The Zheshang Securities Research Report pointed out that Gemet is a rookie in the next generation of PCB drills, and Alpha is strong in technological iteration. In the first half of the year, net profit to mother was -0.15 million yuan, a year-on-year decline of 47%. In Q2, the company's net profit to mother was -06 billion yuan, a decrease of 20% month-on-month. The market believes that the company's main business space is limited and performance is under pressure; there is insufficient certainty about the company's medium- to long-term growth. Delmond, which the company acquired, is a new generation of PCB drills. The technology and industrialization advantages of diamond-coated drills are prominent, and are expected to open up room for growth. Delmond focuses on CVD nano-diamond coatings, PVD composite coatings, and superhard tools. Currently, it has a Huizhou CVD nano-diamond coating industrialization base, a production base for micro drills and precision cutters, and a PVD composite coating center. It cooperates with many well-known universities in China, and can carry out research and product development for the application of coating technology in various fields. In addition, the company introduced a draft restricted stock incentive plan to anchor performance for the next three years. The bank expects the company's revenue from 2026-2028 to be 8.2 billion yuan, 25.3 billion yuan, and 4.42 billion yuan, respectively, up 30%, 209%, and 75% year on year; net profit to mother will be -0.2, 2.3, and 50 billion yuan, respectively, reversing losses in '27 and increasing 119% year on year in '28. The corresponding PE for 2027-2028 was 49 and 23 times, respectively.

The Zheshang Securities Research Report pointed out that Gemet is a rookie in the next generation of PCB drills, and Alpha is strong in technological iteration. In the first half of the year, net profit to mother was -0.15 million yuan, a year-on-year decline of 47%. In Q2, the company's net profit to mother was -06 billion yuan, a decrease of 20% month-on-month. The market believes that the company's main business space is limited and performance is under pressure; there is insufficient certainty about the company's medium- to long-term growth. Delmond, which the company acquired, is a new generation of PCB drills. The technology and industrialization advantages of diamond-coated drills are prominent, and are expected to open up room for growth. Delmond focuses on CVD nano-diamond coatings, PVD composite coatings, and superhard tools. Currently, it has a Huizhou CVD nano-diamond coating industrialization base, a production base for micro drills and precision cutters, and a PVD composite coating center. It cooperates with many well-known universities in China, and can carry out research and product development for the application of coating technology in various fields. In addition, the company introduced a draft restricted stock incentive plan to anchor performance for the next three years. The bank expects the company's revenue from 2026-2028 to be 8.2 billion yuan, 25.3 billion yuan, and 4.42 billion yuan, respectively, up 30%, 209%, and 75% year on year; net profit to mother will be -0.2, 2.3, and 50 billion yuan, respectively, reversing losses in '27 and increasing 119% year on year in '28. The corresponding PE for 2027-2028 was 49 and 23 times, respectively.