82 Companies Received Institutional Research This Week, Leading Companies Disclose New Developments

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Securities Times Reporter Nie Yinghao

This week (March 9–13), 82 A-share listed companies disclosed institutional research summaries. From a profitability perspective, over 40% of the researched stocks achieved positive returns, including Dajin Heavy Industry, which hit two consecutive limit-ups this week with a total increase of 23.72%; Tianci Materials rose 16.40%; Lanfang Medicine achieved its first limit-up, up 14.83%; CATL increased 11.90%.

Regarding popular research targets, Tianci Materials and Shennan Electric Circuit received visits from over 100 institutions this week, while Desay Wiegand, Kefu Medical, Hailianxun, Wanyuantong, and Calet were visited by more than 50 institutions each.

** Tianci Materials Adds 35,000 Tons of New Capacity**

** Expected to Come Online in the Second Half of the Year**

Electrolyte leader Tianci Materials hosted 127 institutional visits this week, including top public funds like E Fund and Harvest Fund. Institutions mainly inquired about the production schedule of new hexafluorophosphate lithium capacity, shipment volumes, and product price trends.

Regarding the production schedule of the new hexafluorophosphate lithium capacity, Tianci Materials stated that the company’s new capacity expansion is mainly based on market demand and market share goals. The originally planned 35,000-ton capacity is progressing as scheduled and is expected to be operational in the second half of 2026.

Tianci Materials also mentioned that the maintenance of the hexafluorophosphate lithium production line in March will have little impact on overall electrolyte shipments. The company has prepared accordingly to meet its electrolyte production needs.

From recent trends in hexafluorophosphate lithium prices and market supply and demand, Tianci Materials explained that its customers are mainly leading battery manufacturers, and product pricing mechanisms are relatively stable. Recently, electrolyte prices have remained stable, and fluctuations in spot prices of hexafluorophosphate lithium have limited overall impact on the company. Currently, leading industry manufacturers are operating at high utilization rates, and future supply and demand will determine the price trend of hexafluorophosphate lithium. Changes in lithium carbonate costs can also be smoothly transmitted.

Tianci Materials is actively securing upstream resources such as lithium and phosphorus. The company stated that, in addition to existing recycling operations and African mineral sources, it is actively pursuing diversified lithium resource strategies (including mining and recycling) to further optimize raw material costs. The company is also advancing strategic layout for phosphate resources to improve the integrated phosphate iron industry chain.

** Shennan Electric Circuit’s PCB Business Draws Attention**

Shennan Electric Circuit was visited by 117 institutions this week, with a focus on 2025 operating performance, business segment performance, capacity expansion, and R&D investment.

By 2025, Shennan Electric Circuit expects significant growth, with total revenue reaching 23.647 billion yuan, up 32.05% year-over-year; net profit attributable to shareholders of the parent company is projected at 3.276 billion yuan, a substantial increase of 74.47%. Shennan Electric Circuit attributed the growth mainly to seizing opportunities in AI computing power upgrades, storage market demand, and automotive electrification, optimizing product structure, and improving operational efficiency.

Regarding its PCB business, Shennan Electric Circuit expects revenue of 14.359 billion yuan in 2025, up 36.84%. The company explained that the PCB segment benefits from the accelerated demand in data center AI servers and related products, with orders significantly increasing year-over-year; demand for high-speed switches and optical modules has grown notably, and the proportion of wired communication products continues to rise; and the company is capturing growth opportunities in ADAS and new energy vehicle systems, leading to rapid growth in automotive electronics revenue.

In R&D, Shennan Electric Circuit invested 1.591 billion yuan in 2025, accounting for 6.73% of revenue. The company stated that various R&D projects are progressing smoothly, including next-generation communication, data center, automotive electronics PCB technologies, FC-BGA substrate capacity, and FC-CSP fine-line and storage substrate technology upgrades.

It is worth noting that Shennan Electric Circuit’s main raw materials include copper-clad laminates, semi-cured sheets, copper foil, gold salts, inks, and more. Due to commodity price fluctuations, key raw material prices such as copper foil and gold salts rose simultaneously in 2025, impacting profitability. The company said it will continue monitoring international commodity prices and upstream raw material transmission, maintaining active communication with suppliers and customers.

Desay Wiegand Secures Robot Domain Control Project

Targeted Orders

Desay Wiegand was visited by 87 institutions this week, with a focus on its new robotics domain control and autonomous vehicle businesses.

According to Desay Wiegand, in the robotics field, the company launched the AI Cube robot intelligent base, utilizing automotive-grade technology to create high-performance AI computing terminals, providing core computing power and algorithms for robots. This supports various scenarios such as manufacturing, smart home, and vehicle extensions, enabling efficient expansion of automotive electronic core capabilities into general robotics, further enhancing its layout in future smart mobility and IoT industries.

“Currently, the company is deepening cooperation with several intelligent robot companies and has successfully secured targeted orders for the robot domain control project. The related products are planned for mass production and delivery by 2026, which will help rapidly expand the company’s domain control technology into emerging intelligent sectors and further improve its smart industry layout,” said a senior executive during the research.

In the autonomous vehicle sector, Desay Wiegand launched the “Chuanxing Zhiyuan” low-speed vehicle brand, developing the S6 series platform products, applying automotive-grade standards and intelligent control systems, covering scenarios such as campus logistics, urban delivery, and cold chain transportation. This aims to solve last-mile logistics pain points and leverage scene data to improve autonomous driving algorithms.