Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The expected listing price of Tonglian Convertible Bond on the first day is between 139.70 and 155.09 yuan, and the expected winning rate is 0.0023%. It is recommended to actively subscribe [1]. - Tonglian Precision is a company engaged in R & D, design, production, and sales of precision components. Since 2020, its revenue has steadily increased with a compound growth rate of 24.73% from 2020 - 2024, and its net profit attributable to the parent has also fluctuated, with a compound growth rate of 2.09% during the same period [1]. Summary According to Relevant Catalogs 1. Convertible Bond Basic Information - Tonglian Convertible Bond (118066.SH) started online subscription on March 2, 2026, with a total issuance scale of 576 million yuan. After deducting issuance fees, the net proceeds will be used for the new intelligent small - home appliance manufacturing base (Phase II) project of Guangdong Xiaoxiong Fine Appliance Co., Ltd [1]. - The current bond floor valuation is 92.03 yuan, and the YTM is 2.19%. The convertible bond has a 6 - year term, with a credit rating of AA -/AA - by United Credit Rating Co., Ltd. The face value is 100 yuan, and the coupon rates from the first to the sixth year are 0.20%, 0.40%, 0.60%, 1.00%, 1.50%, and 2.00% respectively. The company's redemption price at maturity is 110% of the face value (including the last - period interest) [1][11]. - The current conversion parity is 109.1 yuan, and the parity premium rate is - 8.35%. The conversion period is from the first trading day after 6 months from the end of issuance to the maturity date of the convertible bond, i.e., from September 7, 2026, to March 1, 2032. The initial conversion price is 56.2 yuan/share, and the closing price of the underlying stock, Tonglian Precision, on February 26 was 61.32 yuan [1][11]. - The convertible bond terms are standard. The downward - revision clause is "15/30, 85%", the conditional redemption clause is "15/30, 130%", and the conditional put - back clause is "30, 70%". The dilution rate of the total share capital is 5.96%, and the pressure on share capital dilution is small [1]. 2. Investment Subscription Suggestion - The expected listing price of Tonglian Convertible Bond on the first day is between 139.70 and 155.09 yuan. Based on comparable targets and empirical results, considering the good bond - floor protection, average attractiveness of the rating and scale, the expected conversion premium rate on the first listing day is about 35% [1][14]. - The expected priority subscription ratio of original shareholders is 64.03%. The expected winning rate is 0.0023%, and it is recommended to actively subscribe [1][15]. 3. Underlying Stock Fundamental Analysis 3.1. Financial Data Analysis - Tonglian Precision is engaged in the R & D, design, production, and sales of precision components. It has diverse manufacturing capabilities and is actively making technological reserves and capacity layouts in new materials and technologies. Its products are mainly customized and can be widely used in various fields [17]. - Since 2020, the company's revenue has steadily increased, with a compound growth rate of 24.73% from 2020 - 2024. In 2024, the revenue was 814 million yuan, a year - on - year increase of 44.93%. The net profit attributable to the parent has also fluctuated, with a compound growth rate of 2.09% from 2020 - 2024. In 2024, it was 75 million yuan, a year - on - year increase of 26.99% [1][18]. - The company's revenue mainly comes from the precision component business, and the product structure changes annually. From 2022 - 2024, the sales revenue of precision components accounted for 97.83%, 97.72%, and 95.62% of the main business revenue, respectively [23]. - The company's sales net profit margin and gross profit margin have slowly declined, the sales expense ratio has fluctuated steadily, the financial expense ratio has fluctuated significantly, and the management expense ratio has fluctuated steadily. The sales gross profit margin and sales net profit margin are higher than the industry average [26]. 3.2. Company Highlights - Tonglian Precision's products are mainly customized and are mainly used in the new consumer electronics field. It has established good cooperative relationships with well - known brands and won a good reputation in the industry [33].

Core Viewpoint - The company is acquiring 100% equity of Guangzhou Uni Precision Co., Ltd., which has been facing operational challenges and continuous losses in recent years [2][8]. Group 1: Transaction Details - The transaction does not constitute a related party transaction or a major asset restructuring [2]. - The acquisition was approved by the board on February 6, 2026, and is pending shareholder approval [2]. - The transaction price is set at 116 million yuan, based on an asset-based valuation method, reflecting a 23.84% increase over the book net asset value [5][6]. Group 2: Financial Performance of Target Company - Guangzhou Uni Precision reported a revenue of 405 million yuan and a net loss of 83.17 million yuan for the fiscal year 2024 [2][3]. - For the period from January to August 2025, the company generated a revenue of 211 million yuan with a net loss of 51.53 million yuan [2][3]. - As of August 31, 2025, the total assets of the target company were 230 million yuan, with total liabilities of 134 million yuan and net assets of approximately 95.61 million yuan [3]. Group 3: Impact on the Acquiring Company - The investment will utilize the company's own or self-raised funds, ensuring that daily operational funds and business development needs are not affected [7]. - The transaction is not expected to lead to changes in personnel, land leasing, or management structure [7]. - There are no performance guarantees or compensation arrangements set for this transaction, but there are provisions for transitional profit and loss arrangements [5][8].

Core Insights - The article highlights the ongoing industrial expansion in Longyou, Zhejiang, with companies like Xinjiasuo Technology and Fajia Food actively increasing their production capacities to adapt to market demands and technological advancements [1][2]. Group 1: Company Developments - Xinjiasuo Technology has completed the main steel structure of its second-phase expansion project, which occupies 40 acres, and anticipates a production value of 270 million yuan in 2025, reflecting a 10% increase from 2024 [2]. - Fajia Food's new factory, covering 172 acres, has reached the roof completion stage and is set to enter the installation phase for new production lines, aiming for an annual production value of 2.5 billion yuan [2]. - Both companies are benefiting from favorable government policies and infrastructure support, which enhance their operational efficiency and growth potential [2][3]. Group 2: Industry Trends - Longyou's industrial structure is evolving, with a focus on high-quality development and the integration of traditional industries like specialty paper with emerging sectors such as intelligent manufacturing [1][2]. - The county aims to achieve an industrial output value of 42.7 billion yuan by 2025, with specialty paper accounting for one-third of this total, indicating a strong reliance on traditional industries while fostering innovation [1]. - The local government is implementing strategies like "supply chain procurement" to support small and micro enterprises, addressing their financial challenges and enhancing their competitiveness [3].

Core Viewpoint - The company specializes in the research, design, production, and sales of high-precision, high-density, complex-shaped, and aesthetically pleasing precision components, leveraging MIM technology as a starting point [1] Group 1: Company Capabilities - The company has diversified manufacturing capabilities beyond MIM technology, including CNC machining, laser processing, wire cutting, die casting, stamping, precision injection molding, semi-solid die casting, and 3D printing [1] - The core advantage of the company lies in its ability to quickly match customized client demands and provide differentiated technical solutions [1] Group 2: Market Position and Growth - The company is continuously expanding its manufacturing capabilities for diverse precision components in response to industry demands for lightweight materials and complex structures [1] - The rapid growth of the company's non-MIM business in recent years is driven by its ability to leverage multi-process collaboration to enter more high-value product lines and increase the share of existing product lines [1]

Core Viewpoint - The company, Shanghai Jingzhi Industrial Co., Ltd., is transitioning from a "machine stacking" phase to a "smart collaboration" phase in the context of China's manufacturing industry, with a focus on data-driven and system-coupled solutions. The capital market plays a crucial role in this transformation, and the company has submitted its listing application to the Hong Kong Stock Exchange [1]. Financial Performance - The company reported a revenue of 6.829 billion RMB for 2023 and 7.460 billion RMB for 2024, but the revenue for the first nine months of 2025 was 4.183 billion RMB, a decline of approximately 11.1% compared to 4.702 billion RMB in the same period of 2023, indicating potential market demand fluctuations or increased competition [2][3]. - The company's pre-tax profit for 2023 was 550 million RMB, but it plummeted to 84.79 million RMB in the first nine months of 2025, a drop of about 66% compared to the same period in 2024 [2][3]. - The gross profit margin for 2023 was 21.5%, which slightly improved to 22.2% in the first nine months of 2025, but the absolute gross profit decreased due to declining revenue [3]. Cost Structure and Profitability - The company faced significant pressure from rising operating expenses, particularly in R&D, which reached 300 million RMB in the first nine months of 2025, nearly matching the total for 2024. This represented an increase in the expense ratio from 4.7% in 2024 to 7.2% in 2025 [4]. - Administrative expenses surged by 41.3% to 558 million RMB in the first nine months of 2025 compared to 395 million RMB in the same period of 2024, indicating potential inefficiencies or increased costs related to IPO preparations [4]. - The combined ratio of R&D, administrative, and sales expenses to revenue rose sharply from approximately 16.0% in 2024 to about 23.5% in 2025, directly impacting net profit [4]. Revenue Composition and Growth Challenges - The company's core business, "advanced equipment solutions," which accounted for over 40% of revenue, saw a 22.7% decline in the first nine months of 2025, raising concerns about its reliability as a growth engine [7]. - New business segments like "communication thermal management" showed rapid growth but maintained low gross margins, indicating a cost-driven nature without reflecting the expected technological premium [8][9]. - The overall gross margin declined from 21.0% in 2024 to 19.9% in 2025, suggesting that the transition to solution-based offerings has not systematically improved pricing power or profitability [9]. Strategic Outlook - The company aims to enhance its image as a technology-driven, high-value solution provider by increasing the proportion of advanced equipment solutions and emphasizing end-to-end optimization [7]. - The funds raised from the IPO are intended for further investment in R&D to strengthen its smart and digital capabilities, supporting ongoing solution iterations and commercial expansion [7]. - However, the financial data indicates significant challenges in executing this strategic vision, with a notable gap between strategic aspirations and operational realities [10].

Core Viewpoint - The company, Shanghai Jingzhi Industrial Co., Ltd., is transitioning from a "machine stacking" phase to a "smart collaboration" phase in the context of China's manufacturing industry, with a focus on data-driven and system-coupled solutions. The capital market plays a crucial role in this transformation, and the company has submitted its listing application to the Hong Kong Stock Exchange [1]. Financial Performance - The company reported a revenue of 6.829 billion RMB for 2023 and 7.460 billion RMB for 2024, but the revenue for the first nine months of 2025 was 4.183 billion RMB, a decline of approximately 11.1% compared to 4.702 billion RMB in the same period of 2023, indicating potential market demand fluctuations or increased competition [2][3]. - The company's pre-tax profit for 2023 was 550 million RMB, but it plummeted to 84.79 million RMB in the first nine months of 2025, a drop of about 66% compared to the same period in 2024 [2][3]. - The gross profit margin for 2023 was 21.5%, which slightly improved to 22.2% in the first nine months of 2025, but the absolute gross profit decreased due to declining revenue [3]. Cost Structure and Profitability - The company faced significant pressure from rising operating expenses, particularly in R&D, which reached 300 million RMB in the first nine months of 2025, nearly matching the total for 2024. This represented an increase in the expense ratio from 4.7% in 2024 to 7.2% in 2025 [4]. - Administrative expenses surged by 41.3% to 558 million RMB in the first nine months of 2025 compared to 395 million RMB in the same period of 2024, indicating rising management costs associated with the IPO and business expansion [4]. - The combined ratio of R&D, administrative, and sales expenses to revenue increased from approximately 16.0% in 2024 to about 23.5% in 2025, directly impacting net profit [4]. Revenue Composition and Growth Challenges - The company's core business, "advanced equipment solutions," which accounted for over 40% of revenue, saw a 22.7% decline in the first nine months of 2025, raising concerns about its reliability as a growth engine [7]. - Emerging business segments like "communication thermal management" showed rapid growth but maintained low gross margins, indicating a cost-driven nature rather than a technology premium [8][9]. - The overall gross margin declined from 21.0% in 2024 to 19.9% in 2025, suggesting that the transition to solution-based offerings has not systematically improved pricing power or profitability [9]. Strategic Outlook - The company aims to enhance its image as a technology-driven, high-value solution provider by increasing the proportion of advanced equipment solutions and optimizing its product mix [7]. - The funds raised from the IPO are intended for further investment in R&D to strengthen its smart and digital capabilities, supporting ongoing solution iterations and commercialization [7]. - The current financial data indicates a significant gap between the strategic vision and operational reality, posing challenges for the company to convert its technological narrative into solid financial returns [10].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [62]. Core Insights - The company, Kory Technology, is a leader in advanced manufacturing with a focus on cross-industry applications, having evolved from its initial focus on hard disk automation to a global supplier of industrial automation equipment and smart manufacturing solutions [3][4]. - The company's revenue is projected to decline by 14.34% to 2.448 billion yuan in 2024 due to industry cycles, but a recovery is anticipated in 2025 with a slight growth of 0.22% in the first three quarters [3][14]. - The company's gross margin has consistently remained around 35%, indicating strong profitability support [3][14]. Summary by Sections 1. Company Overview - Kory Technology was established in 2001 and has expanded its business into various sectors including mobile terminals, new energy, automotive, and logistics [3][4]. - The company's main business strategy is centered around the "3+N" framework, with three core business areas: mobile terminals, new energy, and precision components, which together accounted for 81.32% of revenue in 2024 [3][18]. 2. Mobile Terminal Business - The mobile terminal sector is expected to benefit from the rapid growth of the AI market, with a projected CAGR of 39.6% from 2025 to 2029 [4][32]. - Kory Technology has established strong partnerships with major clients such as Apple, Google, and Huawei, positioning itself as a leading supplier of testing equipment for mobile devices [38]. 3. New Energy Business - The demand for lithium batteries is expected to grow significantly, with global shipments projected to reach 6012.3 GWh by 2030 [42]. - The company focuses on mid-to-late stage equipment for lithium battery manufacturing, collaborating with leading firms like CATL and EVE Energy [49]. 4. Precision Components Business - Kory Technology's precision components are positioned in the mid-to-high-end market, with applications across various sectors including hard drives and medical devices [55]. - In the first half of 2025, this segment achieved a revenue of 2.33 billion yuan, representing a year-on-year growth of 31.78% [55]. 5. "N" Business Segment - The company is expanding into high-potential areas such as semiconductors and medical technology, benefiting from the acceleration of domestic substitution [59]. - Kory Technology provides ultra-precision components for semiconductor equipment, with capabilities reaching up to 50nm [59].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [62]. Core Insights - The company, Keri Technology, is a leader in advanced manufacturing with a focus on cross-industry applications, having evolved from its initial focus on hard disk automation to a global supplier of industrial automation equipment and smart manufacturing solutions [3][4]. - The company's revenue is projected to decline by 14.34% to 2.448 billion yuan in 2024 due to industry cycles, but a recovery is anticipated in 2025 with a slight growth of 0.22% in the first three quarters [3][14]. - The company's gross margin has consistently remained around 35%, indicating strong profitability support [14]. Summary by Sections 1. Company Overview - Keri Technology was established in 2001 and has expanded its business into various sectors including mobile terminals, new energy, automotive, and logistics [3][8]. - The company's main business strategy is centered around the "3+N" framework, with three core business areas: mobile terminals, new energy, and precision components, which together accounted for 81.32% of revenue in 2024 [3][18]. 2. Mobile Terminal Business - The mobile terminal sector is poised to benefit from the rapid growth of AI technology, with the global edge AI market expected to grow from 321.9 billion yuan in 2025 to 1.223 trillion yuan by 2029, reflecting a CAGR of 39.6% [4][32]. - Keri Technology has established strong partnerships with major clients such as Apple, Google, and Huawei, positioning itself as a leading supplier of complete testing solutions for mobile devices [38]. 3. New Energy Business - The new energy sector is experiencing robust growth, driven by demand from electric vehicles and energy storage markets, with global lithium-ion battery shipments projected to reach 6,012.3 GWh by 2030 [42]. - Keri Technology focuses on mid-to-late stage equipment for lithium battery manufacturing, collaborating with industry leaders like CATL and EVE Energy [49]. 4. Precision Components Business - The precision components segment targets the mid-to-high-end market, with applications across various industries including hard drives and medical devices, achieving a revenue growth of 31.78% year-on-year in the first half of 2025 [55]. 5. "N" Business Segment - The company is expanding into high-potential areas such as semiconductors and optical communications, benefiting from the acceleration of domestic substitution in the semiconductor equipment market [59]. - Keri Technology provides ultra-high precision components and assembly equipment, with capabilities reaching precision levels of 50nm [59].

Core Viewpoint - The logistics industry faced significant disruptions due to political factors, particularly the sudden closure of the border by Poland, which halted the efficient operation of the China-Europe Railway Express, leading to increased costs and uncertainty for logistics companies [2][17]. Group 1: Impact of Disruptions - Daily stoppages resulted in rising storage fees, penalties, and capital occupation costs, creating a tense environment for European clients and domestic factories [2][3]. - The halt affected over 300 trains loaded with valuable goods, highlighting the systemic risks within the logistics sector [3][6]. - The closure was not due to natural causes but political decisions, leading to a pervasive sense of uncertainty in the industry [2][16]. Group 2: Response and Adaptation - Kazakhstan's Deputy Prime Minister expressed confidence in increasing freight volume from 4.5 million tons to 10 million tons, indicating readiness to support logistics operations [4]. - Initial skepticism about the feasibility of alternative routes was prevalent, as the smooth operation of the China-Europe Railway Express depended on multiple interconnected factors [6][8]. - The experience of being "stuck" prompted the industry to reconsider reliance on a single transport corridor, leading to Kazakhstan's route becoming a primary option [8][14]. Group 3: Growth and Efficiency - By December, the freight throughput via the Alashankou and Horgos ports exceeded 6 million tons, marking a more than 25% year-on-year increase, with over 4,000 trains operated [9]. - The return cargo rate approached 98%, resolving previous issues of empty return trips and enhancing the value of goods transported [9][10]. - The logistics time and cost advantages became evident, with significant savings in logistics costs and reduced delivery times for companies using the Kazakhstan route [10][12]. Group 4: Long-term Implications - The improved logistics network is seen as a structural counterattack against previous disruptions, emphasizing the importance of diversifying transport routes [14][16]. - The crisis led to a shift in trust towards more reliable logistics options, with the Kazakhstan route providing a stable alternative for Chinese enterprises and benefiting the local economy [16][18]. - The establishment of multiple transport corridors, including the Northern route and future railways, allows for risk diversification and enhances the overall reliability of the logistics network [16].

Core Viewpoint - New Coordinates (sh603040) reached a limit-up price of 115.92 yuan, with a rise of 9.65%, and a total market capitalization of 15.767 billion yuan on January 22, 2026 [1] Group 1: Company Performance - The company reported a strong performance with a 19.45% year-on-year increase in revenue for Q3 2025, a 29.41% increase in net profit attributable to shareholders, and a 33.88% increase in net profit after deducting non-recurring items [2] - The company has implemented an active cash dividend policy, distributing 2.5 yuan per 10 shares, totaling 33.84 million yuan, which accounts for 35.58% of net profit, making it attractive to investors [2] Group 2: Governance and Structure - The company optimized its governance structure by abolishing the supervisory board and establishing an audit committee, revising 28 internal regulations to enhance management efficiency and decision-making [2] - The company maintains its high-tech enterprise qualification, allowing it to benefit from a reduced corporate tax rate of 15%, thus lowering tax burden [2] Group 3: Industry Context - The automotive parts industry is a crucial component of the automotive sector, with increasing demand for precision components as the automotive industry develops [2] - New Coordinates specializes in the research, production, and sales of precision components, positioning it to benefit from industry growth [2] - On the same day, January 22, 2026, several stocks in the automotive parts sector experienced a rise, indicating a sector-wide positive movement [2] Group 4: Market Dynamics - Although specific technical indicators were not available, the stock price increase on the limit-up day was likely driven by capital inflow, reflecting market interest in the company's strong performance and governance [2]