格隆汇1月30日丨银禧科技(300221.SZ)在互动平台表示，公司3D打印产品运用在长征五号火箭上解决了 相关装置轻量化问题，是公司 3D 打印项目已完结的科研课题。公司其他轻量化材料有PC、PA、PPO 等，主要应用于无人机，新能源汽车、家庭用机器人等领域。 ...

Group 1 - The company, Jusalong, has been focused on the modified plastics sector since its establishment [1] - The main products include PP, PC/ABS, PA, PBT, and ABS, which are widely used in various fields such as home appliances, automotive industry, electronic communication, and medical supplies [1]

Core Viewpoint - The company, Yongxi Electronics, reports that AIoT revenue accounts for nearly 70% of its total revenue, indicating a strong focus on innovation-driven growth in this sector [1] Group 1: Revenue Breakdown - AIoT revenue constitutes approximately 70% of total revenue, with expectations for continued growth driven by increased penetration of new application scenarios under AI [1] - PA revenue accounts for about 10%, with future focus on PAMiF and PAMiD module products [1] - Security revenue also represents around 10%, showing stable overall growth [1] - Revenue from computing and automotive-grade products combined accounts for about 10%, with anticipated rapid growth in these areas due to the development of domestic automotive design companies and localization strategies of overseas automotive giants [1]

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (Zhongsu Co.) has suspended its IPO application due to the expiration of the financial data in the application documents, requiring supplementary submissions [1] Company Overview - Zhongsu Co. specializes in the research, production, and sales of modified engineering plastics, with applications in consumer electronics, energy storage, automotive, and home appliances [1] - The company focuses on high-value-added modified engineering plastics to meet the personalized material needs of downstream products, guided by a product differentiation strategy [1] Product Details - Key products include high-performance engineering materials such as modified PC, PC/ABS, PA, PPA, PBT, and PET, developed to meet specific customer requirements like electrical connectivity, low dielectric properties, high-temperature resistance, and waterproof heat dissipation [1] - The company has developed specialized functional materials, including: - Laser Direct Structuring (LDS) materials for environmentally friendly metal plating processes [1] - Nano Injection Molding (NMT) materials for precision components in consumer electronics [1] - High-temperature nylon materials for applications in electronics and small appliances [1] Financial Performance - In the fiscal years 2022, 2023, 2024, and the first quarter of 2025, Zhongsu Co. reported revenues of approximately CNY 493 million, CNY 537 million, CNY 700 million, and CNY 152 million respectively [1] - Net profits for the same periods were CNY 51.71 million, CNY 78.99 million, approximately CNY 100 million, and CNY 25.70 million respectively [1][2] - The company achieved a gross profit margin of 30.63% in 2024, up from 26.00% in 2023 [2]

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. has submitted an IPO application to list on the ChiNext board, focusing on the research, production, and sales of modified engineering plastics [2] Group 1: Company Overview - Zhongsu's main business includes the development of modified engineering plastics, with core products such as modified PC, PC/ABS, PA, PPA, PBT, and PET [2] - The company has developed specialized functional materials like laser direct structuring (LDS) materials and nano-injection molding (NMT) materials to meet specific downstream industry needs [2] - Products are widely used in consumer electronics, energy storage, automotive, and home appliances, covering end products like smartphones, wearable devices, new energy vehicles, and energy storage power supplies [2] Group 2: Financial Performance - From 2022 to 2024, the company achieved operating revenues of CNY 493 million, CNY 537 million, and CNY 700 million, with net profits attributable to shareholders of CNY 48.76 million, CNY 80.84 million, and CNY 92.57 million, respectively [3] - The compound annual growth rates for revenue and net profit (excluding non-recurring gains and losses) over the last three years were 19.11% and 37.79% [3] - The gross profit margins for the main business from 2022 to 2024 were 26%, 31.97%, and 31.03%, consistently higher than the industry average [3] Group 3: Shareholding Structure - The shareholding concentration is high, with Zhu Huaicai and Deng Lianfang controlling 73.26% of the shares [3] - Zhu Huaicai serves as the chairman and general manager, while Zhu Huaiyu, his brother, holds 6.09% of the shares and is also a director [3] Group 4: IPO Details - The company plans to publicly issue no more than 12.33 million shares, aiming to raise CNY 645.49 million, with all proceeds allocated to projects including the construction of a smart production base for high-performance engineering materials [4] - The funding will also support the expansion of the Jiangxi Zhongsu production base and the establishment of a new materials engineering technology research center, with CNY 103 million allocated for working capital [4] - The company intends to enhance production scale, improve intelligent production levels, and strengthen R&D capabilities through the raised funds [4]

Core Viewpoint - Guangdong Zhongsu New Materials Co., Ltd. (Zhongsu Co.) is advancing its IPO process on the ChiNext board, marking a significant step in its listing journey as it enters the inquiry stage with the exchange [1] Group 1: Company Performance and Market Position - Zhongsu Co. has demonstrated impressive performance, with projected revenue growth rates of 52.63% and 26.27% for 2023 and 2024, respectively, driven by strong domestic demand and global market expansion in the modified plastics industry [1] - The production of modified plastics in China has increased from 15.63 million tons in 2016 to 27.35 million tons in 2023, reflecting a compound annual growth rate (CAGR) of 8.32%, positioning China as the largest consumer market for plastic materials [1] - The company specializes in the research, production, and sales of modified engineering plastics, with core products including modified PC, PC/ABS, and PA, which are widely used in consumer electronics, energy storage, automotive, and home appliances [2] Group 2: Technological and Competitive Landscape - Zhongsu Co. has entered the supply chains of major industry leaders such as Samsung, Huawei, Xiaomi, and BYD, indicating its strong market presence and technological capabilities [2][6] - The company is recognized as a "little giant" enterprise by the Ministry of Industry and Information Technology, and it was included in the first batch of key "little giant" enterprises supported by the central government in 2025, highlighting its technical strength and industry status [2] Group 3: Financial and Operational Challenges - Zhongsu Co. plans to raise 645 million yuan through its IPO to expand production capacity and enhance technological capabilities, addressing competitive pressures and cash flow challenges [4] - The company faces a long sales collection cycle, with accounts receivable exceeding 160 million yuan at the end of each reporting period, representing up to 40.40% of total assets, which may necessitate financing to alleviate cash flow pressures [4] - The company’s R&D expense ratio from 2022 to 2024 is below the industry average, indicating a gap in funding and customer coverage compared to leading competitors [4] Group 4: Future Development and R&D Initiatives - Post-IPO, Zhongsu Co. aims to undertake innovative R&D projects, including bio-based long-chain nylon, halogen-free flame-retardant high-temperature nylon, and high-performance transparent silicone copolymer materials [5] - The company was established in September 2009 and is located in Dongguan, Guangdong, focusing on modified engineering plastics, with a significant portion of its revenue derived from the consumer electronics sector [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 3.409 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.96%. The net profit attributable to shareholders was 136 million yuan, up 44.01% year-on-year [4] - The company continues to increase investment in its own brands, with a focus on high-end beauty products, which is expected to drive revenue growth [8] - The gross margin for the first three quarters of 2025 was 66.00%, an increase of 2.91 percentage points year-on-year, while the net margin was 3.99%, up 0.77 percentage points year-on-year [8] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 3.409 billion yuan, with a net profit of 136 million yuan and a non-recurring net profit of 131 million yuan [4] - In Q3 2025, the company reported a revenue of 909 million yuan, a year-on-year increase of 20.92%, and a net profit of 13 million yuan, up 210.00% year-on-year [4] - The company’s revenue projections for 2025-2027 are 4.690 billion yuan, 5.220 billion yuan, and 5.850 billion yuan, respectively, with year-on-year growth rates of 10.67%, 11.32%, and 12.06% [8] Brand and Market Positioning - The company is focusing on enhancing its high-end brand positioning, with significant growth in its EDB and RV brands in the North American market [8] - The self-owned brand revenue proportion reached 43.97% in Q3, with a gross margin of 82% for these brands [8] - The company is expected to launch more PDRN-related products next year, indicating ongoing innovation and product development [8]

Core Viewpoint - The company reported a revenue of 395 million yuan in Q3 2025, showing a year-on-year decline of 12.82% but a quarter-on-quarter increase of 21.68%. The net profit attributable to the parent company was 13 million yuan, down 86.36% year-on-year, with a net profit margin of 3.20%, a decrease of 17.26 percentage points year-on-year. Despite the challenges, the company maintains a strong position in the sunscreen market and has the potential for profit recovery if market conditions improve [1][4]. Revenue Performance - The revenue decline has narrowed in Q3 2025, attributed to changes in global sunscreen supply and demand dynamics. The year-on-year revenue growth rates for Q1, Q2, and Q3 2025 were -44.29%, -53.16%, and -12.82%, respectively. The significant drop in Q2 was due to a high base from the previous year, while Q3 showed a clear marginal improvement in the decline [2][4]. Product Development and Capacity Expansion - The company is expanding its product categories beyond sunscreen, including amino acid surfactants and new chemical sunscreen agents. It is also progressing with the construction of new production lines, including a high-end personal care project in Anqing and a 10,000-ton sunscreen production facility in Malaysia, expected to launch products in the second half of 2025 [3][4]. Profitability and Cost Management - The company's gross margin in Q3 2025 was 25.26%, down 12.11 percentage points year-on-year, while the net margin was 2.67%, down 17.76 percentage points year-on-year. The decline in margins was influenced by a decrease in sunscreen market prices, prompting the company to lower some product prices. The company is focused on cost control and efficiency improvements, with sales and R&D expenses being effectively managed [4][5]. Profit Forecast and Valuation - Due to ongoing inventory digestion by downstream customers, the company has revised its net profit forecasts for 2025 and 2026 to 87 million yuan and 164 million yuan, respectively, reflecting declines of 90.1% and 85.1%. However, there is potential for recovery in volume and price starting in 2026, with a target price of 15.60 yuan for 2027, based on a 30x PE ratio [5].

Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant growth in revenue and net profit, indicating a positive trend in its operations and market positioning [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 3.41 billion yuan, representing a year-on-year increase of 12% [1]. - The net profit attributable to shareholders reached 140 million yuan, up 44% year-on-year, while the net profit excluding non-recurring items was 130 million yuan, reflecting a 21.6% increase [1]. - The basic earnings per share (EPS) stood at 0.35 yuan [1]. Quarterly Breakdown - The quarterly revenue for Q1 to Q3 of 2025 was 1.09 billion yuan, 1.41 billion yuan, and 0.91 billion yuan, with year-on-year growth rates of +5.2%, +12.2%, and +20.9% respectively [1]. - The net profit for the same quarters was 40 million yuan, 80 million yuan, and 10 million yuan, with year-on-year growth rates of +4.7%, +23.8%, and a turnaround from loss to profit [1]. Profitability Metrics - The gross margin for the first three quarters of 2025 increased by 2.9 percentage points to 66% [2]. - The quarterly gross margins for Q1 to Q3 were 63.8%, 65.3%, and 69.8%, showing a consistent upward trend [2]. - The operating expense ratio increased by 2.3 percentage points to 60%, with specific rates for sales, management, R&D, and financial expenses being 50.5%, 5.6%, 2.2%, and 1.7% respectively [2]. Inventory and Receivables - As of September 2025, inventory decreased by 4.2% year-on-year to 880 million yuan, with a 6.3% increase compared to the beginning of the year [3]. - Accounts receivable also saw a year-on-year decrease of 6.4% to 410 million yuan, with a 19.4% increase from the start of the year [3]. - The inventory turnover days were 199 days, a reduction of 7 days year-on-year, while accounts receivable turnover days were 30 days, also down by 7 days [3]. Cash Flow and Future Outlook - The operating net cash flow for the first three quarters was 190 million yuan, indicating a positive shift to net inflow [3]. - The company is positioned as a high-end beauty group, with strong brand contributions and a dual-channel strategy driving quality growth [3]. - The profit forecasts for 2025 to 2027 have been adjusted to 240 million yuan, 320 million yuan, and 410 million yuan respectively, with corresponding price-to-earnings ratios of 32 and 24 for 2025 and 2026 [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 3.409 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 11.96%, and a net profit attributable to shareholders of 136 million yuan, up 44.01% year-on-year [2] - In Q3 2025 alone, the company achieved a revenue of 909 million yuan, a year-on-year increase of 20.92%, with a net profit of 13 million yuan, reflecting a significant year-on-year growth of 210% [2] - The company’s operating cash flow increased by 324.74% year-on-year to 189 million yuan, primarily due to increased cash receipts from sales of goods and services [2] Revenue Analysis - The company experienced steady revenue growth driven by high-end brands, with notable performance from brands like Yifidan and PA, which are expected to maintain high growth rates due to low base effects [3] - The light luxury brand HB is also showing good growth, while the mass-market brand Yuni has begun to recover following a brand upgrade [3] Profitability Analysis - The gross margin for Q1-Q3 2025 was 66.00%, an increase of 2.91 percentage points year-on-year, while the net profit margin was 3.99%, up 0.89 percentage points year-on-year [4] - In Q3 2025, the gross margin reached 69.82%, reflecting a year-on-year increase of 1.83 percentage points and a quarter-on-quarter increase of 4.55 percentage points [4] - The company’s net profit margin for Q3 2025 was 1.38%, showing a year-on-year increase of 2.91 percentage points but a quarter-on-quarter decline of 4.37 percentage points, attributed to increased marketing expenses [4] Expense Analysis - The company’s expense ratio for Q1-Q3 2025 was 60.04%, an increase of 2.31 percentage points year-on-year, with sales expenses, management expenses, R&D expenses, and financial expenses showing respective increases [5] - In Q3 2025, the expense ratio was 67.04%, a decrease of 1.15 percentage points year-on-year, indicating a strategic focus on long-term brand building despite a slight increase in marketing efforts [5] Investment Recommendations - The company is positioned as the only domestic group operating multiple high-end beauty brands, with expectations for continued revenue and profit growth as brand strength and customer reputation improve [6] - Revenue forecasts for 2025-2027 are adjusted to 4.566 billion, 4.920 billion, and 5.315 billion yuan respectively, with net profits projected at 204 million, 288 million, and 375 million yuan [6] - The corresponding earnings per share (EPS) are expected to be 0.52, 0.74, and 0.96 yuan, with price-to-earnings (PE) ratios of 42, 30, and 23 times [6]