香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整性亦 不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 Eaglerise Electric & Electronic (CHINA) Co., Ltd. 伊 戈 爾 電 氣 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求而刊 發，僅用作提供資料予香港公眾人士。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣下知 悉、接納並向伊戈爾電氣股份有限公司（「本公司」）、本公司的獨家保薦人、整體協調人、顧問及包銷團成員表示 同意： 於本公司招股章程根據香港法例第32章《公司（清盤及雜項條文）條例》送呈香港公司註冊處處長註冊前，不會向 香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，準投資者務請僅依據與香港公 司註冊處處長註冊的本公司招股章程作出投資決定。招股 ...

PCB - There are two rumors regarding PCB: the first is that the Rubin switch tray's PCB material system is confirmed to be upgraded from the original M9 resin + second-generation fiberglass cloth to a higher-performance M9 resin + Q cloth solution, which could increase the demand for Q cloth by 6 million to 15 million meters, with stockpiling potentially reaching over 20 million meters [2] - The second rumor involves Google considering upgrading its TPU V8 to EM896K3 (Q-glass M9), but confirmation from industry sources regarding the Rubin switch tray's upgrade to M9 + Q cloth has not been established yet [2][3] Optical Modules - Tianfu's optimistic profit forecast for next year is at 80 million, but the current estimate remains at 60 million or slightly above, with a projected 60% quarter-on-quarter growth in 200G EML supply, equating to 1.6T shipments [6] - There are concerns regarding the compatibility of Tianfu's production line with Lumentum's chips, indicating a need for further adjustments to meet the 200G EML demand [6] Power Industry - A significant power outage occurred in San Francisco, affecting approximately 130,000 households and businesses, which is about one-third of the Pacific Gas and Electric Company's customers in the city [7] - The outage was attributed to overloaded core substation equipment, highlighting the strain on California's power grid due to the rapid increase in data center construction, with over 320 data centers expected by November 2025 [8] - The average age of key power equipment in California is around 40 years, with a significant portion nearing or exceeding their service life, contributing to the vulnerability of the power grid [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is a leader in the new energy transformer sector and is accelerating its overseas expansion while developing AIDC to create a second growth curve [1] - The company has achieved significant revenue and net profit growth, with a projected CAGR of 35% and 54% from 2020 to 2024, respectively [1] - The company is expected to return to a rapid growth trajectory by 2026, driven by overseas sales and data center business expansion [1] Summary by Sections 1. Focus on Energy and Information Industry, Actively Expanding Global Market - The company has successfully expanded its overseas customer base and is positioning itself in the data center product market [12] - The strategic focus is on energy and information sectors, with new energy products contributing significantly to revenue [15] - The company has a relatively dispersed shareholding structure, with a strong management team [18] 2. New Energy and Distribution Market Opportunities - The overseas market for new energy and distribution transformers is vast, with significant growth potential [37] - The company has made important breakthroughs in overseas markets, particularly in the U.S. distribution market [58] - The company is well-positioned to benefit from the high demand for transformers driven by AIDC and grid upgrades [51] 3. Diversified AIDC Product Layout, Creating a Second Growth Engine - The global AIDC installed capacity is rapidly increasing, driving high demand for medium-voltage transformers [3] - The company has diversified its product offerings in the AIDC sector, achieving significant progress in both domestic and international markets [3] 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 2.8 billion, 4.9 billion, and 7.4 billion yuan from 2025 to 2027, with corresponding P/E ratios of 49, 29, and 19 times [1] - The target price for 2026 is set at 45.8 yuan, based on a 40 times P/E ratio [1]

Group 1 - The article discusses the logic and marginal changes of AI computing hardware going overseas, highlighting that the market is currently performing well, particularly in AI computing-related sectors [1] - The power export market has shifted from SST to gas turbines and HRSG recently, indicating a change in focus within the industry [3][4] - The article emphasizes the strong performance of core targets in the gas turbine market, suggesting a positive outlook for these companies [4] Group 2 - The article notes that only three companies—Siemens Energy, GE, and Mitsubishi Heavy Industries—are currently capable of producing gas turbines, with a significant demand for these products due to electricity shortages in the U.S. [5] - Gas turbines are highlighted for their flexibility and efficiency, with the cost of electricity generation from large gas turbines being only $70-80 per megawatt hour, which remains competitive even with price increases [6][7] - The gas turbine market is entering a golden period of supply-demand balance, with strong demand driven by electrification, energy security needs, and explosive growth in data centers. Global gas turbine orders are expected to exceed production capacity until at least the early 2030s [7] Group 3 - HRSG prices are currently between $5-5.5 million per unit, with expectations to rise to $6-7 million per unit by early next year, driven by a 50% supply-demand gap [7] - The article provides insights into various companies in the domestic Google supply chain, detailing their products, market shares, and expected orders for 2026 [10][11]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company's profitability is stabilizing, and AIDC is expected to become a new growth curve. Revenue projections for 2025-2027 are estimated at 58.98 billion, 74.50 billion, and 91.64 billion yuan, with corresponding growth rates of 27.2%, 26.3%, and 23.0%. Net profit attributable to the parent company is projected to be 3.06 billion, 4.55 billion, and 5.88 billion yuan, with growth rates of 4.8%, 48.4%, and 29.3% respectively. The PE ratios for 2025-2027 are expected to be 36X, 24X, and 19X based on the closing price on October 30 [3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 38.08 billion yuan, a year-on-year increase of 17.32%. The net profit attributable to the parent company was 1.78 billion yuan, a year-on-year decrease of 15.14%. The net profit excluding non-recurring items was 1.66 billion yuan, down 12.71% year-on-year. In Q3 2025, revenue was 13.41 billion yuan, up 12.43% year-on-year but down 3.06% quarter-on-quarter. The net profit for Q3 was 0.74 billion yuan, a year-on-year increase of 117.20% and a quarter-on-quarter increase of 17.54% [1][3]. Investment in Data Center - The company has focused its resources on investing in transformer products for data centers. In the first half of 2025, the production capacity for data center transformers gradually increased, with breakthroughs in product structure and market expansion. The product range has expanded from phase-shifting transformers to epoxy resin cast dry-type transformers and oil-immersed transformers, with sales extending from the domestic market to overseas markets such as Japan [2]. Global Expansion - The opening of a new smart manufacturing plant in Fort Worth, Texas, marks a significant milestone in the company's global strategy. This facility enhances the company's ability to serve North American customers more responsively and flexibly while mitigating potential trade and logistics risks [3].

Group 1: Medical Devices Industry - The cardiovascular medical device industry has significant growth potential, with the market for cardiac electrophysiology devices in China expected to grow from CNY 65.80 billion in 2021 to CNY 157.26 billion by 2025, and further to CNY 419.73 billion by 2032 [5][6] - The global market for cardiac rhythm management devices increased from USD 9.7 billion in 2016 to USD 10.6 billion in 2021, with a projected growth to USD 12.8 billion by 2030 [5] - The market for coronary artery disease devices in China is also expanding, with the number of patients expected to reach 31.67 million by 2030, and the market for aortic stent grafts projected to grow significantly [6][7] Group 2: AI Cooling Industry - The AI computing upgrade is driving innovation in cooling technologies, with liquid cooling expected to reduce data center energy consumption by 20%-30%, achieving a PUE below 1.2 [8][9] - The liquid cooling market in China is projected to reach USD 1.26 billion in the first half of 2024, with cold plate solutions currently dominating the market due to their maturity and lower infrastructure modification requirements [9][10] - The market for immersion cooling fluids is expected to grow, with silicone oil and fluorinated liquids being key players, although regulatory challenges may arise [10] Group 3: Semiconductor Industry - Aojie Technology (688220.SH) is a leading player in the baseband chip market, with projected revenues of CNY 45.80 billion, CNY 57.35 billion, and CNY 70.72 billion for 2025, 2026, and 2027 respectively [12][13] - The company has a strong presence in both mobile baseband and IoT sectors, with significant growth expected in its ASIC business, which is anticipated to see multiple-fold growth by 2026 [12][14] Group 4: Pharmaceutical Industry - Lifang Pharmaceutical (003020.SZ) is expected to achieve revenues of CNY 18.53 billion, CNY 22.93 billion, and CNY 27.37 billion from 2025 to 2027, with a strong growth trajectory driven by its unique traditional Chinese medicine products [16][17] - The company is set to launch its first generic version of methylphenidate extended-release tablets in April 2025, targeting a large ADHD market in China [17] Group 5: Beverage Industry - IFBH (6603.HK) is positioned to capture a significant share of the coconut water market in China, which is expected to grow at a CAGR of 55% from 2019 to 2025 [19][20] - The company has established a strong brand presence and is leveraging its supply chain advantages to maintain a competitive edge in the market [20] Group 6: Nonferrous Metals Industry - Zhongmin Resources (002738.SZ) is projected to achieve net profits of CNY 6.03 billion, CNY 12.72 billion, and CNY 22.64 billion from 2025 to 2027, driven by its high-margin cesium and rubidium salt business [22][23] - The company is strategically expanding its copper business, which is expected to provide significant growth potential as demand for copper increases [23][24] Group 7: Aerospace Industry - The commercial aerospace sector is anticipated to reach a turning point with increased satellite launches and the development of reusable rockets, which are critical for the growth of satellite internet [29][30] - Companies like Blue Arrow Aerospace and Tianbing Technology are making significant advancements in rocket technology, with planned launches that could enhance China's capabilities in commercial space [30][31]

Financial Performance - The company's revenue for the first half of 2025 reached 1.94 billion CNY, representing a year-on-year growth of 67.43% [2] - The overall revenue increased by 20.16% compared to the previous year, while R&D investment rose by 30.20% and sales expenses increased by 43.53% [3] - Employee stock incentive costs amounted to 17 million CNY, significantly impacting current profits [2] Product Development and Market Expansion - The company is focusing on the data center transformer market, with production capacity gradually being released in the first half of 2025 [5] - The product range has expanded from phase-shifting transformers to epoxy resin cast dry-type transformers and oil-immersed transformers, with sales extending to overseas markets such as Japan [5] - The company is developing a 35KV/10MVA solid-state transformer prototype, expected to undergo testing in Q4 2025, potentially making it one of the first in China with mass production capabilities [4] Competitive Landscape - The company is analyzing its competitive position against Jinpan Technology, noting significant differences in business operations and market value [3] - The management acknowledges the need to enhance the sales team's performance to better compete in the market [3] Investment and Production Capacity - The U.S. factory is projected to produce 21,000 distribution transformers annually, while the Mexican factory is expected to produce 6,000 new energy transformers [7] - The company has invested heavily in fixed assets and construction projects, totaling around 3 billion CNY, while net assets are slightly above 3 billion CNY [8] Strategic Outlook - The company plans to continue investing in the data center power equipment sector, leveraging smart manufacturing advantages to meet domestic and international customer needs [5] - The management is optimistic about future growth opportunities in the global power equipment market, driven by increasing electricity demand and infrastructure investments [9]

Core Viewpoint - The pharmaceutical and technology sectors continue to receive positive attention from institutional investors, with significant interest in specific stocks and a favorable outlook for the pharmaceutical industry due to recent policy changes and innovation [1][2]. Group 1: Institutional Ratings and Sector Performance - A total of 59 institutions conducted 1,678 "buy" ratings covering 929 stocks from September 1 to September 5, with the pharmaceutical sector having 94 stocks rated positively [2]. - The pharmaceutical industry is transitioning from "Made in China" to "Created in China," with a strong performance expected in the coming quarters due to the commercialization of innovative products and overseas expansion potential [2]. - 51 stocks received attention from five or more institutions, with major companies like Midea Group and Great Wall Motors leading in institutional interest [2]. Group 2: Company Performance Highlights - Midea Group reported a net profit of 26.014 billion yuan for the first half of the year, a year-on-year increase of 25.04%, marking the highest growth rate since 2016 [4]. - BYD's net profit increased by nearly 14% in the first half of the year, with new factories in Brazil and Thailand contributing to its growth [4]. - Companies in the food and beverage sector, including Luzhou Laojiao, Wuliangye, Shanxi Fenjiu, and Haitian Flavoring, also received multiple "buy" ratings from institutions [4]. Group 3: Shareholder Concentration and Stock Performance - Among the stocks rated "buy," 89 saw a decrease in shareholder numbers compared to the end of the second quarter, with 41 stocks experiencing a decline of over 10% [5]. - Igor's shareholder count dropped by nearly 38%, while the company achieved a revenue of 2.467 billion yuan, a year-on-year increase of 20.16% [5]. - The average increase in stock prices for the 41 stocks with concentrated holdings exceeded 20%, with six stocks, including Aosaikang and Tengya Precision, seeing gains over 50% [7]. Group 4: Underperforming Stocks - 15 stocks underperformed compared to the Shanghai Composite Index, with Zhejiang Dingli experiencing the largest decline of nearly 18% despite a net profit increase of 27.63% [8]. - Wuliangye and ZTE both received "buy" ratings from six institutions, with Wuliangye's stock price down over 5% year-to-date [8][9]. - ZTE's shareholder count decreased by over 14%, with a net profit decline of nearly 12% in the first half of the year, although revenue grew by 14.51% [9].

Group 1 - The core viewpoint of the article highlights that the company Igor (002922) engages directly with data center power integrators and general contractors in the power system engineering sector as its main customers [1] Group 2 - The company responded to investor inquiries on September 5 regarding its customer base for data center transformers [1]

Group 1 - The company Igor (002922) is gradually putting its factory in the United States into operation [1] - The sales region for data center transformers has expanded from the domestic market to overseas markets, including Japan [1]