芯碁微装回复称，随着PCB产业链的蓬勃发展，公司目前订单情况良好且呈积极增长态势。二期园区产 能的释放为公司承接更多订单提供了坚实基础，凭借先进的生产设备与优化的工艺流程，能够满足更多 客户多样化、定制化的需求，订单承接量也相应增加，为公司进一步拓展市场份额、提升业绩奠定了有 力支撑。 格隆汇1月7日｜有投资者在互动平台向芯碁微装提问：PCB产业链公司迅速发展，请问公司的订单多 吗？ 新工厂产能有了，是不是接订单增加了？ ...

消息面上，龙蟠科技近日发布公告称，公司2025年度向特定对象发行A股股票申请已获上海证券交易所 受理。此次募集资金总额不超过人民币20亿元，扣除相关发行费用后的募集资金净额拟用于11万吨高性 能磷酸盐型正极材料项目、8.5万吨高性能磷酸盐型正极材料项目，以及补充流动资金。 龙蟠科技（603906）(02465)午前涨超6%，截至发稿，涨5.86%，报14.64港元，成交额1.36亿港元。 值得注意的是，龙蟠科技本月初公告，公司控股孙公司锂源亚太签订长期采购协议。预计将由锂源亚太 自2026年至2030年间合计向Sunwoda销售10.68万吨符合双方约定规格的磷酸铁锂正极材料，合同总销售 金额为45亿至55亿元。据统计，今年以来，龙蟠科技已拿下逾675亿元订单。 ...

研究报告 Research Report (Please see APPENDIX 1 for English summary) 2025 年品牌订单分化，2026 年趋势延续但订单增速明显恢复。我 们预期 2025 年公司订单增长为低个位数，其中 Adidas/New Balance/On running/Asics 及其他品牌为主要增长动力，公司份额也 在 品 牌 供 应 链 端 持 上 升 或 稳 定 态 势 。 然 而 由 于 Converse/Vans/Puma 等品牌处理高库存致使订单回落，对公司整 体表现有所拖累。展望 2026 年，我们预期高增品牌仍将延续亮眼 表现，同时 Nike/Hoka/UGG 等品牌稳健向上，但 Converse/Vans 或 将继续对整体订单有所掣肘。我们预期 2026-2027 年订单增长较 2025 年有明显恢复，分别为高单位数和 10%的增长。公司自 2022 年进入 Adidas 供应链，积极和品牌商沟通获取供应链份额，我们 预期 2025 年 Adidas 产能逾千万双，符合公司年初预期。公司已与 品牌商签署长期协议，成为公司订单增长的最主要动力。此外， 我 ...

Investment Rating - The report recommends "Buy" for Shenzhou International and Huali Group, with respective 2026 PE ratios of 12x and 18x [2][30]. Core Views - The textile and apparel industry is experiencing fluctuations in revenue, with notable declines in some manufacturers' performance due to changing international trade environments and tariff policies [1][13]. - The report anticipates a recovery in orders and shipments for apparel manufacturers in 2026, driven by improved demand and healthy inventory levels [23][28]. - Key brands like Nike are expected to show gradual improvement in their operational performance, which may positively impact their suppliers [23][24]. Summary by Sections Recent Revenue Performance - In November 2025, revenue for Feng Tai Enterprises, Ruo Hong, and Yu Yuan Group decreased by 11.8%, increased by 1.5%, and decreased by 2.4% year-on-year, respectively [1][13]. - Cumulatively from January to November 2025, Feng Tai's revenue declined by 4.9%, while Ruo Hong and Yu Yuan reported increases of 3.8% and 0.9% [1][13]. Industry Outlook - The report indicates that the apparel manufacturing sector is expected to see a recovery in orders in 2026, with a focus on companies with integrated and international supply chains [28][29]. - The report highlights that the competitive landscape is improving, with leading manufacturers likely to gain market share [2][27]. Key Investment Opportunities - Recommended stocks include Shenzhou International and Huali Group, with a focus on companies that are expected to benefit from improved customer trends and operational efficiencies [2][28]. - Other companies to watch include Weixing Co., Kairun Co., and Jingyuan International, which are also positioned well for future growth [2][28]. Brand Performance - The report emphasizes the importance of brand performance, particularly for Nike in the Greater China region, which is expected to show a turnaround [28]. - Other recommended brands include Anta Sports and Li Ning, with respective 2026 PE ratios of 14x and 16x [28].

Core Insights - Daktronics (DAKT) reported second-quarter fiscal 2026 results with earnings of 35 cents per share, exceeding the Zacks Consensus Estimate by 29.63% and showing a year-over-year increase of 59.1% [1] - Revenues reached $229.3 million, a 10% increase year over year, surpassing the consensus mark by 9.09% [1] - Orders rose 12.1% year over year to $199.1 million, while product backlog increased 35.8% year over year to $320.6 million [1][8] Revenue Breakdown - Commercial revenues, accounting for 22.1% of total revenues, increased 16.8% year over year to $50.8 million [3] - Live Events revenues, making up 35.5% of total revenues, climbed 5.5% year over year to $81.5 million [3] - International revenues surged 64.2% year over year to $29.8 million, representing 13% of total revenues [3] - High School Park and Recreation revenues decreased 4.4% year over year to $46 million, while Transportation revenues fell 0.9% year over year to $21.3 million [3] Order Details - Commercial segment orders declined 5.1% year over year to $42.3 million [4] - High School Park and Recreation orders fell 0.4% year over year to $35.7 million [4] - Live Events orders increased significantly by 26.5% year over year to $89.2 million, bolstered by large orders from MLB and MLS stadiums [4] - Transportation orders rose 15.2% year over year to $14.1 million, driven by airport and Intelligent Transportation Systems projects [5] - International orders increased 23.6% year over year to $17.9 million, with notable projects in the Middle East, UK, and Ireland [5] Operating Highlights - Gross margin for the quarter was 27%, expanding by 20 basis points year over year [6] - Total operating expenses were $40.3 million, a slight increase of 0.4% year over year, primarily due to higher selling expenses [6] - Non-GAAP operating income rose 12.8% year over year to $21.6 million [6] Financial Position - As of October 31, 2025, Daktronics had cash and cash equivalents of $149.6 million [7] - Free cash flow was reported at $36.1 million, down from $52.5 million in the same quarter last year [7] Future Outlook - Daktronics anticipates year-over-year revenue growth for the third quarter of fiscal 2026, despite the seasonally slower holiday period [9] - The company aims for an operating margin of 10-12% and a return on invested capital target of 17-20% by fiscal 2028 [9] - Daktronics is expanding manufacturing capacity in Mexico and Ireland to enhance operational flexibility [9]

Core Viewpoint - The company, Ningbo Jinda, reported a positive outlook on its order situation, indicating growth and high capacity utilization, with production scheduled through the first quarter of next year [1] Group 1 - The company stated that its current order situation is maintaining growth [1] - The capacity utilization rate is high, indicating efficient production processes [1] - Production scheduling extends into the first quarter of the following year, reflecting strong demand [1] Group 2 - Management has implemented measures to accelerate the acceptance pace of sales products [1] - A sequential improvement in performance is expected in the fourth quarter [1]

Core Viewpoint - The automation equipment sector in the consumer electronics industry is expected to see significant order growth due to North American clients demanding increased automation from suppliers [1] Company Summary - The company, Bozhong Precision (688097.SH), reported a strong order situation for the year, with orders as of the end of October increasing by over 60% compared to the same period last year [1] - Orders in the new energy sector are experiencing rapid growth, while orders in the 3C (computer, communication, and consumer electronics) sector remain stable [1] - The company is optimistic about the order growth expectations for the 3C business segment in the coming year based on current sampling and business leads [1]

Core Insights - Tennant Company's Q3 results disappointed the market, with revenue and non-GAAP profit falling short of Wall Street expectations [1][6] - Management highlighted challenges due to a reduction in backlog from the previous year and a sudden softening in North American industrial demand, attributed to tariff volatility [1][6] - Despite these challenges, the company experienced order growth and implemented pricing actions and supply chain adjustments to mitigate increased costs [1] Financial Performance - Revenue for Q3 was $303.3 million, missing analyst estimates of $306 million, representing a 4% year-on-year decline [6] - Adjusted EPS was $1.46, below expectations of $1.50, marking a 2.9% miss [6] - Adjusted EBITDA was $49.8 million, slightly below analyst estimates of $50.35 million, with a margin of 16.4% [6] - The company reaffirmed its full-year revenue guidance at $1.23 billion and adjusted EPS guidance at $5.95 [6] - EBITDA guidance for the full year is set at $202.5 million, exceeding analyst estimates of $199.5 million [6] - Operating margin decreased to 7.8% from 9.7% in the same quarter last year [6] - Market capitalization stands at $1.35 billion [6] Management Commentary - CEO Dave Huml acknowledged the complexity of the current trade environment and the impact of tariff volatility on customer purchasing behavior [1][6] - Management indicated that the slowing year-over-year order growth is primarily due to tough comparisons, but they believe order growth is achievable in the next quarter [6] - CFO Fay West mentioned expectations for some sequential margin improvement, although full-year gross margin gains will be limited due to a weaker mix and ongoing inflation [6] - The company plans to repurchase approximately 4.5% of its shares this year, leveraging its strong balance sheet [6] Operational Updates - The ERP rollout in the APAC region was successful, with the North American rollout currently underway and EMEA scheduled for the next quarter [6]

Core Viewpoint - The company has experienced a short-term adjustment in performance due to phase fluctuations in industry demand, but is seeing a recovery in orders and overall operational improvement as demand gradually rebounds this year [1] Group 1: Company Performance - The company reported a recovery in order growth, indicating a positive trend in overall business operations [1] - Management is focused on ensuring high-quality delivery of existing orders and is increasing efforts in acceptance and payment collection [1] Group 2: Strategic Initiatives - The company is actively positioning itself in emerging technology sectors and is continuously enhancing its product structure to improve market competitiveness [1] - Multiple strategies are being implemented to drive performance towards positive growth, aiming to create long-term stable value for investors [1]

Core Viewpoint - Zhonghua Equipment (600579) reported an increase in its order backlog, indicating positive growth prospects for the company [1] Group 1: Order Backlog - As of September 30, 2025, the company has an order backlog of approximately 1.44 billion yuan, which is an increase of 4.42% compared to the end of 2024 (1.379 billion yuan) [1] - Among the order backlog, Tianhua Institute accounts for 1.332 billion yuan, while Zhonghua Rubber Machine contributes 108 million yuan [1] Group 2: Business Strategy - The company plans to continue enhancing its market-oriented order acquisition and fine-tuning cost control measures to improve operational efficiency [1]