• We visited Nanofilm’s facilities in Shanghai, China, from 24-27 Mar 2026. We saw Nanofilm’s coating solutions, notably Filtered Cathodic Vacuum Arc (FCVA), FCVA-hybrid, and tetrahedral amorphous carbon (ta-C). Nanofilm’s coating solutions can be applied to computers, communications, and consumer electronics (3C), automotive, precision engineering, and semiconductors. Applications include coatings on watch enclosures to increase durability, and to smartphones’ internal electrical components to prevent short circuits.
• 2H25 revenue increased 13% YoY to S$137.4mn, driven by new watch programs from its existing largest customer (“customer Z”). Customer Z is one of the most popular smartphone brands globally, and makes up 60% of Nanofilm’s revenue (prev. 78% during Mainboard listing). Growth is also driven by new contributions from EuropCoating, a European company which coats semiconductor wafer carriers, and higher demand for mould coaters for optical lenses.
• Nanofilm is trading at 1.2x P/B, a 61% discount to peers’ average P/B of 3.1x. Nanofilm targets double-digit growth in 2026e for the semiconductor, automotive and industrial segments. Nanofilm’s FCVA and physical vapour deposition (PVD) solutions are used in electrostatic discharge protection and precision tooling for semiconductor packaging. Nanofilm’s FY25 free cash flow rebounded to a positive S$1.8mn, following two consecutive years of negative free cash flow, driven by a 129% YoY spike in FY25 operating cash flow to S$48.6mn.

Investment Summary Revenue Growth Amid Transformation While Profits Face Pressure According to the 2025 annual result forecast of Great Wall Motor, the Company reported total revenue of RMB222.79 billion in the full year (RMB, the same below), up 10.19% yoy, while net profit attributable to the parent company amounted to RMB9,912 million, down 21.71% yoy. Net profit attributable to the parent company excluding non-recurring items dropped by 36.5% yoy to RMB6.16 billion. The decline in profit was mainly due to...
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Company Profile Weichai is one of the automobile and equipment manufacturing groups with the strongest comprehensive strength in China's heavy truck industry. Based on the powertrain system including engine, axle and gearbox, the Company extends upstream components and downstream heavy trucks, and takes the lead in forklifts and intelligent warehousing. After years of development, the Company has built a synergetic development pattern of four major industrial segments including powertrain (engine, transmission, axle/hydraulics), vehicle and machinery, intelligent logistics and other segments....
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