证券研究报告 公司研究 / 首次覆盖 2026 年 03 月 05 日 相关研究 存储芯片设备或将放量，钙钛矿+固态 电池设备空间广阔 机械设备 报告原因： | 买入（首次评级） | | --- | | 市场数据： | 2026 | 年 03 | 月 | 04 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 51.13 | | | 一年内最高/最低（元） | | | 56.45/17.73 | | | | 市净率 | | | | 4.4 | | | 股息率（分红/股价） | | | | | - | | 流通 A 股市值（百万元） | | | | 5,285 | | | 上证指数/深证成指 | | | 4,082/13,918 | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | 基础数据： | | | 年 | 月 30 | 日 | 09 | | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | ...

证券研究报告 公司研究 / 首次覆盖 2026 年 03 月 05 日 存储芯片设备或将放量，钙钛矿+固态 电池设备空间广阔 机械设备 报告原因： S0820525070001 021-32229888-25527 zhupan@ajzq.com | 买入（首次评级） | | --- | | 市场数据： | 2026 | 年 03 | 月 | 04 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 51.13 | | | 一年内最高/最低（元） | | | 56.45/17.73 | | | | 市净率 | | | | 4.4 | | | 股息率（分红/股价） | | | | | - | | 流通 A 股市值（百万元） | | | | 5,285 | | | 上证指数/深证成指 | | | 4,082/13,918 | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | 基础数据： | | | 年 | 月 30 | 日 | 09 | | 2025 | | --- | --- | --- | --- | --- ...

Group 1 - The core viewpoint of the news is that Delong Laser has experienced a significant stock price increase, rising 5.09% to 48.72 CNY per share, with a total market capitalization of 5.036 billion CNY and a cumulative increase of 15.61% over three days [1] - Delong Laser, established on April 4, 2005, is located in the Suzhou Free Trade Zone and specializes in the research, production, and sales of precision laser processing equipment and lasers, providing laser processing services to customers [1] - The company's main business revenue composition includes: precision laser processing equipment (72.10%), parts sales and maintenance (10.22%), lasers (8.18%), laser processing services (7.28%), laser equipment leasing services (1.59%), and other (0.63%) [1] Group 2 - Among the top circulating shareholders of Delong Laser, a fund under China Europe Fund, specifically the China Europe Enjoy Life Mixed A (010336), has entered the top ten circulating shareholders, holding 1.6266 million shares, which is 1.57% of the circulating shares [2] - The fund has gained approximately 3.8388 million CNY in floating profit today and 10.1825 million CNY during the three-day increase [2] - The fund manager, Qian Yafengyun, has a tenure of 10 years and 217 days, with the fund's best return during this period being 242.9% and the worst being -25.76% [2]

Group 1: Company Announcements - Four A-share listed companies in Hubei have announced plans to list in Hong Kong since January [1] - Dier Laser plans to list on the Hong Kong Stock Exchange to enhance its international strategy and brand image [1] - Lian Te Technology intends to issue H-shares and list in Hong Kong to support its international strategy and high-quality development [3] - Dinglong Co. is planning to issue H-shares and list in Hong Kong to deepen its global strategy and enhance its international competitiveness [5] - Huagong Technology has approved the issuance of H-shares for listing in Hong Kong to support its global strategy [7] Group 2: Company Profiles - Dier Laser specializes in precision laser processing solutions and serves major solar cell manufacturers [1] - Lian Te Technology focuses on the research, production, and sales of optical modules, achieving domestic leadership and global supplier status [3] - Dinglong Co. is enhancing its capabilities in innovative materials, particularly in semiconductor and display materials [5] - Huagong Technology has established multiple production bases and R&D centers both domestically and internationally, focusing on a global operational strategy [8]

Core Viewpoint - Dier Laser (300776.SZ) is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to advance its international strategy and accelerate overseas business expansion [1][2]. Group 1: Company Overview - Dier Laser was established in 2008 in China Optical Valley and went public on the Shenzhen Stock Exchange in 2019. The company specializes in precision laser processing equipment for the photovoltaic industry and is expanding into consumer electronics, new displays, and integrated circuits [2][3]. - The company has maintained stable growth, with revenue increasing from 7 billion yuan in 2019 to 20.14 billion yuan in 2024, and net profit rising from 3.05 billion yuan to 5.28 billion yuan during the same period [4]. Group 2: Financial Performance - For the first three quarters of 2025, Dier Laser achieved revenue of 1.781 billion yuan, a year-on-year increase of 23.69%, and a net profit of 496 million yuan, up 29.39% year-on-year. The net cash flow from operating activities was 11 million yuan, an increase of 113.40% [1][4]. Group 3: International Expansion - The company aims to enhance its international brand image and global market competitiveness through the H-share issuance and listing in Hong Kong. This move aligns with the trend of Chinese laser companies seeking to expand internationally [2][3]. - Dier Laser holds over 80% of the global market share in high-efficiency solar cell laser processing equipment and has established R&D centers in countries like Israel and Singapore [3]. Group 4: Investment and Development Projects - Dier Laser plans to invest 3 billion yuan in the third phase of its R&D and production base in Optical Valley, with recent progress in land ownership registration for the project [1][5]. - The company previously signed a cooperation agreement to invest 2 billion yuan in the second phase of its R&D and production base, focusing on expanding its existing photovoltaic equipment business and developing new laser technologies for various applications [6][7].

Core Viewpoint - Suzhou Delong Laser Co., Ltd. plans to invest 10 million yuan in the Jiangsu Nantong Yuanhe Zhongyuan New Fund, acquiring 2.8986% of the initial fund shares, focusing on innovations in next-generation information technology and future communications [2][4][18]. Group 1: Investment Details - The company will use its own funds to subscribe to the Yuanhe Zhongyuan New Fund, which is currently in the fundraising stage, and the total subscription amount and shareholding ratio will depend on the final fundraising completion [2][4]. - The fund aims to invest in core innovations in next-generation information technology, including but not limited to future communications, semiconductors, cloud computing, artificial intelligence, and the Internet of Things [4][18]. - The investment is classified as a related party transaction but does not constitute a major asset restructuring as defined by the relevant regulations [2][6]. Group 2: Related Party Transaction - The transaction has been approved by the company's independent directors and the board of directors, and does not require shareholder approval [5][17]. - The fund management company, Suzhou Industrial Park Yuanhe Zhongyuan Equity Investment Fund Management Co., Ltd., has been registered since April 2014 and manages over 15 billion yuan across 12 funds, focusing on technology-driven industries [7]. Group 3: Impact on the Company - The investment is expected to enhance the company's ability to integrate cutting-edge technology into its laser processing solutions, aligning with its strategic focus on semiconductor, electronics, and new energy applications [18]. - By participating in the fund, the company aims to capture emerging industry opportunities and strengthen its competitive position through diversified investment channels [18][19]. - The investment will not affect the company's normal operations or financial performance significantly, and it will not be included in the company's consolidated financial statements [19].

Group 1 - The core viewpoint of the news is that Delong Laser has shown significant trading activity, with a notable financing balance and changes in shareholder structure [1][2][3] Group 2 - As of January 22, Delong Laser's stock price decreased by 0.43%, with a trading volume of 315 million yuan. The financing buy-in amount was 32.04 million yuan, while the financing repayment was 35.54 million yuan, resulting in a net financing buy of -3.50 million yuan [1] - The total financing and securities balance for Delong Laser reached 189 million yuan, accounting for 4.68% of its market capitalization, indicating a high level compared to the past year [1] - The company has a significant short-selling position, with 500 shares sold on January 22, amounting to 19,500 yuan, and a short-selling balance of 31.69 million yuan, also at a high level compared to the past year [1] Group 3 - As of September 30, the number of shareholders for Delong Laser increased to 6,754, a rise of 6.58%, while the average circulating shares per person decreased by 6.17% to 15,303 shares [2] - For the period from January to September 2025, Delong Laser reported a revenue of 451 million yuan, reflecting a year-on-year growth of 8.45%, while the net profit attributable to shareholders was -16.86 million yuan, showing a year-on-year increase of 21.00% [2] Group 4 - Since its A-share listing, Delong Laser has distributed a total of 124 million yuan in dividends, with 72.25 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders as of September 30, 2025, new institutional shareholders include Yongying Technology Driven A, holding 1.944 million shares, and Zhongou Yuexiang Life Mixed A, holding 1.627 million shares [3]

Core Viewpoint - The company, Yawen Co., Ltd. (002559.SZ), is committed to the development of precision laser processing equipment and has acquired a 38.50% stake in Jiangsu Yawen Aios Laser Technology Co., Ltd. from SM Heavy Industries for a total investment of RMB 4,620,000 [1] Group 1 - The acquisition aims to strengthen the company's position in the precision laser processing equipment sector [1] - The transaction was formalized through a signed share purchase agreement [1]

Core Viewpoint - Delong Laser (688170.SH) plans to issue shares to raise up to RMB 240 million for the construction of a laser production project and a headquarters R&D center [1][3]. Group 1: Share Issuance Details - The total amount to be raised from the share issuance is capped at RMB 240 million, which is not more than 20% of the company's net assets as of the end of the previous year [1][3]. - The share issuance will be conducted through a simplified procedure targeting specific investors, including qualified institutional investors and individuals, with a maximum of 35 participants [2][4]. - The shares will be ordinary A-shares with a par value of RMB 1.00 each, and the issuance price will be set at no less than 80% of the average trading price over the last 20 trading days prior to the pricing date [4]. Group 2: Project Investment Breakdown - The planned investment for the laser production project is RMB 174.50 million, with RMB 170 million sourced from the raised funds [3]. - The headquarters R&D center project has a total investment of RMB 73.01 million, with RMB 70 million allocated from the raised funds [3]. - The combined total investment for both projects is RMB 247.51 million, with the total amount to be raised being RMB 240 million [3]. Group 3: Company Financial Performance - In 2024, the company reported revenue of RMB 715 million, a year-on-year increase of 22.93%, but a net loss of RMB 34.50 million compared to a profit of RMB 39.05 million in the previous year [7]. - For the first nine months of 2025, the company achieved revenue of RMB 451 million, an 8.45% increase year-on-year, but continued to report a net loss of RMB 16.86 million [7].

Core Viewpoint - Suzhou Delong Laser Co., Ltd. has completed the cancellation of certain special accounts for raised funds from its initial public offering (IPO), reallocating surplus funds to new investment projects [1][5]. Fundraising Overview - The company raised a total of RMB 779.85 million through the issuance of 25.84 million shares at a price of RMB 30.18 per share, with a net amount of RMB 713.82 million after deducting issuance costs of RMB 66.03 million [1]. - The surplus funds amounted to RMB 263.82 million [1]. Special Account Management - The company established special accounts for the management and use of raised funds, adhering to relevant laws and regulations to ensure investor protection and fund efficiency [2]. - A tripartite supervision agreement was signed with the sponsor and the bank managing the special accounts [2]. Cancellation of Special Accounts - The company held board and shareholder meetings to approve the completion of the "Precision Laser Processing Equipment Capacity Expansion Project," reallocating surplus funds of RMB 60.41 million to the new "Laser Device Industrialization Construction Project" [3][4]. - The remaining balance of RMB 2.88 million from the original project was settled, and the corresponding special account was no longer in use [4][5]. - The balance from the special account, consisting entirely of interest income, was transferred to the company's general account to supplement working capital before the account's cancellation [5].