Investment Rating - The report assigns a "Buy" rating for the company [4] Core Views - The company is a leading player in automotive analog chips, achieving record revenue in Q1 2025, with a revenue of 717 million yuan, representing a year-on-year growth of 97.82% and a quarter-on-quarter growth of 20.66% [1][23] - The domestic demand for analog chips is expected to grow significantly, with a projected market size of 84.3 billion USD by 2025, while the domestic localization rate for automotive analog chips is only about 5% in 2024, indicating substantial room for domestic substitution [2][46] - The company is expected to benefit from the electrification and intelligence of vehicles, with the magnetic sensor market projected to grow from 8.2 billion yuan in 2025 to 19 billion yuan in 2029 [3] Summary by Sections Section 1: Automotive Analog Chip Leader - The company focuses on automotive analog chips and has expanded its product matrix, with over 3,300 product models available for sale by the end of 2024 [1][14] - The company has a stable shareholding structure and an experienced core management team [16][20] - The company’s revenue is expected to return to growth in 2024, with net profit temporarily pressured by stock incentive costs [21][23] Section 2: Demand for Domestic Analog Chips - The analog chip market is expected to grow steadily, with the global market projected to reach 84.3 billion USD by 2025 [2][43] - The domestic analog chip market is anticipated to grow at a CAGR of 11.0% from 2025 to 2029, with automotive and energy sectors leading the growth [46] Section 3: Benefiting from Electrification and Intelligence - The company’s acquisition of Maguan enhances its magnetic sensing IP technology, positioning it as a leader in the Chinese magnetic sensor market [3][42] - The company’s automotive electronics revenue is expected to account for 36.88% of total revenue in 2024, with a shipment volume of 363 million units, reflecting a year-on-year growth of over 100% [35][36] Section 4: Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 2.96 billion, 3.80 billion, and 4.73 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 51.0%, 28.2%, and 24.6% [4][5] - The report emphasizes the company’s strong positioning in the automotive analog chip sector and recommends a "Buy" rating based on its growth potential [4][6]

深圳市骏鼎达新材料股份有限公司投资者关系活动记录表 编号：20250522 | | ☑ 特定对象调研 □分析师会议 | | | | --- | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | | | □新闻发布会 □路演活动 | | | | 类别 | □现场参观 | | | | | □其他（请文字说明其他活动内容） | | | | 参与单位名称及 | 银河基金、泰康基金、浙商证券、中信建投证券、山西证券 | | | | 人员姓名 | 共计 6 人 | | | | | 2025 年 5 月 日 13:30-14:50 | | 22 | | 时间 | 2025 年 5 月 22 日 15:00-16:00 | | | | | 年 月 日 2025 5 22 16:00-16:40 | | | | 地点 | 深圳市宝安区沙井街道民主西部工业园 E 区 2 | 栋骏鼎达公司 | | | | 三楼会议室通过通讯方式进行交流 | | | | 上市公司接待人 | 财务负责人 肖睿 | | | | 员姓名 | 董事、董事会秘书 刘亚琴 | | | | | 证券事务专员 肖荣贵 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 鸿蒙 PC 正式发布，关注鸿蒙投资机遇 报告要点 [Table_Summary] 5 月 19 日，华为 nova 14 系列及鸿蒙电脑新品发布会如期举行，搭载 HarmonyOS 5 操作系 统的鸿蒙 PC 正式发布。此次搭载完全自研的 HarmonyOS 5 操作系统的鸿蒙电脑正式发布， 或将代表着鸿蒙正式进入国产操作系统市场，在国产化替代加速的背景下，有望凭借其加速建 设的鸿蒙生态，逐步提升其市场份额，从而惠及相关产业链。建议关注 1）华为鸿蒙 PC 产业 链，2）开源鸿蒙操作系统开发厂商。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 事件评论 丨证券研究报告丨 2025-05-22 行业研究丨点评报告 [Table_Rank]投资评级 看好丨维持 软件与服务 cjzqdt11111 [Table_Title2] 鸿蒙 PC 正式发布，关注鸿蒙投资机遇 [Tabl ...

国机精工集团股份有限公司投资者关系活动记录表 编号：2025—004 投资者关系 活动类别 ☑特定对象调研□分析师会议 □媒体采访□业绩说明会 □新闻发布会□路演活动 □现场参观□电话会议 □其他 参与单位名称 及人员姓名 中原证券：刘智、石临源 时间 2025 年 5 月 21 日 地点 国机精工会议室 上市公司接待 人员姓名 董事会秘书：赵祥功 证券事务助理：靳晓明 投资者关系活 动主要内容介 绍 1.问：请简单介绍一下公司的主营业务。 答：国机精工在轴承行业和磨料磨具行业开展业务，提供满 足国家战略需求的产品、技术和服务，业务涵盖"新材料、基础 零部件、机床工具、高端装备、供应链管理与服务"五大业务板 块。 一、轴承业务领域 主要分为特种轴承、风电轴承和精密机床轴承等： （一）特种轴承 特种轴承产品应用于航天、航空、兵器、舰船和核工业等领 域，公司具有完善的特种轴承研发、制造、服务体系，圆满完成 中国航天发展史上具有里程碑意义的"东方红""长征""神舟" "嫦娥""天问"等航天工程的轴承配套任务，技术水平居国内 领先，航天领域特种轴承处于国内垄断地位，重点产品配套率 90%以上。随着商业航天的发展，将为 ...

Group 1 - The semiconductor materials ETF (562590) has seen a decline of 0.66%, with the latest price at 1.06 yuan, while its scale reached 323 million yuan, marking a one-month high [1] - In terms of fund inflow, the semiconductor materials ETF recorded a net inflow of 3.2024 million yuan, with a total of 20.5227 million yuan net inflow over the last 10 trading days, indicating strong investor interest [1] - TCL and Alibaba Cloud announced a strategic cooperation on May 21, focusing on AI in semiconductor display and smart terminal fields, aiming to enhance R&D efficiency through the integration of specialized knowledge [1] Group 2 - The semiconductor materials ETF and its connected funds closely track the CSI Semiconductor Materials and Equipment Index, with semiconductor equipment and materials accounting for over 77% of the index, targeting critical areas in chip manufacturing [2]

➢ 鸿蒙 PC 有望加速落地，提升 PC 终端的国产化替代水平，并进一步驱动国 产基础软件生态的建设，PC 有望成为鸿蒙下一个"主战场"。1）PC 有望成为鸿 蒙下一个"主战场"：鸿蒙在 C 端市场持续发力，有望将国产操作系统在国内快 速实现推广。根据 Canalys 数据，2024 年中国大陆地区台式机和笔记本电脑出 货量达到 3971 万台。华为是国内市场的主力军，2024 年华为在中国大陆地区 台式机和笔记本电脑出货量的同比增速达 15%；市场份额由 2023 年的 9%提升 至 11%。2）领军企业持续发力，信创等市场潜力可期：华为鸿蒙 PC 发布后， 基于 OpenHarmony 产品打造的 PC 端操作系统有望加速落地，进而推动信创 等生态发展。根据中国信息安全测评中心发布的《安全可靠测评结果公告》，华为 旗下的盘古 M900、麒麟 9006C 等 CPU 产品入选。华为 CPU 的入选，对信创 端生态完善有着重要意义。以鸿蒙领域部分龙头为例，软通动力 2024 年率先推 出搭载 SwanLinkOS 5 的开源鸿蒙 AI PC 及智能交互平板等智能化产品，2025 年继续全面推进开源鸿蒙 5.0 ...

Core Viewpoint - Meixinsheng Technology (Beijing) Co., Ltd. is experiencing rapid growth in its optical sensor business, with a projected revenue increase of 527.8% in 2024, driven by a diverse product matrix and strong market demand [1][2] Group 1: Company Overview - Meixinsheng has developed a comprehensive product lineup in the optical sensor field, including ambient light/proximity detection, optical tracking sensors, and laser time-of-flight (DToF) ranging [1] - The company is benefiting from the domestic semiconductor localization strategy, achieving technological breakthroughs and industry upgrades in the optical sensor sector [1] Group 2: Market Potential - The global optical sensor market was valued at $19.52 billion in 2023 and is expected to reach approximately $51.21 billion by 2032, with a compound annual growth rate (CAGR) of 11.5% from 2024 to 2032 [1] Group 3: Financial Performance - In Q1 2025, the company reported revenue of 125 million yuan, an increase of 30.47 million yuan or 32.18% year-on-year, and achieved a net profit of 3.67 million yuan, marking a turnaround from losses [2] - The gross margin for the same period was 38%, reflecting a year-on-year increase of approximately 16 percentage points [2] Group 4: Future Outlook - The company is optimistic about its performance in 2025, with the optical sensor product line expected to become a new growth driver [2] - Meixinsheng is actively expanding its product matrix into the AIoT ecosystem and targeting emerging markets such as low-altitude economy, while maintaining a leading position in consumer electronics like AR/VR devices [2]

Core Viewpoint - The article highlights the significant advancements in domestic gas turbine-driven compressor technology in China, showcasing the successful operation and maintenance of the CGT25-D model, which has achieved a record of 110,000 operational hours, marking a shift from reliance on imports to self-sufficiency in this critical technology [2][3][4]. Group 1: Technological Advancements - The CGT25-D gas turbine-driven compressor is a major technological breakthrough in China's industrial gas turbine sector, with a single unit capable of generating 30,000 kilowatt-hours of electricity per hour [3]. - Initial operational challenges included excessive lubricant consumption, which was reduced from 200 liters per day to levels comparable to imported units through technical optimizations [4]. - The maintenance team has successfully reduced the frequency of equipment failures from 13 times per year to zero, demonstrating the effectiveness of their preventive maintenance strategies [4][5]. Group 2: Operational Excellence - A specialized maintenance team of eight has been established to ensure the reliable operation of the compressors in extreme environmental conditions, with over 60% of their time dedicated to preventive maintenance [5]. - The team has documented and standardized the entire fault-handling process, contributing to the gradual realization of autonomous maintenance capabilities for the equipment [5]. Group 3: Broader Impact - The operational experiences and technological advancements from the compressor units have been applied to ensure the safe operation of the West-to-East Gas Transmission Project, which has transported 928.7 billion cubic meters of natural gas, benefiting over 400 cities and nearly 500 million people [7]. - The company aims to further promote the localization of key oil and gas pipeline equipment, enhancing national energy security and contributing to high-quality development in the energy sector [7].

Core Viewpoint - The company, Hu Silicon Industry, is planning a significant acquisition of approximately 7.04 billion yuan to purchase minority stakes in three subsidiaries, which are currently operating at a loss. This acquisition is expected to impact the company's financial performance negatively in the short term [1][5]. Group 1: Acquisition Details - The acquisition involves purchasing stakes in Shanghai Xinsheng Crystal Semiconductor Technology Co., Ltd., Shanghai Xinsheng Crystal Science and Technology Co., Ltd., and Shanghai Xinsheng Crystal Rui Semiconductor Technology Co., Ltd. The total transaction price is approximately 70.40 billion yuan, with 3.24 billion yuan in cash and 67.16 billion yuan in shares [2][3]. - The targeted subsidiaries have reported continuous losses, with projected net losses of 46.21 million yuan, 89.91 million yuan, and 28.71 million yuan for the year 2024, totaling around 165 million yuan [4]. Group 2: Financial Performance - The company reported a net loss of 9.71 billion yuan for 2024, a significant decline of 620.28% year-on-year, primarily due to lower sales and average prices of semiconductor wafers [8]. - In the first quarter of the current year, the company experienced a net loss of 2.09 billion yuan, continuing the trend of financial underperformance [8][9]. - Cumulatively, the company has reported a total net loss of 11.80 billion yuan for 2024 and the first quarter of the current year [9]. Group 3: Market Position and Strategy - Hu Silicon Industry is a leading player in the semiconductor wafer industry, focusing on expanding production capacity and optimizing product offerings to maintain its competitive edge [6][4]. - The company has been actively investing in expanding its production capabilities, including a planned investment of 13.2 billion yuan to increase the production scale of 300mm wafers [6].

Summary of the Conference Call Company Overview - The company, Lingyun Optical, operates primarily in the optical communication and visual systems sectors, with optical communication accounting for 30% of its revenue. It focuses on high-end foreign products and is actively developing next-generation computing center products like OCS all-optical switches and optical chips to support domestic AI computing center construction [2][3]. Key Industry Insights Optical Communication - The optical communication business is stable, representing 30% of total revenue, with products such as 400G, 800G, and 1.6T optical modules and switches being sold domestically [3]. Consumer Electronics - The consumer electronics sector, which serves major clients like Apple and Huawei, generated approximately 700 million yuan last year, accounting for over 40% of the visual business. The demand for optical motion capture has increased significantly, rising from 10% to 30-40% due to the domestic production of components for Huawei's Mate series [4][5]. Printing and Packaging - The printing and packaging segment contributes 20% of the company's revenue, with a growth rate expected to exceed 30% this year. The business focuses on soft packaging inspection, including high-speed scanning and AI software algorithms for quality control [6]. New Energy Sector - The lithium battery business is showing signs of recovery, with increased demand for visual components and inspection equipment, while the photovoltaic sector faces challenges but is expected to recover gradually [7]. Digital Human Project - The digital human project, in collaboration with Zhipu, is progressing well, with a focus on enhancing the optical motion capture product line. The revenue from this product line is expected to increase significantly this year [8]. Scientific Imaging and Semiconductor Business - The scientific imaging and device business has made significant progress, with semiconductor revenue exceeding 100 million yuan. The acquisition of a Danish company has positively impacted the semiconductor segment, contributing over 20% to total revenue [11]. Additional Insights Market Growth Projections - The domestic motion capture market is projected to reach approximately 800 million yuan by 2025, with an annual growth rate of 20-30%, driven by smart manufacturing and unmanned systems [4][28]. Customer Base and Trends - The customer base has shifted from primarily universities to more local enterprises, indicating a growing demand for the company's solutions in various industries [25]. Competitive Advantages - The company's products are competitively priced compared to foreign brands, which are often three to four times more expensive. The company offers a complete data acquisition toolchain, integrating various data types for customer convenience [19][20]. R&D and Workforce - The company has over 100 employees, with more than half dedicated to research and development, indicating a strong focus on innovation [24]. Strategic Developments - The acquisition of AIT has led to a tighter integration of operations and a shift to a calendar year for production cycles, enhancing quality standards and market responsiveness [26]. Conclusion Lingyun Optical is well-positioned in the optical communication and visual systems markets, with strong growth prospects across various sectors, particularly in consumer electronics and motion capture technologies. The company's strategic focus on R&D and competitive pricing enhances its market position, while ongoing collaborations and acquisitions are expected to drive future growth.