Core Viewpoint - Company is actively engaging with various institutional investors and has a diverse range of products across multiple sectors, indicating strong market interest and potential for growth [1] Business Overview - Company operates in four main business segments: 1. Industrial Testing Instruments, including helium mass spectrometers and leak detectors, primarily used in sectors like new energy and automotive [2] 2. Online Monitoring Instruments, focusing on environmental and industrial process monitoring, applicable in industries such as petrochemicals and metallurgy [2] 3. Laboratory Analytical Instruments, offering a wide range of products for life sciences and food testing [2] 4. Medical Instruments, with products like ultrasonic knives and blood dialysis devices, entering collective procurement in Guangdong [2] Product Applications - Company's leak detection technology is crucial for vacuum systems in nuclear fusion devices, ensuring operational safety and stability [3][4][5] - Various products, including helium mass spectrometers, are applicable in semiconductor manufacturing processes [7] R&D Progress - Development of blood dialysis equipment is on track, with prototypes undergoing third-party testing and expected to submit for regulatory approval by the end of 2025 [9] Financial Performance - For Q1 2025, company reported a main revenue of 134 million yuan, a year-on-year increase of 16.87%, with a net profit loss of 5.45 million yuan, but an improvement of 83.78% [10] - The company maintains a debt ratio of 37.31% and a gross margin of 50.04% [10] Market Sentiment - In the last 90 days, four institutions rated the stock, with three buy ratings and one hold rating, indicating positive market sentiment [11] - The average target price set by institutions is 22.6 yuan [11] Earnings Forecast - Earnings projections for 2025 to 2027 show a steady increase in net profit, with estimates ranging from 53 million to 124 million yuan by 2027 [12]

标配（维持） 有色金属行业双周报(2025/06/06-2025/06/19) 行 业 有色金属行业 美联储维持利率区间不变，金价短期小幅承压 2025 年 6 月 20 日 投资要点： 分析师：许正堃 SAC 执业证书编号： 行情回顾。截至2025年6月19日，申万有色金属行业近两周上涨1.95%，跑赢 沪深300指数2.83个百分点，在申万31个行业中排名第4名。截至2025年6月19 日，近两周有色金属行业子板块中，贵金属板块上涨4.05%，能源金属板块上 涨3.22%，工业金属板块上涨2.03%，金属新材料板块上涨1.19%，小金属板块 下跌0.97%。 周 报 有色金属行业重要新闻及观点 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 资料来源：东莞证券研究所，iFind S0340523120001 电话：0769-23320072 邮箱： xuzhengkun@dgzq.com.cn 申万有色金属行业指数走势 黄金。6月19日，美联储公布6月议息会议决定，宣布维持基准利率不变，将 联邦基金利率目 ...

Core Insights - The company has made significant breakthroughs in the manufacturing of core components for fusion reactors, focusing on vacuum chamber manufacturing processes since 2021 [1] - In 2024, the company won a bid for the BEST vacuum chamber project from Fusion New Energy (Anhui) Co., Ltd., with a total bid amount of 209 million [1] - The company has conducted over 50 experiments related to vacuum chamber forming, processing, welding, non-destructive testing, and measurement [1] Breakthrough Achievements - The company has resolved issues related to the precision control of hyperbolic thick plate forming, large rebound, and phase changes due to deformation during the forming process, which led to an increase in ferrite [1] - Significant progress has been made in electron beam welding of thick-walled austenitic stainless steel [1] - Advanced non-destructive testing techniques, such as coarse-grained weld seam array ultrasound, have been developed [1]

Market Overview - The Shanghai Composite Index fell by 0.8%, while the CSI 300 also decreased by 0.8%. The STAR Market 50 dropped by 0.5%, the CSI 1000 declined by 1.4%, and the ChiNext Index fell by 1.4%. The Hang Seng Index experienced a decline of 2.0% [5][7]. - The best-performing sectors included oil and petrochemicals (+0.9%), while the worst-performing sectors were textiles and apparel (-2.4%), beauty and personal care (-2.3%), light industry manufacturing (-2.0%), non-ferrous metals (-2.0%), and pharmaceuticals and biology (-1.9%) [5][7]. - The total trading volume across the A-share market was 12,809 billion, with a net inflow of 1.43 billion HKD from southbound funds [5][7]. Key Recommendations - The report highlights Yingliu Co., Ltd. (603308) as a leading high-end casting company benefiting from trends in AIDC, aerospace technology, and nuclear fusion industries. The growth potential is significant due to the expected surge in demand for AIDC, aerospace engines, and nuclear power [8]. - The company is increasing its investment in blade casing processing coating projects and advanced nuclear materials, which is expected to significantly enhance its production capacity and product value [8]. - Revenue projections for Yingliu Co., Ltd. are estimated at 3,132 million, 3,858 million, and 4,694 million from 2025 to 2027, with growth rates of 25%, 23%, and 22% respectively. Net profit is projected to be 406 million, 555 million, and 742 million, with growth rates of 42%, 37%, and 34% respectively [8]. Important Insights - The macroeconomic research indicates that the Ministry of Finance's actions in Q3 to replenish fiscal deposit accounts may be a key observation window for the Federal Reserve's decision to halt balance sheet reduction. The adjustment of the Supplementary Leverage Ratio (SLR) in the second half of the year is also crucial [9]. - The mechanical equipment sector report emphasizes a focus on engineering machinery, humanoid robots, and overseas expansion. The global market for engineering machinery is expected to grow as international market share increases and domestic demand improves due to favorable macro policies [10][11]. - The report notes that AI and automation will drive growth in the next decade, with a focus on global supply chains and the emergence of competitive overseas enterprises [11].

Market Overview - A-shares experienced a noticeable decline today, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closing down by 0.79%, 1.21%, and 1.36% respectively, while over 4600 stocks fell and around 700 stocks rose [4] Solid-State Battery Sector - The solid-state battery sector showed strength in the morning, with stocks like Nord Shares achieving three consecutive limit-ups, while others such as Xiangtan Electric and Fengyuan Shares also hit the daily limit [3] Oil and Gas Sector - The oil and gas sector rebounded after hitting lows, with stocks like Zhun Oil and Shandong Molong achieving five consecutive limit-ups, and several others including Maohua Shihua and Baomo Shares hitting the daily limit [3][12] - Oil futures rose again, contributing to the overall increase in oil and gas stocks, with oil reform, shale gas, and oil service sectors rising by 2.36%, 2.08%, and 1.73% respectively [12] Natural Gas Sector - The natural gas sector saw significant gains in the afternoon, with stocks like Shouhua Gas and Blue Flame Holdings hitting the daily limit, while others like Tianhao Energy and Changchun Gas also experienced substantial increases [3] Short Drama Sector - The short drama sector experienced a localized surge in the afternoon, with stocks like Zhangyue Technology and Ciweng Media hitting the daily limit, driven by Tencent's recent launch of a new short drama mini-program [10] Stablecoin Sector - Circle, dubbed the "first stablecoin stock," saw a significant increase of over 33%, reaching a new high since its listing, which catalyzed a partial rise in stablecoin concept stocks, although the sector faced a decline later in the day [7] Ant Group and Digital Currency Concepts - Ant Group concept stocks and digital currency stocks both saw declines of 1.97% and 3.03% respectively, despite some initial high openings [8] Middle East Conflict - Ongoing discussions regarding the Middle East conflict, particularly involving Iran and Israel, have led to increased volatility in oil prices and a subsequent rise in oil and gas stocks [12] Fujian Forestry Stocks - Fujian's "three forestry brothers" have shown unusual trading patterns, with stocks like Fujian Jinsen and Yong'an Forestry experiencing erratic movements without clear catalysts [14][15][16]

Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Viewpoints - The company is a leading manufacturer of high-end casting components, benefiting from trends in AIDC, aerospace technology, and nuclear fusion industries [1][9] - The company has established a complete high-end component production system and is a key member of the high-end equipment manufacturing industry chain in China [18][19] - The company plans to issue 1.5 billion convertible bonds to enhance its production capabilities in turbine blade processing and advanced nuclear materials [9][33] Summary by Relevant Sections Business Overview - The company focuses on aviation engines and gas turbine products, benefiting from the demand for domestic large aircraft and AIDC [18] - The company has a strong presence in the high-end parts, aerospace technology, and advanced materials sectors, serving various high-end equipment fields [18][22] Financial Summary - In 2024, the company expects revenue of 2,513 million yuan, a year-on-year increase of 4.2%, and a net profit of 286 million yuan, a year-on-year decrease of 5.6% [4][25] - The company's sales gross margin is projected to be 34.2%, with a net margin of 10% for 2024 [27][28] Gas Turbine Sector - The global gas turbine market is estimated to be 28.14 billion USD in 2024, with a compound annual growth rate (CAGR) of 7.4% from 2025 to 2034 [46] - The company is recognized as a domestic leader in gas turbine blades, with a significant increase in orders, achieving a 102.8% year-on-year growth in 2024 [2][61] Aerospace Sector - The global aerospace engine market was approximately 113.97 billion USD in 2023, expected to reach 151.20 billion USD by 2030, with a CAGR of 4.12% [67] - The company is positioned to benefit from the doubling of global aircraft numbers over the next 20 years, as predicted by Airbus [68] Nuclear Power Sector - The nuclear power industry is expected to grow, with a projected CAGR of 8.4% for installed capacity from 2023 to 2035 [3] - The company has established joint ventures to engage in nuclear fusion materials and components, enhancing its position in the nuclear energy sector [3][9]

Group 1: Company Overview - The company was established in 1997 and has developed its business across plastic packaging, military electronics, and film capacitor industries over more than 20 years [1] - Initially focused on electronic manufacturing packaging, the company quickly became a leading supplier serving major international manufacturers like Foxconn [1] - The plastic packaging business has shown steady growth, achieving revenue of 1.16 billion yuan with a year-on-year increase of 7.1% [1] Group 2: Marine Equipment Industry - The marine equipment sector is entering a high growth phase, with significant defense spending increases, including the U.S. Navy's plan to purchase 293 combat ships over the next 30 years [2] - China's government has highlighted "deep-sea technology" in its work report, indicating a commitment to deep-sea equipment development [2] - The subsidiary, China Electronics Huazhong, focuses on ship electronic information, covering research, production, sales, and technical services [2] Group 3: Film Capacitor Business - The film capacitor business is accelerating, with products designed for high voltage, long life, and self-healing properties, making them suitable for applications in new energy vehicles, photovoltaics, and military [3] - The company's film capacitors are core components in electromagnetic launch energy storage systems and have entered the controllable nuclear fusion industry [3] Group 4: Electromagnetic Equipment Industry - The emphasis on new strategic capabilities during the Two Sessions indicates a potential acceleration in the industrialization of electromagnetic equipment [4] - The company’s film capacitors are positioned as optimal solutions for instantaneous discharge in electromagnetic launch systems [4] - The company is expanding production to meet industry demand, with a multi-dimensional layout centered around China Electronics Huazhong [4] Group 5: Financial Projections - The company is expected to achieve net profits of 148 million yuan, 251 million yuan, and 361 million yuan in 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44.5, 26.3, and 18.3 [4]

新华财经北京6月18日电（罗浩）沪深两市三大股指18日普遍小幅低开，各股指盘初冲高回落，早盘盘 中窄幅整理，至午间收盘时普遍小幅下跌。 盘面上，酿酒板块和石油板块在盘初涨幅靠前，军工板块和PCB板块表现强势，MicroLED、元器件、 科创板次新、银行等板块亦有显著上涨。虫害防治、稀土永磁、CRO概念等板块跌幅靠前。 至午间收盘时，上证指数报3380.47点，跌幅0.20%，成交额约2728亿元；深证成指报10136.51点，跌幅 0.15%，成交额约4702亿元；创业板指报2042.61点，跌幅0.36%，成交额约2305亿元；科创综指报 1170.60点，跌幅0.10%，成交额约457亿元；北证50指数报1386.37点，跌幅1.15%，成交额约198亿元。 机构观点 中信证券：核聚变当前正处于投资加速的过程中，中美均大力发展，核聚变将迎来新一轮加速发展期。 从投资逻辑看，磁体、堆内构件占反应堆成本分别为28%/17%，属于资本开支的核心环节。认为当前处 于聚变产业链密集招标阶段，核心组件充分受益，推荐超导磁体、堆内构件环节的公司。 中国银河证券：国家"稳增长、稳股市"、"提振资本市场"的政策目标仍将持续 ...

Market Overview - The three major stock indices experienced narrow fluctuations, with the Shanghai Composite Index slightly down by 0.04% to 3387.4 points, the Shenzhen Component down by 0.12% to 10151.43 points, and the ChiNext Index down by 0.36% to 2049.94 points, while the STAR Market Index fell by 0.8% [1] - The total trading volume in the Shanghai and Shenzhen markets was 123.73 billion yuan, showing a slight decrease compared to the previous day [1] - Various sectors showed mixed performance, with pharmaceuticals, media, textiles, and automotive sectors declining, while oil, shipping, electricity, home appliances, semiconductors, and brokerage sectors saw gains [1] Wind Power Industry - The recent bidding for the second batch of onshore wind turbine procurement by State Power Investment Corporation (SPIC) revealed an average price exceeding 2000 yuan/kW, marking a more than 15% increase from the low point in August 2024 [2] - The wind power sector is expected to experience a sustained uptrend due to the recovery in both supply and demand, with a focus on companies with significant price elasticity and leading overseas layouts [2] Smart Glasses Market - The smart glasses market is witnessing a surge, with sales volume increasing over 8 times year-on-year, and global shipments expected to reach 12.8 million units in 2025, a 26% increase [3] - The Chinese market is projected to exceed 2.75 million units, showing a remarkable 107% growth, positioning it as the largest market globally [3] - Key players in the AR glasses supply chain, such as Hengxuan Technology and Lante Optics, are anticipated to benefit from this market growth [3] Nuclear Fusion Investment - Global investment in nuclear fusion has accelerated since 2020, with significant contributions from China and the United States, and the investment scale in the fusion sector is expected to reach approximately $1.74 billion in 2024 [4] - The core components of fusion reactors, such as magnets and in-vessel components, account for 28% and 17% of the reactor costs, respectively, indicating a focus for investment [4] - Companies involved in superconducting magnets and in-vessel components are recommended for investment due to their potential benefits from the ongoing bidding phase in the fusion industry [4] Battery Safety Regulations - A new battery safety regulation, deemed the "strictest ever," will be implemented in July 2026, mandating that electric vehicle batteries must not catch fire or explode during thermal runaway [7] - Leading battery manufacturers like CATL, BYD, and Xinwanda are proactively developing products that comply with the new national standards, aiming to secure a competitive edge in safety technology [7] EU Energy Policy - The European Commission has proposed legislation to gradually halt imports of Russian natural gas and oil by the end of 2027, with a complete ban on new contracts for Russian gas starting January 1, 2026 [8] Investment in Intelligent Technology - Ant Group has recently acquired a stake in Lingxin Qiaoshou Technology Co., which focuses on dexterous hands and cloud intelligence technologies, indicating a growing interest in intelligent technology sectors [9]

Group 1: Nuclear Fusion Industry - The nuclear fusion industry is currently in a phase of accelerated investment, with significant developments occurring in both China and the United States [1] - Key components such as superconducting magnets and in-vessel components account for 28% and 17% of the reactor costs respectively, making them critical areas for capital expenditure [1] - The industry is experiencing a concentrated bidding phase, which is expected to benefit companies involved in the core components of the fusion supply chain [1] Group 2: Robotics in Service Industries - The penetration rate of industrial robots is low, indicating a substantial future application potential in various sectors [2] - Industries with high flexibility requirements, such as plastic chemicals, food processing, and home services, are identified as having significant opportunities for the application of embodied intelligent robots [2] - Labor shortages in sectors like restaurants, home services, logistics, and apparel highlight the immediate demand for automation solutions [2] Group 3: Oil Transportation Market - The escalation of geopolitical conflicts in the Middle East is expected to increase risks associated with oil transportation [3] - Potential sanctions on Iranian oil production and sales may enhance compliance demand for oil transportation [3] - The geopolitical tensions are likely to alleviate the supply-demand pressures previously faced by the oil transportation market, leading to a forecasted recovery in freight rates [3]