Core Viewpoint - Delong Laser has received orders for its storage chip invisible cutting equipment from leading customers, indicating a positive trend in the adoption of this technology within the industry [1] Group 1 - The company has successfully secured orders from top-tier clients for its storage chip invisible cutting equipment [1] - Other manufacturers are also advancing in this technology, suggesting a competitive landscape [1] - The successful application experiences from leading customers are expected to facilitate further promotion of the equipment [1] - Currently, the business segment related to this equipment remains relatively small in terms of overall contribution [1]

Core Insights - The stock price of Jieput has increased by 201.32% year-to-date, but has seen a decline of 5.05% in the last five trading days [2] - The company reported a revenue of 1.509 billion yuan for the first nine months of 2025, representing a year-on-year growth of 41.02%, and a net profit of 204 million yuan, up 97.30% year-on-year [2] Company Overview - Jieput, established on April 18, 2006, and listed on October 31, 2019, is located in Longhua District, Shenzhen, Guangdong Province [2] - The company specializes in the research, development, production, and sales of lasers and intelligent equipment for precision testing and micro-processing related to integrated circuits and semiconductor optoelectronic devices [2] - The revenue composition of Jieput includes lasers (53.32%), laser/optical intelligent equipment (38.19%), other main businesses (6.61%), fiber optic devices (1.81%), and others (0.07%) [2] Market Performance - As of November 13, Jieput's stock price was 141.86 yuan per share, with a market capitalization of 13.484 billion yuan [1] - The trading volume on November 13 was 134 million yuan, with a turnover rate of 1.02% [1] - The net outflow of main funds was 4.1853 million yuan, with significant buying and selling activity from large orders [1] Shareholder Information - As of September 30, 2025, Jieput had 7,160 shareholders, an increase of 8.35% from the previous period [2] - The average number of circulating shares per shareholder decreased by 7.71% to 13,275 shares [2] - The company has distributed a total of 157 million yuan in dividends since its A-share listing, with 96.4377 million yuan distributed in the last three years [3] Institutional Holdings - As of September 30, 2025, the fourth largest circulating shareholder is GF Technology Innovation Mixed A, holding 2.8491 million shares, a decrease of 286,600 shares from the previous period [3] - New institutional shareholders include Huaxia Industry Prosperity Mixed A, holding 1.7168 million shares, and GF Innovation Upgrade Mixed, holding 1.6810 million shares [3] - Jin Ying Technology Innovation Stock A and GF Value Core Mixed A have exited the top ten circulating shareholders list [3]

Core Viewpoint - Hua Gong Technology's stock has shown significant volatility, with a year-to-date increase of 70.65%, but recent declines in the last five and twenty trading days indicate potential short-term challenges [1][2]. Financial Performance - For the period from January to September 2025, Hua Gong Technology reported a revenue of 11.038 billion yuan, representing a year-on-year growth of 22.62%. The net profit attributable to shareholders was 1.321 billion yuan, reflecting a year-on-year increase of 40.92% [2]. - The company has distributed a total of 1.087 billion yuan in dividends since its A-share listing, with 0.452 billion yuan distributed in the last three years [2]. Stock Market Activity - As of November 13, 2025, Hua Gong Technology's stock price was 73.55 yuan per share, with a market capitalization of 73.955 billion yuan. The stock experienced a trading volume of 1.437 billion yuan and a turnover rate of 1.98% [1]. - The stock has appeared on the "Dragon and Tiger List" six times this year, with the most recent instance on September 30, 2025, where it recorded a net buy of -1.909 billion yuan [1]. Shareholder Structure - As of September 30, 2025, the number of shareholders for Hua Gong Technology increased to 189,400, a rise of 101.14% from the previous period. The average number of circulating shares per shareholder decreased by 50.28% to 5,306 shares [2][3]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 38.9396 million shares, a decrease of 7.8374 million shares from the previous period [3].

Core Insights - The stock price of Ruike Laser has increased by 31.45% year-to-date, with a recent trading price of 25.12 CNY per share as of November 13 [1] - The company reported a revenue of 2.506 billion CNY for the first nine months of 2025, reflecting a year-on-year growth of 6.67% [2] - The net profit attributable to shareholders for the same period was 123 million CNY, showing a growth of 2.49% year-on-year [2] Financial Performance - As of November 10, the number of shareholders for Ruike Laser was 42,700, an increase of 0.34% from the previous period [2] - The company has distributed a total of 272 million CNY in dividends since its A-share listing, with 153 million CNY distributed over the last three years [3] Shareholder Composition - As of September 30, 2025, Hong Kong Central Clearing Limited is the second-largest circulating shareholder, holding 21.068 million shares, an increase of 18.638 million shares from the previous period [3] - Guotai Junan National Security Mixed A is the fifth-largest circulating shareholder, holding 12.3345 million shares as a new entrant [3] - Southern CSI 1000 ETF has reduced its holdings by 33,600 shares, while Huaxia CSI 1000 ETF has exited the top ten circulating shareholders list [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company has a strong order backlog, with revenue and performance in Q3 2025 benefiting from order acceptance. However, the sales gross margin decreased due to the structure of revenue recognition [2]. - The company is expected to maintain growth in new orders despite the industry's expansion slowdown, reflecting its competitive advantage. The expected expansion scale for BC this year is 40-50 GW, showing a year-on-year increase [2]. - The company is actively expanding into the semiconductor industry, with new orders for TGV and development of PCB laser drilling equipment, aiming for domestic substitution [2]. Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved revenue of 1.781 billion, a year-on-year increase of 23.69%. The net profit attributable to the parent company was 496 million, up 29.39% year-on-year. For Q3 2025, revenue was 611 million, a year-on-year increase of 14.35%, and net profit was 169 million, up 14.99% year-on-year [6]. Order and Market Position - The company has a robust order backlog, with contract liabilities and inventory at 1.413 billion and 1.608 billion respectively, indicating strong resilience in new orders. The company is well-positioned in core processes such as BC laser grooving and welding, which significantly enhance order elasticity [2][6]. Industry Outlook - The company is strategically positioned in the photovoltaic laser equipment sector and is expanding into the semiconductor industry. It has completed shipments of TGV laser micro-hole equipment and is developing PCB laser drilling equipment to meet the high-density multilayer board demand [2]. Future Projections - The company is projected to achieve net profits of 680 million and 790 million in 2025 and 2026 respectively, corresponding to PE ratios of 28x and 24x [2].

Core Viewpoint - Ruike Laser reported that as of November 10, the number of shareholders reached 42,653 [2] Company Summary - The company actively engages with investors through platforms, indicating a commitment to transparency and communication [2]

Core Viewpoint - The stock of Guangyun Da has experienced fluctuations, with a recent decline of 2.05% and a year-to-date increase of 9.12%, indicating volatility in its market performance [1]. Financial Performance - For the period from January to September 2025, Guangyun Da reported a revenue of 9.65 billion yuan, reflecting a year-on-year growth of 23.13%. However, the net profit attributable to shareholders was -524.48 million yuan, a significant decrease of 261.78% compared to the previous year [2]. Stock Market Activity - As of November 12, Guangyun Da's stock price was 9.09 yuan per share, with a total market capitalization of 5.06 billion yuan. The trading volume was 19.29 million yuan, with a turnover rate of 0.49% [1]. - The net outflow of main funds was 2.85 million yuan, with large orders accounting for 10.15% of purchases and 24.94% of sales [1]. Shareholder Information - As of October 31, the number of shareholders for Guangyun Da reached 39,000, an increase of 3.05% from the previous period. The average number of circulating shares per person decreased by 2.96% to 11,116 shares [2]. Business Overview - Guangyun Da, established on October 25, 2005, and listed on June 8, 2011, operates in the fields of electronic information and aerospace, providing laser application services and innovative solutions for intelligent manufacturing. The revenue composition includes 48.63% from laser application services, 24.64% from intelligent equipment, 19.54% from aerospace components, 5.74% from lasers, and 1.46% from leasing and other services [1]. Dividend Information - Since its A-share listing, Guangyun Da has distributed a total of 80.60 million yuan in dividends, with 12.36 million yuan distributed over the past three years [3].

Core Viewpoint - The company, Ruike Laser, emphasizes its commitment to aligning with national strategic development directions while continuously developing and launching laser-related products that meet market demands [2] Company Information - Ruike Laser responded to investor inquiries on November 11, indicating that detailed information about its products and business is fully disclosed on its official website [2] - The company is focused on research and development of laser products that are in line with market needs [2]

Core Viewpoint - The company is currently optimizing processes and expanding the market for its laser high-speed punching equipment, which meets the processing needs for FPC, including drilling, board separation, and window opening [2] Group 1 - The company responded to an investor inquiry regarding the progress of its FPC processing equipment production line and indicated that it is in the process of optimization and market expansion [2] - The company encourages investors to pay attention to future announcements for updates on production timelines [2]

Core Viewpoint - The company has addressed concerns regarding the thermal impact zone in PCB laser drilling, which can lead to issues such as carbonization, cracks, and material performance degradation. The laser drilling equipment is also suitable for application on memory hard disk PCBs [2]. Group 1: Technology and Equipment - The company's laser drilling machine optimizes the laser path and coordinates the motion system to reduce unnecessary movement and processing time, thereby minimizing the risk of local heat accumulation [2]. - The equipment features the ability to adjust pulse repetition frequency based on scanning speed, ensuring consistent high processing quality across all corners of the cutting profile and reducing thermal impact [2]. - The quality of the drilled holes and the thermal impact zone has been recognized by major clients' process departments [2]. Group 2: Application and Features - The company's CO laser drilling equipment is suitable for micro-blind hole processing on HDI and IC substrates, characterized by high precision, high quality, and high efficiency [2].