YuanDa: In the past five days, Weisheng Information, China Ping An, Lexin Technology, China Construction Bank, and CNOOC Services have been surveyed multiple times, with the number of institutional ratings exceeding 10.

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Yuan Da: Institutional Research Strategy Weekly Report (2026.03.23-2026.03.27)

Source: Yuan Da Information Securities Research Institute

Investment Highlights

Popular Industry Situations in Institutional Research

This week (2026/3/23-2026/3/27), among the primary industries, sorted by the total number of institutional research from high to low, electronics, pharmaceutical biology, and machinery equipment received high attention, with pharmaceutical biology, computers, and machinery equipment having a larger number of research institutions in the last 5 days. Compared to last week’s research situation, this week, pharmaceutical biology has become a new focus for institutions, benefiting from policy positioning upgrades and innovative drug exports.

In the last 30 days (2026/2/25-2026/3/27), among the primary industries, sorted by the total number of institutional research from high to low, electronics, machinery equipment, pharmaceutical biology, and basic chemicals received high attention, with electronics, pharmaceutical biology, and machinery equipment having a larger number of research institutions in the past month.

Popular Company Situations in Institutional Research

This week’s institutional research, ranked by the number of research counts in the last 5 days, companies with a high number of research counts and more than 10 institutional ratings include Weisheng Information, China Ping An, Lexin Technology, China Construction Bank, and CNOOC Services; ranked by the number of research institutions in the last 5 days, companies with a high number of research institutions and more than 10 institutional ratings include Sanhua Intelligent Control, Yuanjie Technology, Yuntianhua, and Lexin Technology.

In the last 30 days of institutional research, ranked by the number of research counts, companies with high research counts and more than 10 institutional ratings include Shunluo Electronics, Zoli Pharmaceuticals, and Huarui Precision; ranked by the number of research institutions in the last 30 days, companies with many research institutions and more than 10 institutional ratings include Sanhua Intelligent Control, BeiGene-U, and Shunluo Electronics.

Key Company Research Situation Review

This week (March 23 to 27, 2026), Sanhua Intelligent Control’s performance in 2025 shows steady growth, with continuous advancement in globalization and new business layout. The company’s total revenue for the year is 31.012 billion yuan, a year-on-year increase of 10.97%, and the net profit attributable to shareholders is 4.063 billion yuan, a year-on-year increase of 31.10%, with automotive parts business revenue at 12.427 billion yuan. Capital expenditures focus on global capacity expansion in Mexico, Vietnam, Poland, and subsequently Thailand, while advancing the development of electromechanical actuators in the bionic robotics field, accelerating digital transformation, and AI technology application.

Yuanjie Technology’s performance in 2025 is outstanding, turning losses into profits due to the explosive demand for AI computing power. The company’s total revenue for the year is 601.4 million yuan, a year-on-year increase of 138.50%, with a net profit of 190.9 million yuan; of which, revenue from the data center business is 393.3 million yuan, an increase of 719.06% year-on-year, accounting for 65.39% of total revenue. The product structure continues to be optimized, with increased promotion of 10G EML products, and 25/50G PON network optical chips have been delivered in bulk, while high-power CW laser chips needed for silicon photonics have become an important revenue source for the data center business.

Yuntianhua operates steadily in 2025, with advantages in cost control and resource layout becoming apparent. The company’s total revenue for the year is 48.415 billion yuan, with a net profit attributable to shareholders of 5.156 billion yuan. Faced with the pressure of rising sulfur prices, the company maintains a cost advantage through strategic reserves and procurement optimization, while promoting the phosphogypsum acid production project. Geopolitical conflicts have driven up international fertilizer prices, and the company ensures spring plowing supply while striving for export opportunities. Regarding phosphate resources, the Zhenxiong phosphate mine plans a capacity of 15 million tons per year, with the first phase at 5 million tons.

Risk Warning

Short-term market volatility risk, industry policy risk, company operational risk.

I. Popular Industry Situations in Institutional Research

This week (2026/3/23-2026/3/27), among the primary industries, sorted by the total number of institutional research from high to low, electronics, pharmaceutical biology, and machinery equipment received high attention, with pharmaceutical biology, computers, and machinery equipment having a larger number of research institutions in the last 5 days. Compared to last week’s research situation, this week, pharmaceutical biology has become a new focus for institutions, benefiting from policy positioning upgrades and innovative drug exports.

In the last 30 days (2026/2/25-2026/3/27), among the primary industries, sorted by the total number of institutional research from high to low, electronics, machinery equipment, pharmaceutical biology, and basic chemicals received high attention, with electronics, pharmaceutical biology, and machinery equipment having a larger number of research institutions in the past month.

II. Popular Company Situations in Institutional Research

This week’s institutional research, ranked by the number of research counts in the last 5 days, companies with a high number of research counts and more than 10 institutional ratings include Weisheng Information, China Ping An, Lexin Technology, China Construction Bank, and CNOOC Services.

This week’s institutional research, ranked by the number of research institutions in the last 5 days, companies with a high number of research institutions and more than 10 institutional ratings include Sanhua Intelligent Control, Yuanjie Technology, Yuntianhua, and Lexin Technology.

In the last 30 days of institutional research, ranked by the number of research counts, companies with high research counts and more than 10 institutional ratings include Shunluo Electronics, Zoli Pharmaceuticals, and Huarui Precision.

In the last 30 days of institutional research, ranked by the number of research institutions, companies with many research institutions and more than 10 institutional ratings include Sanhua Intelligent Control, BeiGene-U, and Shunluo Electronics.

III. Review of Key Company Research Situations This Week

1. Sanhua Intelligent Control

Sanhua Intelligent Control was established on September 10, 1994, and was listed on the main board of the Shenzhen Stock Exchange on June 7, 2005. Headquartered in Xinchang County, Shaoxing City, Zhejiang Province, it is a private enterprise focused on refrigeration and air conditioning electrical components and automotive parts. The company’s core business includes the manufacturing of mechanical pumps, specialized equipment, and components, with main products covering electronic expansion valves for air conditioning, four-way reversing valves, and integrated components for thermal management in new energy vehicles, among others, holding the world’s leading market share in products such as electronic expansion valves, four-way reversing valves, shut-off valves, solenoid valves, and microchannel heat exchangers. The company has six global R&D centers, eight major production bases, and a global sales network, covering over 80 countries and regions, with major clients including Johnson Controls, Daikin, Carrier, Midea, Gree, Haier, Toyota, Mercedes-Benz, Volkswagen, Valeo, and other well-known domestic and foreign enterprises. The company is upgrading from mechanical component development to the development of integrated system control technology solutions, actively expanding into new business areas such as data centers, energy storage, and robotics, and constructing new growth curves through overseas capacity expansion and continued R&D investment.

This week (2026/3/23-2026/3/27), Sanhua Intelligent Control’s research mainly revolves around performance, new business expansion, and global layout.

(1) Performance: In 2025, the company achieved revenue of 31.012 billion yuan, a year-on-year increase of 10.97%, with a net profit of 4.063 billion yuan, a year-on-year increase of 31.10%, of which refrigeration and air conditioning electrical components business revenue was 18.585 billion yuan, and automotive parts business revenue was 12.427 billion yuan.

(2) Capital Expenditures and Global Layout: Capital expenditures focus on global capacity layout, continuous R&D investment, and digital transformation. Currently, it has established major production bases in Mexico, Vietnam, and Poland, and will focus on promoting the construction of the Thailand base, with continuous capital investment in overseas bases.

(3) New Business Expansion: The company is advancing the research and development of electromechanical actuators in the bionic robotics sector, accelerating digital transformation and AI technology application, and introducing digital employees and other intelligent tools.

2. Yuanjie Technology

Yuanjie Technology was established on January 28, 2013, and was listed on the Science and Technology Innovation Board of the Shanghai Stock Exchange on December 21, 2022. Headquartered in Xianyang City, Shaanxi Province, it is a leading domestic IDM optical chip manufacturer. The company’s core business focuses on the R&D, design, and manufacturing of high-speed optical chips, successfully transforming from a telecommunications market focus to a collaborative development optical chip supplier for “telecom + data communication,” with main products including 2.5G to 25G DFB/EML laser chips, 1270/1290/1310/1330nm high-power 25/50/70mW laser chips, and PAM4 EML laser chips, widely used in data center 400G/800G optical modules, telecommunications backbone networks, 5G-A networks, optical fiber access, and communication networks. The company’s main clients include Hisense Broadband, Zhongji Xuchuang, Bochuang Technology, and other mainstream optical module manufacturers, and it has entered the systems of equipment vendors such as ZTE and Nokia. The management headquarters and design center are located in Xianyang, with the production base also situated in Xianyang, adopting an IDM integrated model, with the trading center and market primarily distributed in the domestic market while actively expanding into overseas markets. The company benefits from the explosive demand for AI computing power, the acceleration of optical module high-speed development, and domestic substitution trends, possessing strong competitiveness in the high-end optical chip field. Future plans will continue to focus on the main business, promote fundraising projects, optimize the manufacturing system, strengthen overseas market layout, and continuously invest in R&D to maintain technological leadership.

This week (2026/3/23-2026/3/27), Yuanjie Technology’s research mainly revolves around performance in 2025 and product layout.

(1) Performance: The company’s revenue reached 601.4 million yuan in 2025, a year-on-year increase of 138.50%, with a net profit of 190.9 million yuan, turning losses into profits, of which revenue from the data center business reached 393.3 million yuan, a year-on-year increase of 719.06%, accounting for 65.39% of total revenue.

(2) Product Layout: The company further optimizes its product structure, increasing customer promotion of 10G EML products based on its existing 2.5G and 10G DFB optical chips. The optical chip products for the next-generation 25/50G PON network have achieved bulk delivery and formed scale revenue. In the telecommunications market, EML products have become one of the important components of revenue.

(3) Rapid Growth of Data Center Business: Against the backdrop of sustained growth in optical chip demand driven by advancements in artificial intelligence technology, the company’s sales in the data center sector have significantly increased, with revenue accounting for over 50%, becoming an important source of revenue. The main product is the high-power CW laser chips required for silicon photonics.

3. Yuntianhua

Yuntianhua was established on July 2, 1997, and was listed on the Shanghai Stock Exchange on July 9, 1997. Headquartered in Kunming, Yunnan Province, it is a local state-owned enterprise. The company is a comprehensive chemical enterprise centered on the phosphate industry, with core businesses covering fertilizers, organic chemicals, materials, and trade logistics, with main products including phosphate fertilizers, commercial grain, compound (mixed) fertilizers, urea, as well as polyoxymethylene and fiberglass, widely used in agriculture, industrial manufacturing, and food processing. The company’s main clients include Yunnan Phosphate Group Haikou Phosphate Industry Co., Ltd., Sinochem Fertilizer Co., Ltd., Shandong Jiaguan Grain and Oil Industry Group Co., Ltd., and other large domestic enterprises, as well as some overseas clients. The company adheres to the development strategy of “fertilizer as the foundation, dual development of fertilizer, diversification, and transformation and upgrading,” and in the future will rely on existing industrial resource advantages, following the principles of green, low-carbon, health, and safety, to focus on developing emerging industries such as new materials and new energy, concentrating on building research and development, manufacturing, trade, and capital interaction platforms, actively exploring innovative development models of benign interaction between industry and capital, aiming to become a high-tech, high-growth, and high-value-added listed company with extensive involvement in emerging industries.

This week (2026/3/23-2026/3/27), Yuntianhua’s research mainly revolves around performance, cost control, market opportunities, and resource layout.

(1) Performance: In 2025, the company’s total revenue reached 48.415 billion yuan, with a net profit of 5.498 billion yuan, and a net profit attributable to shareholders of 5.156 billion yuan, with a gross margin of 20.21% and R&D investment of 731 million yuan.

(2) Cost Control: The rise in sulfur prices since 2025 has brought cost pressure, but the company maintains a cost advantage through strategic reserves and procurement optimization, while promoting the phosphogypsum acid production project. By strengthening strategic assessments and optimizing procurement strategies, the company maintains a good sulfur strategic reserve, with sulfur costs having a significant competitive advantage over the market. At the same time, it actively adjusts international procurement channels, increasing procurement of smelting acid from surrounding Yunnan areas to ensure the company’s normal acid usage needs.

(3) Market Environment: Geopolitical conflicts have intensified, driving up international fertilizer prices. The company ensures spring plowing supplies while striving for exports.

(4) Phosphate Resources: The supply-demand balance for phosphate is tight, with resources concentrating on leading enterprises. The Zhenxiong phosphate mine plans a capacity of 15 million tons per year, with the first phase at 5 million tons.

IV. Risk Warning

Short-term market volatility risk

Industry policy risk

Company operational risk

Analyst: Li Xiangmei

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