2025年三季度，A股一家光刻胶公司的股东名单悄然生变。 高盛、摩根大通、瑞银、摩根士丹利四家国际投行集体新进前十大流通股东，合计买入近500万股。 反常的是，这家公司股价从30元阴跌至4.4元，十年未涨，2025年中报净利润暴跌1700%。 外资逆势扫货的背后，是一场关于国产替代的豪赌。 外资抱团入场 2025年三季度报告显示，高盛新进117万股，摩根大通买入111万股，瑞银持股103万股，摩根士丹利增持99万股。 四家机构首次进入前十大股东名单，建仓成本集中在6-7元区间。 以12月初的股价计算，外资浮盈已超30%。 这种"抱团作战"的模式在2025年多次出现，例如扬帆新材被五家外资联合买入8000万元，押注其光刻胶去除剂替代日本JSR产 品。 被外资重仓的公司总市值仅48亿元，光刻胶业务营收占比62%，毛利率32%。 公司核心产品覆盖PCB光刻胶、显示光刻胶、光伏胶等，在PCB阻焊油墨市场占有率领先。 尽管整体业绩下滑，但其电子化学品业务毛利率稳定在40%左右，成为外资看中的利润支点。 光刻胶：芯片制造的"命门" 光刻胶是半导体制造的核心耗材，直接决定芯片制程的精度和良率。 全球光刻胶市场长期被日本和美 ...

Core Viewpoint - The company reported a strong performance in Q1 2025, with a revenue increase of 44.08% year-on-year, driven by its focus on the "3+1" technology platform and effective market expansion strategies [1][2] Financial Performance - In Q1 2025, the company achieved a net profit growth of 60.66% and a non-deducted net profit growth of 53.03% compared to the same period last year [1] - The company’s revenue for the previous year increased by 48.24%, with functional wet electronic chemicals growing at a remarkable rate of 78.91% [2][3] Market Strategy - The company aims to expand its production capacity to meet the growing demand from new wafer fabs both domestically and internationally [1] - The company is committed to maintaining a strong relationship with major clients like SMIC and TSMC, which contribute over 80% of its revenue, while also seeking to diversify its customer base [2][5] Product Development - The company is focused on developing high-performance materials for various semiconductor applications, including logic chips, memory chips, and third-generation semiconductors [1][3] - The company has successfully developed advanced post-etch cleaning solutions and is expanding its product line to include various cleaning agents for semiconductor manufacturing [3][4] Intellectual Property and Innovation - The company emphasizes the importance of intellectual property in maintaining its competitive edge and has established a comprehensive management system for its patents [1][4] - The company invests significantly in R&D, with a 40% increase in R&D expenses in 2024, while maintaining a slight decrease in the R&D expense ratio [4][5] Sustainability and ESG Initiatives - The company has integrated environmental, social, and governance (ESG) principles into its operations, focusing on sustainable development and reducing energy consumption and pollution [4][5] - The company is actively working on increasing the proportion of self-sourced core raw materials to enhance supply chain stability [4][5] Customer Engagement - The company has established a customer service team that focuses on enhancing customer satisfaction and loyalty through tailored solutions [2][5] - The company is implementing measures to optimize customer certification processes, aiming to shorten the certification cycle [4][5]

Macro Strategy - The report suggests that the depreciation of the RMB against the USD may be a response to overseas risk events and a proactive measure to release risks in currency management, with a gradual approach expected in the depreciation process [1][12] - The expected range for USDCNY is projected to gradually rise to 7.40-7.50, indicating a controlled release of risks while maintaining a stable exchange rate [12] Fixed Income - The report on Weicai Convertible Bond indicates an expected listing price range of 112.72 to 125.13 RMB, with a subscription rate of 0.0046% and a conversion premium of approximately 35% [2][14] - The report on Anji Convertible Bond anticipates a listing price range of 109.63 to 122.00 RMB, with a subscription rate of 0.0037% and a conversion premium of around 28% [3][15] - The report on Qingyuan Convertible Bond expects a listing price range of 100.22 to 111.65 RMB, with a subscription rate of 0.0020% and a conversion premium of about 25% [3][17] Industry Analysis - The engineering machinery sector is entering an upward cycle, with a projected 2-3 years of growth ahead, supported by significant share buybacks from major companies like Sany Heavy Industry and XCMG [20][21] - The report highlights a 38% year-on-year increase in domestic excavator sales in Q1 2025, indicating strong market demand and potential for upward valuation adjustments [21] - The engineering machinery companies have low exposure to the US market, with Sany's exposure at approximately 3%, making the overall risk manageable [21] Company Insights - Pengding Holdings reported a revenue of 35.14 billion RMB and a net profit of 3.62 billion RMB for 2024, with significant growth in the automotive and server sectors [5][22] - The company is expanding its production capacity with a projected capital expenditure of 5 billion RMB in 2025, reflecting confidence in future market demand [6][22] - The report on Jerey Co. indicates a projected net profit of 3.03 billion RMB for 2025, with a focus on overseas expansion despite tariff risks [7][8]