Core Viewpoint - The resignation of Li Zhenguo, the founder and major shareholder of Longi Green Energy, is a significant event in the photovoltaic industry, driven by his desire to pursue a position as an academician in the Chinese Academy of Engineering, rather than a mere corporate role [4][6][9]. Group 1: Resignation Details - Li Zhenguo officially resigned from his positions as director, general manager, and legal representative of Longi Green Energy on May 26, marking a pivotal moment for the company and the industry [4]. - The decision to resign was not unexpected, as it had been discussed informally months prior, indicating a long-term intention rather than a sudden choice [6][9]. - Li Zhenguo will continue to serve as the head of the company's Central Research Institute and Chief Technology Officer, focusing on advancing photovoltaic technology [9][12]. Group 2: Implications for Longi Green Energy - Li Zhenguo's resignation means he will no longer participate in strategic decision-making or daily management, which raises questions about the future direction of Longi Green Energy [6][8]. - His departure from management roles aligns with the regulations that prohibit corporate leaders from being candidates for academician positions, emphasizing the importance of technical leadership in the photovoltaic sector [12][13]. - The company’s reliance on technological advancement as a core strategy is underscored by Li Zhenguo's belief that technology progress is the primary driver of the photovoltaic industry's success [11][12]. Group 3: Industry Context - The photovoltaic industry is currently facing significant challenges, including financial losses and market pressures, making Li Zhenguo's resignation particularly impactful [4][24]. - The trend of corporate leaders resigning to pursue academic roles has been observed in other companies, indicating a broader shift in how industry leaders view their contributions to technology and innovation [13][19]. - The emphasis on technology and innovation as the foundation for survival and growth in the photovoltaic sector is critical, as highlighted by Li Zhenguo's past statements regarding the industry's evolution [11][24].

Group 1: Company Overview and Governance - The company is primarily engaged in the research, production, and sales of industrial aluminum profiles, building aluminum profiles, aluminum alloy deep processing products, automotive lightweight products, new energy products, and rail transit equipment components [4][6]. - Recent changes in the controlling shareholder are expected to positively impact the company's governance structure and business development [4][8]. - The company emphasizes risk prevention, strong management, and foundational stability as part of its overall operational principles [8][11]. Group 2: Financial Performance and Future Outlook - As of December 31, 2024, the company had 521 employees [6]. - The company aims to improve operational efficiency through lean management, cost control, and increased R&D investment [6][11]. - The company is focused on turning around its financial performance and achieving profitability in the second quarter of 2025 [6][11]. Group 3: Product Development and Market Strategy - The company plans to optimize its product structure and enhance processing depth to cover a complete manufacturing capability for automotive profiles and assemblies [8][11]. - There is an ongoing effort to explore new business opportunities, particularly in high-margin sectors, while maintaining a focus on automotive parts [6][11]. - The company will continue to adapt its production capabilities based on market and customer demands, including potential developments in the robotics sector [4][6][8]. Group 4: Investor Relations and Communication - The company actively engages with investors through online platforms and Q&A sessions to address concerns regarding performance and strategic direction [2][3]. - All significant matters will be disclosed in accordance with legal requirements, ensuring transparency for investors [3][11].

Core Viewpoint - The photovoltaic industry is experiencing a turning point in 2024, driven by technological iteration and policy adjustments, leading to a shift from low-cost competition to technological collaboration [1][6]. Group 1: Industry Performance - In 2024, 26 photovoltaic companies achieved revenue exceeding 10 billion yuan, with major players like TBEA, JinkoSolar, and Tongwei surpassing 90 billion yuan in revenue, while Longi Green Energy and Trina Solar exceeded 80 billion yuan [2]. - Among the 95 A-share listed photovoltaic companies, 33 reported revenue growth, but many faced revenue declines and net profit drops, indicating a structural challenge in the industry [1][2]. Group 2: Profit Distribution - The profit distribution within the photovoltaic supply chain has become highly polarized, with inverter and equipment manufacturers emerging as the biggest winners, while the module segment faces significant losses [3]. - Sunshine Power reported a net profit of 11.036 billion yuan, up 16.9%, while leading module manufacturers like JinkoSolar barely managed a profit of 0.99 million yuan, with others like Longi and Trina facing losses [3]. Group 3: Technological Advancements - The industry is entering a phase where innovation is crucial for survival, with N-type technology becoming a key differentiator [4][5]. - JinkoSolar achieved significant success with N-type TOPCon technology, shipping 92.87 GW of modules, of which 81.29 GW were N-type, representing 88% of their total shipments [4]. Group 4: Policy and Market Dynamics - The Chinese government is implementing stricter regulations to control low-efficiency production capacity, which is expected to reshape the industry landscape by 2025 [6]. - The market anticipates a potential turning point in 2025, with predictions of increased demand and a tightening supply of components, which may lead to a rebound in prices [6][7]. Group 5: Future Outlook - Companies are focusing on upgrading their production capacities and investing in R&D to maintain competitive advantages, with JinkoSolar planning to complete over 40% of its capacity upgrades by 2025 [7]. - The industry is expected to emerge from a period of adjustment, with leading companies likely to navigate through the cycle successfully due to their advanced capacities and global strategies [6][7].

Core Viewpoint - The acquisition of YinQiu Technology by Guangyang Co., Ltd. is a strategic move aimed at enhancing market share and operational efficiency in the bearing industry, despite facing multiple risks and challenges [1][5]. Group 1: Acquisition Details - Guangyang Co., Ltd. is planning to acquire 100% equity of YinQiu Technology through a combination of issuing shares and cash payments, with an investment intention agreement already signed [1]. - The final terms of the acquisition, including share transfer quantity, ratio, transaction price, and payment method, will be determined in a formal agreement [1]. Group 2: Risks and Challenges - Transaction uncertainty risk exists as the restructuring is still in the planning stage, with core terms yet to be finalized and requiring approval from the China Securities Regulatory Commission [2]. - Business integration challenges arise from differing management cultures, as Guangyang specializes in automotive components while YinQiu focuses on large-scale production in the home appliance sector [2]. - The financial strain from the integration may be exacerbated by Guangyang's negative operating cash flow of -104 million yuan in 2024 and the need for continued investment in YinQiu's capacity expansion projects [2]. Group 3: Industry Competition - The bearing industry is experiencing intensified competition, with a CR5 of 58.3%, and leading companies like Wazhou and Luozhou are advancing in smart and long-life bearing technologies [3]. - Guangyang's R&D investment intensity is currently insufficient compared to industry leaders, which may hinder its ability to penetrate high-end markets [3]. - Foreign brands dominate the precision bearing market, holding over 65% market share, posing challenges for Guangyang's international expansion post-acquisition [3]. Group 4: Industry Impact and Future Outlook - The acquisition reflects a trend of consolidation in the bearing industry, with over 5,000 domestic bearing companies and a CR10 of only 28.1%, indicating a potential for market share growth through mergers [4]. - The combined market share of Guangyang and YinQiu is expected to increase from less than 2% to 4%-5%, positioning them in direct competition with other major players [4]. - There are opportunities for domestic substitution in the high-end bearing market, particularly in the electric vehicle sector, which could increase the penetration rate of domestic bearings from less than 30% to 50% if the integration is successful [4]. Group 5: Conclusion - The acquisition is a proactive choice for Guangyang Co., Ltd. to enhance its competitive position, with short-term benefits from scale effects and market expansion [5]. - Long-term competitiveness will depend on the depth of technological integration and breakthroughs in high-end markets [5]. - The ability to achieve a "1+1>2" effect will require overcoming challenges related to management integration and technological upgrades [5].

Core Viewpoint - The successful debut of Weigao Blood Purification Products Co., Ltd. on the Shanghai Stock Exchange marks a significant milestone for the Weigao Group, highlighting the growth potential of the medical device sector in Weihai [1][3]. Group 1: Company Performance - Weigao Blood Purification's initial public offering (IPO) price was set at 26.5 yuan per share, with the stock opening at 50 yuan, representing an 88.64% increase. By the end of the first trading day, the stock closed at 41.41 yuan, a 56.26% rise, with a turnover rate of 69.71% and a trading volume of 265,700 lots, amounting to 1.15 billion yuan in transaction value [1]. - On May 19, the net inflow of main funds was 275 million yuan, accounting for 23.88% of the total transaction value, while retail investors saw a net outflow of 532 million yuan, representing 46.21% of the total [1]. Group 2: Competitive Advantages - The company has established a competitive moat through its proprietary hollow fiber membrane technology, achieving a market share of 32.5% in blood dialysis devices and 31.8% in blood dialysis tubing, both ranking first in the industry. Its joint venture with Japan's Nikkiso has secured a 24.6% market share in blood dialysis machines, placing it second domestically [3]. - Weigao Blood Purification's collaboration with Taiermao to develop neutral peritoneal dialysis fluid, the first approved product of its kind in China, addresses a significant market need and reduces the risk of peritoneal fibrosis for patients [3][4]. Group 3: Market and Policy Environment - The "14th Five-Year Plan" by the National Health Commission emphasizes expanding peritoneal dialysis service coverage, which aligns with Weigao's strategic initiatives [3][5]. - The Shandong provincial government's support for innovative medical devices, including financial backing of up to 2 million yuan for products entering special review procedures, provides a conducive environment for Weigao's technological advancements [4]. Group 4: Future Growth Potential - The current penetration rate of peritoneal dialysis in China is below 10%, significantly lower than the international average of 20%, indicating substantial growth potential for Weigao's peritoneal dialysis business [4][5]. - Weigao plans to allocate 15% of its raised funds towards the research and development of peritoneal dialysis fluid, focusing on biodegradable materials, which could lead to technological advancements within 3-5 years [5]. - The medical device industry in Weihai has developed into a robust cluster, with over 200 manufacturing companies and significant market share in various products, further solidifying Weigao's position in the capital market [3][6].

"究竟是苹果开创了智能手机时代，还是智能手机时代选择了苹果，每个人心中都有自己的答案，而我 的答案倾向于后者。"易方达基金基金经理郑希的这番话，正是他以中观视角审视科技股投资逻辑的真 实写照。 当下，全球产业链格局面临挑战，郑希认为，如果新一轮颠覆性技术迭代得到实现，我们现在面对的很 多问题或许都会迎刃而解。 在科技浪潮中选择最受益的公司 也是基于这种底层认知，在郑希的投资体系中，很难对任何一家科技公司形成"信仰"。"科技股走势往 往难以预测，它们的爆发往往缘于突如其来的产业级突破，而非某个公司本身的必然成功。"他认为， 大多数科技企业实际上都是特定技术周期中的阶段性受益者。 因此，郑希在审视科技公司时，并不拘泥于传统定义下的"优秀"。"尽管有些公司运营稳健且盈利能力 出色，但如果其业绩表现与所处行业的发展变化关联度不高，这类公司也不是我投资的首选。"对行业 变化的敏感性，是郑希构建投资组合的重要考量因素。他理想的投资标的是，当产业由于新的技术迭代 处于上升周期时，企业能够站在风口之上，利润增长能与行业上行趋势同步甚至超预期。 郑希以苹果手机为例："究竟是苹果开创了智能手机时代，还是智能手机产业选择了苹果？在 ...

Core Viewpoint - Deyi Group, a leader in the radiation therapy sector in China, is facing significant financial challenges despite its market position, as evidenced by ongoing losses and cash flow issues [1][2]. Financial Sustainability and Cash Flow Pressure - Deyi Group has been in a prolonged state of loss, with net losses of 69.78 million yuan in 2023 and 94.57 million yuan in 2024, totaling 777 million yuan [2]. - Although the gross profit margin is projected to rise to 52.7% in 2024, revenue growth is nearly stagnant, with only a 1.2% increase, primarily driven by high-margin TaiChi platform solutions, while low-margin digital business revenue plummeted by 82.7% [2]. - The company has reported negative operating cash flow for eight consecutive years, with cash reserves of only 126 million yuan at the end of 2024, sufficient for approximately 40 months of operation at the current burn rate, alongside a significant inventory turnover period of 894 days, indicating substantial inventory impairment risks [2]. Customer Concentration and Accounts Receivable Risk - Deyi Group's revenue is heavily reliant on its top five customers, accounting for 58.4% in 2023 and 53.4% in 2024, with the largest customer contributing up to 21.6% [3]. - Trade receivables increased from 159 million yuan in 2023 to 271 million yuan in 2024, representing 28% of current assets, with the average collection period extending from 172 days to 322 days, intensifying bad debt provision pressures [3]. - High customer concentration may weaken bargaining power, and the loss or delayed payments from major clients could directly impact cash flow and revenue stability [3]. Technology Commercialization and R&D Investment Imbalance - Despite holding a 75.8% market share in the gamma knife segment with core products CybeRay and TaiChiRT Pro, Deyi Group's overall market share in radiation therapy equipment is only 4.7%, significantly lower than leading competitors [4]. - The R&D investment as a percentage of revenue is as high as 43%, notably exceeding peers like Mindray Medical at 10%, yet the expansion of core product indications remains in clinical trial phases, leading to slow commercialization [4]. - The risk of technological obsolescence is pronounced, as competitors may introduce more cost-effective or innovative products, potentially squeezing Deyi Group's market space [4]. Shareholding Structure and Governance Risks - The Liu Haifeng family controls 52.99% of the voting rights through a multi-layered structure, with several family members in key management positions, raising concerns about centralized decision-making risks [5]. - Hillhouse Capital's sudden transfer of shares worth 50 million yuan before the IPO has sparked market concerns regarding institutional investor confidence [5]. - Historical related-party transactions, such as the acquisition of Prowess in the U.S., lacked sufficient disclosure, potentially indicating issues of interest transfer or compliance disputes [5]. Industry Competition and Policy Dependence - The domestic radiation therapy equipment market is dominated by imported brands, with Deyi Group facing competition from comprehensive giants like United Imaging, which is projected to exceed 10 billion yuan in revenue in 2024 [6]. - The regulatory environment for medical device approvals is stringent, with long and uncertain product registration cycles; for instance, the TaiChiB multi-mode radiation therapy system has not yet completed clinical trials, and failure to obtain approval could hinder market expansion [6]. - The rapid pace of technological iteration in the industry necessitates continuous innovation and adaptation to regulatory changes; failure to do so may result in the loss of first-mover advantages [6]. - Deyi Group previously withdrew its A-share listing application, and despite multiple financing rounds leading to a valuation of 5.1 billion yuan, its profitability remains unverified, compounded by institutional sell-offs raising doubts about long-term value and management capabilities [6].

大中尺寸渗透加速，国产替代方兴未艾 华安证券研究所 分析师 王强峰 S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师 刘天其 S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 华安证券研究所 2025年5月15日 华安研究•拓展投资价值 证券研究报告 1 • 整体而言，中游面板制造厂商积极扩建高世代产线，叠层OLED等新技术商业化进程加快，下游应用多元化将加速上游材 料与设备国产化，提供需求增量。以发光材料为例，其市场规模持续扩大，据QYResearch预计，2023年全球OLED发光 层主体材料市场销售额达到了15.3亿美元，预计2030年将达到33.03亿美元，年复合增长率（CAGR）为11.6%（2024- 2030）。OLED终端材料是当前国产替代的重点难点，核心专利技术一度被海外公司垄断，据群智咨询测算，2023年 OLED有机材料（包括OLED终端材料和前端材料）整体国产材料市占率约为38%；前端材料占比较大为58%，终端材料 国产化率低，其中终端材料中通用层材料为17%左右，发光层材料不足6%， ...

Core Viewpoint - Ningbo Jianxin Superconductor Technology Co., Ltd. (referred to as "Jianxin Superconductor") faces multiple potential risks in its pursuit of an IPO on the Sci-Tech Innovation Board, raising concerns about its "hard technology" credibility and listing motivations [1] Group 1: Supply Chain and Customer Dependency - Jianxin Superconductor is in a weak position within the industry chain, with high customer and supplier concentration. The top five customers contributed nearly 80% of revenue, with the largest customer, Fujifilm Group, accounting for over 40% [1] - The company relies significantly on its top five raw material suppliers, which account for about 60% of purchases, leading to weak bargaining power and a gross margin of only 19.56%-24.94%, less than half the industry average of approximately 45% [1] Group 2: Lack of Technological Moat - The company has insufficient R&D investment, with R&D expense ratios of only 5.66%, 5.42%, and 6.50% from 2022 to 2024, which is less than one-third of comparable peers (14%-18%) [2] - Jianxin Superconductor holds only 42 invention patents, while competitors like United Imaging Healthcare have 3,475 patents, indicating a significant technological gap [2] - The core technology is protected by only 42 patents and confidentiality agreements, posing a risk of losing competitive advantage if key personnel are poached or if there is a leak [2] Group 3: Inventory Backlog and Liquidity Risk - The company's inventory surged from 182 million to 319 million yuan, accounting for over 30% of current assets, with inventory turnover days exceeding 200 [3] - The rapid iteration of superconducting magnet technology raises the risk of existing inventory becoming obsolete, yet the company has only recognized a write-down of 7.18 million yuan for inventory depreciation [3] - Accounts receivable have consistently exceeded 20% of revenue, which could exacerbate liquidity issues if downstream customers face financial difficulties [3] Group 4: Dividend Payouts and Fundraising Contradictions - Despite claiming a need to raise 90 million yuan for liquidity, the company distributed 59.99 million yuan in dividends over the past three years, with the chairman personally receiving 24.91 million yuan [4] - This "left hand dividend, right hand fundraising" approach raises questions about the rationality of its capital operation logic, especially given the average working capital ratio of 58.13% of revenue [4] Group 5: Policy Dependence and International Competitive Pressure - The company relies on a 15% income tax incentive for high-tech enterprises, with tax benefits accounting for 18% of total profits in 2024, making it vulnerable to policy changes [5] - With over 90% dependence on imported liquid helium, fluctuations in the international supply chain could disrupt production [5] - Although the company holds a 4.2% global market share, it faces significant pressure from international giants like Siemens and GE, which could squeeze its market position [5] Conclusion - The risk profile of Jianxin Superconductor's IPO journey includes both visible operational crises and hidden long-term concerns related to technological iteration and industry transformation [6]

Core Viewpoint - In April 2025, Taiwan's panel manufacturers showed a mixed revenue performance, with leading companies like AUO and Innolux experiencing slight declines, while smaller firms like HannStar and Lianjia benefited from high-growth businesses. The industry is adapting to market fluctuations through diversification and technological advancements [15]. Group 1: AUO (友达光电) - AUO's revenue for April 2025 was NT$231.38 billion (approximately RMB 55.37 billion), a year-on-year decrease of 2.65% [1][2] - Cumulative revenue for 2025 reached NT$952.40 billion (approximately RMB 227.91 billion), reflecting a year-on-year increase of 14.41% [1][2] - AUO announced a joint venture with E Ink to establish a large electronic paper module production line, expected to commence production in Q4 2025 [2] Group 2: Innolux (群创光电) - Innolux's revenue for April 2025 was NT$189.97 billion (approximately RMB 45.46 billion), a year-on-year decrease of 1.34% [3][4] - Cumulative revenue for 2025 was NT$749.29 billion (approximately RMB 179.31 billion), showing a year-on-year increase of 7.43% [3][4] - Innolux showcased advanced technologies at Touch Taiwan 2025 and is progressing towards mass production of fan-out panel-level packaging (FOPLP) [5] Group 3: HannStar (瀚宇彩晶) - HannStar's revenue for April 2025 was NT$1.006 billion (approximately RMB 2.41 million), a year-on-year increase of 41.09% [6][7] - Cumulative revenue for 2025 reached NT$3.906 billion (approximately RMB 9.35 million), reflecting a year-on-year increase of 20.19% [6][7] - The company has improved yield rates in its eco-friendly display business and is increasing its revenue share from automotive applications [7] Group 4: Lianjia (凌巨科技) - Lianjia's revenue for April 2025 was NT$721 million (approximately RMB 1.73 million), a year-on-year increase of 24.59% [8][9] - Cumulative revenue for 2025 was NT$2.768 billion (approximately RMB 6.62 million), showing a year-on-year increase of 7.54% [8][9] - The company is optimistic about growth in its industrial control and consumer electronics segments, particularly due to increased demand for printers and instant cameras [9] Group 5: Raibo (铼宝科技) - Raibo's revenue for April 2025 was NT$375 million (approximately RMB 0.90 million), a year-on-year increase of 57.48% [10][11] - Cumulative revenue for 2025 reached NT$1.153 billion (approximately RMB 2.76 million), reflecting a year-on-year increase of 45.43% [10][11] - The growth is attributed to revenue recognition from battery cabinets after customer acceptance, and the company is expanding into the energy sector [11][12] Group 6: Hualing (华凌光电) - Hualing's revenue for April 2025 was NT$183 million (approximately RMB 0.44 million), a year-on-year decrease of 4.70% [13][14] - Cumulative revenue for 2025 reached NT$699 million (approximately RMB 1.68 million), showing a year-on-year increase of 5.85% [13][14] - The company is expanding its production capacity in Taiwan and is actively engaging with U.S. clients to shift orders to local production [14]