Core Viewpoint - The 3D printing industry in China is experiencing significant growth in 2024, with total import and export value reaching 9.824 billion yuan, a year-on-year increase of 30.31% [3]. Company Performance Summary Platinum Technology (铂力特) - Revenue for 2024 is 1.326 billion yuan, with a net profit of 104 million yuan - Revenue increased by 15.02% year-on-year, while net profit decreased by 5.26% [3] Huazhu High-Tech (华曙高科) - Revenue for 2024 is 492 million yuan, with a net profit of 67.21 million yuan - Revenue decreased by 18.82% year-on-year, and net profit decreased by 48.76% [4] Sikan Technology (思看科技) - Revenue for 2024 is 333 million yuan, with a net profit of 121 million yuan - Revenue increased by 22.41% year-on-year, and net profit increased by 5.49% [5] Xianlin 3D (先临三维) - Revenue for 2024 is 1.202 billion yuan, with a net profit of 226 million yuan - Revenue increased by 18.07% year-on-year, and net profit increased by 59.08% [7] Guanghua Weiye (光华伟业) - Revenue for 2024 is 544 million yuan, with a net profit of 26.89 million yuan - Revenue increased by 29.85% year-on-year, while net profit decreased by 39.01% [8] Fenghua Zhuoli (峰华卓立) - Revenue for 2024 is 184 million yuan, with a net loss of 20.89 million yuan - Revenue decreased by 9.34% year-on-year, transitioning from profit to loss [9] Jiayi High-Tech (嘉一高科) - Revenue for 2024 is 71.09 million yuan, with a net loss of 1.685 million yuan - Revenue decreased by 14.60% year-on-year, transitioning from profit to loss [10] Aurora Innovation (极光创新) - Revenue for 2024 is 22.97 million yuan, with a net loss of 2.33 million yuan - Revenue increased by 34.08% year-on-year, with a significant reduction in loss by 58.39% [12] Industry Overview - The 3D printing industry in 2024 shows strong growth, with some companies achieving significant revenue and profit increases through technological innovation and market expansion. However, challenges such as market competition and rising costs have led to losses for other companies [3].

一、说明会基本情况 证券代码：688333 证券简称：铂力特 公告编号：2025-025 西安铂力特增材技术股份有限公司 关于参加"2025 年陕西辖区上市公司投资者集体接 待日暨 2024 年度业绩说明会"的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 为促进上市公司规范运作、健康发展，增强上市公司信息透明度，加强与广 大投资者沟通交流，进一步提升投资者关系管理水平，陕西上市公司协会在陕西 证监局指导下，联合深圳市全景网络有限公司举办"2025年陕西辖区上市公司投 资者集体接待日暨2024年度业绩说明会活动"。 届时，公司相关高管人员将通过互动平台与投资者进行网络沟通和交流，欢 迎广大投资者踊跃参加！ 特此公告。 西安铂力特增材技术股份有限公司董事会 活动时间：2025年5月20日15:00-17:00。 活动地址："全景路演" 网址：https://rs.p5w.net/ 投资者问题征集渠道：https://ir.p5w.net/zj，公司将在说明会上对投资者普遍 关注的问题进行回答。 二、公司联系方式 联系人 ...

Investment Rating - The report rates the defense and military industry as "Overweight" indicating a positive outlook for the sector [3][29]. Core Insights - The defense and military industry is expected to enter a new cycle driven by geopolitical conflicts, enhancing China's military trade focus and opening international markets for Chinese military products [5][3]. - The ongoing tariff conflicts highlight the comparative advantages of the military industry, with increased emphasis on self-sufficiency and potential growth in military investments [5][3]. - The fundamental changes in the military sector are solidifying the basis for industry growth, with a focus on quality and quantity improvements as the military approaches its centenary goals [5][3]. - There is a recommendation to increase attention on military stocks, particularly those related to precision-guided weapons, underwater capabilities, AI/robotics, and traditional aircraft supply chains [5][3]. Market Review - Last week, the Shenwan Defense and Military Index rose by 6.33%, outperforming major indices such as the Shanghai Composite Index, which increased by 1.92% [6][3]. - The top five performing stocks in the defense sector included Chengxi Aviation (59.26%), Hwa Wo (48.85%), and Lijun (36.49%) [6][14]. - Conversely, the bottom five performers were Platinum (−4.26%), Lingyun (−4.00%), and Guangdong Hongda (−2.52%) [6][15]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 75.10, indicating it is in the upper range historically, with a valuation percentile of 65.46% since January 2014 [15][19]. - The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [15][19]. Key Valuation Targets - The report lists key valuation targets, including companies like Feili Hua, Tianqin Equipment, and Aerospace Electronics, with projected earnings growth and PE ratios indicating potential investment opportunities [21][24].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company reported a total operating revenue of 1.326 billion yuan for 2024, representing a year-on-year growth of 15.02%. However, the net profit attributable to shareholders decreased by 5.26% to 104 million yuan. In Q1 2025, the total operating revenue was 227 million yuan, showing a year-on-year increase of 7.3%, but the net profit turned to a loss of 15 million yuan [2][6]. - The company focuses on industrial-grade metal additive manufacturing (3D printing) and has established a comprehensive ecosystem in this field. The revenue from self-developed products grew steadily, with customized 3D printing products, self-developed 3D printing equipment, and 3D printing raw materials increasing by 23.51%, 4.99%, and 41.38% respectively [12]. - The company is expanding into the humanoid robotics sector, which is expected to provide new growth opportunities. Collaborations with partners have led to significant advancements in production efficiency and cost reduction for robotic components [12]. Summary by Sections Financial Performance - In 2024, the company achieved total operating revenue of 1.326 billion yuan, with a gross profit margin of 37.44%. The gross profit for Q1 2025 was 36.94%, indicating a decline in profitability [12][17]. - The operating cash flow improved significantly, reaching 346 million yuan in 2024, a substantial increase compared to previous periods [12]. Business Development - The company is actively pursuing growth in the humanoid robotics field, which is transitioning from experimental phases to industrial applications. This sector is anticipated to be a long-term growth driver for the company [12]. - The company has made significant progress in optimizing production processes, which has led to reduced assembly difficulties and enhanced production capabilities for robotic components [12]. Future Projections - The company is projected to achieve net profits of 157 million yuan and 270 million yuan in 2025 and 2026, respectively [12].

Group 1 - The emergence of DeepSeek, a large model comparable to ChatGPT, has created significant waves in the global technology and capital markets, igniting enthusiasm for innovation and investment opportunities in the tech sector [3] - Tangxing Capital focuses on discovering and nurturing high-growth potential hard tech companies, aiming to drive industrial upgrades and regional economic development through a comprehensive support system [3][4] - The investment team at Tangxing Capital possesses deep industry backgrounds and professional investment capabilities, allowing them to accurately grasp technology development trends and identify quality projects [3][4] Group 2 - Young entrepreneurs like Liang Wenfeng and Wang Xingxing exemplify the characteristics of contemporary tech leaders, showcasing strong learning abilities and rapid application of new technologies [4][5] - These entrepreneurs break traditional thinking and industry boundaries, integrating resources across sectors to create new application scenarios and business models [5][6] - Key traits admired in successful entrepreneurs include innovation spirit, cross-disciplinary integration ability, strategic vision, and focus on core business areas [6] Group 3 - The investment style of Tangxing Capital is characterized by "insightful decisiveness," emphasizing the ability to quickly identify and act on investment opportunities [7] - A notable investment decision involved a significant investment in Plater, a key player in the 3D printing industry, despite market uncertainties, which later yielded a tenfold return [9] - Plater's technology addresses complex manufacturing needs in aerospace, automotive, and medical sectors, significantly contributing to China's manufacturing transformation [8][9] Group 4 - The current bull market is driven by a combination of macroeconomic stability, loose monetary policy, and positive market sentiment, creating a conducive environment for investment [10][11] - The bull market enhances the financing environment for primary markets, encouraging entrepreneurship and accelerating company growth through increased funding [12][13] - The interaction between primary and secondary markets fosters a cycle of investment and exit opportunities, optimizing resource allocation and enhancing economic vitality [14]

Core Viewpoint - The company Plater (688333.SH) is facing a dilemma of increasing revenue without corresponding profit growth, as evidenced by its recent financial reports [1][2]. Financial Performance - In Q1, the company reported a record revenue of 227 million yuan, but net profit turned from a profit of 957,500 yuan to a loss of 14.95 million yuan, with a non-recurring net loss expanding by 89.99% to 27.02 million yuan [1]. - For the full year 2024, the company achieved a revenue of 1.326 billion yuan, a year-on-year increase of 15.02%, while operating profit decreased by 15.73% [1]. Cost Pressure - The key factor behind the reverse trend of revenue and profit is the significant increase in operating costs, which rose by 36.31%, amounting to an increase of 220 million yuan [3]. - The company's gross profit margins have been pressured due to rising costs, particularly in sectors such as aerospace and industrial applications, where gross margins decreased by 11.06% and 9.81%, respectively [4]. Product Performance - Despite the overall decline in gross margins, the company's self-developed products saw steady revenue growth, with customized 3D printing products, self-developed 3D printing equipment, and raw materials increasing by 23.51%, 4.99%, and 41.38%, respectively [4]. - The company experienced a significant 58.47% growth in overseas markets, with foreign market gross margins remaining high at 55.89% [4]. Strategic Initiatives - The company is accelerating its capacity expansion to enhance its full-chain layout in metal 3D printing, which is crucial for achieving economies of scale and cost reduction [5][6]. - Major projects are underway, including the construction of a new production base for titanium and high-temperature alloy powders, with an investment of 1 billion yuan aimed at increasing annual production capacity to 3,000 tons [6]. Future Outlook - The company is focusing on the development of humanoid robots, leveraging advancements in embodied intelligence technology to enhance production capabilities through integrated metal 3D printing [7].

Investment Rating - The investment rating for the company is "Buy" with a target price of 71.07 RMB [8][9]. Core Views - The company's revenue for 2024 is projected to be 1.326 billion RMB, reflecting a year-on-year growth of 15.02%, while the net profit attributable to the parent company is expected to decline by 5.26% to 104.44 million RMB [1][7]. - The company has faced short-term profit pressure due to delayed aerospace orders and reduced scale effects, but there is optimism for a rebound in performance as military demand increases [1][5]. - The company has made significant adjustments to its financials, leading to a substantial increase in the projected net profit for 2024 compared to earlier estimates [2]. Revenue and Profitability - In 2024, the company achieved revenues of 1.326 billion RMB, with a net profit of 104.44 million RMB, down from previous expectations [1][7]. - The revenue breakdown shows that customized products, 3D printing equipment, and materials generated 6.89 billion, 5.45 billion, and 0.91 billion RMB respectively, with growth rates of 23.51%, 4.99%, and 41.38% [3]. - The overall gross margin for 2024 is reported at 37.44%, a decrease of 9.76 percentage points from the previous year, primarily due to price reductions in mass-produced aerospace products [4]. Market Segmentation - The company’s revenue from the aerospace sector reached 8.15 billion RMB, marking a year-on-year increase of 33.08%, while other sectors like industrial and medical saw declines [3]. - The overseas revenue significantly increased by 58.47% to 0.81 billion RMB, indicating successful market expansion [3]. Financial Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 are 280.87 million, 373.83 million, and 506.31 million RMB respectively, reflecting a downward adjustment of 28.41% and 30.10% for 2025 and 2026 compared to previous estimates [5][19]. - The expected earnings per share (EPS) for 2025 is projected at 1.03 RMB, with a return on equity (ROE) of 5.51% [7][23]. Valuation Metrics - The company is currently trading at a price-to-earnings (PE) ratio of 62 for 2025, with a target PE of 44 for the same year [5][18]. - The price-to-book (PB) ratio is reported at 3.4, indicating a premium valuation compared to peers [18].

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 71.07 [8][9]. Core Views - The company reported a revenue of RMB 1.326 billion in 2024, a year-on-year increase of 15.02%, but the net profit attributable to the parent company decreased by 5.26% to RMB 104.44 million [1][7]. - The company experienced a revenue of RMB 2.27 billion in Q1 2025, a year-on-year increase of 7.30%, but reported a net loss of RMB 0.15 billion, indicating a shift from profit to loss [1]. - The decline in profitability is attributed to delays in the recognition of revenue from aerospace orders and a weakening of scale effects [1][5]. Revenue and Profitability - The company’s revenue from customized products, 3D printing equipment, and materials in 2024 was RMB 6.89 billion, RMB 5.45 billion, and RMB 0.91 billion respectively, showing year-on-year growth of 23.51%, 4.99%, and 41.38% [3]. - The aerospace sector generated revenue of RMB 8.15 billion in 2024, reflecting a year-on-year increase of 33.08%, while other sectors like industrial and medical saw declines [3][4]. - The overall gross margin for the company in 2024 was 37.44%, a decrease of 9.76 percentage points from the previous year, with customized products experiencing a significant drop in gross margin due to price reductions in mass-produced aerospace products [4]. Financial Forecasts - The company’s net profit forecasts for 2025, 2026, and 2027 are RMB 2.81 billion, RMB 3.74 billion, and RMB 5.06 billion respectively, with downward adjustments of 28.41% and 30.10% for 2025 and 2026 compared to previous estimates [5][19]. - The expected revenue growth rates for the upcoming years are 39.66% for 2025, 32.39% for 2026, and 30.34% for 2027 [7][23]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are RMB 1.03, RMB 1.38, and RMB 1.86 respectively [7][23]. Market Position and Valuation - The company’s market capitalization is approximately RMB 17.279 billion, with a closing price of RMB 63.58 as of April 29, 2025 [9]. - The company is trading at a price-to-earnings (PE) ratio of 62 for 2025, which is lower than the average PE of comparable companies at 69 [5][18]. - The target price of RMB 71.07 corresponds to a PE ratio of 44 for 2025, indicating potential upside from the current market price [5][8].

一、监事会会议召开情况 证券代码：688333 证券简称：铂力特 公告编号：2025-021 西安铂力特增材技术股份有限公司 第三届监事会第十五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 西安铂力特增材技术股份有限公司（以下简称"公司"）第三届监事会第十五 次会议于 2025 年 4 月 28 日以现场结合通讯方式召开。本次会议由监事会主席宫蒲 玲女士主持，会议应到 3 人，实到 3 人。本次会议的召集、召开符合《中华人民共 和国公司法》、《公司章程》及《监事会议事规则》的相关规定。经与会监事审议 和投票表决，会议决议如下： 二、监事会会议审议情况 （一）审议通过《关于公司 2024 年度监事会工作报告的议案》 报告期内，监事会依照《中华人民共和国公司法》《中华人民共和国证券法》 等法律法规及《公司章程》和《监事会议事规则》等公司制度的要求，认真履行了 监事会职能，积极开展相关工作，列席了董事会会议和股东大会，并对公司依法运 作情况和公司董事、高级管理人员履行职责情况进行了有效监督，维护了公司及股 东的 ...

证券代码：688333 证券简称：铂力特 公告编号：2025-022 西安铂力特增材技术股份有限公司 第三届董事会第十九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 西安铂力特增材技术股份有限公司（以下简称"公司"）第三届董事会第十九 次会议于 2025 年 4 月 28 日在公司会议室以现场结合通讯方式召开。本次会议由董 事长薛蕾先生主持，会议应到董事 9 人，实到董事 9 人。本次会议的召集、召开程 序符合有关法律、行政法规、规范性文件和《公司章程》的规定，会议形成的决议 合法有效。 二、董事会会议审议情况 （一）审议通过了《关于 2024 年度总经理工作报告的议案》 表决情况：表决情况：同意 9 票，弃权 0 票，反对 0 票，回避 0 票。 （二）审议通过了《关于公司 2024 年度董事会工作报告的议案》 表决情况：同意 9 票，弃权 0 票，反对 0 票，回避 0 票。 本项议案尚需提请股东大会审议。 （三）审议通过了《关于独立董事独立性情况评估的议案》 表决情况：同意 ...