Group 1: Company Developments - Yangzhou Tianfu Long Group successfully listed on the Shanghai Stock Exchange, becoming the 25th listed company in Yangzhou, highlighting its leadership in the differentiated polyester staple fiber sector [1] - The company has been deeply engaged in the new materials field for over 20 years, aligning with the city's project construction momentum [1] Group 2: Economic Performance - Yangzhou's GDP reached 378.22 billion yuan in the first half of the year, with key indicators like industrial sales and foreign investment showing strong growth, ranking among the top in the province [1] - The "613" industrial system saw a 12.2% increase in new emerging industrial chains, indicating a positive cycle of project attraction and industrial chain upgrades [3] Group 3: Investment and Partnerships - European companies, including a Swiss air purifier firm and a German paint group, have signed agreements to establish bases in Yangzhou, with expected annual output exceeding 3 billion yuan [2] - Yangzhou's investment promotion efforts have resulted in 907 signed projects, achieving 75.6% of the annual target, with 82% of these projects in manufacturing [2] Group 4: Infrastructure and Industrial Parks - The city aims to establish around 40 specialized industrial parks by 2026, with industrial sales expected to account for 60% of the total [4] - The aviation industry is a key focus, with significant investments in research and development facilities and a complete industrial chain being developed [4] Group 5: Financial Strategies - Yangzhou has implemented a model combining "industrial chain + fund + supply chain finance" to attract core industry projects, with a 54.1% year-on-year increase in sales for the high postal storage industry park [5] - A 3 billion yuan industrial mother fund has been established to leverage external capital for local industrial upgrades [5] Group 6: Operational Efficiency - Yangzhou has optimized its service mechanisms to enhance project implementation speed, with an average project approval time reduced to 15 working days [7] - The city has seen a 24% increase in industrial profits and a 6.5% growth in high-tech manufacturing output in the first half of the year [7]

25 年展望：SiC 放量+全球化突破，高端化战略深化上车展望2025 年，公司聚焦：1）车规级功率模 块：目前行业降价幅度收敛，公司与长安汽车合作的重庆180 万片车规级模块产线开始封顶，海外客户 项目持续导入。2）光伏储能 ：新一代基于第七代微沟槽 Trench Field Stop 技术的 IGBT 模块在光伏、 储能领域有望实现批量销售。3）家电行业，公司获得美垦半导体（深耕白电行业十年的企业）80%股 权，打造一站式智能功率解决方案。同时公司持续在IPM 和工业、汽车等高规格MCU 方面积极投入， 打造平台型半导体公司。 目标价88.97 元，维持"买入"评级 由于下游竞争持续激烈，我们下调25/26 年营业收入预测9/12%至40.78/48.51 亿元，新增27 年收入预测 56.84 亿元。由于公司持续加大研发投入以及折旧规模增加，我们下调公司25/26 年归母净利润预测 24/22%至6.2/8.1 亿元，新增27 年预测10.4 亿元。我们给予公司25 年34.4XPE（基于可比公司Wind 一致 预期均值），目标价88.97 元（前值108.45 元，基于25 年32XPE，由于半导体行 ...