每经记者｜陈晴 每经编辑｜金冥羽 陈俊杰 并购重组 云铝股份：拟收购云南冶金持有的公司部分控股子公司股权 云铝股份公告，拟通过非公开协议方式收购云南冶金持有的云铝涌鑫28.7425%股权、云铝润鑫27.3137%股权及云铝泓鑫30%股权，交易对价共计人民币 22.67亿元。本次股权收购完成后，公司将持有云铝涌鑫96.0766%股权、云铝润鑫97.4560%股权、云铝泓鑫100%股权。 国晟科技：拟2.41亿元收购孚悦科技100%股权 国晟科技公告，公司拟以2.41亿元的价格受让铜陵正豪科技有限公司、林琴合计持有的铜陵市孚悦科技有限公司100%股权。 普冉股份：拟购买珠海诺亚长天存储技术有限公司49%股权 朗鸿科技11月25日公告，持股16.2121%的股东刘伟计划以集中竞价或大宗交易的方式减持公司股份不超过305.17万股（占公司总股本的2%）。 中辰股份：控股股东中辰控股拟减持不超过3% 中辰股份公告，控股股东中辰控股有限公司持有2.24亿股，占40.90%，拟通过集中竞价或大宗交易方式减持不超1641.27万股，占比3.00%。 晨曦航空：控股股东汇聚科技拟减持不超3%股份 晨曦航空公告称，公司控股股东西 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In the first three quarters of 2025, the company achieved operating revenue of 6.829 billion yuan, a year-on-year increase of 114.79%, and a net profit attributable to the parent company of 1.115 billion yuan, a year-on-year increase of 497.61%. The gross margin and net margin were 31.98% and 16.32%, respectively [2][4]. - For Q3 2025, the company reported operating revenue of 3.060 billion yuan, a year-on-year increase of 153.71% and a quarter-on-quarter increase of 39.78%. The net profit attributable to the parent company was 584 million yuan, a year-on-year increase of 545.95% and a quarter-on-quarter increase of 76.84%. The gross margin and net margin for this quarter were 33.93% and 19.09%, respectively [2][4]. - The company is focusing on high-end AI fields, significantly upgrading its product structure. The demand for AI servers and high-performance computing is driving growth, with notable performance in HDI and high-layer boards. The company is actively developing more AI server products in collaboration with terminal customers [6]. - The company is rapidly expanding high-end production capacity and continuously optimizing its product structure. It is enhancing production capabilities through key equipment upgrades and has successfully scaled production of high-end products such as HDI and optical modules [6]. - The company has invested 1.9 billion yuan in a smart manufacturing project for high-layer circuit boards, targeting the mid-to-high-end market for servers and AI computing. The project aims for an annual production capacity of 700,000 square meters of printed circuit boards, with the first phase expected to begin trial production in 2026 [6]. - The company has a strong R&D capability with over 30 years of investment, leading to industry-leading technology levels in the PCB sector. It has successfully developed products for several server clients, including Amazon, and is entering mass production for AI-related mainboards and accelerator cards [6]. - The projected net profits for 2025, 2026, and 2027 are 1.647 billion yuan, 2.390 billion yuan, and 3.219 billion yuan, respectively, with corresponding PE ratios of 49.03, 33.79, and 25.09 [6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 4.078 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.96%. The net profit attributable to shareholders reached 625 million yuan, up 29.46% year-on-year. The gross margin and net margin were 22.79% and 14.85%, respectively [2][5] - In Q3 2025, the company achieved a revenue of 1.499 billion yuan, a year-on-year increase of 17.16% and a quarter-on-quarter increase of 10.13%. The net profit attributable to shareholders was 241 million yuan, reflecting a year-on-year growth of 33.77% and a quarter-on-quarter growth of 17.98%. The gross margin and net margin for the quarter were 22.92% and 15.66%, respectively [2][5] Financial Performance - The company is projected to achieve net profits of 912 million yuan, 1.188 billion yuan, and 1.575 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios at the current stock price are expected to be 33.31 times, 25.56 times, and 19.28 times [12] - The total revenue is forecasted to grow from 5.022 billion yuan in 2024 to 9.966 billion yuan in 2027, with a gross profit margin expected to increase from 23% to 25% over the same period [18] Strategic Developments - The company is investing 1.5 billion yuan to build a new generation PCB manufacturing base, focusing on chip-embedded PCB packaging technology, which has significant applications in various high-tech fields [12] - The company is actively embracing AI applications and expanding into emerging technology sectors, including humanoid robots, low-altitude aircraft, and AI smart glasses, establishing partnerships with leading companies in these fields [12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a revenue of 13.512 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 49.96%. The net profit attributable to shareholders was 2.718 billion yuan, up 47.03% year-on-year. The gross margin and net margin were 35.40% and 20.08%, respectively [2][4]. - In Q3 2025, the company achieved a revenue of 5.019 billion yuan, a year-on-year increase of 39.92% and a quarter-on-quarter increase of 12.62%. The net profit attributable to shareholders was 1.035 billion yuan, reflecting a year-on-year growth of 46.25% and a quarter-on-quarter growth of 12.44% [2][4]. Summary by Sections Company Overview - The company is focused on expanding its production capacity steadily, with ongoing capital expenditures aimed at high-end AI products. The total investment for a new AI chip supporting high-end printed circuit board expansion project is approximately 4.3 billion yuan, which commenced construction in late June 2025 and is expected to start trial production in the second half of 2026 [10]. Financial Performance - For the first three quarters of 2025, the company reported a total revenue of 13.512 billion yuan and a net profit of 2.718 billion yuan. The gross margin was 35.40% and the net margin was 20.08% [2][4]. - The company’s capital expenditures for the first three quarters of 2025 amounted to approximately 2.104 billion yuan, which supports the expansion of high-end product capacity [10]. Market Position and Future Outlook - The company has established a strong foothold in the high-end PCB market, particularly in the fields of data communication and automotive electronics. The demand for AI servers and high-speed network infrastructure is expected to continue driving growth, with projected net profits for 2025-2027 of 3.812 billion yuan, 5.933 billion yuan, and 7.841 billion yuan, respectively [10].

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨胜宏科技（300476.SZ） [Table_Title] 胜宏科技 2025 年三季报点评：全球 AI PCB 领 先企业，旺盛需求加速成长 报告要点 [Table_Summary] 胜宏科技发布 2025 年三季报：2025 年前三季度，公司实现营业收入 141.17 亿元，同比增长 83.40%；实现归母净利润 32.45 亿元，同比增长 324.38%；分别实现毛利率和净利率 35.85% 和 22.98%。单季度看，2025Q3 公司实现营业收入 50.86 亿元，同比增长 78.95%，环比增长 7.80%；实现归母净利润 11.02 亿元，同比增长 260.52%，环比下滑 9.88%；分别实现毛利率 和净利率 35.19%和 21.66%。 分析师及联系人 [Table_Author] 杨洋 SAC：S0490517070012 SFC：BUW100 research.95579.com 1 [Table_scodeMsg2] 胜宏科技（300476.SZ） cjzqdt11111 [Table_Title 胜宏科技 2 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a significant increase in performance, with a revenue of 20.614 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 39.80%. The net profit attributable to shareholders reached 2.443 billion yuan, up 78.04% year-on-year [2][5]. - In Q3 2025 alone, the company achieved a revenue of 7.934 billion yuan, marking a 55.10% year-on-year increase and a 12.24% quarter-on-quarter increase. The net profit for the quarter was 1.017 billion yuan, reflecting a year-on-year growth of 131.18% and a quarter-on-quarter increase of 17.83% [2][5]. - The gross margin and net margin for the first three quarters were 26.74% and 13.89%, respectively, while for Q3 2025, they were 28.14% and 15.64% [2][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 20.614 billion yuan and a net profit of 2.443 billion yuan, with respective year-on-year growth rates of 39.80% and 78.04% [2][5]. - In Q3 2025, the revenue was 7.934 billion yuan, with a year-on-year growth of 55.10% and a quarter-on-quarter growth of 12.24%. The net profit for this quarter was 1.017 billion yuan, showing a year-on-year increase of 131.18% and a quarter-on-quarter increase of 17.83% [2][5]. Market Position and Strategy - The company is benefiting from strong demand in the AI sector, successfully implementing price adjustments for its copper-clad laminates in response to rising costs. This strategic move has led to successful price increases across its product lines [10]. - The company maintains a leading position in the market, continuously innovating and collaborating with advanced terminal customers to meet evolving technical requirements. It has developed a full range of high-speed products with varying dielectric loss characteristics [10]. Future Outlook - The company is expected to achieve net profits of 3.560 billion yuan, 5.607 billion yuan, and 7.922 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios at the current stock price are projected to be 40.02, 25.41, and 17.98 [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company reported a steady growth in performance for the first three quarters of 2025, achieving a revenue of 26.855 billion yuan, a year-on-year increase of 14.34%. The net profit attributable to the parent company was 2.408 billion yuan, up 21.95% year-on-year. The gross margin and net margin were 20.64% and 8.91%, respectively [2][5]. - In Q3 2025, the company achieved a revenue of 10.480 billion yuan, a year-on-year increase of 1.15% and a quarter-on-quarter increase of 26.44%. The net profit attributable to the parent company was 1.175 billion yuan, down 1.30% year-on-year but up 57.68% quarter-on-quarter. The gross margin and net margin for the quarter were 23.08% and 11.13%, respectively [2][5]. - The company is enhancing its capabilities in the automotive sector through an acquisition of a 53.68% stake in Huayang Technology for 357 million yuan, which specializes in vehicle-mounted modules and sensor development [12]. - The company plans to increase capital expenditures for AI-related projects to over 30 billion New Taiwan dollars in the next two years, with nearly 50% allocated to expanding high-end HDI and HLC production capacity [12]. - The company is expected to achieve net profits of 4.397 billion yuan, 5.644 billion yuan, and 6.773 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 25.26, 19.68, and 16.40 [12]. Financial Performance Summary - For the first three quarters of 2025, the company reported a total revenue of 26.855 billion yuan and a net profit of 2.408 billion yuan, with gross and net margins of 20.64% and 8.91% [2][5]. - The Q3 2025 results showed a revenue of 10.480 billion yuan and a net profit of 1.175 billion yuan, with gross and net margins of 23.08% and 11.13% [2][5]. - The projected financials for 2025 to 2027 indicate a steady increase in revenue and net profit, reflecting a positive growth trajectory [20].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported significant year-on-year growth in performance, with a revenue increase of 28.39% to 16.754 billion yuan and a net profit increase of 56.30% to 2.326 billion yuan for the first three quarters of 2025. The gross margin and net margin were 28.20% and 13.90%, respectively [2][4]. - In Q3 2025, the company achieved a revenue of 6.301 billion yuan, reflecting a year-on-year growth of 33.25% and a quarter-on-quarter growth of 11.11%. The net profit for the quarter was 966 million yuan, showing a year-on-year increase of 92.87% and a quarter-on-quarter increase of 11.20%. The gross margin and net margin for the quarter were 31.39% and 15.35%, respectively [2][4]. - The company benefits from the demand for AI computing upgrades, structural growth in the storage market, and increased demand for automotive electronics. The demand for AI accelerator cards, switches, optical modules, servers, and related products continues to rise, contributing to revenue growth [9]. - The company emphasizes a long-term strategy of technological leadership, with R&D investment accounting for 7.36% of revenue in Q3 2025. Ongoing projects include advancements in next-generation communication, data center, and automotive electronics PCB technologies [9]. - The company is expected to achieve net profits of 3.467 billion yuan, 5.056 billion yuan, and 7.025 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 41.24, 28.28, and 20.36 [9]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 16.754 billion yuan and a net profit of 2.326 billion yuan, with respective year-on-year growth rates of 28.39% and 56.30% [2][4]. - In Q3 2025, the company reported revenue of 6.301 billion yuan and a net profit of 966 million yuan, with year-on-year growth rates of 33.25% and 92.87% [2][4]. Market Position and Strategy - The company is recognized as a leading player in the PCB industry in China and a pioneer in the packaging substrate sector. The demand for products in the communication and data center sectors is expected to drive future growth [9]. - The company maintains a focus on technological innovation and R&D, with significant investments aimed at enhancing its product offerings and market competitiveness [9].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents the top ten convertible bonds for November 2025, along with an analysis of the issuing companies, including their financial performance, business models, and key attractions [14][23][36]. 3. Summary by Company 3.1 Zhongte Convertible Bond - Issuer: A globally leading specialized special steel material manufacturing enterprise with a production capacity of approximately 20 million tons of special steel materials per year [14]. - Financial Performance: In 2024, its operating income was 109.203 billion yuan (YoY -4.22%), and the net profit attributable to the parent company was 5.126 billion yuan (YoY -10.41%). In the first three quarters of 2025, the operating income was 81.206 billion yuan (YoY -2.75%), and the net profit attributable to the parent company was 4.33 billion yuan (YoY +12.88%) [14]. - Key Attractions: It is one of the world's steel companies with the most comprehensive variety and specifications, with a production capacity of over 20 million tons of special steel. It has a complete industrial chain, leading cost - control capabilities, and is seeking opportunities for external expansion [15]. 3.2 Shanlu Convertible Bond - Issuer: A company mainly engaged in road and bridge engineering construction and maintenance, with a complete business and management system [23]. - Financial Performance: In 2024, its operating income was 71.348 billion yuan (YoY -2.3%), and the net profit attributable to the parent company was 2.322 billion yuan (YoY +1.47%). In the first three quarters of 2025, the operating income was 41.354 billion yuan (YoY -3.11%), and the net profit attributable to the parent company was 1.41 billion yuan (YoY -3.27%) [23]. - Key Attractions: It has the concept of "China - Special Valuation," potential for improvement in its balance sheet and order volume. It can benefit from infrastructure construction in Shandong Province and the Belt and Road Initiative [26]. 3.3 Hebang Convertible Bond - Issuer: A company with advantages in salt mines, phosphate mines, and natural gas supply, covering the chemical, agricultural, and photovoltaic sectors [36]. - Financial Performance: In 2024, its operating income was 8.547 billion yuan (YoY -3.13%), and the net profit attributable to the parent company was 31 million yuan (YoY -97.55%). In the first three quarters of 2025, the operating income was 5.927 billion yuan (YoY -13.02%), and the net profit attributable to the parent company was 93 million yuan (YoY -57.93%) [36]. - Key Attractions: Its phosphate mines and salt mines contribute to profits, and its liquid methionine production has high - margin potential [37]. 3.4 Aima Convertible Bond - Issuer: A leading enterprise in the electric two - wheeler industry, responsible for R & D, production, and sales [45]. - Financial Performance: In 2024, its operating income was 21.606 billion yuan (YoY +2.71%), and the net profit attributable to the parent company was 1.988 billion yuan (YoY +5.68%). In the first three quarters of 2025, the operating income was 21.093 billion yuan (YoY +20.78%), and the net profit attributable to the parent company was 1.907 billion yuan (YoY +22.78%) [45]. - Key Attractions: The continuation of government subsidies for trade - ins, the implementation of new national standards, and potential improvements in gross margin [46]. 3.5 Xingye Convertible Bond - Issuer: One of the first joint - stock commercial banks approved by the State Council and the People's Bank of China, evolving into a modern financial service group [56]. - Financial Performance: In 2024, its operating income was 212.226 billion yuan (YoY +0.66%), and the net profit attributable to the parent company was 77.205 billion yuan (YoY +0.12%). In the first three quarters of 2025, the operating income was 161.234 billion yuan (YoY -1.82%), and the net profit attributable to the parent company was 63.083 billion yuan (YoY +0.12%) [56]. - Key Attractions: Stable asset quality and continuous growth in scale [57]. 3.6 Huanxu Convertible Bond - Issuer: A global leader in electronic manufacturing design, providing value - added services [67]. - Financial Performance: In 2024, its operating income was 60.691 billion yuan (YoY -0.17%), and the net profit attributable to the parent company was 1.652 billion yuan (YoY -15.16%). In the first three quarters of 2025, the operating income was 43.641 billion yuan (YoY -0.83%), and the net profit attributable to the parent company was 1.263 billion yuan (YoY -2.6%) [67]. - Key Attractions: Leading in smart wearable SiP modules and having a global production layout [68]. 3.7 Chongyin Convertible Bond - Issuer: The earliest local joint - stock commercial bank in the upper reaches of the Yangtze River and Southwest China, with a wide range of business operations [79]. - Financial Performance: In 2024, its operating income was 13.679 billion yuan (YoY +3.54%), and the net profit attributable to the parent company was 5.117 billion yuan (YoY +3.8%). In the first three quarters of 2025, the operating income was 11.74 billion yuan (YoY +10.4%), and the net profit attributable to the parent company was 4.879 billion yuan (YoY +10.19%) [79]. - Key Attractions: Benefiting from the Chengdu - Chongqing economic circle strategy, stable asset growth, and proactive risk management [80]. 3.8 Tianye Convertible Bond - Issuer: A leading enterprise in the chlor - alkali chemical industry in Xinjiang, with an integrated circular economy industrial chain [88]. - Financial Performance: In 2024, its operating income was 11.156 billion yuan (YoY -2.7%), and the net profit attributable to the parent company was 68 million yuan (YoY +108.83%). In the first three quarters of 2025, the operating income was 7.97 billion yuan (YoY +2.2%), and the net profit attributable to the parent company was 7 million yuan (YoY -28.79%) [88]. - Key Attractions: Relatively stable caustic soda production costs and plans to increase dividend frequency and advance coal mine projects [89]. 3.9 Aorui Convertible Bond - Issuer: A company focusing on the R & D, production, and sales of complex APIs and preparations, leading in multiple fields [101]. - Financial Performance: In 2024, its operating income was 1.476 billion yuan (YoY +16.89%), and the net profit attributable to the parent company was 355 million yuan (YoY +22.59%). In the first three quarters of 2025, the operating income was 1.237 billion yuan (YoY +13.67%), and the net profit attributable to the parent company was 354 million yuan (YoY +24.58%) [101]. - Key Attractions: Improving its dealer network, expanding the market for its preparation products, and having high - quality customer resources [102]. 3.10 Yushui Convertible Bond - Issuer: The largest integrated water supply and drainage enterprise in Chongqing, with a monopoly position in the local market [110]. - Financial Performance: In 2024, its operating income was 6.999 billion yuan (YoY -3.52%), and the net profit attributable to the parent company was 785 million yuan (YoY -27.88%). In the first three quarters of 2025, the operating income was 5.568 billion yuan (YoY +7.21%), and the net profit attributable to the parent company was 779 million yuan (YoY +7.1%) [110]. - Key Attractions: Stable water supply and drainage business, expanding market share, and effective cost control [111].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a significant increase in performance for the first three quarters of 2025, achieving operating revenue of 3.398 billion yuan, a year-on-year growth of 38.71%, and a net profit attributable to shareholders of 317 million yuan, a year-on-year increase of 50.81% [2][4]. - In Q3 2025, the company achieved operating revenue of 1.258 billion yuan, a year-on-year growth of 44.34% and a quarter-on-quarter growth of 5.83%. The net profit attributable to shareholders reached 144 million yuan, marking a year-on-year increase of 139.04% and a quarter-on-quarter increase of 53.08% [2][4]. - The company maintains a strong gross margin of 23.06% and a net margin of 9.32% for the first three quarters, with Q3 margins improving to 24.38% and 11.45% respectively [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 3.398 billion yuan, with a gross margin of 23.06% and a net margin of 9.32% [2][4]. - In Q3 2025, the company reported operating revenue of 1.258 billion yuan, with a gross margin of 24.38% and a net margin of 11.45% [2][4]. Future Outlook - The company is focusing on expanding its high-end product operations, with plans to raise up to 1.98 billion yuan for investment in AI and high-density interconnect circuit board projects, which will significantly enhance its production capacity [11]. - The company has established itself as a leader in HDI products and is well-positioned to meet the growing demands of high-end server markets, particularly in AI and GPU acceleration [11]. Earnings Forecast - The company is projected to achieve net profits of 471 million yuan, 764 million yuan, and 1.078 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 117.17, 72.24, and 51.17 [11].