【GF Machinery】Update on 300-billion market cap portfolio - 20260731

English summary

In July, our core portfolio corrected significantly, diverging from fundamentals. We update our core recommendations as follows: 1. # Changchuan Technology. Deeply tied to H for GPU testers, # secured all share of the latest GPU test equipment. 26H1 results exceeded expectations. The company is positioned in panel-level packaging and TCB equipment, expected to become a core target in the CoPoS wave. TCB is in validation at major customers; inspection and metrology business is actively breaking through. 2. # Songfa Corporation. Private placement price RMB 146.02, raising total RMB 7 billion. # Q2 results greatly exceeded expectations, net margin climbed to 17%. H1 new orders signed of USD 20 billion, production scheduled through 2029-2030. Current demand accelerating, high earnings growth, valuation at historical bottom, forward earnings expected to reach over RMB 40 billion. 3. # Jereh Group. Recently signed USD 1.6 billion, using FTAI aviation-derived gas turbine heads, # order size 1GW+. FTAI holds 446 CMF56 equivalents, about 11GW. ...