Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a solid performance in the first half of 2025, achieving a revenue of 4.15 billion yuan, a year-on-year increase of 21.0%, and a net profit attributable to shareholders of 1.24 billion yuan, up 20.6% year-on-year [4][6] - The growth is primarily driven by the strong performance of MLCC products and increased demand in the optical communication market due to the acceleration of global data center and AI server construction [4][5] - The company has made significant advancements in the SOFC sector, with the launch of a 300 kW SOFC commercialization demonstration project, marking a national first [5] Financial Summary - Revenue projections for 2025-2027 are 9.207 billion yuan, 11.432 billion yuan, and 14.151 billion yuan respectively, with corresponding net profits of 2.782 billion yuan, 3.714 billion yuan, and 4.830 billion yuan [6] - The expected EPS for the same period is 1.45 yuan, 1.94 yuan, and 2.52 yuan, with P/E ratios of 33.29, 24.93, and 19.17 respectively [6] - The company maintains a gross margin of approximately 43.3% in 2025, with a projected increase to 45.0% by 2027 [9]

Group 1 - The company maintains a good growth trend in MLCC products, with a comprehensive product matrix covering various series, leading to increased market recognition [1] - The demand for optical devices has increased due to the accelerated construction of global data centers and AI servers, resulting in continuous sales growth of the company's related products in the first half of the year [1] - Despite the pressure on gross margin from rising upstream raw material prices, the overall gross margin remains high, reflecting significant improvements in the gross margin of the company's main businesses [1] Group 2 - In Q2, the company achieved a comprehensive gross margin of 42.74%, an increase of 1.73 percentage points quarter-on-quarter, driven by high-capacity MLCC and other main businesses [1] - The company is actively responding to market changes by optimizing raw material procurement strategies and promoting the development of new specifications, applications, and miniaturized products [1] - Profit forecasts for the company indicate a net profit of 26.22 billion, 32.78 billion, and 41.01 billion yuan for 2025-2027, with year-on-year growth rates of 19.69%, 25.01%, and 25.13% respectively [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong performance in its MLCC products, with a comprehensive product matrix that includes micro, high-capacity, high-reliability, high-voltage, and high-frequency series, leading to increased market recognition [7] - The demand for optical devices has risen due to the acceleration of global data center and AI server construction, contributing to sustained sales growth in related products [7] - Despite pressure on profit margins from rising raw material prices in the PKG and ceramic slurry segments, the company has managed to maintain a high growth rate in overall gross margin, achieving a gross margin of 42.74% in Q2 [7] - The company is actively responding to market changes by optimizing raw material procurement strategies and developing new specifications and applications [7] Financial Summary - Revenue projections for the company are as follows: - 2023: 5,727 million RMB - 2024: 7,375 million RMB (growth of 28.78%) - 2025E: 9,267 million RMB (growth of 25.66%) - 2026E: 11,450 million RMB (growth of 23.56%) - 2027E: 14,060 million RMB (growth of 22.79%) [6] - The projected net profit for the company is: - 2023: 1,581 million RMB - 2024: 2,190 million RMB (growth of 38.55%) - 2025E: 2,622 million RMB (growth of 19.69%) - 2026E: 3,278 million RMB (growth of 25.01%) - 2027E: 4,101 million RMB (growth of 25.13%) [6] - Earnings per share (EPS) are projected to be: - 2024: 1.14 RMB - 2025E: 1.37 RMB - 2026E: 1.71 RMB - 2027E: 2.14 RMB [6] - The company’s return on equity (ROE) is expected to improve from 11.03% in 2024 to 15.44% in 2027 [9]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative performance increase of over 15% against the benchmark index in the next 6 to 12 months [14]. Core Insights - The company reported a revenue of 4.149 billion yuan in the first half of 2025, representing a year-on-year growth of 21.05%. The net profit attributable to shareholders was 1.237 billion yuan, with a year-on-year increase of 20.63% [2]. - The company's MLCC (Multi-Layer Ceramic Capacitor) products have shown strong growth, supported by increasing demand from global data centers and AI server construction [3][4]. - The company has made significant advancements in R&D, with a 12.71% increase in R&D investment, leading to the launch of several patented products in the MLCC field [5]. Financial Performance Summary - The company achieved a revenue of 5.727 billion yuan in 2023, with projected revenues of 7.375 billion yuan in 2024, 9.233 billion yuan in 2025, and 12.621 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 17% from 2025 to 2027 [1][12]. - The net profit attributable to shareholders is projected to grow from 2.190 billion yuan in 2025 to 3.943 billion yuan in 2027, with a CAGR of 18% [1][12]. - The company's gross margin is expected to improve from 43% in 2024 to 47% in 2027, while the net margin is projected to stabilize around 31% [12]. Market Position and Strategy - The company has established a comprehensive product matrix in the MLCC sector, covering various series such as micro, high-capacity, high-reliability, high-voltage, and high-frequency products, which enhances its market recognition [3]. - The company is actively optimizing its raw material procurement strategies to mitigate the impact of rising raw material prices on its ceramic packaging base and related businesses [5].

Core Viewpoint - Lithoz is a pioneering company in the field of ceramic 3D printing, focusing on the development and production of high-performance ceramic materials and additive manufacturing systems, particularly for medical applications [1][4]. Group 1: Company Overview - Lithoz was founded in 2011 and is headquartered in Vienna, Austria, being one of the first companies to achieve industrial-grade ceramic 3D printing [1]. - The company specializes in light-curing ceramic 3D printing (LCM) technology, providing ceramic 3D printing equipment, ceramic slurries, and solutions to the global market [1][2]. - Lithoz has successfully produced over 1 million ceramic parts annually for actual end-use applications, demonstrating the feasibility of mass production in ceramic 3D printing [1]. Group 2: Technology and Innovation - The LCM technology utilizes photosensitive resins with uniformly dispersed ceramic particles, allowing for the precise generation of high-density ceramic green bodies, which are then processed through debinding and sintering [2]. - A specially designed imaging system, using the latest LED technology, enables the projection of detailed layer information onto the photosensitive resin, resulting in high-precision and high-strength ceramic parts [2]. Group 3: Market Potential - The acceptance of ceramic 3D printing in the Chinese market is increasing, with significant potential for ceramic materials in the medical field due to their biocompatibility and corrosion resistance compared to metal materials [4]. - The application of ceramics in medical devices is expected to be a major growth point in the future, as ceramics can better align with natural states and avoid adverse reactions caused by metal ion release [4].

Core Viewpoint - Lithoz is a pioneering company in the field of 3D printing ceramics, focusing on developing and producing high-performance ceramic materials and additive manufacturing systems for medical applications and bone replacement materials. The company has achieved industrial-grade standards in ceramic 3D printing and operates independently without relying on external financing [1][2]. Group 1: Company Overview - Lithoz was founded in 2011 and is headquartered in Vienna, Austria, being one of the first companies to meet industrial-grade requirements for 3D printed ceramic products [1]. - The company specializes in light-curing ceramic 3D printing (LCM) technology, which allows for the production of high-density ceramic green bodies that are later sintered [2][4]. - Lithoz has successfully produced over 1 million ceramic parts annually for actual end-use applications, demonstrating the feasibility of mass production in ceramic 3D printing [1]. Group 2: Technology and Applications - The LCM technology utilizes a specially designed imaging system that employs advanced LED technology to selectively cure a photosensitive resin containing uniformly dispersed ceramic particles, resulting in high-precision and high-strength ceramic parts [2]. - The acceptance of ceramic 3D printing in the Chinese market is increasing, particularly in the medical field, where ceramics offer significant advantages over metals in terms of biocompatibility and corrosion resistance [4]. - The potential for ceramic materials in medical devices is identified as a key growth area for the future [4]. Group 3: Upcoming Forum Participation - Yang Hongyi, the China Regional Director of Lithoz, will present at the 2025 (4th) Polymer 3D Printing Materials Summit Forum, discussing "Additive Manufacturing Technology Based on Ceramic Slurry Systems and Its Industry Applications" [1][5]. - The forum will take place from July 18-20, 2025, in Hangzhou, Zhejiang, focusing on opportunities and challenges in additive manufacturing [10][27].