Core Insights - On November 11, 2023, Canqin Technology's stock fell by 1.22% with a trading volume of 99.35 million yuan [1] - As of November 11, 2023, the total margin balance for Canqin Technology was 276 million yuan, indicating a high level of margin activity [1][2] Financial Performance - For the period from January to September 2025, Canqin Technology reported a revenue of 491 million yuan, representing a year-on-year growth of 82.47% [2] - The net profit attributable to shareholders for the same period was 86.24 million yuan, showing a year-on-year increase of 72.33% [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Canqin Technology reached 12,300, an increase of 35.65% compared to the previous period [2] - The average number of circulating shares per shareholder decreased by 26.28% to 32,536 shares [2] - The company has distributed a total of 114 million yuan in dividends since its A-share listing, with 81.5 million yuan distributed over the past three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the eighth largest circulating shareholder, holding 2.19 million shares as a new shareholder [3] - The tenth largest circulating shareholder, Huatai-PineBridge Innovation Mixed Fund, held 1.07 million shares, also as a new shareholder [3] - Shenwan Hongyuan New Economy Mixed A Fund has exited the list of the top ten circulating shareholders [3]

Core Insights - The stock of Canqin Technology increased by 0.04% on November 6, with a trading volume of 72.14 million yuan [1] - As of November 6, the total margin balance of Canqin Technology reached 278 million yuan, indicating a high level of financing activity [1] - For the period from January to September 2025, Canqin Technology reported a revenue of 491 million yuan, representing a year-on-year growth of 82.47% [2] Financing and Margin Trading - On November 6, Canqin Technology had a financing buy amount of 9.08 million yuan and a financing repayment of 10.19 million yuan, resulting in a net financing outflow of 1.12 million yuan [1] - The current financing balance of 278 million yuan accounts for 2.75% of the circulating market value, which is above the 90th percentile of the past year [1] - There were no shares sold or repaid in the securities lending market on November 6, with a lending balance of 0.00 yuan, indicating a high level of inactivity [1] Company Performance - As of September 30, 2025, Canqin Technology had 12,300 shareholders, an increase of 35.65% from the previous period, while the average circulating shares per person decreased by 26.28% [2] - The company has distributed a total of 114 million yuan in dividends since its A-share listing, with 81.5 million yuan distributed over the past three years [3] - Notable new institutional shareholders include Hong Kong Central Clearing Limited and Huatai-PineBridge Innovation Mixed Fund, which have recently entered the top ten circulating shareholders [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to experience significant growth in its main business of filters due to the capital expenditure from operators on 5G-A, with production capacity for HTCC anticipated to be released gradually in 2025. This will enhance the company's growth potential and improve the stability of future performance [2][4]. - The company's revenue and net profit have shown rapid growth, with Q1-Q3 2025 revenue reaching 491 million yuan, a year-on-year increase of 82.47%, and net profit of 86 million yuan, up 72.33% year-on-year. In Q3 2025 alone, revenue was 204 million yuan, reflecting a 151.38% increase year-on-year, with net profit at 34 million yuan, a 116.22% increase year-on-year [4][6]. - The gross margin for Q3 2025 was 34.62%, an increase of 3.19 percentage points year-on-year and 3.85 percentage points quarter-on-quarter, primarily due to changes in product structure and improved capacity utilization [8]. Financial Performance and Forecast - The company is projected to achieve a net profit attributable to shareholders of 104 million yuan, 214 million yuan, and 362 million yuan for the years 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 80%, 105%, and 69%. The corresponding PE ratios are expected to be 98x, 48x, and 28x [2][8]. - The company’s revenue is expected to grow significantly due to the increasing demand for 5G-A base stations and the introduction of new products in the consumer electronics sector, which will also contribute to the overall growth [2][4].

Core Viewpoint - The company, AVIC Fushida Technology Co., Ltd., is leading the self-innovation in the RF interconnect field, focusing on high-end manufacturing and aiming for a comprehensive upgrade from core technology breakthroughs to system-level solutions [1] Business Performance - In the first half of the year, the company achieved a revenue of 408 million yuan and a net profit of 37.18 million yuan, representing year-on-year growth of 7.86% and 10.5% respectively, with accelerated growth in the second quarter [1] - The sales revenue of the core product, RF coaxial connectors, increased by 24.41% year-on-year in the first half of the year [1] Order Recovery and Strategic Expansion - Core business orders have significantly increased, leading to high capacity utilization, with production lines operating at near full capacity [2] - The company has made strategic advancements in emerging fields such as commercial aerospace, high-end industrial equipment, precision instruments, low-altitude economy, quantum computing, and medical sectors, which are beginning to contribute to revenue growth [2] Internal Operations and Profitability - The company is enhancing profitability through a "cost efficiency project" aimed at optimizing production processes, reducing costs, and improving operational efficiency [3] - This diversified and balanced business structure strengthens the company's ability to withstand fluctuations in any single industry [3] Future Growth Areas - The HTCC (High-Temperature Co-fired Ceramic) business is expected to be a significant growth driver, with market demand projected to exceed 100 million yuan by 2025 [4] - The commercial satellite sector is another strategic focus, with the company collaborating on major satellite projects and providing comprehensive product support [4] International Market Expansion - The overseas market has become a crucial support for the company's growth, with strong performance in RF coaxial connectors and cable components, particularly in Europe and Southeast Asia [5] - Future plans include deepening cooperation with leading clients in the communication sector and expanding overseas through international exhibitions and local service systems [5] R&D and Innovation - The company is committed to high levels of R&D investment, focusing on "high frequency, integration, and systematization" to build core competitiveness in the RF interconnect field [6] - Future R&D will target four main areas: RF connectors and components, high-performance cables, advanced ceramics, and RF links [7]

Core Points - The stock price of Canqin Technology has dropped by 5.01% on October 10, reaching 26.71 CNY per share, with a trading volume of 174 million CNY and a turnover rate of 1.60%, resulting in a total market capitalization of 10.684 billion CNY [1] - Canqin Technology has experienced a continuous decline for four consecutive days, with a cumulative drop of 4.68% during this period [1] Company Overview - Jiangsu Canqin Technology Co., Ltd. is located in Zhangjiagang Free Trade Zone, Suzhou, Jiangsu Province, and was established on April 9, 2004, with its listing date on November 16, 2021 [1] - The company's main business involves the research, development, production, and sales of microwave dielectric ceramic components [1] - The revenue composition of the main business includes: filters 85.93%, low intermodulation passive components 5.92%, HTCC 3.34%, antennas 2.87%, resonators 1.11%, and others 0.83% [1] Fund Holdings - The Qianhai Open Source Fund has one fund heavily invested in Canqin Technology, specifically the Qianhai Open Source Artificial Intelligence Theme Mixed A Fund (001986), which held 1.4163 million shares in the second quarter, accounting for 6.47% of the fund's net value, ranking as the sixth-largest holding [2] - The estimated floating loss for the fund today is approximately 1.997 million CNY, with a floating loss of 1.9545 million CNY during the four-day decline [2] - The Qianhai Open Source Artificial Intelligence Theme Mixed A Fund was established on May 4, 2016, with a current scale of 582 million CNY, and has achieved a return of 13.41% this year, ranking 5616 out of 8166 in its category [2]

Core Insights - On September 25, 2023, Canqin Technology's stock rose by 10.82%, with a trading volume of 690 million yuan [1] - As of June 30, 2023, Canqin Technology reported a revenue of 287 million yuan, a year-on-year increase of 52.76%, and a net profit of 51.91 million yuan, up 51.94% year-on-year [2] Financing and Trading Activity - On September 25, 2023, Canqin Technology had a financing buy-in amount of 91.97 million yuan, with a net financing buy of 13.61 million yuan [1] - The total financing and securities lending balance for Canqin Technology reached 287 million yuan, accounting for 2.43% of its market capitalization, indicating a high level compared to the past year [1] - There were no securities lent or sold on September 25, 2023, with a securities lending balance of 0.00 shares, also indicating a high level compared to the past year [1] Shareholder and Dividend Information - As of June 30, 2023, Canqin Technology had 9,063 shareholders, an increase of 6.14% from the previous period, while the average circulating shares per person decreased by 5.78% [2] - Since its A-share listing, Canqin Technology has distributed a total of 114 million yuan in dividends, with 81.5 million yuan distributed over the past three years [3] - Among the top ten circulating shareholders, Shenwan Lixin New Economy Mixed A (310358) ranked as the eighth largest shareholder, increasing its holdings by 577,100 shares [3]

Industry Overview - The LTCC (Low-Temperature Co-fired Ceramics) and HTCC (High-Temperature Co-fired Ceramics) markets are segmented by product types and applications, with significant growth trends projected from 2020 to 2031 [2][3]. - The global market for LTCC and HTCC is expected to see substantial revenue increases across various applications, including consumer electronics, communication packaging, industrial sectors, and automotive electronics [2][3]. Market Trends - The report outlines the growth trends for LTCC and HTCC by product type and application, indicating a robust increase in market size from 2020 to 2031 [2][3]. - Specific growth rates and market sizes are detailed, showing a clear upward trajectory in demand for LTCC and HTCC products across different regions and applications [2][3]. Competitive Landscape - The competitive landscape of the LTCC and HTCC industry is characterized by a concentration of major players, with market share analysis provided for leading manufacturers [4][5]. - The report includes detailed profiles of key companies in the LTCC and HTCC markets, highlighting their production capacities, sales regions, and competitive positioning [7][8]. Regional Analysis - A comprehensive analysis of the LTCC and HTCC markets across different regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, is presented, with sales revenue and market share data [3][4]. - The report forecasts regional market trends and growth potential, emphasizing the importance of the Asia-Pacific region in the LTCC and HTCC markets [4][5]. Supply Chain Insights - The LTCC and HTCC industry supply chain is analyzed, detailing the key raw materials, procurement models, and production processes involved [6][7]. - The report also discusses the major downstream customers and the overall procurement strategies within the industry [6][7]. Future Outlook - The report provides a forecast for the LTCC and HTCC markets, projecting significant growth in production capacity and market demand from 2020 to 2031 [2][3]. - Key drivers and challenges affecting the industry are identified, along with potential opportunities for growth and innovation [6][7].