standard elevator exports to Europe and extending its sheet metal business to the renewable energy sector [1] - The cancellation of mandatory energy storage policies may negatively impact short-term energy storage system shipments, but it is expected to benefit long-term development by making energy storage a useful asset rather than an additional cost [1]

Financial Data and Key Metrics Changes - The company reported a strong start to 2025, exceeding initial expectations across property revenue, adjusted EBITDA, and attributable AFFO per share for the quarter [5][14] - Consolidated organic tenant billings growth was 4.7%, with U.S. and Canada segment growth at 3.6% and international segment growth at 6.7% [14][17] - Attributable AFFO per share declined by approximately 1%, primarily due to contributions from the India business in the prior year period [18] Business Line Data and Key Metrics Changes - The U.S. services business delivered its highest quarter of revenue and gross profit since 2021, with applications rising nearly 30% compared to Q4 2024 and up roughly 60% year over year [15][16] - CoreSite experienced high single-digit revenue growth, supported by robust demand for interconnection hubs [15][16] - The data center business saw property revenue grow by approximately 9% [17] Market Data and Key Metrics Changes - In the U.S., property revenue declined approximately 1% but grew over 3.5% excluding non-cash straight-line revenue [16][17] - International property revenue was roughly flat year over year, with growth of approximately 8% excluding foreign currency fluctuations [17] - Emerging markets, particularly Nigeria and Brazil, showed improved consumer pricing dynamics and steady demand, respectively [6][7] Company Strategy and Development Direction - The company is focused on portfolio optimization and globalization strategies, aiming to enhance cost efficiency and long-term value [25][30] - Capital allocation remains a priority, with a $2 billion stock buyback authorization in place [56] - The company continues to assess and manage its portfolio to reduce risk and drive predictable earnings [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of mobile data demand across various economic cycles, while also exercising caution regarding potential volatility [12][13] - The company anticipates continued strong demand for services and leasing activity, particularly in the U.S. [36][44] - Management reiterated a commitment to long-term value creation, focusing on cost savings and operational efficiencies [47][48] Other Important Information - The company successfully closed the sale of its South African fiber business and purchased the DE1 Data Center in Denver [15][19] - The company has $11.7 billion in liquidity and low floating rate debt exposure, enhancing financial flexibility [22] Q&A Session Summary Question: Portfolio optimization and globalization strategy - Management confirmed ongoing analysis of portfolio optimization and a focus on globalization efforts to enhance cost efficiency [25][30] Question: U.S. services and new applications revenue - Management indicated strong demand for services, expecting continued revenue in the $75 million range for Q2, with new leasing activity projected to increase [34][36] Question: U.S. carrier activity and leasing priorities - Management noted steady ramp-up in carrier activity, with ongoing amendment and new co-location activity expected [43][44] Question: Stock buyback and M&A opportunities - Management confirmed a $2 billion stock buyback authorization and a disciplined approach to M&A, focusing on long-term value creation [56][60] Question: Colocation and amendment revenue split - Management reported an increase in both colocation applications and amendments, with no significant shift in the overall mix [66][67] Question: CoreSite sales funnel and demand - Management expressed confidence in the CoreSite sales funnel, highlighting robust demand for interconnection services despite broader economic uncertainties [110][112]

Group 1: Market Trends and Demand - The demand for high-performance computing and storage hardware is expected to grow due to continuous investment in AI hardware by cloud service providers in 2025 [3] - The semiconductor storage market began to recover gradually from the end of March 2025, with significant price increases anticipated in the latter half of Q1 2025 [3][11] - The company's enterprise storage products achieved revenue of 319 million CNY in Q1 2025, representing over 200% year-on-year growth [7] Group 2: Global Tariff Policies and Company Strategy - The company is closely monitoring global tariff changes and has maintained normal production operations [3] - Following the acquisition of SMART Brazil, the company saw a revenue increase of over 120% in 2024, leveraging low tariff advantages to expand overseas markets [3] Group 3: Gross Margin and Product Strategy - The company's gross margin is positively influenced by rising storage wafer prices, but is also affected by product structure and market competition [4] - The company is advancing its PTM and TCM models to provide comprehensive storage solutions, aiming to stabilize gross margins [4][5] Group 4: Inventory Management and Future Outlook - The company is transitioning towards a service and value-driven model, adjusting inventory strategies based on market demand and operational efficiency [9] - The market for enterprise-level storage products is expected to grow significantly, driven by AI applications and cloud services [7][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47.79 CNY, based on a 27x PE for 2025 [2][4]. Core Views - The company reported Q1 2025 revenue of 4.839 billion CNY, a year-on-year increase of 20.56%, but a net profit attributable to shareholders of 640 million CNY, down 14.78% [1][8]. - The decline in profitability is attributed to a lower proportion of military products, changes in product structure, and rising raw material costs, leading to a gross margin decrease to 28.44% (down 7.12 percentage points) and a net margin decrease to 13.91% (down 5.88 percentage points) [8]. - The company plans to repurchase shares worth between 150 million and 300 million CNY, representing 0.14%-0.28% of the total shares, to enhance investor confidence and internal motivation [8]. - The defense sector is expected to recover, and new industries such as civil aviation and satellite internet present growth opportunities, indicating potential for a return to high-quality growth [8]. Financial Information Summary - Revenue projections for 2025-2027 are 23.778 billion CNY, 27.536 billion CNY, and 31.978 billion CNY, respectively, with expected growth rates of 14.9%, 15.8%, and 16.1% [3]. - The net profit attributable to shareholders is projected to grow from 3.740 billion CNY in 2025 to 5.101 billion CNY in 2027, with growth rates of 11.5% and 17.5% [3]. - The company’s gross margin is expected to stabilize around 36.2% from 2025 to 2027, while the net margin is projected to be around 15.7% to 16.0% [3].

Financial Data and Key Metrics Changes - The company reported a strong start to 2025, exceeding initial expectations across property revenue, adjusted EBITDA, and attributable AFFO per share for the quarter [5][14] - Consolidated organic tenant billings growth was 4.7%, with U.S. and Canada segment growth at 3.6% and international segment growth at 6.7% [14][17] - Attributable AFFO per share declined by approximately 1%, primarily due to contributions from the India business in the prior year period [18] Business Line Data and Key Metrics Changes - The U.S. services business delivered its highest quarter of revenue and gross profit since 2021, with applications rising nearly 30% compared to Q4 2024 and up roughly 60% year over year [15][16] - CoreSite business experienced high single-digit revenue growth, driven by robust demand for interconnection hubs [15][16] - The data center business saw property revenue grow by approximately 9% [17] Market Data and Key Metrics Changes - In the U.S., property revenue declined approximately 1% but grew over 3.5% excluding non-cash straight-line revenue [16][17] - International property revenue was roughly flat year over year, with growth of approximately 8% excluding foreign currency fluctuations [17] - Emerging markets, particularly Nigeria and Brazil, showed improved consumer pricing dynamics and network upgrades, contributing to enhanced cash flows for carriers [6][7] Company Strategy and Development Direction - The company is focused on portfolio optimization and globalization strategies, aiming to enhance operational efficiency and reduce costs [30][31] - Capital allocation remains a priority, with a $2 billion stock buyback authorization in place, while also considering M&A opportunities [56][58] - The company is committed to maintaining a strong balance sheet and financial flexibility, with $11.7 billion in liquidity [22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of mobile data demand across various economic cycles, while also exercising caution regarding potential market volatility [12][13] - The company anticipates continued strong demand for services and leasing activity, particularly in the U.S. market, driven by 5G deployment [44][45] - Management reiterated the expectation for organic tenant billings growth across all regions, with specific targets for the U.S. and Canada segment [20] Other Important Information - The company successfully closed the sale of its South African fiber business and purchased the DE1 data center in Denver, reflecting ongoing portfolio management efforts [9][10] - The company expects to maintain a year-over-year reduction in cash SG&A, with targeted reductions of approximately $13 million [49] Q&A Session Summary Question: Portfolio optimization and globalization strategy - Management confirmed ongoing analysis of portfolio optimization and a focus on globalization efforts to enhance cost efficiency and synergies across operations [27][30] Question: U.S. services and leasing activity - Management indicated strong momentum in services and new applications, expecting continued strong demand in Q2 [35][36] Question: U.S. carrier activity and leasing priorities - Management noted consistent carrier activity aligned with expectations, with a steady ramp in 5G deployment and new co-locations [43][44] Question: Stock buyback and M&A opportunities - Management confirmed a $2 billion stock buyback authorization and a disciplined approach to M&A, focusing on long-term value creation [56][58] Question: Colocation and amendment revenue - Management reported an increase in colocation applications, with a balanced contribution from both amendments and new leases [66][67] Question: CoreSite sales funnel and demand - Management expressed confidence in the CoreSite sales funnel, highlighting robust demand for interconnection services despite broader economic uncertainties [110][112]

Group 1: Business Collaboration and Market Expansion - The company is actively expanding into emerging high-computing industries such as artificial intelligence and data centers, while also enhancing the application of thermal and cooling products in these fields [3] - The company has established operational entities in countries like India and is closely monitoring international market conditions to adjust its overseas strategy [3] - The company maintains strict confidentiality regarding customer information, adhering to commercial confidentiality agreements [2] Group 2: Financial Performance and Growth Drivers - The company has a strong focus on optimizing its core business and leveraging existing technological reserves to drive future profitability [4] - The telecommunications industry is experiencing steady growth, with the promotion and application of 5G technology continuing to deepen [5] - The company holds 255 technology patents and has received national-level CNAS laboratory certification, enhancing its competitive edge [5] Group 3: Industry Outlook and Competitive Strategy - The telecommunications industry is expected to achieve technological innovation and industrial upgrades, supported by policy initiatives [5] - The company plans to expand into new sectors such as smart transportation and artificial intelligence while continuing to deepen its engagement in the telecommunications field [5] - To maintain market share, the company is increasing R&D investment, diversifying product offerings, and strengthening partnerships with major telecommunications equipment manufacturers [5]

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company has embraced new AI trends, significantly expanding its presence in high-end markets, particularly in smart driving, AI servers, and AI computing hardware, leading to stable growth in operating performance [2][3]. - The company reported a revenue of 12.659 billion yuan for 2024, a year-on-year increase of 17.68%, and a net profit of 1.169 billion yuan, up 24.86% [1][4]. - For the first quarter of 2025, the company achieved a revenue of 3.343 billion yuan, reflecting a year-on-year growth of 21.9%, with a net profit of 325 million yuan, an increase of 2.18% [1][4]. Financial Performance Summary - The company is projected to achieve revenues of 15.128 billion yuan, 18.154 billion yuan, and 21.784 billion yuan for the years 2025, 2026, and 2027, respectively [4][11]. - The expected net profits for the same years are 1.527 billion yuan, 1.986 billion yuan, and 2.405 billion yuan [4][11]. - The report anticipates a 20x PE ratio for 2025, leading to a target price of 32.69 yuan within six months [4][6]. Market Position and Product Development - The company has made significant advancements in the data center sector, with mass shipments of AI server products and a leading position in high-speed FPC and ultra-high-layer PTFE products [2][3]. - In the automotive electronics sector, the company has seen high growth in smart driving and smart cockpit products, increasing its market share in HDI and high-layer products [2][3]. - The company has also increased its R&D investment, resulting in the acquisition of 30 new invention patents and 9 utility model patents during the reporting period [3][11].

Core Insights - The company reported steady growth in Q1 2025, with revenue of 1.16 billion yuan (up 10% year-on-year) and a net profit of 150 million yuan (up 11% year-on-year), demonstrating strong resilience in performance [1] - The gross margin for Q1 2025 reached 24.3%, an increase of 0.7 percentage points year-on-year, while the net margin was 13.2%, up 0.03 percentage points year-on-year, benefiting from recovering downstream demand and improved product mix [1] Revenue Growth and Business Expansion - The aluminum electrolytic capacitors are expanding their application scenarios, with growth in sectors such as new energy, consumer electronics, electric vehicles, and charging stations [1] - The acquisition of Hitachi AIC has led to year-on-year growth in performance, while solid-state polymer capacitors (MLPC) have been recognized by several strategic customers [1] - The hybrid capacitors have made breakthroughs in the automotive sector, with potential growth exceeding 50% [1] - Film capacitors are entering a rapid growth phase, with significant applications in consumer electronics, industrial equipment, new energy, electric vehicles, and military industries [1] Emerging Business Opportunities - The company showcased its latest Power Capacitance Shelf rack in March 2025, integrating a new lithium-ion supercapacitor (LIC) solution, which is crucial for meeting the increasing power demands of AI and data centers [2] - The supercapacitors, particularly lithium-ion types, have gained recognition in various fields, including rail transit, automotive, medical instruments, new energy, power grids, and port machinery, entering mass application stages [2] - Revenue from supercapacitors is growing rapidly, with practical trials in power frequency regulation on both generation and user sides, indicating promising prospects in AI server applications [2] Profit Forecast and Valuation - The company forecasts net profits of 840 million yuan, 1.01 billion yuan, and 1.18 billion yuan for 2025, 2026, and 2027 respectively, with adjustments made to revenue and gross margin predictions for aluminum electrolytic, film, and supercapacitors [2] - Based on a comparable company average PE of 23 times for 2025, a target price of 22.54 yuan is set, maintaining a buy rating [2]