10月10日，隆达股份跌2.05%，成交额4278.66万元。两融数据显示，当日隆达股份获融资买入额502.22 万元，融资偿还358.25万元，融资净买入143.97万元。截至10月10日，隆达股份融资融券余额合计 8373.94万元。 融资方面，隆达股份当日融资买入502.22万元。当前融资余额8373.94万元，占流通市值的3.30%，融资 余额低于近一年30%分位水平，处于低位。 融券方面，隆达股份10月10日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00 元；融券余量0.00股，融券余额0.00元，超过近一年90%分位水平，处于高位。 资料显示，江苏隆达超合金股份有限公司位于江苏省无锡市锡山区安镇街道翔云路18号，成立日期2004 年9月30日，上市日期2022年7月22日，公司主营业务涉及以高温合金板块为战略核心业务，辅以逐步收 缩优化的合金管材业务。主营业务收入构成为：高温耐蚀合金72.80%，合金管材22.45%，其他4.75%。 截至6月30日，隆达股份股东户数1.10万，较上期增加10.11%；人均流通股11473股，较上期减少 9.18%。2025年1月-6月 ...

Group 1 - The core viewpoint of the news is that Longda Co., Ltd. has shown fluctuations in its stock performance and financing activities, indicating a high level of trading activity and investor interest [1][2] - On August 28, Longda Co., Ltd. experienced a stock decline of 0.93% with a trading volume of 133 million yuan, and the net financing buy was negative at -865,300 yuan [1] - As of August 28, the total margin balance for Longda Co., Ltd. was 115 million yuan, accounting for 4.27% of its market capitalization, which is above the 90th percentile level over the past year [1] Group 2 - As of June 30, the number of shareholders for Longda Co., Ltd. increased to 11,000, a rise of 10.11%, while the average circulating shares per person decreased by 9.18% to 11,473 shares [2] - For the first half of 2025, Longda Co., Ltd. reported a revenue of 829 million yuan, representing a year-on-year growth of 15.72%, and a net profit attributable to shareholders of 53 million yuan, up 15.53% year-on-year [2] - Since its A-share listing, Longda Co., Ltd. has distributed a total of 175 million yuan in dividends [2]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company achieved a revenue of 830 million (up 15.7% year-on-year) and a net profit attributable to shareholders of 50 million (up 15.5% year-on-year) in the first half of 2025 [1][5] - The high-temperature alloy production capacity is steadily increasing, with the revenue from the high-temperature corrosion-resistant alloy segment reaching 603 million (up 17.98% year-on-year) [1][2] - The company is accelerating its entry into the global high-temperature alloy supply chain, gaining recognition from major domestic and international enterprises in the aerospace and oil and gas sectors [2] Financial Performance Summary - For the first half of 2025, the company reported a gross margin of 15.75% (up 0.13 percentage points year-on-year) and a net profit margin of 6.40% (down 0.01 percentage points year-on-year) [2] - The second quarter of 2025 saw a revenue of 485 million (up 21.3% year-on-year, up 41.0% quarter-on-quarter) and a net profit of 25 million (up 34.2% year-on-year, down 14.1% quarter-on-quarter) [1][2] - The company forecasts revenues of 1.76 billion, 2.21 billion, and 2.74 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 26%, 26%, and 24% [2][3] Key Financial Metrics - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.47, 0.70, and 1.00 respectively [3] - The price-to-earnings (P/E) ratio is expected to decrease from 95.7 in 2023 to 21.5 in 2027, indicating improved valuation over time [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company has experienced rapid growth in its high-temperature alloy business, with an increasing proportion of overseas revenue [6] - In H1 2025, the company achieved operating revenue of 829 million yuan, a year-on-year increase of 15.72%, and a net profit attributable to shareholders of 53.04 million yuan, also up 15.53% year-on-year [6][7] - The company is focusing on international expansion, with plans to establish production bases in Singapore and Malaysia, and has signed long-term agreements with several overseas clients [6] Financial Performance - The company reported a Q2 revenue of 485 million yuan, reflecting a year-on-year growth of 21.30% and a quarter-on-quarter increase of 40.97% [6] - The revenue from high-temperature corrosion-resistant alloys reached 603 million yuan, with a year-on-year growth of 17.98% [6] - The gross profit margin for domestic revenue was 15.34%, while for overseas revenue it was 17.22% [6] Profit Forecast - The company forecasts net profits attributable to shareholders of 99 million yuan, 129 million yuan, and 162 million yuan for the years 2025, 2026, and 2027, respectively [6][7] - Corresponding PE ratios are projected to be 54, 41, and 33 for the same years [6][7] Market Position - The company is well-positioned to benefit from the increasing global demand for high-temperature alloys, particularly in the aerospace and gas turbine sectors [6] - The report highlights the ongoing shift of supply chains towards China, which may present significant opportunities for the company [6]

Core Viewpoint - The Gansu Jinchuan Group is leveraging its local resources and innovative capabilities to enhance its competitive position in the nickel-cobalt and copper industries, driving growth and collaboration among over 100 related enterprises in the region [1][4][6]. Group 1: Production and Cost Efficiency - The company produces batteries with lower manufacturing costs, approximately 12% less than coastal regions, by sourcing most raw materials locally [1]. - The Jinchuan Group's smart copper smelting factory has implemented intelligent control in its operations, enhancing efficiency [2]. Group 2: Innovation and Product Development - The establishment of the "Gansu Nickel-Cobalt Resource Efficient Utilization and New Product Development Innovation Consortium" has facilitated collaborative innovation and technology research [3]. - New products such as 4N5 oxygen-free copper and 6N5 high-purity nickel have been developed, breaking foreign monopolies and meeting critical material demands [3]. Group 3: Economic Impact and Industry Collaboration - The industrial cluster around Jinchuan Group achieved a production value of 2.8 billion yuan in the first quarter of the year, reflecting a year-on-year growth of 27.3% [4]. - The collaboration with other companies has effectively addressed long-standing issues related to hazardous waste and by-product utilization in the region [4]. Group 4: Market Expansion and High-End Products - The company is expanding into high-end nickel alloys and copper foil markets, with products like "hand-torn nickel" achieving significant market differentiation [6]. - The copper foil project has reached full production capacity, with a monthly output of 900 tons, catering to high-end applications such as lithium batteries and 5G base stations [7]. Group 5: Future Development Strategy - Jinchuan Group aims to deepen the integration of its supply chain, focusing on vertical and horizontal expansion of its industrial chain to enhance product quality and production capabilities [7].

Group 1 - In the first quarter of this year, Gansu Province's industrial added value above designated size grew by 11% year-on-year, ranking second in the country [1] - The non-ferrous metals and electricity industries made significant contributions, driving industrial growth by 4.4 and 2.3 percentage points, respectively [1] - Key industrial products such as gold, lead, refined copper, nickel, and integrated circuits experienced double-digit growth, with natural gas production increasing by 89.3%, the highest in the country [1] Group 2 - The non-ferrous metal industry accounts for 25.5% of Gansu's total industrial output, with the "Jinbailanwu Non-ferrous Metal Cluster" selected as a national advanced manufacturing cluster for 2024 [1] - Recently, 29 projects, including a 12,000-ton ultra-fine high-purity metal powder material project, were signed with a total investment of 10.5 billion yuan [1] - A nickel-based alloy advanced material production line project with a capacity of 10,000 tons is under construction, expected to produce high-temperature corrosion-resistant alloys and pure nickel for various industries [1] Group 3 - The petrochemical industry is the largest pillar industry in Gansu, projected to account for 29.7% of the province's industrial output in 2024 [2] - Gansu is focusing on the high-end, intelligent, and green development of the petrochemical industry through various strategies, including integrated chain strengthening and green expansion [2] - In the first quarter, Lanzhou Petrochemical Company produced 409,000 tons of ethylene, an increase of 17,000 tons year-on-year, and new material output reached 171,000 tons, up by 9.3% [2] Group 4 - Gansu is a significant base for new energy and new energy equipment manufacturing, with 1.606 million kilowatts of new energy added to the grid in the first quarter [2] - The total installed capacity of new energy reached 65.97 million kilowatts, with a 12.4% increase in new energy generation [2] - By the end of March, Gansu's external electricity delivery from new energy reached 8.848 billion kilowatt-hours, a year-on-year increase of 71.55% [2]