Core Viewpoint - The company expects a net profit for the fiscal year 2025 to be negative, projected between -60 million to -40 million yuan [1] Group 1: Financial Projections - The anticipated net profit for 2025 is expected to be in the range of -60 million to -40 million yuan [1] Group 2: Research and Development Investments - The company has significantly increased its R&D investments in specialized projects and terminal collaborations compared to the previous year [1] Group 3: Risk Management Strategies - To mitigate risks associated with raw material price fluctuations, the company has engaged in futures hedging and silver leasing activities [1] Group 4: Impact of Raw Material Prices - The report period saw a substantial increase in the prices of certain raw materials, leading to significant investment losses and fair value changes from the futures hedging and silver leasing activities [1]

转自：证券时报 人民财讯1月21日电，立昂微(605358)1月21日公告，预计2025年度实现归属于上市公司股东的净利润为 亏损1.21亿元左右，同比减亏。报告期内，公司归属于上市公司股东的净利润同比大幅减亏，主要得益 于半导体硅片板块盈利能力的复苏。 ...

Investment Rating - The report maintains a rating of "Outperform" for the company, indicating a positive outlook on its performance relative to the market [6]. Core Insights - The company is expected to achieve a net profit attributable to shareholders of 700-730 million yuan for 2025, representing a year-over-year increase of 34% to 40%. The fourth quarter alone is projected to yield a net profit of 180-210 million yuan, with a year-over-year growth of 26% to 47% [4][6]. - The semiconductor industry has been experiencing a sustained upturn, with the company benefiting from rapid growth in polishing materials and display materials. The demand in the AI sector is driving prices for DRAM and NAND chips significantly higher [6]. - The company plans to issue H shares to accelerate its overseas business expansion, aiming to enhance its global strategic layout and brand influence [6]. Financial Data and Profit Forecast - Total revenue for 2025 is projected at 3,970 million yuan, with a year-over-year growth rate of 18.9%. The net profit attributable to shareholders is forecasted at 714 million yuan, reflecting a growth rate of 37.1% [5][8]. - The company’s gross margin is expected to improve from 50.1% in 2025 to 52.5% by 2027, indicating a positive trend in profitability [5]. - The return on equity (ROE) is projected to rise from 14.4% in 2025 to 19.8% in 2027, showcasing enhanced efficiency in generating profits from shareholders' equity [5].

在比亚迪汽车有限公司，蒿慧杰走进企业展厅，听取企业负责人关于产品研发和经营管理情况介 绍，现场观看重点产品场景展示，勉励企业要强化需求牵引，加强技术升级和产品创新，不断增加优质 供给，助力我市汽车产业链进一步做强做优做大。 蒿慧杰在调研中强调，高新区作为我市经济建设的主战场、区域发展的强引擎，要坚持长短结合， 既瞄准"高精尖"，持续推动产业发展向新向优，推动科技成果就地转化，提高产业配套能力，不断壮大 高新技术产业集群；又加快解决当前经济社会发展面临的突出问题，紧盯重点行业、重点企业加强运行 调度，强化服务保障，确保一季度"开门稳""开门红"，为全市稳增长提供强力支撑。要注重标本兼治， 深化体制机制改革，先立后破，破立并举，不断激发创新活力和内生动力。 市委常委马鲜萍、和文全参加。 1月20日上午，省委常委、市委书记蒿慧杰到高新区调研经济社会发展情况时强调，要贯通落实习 近平总书记历次来陕考察重要讲话重要指示，牢牢把握高质量发展这个首要任务，聚焦主责主业，突 出"高"和"新"，大力推进科技创新和产业创新深度融合，努力建设世界一流高科技园区。 蒿慧杰首先来到西安奕斯伟材料科技股份有限公司，仔细了解硅材料事业发展 ...

Group 1 - The core viewpoint of the article highlights that JianTao Laminated Board (01888) has seen a stock price increase of over 5%, currently trading at 13.96 HKD with a transaction volume of 81.7041 million HKD, driven by supply tightness and rising prices of raw materials like fiberglass cloth [1] - Resonac, a Japanese semiconductor materials manufacturer, announced a price increase of over 30% for copper foil substrates (CCL) and adhesive films used in printed circuit boards (PCB) starting March 1, due to supply constraints [1] - Market rumors suggest that NVIDIA's Rubin Ultra may switch from orthogonal backplanes to copper cable solutions, although industry insiders maintain that the core positioning of orthogonal backplanes remains unchanged [1] Group 2 - According to Guotai Junan Securities, JianTao has raised prices three times in August, October, and December since the second half of 2025, with an unexpected price increase occurring twice within December, indicating a positive pricing cycle across the entire industry chain driven by AI demand [1] - The company is strategically positioned in copper foil, electronic cloth, and copper-clad laminates, and as an industry leader, it is expected to benefit from the price increase cycle across all segments [1]

Summary of Key Points from Conference Call Records Industry Overview - The chemical industry has experienced a "global price surge" in the past month, with major companies like BASF, Dow, and Huntsman implementing price increases across Europe, Asia, and the Middle East [1][1][1] - Significant price increases have been noted for certain chemical products, with propylene oxide prices rising by 7.9% week-over-week [2][2][2] Companies Mentioned - Companies involved in the chemical sector include: - Xinxiang Chemical Fiber - Cangzhou Dahua - Weiyuan Co. - Shandong Heda - Hongbaoli - Hongbai New Materials - Red Wall Co. - Zhongyida - Zanyu Technology - China National Chemical - Jiangtian Chemical - Meibang Technology [2][2][2] Core Insights and Arguments - The recent price increases in the chemical market are attributed to a combination of supply chain pressures and increased demand for chemical products globally [1][1][1] - The government has introduced new policies to support urban renewal and stimulate the economy, which may further impact the demand for chemical products [2][2][2] Additional Important Information - The National Energy Administration reported that national electricity load has reached a historical winter high, exceeding 1.4 billion kilowatts for the first time, indicating strong energy demand [2][2][2] - The investment in new power systems is expected to grow significantly, with a projected 40% increase in investment during the 14th Five-Year Plan period [2][2][2] - The chemical industry is likely to benefit from these macroeconomic trends, as increased urban development and energy demands will drive further consumption of chemical products [1][1][1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：Semi Display Semi Display / 1月19日晚，TCL科技集团股份有限公司（证券简称：TCL科技，证券代码：000100）发 布公告，披露了一项关键人事变动：TCL科技董事长李东生将不再兼任公司首席执行官（CEO），同 时，李东生提名王成先生担任公司首席执行官（截至公告披露日，王成持有TCL科技股票268，220 股）。 就此，TCL科技第八届董事会第十九次会议审议通过《关于聘任公司首席执行官 （CEO） 的议案》， 同意聘任王成为公司首席执行官，全面负责公司日常经营管理工作；李东生将继续担任董事长职务，不 再兼任CEO一职。王成任期至公司第八届董事会任期截止日。 公告显示，王成具备深厚的行业阅历与丰富的管理经验。其是70后（1974年）生人，持有美国德克萨斯 大学阿灵顿分校EMBA学位，自1997年加入TCL集团后，深耕近30年，历经多岗位历练： 1997年至2019年期间，先后担任TCL多媒体海外业务多个管理岗位负责人、TCL集团人力资源总 监、高级副总裁等职务； 2017年10月至2021年8月期间，执 ...

湖北三峡实验室主任池汝安表示："我们实验室一直都是企业出题、实验室答题，把科研成果更好地转 化落地。以后，国内的光刻胶厂生产光刻胶的时候，不仅不受制于人，并且成本可以降低30%。" 在芯片制造过程中，光刻胶如同相机的"底片"，而此次转让的成果G/I线光刻胶用光引发剂的关键技 术，则能决定光刻胶的感光度和分辨率。近年来，由于进口光引发剂不时面临限购和断供，国内多家光 刻胶生产企业生产受阻。主攻芯片蚀刻电子级磷酸、电子级硫酸等产品的兴福电子公司向以微电子新材 料为主要研究方向的三峡实验室提出研发需求。在历经3年研发攻坚后，相关技术终于具备产业化条 件。目前，该成果已进入产业化前期阶段。 中化新网讯 近日，湖北三峡实验室重大科技成果"光刻胶用光引发剂制备专有技术及实验设备所有 权"被湖北兴福电子以4626.78万元收购，即将投入生产。 湖北三峡实验室光刻胶用光引发剂项目负责人、博士周钢翔表示："我们主要面向国内成熟制程、芯片 制造及面板制造行业。国内目前新能源汽车发展迅速，有大量的芯片都需要用到我们G/I线光刻胶，目 前这款产品在国内的配方国产化率是最高的。" ...

1月19日晚间，江化微控制权变更落地，上海国资委通过华谊集团以20元/股的价格受让23.96%股权正式入主。 上海国资委将成江化微实际控制人 此次收购的核心看点在于，上海国资将赋能江化微切入中芯、华虹等头部晶圆厂供应链，并将其打造为半导体材 料整合平台，从而打开公司从中低端泛半导体向高端IC材料领域跨越的成长天花板。 1月19日晚间，江化微控制权变更落地，上海国资委通过华谊集团以20元/股的价格受让23.96%股权正式入主。 关注：江化微（上海国资入主，有望借助华谊集团资源切入头部 上海国资委将成江化微实际控制人 此次收购的核心看点在于，上海国资将赋能江化微切入中芯、华虹等头部晶圆厂供应链，并将其打造为半导体材 料整合平台，从而打开公司从中低端泛半导体向高端IC材料领域跨越的成长天花板。 ...

Core Viewpoint - Feikai Materials (300398) is focusing on the semiconductor photoresist sector, with stable mass production of i-line photoresists and KrF photoresist supporting materials, validated by downstream customers [1] Group 1: Product Development - The company has successfully developed a thick negative photoresist for advanced semiconductor packaging, which has completed validation and is being introduced to clients [1] - This new product is well-suited for 2.5D/3D advanced packaging processes and exhibits excellent performance characteristics such as high resolution [1] Group 2: R&D and Market Strategy - The company plans to leverage its existing material technology platform and experience to closely monitor the evolution of downstream customer processes and demand upgrades [1] - Increased R&D investment will be made to promote product iteration and application expansion, aiming to strengthen and enhance the company's core competitiveness in the semiconductor materials field [1]