Core Viewpoint - Longda Co., Ltd. shows a stable performance in stock trading and financing activities, with a notable increase in revenue and net profit year-on-year, indicating potential growth opportunities in the high-temperature alloy sector [1][2]. Financing Activities - On October 13, Longda Co., Ltd. recorded a financing buy-in amount of 4.38 million yuan, with a net financing buy of 1.02 million yuan, reflecting a low financing balance of 84.76 million yuan, which is 3.32% of the circulating market value [1]. - The financing balance is below the 40th percentile level over the past year, indicating a relatively low position in terms of financing [1]. Stock Performance - On October 13, Longda Co., Ltd.'s stock price increased by 0.55%, with a trading volume of 52.36 million yuan [1]. - The company has a high short-selling position, with no shares sold or repaid on the same day, and a short-selling balance of 0, which is at the 90th percentile level over the past year [1]. Company Overview - Longda Co., Ltd. was established on September 30, 2004, and listed on July 22, 2022. The company focuses on high-temperature alloy products, with 72.80% of its revenue coming from corrosion-resistant alloys, 22.45% from alloy pipes, and 4.75% from other sources [1]. - As of June 30, 2025, the company reported a revenue of 829 million yuan, a year-on-year increase of 15.72%, and a net profit of 53.04 million yuan, also reflecting a growth of 15.53% [2]. Shareholder Information - As of June 30, 2025, Longda Co., Ltd. had 11,000 shareholders, an increase of 10.11% from the previous period, with an average of 11,473 circulating shares per person, a decrease of 9.18% [2]. - The company has distributed a total of 219 million yuan in dividends since its A-share listing [2].

Group 1 - On October 10, Longda Co., Ltd. experienced a decline of 2.05% in stock price, with a trading volume of 42.79 million yuan [1] - The financing data for Longda on the same day showed a financing purchase amount of 5.02 million yuan and a net financing purchase of 1.44 million yuan, with a total financing and securities balance of 83.74 million yuan [1] - The current financing balance of Longda accounts for 3.30% of its circulating market value, which is below the 30th percentile level over the past year, indicating a low position [1] Group 2 - As of June 30, Longda had 11,000 shareholders, an increase of 10.11% from the previous period, while the average circulating shares per person decreased by 9.18% [2] - For the first half of 2025, Longda reported a revenue of 829 million yuan, representing a year-on-year growth of 15.72%, and a net profit attributable to shareholders of 53.04 million yuan, also showing a year-on-year increase of 15.53% [2] - Since its A-share listing, Longda has distributed a total of 219 million yuan in dividends [2]

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]