Core Viewpoint - Guoli Co., Ltd. is a leading enterprise in the vacuum device sector, with significant growth potential in downstream industries such as semiconductors and new energy, leading to an initial "Buy" rating from Dongxing Securities [1][2]. Company Overview - Guoli Co., Ltd. specializes in the field of electronic vacuum devices, experiencing rapid revenue growth in recent years. The company has over 60 years of experience in the electronic vacuum device sector, with products widely used in military, new energy, and semiconductor industries [2]. - The company has a stable shareholding structure, with the actual controller holding 30.71% of the shares. As of mid-2025, the chairman controls 30.71% of the company through Kunshan Guoyi Investment Management Center [2]. - Guoli has six wholly-owned or controlled subsidiaries focusing on high-power device R&D, electronic device manufacturing, special electrical equipment, overseas business expansion, and new energy technology [2]. Financial Performance - Revenue has steadily increased, with sales rising from 332 million yuan in 2019 to 792 million yuan in 2024. In the first half of 2025, revenue reached 569 million yuan, marking a year-on-year growth of 70.49% [2]. - The company has consistently increased its R&D investment, which is crucial for meeting the new requirements for miniaturization, lightweight, and high reliability in high-end applications such as aerospace, military, semiconductors, and new energy vehicles [2]. Market Opportunities - The semiconductor equipment market is expected to grow rapidly, benefiting Guoli Co., Ltd. The domestic integrated circuit industry is projected to drive growth in the vacuum device sector, with the sales scale of China's integrated circuit industry expected to reach 1.35 trillion yuan by 2025 [3]. - The global semiconductor equipment market is anticipated to reach 139.82 billion yuan by 2025, providing a significant opportunity for Guoli as a manufacturer of vacuum devices [3]. New Energy Vehicle Sector - The expansion of the new energy vehicle market both domestically and internationally will create vast market opportunities for Guoli Co., Ltd. High-voltage relays (DC contactors) are key components in new energy vehicles, with increasing demand as vehicle voltage rises to 400V, 800V, and 1000V [4]. - From 2020 to 2025, new energy vehicle sales are expected to increase from approximately 1.376 million to 16.5 million units, driving demand for high-voltage relays [4]. Profit Forecast and Investment Rating - Guoli Co., Ltd. is expected to benefit from the growth in the semiconductor and new energy sectors, with projected net profits of 143 million yuan, 216 million yuan, and 314 million yuan for 2025, 2026, and 2027, respectively. Corresponding EPS is expected to be 1.50, 2.27, and 3.29 yuan [4].

Group 1 - Zhengzhou Yipin Electronics Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Wang Qingjiang [1] - The business scope includes wholesale and retail of computer software and hardware, maintenance of computer and office equipment, and sales of office supplies and electronic products [1] Group 2 - The company also engages in artificial intelligence hardware sales, graphic design, typing and copying services, and professional design services [1] - The company operates under the principle of conducting business activities independently with its business license, except for projects that require approval [1]

Group 1 - Zhengzhou Kupei Electronics Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The legal representative of the company is Wang Qingjiang [1] - The business scope includes wholesale and retail of computer hardware and software, electronic products sales, and various office services [1] Group 2 - The company is involved in artificial intelligence hardware sales and professional design services [1] - It also offers services such as typing, copying, and graphic design [1] - The company operates under the principle of conducting business activities independently with its business license [1]

Core Viewpoint - Yichang Guanshu Electronics Co., Ltd. has been established with a registered capital of 150,000 RMB, indicating a new player in the electronics market focusing on various sales and services [1] Company Summary - The legal representative of Yichang Guanshu Electronics Co., Ltd. is Huang Jie [1] - The company’s business scope includes general projects such as electronic product sales, internet sales (excluding licensed goods), and wholesale and retail of computer hardware and software [1] - The company also engages in the sale of entertainment products, toys, and various types of robots, including service consumption robots and industrial robots [1]

Group 1 - A new company, Pingxiang Xunyu Technology Co., Ltd., has been established with a registered capital of 10 million RMB [1] - The legal representative of the company is Liu Jun [1] - The company's business scope includes manufacturing and wholesale of electronic components, research and development of electronic special materials, and retail of electronic components [1] Group 2 - The company is involved in the sales of new energy vehicle battery swap facilities and manufacturing of new energy power equipment [1] - It also engages in the manufacturing and sales of intelligent unmanned aerial vehicles and industrial robots [1] - The company provides various technical services, including technology development, consulting, and transfer [1]

Group 1 - The new generation electronic information industry is the leading industry in Shijiazhuang, Hebei Province, with a focus on six industrial chains: semiconductor chips, modern communication, aerospace information, automotive electronics, new displays, and software development. The industry's revenue is projected to grow from 32.2 billion yuan in early 2021 to 106 billion yuan by the end of 2024, with an average annual growth rate of 35% [1] - The Shijiazhuang Electronic Information Industry Park in Luquan District hosts over a thousand electronic information companies, contributing to the development of core components for autonomous driving systems, which have transitioned from reliance on imports to domestic production [1] Group 2 - Luquan District is enhancing its electronic information industry by strengthening the industrial chain through leading enterprises, increasing the number of electronic information companies from 536 in early 2021 to 1,350 currently, indicating a more complete industrial system [2] - The district emphasizes technological innovation as a driving force for the electronic information industry, achieving breakthroughs in key technologies such as 5G base station RF chips and 6-inch silicon carbide epitaxy, and fostering a collaborative environment with 16 universities to facilitate the conversion of scientific achievements into industry applications [2] Group 3 - Shijiazhuang City has issued measures to support breakthroughs in the new generation electronic information and biopharmaceutical industries, focusing on resource allocation, industry support, and project development to create a low-cost industrial park with a complete industrial chain [3]

活动中，市区两级相关部门、产业园区负责人及企业代表等，与长三角地区电子信息、智能科技、射频 微波等产业领域的企业家，围绕各自的产业优势与机遇、布局与需求进行分享。当前，成都正着力推动 特色优势产业提能级、战略性新兴产业上规模，郫都区作为成都电子信息、绿色氢能、绿色食品的重要 承载地，主导产业蓬勃发展，在2025年赛迪中国百强区排名位列第82位。 活动现场，郫都区用"政策大礼包"与"产业路线图"双向发力：一方面系统解读在产业链布局、专项政策 扶持、生产要素保障等方面的差异化优势，另一方面通过华为、京东方等龙头企业落地发展案例，具象 化展现"芯片—屏幕—终端—软件"电子信息全产业链生态的构建成果，让在场企业家直观感受到这片土 地的产业潜力。 在场企业家围绕自身投资布局与技术合作需求，与郫都区招商团队展开"一对一"深度洽谈。从项目落地 的配套服务，到产业链上下游的协同可能性，再到高校科研资源的转化路径，企业的疑问和需求现场得 到回复，不少企业当场表达了进一步考察合作的意向，"通过交流后感觉到成都郫都区的发展超出预 期，尤其在电子信息产业领域的集群优势，有信心进行投资布局，依托当地头部企业的产业牵引力和高 校科研资源 ...

Core Viewpoint - The company has been actively involved in the AI sector for several years, focusing on servers, liquid-cooled servers, and data centers, with a notable increase in revenue expected in AI business by the first half of 2025 [1] Group 1: Company Operations - The company has established a presence in the AI field with relevant business in servers, liquid-cooled servers, and data centers [1] - Major clients include companies such as 联宝 (Lianbao), 光迅科技 (Guangxun Technology), 寒武纪 (Cambricon), and others [1] - The company is actively promoting its products and solutions related to AI [1] Group 2: Financial Outlook - The company anticipates a year-on-year increase in revenue from its AI business in the first half of 2025 [1]

Summary of Luxshare's 2Q25 Results and 3Q25 Guidance Company Overview - **Company**: Luxshare Precision Industry Co., Ltd. (002475.SZ) - **Industry**: Electronics manufacturing, specifically focusing on telecom and automotive electronics Key Points from 2Q25 Results - **Revenue Performance**: - 2Q25 revenue reached Rmb62.7 billion, up 23% YoY and 2% QoQ, exceeding estimates by 4% [3] - **Net Income**: - Net income for 2Q25 was Rmb3.6 billion, reflecting an 18% QoQ increase and a 23% YoY increase, aligning with company guidance and consensus estimates [3] - **Gross Margin**: - Gross margin improved to 12.0%, higher than the estimated 11.3%, indicating a shift towards higher-margin products and improved production efficiency [3] - **Operating Expenses**: - Operating expense ratio increased to 7.4% from 6.6% in 1Q25 due to higher R&D and administrative expenses [3] 3Q25 Guidance - **Net Income Projection**: - Guidance for 3Q25 net income is projected to grow between 15% to 28% YoY, with a midpoint estimate of Rmb4.5 billion, which is 5% above Bloomberg consensus but 10% below previous estimates [2] - **Revenue Expectations**: - Revenue for 3Q25 is expected to grow by 12% YoY, with net income projected at Rmb4.7 billion, reflecting a 27% YoY increase [2] Market Position and Growth Drivers - **Market Share Gains**: - Luxshare is gaining market share in the iPhone segment, supported by upcoming form factor changes that are expected to drive demand [1] - **Diversification**: - The company's expansion into non-smartphone markets, particularly in telecom and automotive electronics, is a key driver for long-term growth, with revenues in these segments growing by 49% YoY and 82% YoY in 1H25 [1][3] - **Production Efficiency**: - Enhanced production efficiency is contributing to improved profitability, with expectations for continued improvement in gross margins through 2026-27E [8] Financial Projections and Valuation - **Earnings Revisions**: - Adjustments to net income estimates for 2025-27E reflect a 2% increase for 2025, with expectations for higher gross margins and increased R&D investments [8] - **Target Price**: - The target price has been raised to Rmb50.15, based on a 15.4x P/E multiple for 2026E, indicating a 14.7% increase from previous estimates [11][15] Risks and Considerations - **Market Demand Risks**: - Potential risks include slower-than-expected demand for AirPods and weaker performance in the Apple Watch assembly business [16] - **Operational Risks**: - Higher-than-expected operating expenses and foreign exchange risks due to significant exposure to US customers (93% of revenues in USD) could negatively impact performance [16] Conclusion - **Investment Recommendation**: - The outlook for Luxshare remains positive, with a "Buy" rating maintained, supported by strong revenue growth, market share gains, and diversification into high-growth segments [1][11]

Group 1 - Suzhou Taiqing Sai Electronic Technology Co., Ltd. has been established with a registered capital of 1 million RMB [1] - The legal representative of the company is Ye Meiyu [1] - The company's business scope includes technology services, development, consulting, and sales of electronic products and components [1] Group 2 - The company is involved in the manufacturing of various electronic components, power electronic components, and industrial automation control systems [1] - It also engages in the wholesale of electronic components and the sale of electrical instruments and equipment [1] - The company is authorized to conduct import and export activities, excluding projects that require legal approval [1]