中标非洲 61 亿元天然气增压站项目，海 外拓张持续加速 杰瑞股份中标天然气增压站项目点评 | | | | [当前价格： Table_CurPrice] | 35.09 | | --- | --- | --- | --- | --- | | [table_Authors] 肖群稀(分析师) | 021-38676666 登记编号 S0880522120001 | 赵玥炜(分析师) 021-38676666 S0880525040040 | | | 本报告导读： 公司中标非洲阿尔及利亚国家石油公司 61 亿元天然气增压站总承包项目，有利于公 司在中东、非洲等重要海外区域加速拓展，对经营业绩有所提振。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 13,912 | 13,355 | 16,001 | 18,906 | 22,149 | | (+/-)% | 21.9% | -4.0% | 19.8% | 18.2% ...

Core Viewpoint - Lens Technology Co., Ltd. (蓝思科技) successfully listed on the Hong Kong Stock Exchange, with a closing price of 19.84 HKD, reflecting a 9.13% increase from the opening price of 18.88 HKD [1] Summary by Relevant Sections Share Issuance and Capital Structure - Total number of shares issued by Lens Technology is 262,256,800 [2] - Number of shares for public offering in Hong Kong (after reallocation) is 118,015,600 [2] - Number of shares for international offering (after reallocation) is 144,241,200 [2] - Total shares outstanding at listing (before exercise of over-allotment option) is 5,245,028,971 [2] Pricing and Fundraising - Final offering price is 18.18 HKD, within the range of 17.38 HKD to 18.18 HKD [5] - Total proceeds from the offering amount to 4,767.83 million HKD, with net proceeds of 4,693.69 million HKD after deducting estimated listing expenses of 74.14 million HKD [4][5] Use of Proceeds - Proceeds will be used to enhance and expand the company's product and service offerings, explore other application scenarios for products, expand global business layout, improve global capacity, and enhance vertical integration in smart manufacturing [4] Key Investors - Notable cornerstone investors include Green Better, UBS AM Singapore, Oaktree, and others, with Green Better being a wholly-owned subsidiary of Xiaomi Group [6][7] Financial Performance - The gross profit margin for Lens Technology in 2024 is projected to be 15.89%, marking the lowest level since its listing in 2015 [8]

证券研究报告·行业点评报告·半导体 半导体行业点评报告 长鑫存储启动上市辅导，看好国内先进制程 扩产利好国产设备商 增持（维持） 证券分析师 周尔双 执业证书：S0600515110002 021-60199784 zhouersh@dwzq.com.cn 证券分析师 李文意 执业证书：S0600524080005 liwenyi@dwzq.com.cn 行业走势 -11% -3% 5% 13% 21% 29% 37% 45% 53% 61% 69% 2024/7/8 2024/11/6 2025/3/7 2025/7/6 半导体 沪深300 相关研究 [Table_Tag] [Table_Summary] 投资要点 ◼ 风险提示：下游扩产不及预期，产品突破不及预期。 2025 年 07 月 08 日 ◼ DRAM 龙头启动上市，出货份额持续提升：7 月 7 日国产 DRAM 内存 龙头长鑫存储（长鑫科技集团股份有限公司）正式启动上市征程，中金 公司和中信建投证券已获委任为其 A 股首次公开发行（IPO）的保荐机 构。Counterpoint 预测显示，长鑫存储今年 DRAM 出货量将同比增长 50%，其在整 ...

Core Viewpoint - Company X is planning to issue H-shares for an IPO on the Hong Kong Stock Exchange to accelerate its international strategy and enhance its global influence, despite facing significant challenges in its battery business and financial health [1][2]. Financial Performance - Company X's revenue from electric vehicle batteries reached 15.139 billion yuan in 2024, a year-on-year increase of 40.24%, with a total shipment of 25.29 GWh, representing a growth of 116.89% [3][5]. - The gross margin for the electric vehicle battery segment was only 8.80% in 2024, a decline of 2.42 percentage points compared to the previous year, which is significantly lower than comparable companies [3][5]. Market Challenges - The average selling price of the company's energy storage batteries dropped by 30% over six months, with prices falling to approximately 0.6 yuan/Wh, impacting profitability [5]. - Sales of major client Li Auto fell by 24.1% year-on-year in June, which raises concerns about the company's future sales and market position [5][6]. Financing and Capital Structure - Since 2018, Company X has attempted multiple rounds of financing through private placements and convertible bonds, but has faced continuous financial strain, leading to a tight cash flow situation [2][6][7]. - Plans to spin off its battery division for a separate listing were halted due to ongoing losses, with the division reporting significant deficits from 2020 to 2023 [9]. Strategic Moves - The company is now seeking to raise funds through a Hong Kong IPO as previous financing efforts, including a planned 4.8 billion yuan capital increase, were unsuccessful [2][9].

Core Viewpoint - EVE Energy is pursuing a secondary IPO in Hong Kong to raise approximately 30 billion HKD for global expansion and production capacity enhancement, aiming to differentiate itself in a market dominated by CATL and BYD [2][5]. Group 1: IPO and Financing - EVE Energy plans to issue up to 10% of its total share capital in H-shares, with an option for an additional 15% in oversubscription [2]. - The company has previously raised 19 billion CNY through various financing methods since 2019, primarily for production expansion [5]. - The funds from the IPO will be allocated to projects in Hungary and Malaysia, which are crucial for its overseas production capacity [5][6]. Group 2: Business Segments and Market Position - EVE Energy operates in three main segments: consumer batteries, power batteries, and energy storage batteries, with power and storage batteries becoming the main revenue drivers [3][4]. - In 2024, EVE Energy's global market share in consumer batteries is projected to be 11.7%, ranking third, while its share in power batteries is only 2.8%, placing it fifth [3][4]. - The company has seen significant growth in its energy storage segment, achieving a market share of 17.2%, surpassing BYD to become the second-largest globally [4]. Group 3: Financial Performance and Challenges - EVE Energy's revenue for 2024 is expected to be 48.615 billion CNY, showing a slight decline, with net profit dropping by 6.61% to 4.221 billion CNY [4][6]. - The decline in revenue is primarily attributed to a 20% drop in power battery revenue, highlighting the competitive pressure from industry leaders [4][6]. - Despite high revenue growth in Q1 2025, the company's profit margins are under pressure, with a net profit increase of only 3.32% despite a 37.34% revenue growth [7].

中材科技 20250701 摘要 光伏板块受益于 LDK 电子部带来的紧急度和扩圈效应，以及下游 AV 链 条的推动，电子属性是热度高涨的关键因素，下游市场变化迅速，新规 划频繁出台。 高端光伏产品市场由中材科技、红核及部分国际公司主导，凭借技术、 成本和客户关系优势占据重要地位，其他公司多处于测试或未供货阶段。 光伏板块价格相对稳定，上下游企业有长期合作关系，不会因短期紧缺 而大幅提价，更关注新产品进入主流供应链及全体系打法。 中材科技在光伏行业占据绝对龙头地位，是唯一一家拥有完整技术路径 并得到下游高度认可的企业，其二代产品已进入主流供应链。 技术路线不确定性导致供应链对未来放量情况存在不确定性，过度宣传 提价不合理，但目前价格相对稳定，放量趋势明显，去年上半年价格达 到峰值，今年上半年价格保持稳定。 二代产品目前行业规模较小，仍处于备货状态，但对未来渗透率提升持 乐观态度；三代产品仍在送样过程中，技术路线尚未完全确定。 需求展望方面，行业每月出货量快速增长，预计到 2025 年底可能达到 1,000-1,200 万米/月，到 2026 年底有望达到 3,000-4,000 万米/月， 根本驱动因素是新需 ...

铁矿石：2011-15扩产周期与当前扩产 周期的比较 国泰君安期货研究所 张广硕（分析师） 投资咨询从业资格号：Z0020198 日期：2025年6月 Guotai Junan Futures all rights reserved, please do not reprint 一、2011-15年扩产周期——整体回顾 背景- 2010-15年间，四大矿山巨额资本开支周期与低息周期基本对应 Special report on Guotai Junan Futures 资料来源：矿企历年财报，Bloomberg，iFinD，国泰君安期货研究 2 资料来源 Bloomberg ，iFinD国泰君安期货研究 ： 矿企历年财报 ， • 宏观经济及行业状况方面： ➢ 2007-08金融危机后，以美联储为首的央行采取大幅降息和量化宽松等操作，为市场注入巨大流动性 ➢ 对于商品上游的开采企业，彼时的金融环境意味着更低的项目融资成本，助推海外矿企向项目开发投入更多资本开支 一、2011-15年扩产周期——整体回顾 铁矿供给及价格表现- 20.8 10 12 14 16 18 20 22 24 26 亿吨 WSA：铁矿：产量： ...

Group 1 - Qin'an Co. is planning to acquire 99% of Yigao Company through a combination of share issuance and cash payment, leading to a stock suspension starting June 30, 2025, for up to 10 trading days [3] - Shijia Photon is also planning to acquire the controlling stake in Fuke Xima through share issuance and cash payment, with a similar stock suspension starting June 30, 2025, for up to 10 trading days [4] - ST Jinjing will enter a delisting arrangement starting June 30, 2025, following a decision from the Shanghai Stock Exchange, with a trading period of 15 days before delisting [5] Group 2 - Huahai Qingke plans to invest up to 500 million yuan in expanding its wafer recycling project, with an initial capacity of 200,000 pieces per month and a total planned capacity of 400,000 pieces per month [2] - Wufangzhai intends to repurchase shares worth between 35 million and 70 million yuan for employee stock ownership plans or equity incentives, with a maximum repurchase price of 29.12 yuan per share [2] - Binhai Group has successfully acquired two plots of state-owned construction land use rights for a total price of 32.65 billion yuan and 11.03 billion yuan, designated for residential use [8] Group 3 - Sanda Diwei's controlling shareholder plans to transfer 24.59% of the company's shares to Shandong High-speed Group, which may lead to changes in the controlling shareholder and actual controller [1] - Chuanxing Precision's major shareholder's 15.05% stake is set to be auctioned, which could result in a change of control if the shares are fully sold [9] - Guoen Co. has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [9]

华海清科：拟投资不超过5亿元建设晶圆再生扩产项目 金十数据6月27日讯，华海清科公告，公司计划在江苏省昆山市建设晶圆再生扩产项目，规划扩建总产 能为40万片/月，其中首期建设产能为20万片/月，首期投资预计不超过5亿元人民币。项目资金来源于 公司的自有及自筹资金，建设周期预计不超过18个月。此次投资金额未达到提交董事会或股东大会审议 标准，无需提交董事会或股东大会审议，也不构成关联交易和重大资产重组。 ...

来源：北交所 农大科技成立于2002年，主要从事新型肥料及新型肥料中间体的研发、生产、销售和技术服务，主要产品包括腐植酸增效肥料、控释肥料、水溶肥料等新型 肥料及包膜尿素等新型肥料中间体。该公司包膜尿素产销量位居行业第一，腐植酸复合肥料产销量位居行业第二。 近日，山东农大肥业科技股份有限公司（以下简称"农大科技"）完成了第一轮审核问询函的回复，涉及"业务与技术""业绩变动合理性""大额存货合理性""募 集资金运用"等11个问题。 招股书显示，农大科技此次IPO拟募集资金5.52亿元，计划用于年产30万吨腐植酸智能高塔复合肥项目、年产15万吨微生态制剂系列产品生产项目、年产15 万吨生物肥生产线建设项目、环保低碳生物研发中心以及补充流动资金。 值得注意的是，农大科技的产能利用率不足，引发外界对其募资扩产合理性的质疑。 这也意味着，农大科技若上市成功，其总产能将增长近五成，而产能利用率也将继续承压。 | 代码 | 874513 | | | --- | --- | --- | | 公司全称 | 山东农大肥业科技股份有限公司 | | | 审核状态 | 已问询 | | | 保存机构 | 国金证券股份有限公司 | नि ...