Core Viewpoint - Lingguang Infrared has completed a multi-million RMB A++ round of financing, which will be used to expand the production scale of electrical failure analysis instruments and develop thermal conductivity equipment, as well as to build an overseas sales system [2][3]. Company Overview - Lingguang Infrared, established in December 2021, focuses on the research and development of high-end infrared optical instruments, particularly in weak signal detection technology centered around phase-locked imaging. The company aims to provide solutions for industrial, scientific, and medical applications to enhance imaging quality [3][4]. - The company has achieved over 100 million RMB in cumulative sales within three years and has delivered more than 50 devices, breaking the monopoly of foreign manufacturers in the electrical failure analysis industry [4]. Product Development - The main products of Lingguang Infrared include phase-locked infrared microscopes, micro-light microscopes, and laser-induced resistance testing devices. The performance of the phase-locked infrared microscope matches and in some cases exceeds that of imported flagship devices [4][6]. - Since December 2022, the company has launched several detection devices in the semiconductor electrical failure analysis field, including the Thermo 100 (cooled phase-locked infrared microscope), Thermo 50 (non-cooled phase-locked infrared microscope), and InGaAs 100 (micro-light microscope), which have been delivered to leading customers across various application areas [6].

Core Viewpoint - Lingguang Infrared Technology Co., Ltd. has successfully completed a multi-million RMB A++ round of financing, which will be used to expand the production scale of electrical failure analysis instruments and develop thermal conductivity equipment, as well as build an overseas sales system [3][4]. Company Overview - Lingguang Infrared started with a focus on phase-locked infrared devices and has expanded to cover a full product line for electrical failure analysis, including near-infrared and mid-infrared weak light imaging instruments [4]. - The company has achieved over 100 million RMB in cumulative sales within three years and has delivered more than 50 devices, breaking the monopoly of foreign manufacturers in the electrical failure analysis industry [4][6]. Product Development - The main products include phase-locked infrared microscopes, weak light microscopes, and laser-induced resistance testing instruments, with the phase-locked infrared microscope's performance matching or exceeding that of imported flagship devices [4][6]. - The company has established a complete production system in Hefei and plans to expand its production scale, emphasizing the need for stable production processes and supply chains in the high-end instrument industry [6][8]. Market Position and Strategy - Lingguang Infrared aims to capture over 50% of the domestic electrical failure analysis market within 3-5 years while continuously improving its overseas sales system [7]. - The company is positioned as the only domestic firm capable of developing a complete set of semiconductor electrical failure analysis equipment that can compete with imports, with successful technology migration to thermal management, material testing, and live imaging [8]. Team Composition - The founding team includes experts with strong academic backgrounds and industry experience, such as the Chief Scientist, CEO, and CTO, who collectively drive the company's research and operational strategies [7].

Group 1 - The core viewpoint of the news highlights the significant rise in the computing hardware sector, driven by a report from Huawei predicting a 100,000-fold increase in total computing power by 2035 [2] - Several stocks in the computing hardware sector, including Zhongke Shuguang and Lihexing, reached new highs, with notable performances from companies like Bojie Co., Seagull Co., and Hengtong Optic-Electric [1][2] - Bojie Co. has established a deep cooperation network with global tech giants, providing critical testing services for NVIDIA and setting up dedicated laboratories for advanced technologies [2] Group 2 - Bojie Co.'s AI server testing business now accounts for 20% of its operations, serving major clients like Microsoft and Google, which diversifies its customer base [4] - The company has expanded into the automotive electronics sector through the acquisition of Guanghao Jie, with automotive electronic revenue expected to reach 15%-20% by 2024, creating synergies with its computing hardware business [4] - Bojie Co. has made significant advancements in the semiconductor field, launching several products that cover over 50% of the value of core MLCC processing equipment, positioning itself as a key player in the domestic high-end equipment replacement process [4]

Investment Rating - The investment rating for the company is "Outperform the Market" [7][4][26] Core Views - The company has shown strong revenue growth of 27.25% year-on-year in the first half of 2025, with total revenue reaching 5.265 billion yuan and a net profit attributable to shareholders of 1.197 billion yuan, reflecting a 24.65% increase [1][4][21] - The company is in a capacity expansion phase, with significant investments in machine tool projects and international expansions in Thailand and Mexico, which are expected to support mid-term growth [3][4] - The company is benefiting from high demand in the wind power sector and the automotive and semiconductor industries, which is expected to drive continued revenue growth [4][3] Financial Performance Summary - In the first half of 2025, the company's revenue from tire molds was 2.628 billion yuan, up 18.56% year-on-year, while large components revenue increased by 32.94% to 1.947 billion yuan, and machine tool revenue surged by 145.08% to 506 million yuan [2][4] - The gross profit margin for the first half of 2025 was 34.48%, slightly down from the previous year, primarily due to changes in product structure and increased labor costs [1][2] - The company has maintained a strong R&D investment, with R&D expenses reaching 285 million yuan, a 43.7% increase year-on-year, indicating a commitment to innovation and capacity enhancement [3][4] Earnings Forecast and Valuation - The company is projected to achieve net profits of 2.358 billion yuan, 2.757 billion yuan, and 3.179 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 20, 17, and 15 [4][6][24] - The company has a solid financial position with a projected revenue growth of 20.1% in 2025 and a net profit growth of 17.3% [6][24]