格隆汇11月24日丨天岳先进(688234.SH)在互动平台表示，SiC MOS是碳化硅衬底在功率半导体中的成 功应用，而功率半导体器件能广泛应用于电动汽车、光伏及储能系统、智能手机等行业。 目前公司已 与多家功率半导体厂商合作，并且与全球前十大功率半导体器件制造商中一半以上的制造商建立了业务 合作关系。 ...

目标公司是一家领先的功率半导体器件及系统解决方案提供商，为中国陕西省重点产业链(半导体及集 成电路)链主企业(彼亦是国家工业和信息化部专精特新"小巨人"企业)。 集团一直积极寻求扩展集团的业务。目标公司是一家集研发、生产及销售为一体的功率半导体全产业链 企业。中国作为全球最大的功率半导体消费市场，占据全球差不多一半的市场份额，但中高端产品国产 化率相对较低。目标集团拥有兼具产业经验与资本视野的核心团体，能有效扩大在功率半导体消费市场 的市场份额，集团认为建议交易有助集团进一步拓展业务范围。 智通财经APP讯，中联发展控股(00264)发布公告，于2025年11月21日，公司与徐西昌(卖方)订立一份不 具法律约束力的谅解备忘录，据此，公司有意向龙腾半导体股份有限公司(目标公司)股东收购目标公司 最多100%股权，包括卖方(其为目标公司的单一最大股东和董事长)直接持有的目标公司24.81%股权， 卖方有意出售及同意沟通以促成目标公司其他股东向公司出售目标公司最多100%股权。建议交易的代 价金额预期最高约为45亿港元至90亿港元之间(经参考包括，但不限于，目标公司最新融资估值)，须经 订约方同意并载列于将由各方签 ...

| 答：公司通过与客户约定的价格传导机制，具备一定向下游 | | --- | | 客户传导原材料价格变动的能力，但由于价格传导机制存在滞后 | | 性以及原材料价格波动幅度未触发调价机制等因素，不能完全规 | | 避原材料价格波动带来的影响。 | | 4、公司产品在性能、参数方面较其他厂商有哪些优势？ | | 答：公司产品较市场上的同类产品在热导率、硬度、抗拉强 | | 度和精度等指标方面具备明显优势。 | | 5、公司产品的迭代周期大概多久？ | | 答：公司核心产品铜针式散热基板作为功率半导体模块重要 | | 组成部件，根据客户的定制化需求进行生产，以满足终端产品的 | | 适配性以及性能指标等要求。客户的定制化需求主要体现在对产 | | 品的具体形状、针翅结构、预弯弧度、电镀要求等方面，公司主 | | 要产品不存在明显的迭代周期特征。以客户斯达半导为例，公司 | | 对应斯达半导 P 系列的铜针式散热基板产品自 2015 年实现量产 | | 后，斯达半导向公司采购至今，未发生产品更新迭代的情形。 | | 6、公司的产品从设计开发到批量生产的时间大概多久？ | | 答：公司的产品从设计开发阶段到批量生产阶 ...

Core Viewpoint - The company is advancing the acquisition of 100% equity in Shenzhen Shangyang Tongke Technology Co., Ltd, aiming to enter the power semiconductor sector and establish a second growth curve to enhance its sustainable profitability [1] Group 1 - The acquisition project is currently in progress and requires approval from the Shenzhen Stock Exchange and registration consent from the China Securities Regulatory Commission before implementation [1] - The completion of the transaction is subject to uncertainties regarding the approval and registration timeline [1]

Investment Rating - The report maintains a "Buy" rating for the company’s A-shares and H-shares [4][6] Core Insights - The company achieved a revenue of 18.83 billion CNY in the first three quarters of 2025, representing a year-on-year growth of 14.9%. The net profit attributable to shareholders was 2.72 billion CNY, up 10.9%, while the net profit excluding non-recurring items reached 2.61 billion CNY, marking a significant increase of 30.9% [1][4] - The company's gross margin improved to 32.4%, an increase of 3.1 percentage points year-on-year, while the net margin slightly decreased to 15.3%, down 0.7 percentage points [1] - The rail transit equipment business showed stable growth, with revenue reaching 10.31 billion CNY, a year-on-year increase of 9.2%. The company maintained a stable market share in the bidding for train sets and locomotives, which is expected to support the annual performance [2] - The emerging equipment business experienced rapid development, with revenue of 8.43 billion CNY, reflecting a year-on-year growth of 22.3%. The company made significant progress in IGBT chip technology and is expanding its production capacity in power semiconductors [3] Summary by Sections Financial Performance - For Q3 2025, the company reported a revenue of 6.62 billion CNY, a 9.6% increase year-on-year, and a net profit of 1.05 billion CNY, up 7.7% [1] - The company’s projected net profits for 2025-2027 are 4.30 billion CNY, 4.81 billion CNY, and 5.35 billion CNY, respectively, with corresponding EPS of 3.17 CNY, 3.54 CNY, and 3.94 CNY [4][5] Revenue Breakdown - The rail transit equipment segment generated 10.31 billion CNY in revenue, with specific contributions from various sub-segments: electrical equipment (8.08 billion CNY), engineering machinery (0.90 billion CNY), communication signals (0.76 billion CNY), and other equipment (0.57 billion CNY) [2] - The emerging equipment segment's revenue was 8.43 billion CNY, with notable growth in basic components (3.84 billion CNY), electric drive systems for new energy vehicles (1.87 billion CNY), and renewable energy generation (1.59 billion CNY) [3] Profitability and Valuation - The company’s projected P/E ratios for A-shares are 23, 19, 16, 15, and 13 for the years 2023 to 2027, respectively [5][11] - The return on equity (ROE) is expected to improve from 8.42% in 2023 to 10.45% in 2027, indicating enhanced profitability [11]

Core Viewpoint - The company has a clear structure with four major business segments and possesses high-quality customer resources, focusing on the automotive parts industry for over 30 years. The expected revenue for 2024 is 2.531 billion yuan, with a projected revenue of 1.287 billion yuan for the first half of 2025. The gross profit margin is expected to rebound in 2023 and grow to 29.04% in the first half of 2025 [2][27][36]. Business Segments Summary Stamping and Assembly Business - The stamping and assembly business benefits from the recovery and growth of core customers, particularly SAIC Motor, which is experiencing a resurgence. The company has expanded its customer base to include new energy vehicle manufacturers such as Tesla, Li Auto, and Xiaomi, with a multi-regional capacity layout to meet future demand [3][4][25]. - The stamping business has over 3,500 products covering critical areas such as body, chassis, powertrain, and electronics, with a year-on-year growth of 41.08% expected in the first half of 2025 [15][54]. Precision Plating Business - The precision plating business has opened a second growth avenue, with a focus on power semiconductor-related projects. The company entered this field by acquiring Wuxi Kaixiang and has established itself as a core supplier in precision plating for Bosch since 2016, with a gross profit margin of 80% [5][20][51]. - The company has invested in a power semiconductor component project, which is expected to bring new growth opportunities [6][25]. Financial Performance - The company's revenue has shown continuous growth, with a significant increase of 32.7% in 2023, driven by rising demand from downstream customers. The revenue for 2024 is projected to reach 2.531 billion yuan, with a net profit of 378 million yuan, reflecting a growth rate of over 36% [27][32]. - The gross profit margin has improved significantly, reaching 29.04% in the first half of 2025, benefiting from product structure optimization and cost control [36][51]. Customer Base and Market Position - The company has a solid customer base, with major clients including SAIC Group, Tesla, Li Auto, and Xiaomi, contributing to 73.51% of total revenue in 2025. The deep partnership with SAIC Group ensures stable business, while new energy clients provide growth potential [54][55]. - The automotive stamping parts market in China is expected to maintain a scale of around 250 billion yuan from 2025 to 2027, driven by the increasing demand for lightweight and high-safety vehicles [58][59].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 64.86 and HKD 50.02 [6][12][13] Core Insights - The company reported Q3 revenue of RMB 6.616 billion, a year-on-year increase of 9.58% but a quarter-on-quarter decrease of 13.82%. The gross margin improved slightly to 33.18% [1] - The company is expected to maintain steady growth driven by robust demand in its rail transit business and breakthroughs in high-voltage power devices, new energy generation, and deep-sea equipment [1] - The semiconductor business continues to grow significantly, benefiting from new domestic and international orders in the new energy sector [3] Summary by Sections Rail Transit Business - Revenue for the rail transit business reached RMB 10.305 billion in the first three quarters, up 9.23% year-on-year. The growth is attributed to increased orders from national railway tenders and maintenance services [2] - The company has secured significant orders for high-speed trains, with a total of 278 units tendered this year, surpassing last year's total [2] - Maintenance revenue for the first three quarters was RMB 2.215 billion, reflecting a year-on-year growth of 19.59% [2] Emerging Business - The emerging equipment business generated RMB 8.426 billion in revenue, a year-on-year increase of 22.26%. The semiconductor segment saw a growth of 30.40% [3] - The company has successfully entered new markets for its silicon carbide products and has received substantial orders in photovoltaic and charging infrastructure [3] - New energy generation projects have also seen success, with over 15 GW of photovoltaic integration products tendered in the first three quarters [3] Profit Forecast and Valuation - Revenue forecasts for 2025, 2026, and 2027 are maintained at RMB 28.661 billion, RMB 33.021 billion, and RMB 37.392 billion respectively, with net profit expectations of RMB 4.175 billion, RMB 4.657 billion, and RMB 5.229 billion [4][10] - The valuation analysis suggests a target market value of RMB 420 billion for the emerging equipment business and RMB 461 billion for the rail transit equipment and other businesses [12][13]

Investment Rating - The report assigns an "Outperform the Market" rating for the company [4][6]. Core Views - The company has a clear structure with four major business segments: stamping parts, molds, assembly processing, and precision electroplating, which are supported by high-quality customer resources [1][14]. - The stamping and assembly processing businesses are benefiting from the recovery and growth of core customers, particularly SAIC Motor, and the expansion into new energy vehicle clients such as Tesla, Li Auto, and Xiaomi [2][20]. - The precision electroplating business is seen as a new growth driver, with significant margins and a recent entry into the power semiconductor sector [3][25]. Summary by Sections Business Overview - The company has been deeply involved in the automotive parts industry for over 30 years, establishing a diversified product matrix that includes stamping parts, assembly processing, precision electroplating, and mold design and manufacturing [14][17]. - The company completed the acquisition of Wuxi Kaixiang in 2022, marking its entry into the precision electroplating business, which is expected to drive future growth [14][25]. Financial Performance - The company forecasts revenues of CNY 25.31 billion for 2024 and CNY 31.02 billion for 2025, with a projected net profit of CNY 5.01 billion for 2025, reflecting a year-on-year growth rate of 32.5% [4][5]. - The gross margin is expected to improve, reaching 29.04% in the first half of 2025, driven by product mix optimization and cost control [4][42]. Customer Base and Market Position - The company has a solid customer base, with major clients including SAIC Group, Tesla, Li Auto, and Xiaomi, which collectively contribute significantly to its revenue [54][30]. - The company’s stamping business has over 3,500 products, with a focus on both traditional fuel vehicles and new energy vehicles, ensuring a stable order flow [20][31]. Growth Drivers - The precision electroplating segment is projected to grow significantly, with sales of precision electroplated parts expected to increase from 71.66 million units in 2021 to 122.21 million units by 2024, achieving a gross margin of 80% [3][49]. - The company is also investing in power semiconductor components, which are anticipated to provide new growth opportunities [3][25]. Market Trends - The automotive stamping parts market in China is expected to maintain a scale of around CNY 250 billion from 2025 to 2027, driven by the increasing demand for lightweight and high-safety vehicles [59][60]. - The report highlights a trend towards outsourcing assembly processing as automotive manufacturers seek to enhance operational efficiency [57].

Market Overview - In October 2025, the equity market experienced an overall upward trend, with the Shanghai Composite Index breaking through 3900 points and reaching a historical high of 3950.3, marking a monthly increase of 0.42% [5] - The bond market remained volatile, influenced by expectations of further monetary policy easing and high risk aversion due to the uncertain Sino-US trade situation. The yield on 10-year government bonds rose by 0.20 basis points to 1.849% by October 24 [5] - The convertible bond market saw a stabilization after an initial valuation compression, with the average price of convertible bonds decreasing by 3.00% to 114.34 yuan, and the median price dropping by 0.48% to 131.01 yuan [5][11] Convertible Bond Strategy - The report suggests a balanced approach to convertible bond investments, emphasizing the need for a wave-like strategy in asset management. It highlights the importance of selecting bonds with high potential for price appreciation while managing risks associated with high premiums and frequent redemptions [17] - The report identifies sectors with high win rates and high odds for convertible bond investments, including lithium batteries, semiconductor equipment, and agricultural chemicals, which are expected to benefit from recent price increases and market demand [17] "Top Ten Convertible Bonds" Portfolio - The report lists the "Top Ten Convertible Bonds" for November 2025, highlighting their respective industries, credit ratings, and reasons for recommendation. For instance, the "Xingye Convertible Bond" is recommended due to its attractive dividend yield of over 5% [19][20] - The portfolio includes bonds from various sectors such as banking, battery manufacturing, medical devices, and semiconductor industries, showcasing a diverse investment strategy aimed at capturing growth across different market segments [19] Sector-Specific Insights - The banking sector, represented by Xingye Bank, is noted for its stable revenue growth and strong asset quality, with a projected dividend yield of 4.6% [20][21] - The battery sector, particularly represented by Yiwei Lithium Energy, is experiencing rapid growth in energy storage battery shipments, positioning the company as a leader in the market [31][34] - The medical device sector, led by Yirui Technology, is benefiting from increased demand for digital X-ray detectors and core component breakthroughs, indicating strong growth potential [43][46] - The semiconductor sector, represented by Weier Technology, is capitalizing on the recovery in consumer electronics demand and the expansion of automotive electronics, leading to significant revenue growth [68][71] - The communication sector, represented by Zhongbei Communication, is seeing explosive growth in its intelligent computing business, driven by the increasing demand for AI-related services [80][83] Conclusion - The report emphasizes the importance of a strategic approach to investing in convertible bonds, focusing on sectors with strong growth potential and favorable market conditions. The "Top Ten Convertible Bonds" portfolio serves as a guide for investors looking to capitalize on these opportunities while managing associated risks [17][19]

Group 1 - The core viewpoint of the news is that Sda Semiconductor's stock has increased by 5.09%, reaching a price of 116.30 CNY per share, with a trading volume of 523 million CNY and a turnover rate of 1.93%, resulting in a total market capitalization of 27.851 billion CNY [1] - Sda Semiconductor, established on April 27, 2005, and listed on February 4, 2020, is primarily engaged in the design, research, and production of power semiconductor chips and modules, mainly focusing on IGBT technology. The revenue composition is 98.12% from modules and 1.88% from other products [1] Group 2 - From the perspective of major circulating shareholders, Guolian An Fund's ETF has increased its holdings in Sda Semiconductor by 128,800 shares, bringing the total to 1.2711 million shares, which accounts for 0.53% of the circulating shares. The estimated floating profit today is approximately 7.1561 million CNY [2] - The Guolian An CSI Semiconductor Products and Equipment ETF (007300) was established on June 26, 2019, with a current scale of 1.669 billion CNY. It has achieved a return of 51.71% this year, ranking 633 out of 4,218 in its category, and a return of 55.6% over the past year, ranking 454 out of 3,878 [2] - The fund managers, Huang Xin and Zhang Zhenyuan, have significant experience, with Huang having a tenure of 15 years and 200 days and Zhang having 11 years and 331 days. The total asset scale managed by Huang is 42.561 billion CNY, with the best return during his tenure being 205.76%, while Zhang manages 41.387 billion CNY, with a best return of 387.76% [2]