公司客户广泛分布于各类传统及新兴行业，形成了良好的品牌效应。客户所处行业覆盖冶金、化工、军 工、医疗、食品、机械等传统行业以及光伏、半导体、电子、生物医药、新材料、新能源等新兴产业， 核心客户包括三钢闽光、通威股份、东方电气、利尔化学、士兰微、宁德时代、华友钴业等上市公司以 及攀钢集团、宝钢德盛等国内知名企业；军工客户包括中国工程物理研究院（绵阳九院）、核工业西南 物理研究院、中国航空工业集团公司、成都飞机工业（集团）有限责任公司等知名军工研发生产单位； 医用客户包括四川大学华西医院、四川省人民医院、中国人民解放军西部战区空军医院、成都中医药大 学附属医院、川北医学院附属医院、西南医科大附属医院等大型医疗机构。 盈利预测、估值与评级：公司持续优化产品结构、拓展市场，并有效控制成本，我们上调公司25-26 年 盈利预测，新增27 年的盈利预测。预计25-27 年公司归母净利润分别为2.52（上调23.4%）/3.00（上调 29.7%）/3.74 亿元。公司深耕西南地区和福建地区工业气体市场，产能建设稳步推进，将为公司长期成 长提供充足动力，维持公司"增持"评级。 风险提示：产能建设风险，下游需求不及预期，产品 ...

2025 年 11 月 3 日 公司研究 25Q3 归母净利润同比增长，产能建设稳步推进 ——侨源股份（301286.SZ）2025 年三季报点评 要点 事件：公司发布 2025 年三季报。25 年前三季度公司实现营业收入 7.97 亿元， 同比+8.75%，实现归母净利润 1.81 亿元，同比+40.54%。25Q3 公司实现营业 收入 2.67 亿元，同比+5.57%，环比-2.18%；实现归母净利润 0.63 亿元，同比 +16.88%，环比+2.34%。 25Q3 归母净利润同环比均有所提升，成本管控能力较强。25Q3，公司归母净利 润同环比均有所提升，公司持续优化产品结构、拓展市场，并有效控制成本，积 极应对宏观经济和行业周期等因素影响。毛利率方面，25 年前三季度公司销售 毛利率为 36.23%，同比增加 5.1pct。费用率方面，25 年前三季度公司销售、 管理、研发、财务费用率分别为 2.9%、4.9%、0.02%、0.05%，同比分别下降 0.03、0.53、0.04、0.15pct。 公司深耕西南地区和福建地区工业气体市场，产能建设稳步推进。公司拥有西南 地区最大的全液态空分气体生产线，在 ...

Group 1 - The Shanghai 180 Index (000010) has seen a strong increase of 2.13%, with notable gains from stocks such as Haiguang Information (688041) up 20.00%, Cambrian (688256) up 19.79%, and SMIC (688981) up 13.12% [1] - The surge in the semiconductor industry is attributed to Nvidia's suspension of H20 chip production and the official release of DeepSeek-V3.1, leading to a broad rally in the chip supply chain [1] - Investment in high-purity electronic specialty gases, crucial for wafer manufacturing, reflects ongoing breakthroughs by domestic companies in key segments of the semiconductor materials supply chain, with these two focus areas accounting for nearly 50% of total investment [1] Group 2 - The Shanghai 180 Index consists of 180 securities selected from the Shanghai market based on market capitalization and liquidity, representing the overall performance of core listed companies [1] - As of July 31, 2025, the top ten weighted stocks in the Shanghai 180 Index account for 25.4% of the index, including major companies like Kweichow Moutai (600519) and China Ping An (601318) [2]

Core Viewpoint - The "Bay Chip Award" is a prestigious recognition in the semiconductor industry, focusing on the entire semiconductor supply chain, aiming to honor outstanding contributions in technology breakthroughs, product innovation, and ecosystem building [1][49]. Group 1: Award Overview - The Bay Chip Award is established by the Bay Area Semiconductor Industry Ecosystem Expo Committee, highlighting the achievements of domestic and international companies in the semiconductor sector [1][49]. - The award ceremony will take place on October 15, 2025, in Shenzhen, gathering top industry players to celebrate excellence [49][77]. Group 2: Participating Companies - As of July 23, 2025, 115 industry leaders have registered for the award, showcasing strong industry presence [1]. - Notable participating companies include: - Ningbo Jiangfeng Electronic Materials Co., Ltd., a leading supplier of ultra-pure materials for semiconductor manufacturing, achieving significant breakthroughs in technology and production [4]. - Suzhou Nordson Electronic Equipment Co., Ltd., part of Nordson Corporation, which generates over $2.1 billion in annual revenue and provides comprehensive testing and inspection solutions for semiconductor clients [6]. - Beijing Jingyi Automation Equipment Technology Co., Ltd., specializing in high-end semiconductor equipment, including temperature control and wafer handling devices [12]. Group 3: Industry Contributions - Companies like Tianjin Green Ling Gas Co., Ltd. have over 20 years of experience in producing high-purity electronic specialty gases, significantly contributing to the semiconductor manufacturing process [14]. - Shanghai Huanming Supply Chain Co., Ltd. focuses on integrated circuit supply chain services, establishing logistics centers across 17 cities to support the semiconductor industry [17]. - Shenzhen Anke Technology Co., Ltd. is recognized for its innovative semiconductor testing technology, enhancing testing efficiency and reducing costs for clients [24]. Group 4: Award Categories - The award includes several categories such as: - Enterprise Award, recognizing companies with core technologies and continuous innovation capabilities [53]. - Technology Innovation Award, honoring entities with leading technologies and significant industry impact [55]. - Industry Service Award, acknowledging contributions to the semiconductor supply chain and innovative financial services [59].

Group 1 - The Bay Area Semiconductor Award (湾芯奖) is a prestigious recognition event focusing on the entire semiconductor industry chain, aiming to honor outstanding contributions in technology breakthroughs, product innovation, and ecosystem building [1][49] - As of July 23, 115 industry leaders have registered for the award, highlighting the competitive nature of the event [1] - The award ceremony will take place from October 15 to 17, 2025, at the Shenzhen Convention Center, gathering top players in the semiconductor industry [47][77] Group 2 - Ningbo Jiangfeng Electronic Materials Co., Ltd. specializes in ultra-pure materials for semiconductor manufacturing, achieving significant technological breakthroughs and becoming a major supplier for global leading wafer manufacturers [4] - Suzhou Nordson Electronic Equipment Co., Ltd. is part of Nordson Corporation, which has over $2.1 billion in annual revenue and provides comprehensive testing and inspection solutions for SMT and semiconductor clients [6] - Zhihua Machinery (Shanghai) Co., Ltd. focuses on high-precision manufacturing equipment for the semiconductor and electronic components industries, utilizing advanced technologies [8] Group 3 - Guangwei Semiconductor Materials (Ningbo) Co., Ltd. produces advanced semiconductor target materials, entering the TSMC 3nm supply chain and supplying well-known wafer fabs [10] - Beijing Jingyi Automation Equipment Technology Co., Ltd. manufactures high-end equipment for the semiconductor industry, including temperature control devices and wafer handling equipment [12] - Tianjin Greenling Gas Co., Ltd. is a leading producer of high-purity electronic specialty gases, with over 20 years of experience in the industry [14] Group 4 - Canxin Semiconductor (Shanghai) Co., Ltd. offers customized chip solutions and aims to provide high-value, differentiated solutions for clients [16] - Shanghai Hongming Supply Chain Co., Ltd. is a leader in supply chain services for the semiconductor industry, with logistics centers across 17 cities [17] - Shenzhen Anke Technology Co., Ltd. specializes in semiconductor testing and programming equipment, enhancing testing efficiency for clients [24] Group 5 - Fujian Del Technology Co., Ltd. focuses on fluorine chemical materials and semiconductor wet electronic chemicals, with a registered capital of 1.039 billion yuan [29] - Zhejiang Fulede Quartz Technology Co., Ltd. produces high-purity quartz products for semiconductor applications, established in October 2020 [31] - Shenzhen Zhuoxing Semiconductor Technology Co., Ltd. specializes in high-precision semiconductor mounting equipment, leveraging over 20 years of industry experience [41]