Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core View of the Report The report focuses on the investor questions and company responses during the analyst meeting of Shandong Zhanggu, covering various aspects of the company's business, including its subsidiaries' operations, product applications, and market performance [24]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Shandong Zhanggu, belonging to the general equipment industry [17]. - The reception time was on May 15, 2025, and the listed company's reception personnel included the CFO Zhao Xiaofen, the securities affairs representative Zhang Hong, and the board secretary Chen Chao [17]. 3.2. Detailed Research Institutions The reception objects include investors' online questions and others, but specific details about the institutions are not fully provided [20]. 3.3. Research Institution Proportion No information provided about the research institution proportion. 3.4. Main Content Materials - **Subsidiary Business**: Ningbo Squirrel Power Technology Co., Ltd., a joint - venture subsidiary, focuses on fan motors, frequency converters, high - speed bearings, etc. [24]. - **Drone Business**: In June 2024, Shandong Zhanggu and its subsidiary Zhanggu Liporui jointly invested in Haili Tianmeng, a drone - related enterprise with various civilian and military drone products, and its production and operation are currently in good condition with sufficient orders [24][26]. - **Market Value Management**: The company attaches importance to market value management, and will strengthen communication with investors and improve information disclosure [25]. - **Magnetic Levitation Product**: The company is actively exploring and optimizing the design and manufacturing process of magnetic levitation products, aiming to improve their comprehensive performance and applicability in various scenarios [25]. - **Product Application and Market**: The company's magnetic levitation products cover a wide range of power and are widely used in multiple key industries, providing customized solutions [27]. - **Leading Products and Technologies**: Shandong Zhanggu is a national high - tech enterprise, leading in the R & D of Roots blowers in China with the highest domestic market share. It also ranks first in products in other fields such as industrial ceramic slurry pumps [28]. - **Nuclear Power Orders**: The company has obtained 3 new nuclear power orders in 2025, and its order scale and market competitiveness in the nuclear power field are expected to increase [29]. - **Data Center Application**: The company's magnetic levitation compressor has the potential for large - scale application in data centers, but it is not yet clear if it has been used, and the company is closely monitoring the industry [29].

调研行业：风电设备 参与调研的机构：国盛证券、华泰证券、景顺长城等 / 运达股份分析师会议 调研日期：2025年05月15日 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | ...

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Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The company is confident in achieving stable revenue growth and boosting profit levels in a stable downstream market environment [27]. - The pump industry is expected to have a stable development trend, and the company, with a comprehensive product line, will benefit from it [28]. - The European heat pump industry has shown signs of recovery, and the company will increase its investment in Europe to seize the opportunity [33]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - Research object: Dayuan Pump Industry [17]. - Industry: General equipment [17]. - Reception time: May 15, 2025 [17]. - Reception personnel: Company General Manager Wang Lvjun, Company Board Secretary Huang Linxiang, Company Financial Controller Ye Chenchen, and Company Independent Director Lan Caiyou [17]. 3.2. Detailed Research Institutions - Reception object: All investors [20]. - Reception object type: Others [20]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Information - **Future Capital Expenditure Plans**: - The capital expenditure of the Wenling new factory is nearing completion, with only small - scale long - term expenditures remaining [24]. - The Hefei new factory still needs about 100 million yuan in subsequent expenditures and will be transferred to fixed assets in late 2025 or 2026 depending on the relocation [24]. - The Thai production capacity construction plan is currently planned to cost 30 million US dollars, with funds sourced from the company's own or self - raised funds. The construction progress depends on government approvals and market conditions [25]. - These capital expenditures have been comprehensively evaluated, and the company's self - owned funds can cover them without affecting normal operations. The company will balance business development and dividend stability [25]. - **Enterprise Governance and Management Structure**: - The company's directors are responsible for major decision - making. In actual operations, the general managers or principals of four business segments (agricultural pumps, household shielded pumps, and Reike commercial pumps) are professional managers, accounting for nearly 80% of the 2024 revenue. The company will continue to strengthen the professional manager system [26]. - **Business Performance and Outlook**: - In 2024, the company achieved an operating income of approximately 1.909 billion yuan, a year - on - year increase of 1.57%, and a net profit attributable to the parent of approximately 255 million yuan, a year - on - year decrease of 10.55%. In the first quarter of 2025, the operating income was about 380 million yuan, a year - on - year increase of 37.21%, and the net profit attributable to the parent was about 39 million yuan, a year - on - year decrease of 3.95% [31]. - In the first quarter of 2025, the company's overall operating income increased rapidly due to the recovery of the agricultural pump business, the significant year - on - year growth of the liquid - cooling temperature control business and the Reike commercial pump business [29]. - The decrease in net profit in the first quarter of 2025 was mainly due to factors such as the increase in the proportion of new and low - gross - margin businesses, and the increase in R & D investment and amortization and depreciation expenses of fundraising projects. However, as the business matures, the profit level is expected to improve [29]. - **Business Development Strategies**: - For civil products, the company will promote product upgrades to increase market share; for commercial products, it will accelerate product technology iteration and expand new business; for industrial products, it will seize the opportunity of domestic substitution and expand product layout [32]. - The company is integrating and promoting all - category liquid - cooling products, with market and product development as strategic priorities in 2025, and the development of key downstream benchmark customers as an urgent task [33]. - The company injected the stainless - steel pump business into the "Reike" brand in 2022 to improve market share and visibility. In 2024, it acquired an additional 20% of the minority shareholder's equity to promote business development, and the business has grown rapidly on a low base in the past two years [33][34].

1. Core Information - The report focuses on Shandong Weida in the general equipment industry, with a research date of May 15, 2025 [1][2][17] 2. Research Details 2.1 Basic Research Information - The research object is Shandong Weida, belonging to the general equipment industry, and the reception time was May 15, 2025. The company's reception staff included the financial director, Cao Yuanpei, the board secretary, Chen Jie, and the securities affairs representative, Cong Lingyun [17] 2.2 Detailed Research Institutions - The reception objects were investors' online questions, and the type was "other" [20] 2.3 Research Institution Proportion - No relevant content provided 2.4 Main Content Data - **Stock Repurchase**: The company held the Second Meeting of the Tenth Board of Directors on April 19, 2025, and approved a plan to repurchase shares using its own funds between 30 million and 60 million RMB. The repurchased shares will be cancelled to reduce the registered capital. This plan awaits approval at the 2024 Annual General Meeting on May 20, 2025, and if approved, the repurchase will be implemented within 12 months [24] - **Mergers and Acquisitions**: The company will disclose any merger or acquisition plans in accordance with regulations [24] - **NIO's Fifth - Generation Battery Swap Stations**: Information should be based on the company's official announcements [24][25] - **Suzhou Demaike's Loss**: In 2024, Suzhou Demaike Electric Co., Ltd. experienced performance fluctuations due to market factors and business structure adjustments, without significant losses. The company's subsidiary, Kunshan Swopu Intelligent Equipment Co., Ltd., is manufacturing the fourth - generation battery swap stations for NIO [25] - **Mexican Project**: Weida Mexico Manufacturing Co., Ltd. has started small - scale production but is not yet profitable. The company will promote project construction to increase production capacity [25] - **Market Value Management**: The company's board and management attach great importance to market value management, through various means such as participating in performance briefings, roadshows, and collaborating with the media. They will also communicate with major and institutional shareholders to attract influential institutional and long - term investors [25][26]

Group 1: Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In Q1 2025, the company's revenue and profit increased significantly due to the recovery of downstream demand, product performance improvement, and the end of the equity incentive plan [22] - The company has strong R & D capabilities and its products have won many awards, with its production volume ranking among the top in the domestic industry in recent years [25] - In 2024, the company improved its governance, expanded its market, and achieved growth in overseas revenue [26][27] 3. Summary According to the Directory 3.1. Research Basic Situation - The research object is Huarui Precision, belonging to the general equipment industry, and the reception time was on May 15, 2025. The listed company's reception staff included the board secretary and the chief financial officer, Duan Yanlan [17] 3.2. Detailed Research Institutions - The research institutions include fund management companies such as Harvest, Vanguard, Pu Yin An Sheng, Qianhai Kaiyuan, Dacheng, and Everbright Prudential; an insurance asset management company, PICC; and a securities company, Guotai Haitong Securities Co., Ltd [18] 3.3. Research Institution Proportion - Not provided in the given content 3.4. Main Content Data - **2025 Q1 Performance**: The company achieved an operating income of 222.0993 million yuan in Q1 2025, a year - on - year increase of 30.48%. The net profit attributable to the parent company was 29.224 million yuan, a year - on - year increase of 70.00%. The net profit attributable to the parent company after deducting non - recurring gains and losses was 28.2304 million yuan, a year - on - year increase of 71.29% [22] - **R & D Investment**: From 2021 to 2023, the company's R & D expenses showed an upward trend, reaching 24.9108 million yuan, 41.5566 million yuan, and 60.8708 million yuan respectively. In 2024, the R & D expense was 50.7527 million yuan, a year - on - year decrease of 16.62%, mainly due to the reversal of equity incentive expenses [22][23] - **Company's R & D Achievements**: The company is a well - known domestic manufacturer of cemented carbide cutting tools. Its production volume has ranked among the top in the domestic industry for many years. Its core products have entered the domestic mid - to - high - end market, and many products have won awards [25] - **Company Governance**: In 2024, the company deepened business management, improved product quality, promoted digital transformation, strengthened talent team building, and standardized company operations [26] - **Market Expansion**: In 2024, the company took multiple measures to expand the market, increased overseas business development, and achieved overseas operating income of 49.9052 million yuan, a year - on - year increase of 6.73% [27]

1. Report Basic Information - Research Object: Huamai Technology [17] - Industry: Communication Equipment [17] - Reception Time: May 15, 2025 [17] - Company Reception Staff: Chairman Xu Aimin, Director and General Manager Yang Yong, Director and Financial Controller Lu Yumin, Independent Director Chen Yiping, and Board Secretary Chen Ge [17] 2. Core Views - The communication industry will continue to accelerate on the path of technological innovation. The integration of AI and communication technologies will give rise to more intelligent applications, and the in - depth deployment of 5G and forward - looking research on 6G will inject new vitality into the industry [24] - Huamai Technology's future profit growth drivers include focusing on the main business, market transformation, innovation - driven development, and optimizing resource allocation [27] 3. Company Performance - In 2024, the company achieved an operating income of 90,559,990 yuan and a net profit attributable to the parent company's shareholders of 1,456,950 yuan [29] - In 2025 Q1, the company's overall revenue declined, mainly due to the impact of market demand changes on products such as ODN network physical connection and protection equipment, optical passive devices, and indoor optical cables [24] 4. R & D Investment and Achievements - In 2024, the company's R & D investment was 4,562,540 yuan [27] - In 2024, the company added 41 patents (26 invention patents). As of December 31, 2024, it had a total of 643 valid patent authorizations (141 invention patents), 126 software copyrights, and participated in formulating 97 standards, including 6 national standards, 79 industry standards, and 12 group standards [28]

/ 机构调研pro小程序 DJvanbao.com 浪潮信息分析师会议 调研日期：2025年05月15日 调研行业：计算机设备 参与调研的机构：参加2025年山东辖区上市公司投资者网上集体 接待日活动的投资者等 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | ...

Group 1: Report General Information - The research was conducted on YanHua Intelligence on May 15, 2025, in the software development industry [1][2][17] Group 2: Core Views - In 2025, the company will optimize its business layout, following national policies and market demand, focusing on three business segments: smart city and cloud platform, smart healthcare and big health, and green carbon neutrality and digital energy [24] - The company is promoting the signing of new projects and the implementation and settlement of ongoing projects [24] - Regarding the securities dispute civil lawsuit, the Shanghai Financial Court's first - instance judgment in November 2024 found that the company did not need to bear compensation liability, and this judgment provides a reference for subsequent similar cases [25] Group 3: Summaries by Directory 01. Research Basic Situation - The research object is YanHua Intelligence, belonging to the software development industry. The reception time was May 15, 2025, and the reception staff included the chairman, president, financial director, and others [17] 02. Detailed Research Institutions - The reception objects include investors' online questions and others [20] 03. Research Institution Proportion - No relevant content provided 04. Main Content Data - The company responded to investors' questions. For the new strategic plan in 2025, it will optimize business layout and focus on three major business segments; for the operation and performance, details can be found on the Juchao Information website, and the company is promoting new projects; for the progress of the investor lawsuit, the company does not need to bear compensation liability according to the first - instance judgment [24][25]

建霖家居分析师会议 调研日期：2025年05月15日 调研行业：装修装饰 参与调研的机构：投资者网上提问等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 LIST 01 调研基本情况 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHIL ...