【西部军工】Key recommendation: 雅克科技 @0727

English summary

Key event: Today, 长鑫科技 officially landed on the STAR Market. After fully exercising the over-allotment option, the total IPO proceeds reached RMB 66.607 billion, with funds to be invested in DRAM capacity expansion, DDR5 iterative R&D, and HBM advanced technology layout. # New king of A-shares: Active trading on the first day; by midday close, total market cap was RMB 3.3 trillion (with trading volume exceeding 100 billion, a record). The successful listing of 长鑫科技 marks the domestic memory industry's official entry into a new stage of 'capital-driven capacity expansion', and demand for upstream materials is expected to see sustained volume growth. Core views: ① Positioning: 雅克科技 is a scarce platform-based semiconductor materials leader. Its subsidiary UP Chemical holds core technology for high-end precursors and is the most critical precursor supplier to 长鑫科技. ② Volume and price increase: With 长鑫科技's post-listing capacity expansion and HBM production line construction, 雅克科技 is expected to benefit deeply, achieving both volume and price growth, and potentially a double hit to performance and valuation. Continue to [Key Recommendation]! 西部军工 张恒晅/温晓