Investment Rating - The investment rating for the company is "Buy-A" with a target price of 30.65 CNY per share [5]. Core Views - The company reported a revenue of 23.882 billion CNY in 2024, representing a year-on-year increase of 7.24%, and a net profit of 678 million CNY, up 299.9% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 6.092 billion CNY, a year-on-year increase of 15.34%, and a net profit of 101 million CNY, up 2.94% year-on-year [1]. - The overall gross margin for 2024 was 14.84%, an increase of 3.18 percentage points year-on-year, with a net profit margin of 3.31%, up 2.34 percentage points year-on-year [2]. Summary by Sections Financial Performance - The company’s revenue and net profit for 2024 were 238.82 billion CNY and 6.78 billion CNY, respectively, with significant growth in net profit due to improved operational efficiency and cost control [1][2]. - For Q1 2025, the company reported a revenue of 60.92 billion CNY and a net profit of 1.01 billion CNY, indicating a positive trend in financial performance [1]. Market and Industry Trends - The industry is experiencing a recovery driven by demand in data centers, automotive electronics, and consumer electronics, contributing to the company's improved market conditions [2]. - The company has seen a notable increase in revenue from mid-to-high-end products, with a significant rise in capacity utilization and effective cost management [2]. Product and Business Development - The company has diversified its product offerings, achieving a 46% increase in revenue from high-end mobile SOCs and a 70% increase in revenue from RF products [3]. - The automotive sector has shown exceptional growth, with revenue from power devices, MCUs, and smart cockpit products surging over 200% [3]. - The company’s Memory business grew by 40% due to enhanced collaboration with original manufacturers, and the display driver business successfully introduced advanced cutting processes [3]. Capacity Expansion and Acquisitions - The company is accelerating its global capacity expansion, with ongoing projects in various locations aimed at enhancing high-end packaging capacity [8]. - The acquisition of a 26% stake in Jinglong Technology is expected to strengthen the company's position in the high-end IC testing sector, providing stable financial returns [8].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][5][13] Core Views - The demand for advanced packaging-related products is increasing, leading to stable growth in the company's performance. In 2024, the company achieved a revenue of 432 million yuan, a year-on-year increase of 20.04%, and a net profit attributable to shareholders of 33.48 million yuan, up 2.51% year-on-year [4][5] - The company's revenue growth is supported by the overall recovery in industry demand, particularly for advanced packaging products, and the company's technological advantages in core products such as electroplating solutions and photoresists [5][8] - The company is expanding its market share in the advanced packaging sector and has made significant investments in R&D, with R&D expenses increasing by 40.42% year-on-year, which has impacted profit margins [5][8] Financial Performance Summary - In 2024, the company reported a revenue of 432 million yuan, with a gross margin of 26.42% and a net margin of 7.75%. The revenue for Q1 2025 was 126 million yuan, reflecting a year-on-year growth of 54.13% [4][5][6] - The company's revenue structure shows that sales of electroplating solutions and related reagents reached 196 million yuan in 2024, a 9.67% increase year-on-year, while photoresists saw a 37.68% increase in sales to 95 million yuan [8] - The company is positioned as a leading supplier in the domestic traditional packaging sector and is expanding into other application areas, including passive components, PCBs, advanced packaging, and wafer manufacturing [8] Future Projections - The company is projected to achieve revenues of 573 million yuan in 2025, 735 million yuan in 2026, and 926 million yuan in 2027, with corresponding net profits of 47 million yuan, 72 million yuan, and 106 million yuan respectively [6][11] - The expected EPS for 2025, 2026, and 2027 are 0.53 yuan, 0.82 yuan, and 1.20 yuan, respectively, indicating a positive growth trajectory [6][11] Market Position and Strategy - The company is focusing on expanding its product line in the advanced packaging sector and has successfully launched several products for mass production, which are widely used in various processes [8] - The company aims to enhance its market share in the advanced packaging and wet electronic chemicals market, driven by the expansion wave among domestic manufacturers [8][11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 46.74 RMB [4][7][8] Core Views - The company reported a revenue of 9.335 billion RMB in Q1 2025, representing a year-on-year growth of 36.44% but a quarter-on-quarter decline of 15.01%. The gross margin was 12.63%, up 0.43 percentage points year-on-year but down 0.71 percentage points quarter-on-quarter. The net profit attributable to shareholders was 203 million RMB, a year-on-year increase of 50.39% but a quarter-on-quarter decrease of 61.86% [1][2] - The growth in revenue and profit is primarily attributed to the consolidation of Shengdi Semiconductor and an increase in orders from the advanced packaging market both domestically and internationally. The company is optimistic about future performance driven by new capacity releases and the ramp-up of advanced packaging business [1][2][3] Summary by Sections Financial Performance - In Q1 2025, the company focused on advanced technologies and key application markets, achieving significant revenue growth in computing electronics (92.9%), automotive electronics (66.0%), and industrial and medical electronics (45.8%). This optimization in business structure contributed to a gross margin increase [2] - The company completed the acquisition of Shengdi Semiconductor, which reported a revenue of 799 million RMB and a net profit of 94 million RMB in Q4 2024. The consolidation of Shengdi has positively impacted the company's Q1 2025 performance [2] Market Outlook - The global semiconductor market is expected to grow by 19% to 627 billion USD in 2024, which will drive an 8% growth in the global packaging and testing market to 82 billion USD. The report is optimistic about the recovery of the semiconductor market and structural growth in AI-related fields [3] - The company is actively expanding its production capacity, with a new automotive electronics packaging production base in Shanghai expected to commence operations in the second half of 2025. The company is also set to benefit from high-performance computing, AI, and automotive electronics demand [3] Valuation Metrics - The report forecasts net profits for 2025, 2026, and 2027 to be 2.04 billion RMB, 2.38 billion RMB, and 2.90 billion RMB respectively, with corresponding EPS of 1.14 RMB, 1.33 RMB, and 1.62 RMB. The company is assigned a 2025 PE ratio of 41.0x, which is a premium compared to the industry average of 33.5x due to its leading position in advanced packaging technologies [4][6]

Core Insights - The company reported a revenue of 390 million yuan for Q1 2025, representing a year-on-year increase of 22.49%, but incurred a net loss of 220 million yuan [1] - The gross margin improved to 39.06% in Q1 2025 from 33.34% in Q4 2024, indicating better cost management or pricing power [1] - The company continues to invest heavily in R&D, with an expenditure of 1.247 billion yuan planned for 2024 and 300 million yuan spent in Q1 2025 [1] Revenue Breakdown - Revenue from downstream sectors such as system manufacturers, internet companies, cloud service providers, and automotive companies accounted for 37.3% of total revenue [3] - Consumer electronics revenue saw a significant year-on-year increase of 103.81%, making up 44.12% of total revenue [3] - Chip design business revenue reached 122 million yuan, up 40.75%, with 89.05% of this from 28nm and below process nodes [3] Business Segments and Growth Areas - The company is focusing on AIGC, data centers, intelligent driving systems, smart wearable devices, IoT, and Chiplet technologies [3] - In the AIGC sector, the company has 82 clients and 142 chip applications across various devices [3] - The automotive electronics segment has made strides in cockpit and autonomous driving technologies, with multiple IPs adopted by automotive chip companies [3] Investment Outlook - The company is positioned as a leading IP and custom chip service provider, expected to benefit from trends in cloud-side AI, edge AI, autonomous driving, and advanced packaging [4] - Revenue projections for 2025 to 2027 are 2.902 billion yuan, 3.512 billion yuan, and 4.32 billion yuan respectively, with net losses expected to decrease over the same period [4] - The target price is set at 104.3 yuan, based on an 18x PS for 2025, maintaining an "Accumulate-A" investment rating [4]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [1][7]. Core Insights - The company is expected to experience a fruitful year in 2025, driven by multiple business segments resonating positively [1]. - The report highlights significant growth in various business areas, particularly in the automotive and semiconductor sectors, while acknowledging short-term challenges in lithium battery equipment [5][6]. Financial Performance Summary - In 2024, the company achieved revenue of 585 million, a year-on-year increase of 11.3%, and a net profit of 86 million, up 29% [4]. - The fourth quarter of 2024 confirmed a performance turnaround with revenue of 176 million, a year-on-year increase of 153%, and a net profit of 65 million, marking a significant recovery [4]. - For Q1 2025, the company reported revenue of 148 million, a year-on-year increase of 22%, and a net profit of 24 million, reflecting a substantial improvement of 2152% [4]. Business Segment Analysis - **New Energy Battery Equipment**: Revenue expected to decline by 53.48% in 2024 due to slower expansion in the lithium battery sector [5]. - **Wire Harness Equipment**: Revenue projected to grow by 352% in 2024, driven by opportunities in the new energy vehicle market [5]. - **Semiconductor Equipment**: Revenue anticipated to increase by 196% in 2024, showcasing strong growth in this segment [5]. - **Accessories**: Revenue expected to rise by 70% in 2024, supported by increased utilization of existing equipment [5]. - **Services and Others**: Revenue projected to grow by 129% in 2024, reflecting rapid growth in automation solutions [5]. Future Outlook - The company is poised for recovery in its lithium battery equipment business in 2025, with continued high growth in wire harness and accessories [6]. - The report anticipates significant revenue growth from 2025 to 2027, with projected revenues of 767 million, 1.074 billion, and 1.439 billion respectively, alongside net profits of 186 million, 275 million, and 375 million [8][9]. - The company is expected to benefit from advancements in semiconductor packaging and medical device sectors, positioning itself as a leading ultrasonic technology platform [6][7].

以下为研究报告摘要： 中银证券近日发布化工行业周报：本周（04.21-04.27）均价跟踪的100个化工品种中， 共有17个品种价格上涨，58个品种价格下跌，25个品种价格稳定。跟踪的产品中29%的产品 月均价环比上涨，64%的产品月均价环比下跌，另外7%产品价格持平。周均价涨幅居前的 品种分别是高效氯氟氰菊酯、聚合MDI（华东）、石脑油（新加坡）、R134a（巨化）、双 酚A（华东）；而周均价跌幅居前的品种分别是NYMEX天然气、维生素A、DMF（华 东）、煤焦油（山西）、丙烯腈。 四月份，行业受关税相关政策、原油价格大幅波动等因素影响较大，建议关注年报季报 行情，自主可控日益关键的电子材料公司，以及分红派息政策稳健的能源企业等。 投资建议 截至4月27日，SW基础化工市盈率（TTM剔除负值）为21.45倍，处在历史（2002年至 今）的56.30%分位数；市净率为1.76倍，处在历史水平的8.83%分位数。SW石油石化市盈率 （TTM剔除负值）为10.41倍，处在历史（2002年至今）的9.89%分位数；市净率为1.16倍， 处在历史水平的0.93%分位数。四月份，行业受关税相关政策、原油价格大幅波动等因 ...

Core Viewpoint - The company, Jiao Cheng Ultrasonic (688392), has shown significant growth in its first quarter of 2025, with a notable increase in revenue and net profit, driven by a favorable product mix and strategic market expansions. Financial Performance - In Q1 2025, the company reported a revenue of 148 million yuan, representing a year-on-year increase of 22.35% [12] - The net profit attributable to shareholders reached 23.63 million yuan, a staggering increase of 2152.47% year-on-year [12] - The gross profit margin for the first quarter was 64.91% [12] Product and Market Insights - The increase in gross margin is attributed to a shift in product mix, with higher-margin products like wire harness connectors and semiconductor equipment gaining a larger share of revenue [2] - The primary revenue sources in Q1 2025 were ultrasonic equipment for wire harness connectors, new energy battery applications, and accessory business [3] - The company is optimistic about the wire harness connector and semiconductor sectors, expecting continued high demand due to established technology and market presence [4] Advanced Packaging and Medical Sector Developments - The company has made progress in the advanced packaging sector, with its advanced wafer ultrasonic scanning microscope receiving validation orders from well-known industry clients [5] - In the medical field, the company is advancing its ultrasonic dental equipment, which is expected to achieve sales within the year [6] Production Capacity and Expansion Plans - The company is currently operating at full capacity and is expanding production through the acquisition of precision manufacturing equipment [7] - Plans for overseas market expansion are underway, particularly targeting Europe with established products like ultrasonic equipment for wire harnesses and semiconductors [8] Strategic Collaborations - The company has signed a cooperation agreement with Shanghai Jiao Tong University to establish a joint laboratory focusing on advanced packaging and intelligent robotics, aiming to break foreign technology monopolies [11] Market Outlook - The company’s ultrasonic welding equipment in the power semiconductor sector is projected to see an annual market demand increase of approximately 500 to 1,000 million yuan [10] - The company is also exploring new applications for ultrasonic technology in aerospace and composite materials [11]

"宁波膜智信息科技有限公司"为势银（TrendBank）唯一工商注册实体及收款账户 势银研究： 势银产业研究服务 势银数据： 势银数据产品服务 势银咨询： 势银咨询顾问服务 重要会议： 4月29日，2025势银异质异构集成封装产业大会（浙江宁波） 点此报名 添加文末微信，加 先进封装 群 如何加入会议交流群？ 本次大会设有会议交流群，以商务邀请进群方式。 加入后请将您的备注名改为"公司+称呼" 会场：1F 星璨报告厅 用餐地点（会议餐券遗失不补，用餐时请随身携带）： 如何查看现场照片？ 扫描二维码，即可查看 实时现场照片 前往会场路线 （相册将在会议当天开始更新） 用餐地点: | 用餐类别 | 4月29日 | 就餐方式 | 地点 | | --- | --- | --- | --- | | 午餐 | 自助午餐 | 凭餐券 | 2F自助餐厅 | 会场周边酒店参考 会场周边住宿 (仅供参考) 美豪怡致酒店 宁波赛斯学术会堂 | 04-27 星期日 | 04-28 星期一 | 04-29 星期二 | 04-30 星期三 | 05-01 星期四 | 05-02 星期五 | | --- | --- | --- | --- ...

2024 年归母净利润同比高增 44% 公司 2024 年实现营业收入 9.6 亿元，同比增加 34.94% ； 2024 年实现归母净利润 2.51 亿元，同比增加 44.47% ，创公司上市以来新高。 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本订阅号是光大证券股份有限公司研究所（以下简称"光大证券研究所"）依法设立、独立运营的官方唯一订阅号。其他任 何以光大证券研究所名义注册的、或含有"光大证券研究"、与光大证券研究所品牌名称等相关信息的订阅号均不是光大证 券研究所的官方订阅号。 2024 年产品产销量均保持同比正增长，产品价格走势出现分化 公司主要产品 2024 年产销量均实现正增长： 2024 年公司角形无机粉体产销量分别为 77446.44 吨和 7670 ...

Core Viewpoint - The company, Canaan Inc. (688691.SH), has shown significant growth in its order backlog and is making strides in various sectors, including automotive chips and artificial intelligence, as highlighted in its Q1 2025 report [1][5]. Group 1: Financial Performance - As of the end of Q1 2025, the company's order backlog reached 899 million yuan, reflecting a quarter-on-quarter increase of 11.38%, indicating strong future performance support [2]. - The pre-received payments from downstream customers amounted to 300 million yuan, an increase of 87 million yuan compared to the end of the previous year, further confirming the company's robust order situation [2]. Group 2: Chip Customization Services - The company is advancing in one-stop chip customization services, with multiple projects entering the design phase, including a charging pile power control chip and the first domestic MRAM control chip [3]. - Canaan Inc. focuses on domestic independent process platforms and has established strategic partnerships with leading foundries like SMIC, which enhances its market position amid the accelerating domestic substitution in the semiconductor sector [3]. Group 3: Expansion into New Fields - The company is actively developing automotive chips, particularly high-performance MCUs, which are crucial for the growing demand in the automotive electronics sector [4]. - In the artificial intelligence and data center domains, the company has validated its self-developed high-speed interface IP across multiple process platforms, catering to the needs for high bandwidth and low latency [4]. - The company is collaborating with packaging manufacturers to develop advanced 2.5D/3D interconnect solutions, enhancing signal transmission efficiency in advanced packaging [4].