Open Source Securities: Otorga una calificación de compra a Sanhuan Group

Open Securities Co., Ltd. Chen Rongfang, Zhang Weizhen, Liu Qi conducted research on TriRing Group recently and released a research report titled 《Company Information Update Report: 2025 Performance Steady, MLCC Main Business and SOFC New Business Advancing in Coordination》, granting a “Buy” rating to TriRing Group.

TriRing Group (300408)

Full-year revenue and profits both increase, with main businesses such as MLCC and optical communications driving in synergy, maintaining the “Buy” rating. The company released its 2025 annual report. (1) In 2025, the company achieved revenue of 9.01B yuan, +22.13% year-on-year; net profit attributable to shareholders of 2.62B yuan, +19.54% year-on-year; net profit attributable to shareholders after deducting non-recurring items of 2.25B yuan, +16.39% year-on-year; gross margin for sales 42.14%, -0.85pcts year-on-year; net profit margin for sales 29.05%, -0.64pcts year-on-year. (2) In the fourth quarter, the company achieved revenue of 2.5B yuan, +25.30% year-on-year, +5.90% quarter-on-quarter; net profit attributable to shareholders of 660 million yuan, +12.38% year-on-year, -8.53% quarter-on-quarter; net profit attributable to shareholders after deducting non-recurring items of 543 million yuan, +9.57% year-on-year, -15.22% quarter-on-quarter; gross margin 41.22%, -2.35pcts year-on-year, -2.17pcts quarter-on-quarter; net profit margin 26.37%, -3.04pcts year-on-year, -4.18pcts quarter-on-quarter. (3) We believe that the company’s MLCC core business base is currently solid. Benefiting from the growth of future demand for automotive electronics and the acceleration of AI computing infrastructure, the company’s MLCC and optical communication device businesses are expected to further expand in scale. At the same time, R&D acceleration and implementation of the SOFC business will jointly build a multi-tier growth outlook for the company. Therefore, we maintain the company’s earnings forecasts for 2026/2027, add an earnings forecast for 2028, and expect the company’s net profit attributable to shareholders for 2026/2027/2028 to be 3.507/4.512/5.48B yuan. The current share price corresponds to PE of 28.9/22.5/18.5x, maintaining the “Buy” rating.

MLCC product matrix improved, ceramic chip inserts’ production and sales lead globally, dual-wheel drive boosts performance growth

In the MLCC field, the company’s products cover micro-small, high-capacitance, high-voltage, high-frequency, and automotive-grade series. It has successfully developed products such as M3L and the “S” series, and realized full-spec mass production of 01005-2220. Among them, in the data center segment, the company has launched high-capacitance products of multiple sizes and specifications. In the automotive electronics segment, automotive-grade product specifications cover 0201-2220, with capacitance value range of 0.1pF~47μF, and it is gradually being introduced into the core systems of new energy vehicles. In the optical communications segment, the company’s products are widely used in data centers, and it has launched new products such as the MT chip insert + guide pin combination and optical chip packaging ceramic tube housings. Benefiting from the acceleration of global computing infrastructure and the expansion of optical device demand, sales revenue of related products has grown steadily. The production and sales volumes of the core product ceramic chip inserts remain among the global top ranks.

SOFC R&D accelerates and implementation lands, continuous progress on H-share listing, globalization opens up growth space

The company is actively advancing the demonstration application of a megawatt-level high-power solid oxide fuel cell (SOFC) system. Through technological breakthroughs, it achieves efficient and long-lifespan system development, expanding the company’s market space in the new energy sector. Meanwhile, in 2025, the company applied to list on the Main Board of the Hong Kong Stock Exchange (H shares), aiming to broaden overseas financing channels and further deepen its global strategy. This fund-raising will focus on overseas capacity expansion, technology iteration, and automation construction, helping overseas projects take root and enhancing core competitiveness.

Risk warning: macro policy risk; risk of weak end-market demand; risk that new business expansion does not meet expectations.

Latest earnings forecast details are as follows:

Within the last 90 days, this stock has received ratings from 4 institutions in total, with 4 giving “Buy” ratings.

The above content is compiled by Securities Star based on publicly available information and generated by an AI algorithm (BeiXinJi Suan Bei 310104345710301240019), and does not constitute an investment recommendation.