Core Viewpoint - The company Youli Intelligent has submitted its registration to the Beijing Stock Exchange after passing the review on May 16, but the China Securities Regulatory Commission (CSRC) still has doubts about its performance sustainability and reliance on a single major customer [1][5]. Company Performance - Youli Intelligent has shown significant revenue growth, with projected revenues of 433 million yuan, 658 million yuan, and 729 million yuan from 2022 to 2024, respectively. The net profit after deducting non-recurring gains is expected to be 52.27 million yuan, 76.32 million yuan, and 89.22 million yuan for the same period [4]. - The company forecasts a revenue increase of 17.31% to 28.13% in the first quarter of 2025 compared to the same period in 2024, with net profit growth of 23.88% to 27.53% [4]. Customer Concentration - Youli Intelligent heavily relies on its largest customer, NEXTracker, which accounted for 80.69%, 61.67%, and 70.00% of its revenue in recent years, indicating a high customer concentration compared to industry averages [5][6]. - The company's dependency on NEXTracker poses a risk to its financial performance if there are changes in business or orders from this customer [5][7]. Industry Context - The global photovoltaic (PV) market is experiencing growth, with a projected increase in new installations of 597 GW in 2024, a 33% year-on-year growth. However, this growth rate is significantly lower than the 76% increase seen in 2023 [7]. - The PV industry in China is facing challenges, with major companies like Longi Green Energy and Daqo New Energy reporting substantial losses, indicating a tough environment even for industry leaders [7]. Fundraising Concerns - Youli Intelligent has reduced its fundraising target from 358.30 million yuan to 269.90 million yuan, raising questions about the necessity and rationale behind its fundraising projects [8][9]. - The company has been criticized for its fundraising strategy, particularly for maintaining a 70 million yuan allocation for working capital while reducing amounts for key projects, which raises suspicions about its financial health [9][10]. Financial Maneuvering - In 2023, Youli Intelligent conducted two rounds of directed dividends totaling 10.82 million yuan, primarily to repay shareholder debts, which has led to skepticism regarding its financial stability [10][11]. - The company has engaged in frequent fund borrowing with its controlling shareholder, raising further concerns about its financial practices and the true purpose of its IPO [11][13].

2025 年 6 月 30 日 有色金属 铂价格创近 1 个月新高，多晶硅价格再创 2014 年以来新低 ——金属新材料高频数据周报（20250623-20250629） 要点 军工新材料：电解钴价格上涨。（1）本周电解钴价格 24.80 万元/吨，环比 +5.1%。本周电解钴和钴粉价格比值 0.92 ，环比-1.3%；电解钴和硫酸钴价格 比值为 5.06 ，环比+0.8%。（2）碳纤维本周价格 83.8 元/千克，环比+0%。 毛利 -8.56 元/千克。（3）铍价格本周持平。 新能源车新材料：硫酸钴价格上涨。（1）本周 Li2O 5%锂精矿中国到岸价 545 美元/吨，环比 +1.87%。（2）本周电碳、工碳和电池级氢氧化锂价格分 别为 6.04 、5.91 和 5.84 万元/吨，环比-0.3%、-1.05%和-1.8%。电碳与工碳 价差为 2024 年 11 月以来新低，或代表锂电景气度相较工业领域有所减弱。 （3）本周硫酸钴价格 4.88 万元/吨，环比+2.31%。（4）本周磷酸铁锂、 523 型正极材料价格分别为 3.03 、10.55 万元/吨，环比+0%、+0.7%。（5） 本周氧化镨钕价格 ...

Group 1: Industry Outlook - The company views the rapid growth of the renewable energy sector, particularly in photovoltaic and new energy vehicles, as a positive trend despite short-term fluctuations. It anticipates a recovery in the photovoltaic industry by the third or fourth quarter of 2025 due to policy support and industry self-regulation [1][2]. Group 2: Product Development - The new generation of photovoltaic aluminum frames began production in June 2025, with plans for increased penetration leading to steady improvement in unit profitability [3]. - The company has established Anhui Ruibo Intelligent Robotics Co., Ltd. to enhance production efficiency and reduce costs through robotics, currently in the product development and testing phase [5]. Group 3: Strategic Acquisitions - The acquisition of Wuhu Bida aims to deepen collaboration with Chery Automobile, facilitating joint investments and enhancing cost efficiency for clients [4]. Group 4: Capacity Expansion - The Malaysian factory is designed with a total capacity of 100,000 tons, including 60,000 tons for photovoltaic aluminum frames and 40,000 tons for automotive components, with production expected to commence by the end of 2025 [6]. Group 5: Future Growth Strategies - The company plans to integrate its operations in "photovoltaics + new energy vehicles," focusing on key clients and developing new technologies and products. It will also collaborate with Central South University for research in alloy materials [7].

6月30日涨停分析 今日共78股涨停，连板股总数14只，15股封板未遂，封板率为84%（不含ST股、退市股）。焦点股方面，军工股长城军工9天7板、中光防雷20CM3连板， 固态电池概念股兴业股份12天7板、大东南5连板，PCB板块中京电子9天6板，大金融板块弘业期货5连板。 | 股票名称 | 板数 | 涨跌幅 | 涨停时间 | 上涨逻辑 | | --- | --- | --- | --- | --- | | 长城军工 | 9天7板 | 10.00% | 09:58 | 车工 | | 601606 | | | | | | 湖南大雁 | 6天4板 | 10.04% | 10:36 | 军工央企 | | 600698 | | | | +汽配 | | 飞亚达 | 3天3板 | 10.01% | 09:30 | 军工央企 | | 000026 | | | | | | 中光防雷 | 3天3板 | 20.00% | 14:26 | 军工 | | 300414 | | | | | | 中光学 | 4天3板 | 10.00% | 10:07 | 车工+Al | | 002189 | | | | 眼镜 | | 北方导航 | 4天 ...

2025 年 06 月 30 日 联赢激光 (688518) ——光伏新产品发布，看好多业务布局带来的成长潜力 | 报告原因：强调原有的投资评级 | | --- | | 买入（维持） | 上 市 公 司 机械设备 | 市场数据： | 2025 年 06 月 27 日 | | --- | --- | | 收盘价（元） | 19.83 | | 一年内最高/最低（元） | 22.79/11.20 | | 市净率 | 2.1 | | 股息率%（分红/股价） | 0.76 | | 流通 A 股市值（百万元） | 6,768 | | 上证指数/深证成指 | 3,424.23/10,378.55 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 9.36 | | 资产负债率% | 56.11 | | 总股本/流通 A 股（百万） | 341/341 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 06-27 07-27 08-27 09-27 10-27 11-27 12- ...

海上风电 浙江深远海发展加速推进：6 月 27 日，浙能集团发布浙江 A 海上风电场项目（5000MW）、浙江 B 海上风电 场项目（4000MW）、浙江 D 海上风电场项目（2000MW）勘察测量（初勘）技术服务中标候选人公示的公告。 6 月 13 日，浙能集团发布《浙江海风某项目风力发电机组及附属设备（含塔筒）中标结果公告》，东方电 气、运达股份、电气风电分别中标 1/0.5/0.5GW，总容量 2GW。 光伏 六地发布机制电价新政：5 月以来，六地已经分别下发新能源电力机制电价政策，分别为蒙东、蒙西、新 疆 136 号文省级细则正式下发，山东、广东、湖南 136 号文省级细则征求意见稿下发。其中蒙东、蒙西暂 时新增项目不安排机制电量。从已经公布省份情况来看，入市后短期市场化交易比例大幅上升，收益不确 定性明显提升。 证券研究报告 | 2025年06月30日 优于大市 电力设备新能源行业点评 浙江省深远海项目陆续启动前期工作，六地机制电价新政落地 |  | 行业研究·行业快评 | |  电力设备  | 投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | ...

Group 1 - The core viewpoint of the article highlights the revitalization of various industrial projects in Leshan, showcasing successful resource transfers and the introduction of new business models to stimulate economic growth [3][5][6] - The Emei Mountain Banyan Tree project, a luxury hotel, was revived after a resource transfer, with the project expected to open by the end of the year, filling a gap in high-end accommodation in the region [6][7] - The Leshan government is actively working to activate idle assets and introduce new consumption models, aiming for over 10 billion yuan in service industry project investments this year [7] Group 2 - A new solar cell production project in Leshan is set to begin trial production, with the first batch of high-efficiency heterojunction solar cells expected to be produced by July, contributing to the local photovoltaic industry [8][9] - The project aims to establish Leshan as a key player in the downstream solar industry, with an anticipated annual output value of 11 billion yuan upon full production [9] - The local government is also focusing on expanding the photovoltaic industry chain, targeting the development of silicon wafers, solar cells, and components [9] Group 3 - The introduction of a blueberry processing project in Jin Kou He District demonstrates the effectiveness of rapid project implementation, with a timeline from signing to production in less than three months [10][11] - The local government provided "concierge-style" services to facilitate the project, showcasing a commitment to efficient project execution and support for new businesses [11][12] - Similar rapid project implementations have been observed in other sectors, indicating a broader trend of effective government support for industrial development in Leshan [12]

2025 年下半年硅 策略报告 2025 年 6 月 3 0 日 1 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S | 总 | 结 | | --- | --- | | 1、供给：新疆产能继续释放，内蒙及甘肃新增产能填补了西南减产缺口，结构性过剩矛盾突出。据百川，上半年国内工业硅总产量达 | | | 185.6万吨，环比增长21.5%，同比下滑14.9%；主产地占比为新疆53.2%、内蒙12.3%、甘肃10.4%、云南5 %、四川4.5%；上半年开炉量下 | | | 滑53台至215台，开炉率下滑8.3%至27.2%。 | | | 2、需求：光伏抢装带领晶硅需求集中前置，但降库存导致向上传导不佳，有机硅抢出口成为主增量。上半年国内工业硅消费测算量92.9 | | | 万吨，同比下滑34.9%。其中DMC产量102.4万吨，同比增长27.4%，测算工业硅用量约53.2万吨；多晶硅产量57.5万吨，同比下滑45.3%， | | | 测算工业硅用量约74.7万吨；1-5月铝合金产量740.5万吨，同比增长16.7%，预计上半年铝合金产量88 ...

Market Overview - A-shares opened higher with all three major indices rising, particularly active in military and photolithography stocks [1] - The Shanghai Composite Index rose by 0.18% to 3430.47, the Shenzhen Component increased by 0.48% to 10428.07, and the ChiNext Index gained 0.71% to 2139.44 [1] - Hong Kong stocks experienced a slight decline, with the Hang Seng Index down 0.49% to 24165.33, while the Hang Seng Tech Index rose by 0.13% [2][3] Sector Performance - Military stocks continued to be active, with notable gains in companies like Chengxi Aviation and Hengyu Xintong, both rising over 10% [15] - Semiconductor stocks in Hong Kong showed strength, with companies like SMIC and Hua Hong Semiconductor increasing by 5.8% and 5.6% respectively [11] - Photolithography and related stocks saw significant gains, with companies like Blue Eagle Equipment and Kai Mei Teqi hitting the daily limit, and Wavelength Optoelectronics rising over 10% [13] Company Highlights - Lao Pu Gold's new store in Singapore opened on June 21 and has exceeded expectations, with a conversion rate of over 95% and high customer traffic [10] - Analysts predict that Lao Pu Gold's Singapore store will outperform its Macau counterpart, indicating strong potential for expansion in Southeast Asia [10] - New consumption concepts in Hong Kong saw a rebound, with Lao Pu Gold rising over 11%, and other companies like Bubble Mart and Mixue Group also showing gains [5][6] Bond Market - The bond market saw a collective decline in government bond futures, with the 30-year contract down 0.31% and the 10-year contract down 0.11% [2][4]

Summary of the Conference Call for 博迁新材 Company Overview - 博迁新材 is the only domestic company mastering PVD technology for powder production, benefiting from the recovery of AI servers and high-end consumer electronics, leading to a steady growth in high-end electronic powder demand, expected to reach around 250 million yuan [2][5][30] Key Industry Insights - The global MLCC market size is estimated between 100 billion to 110 billion USD, with a recovery of single-digit growth expected in 2024 and 2025 due to increased demand from AI servers and new energy vehicles [2][16][18] - The photovoltaic (PV) industry is experiencing a trend of reducing silver usage, with copper paste technology accelerating as a substitute, expected to reach an application volume of 30GW to 40GW in the coming year [2][8][32] Core Business Performance - The core business of 博迁新材 is nickel powder, contributing 70% to 80% of revenue, primarily used in MLCC for consumer and automotive electronics. In Q1 2024, revenue reached 250 million yuan with a net profit of nearly 50 million yuan, a 200% year-on-year increase, and a gross margin recovery to 32% [2][13][14][30] - The copper powder market for BC battery scenarios is expected to contribute a market space of over 700 tons by 2026, with significant growth potential [2][6] Financial Projections - The electronic powder business is expected to maintain stable profit levels, projected to reach around 250 million yuan [2][5] - The copper powder business is anticipated to see large-scale introduction in 2026, with expected shipments exceeding 1,000 tons and a gross margin of over 30% [4][31] - Overall, the company expects to achieve around 500 million yuan in revenue by 2026, with a market capitalization potentially reaching 15 billion yuan based on a 30x P/E ratio [4][32] Competitive Advantages - 博迁新材's competitive edge in the electronic powder sector lies in its strong technical capabilities, market position, brand accumulation, and continuous innovation, particularly through its unique PVD process [3][24] - The company has established a strong position in the copper powder market by collaborating with major clients in the PV sector, successfully developing silver-coated copper powder and HCD copper paste with initial shipments [2][9][28] Market Trends and Future Outlook - The demand for MLCCs is significantly driven by AI servers, with usage per server increasing dramatically compared to traditional servers [17] - The company is well-positioned to benefit from the domestic substitution trend in the powder supply chain, particularly in the PV sector [2][9] Key Milestones - Important milestones include the completion of technology validation by major clients in Q3 2025 and the large-scale introduction of copper paste in BC batteries in Q1 2026, which are expected to catalyze further growth [4][33]