Core Viewpoint - The company Dinglong Co., Ltd. has released its latest performance forecast, indicating significant growth in revenue and net profit for the first three quarters of 2025 compared to the previous year [1][2]. Financial Performance - For the first three quarters of 2025, the company expects to achieve approximately 2.677 billion yuan in revenue, with net profit attributable to shareholders estimated between 501 million yuan and 531 million yuan [1]. - The net profit for the same period last year was 376.32 million yuan, reflecting a year-on-year growth of 33.13% to 41.10% [2]. - The net profit after deducting non-recurring gains and losses is projected to be between 478 million yuan and 508 million yuan, marking a year-on-year increase of 39.20% to 47.94% [2]. Quarterly Breakdown - In the third quarter of 2025, the company anticipates revenue of approximately 945 million yuan, with net profit expected to be between 190 million yuan and 220 million yuan, representing a quarter-on-quarter growth of 11.73% to 29.37% and a year-on-year increase of 19.89% to 38.82% [2][3]. - The net profit for the same quarter last year was 158.48 million yuan [3]. Business Segments - The semiconductor materials and integrated circuit chip design and application business achieved sales revenue of approximately 1.522 billion yuan, a year-on-year increase of 40%, accounting for about 57% of total revenue [3]. - The revenue from CMP polishing pads, CMP polishing liquids, and cleaning liquids grew by 51%, 42%, and 47% respectively compared to the previous year [3]. - In the third quarter alone, this segment generated approximately 580 million yuan in revenue, reflecting a year-on-year growth of 28% and a quarter-on-quarter increase of 17% [3]. Traditional Business Challenges - The printing and copying consumables business is expected to generate approximately 1.145 billion yuan in sales, showing a slight decline year-on-year due to market demand fluctuations and slow industry recovery [4]. - The company plans to enhance cost control and optimize product structure to improve operational efficiency in response to market changes [4].

新股分析 2025 年 10 月 09 日 西安奕材:我国 12 英寸硅片头部 注册制新股纵览 20251009 本期投资提示: 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 由万宏源研究微信服务 请务必仔细阅读正文之后的各项信息披露与声明 2025 年 10 月 申购策略 目 | 1.AHP 分值及预期配售比例 . | | --- | | 2.新股基本面亮点及特色………………………………………………… 5 | | 2.1 12 英寸硅片产能位居全球第六，持续扩产提升份额 ……………………………………………………………………………………… 5 | | 2.2 产品技术匹配国内存储/逻辑领域最先进制程 . | | 2.3 客户涵盖境内外主流晶圆厂商，在手订单覆盖率约 200%…………………………………… 6 ...

策 略 研 究 新股分析 2025 年 10 月 09 日 西安奕材：我国 12 英寸硅片头部厂 商 ——注册制新股纵览 20251009 本期投资提示： 证 券 研 究 报 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 申 购 策 略 告 相关研究 - ⚫ AHP 得分：剔除、考虑流动性溢价因素后，测算西安奕材 AHP 得分为 2.49 分、2.58 分， 分别位于科创体系 AHP 模型总分 40.9%分位、44.0%分位，处于中游偏下、中游偏上水平。 ⚫ 本次网下发行采取约定限售方式：A₁类限售期 9 个月、限售比例 60%，A₂类、A₃类及 B 类 限售期均为 6 个月，限售比例分别为 45%、25%、25%，对应配售比例要求为 A₁类≥2.25×A₂ ...

Core Viewpoint - The company, Dinglong Co., Ltd., anticipates a significant increase in net profit for the first three quarters of 2025, projecting a range of 501 million to 531 million yuan, representing a year-on-year growth of 33.13% to 41.10% [1] Financial Performance - The expected net profit for the third quarter of 2025 is projected to be between 190 million to 220 million yuan, indicating a year-on-year increase of 19.89% to 38.82% [1] - Cumulative operating revenue for the first three quarters of 2025 is estimated at approximately 2.677 billion yuan, with third-quarter revenue around 945 million yuan [1] - The semiconductor materials and integrated circuit chip design and application business achieved product sales revenue of approximately 1.522 billion yuan, reflecting a year-on-year growth of 40% and accounting for about 57% of total revenue [1] - The printing and copying consumables business is expected to generate product sales revenue of approximately 1.145 billion yuan, showing a slight decline year-on-year [1] - Non-recurring gains and losses for the reporting period are expected to be around 23 million yuan, primarily influenced by government subsidies [1]

Market Performance - The A-share market opened positively after the holiday, with the Shanghai Composite Index rising by 1.32%, reaching its highest level since August 2015 [2] - The Shenzhen Component Index increased by 1.47%, while the ChiNext Index rose by 0.73% [3] - A total of 100 stocks hit the daily limit up, and over 3100 stocks experienced gains [5] Sector Performance - The non-ferrous metals and nuclear power sectors saw significant gains, while the semiconductor industry experienced a notable decline in the afternoon [5] - The real estate, tourism, and film sectors generally fell [5] Trading Volume - The total trading volume in the Shanghai and Shenzhen markets reached 2.65 trillion yuan, an increase of 471.8 billion yuan compared to the previous trading day [5] Capital Flow - Major capital inflows were observed in the non-ferrous metals, power equipment, and computer sectors, while there were outflows from the securities, automotive, and semiconductor sectors [7] - Specific stocks with net inflows included ZTE Corporation, Northern Rare Earth, and Hikvision, with inflows of 3.028 billion yuan, 2.658 billion yuan, and 1.361 billion yuan respectively [7] - Stocks with net outflows included Seres, SMIC, and Sungrow Power, with outflows of 2.52 billion yuan, 1.996 billion yuan, and 1.796 billion yuan respectively [7] Institutional Insights - CITIC Securities indicated that heavyweight stocks are driving the index higher, and the market is expected to continue its upward trend in the fourth quarter [8] - Guodu Securities noted that the overseas equity markets experienced a general rise during the National Day holiday, and the foundation for the current slow bull market remains intact [8] - The focus remains on the technology sector, with expected differentiation within the sector, emphasizing the importance of capturing high-growth areas [8] - Guojin Securities projected accelerated capital expenditure during the 14th Five-Year Plan, highlighting the active potential of the controllable nuclear fusion industry chain [8]

Group 1 - The China Securities New Materials Theme Index (H30597) has seen a strong increase of 1.98% as of October 9, 2025, with constituent stocks such as Western Superconducting (688122) rising by 13.69%, Dingsheng Technology (300073) by 11.12%, and Yake Technology (002409) by 10.01% [1] - The New Materials ETF Index Fund (516890) has also increased by 1.99%, marking its third consecutive rise, with the latest price reported at 0.72 yuan. Over the past two weeks, the fund has accumulated a rise of 3.69% as of September 30, 2025 [1] - The New Materials ETF Index Fund closely tracks the China Securities New Materials Theme Index, with constituent stocks involved in sectors such as lithium batteries, semiconductors, and photovoltaics, showing strong performance across multiple directions [1] Group 2 - As of September 30, 2025, the top ten weighted stocks in the China Securities New Materials Theme Index (H30597) include CATL (300750), North Huachuang (002371), Wanhua Chemical (600309), Longi Green Energy (601012), Huayou Cobalt (603799), Sanhuan Group (300408), Tongwei Co. (600438), San'an Optoelectronics (600703), Tianci Materials (002709), and Guoxuan High-Tech (002074), collectively accounting for 52.06% of the index [2]

Core Insights - Tianyue Advanced's stock price has increased by 63.98% year-to-date, with a recent decline of 1.36% over the past five trading days [2] - The company reported a revenue of 794 million yuan for the first half of 2025, a year-on-year decrease of 12.98%, and a net profit of 10.88 million yuan, down 89.32% year-on-year [2] Company Overview - Tianyue Advanced, established on November 2, 2010, is located in Jinan, Shandong Province, and was listed on January 12, 2022 [2] - The company's main business involves the research, production, and sales of silicon carbide substrates, with 82.83% of its revenue coming from silicon carbide semiconductor materials [2] Stock Performance - As of October 9, the stock price was 83.96 yuan per share, with a market capitalization of 40.689 billion yuan [1] - The stock has seen a trading volume of 403 million yuan and a turnover rate of 1.13% on the same day [1] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3] - The largest shareholder, 华夏上证科创板50成份ETF, reduced its holdings by 56,200 shares, while 易方达上证科创板50ETF increased its holdings by 203,700 shares [3]

Core Insights - Resonac has completed the construction of a new silicon carbide (SiC) epitaxial wafer production facility in Higashine City, Yamagata Prefecture, with an investment of 30.9 billion yen (approximately 1.5 billion RMB) aimed at upgrading four SiC factories [1][3] - The new facility will focus on producing 8-inch (200mm) SiC epitaxial wafers to increase chip yield and reduce costs, addressing the growing demand in electric vehicles, renewable energy, and industrial equipment markets [3] - The project is part of Japan's key material supply security plan under the Economic Security Promotion Law, with Resonac eligible for a government subsidy of up to 10.3 billion yen (approximately 500 million RMB) to expand SiC substrate and epitaxial wafer production capacity [5] Production Capacity Goals - Resonac aims to achieve an annual production capacity of 117,000 SiC substrates (equivalent to 6-inch calculations) by April 2027 and increase the annual production capacity of SiC epitaxial wafers to 288,000 pieces (also equivalent to 6-inch calculations) by May 2027 [5] Strategic Initiatives - In September 2023, Resonac announced the formation of a co-creation alliance named "JOINT3" with 27 global semiconductor supply chain companies, focusing on developing panel-level organic interlayer technology to meet the rising demand for high-performance semiconductor packaging driven by generative AI and autonomous vehicles [6] - Resonac has signed a comprehensive cooperation agreement with Yokohama National University to jointly develop next-generation semiconductor materials, advance packaging technologies (such as 3D packaging), and promote sustainable manufacturing processes, accelerating material and technology development in semiconductor downstream processes [6]

Core Insights - The article discusses the critical role of silicon carbide (SiC) in addressing the energy and heat challenges faced by AI servers, highlighting its transformative impact on power supply and thermal management in data centers [3][4]. Group 1: AI Server Power Supply Challenges - AI server power supply systems face a "trilemma" of efficiency, density, and power, with traditional silicon-based devices reaching physical limits as power requirements increase [4]. - The report predicts that high-power power supply units (PSUs) will account for 80% of the market, indicating a shift from a fragmented market to a high-value, customized segment [4]. Group 2: SiC's Role in Chip Packaging - SiC is positioned as a game-changer in chip packaging, particularly as GPU power consumption exceeds 1 kW, necessitating improved thermal management solutions [5]. - The demand for SiC could be twice that of CoWoS capacity, indicating potential supply chain risks as AI chip packaging competes with the automotive sector for SiC substrates [5]. Group 3: Data Center Power Architecture - The report categorizes data centers into enterprise, high-performance computing, and hyperscale, each with distinct power requirements and sensitivities to SiC integration [7][12][13]. - AI data centers, particularly those with power demands up to 2 GW, represent a strategic battleground for SiC adoption, influencing future technology development [15]. Group 4: Efficiency and Cost Implications - A comparison of efficiency improvements shows that a shift from 94% to 98% efficiency can save significant energy costs and reduce heat management expenses, making SiC solutions economically attractive despite higher initial costs [21][23]. - The report emphasizes that increasing power density in AI data centers is not just a technical goal but a commercial imperative, with SiC enabling a threefold increase in deployment density [23]. Group 5: Evolution of Power Distribution - The evolution of data center power distribution from 12V to 400V/800V reflects a trend towards higher voltage systems to reduce transmission losses [25]. - The report outlines the advantages of an idealized pure DC data center architecture, which integrates seamlessly with renewable energy sources and enhances efficiency [29][30]. Group 6: SiC Manufacturing and Market Dynamics - The report highlights the challenges in SiC substrate manufacturing, particularly the need for larger wafer sizes and the high costs associated with SiC processing [81][82]. - The competitive landscape for SiC substrates is highly concentrated, with a few companies dominating the market, indicating significant barriers to entry for new players [85]. Group 7: Future Market Opportunities - The report identifies the automotive sector, particularly electric vehicles, as the primary driver for SiC demand, while also recognizing the emerging AI data center market as a new growth area [122]. - China's investment in SiC technology reflects a strategic push towards self-sufficiency in the supply chain, aiming to reduce reliance on foreign suppliers [130].

Core Insights - The event "I am a Shareholder - Visiting Shanghai Stock Exchange Listed Company - Anji Technology" was organized by Huafu Securities to enhance investor engagement and understanding of the company's innovation and operational capabilities [1][3] Group 1: Company Overview - Investors were introduced to Anji Technology's core technological strengths through a visit to the R&D cleanroom, showcasing advanced research equipment and rigorous processes that reflect the company's commitment to technological innovation [1] - The company’s current operational status, core business progress, technological R&D achievements, and future strategic plans were elaborated upon by the board secretary, providing investors with a clearer understanding of Anji Technology's competitive advantages and growth prospects [3] Group 2: Investor Engagement - The interactive Q&A session was characterized by active participation from investors, who raised questions regarding Anji Technology's R&D breakthroughs, market strategies, financial data, and industry chain collaboration [4] - The management team responded to investor inquiries with detailed and professional insights, fostering a closer relationship between the company and its investors, and enhancing their understanding of the industry outlook and corporate development logic [4] Group 3: Future Initiatives - Huafu Securities plans to continue the "I am a Shareholder" series, creating more quality communication platforms to connect investors with various listed companies in Shanghai, aiming to explore corporate value and share opportunities in the capital market [4]