Group 1 - The company held a performance briefing on September 19, engaging with investors regarding capacity, product evaluation, utilization rates, AI layout, and revenue [1] - The company is currently constructing fundraising projects expected to be operational by the first half of next year, with sufficient orders and normal production operations [1] - The company’s AI-related products, such as data communication connectors, have been certified by major clients like AMD and Lenovo, indicating progress in domestic substitution [1] Group 2 - The main products of the company include consumer electronics connectors, new energy vehicle connectors, data communication connectors, and optical lenses, aimed at various sectors including consumer electronics and new energy vehicles [2] - The company plans to enhance its core competitiveness through stable operations and the release of capacity from convertible bond fundraising projects, focusing on technology upgrades and market demand [2]

Group 1: Company Overview - The company is named Shenglan Technology Co., Ltd. with stock code 300843 and bond code 123258 [1] - The main products include consumer electronic connectors, new energy vehicle connectors, data communication connectors, and optical lenses [3][4] Group 2: Investor Relations Activity - The investor relations activity took place on September 19, 2025, from 15:30 to 17:00 via the Panoramic Network platform [2] - The event was attended by the company's chairman, financial director, and board secretary [2] Group 3: Production and Capacity - The company is currently constructing new production capacity, expected to be operational in the first half of next year [2] - The current production capacity utilization rate is reported to be sufficient to meet existing orders [3] Group 4: Market and Technology Development - The company is focusing on expanding market share in the liquid cooling technology sector and has made progress in micro-channel technology [4] - The company has received certifications from major clients such as AMD, Inspur, and Lenovo, indicating a shift towards domestic alternatives [3] Group 5: Financial Performance and Future Outlook - The company aims to enhance its core competitiveness through technology upgrades and market demand orientation, which will support long-term value creation for shareholders and creditors [3] - The company is committed to maintaining stable operations and leveraging convertible bond projects to drive performance growth [3]

Core Viewpoint - Shenglan Co., Ltd. has shown significant stock performance with a year-to-date increase of 54.53%, despite a slight decline of 0.37% in the last five trading days [2]. Company Overview - Shenglan Co., Ltd. is located in Dongguan, Guangdong Province, established on December 14, 2007, and listed on July 2, 2020. The company specializes in the research, production, and sales of electronic connectors and precision components [2]. - The main revenue composition includes: 62.69% from consumer electronic connectors and components, 22.92% from new energy vehicle connectors and components, 6.66% from data communication connectors, 5.35% from optical lenses, and 2.38% from other sources [2]. Financial Performance - For the period from January to June 2025, Shenglan Co., Ltd. achieved operating revenue of 774 million yuan, representing a year-on-year growth of 28.97%. The net profit attributable to the parent company was 84.01 million yuan, reflecting a year-on-year increase of 58.13% [2]. - Since its A-share listing, the company has distributed a total of 92.85 million yuan in dividends, with 60.09 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Shenglan Co., Ltd. was 24,800, an increase of 2.02% from the previous period. The average circulating shares per person were 6,344, a decrease of 1.98% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the sixth largest shareholder, holding 404,300 shares as a new shareholder [3]. Market Activity - On September 16, the stock price of Shenglan Co., Ltd. increased by 2.01%, reaching 53.90 yuan per share, with a trading volume of 80.046 million yuan and a turnover rate of 0.96%. The total market capitalization stood at 8.824 billion yuan [1]. - In terms of capital flow, there was a net inflow of 1.2419 million yuan from main funds, with significant buying activity from large orders [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The target price of Shenglan Convertible Bond 02 on the first day of listing is expected to be between 131 - 137 yuan, and investors are advised to actively subscribe. Based on the par value of 119.19 yuan as of September 1, 2025, and referring to similar convertible bonds, the conversion premium rate on the first - day of listing is estimated to be in the range of 10% - 15% [3][21]. - The estimated first - day new - bond subscription winning rate is around 0.0022% - 0.0025%. Assuming the old shareholders' placement ratio is 56% - 61%, the scale available for the market is 1.76 billion - 1.98 billion yuan, and with an assumed online effective subscription of 7.92 million households, the winning rate is calculated [4][22]. 3. Summary According to the Directory 3.1. Shenglan Convertible Bond New - Bond Analysis and Investment Recommendations 3.1.1. Analysis of Convertible Bond Basic Terms - The issuance method of Shenglan Convertible Bond 02 is priority placement and online issuance, with a bond and issuer rating of AA -. The issuance scale is 450 million yuan, the initial conversion price is 54.56 yuan, the convertible bond par value is 119.19 yuan, the pure bond value is 94.58 yuan. The game terms are normal. Overall, the bond issuance scale is low, the liquidity is poor, the rating is acceptable, and the bond floor protection is good. It is not difficult for institutions to include it in their portfolios, and there is no objection to primary - market participation [2][17]. 3.1.2. Analysis of New - Bond Initial Listing Price - The company is mainly engaged in the R & D, production, and sales of electronic connectors, precision components, and new - energy vehicle connectors and their components. After deducting issuance fees, 255 million yuan of the raised funds is planned for the R & D and construction project of new - energy vehicle high - voltage connectors and components, and 195 million yuan for the R & D and construction project of industrial control connectors [3][20]. 3.1.3. Analysis of Convertible Bond New - Bond Subscription Winning Rate - As of March 31, 2025, the top two major shareholders held 56.4% of the shares, and the top ten major shareholders held 61.13%. Assuming the old shareholders' placement ratio is 56% - 61%, the scale available for the market is 1.76 billion - 1.98 billion yuan. With an assumed online effective subscription of 7.92 million households, the winning rate is estimated to be around 0.0022% - 0.0025% [4][22]. 3.2. Analysis of the Underlying Stock's Fundamental Situation 3.2.1. Company's Main Business and the Up - and Downstream Situations of the Industry - The company is a high - tech enterprise focusing on the R & D, production, and sales of electronic connectors, precision components, and new - energy vehicle connectors and their components. The upstream raw materials include metal and plastic materials, and the downstream includes various application fields such as automotive, telecommunications, and data communication. The connector industry shows a trend of professional segmentation [23][24]. 3.2.2. Company's Operating Conditions - From 2022 to Q1 2025, the company's operating income was 1.17 billion yuan, 1.241 billion yuan, 1.287 billion yuan, and 337 million yuan respectively, with year - on - year growth rates of - 10.16%, 6.06%, 3.71%, and 17.18%. The main business income comes from consumer - electronics connectors and components and new - energy vehicle connectors and components. The company's comprehensive gross margin and net profit margin have been increasing, while the period expenses have slightly increased, and the R & D expenses have shown a growth trend. The accounts receivable has remained relatively stable, and the accounts - receivable turnover rate is lower than the industry average [26][30][33]. 3.2.3. Company's Equity Structure and Main Subsidiaries - As of March 31, 2025, Shenglan Investment Holding Co., Ltd. was the largest shareholder, holding 54.20% of the shares. The top two major shareholders held 56.4% of the shares, and the top ten major shareholders held 61.13%. Huang Xuelin was the actual controller, holding 45.28% of the equity [44][46]. 3.2.4. Company's Business Characteristics and Advantages - The company has advantages in talent cultivation, technical capabilities, and market foundation. It has established a talent - training mechanism, holds 432 patents as of March 2025, and has stable cooperation relationships with many well - known companies in the consumer - electronics and new - energy vehicle fields [49]. 3.2.5. Arrangement of the Current Raised Funds - The company plans to issue convertible bonds to raise up to 450 million yuan. After deducting issuance fees, 255 million yuan is for the new - energy vehicle high - voltage connector and component project with a total investment of 255.7587 million yuan and an annual production capacity of 8 million pcs after completion; 195 million yuan is for the industrial control connector project with a total investment of 196.577 million yuan and an annual production capacity of 48 million pcs after completion [51][52].

Core Viewpoint - Shenglan Co., Ltd. has shown significant growth in its connector business, with a notable increase in revenue and net profit, while also expanding into the liquid cooling market, which is expected to become a second growth driver for the company [1][3][4]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 774 million RMB, a year-on-year increase of 28.97%, and a net profit attributable to shareholders of 84.01 million RMB, up 58.13% [1]. - In Q2 2025, revenue reached 438 million RMB, reflecting a 39.80% year-on-year growth, with net profit of 53.87 million RMB, an increase of 71.81% [1]. - The company's gross profit margin improved to 25.33%, up 0.69 percentage points year-on-year, while the expense ratios for sales, management, R&D, and finance decreased [1]. Group 2: Business Segments - The company specializes in connectors and components for consumer electronics, new energy vehicles, and data communications, serving major clients like Foxconn and BYD [2]. - The consumer electronics segment generated 485 million RMB in revenue, a 26.32% increase, while the new energy vehicle segment saw revenue of 177 million RMB, up 40.58% [1][2]. - The data communications segment experienced a significant revenue increase of 104.59%, reaching 51.52 million RMB [1]. Group 3: Liquid Cooling Business - The liquid cooling market is projected to grow from 2.6 billion USD in 2023 to 7.8 billion USD by 2028, with a CAGR of 24.4% [3]. - The company has developed components like UQD and liquid cooling plates and has begun receiving small orders, marking a significant step towards commercializing its liquid cooling products [3]. - Collaborations with well-known manufacturers in Taiwan are underway, indicating strong potential for future growth in the liquid cooling sector [3]. Group 4: Future Outlook - The company forecasts net profits of 162 million RMB, 199 million RMB, and 240 million RMB for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.99, 1.22, and 1.47 RMB [4]. - The current stock price corresponds to PE ratios of 66, 53, and 44 for the years 2025 to 2027, indicating a favorable investment outlook [4].

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by advancements in various sectors including consumer electronics, new energy vehicles, and AI [1][2]. Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 774 million RMB, a year-on-year increase of 28.97%, and a net profit attributable to shareholders of 84.01 million RMB, up 58.13% [1]. - For Q2 2025, the company recorded revenue of 438 million RMB, representing a 39.80% year-on-year growth, and a net profit of 53.87 million RMB, which is a 71.81% increase compared to the same period last year [1]. - The gross margin for the company improved to 25.33%, an increase of 0.69 percentage points year-on-year, while the expense ratios for sales, management, R&D, and finance decreased [1]. Group 2: Business Segments - The consumer electronics connector and components segment generated revenue of 485 million RMB, a 26.32% increase year-on-year, with a gross margin of 25.52% [1]. - The new energy vehicle connector and components segment saw revenue of 177 million RMB, a 40.58% increase year-on-year, although its gross margin slightly decreased to 16.96% [1]. - The data communication high-speed connector business experienced substantial growth, with revenue reaching 51.52 million RMB, a remarkable increase of 104.59% year-on-year [1]. Group 3: Strategic Initiatives - The company plans to issue convertible bonds to raise 450 million RMB for the development of high-voltage connectors for new energy vehicles and industrial control connectors, reinforcing its core business [2]. - The company has begun to explore the liquid cooling market, with initial orders for UQD and liquid cooling plates, indicating a strategic shift towards this growing sector [3]. - The global data center liquid cooling market is projected to grow from 2.6 billion USD in 2023 to 7.8 billion USD by 2028, with a CAGR of 24.4%, presenting a significant opportunity for the company [3]. Group 4: Profit Forecast - The company is expected to maintain steady growth in its connector business while expanding into the liquid cooling sector, with projected net profits of 162 million RMB, 199 million RMB, and 240 million RMB for 2025-2027 [4]. - The earnings per share (EPS) are forecasted to be 0.99 RMB, 1.22 RMB, and 1.47 RMB for the same period, with corresponding price-to-earnings (PE) ratios of 66, 53, and 44 times [4].

Core Points - Shenglan Technology Co., Ltd. is issuing convertible bonds to unspecified investors, with Dongguan Securities as the lead underwriter [1][2] - The company specializes in the research, production, and sales of electronic connectors and precision components, particularly for consumer electronics and new energy vehicles [4][8] - The company has a strong focus on R&D, with significant investments in core technologies and a dedicated team of researchers [4][11] Company Overview - Company Name: Shenglan Technology Co., Ltd. [2] - Legal Representative: Pan Hao [2] - Stock Code: 300843.SZ [2] - Established: December 14, 2007 [2] - Listed on: Shenzhen Stock Exchange on July 2, 2020 [2] - Main Products: Electronic products, new energy components, connectors, charging modules, and related products [2][4] Business Operations - The company has maintained stable operations in its main business areas since its establishment [4] - It has developed several core technologies in connector manufacturing, including crimping technology and precision injection molding [4][10] - R&D expenses for the first quarter of 2025 were approximately 16.49 million yuan, accounting for 4.90% of revenue [11] Financial Performance - Total assets as of March 31, 2025, were approximately 2.22 billion yuan, with total liabilities of about 651.41 million yuan [6] - Revenue for the first quarter of 2025 was approximately 336.69 million yuan, with a net profit of about 30.48 million yuan [6][7] - The company has shown fluctuations in revenue and net profit over the years, with a notable increase in R&D investment [11][12] Market Position and Risks - The company faces risks related to customer concentration, with a significant portion of revenue derived from a few major clients [8][9] - There is a risk of core technical personnel turnover, which could impact the company's innovation capabilities [10] - The company is also exposed to market competition and fluctuations in raw material prices, which could affect profitability [14][15]