（校对/黄仁贵） | 项目 | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入(元) | 328,772,970.07 | 282,486,185.25 | 16.39% | | 归属于上市公司股东的净利润(元) | -814.169.71 | -2.430.826.50 | 66.51% | | 归属于上市公司股东的扣除非经常性损益的 净利润(元) | -952.527.39 | -3.930.851.46 | 75.77% | | 经营活动产生的现金流量净额(元) | 53.602,248.50 | 31,598,221.51 | 69.64% | | 基本每股收益(元/股) | -0.01 | -0.02 | 50.00% | | 稀释每股收益(元/股) | -0.01 | -0.02 | 50.00% | | 加权平均净资产收益率 | -0.13% | -0.38% | 65.79% | | 项目 | 本报告期末 | 上年度末 | 本报告期末比上年度末增减 | | 总资产(元) | 1,282,417,969.20 | 1.35 ...

Group 1 - The company has a diverse application of its products, including in sectors such as new energy vehicles, photovoltaics, energy storage, wind power, industrial automation, intelligent robotics, 5G communications, data processing centers, power supply, lighting, and smart grids [2] - The company responded to an investor inquiry regarding the status of its capacitor business for data centers, indicating that it is part of a broader portfolio of applications [2] - The company did not specify the proportion of the capacitor business in relation to its overall business volume [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future investment returns exceeding the market benchmark by more than 15% over the next 6-12 months [5][13]. Core Insights - The company is a leading player in the domestic inductance market, with a significant global market share in magnetic components, microwave devices, sensors, and fine ceramics. The company reported a revenue of 1.461 billion yuan in Q1 2025, a year-on-year increase of 16%, and a net profit of 233 million yuan, up 37% year-on-year [1]. - The company has successfully expanded its automotive electronics business, achieving a revenue of 1.1 billion yuan in 2024, representing a 62% year-on-year growth. Its products cover various electric and intelligent driving applications [2]. - The company is actively collaborating with leading data center enterprises to develop energy-efficient product combinations for AI servers and storage solutions, responding to the increasing demand for high power density and low power consumption [2]. Summary by Sections Company Overview - The company specializes in magnetic components and has a strong presence in the global market, particularly in high-precision products. Its product applications are expanding into 5G communications, big data, automotive electronics, and renewable energy sectors [1]. Financial Performance - For 2023, the company forecasts a revenue of 5.04 billion yuan, with a growth rate of 18.93%. The net profit is projected to be 641 million yuan, reflecting a growth rate of 47.91% [4][9]. - The company expects to achieve a net profit of 1.057 billion yuan by 2025, with a corresponding P/E ratio of 22 [3][4]. Market Trends - The report highlights the acceleration of AI applications in consumer electronics, which is expected to create new market opportunities for various components. The company has achieved comprehensive coverage of clients in the consumer electronics sector [1][2]. - The automotive electronics segment is noted for its comprehensive coverage of electrification scenarios, including intelligent driving and smart cockpit applications [2]. Valuation Metrics - The company’s projected P/E ratios are 36 for 2023, decreasing to 15 by 2027, indicating a favorable valuation trend as earnings grow [4][12]. - The report also provides a detailed forecast of revenue, net profit, and other financial metrics through 2027, showcasing a consistent growth trajectory [4][9][11].

Core Viewpoint - United Microelectronics Corporation (UMC) is making significant strides in advanced packaging technology, securing a major contract with Qualcomm and developing its own high-end interposer, which has been validated by Qualcomm, indicating a countdown to mass production [1][2]. Group 1: Advanced Packaging Developments - UMC's collaboration with Qualcomm focuses on advanced packaging for high-performance computing applications, particularly in AI PCs, automotive, and AI server markets, with initial production expected in Q1 2026 [1][2]. - The first batch of interposers with a capacitance of 1500nF/mm² has passed Qualcomm's electrical testing, showcasing UMC's capability in advanced packaging [1][2]. - UMC's advanced packaging technology, including 2.5D and 3D packaging, relies heavily on interposer capacitors, which are crucial for connecting stacked or side-by-side chips [2]. Group 2: Competitive Positioning - UMC's entry into advanced packaging allows it to differentiate itself from competitors in the mature process wafer foundry market, particularly against the backdrop of low-cost competition from the "red supply chain" [2]. - The partnership with Qualcomm not only involves orders but also includes Qualcomm purchasing equipment to be placed in UMC's facilities, indicating a deep and trusting collaboration [2]. Group 3: Process Technology Advancements - UMC is advancing its wafer foundry business by developing high-voltage process technologies, including a 14nm FinFET embedded high-voltage process platform, and is exploring collaboration with Intel to extend its process capabilities from 12nm to 6nm [3][4]. - UMC invested NT$15.6 billion in R&D last year, focusing on process technologies required for 5G communications, AI, IoT, and automotive electronics, with progress in special processes and 3D IC advanced packaging [3]. Group 4: Performance Enhancements - The 12nm FinFET process technology platform offers significant improvements over the 14nm technology, achieving a 10% performance increase and a 20% reduction in power consumption, while also reducing chip area by over 10% [4]. - UMC's advancements in process technology enhance its cost competitiveness and position in the semiconductor market [4].

Group 1: Company Overview - Chuangjiang New Materials focuses on thermal equipment and materials, with a strong emphasis on carbon-based and ceramic-based materials [1] - The company has developed specialized thermal equipment for various processes, including large-scale chemical vapor deposition and vacuum graphitization [2] Group 2: Product Applications - The company’s products are utilized in high-performance materials for aerospace, military electronics, and semiconductor industries, including high-purity carbon powder and metal-based 3D printing materials [2] - Copper-based materials are applied in 5G communications, smart connectivity, data transmission, new energy vehicles, and photovoltaic power generation [5][6] Group 3: Key Products - Key products include special fiber preforms and fabrics, which are essential for aerospace applications, particularly in carbon brake components for aircraft [4] - The company’s precision copper strip products are crucial for applications in 5G communications, including connectors and integrated circuits [5][6] Group 4: Technological Advancements - Significant breakthroughs in semiconductor coating materials and thermal equipment have led to improved corrosion resistance and thermal uniformity in crystal growth applications [2] - The company supports controlled nuclear fusion through the provision of tungsten alloy ultra-high temperature sintering equipment and amorphous alloy solder materials [3]

Investment Rating - The report maintains a "Strong Buy" rating for Guocera Materials [2][5] Core Views - Guocera Materials reported a steady growth in Q1 2025, achieving a revenue of 975 million yuan, a year-on-year increase of 17.94%, and a net profit of 136 million yuan, up 1.80% year-on-year [3] - The company has established a platform model in the ceramic materials industry, with six major business segments: electronic materials, catalytic materials, biomedical materials, new energy materials, precision ceramics, and digital printing [5] - The core business segments are showing robust development, with significant growth potential in electronic materials, catalytic materials, and biomedical materials [4][5] Summary by Relevant Sections Financial Performance - In Q1 2025, Guocera Materials achieved a comprehensive gross margin of 39.67%, a decrease of 2.05 percentage points year-on-year, impacting net profit growth [3] - The company forecasts net profits of 744 million, 824 million, and 925 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.75, 0.83, and 0.93 yuan [5][6] Business Segments - **Electronic Materials**: Continued recovery in MLCC dielectric powder, with successful market expansion in various specifications and applications [4] - **Catalytic Materials**: Breakthroughs in ultra-thin wall and low thermal expansion carrier technologies, meeting stringent emission standards [4] - **Biomedical Materials**: Increased R&D investment in new products, with some already applied in client settings [4] - **New Energy Materials**: Strategic positioning with high-purity alumina and other materials, launching core additives for lithium battery cathodes [4] - **Precision Ceramics**: Focus on creating a comprehensive ceramic substrate industry platform, promoting domestic substitution [4] Market Outlook - The report indicates a positive market outlook for the company's key business segments, with expectations for continued sales growth [4][5]

本次股票发行后拟在科创板市场上市，该市场具有较高的投资风险。科创板公司具有研发投入 大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充 分了解科创板市场的投资风险及公司所披露的风险因素，审慎作出投资决定。 龙迅半导体（合肥）股份有限公司 Lontium Semiconductor Corporation （住所：安徽省合肥市经济技术开发区宿松路 3963 号智能装备科技园 B3 栋） 首次公开发行股票并在科创板上市 招股说明书 （注册稿） （框架稿） 公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序，本招股说明书（注册稿）不 具有据以发行股票的法律效力，仅供预先披露之用，投资者应当以正式公告的招股说明书全文作 为投资决定的依据。 保荐机构（主承销商） （住所：北京市朝阳区建国门外大街1号国贸大厦2座27层及28层） 龙迅半导体（合肥）股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、上海证券交易所对本次发行所作的任何决定或意见均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈 利能力、投资价值或者对投资者的收益作出 ...