Victory Giant (300476.SZ): PCB Factory Tour: AI infrastructure and specification migration drive growth ahead; Capacity and Customers in We hosted Victory Giant management and visited its Huizhou factory during our China PCB Tour on Jan 23. Key discussions focused on (1) competition landscape; (2) capacity expansion; and (3) clients expansion. Overall, management is positive on the rising demand across GPU and ASIC AI sever clients, considering the specification upgrade towards more complicated architecture ...

昊志机电 20260125 摘要 昊志机电预计 2026 年整体收入达 26 亿元，PCB 业务增长 3 亿元，直 线导轨业务因湖南新工厂投产增 1 亿元，转台业务受益于苹果双折叠屏 需求增 1 亿元，工业机器人及谐波减速器增 1.5 亿元，工业母机领域预 计增 10 亿元，净利润率保持在 13%-15%，净利润约 3 亿元，实现业 绩翻倍增长。 豪士机电 2025 年下半年采购超 1 亿元设备，预计 2026 年 2-3 月到位， PCB 端产能将从 3 亿元提升至 6 亿元。受益于 AI 投入和国内算力基础 建设，公司对未来两三年行业前景保持乐观，预计需求趋势不变。 由于 PCB 领域需求强劲，昊志机电已接到全年订单，并制定部分产品提 价政策，涨幅约为 5%-10%。全球范围内，具备批量快速交货能力的企 业数量有限，支撑了公司的提价策略。 昊志机电为苹果折叠屏提供转台，直接销售给博文光学、蓝思科技、科 维思、创世纪、秋峰智能等客户，而非通过代工厂，表明公司在产业链 中占据直接供应地位。 昊志机电在商业航天领域研发液体增压电机，预计 2026 年上半年交付， 单台价值约 300 万元。与客户合作开发伺服电机 ...

确定铜金并行战略后，洛阳钼业在市场上一直秉持谨慎保守的作风，没有给出 明确或长期的目标。目前，我们已完成厄瓜多尔奥丁金矿和巴西金矿两次并购， 这两个项目将为公司贡献超过 20 吨的黄金产量。短期内，我们希望到 2030 年之前实现黄金产能翻倍增长。虽然我们对外发布的信息相对保守，但实际上 我们有很多潜力项目在积极推进，实际进展可能会更快。 洛阳钼业 20260125 摘要 洛阳钼业通过并购金矿和巴西金矿，计划到 2030 年实现黄金产能翻倍 增长，虽对外信息保守，但实际进展可能更快。公司看好金价，战略重 心在于优化金属品种组合，并认为并购时点仍处于相对低谷，同时考虑 企业和项目周期，以实现价值增值。 洛阳钼业新管理层上任后，加强内部经营管理，尤其在成本管控方面成 效显著。计划 2026 年继续优化刚果（金）等成熟矿山，并提升新收购 项目的经营管理水平，通过成本控制提高整体效益，确保公司稳健增长 和盈利能力。 洛阳钼业在巴西的项目优势在于已有的成熟运营团队和管理经验，通过 整合卖方巴西区域总部，实现矿山采购和人员后台支持的协同效应，并 借助中国供应链降低成本，提升管理效率。 巴西和厄瓜多尔均以矿业为主要产业，政 ...

Summary of Longking Environmental Conference Call Company Overview - Longking Environmental maintains a leading position in the flue gas treatment sector with a market share of approximately 30% [2][4] - The company is expanding into non-electric industries, benefiting from increased demand in thermal power, leading to a rise in order volume [2] Key Developments - Zijin Mining increased its stake in Longking Environmental to 33.76%, enhancing the company's long-term growth certainty and supporting its valuation [2][5] - The green energy business is the fastest-growing segment, with projects like the Lagocuo project showing good profitability and others expected to contribute significantly to EPS and ROE by 2026 and 2029 [2][6] Financial Performance - The company expects overall performance to exceed 1.7 billion RMB by 2027, achieving a compound growth rate of around 26% [3][16] - Core business in flue gas treatment shows stable performance with order volumes consistently above 10 billion RMB, holding nearly 20% market share in desulfurization and denitrification, and about 50% in dust removal [4] Emerging Business Areas - In the energy storage sector, the company has laid out 8.5 GWh of battery cells and a 2 GWh PAK system, expecting to turn losses into profits in the future [2][6] - Development of electric mining trucks is underway, with a significant agreement signed with Zijin Mining [7][12] - The company is also exploring new areas like wall-climbing robots, which could become potential growth points [7][14] Waste Management - The waste incineration business is being gradually divested, while hazardous waste treatment is improving through a commissioned operation model, which is expected to reduce losses and goodwill impairment risks [8][9] Future Outlook - Longking Environmental is well-positioned for future growth due to its stable core business, rapid expansion in green energy and storage, and the support from Zijin Mining's increased stake [10] - The company anticipates significant contributions from green energy projects to EPS and ROE, supporting valuation levels [10][16] - The financial outlook remains strong, with expected revenue growth and improved profitability driven by green energy initiatives [15][16] Investment Value - The company has a PEG ratio significantly below 1, indicating a high degree of investment certainty, making it an attractive option for new capital [3][17] - Despite a temporary decline in Q1 2025 due to order confirmation timing, the company is expected to recover and achieve substantial growth in subsequent quarters [17]

Summary of Baicheng Pharmaceutical Conference Call Company Overview - **Company**: Baicheng Pharmaceutical - **Date**: January 25, 2026 Key Points Industry and Company Developments - Baicheng Pharmaceutical is committed to innovation and has received multiple clinical approvals for first and second-class new drugs, with expectations for significant performance contributions in the next 2-3 years [2][3] - The company has established a strategic partnership with Italian company Diling to accelerate European GMP certification and overseas CMO/CDMO order acquisition, enjoying priority rights for high-value products in Greater China [2][4] - The generic drug market is expected to see a price recovery in 2026 after a low in Q1 2025, with increased approval standards leading to a concentration in sales [2][6] Financial Performance and Projections - Baicheng Pharmaceutical's sales business is recovering from a low point in Q1 2025, with both demand and pricing showing positive trends [3] - The company has received over 190 approvals for third and fourth-class generic drugs, maintaining stable core operations [3] - Saimo, a subsidiary, won bids for 12 products in the 11th batch of centralized procurement, with substantial order volumes expected to enhance capacity utilization and profitability [2][7] - Sanmu Company is projected to see significant revenue and profit growth in 2026, with overseas market expansion further increasing capacity utilization [2][8] Innovation and Clinical Progress - Baicheng Pharmaceutical's innovation drug segment focuses on CNS, autoimmune diseases, and oncology, with several projects entering clinical stages [2][10] - The 0,118 project for narcolepsy is expected to complete its Phase II trial and report in the first half of the year [2][11] - The company plans to continue investing in its pipeline, with specific projects advancing based on customer interest [11] Strategic Collaborations - The partnership with Diling includes registering high-quality products for European GMP certification and prioritizing clinical submissions in Europe for products requiring extensive clinical trials [4][5] - The financial impact of the collaboration is expected to be minimal in 2026, with commercial orders anticipated post-2027 approval of innovative oral formulations [9] Future Outlook - The chairman of Baicheng Pharmaceutical emphasizes a strong commitment to developing generic drug R&D, CRO business, and expanding Saimo's operations while increasing investment in innovative drug development [12] - The company aims to leverage collaborations with domestic and international clients to launch new products and prioritize strategic international business development, including raw material and formulation exports [12]

Summary of TaxFriend Co., Ltd. Conference Call Company Overview - TaxFriend Co., Ltd. focuses on the B-end market, providing tax and financial SaaS products to small and micro enterprises and accounting agencies, enhancing efficiency through AI technology [2][3] - The company offers services such as intelligent invoice management and tax calculation to meet diverse enterprise needs [2] Core Business and Development - TaxFriend has three main business segments: 1. Traditional government (G-end) projects, including significant tax bureau projects 2. B-end SaaS services for small enterprises and accounting agencies 3. High-value tax compliance projects for executives, combining AI agents with expert guidance [3] - The company has seen a stable growth in revenue from 2021 to 2024, although AI investments have caused profit fluctuations [7] Market Demand and AI Integration - There is a strong demand for tax services among small and micro enterprises, which often struggle with compliance and cost [9] - TaxFriend's AI technology automates processes like voucher entry and report generation, significantly improving efficiency and reducing costs [9][12] - The AI agent's operational efficiency is over 10 times that of traditional accounting, with an accuracy rate exceeding 90% and a 60% reduction in labor costs [12][13] User Growth and Financial Projections - As of the end of 2024, TaxFriend has over 112,741 basic compliance users and approximately 2,000 advanced compliance users, with the latter receiving more comprehensive tax planning services [11] - The company forecasts revenues of approximately 2.256 billion, 2.9 billion, and 3.5 billion for 2025-2027, with net profits of 175 million, 363 million, and 559 million respectively [4][18] Competitive Advantages - TaxFriend has a unique advantage in the tax field, particularly in its focus on tax SaaS products compared to competitors like Yonyou and Kingdee [15] - The high switching costs for clients contribute to a strong customer retention rate [15] Challenges and Future Directions - SaaS companies face challenges of high gross margins alongside high expenses; however, AI can help mitigate these costs [16] - The company plans to continue optimizing AI technology and expanding innovative business areas to meet diverse customer needs while controlling R&D expense growth [10] Market Outlook - The small and micro enterprise market is expected to reach 390.7 billion by 2028, with a CAGR of approximately 74.9% from 2023 to 2028 [17] - The G-end business shows potential for growth due to increasing regulatory scrutiny, leveraging the company's extensive data accumulation over 20 years [17] Investment Considerations - Investors should focus on growth opportunities in the B-end market, particularly among small enterprises and innovative business clients, while being mindful of risks such as market competition and technology updates [18][19]

Summary of the Conference Call on Robotics and Physical AI Industry Overview - The discussion centers around the **industrial robotics industry**, highlighting a significant shift in adoption since 2020, referred to as a **Robot Renaissance** [1][16]. - The industry is experiencing a new phase driven by advancements in **AI**, which is expected to elevate the **CAGR** (Compound Annual Growth Rate) to the low-teens and significantly increase the long-term **TAM** (Total Addressable Market) [1][2]. Key Points and Arguments Evolution of Robotics - The original Robot Renaissance involved a transition from **pre-programmed, fixed paths** to **real-time flexible path planning**, enabling applications like machine tending, palletizing, and smart welding [2][6]. - The next phase focuses on **complex task planning**, allowing for high dexterity tasks and deeper collaborations between machines and humans [2][6]. - Without these advancements, growth in the industrial robot sector would likely slow to single digits; however, the forecasted ten-year CAGR is expected to accelerate to **12%** [2][11]. Role of Physical AI - **Physical AI** is described as a multi-layer AI ecosystem that enhances robot capabilities without disrupting existing robot manufacturers [3][4]. - The ecosystem includes: 1. Robots and their **digital twins** 2. **Task/path planning software** powered by multimodal AI 3. **Sensors** for collecting physical data 4. A **digital representation** of the environment for simulating interactions [3][30]. Market Dynamics - Demand for **sensors**, both vision and non-vision, is expected to rise significantly, supporting advanced robotic task planning and the development of "world models" [4][38]. - Leading companies like **FANUC** are expanding into the "brain" layer of Physical AI while seeking collaborations in both the "brain" and "world" layers [4][38]. Key Beneficiaries - Major beneficiaries of the trends in industrial robotics include **FANUC**, **Keyence**, and **Mech-Mind** (the latter being a private company) [5][35]. - The report recommends an **Outperform** rating for FANUC, Keyence, Inovance, Cognex, Hikvision, and Harmonic Drive, while suggesting a **Market Perform** rating for Estun [51]. Additional Insights - The report emphasizes the **variance in robot penetration** across different industries, indicating significant growth potential in sectors with low automation adoption rates [2][19]. - The integration of **NVIDIA's technology** with FANUC's systems is highlighted as a strategic move to enhance simulation capabilities in production environments [49]. Conclusion - The industrial robotics sector is poised for substantial growth driven by advancements in Physical AI and complex task planning, with key players positioned to benefit from these trends. The forecasted CAGR of **12%** over the next decade reflects the optimistic outlook for the industry [2][11].

Summary of Ningbo Orient Wires & Cables (603606.SS) Conference Call Company Overview - **Company**: Ningbo Orient Wires & Cables (NBO) - **Industry**: Subsea and high-voltage cable manufacturing Key Points Order Backlog and Delivery Expectations - NBO expects to deliver most of its order backlog, totaling over Rmb20 billion, by the end of 2025 during 2026-27E, including high-voltage subsea cable orders likely in 2026E [1][2] - As of October 2025, NBO had Rmb19.5 billion in orders on hand and secured Rmb3.1 billion in new orders in December 2025, with Rmb13.8 billion from subsea and high-voltage land cable orders [2] Offshore Wind Installation Projections - Management anticipates China’s offshore wind installations to reach 10-12 GW in 2026E, an increase from approximately 6 GW in 2025 [3][7] - The wind industry aims for average offshore wind additions of no less than 15 GW per annum from 2026-30E [7] Financial Performance and Margins - NBO's gross profit margin from subsea cable sales is sustained at 30-40%, exceeding 40% for 500kV products [1][2] - Projected financials include: - 2023A Net Profit: Rmb1,000 million - 2026E Net Profit: Rmb1,883 million, with a diluted EPS of Rmb2.738 [3] International Orders and Market Opportunities - NBO obtained over Rmb2.0 billion in overseas orders in 2025, with significant potential demand from Europe due to numerous offshore wind projects in the pipeline [1][8] - The UK’s CfD Allocation Round 7 awarded 8.4 GW of offshore wind projects, with NBO being a qualified supplier for major developers [8] Production Capacity and Utilization - NBO's annual production value for subsea cables exceeds Rmb10 billion, with full utilization of subsea cable capacity since 2025 [9] - The completion of the Shandong production base by the end of 2027E is expected to increase total production value by Rmb3.0 billion [9] Risk Management - NBO has hedged 100% of its copper price exposure for project-based orders, with medium and low-voltage land cables hedged over 80% [10] - Key risks include lower-than-expected market demand for submarine cables, margin pressure from competition, and potential international trade restrictions [15] Valuation and Investment Recommendation - Target price for NBO shares is set at Rmb81.0, representing a potential upside of 38.3% from the current price of Rmb58.57 [5][14] - The expected total return is 39.4%, with a market cap of Rmb40,279 million [5] Additional Insights - NBO's strategic focus on inter-island power connection projects in Asia and Europe is seen as a new demand driver for subsea cables [8] - The company’s financial metrics indicate an attractive valuation with a 21.4x 2026E PE compared to a historical average of 29.3x [1]

Summary of Zhongtian Technology Conference Call Industry Overview - **Fiber Optic Demand**: Global demand for fiber optics is rising, driven by AI data centers and drones in overseas markets, particularly North America. Domestic demand is stable with accelerated construction of AI data center infrastructure, indicating an overall upward trend in demand [2][5]. - **Supply Constraints**: The fiber optic industry has faced supply limitations due to a prolonged downturn, leading to reduced production capacity and the exit of smaller players. This has improved the supply-demand balance, with fiber optic prices rising significantly since last year [2][6]. Company Insights - **Product Portfolio**: Zhongtian Technology's communication division includes a wide range of products such as fiber preform, fiber optic cables, optical composite cables, RF cables, optical modules, and wireless devices, with an overall business scale of approximately 9 to 10 billion yuan [3]. - **Production Capacity**: The company has an annual production capacity of around 90 million core kilometers for single-mode fiber and 7 million core kilometers for fiber optic cables. It also has a flexible capacity of 10% to 20% [3]. - **Smart Grid Advantage**: Zhongtian Technology holds a strong market position in the smart grid sector with products like OPGW, OPGC, and ADSS, benefiting from the national investment plan of 4 trillion yuan during the "15th Five-Year Plan" [7][28]. Price Trends - **Fiber Prices**: The price of G652D fiber has increased from 18 yuan to 35-40 yuan, while A2000 fiber has risen to 50-70 yuan, indicating a significant price surge that translates directly into profit for the company [2][10][11]. - **Future Price Predictions**: It is expected that G652D fiber prices will stabilize between 30-40 yuan in 2026, with potential gradual declines in 2027 as new production capacity comes online [4][12]. Market Dynamics - **North American Market**: The North American market is experiencing robust demand, with fiber optic demand from data centers expected to reach 100 million core kilometers by 2026, up from 20-30 million core kilometers previously [15]. - **Challenges for Domestic Firms**: Domestic companies face challenges entering the North American market due to tariffs and intellectual property risks, although opportunities exist for growth [17][22]. Profitability and Financial Outlook - **Profit Elasticity**: The significant increase in fiber prices is expected to enhance profit margins, with estimates suggesting that a 15 yuan increase per core kilometer could lead to substantial profit growth for Zhongtian Technology [11][14]. - **Revenue Structure**: In 2025, the company anticipates revenues of 4 to 5 billion yuan, with exports accounting for about 40% and domestic sales for 60%. This structure is expected to shift towards a greater emphasis on overseas markets in the future [23][27]. Future Developments - **Space Fiber Technology**: Zhongtian Technology has made breakthroughs in space fiber technology, achieving low attenuation levels and planning for mass production by 2026-2027. This technology has applications in data center interconnects and long-distance communication [18][19]. - **800G Optical Modules**: The company plans to supply 800G optical modules in 2026, targeting major internet companies and telecom operators, with a current gross margin of 20%-30% expected to improve as products move to higher-end markets [30][31]. Conclusion Zhongtian Technology is well-positioned to capitalize on the growing demand for fiber optics, particularly in the smart grid and data center sectors. The company’s strategic focus on expanding its overseas market presence and advancing its product offerings, such as space fiber and high-capacity optical modules, will likely enhance its profitability and market share in the coming years.

Summary of Huaming Power Equipment (002270.SZ) Conference Call Company Overview - **Company**: Huaming Power Equipment - **Ticker**: 002270.SZ - **Industry**: Power Grid Equipment Key Financial Highlights - **2025 Preliminary Results**: - Net profit increased by **15.3%** year-over-year (yoy) to **Rmb 708 million** - 4Q25 net profit rose by **5.6%** yoy to **Rmb 127 million** - Adjusted net profit (excluding employee incentive scheme) increased by **21.5%** yoy to **Rmb 746 million** in 2025, with **26.1%** growth in 4Q25 to **Rmb 152 million** - Recurrent net profit grew by **22.7%** yoy to **Rmb 714 million** in 2025, with **23.4%** growth in 4Q25 to **Rmb 135 million** - Results exceeded consensus estimates by **2-3%** [1][2][3] Revenue Breakdown - **Tap Changer Revenue**: - Total revenue from tap changers increased by **16%** yoy to **Rmb 2,100 million** in 2025 - Overseas sales accounted for **34%** of tap changer revenue, totaling **Rmb 713 million** (+47% yoy) - Domestic sales made up **66%**, totaling **Rmb 1,387 million** (+5% yoy) - 4Q25 tap changer revenue rose by **14%** yoy to **Rmb 565 million**, with overseas sales up **50%** yoy to **Rmb 227 million** [2][11] Margin and Cost Analysis - **Net Margin**: Expanded by **1.5 percentage points** yoy to **20.9%** in 4Q25 due to increased overseas sales and reduced electrical engineering sales - **CNC Machines Revenue**: Increased by **40%** yoy to **Rmb 244 million**, with export revenue surging by **233%** yoy - **Electrical Engineering Revenue**: Declined by **90%** yoy to **Rmb 29 million** as the company downsizes this low-margin segment [2][3] Market and Industry Insights - **State Grid Capex**: - State Grid plans to increase its capital expenditure to **Rmb 4 trillion** for the 15th five-year period (2026-2030), which is **40%** higher than the previous period - This growth is expected to exceed the overall PRC power grid capex growth of **5.9%** yoy [4][8] - **Domestic Revenue Contribution**: Huaming's domestic grid-related revenue accounted for **30%** of its total tap changer revenue in 2025 [8] Investment Outlook - **Rating**: Buy - **Target Price**: **Rmb 29.00/share**, based on a DCF model with a terminal growth rate of **4.0%** - **Expected Share Price Return**: **-9.2%** with a dividend yield of **1.8%** - **Market Capitalization**: **Rmb 28,616 million** (approximately **US$ 4,109 million**) [6][9][13] Risks - Key risks include: - Lower-than-expected overseas new orders - Lower-than-expected China grid capex - Higher-than-expected raw material costs [14] Conclusion - Huaming Power Equipment shows strong financial performance with significant growth in overseas sales and improved margins. The positive outlook from State Grid's increased capex and the company's strategic focus on high-margin products position it well for future growth. However, potential risks related to market conditions and operational costs should be monitored closely.