Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

证券代码：688337 证券简称：普源精电 公告编号：2025-015 普源精电科技股份有限公司 关于注销部分募集资金专项账户的公告 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。 普源精电科技股份有限公司（以下简称"公司"）于近日完成部分公司首次 公开发行股票募集资金专项账户的注销工作，现将相关事项公告如下： 三、本次注销募集资金专项账户情况 鉴于公司存放在江苏银行股份有限公司苏州新区支行、招商银行苏州木渎支 行、苏州银行股份有限公司科技城支行、宁波银行股份有限公司苏州高新技术产 业开发区支行的募集资金专户内的资金已按照相关规定使用完毕，上述募集资金 专户将不再使用。为方便公司资金账户管理，公司决定将上述募集资金专户予以 注销并办理相关注销手续。 2 截至本公告披露日，公司已办理完成上述募集资金专用账户的注销手续，对 应的募集资金监管协议相应终止。 一、募集资金基本情况 根据中国证券监督管理委员会于 2022 年 2 月 24 日出具的《关于同意普源精 电科技股份有限公司首次公开发行股票注册的批复》（证监许可〔2022〕 ...

国泰海通证券股份有限公司 关于普源精电科技股份有限公司 2024 年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》等有关法律法规的规定，国泰海通证券股份有限公司（以下简称"保荐机 构"）作为普源精电科技股份有限公司（以下简称"普源精电"、"公司"、"上市 公司"）持续督导工作的保荐机构，负责普源精电上市后的持续督导工作，并出 具本持续督导跟踪报告。 | 序 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 号 | | | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体 | 保荐机构已建立健全并有效 | | | 的持续督导工作制定相应的工作计划 | 执行了持续督导制度，并制 | | | | 定了相应的工作计划 保荐机构已与上市公司签订 | | | 根据中国证监会相关规定，在持续督导工作开始前， 与上市公司或相关当事人签署持续督导协议，明确双 | | | | | 持续督导协议，该协议明确 | | 2 | | 了双方在持续督导期间的权 | | | 方在持续督导期间的权利义务，并报上海证券交易所 | 利和义务，并报上海证券交 | ...

Investment Rating - The report maintains a positive outlook on the mechanical industry, recommending investment in domestic circulation, major infrastructure, and self-controllable sectors [5]. Core Insights - The report forecasts Q1 2025 performance for 14 key mechanical companies, with growth rates exceeding 20% for several firms, including XianDao Intelligent (30%), Baichu Electronics (25%), and Sany Heavy Industry (25%) [5][6]. - The human-shaped robot industry is progressing towards commercialization, with significant developments expected in 2025, driven by major players like Tesla and Huawei [5]. - Railway investment remains resilient, with a 5.1% year-on-year increase in fixed asset investment in early 2025, highlighting ongoing infrastructure projects [5]. - The engineering machinery sector is approaching a cyclical turning point, with signs of recovery in demand and improved profitability due to increased overseas revenue [5]. - Domestic brands in electronic measurement instruments are expected to accelerate their market share due to low current localization rates and increasing competitiveness [5]. Summary by Sections Mechanical Companies Performance Forecast - Companies with growth rates over 20% include XianDao Intelligent (30%), Baichu Electronics (25%), Sany Heavy Industry (25%), and others [5][6]. - Companies with growth rates between 10%-20% include Yizhiming (19%), Rilian Technology (18%), and others [5][6]. - Companies with growth rates between 0%-10% include Lianying Laser (6%) [5][6]. Robotics and Components - The human-shaped robot industry is entering a new phase of commercialization, with various forms of robots being tested in real-world applications [5]. - Key companies to watch include Greentech Harmonic, Mingzhi Electric, and others [5]. Rail Transportation - Fixed asset investment in railways reached 68.54 billion yuan in early 2025, with significant projects enhancing network efficiency [5]. - Recommended companies include China CNR and Siwei Control [5]. Engineering Machinery - The sector is showing signs of recovery after a prolonged downturn, with improved profitability and demand expected to drive new machine sales [5]. - Key recommendations include Sany Heavy Industry, Xugong Machinery, and others [5]. Domestic Instruments - The report highlights the low localization rate of electronic measurement instruments and the competitive edge of domestic brands [5]. - Recommended companies include Puyuan Precision and others [5].

Investment Rating - The report maintains an "Overweight" rating for the machinery equipment industry, particularly highlighting opportunities in semiconductor equipment due to tariff impacts [1]. Core Insights - The report emphasizes the impact of tariffs on the machinery equipment sector, particularly the 34% tariff on U.S. imports, which raises the total export tariff to the U.S. for engineering machinery to 79%. However, the actual impact on major companies is limited due to their low exposure to the U.S. market [1][2]. - The report identifies potential growth in domestic demand and the electric vehicle transition as key factors for the forklift segment, while also noting the limited impact of tariffs on exports [3]. - The semiconductor equipment sector is expected to benefit from increased domestic production due to tariffs, with a focus on both mature and advanced process equipment [4]. Summary by Sections Engineering Machinery - The report highlights that major engineering machinery companies have minimal exposure to the U.S. market, with SANY Heavy Industry at approximately 3% and XCMG at about 1% [1][2]. - Companies with overseas factories, particularly in North America and Mexico, are better positioned to mitigate tariff risks [2]. - The report recommends companies like SANY Heavy Industry, XCMG, and LiuGong for their strategic factory locations [2]. Forklifts - The report notes that domestic forklift manufacturers have limited exposure to the U.S. market, and the impact of tariffs is manageable due to pre-stocked inventory [3]. - It suggests that the domestic forklift market will see growth driven by the electric vehicle transition and government policies supporting domestic demand [3]. Semiconductor Equipment - The report indicates that the 34% tariff on U.S. imports will accelerate the domestic production of semiconductor equipment, particularly in mature processes where price sensitivity is higher [4]. - It recommends focusing on companies involved in both front-end and back-end semiconductor equipment, highlighting firms like North China Innovation and Zhongwei Company [4]. General Automation - The report suggests that the general automation sector will see limited impact from tariffs, with a focus on domestic demand for tools and automation products [5][8]. - It highlights the recovery in manufacturing and logistics sectors as potential growth drivers for the general automation market [8]. Investment Recommendations - The report provides a list of recommended companies across various segments, including semiconductor equipment, engineering machinery, and general automation, emphasizing their potential for growth in the current market environment [1][16].

Investment Rating - The investment rating for the company is "Add" (maintained) [2] Core Views - The company's 2024 annual report shows performance slightly above preliminary values, meeting expectations with a revenue of 780 million yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 92.3 million yuan, a decrease of 15% year-on-year [2] - The revenue growth is primarily driven by high-end product sales and the acquisition of a solutions provider, with significant contributions from new product launches and increased overseas brand recognition [2][3] - The gross margin improved significantly to 59.77%, up 3.5 percentage points year-on-year, while the net profit margin decreased to 11.9%, down 4.2 percentage points year-on-year due to increased R&D and management expenses [3] - A stock incentive plan was introduced to bind core employees, reflecting long-term growth confidence, with performance targets set for revenue and net profit growth [3] - The profit forecast for 2025-2026 remains unchanged, with a new forecast for 2027's net profit at 240 million yuan, corresponding to a P/E ratio of 49/36/27 times [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 780 million yuan, a 16% increase year-on-year, while the net profit attributable to shareholders was 92.3 million yuan, a 15% decrease year-on-year [2] - The Q4 revenue reached 240 million yuan, a 22% year-on-year increase, with net profit at 32 million yuan, down 19% year-on-year [2] Product and Market Development - High-end digital oscilloscopes saw a 15% increase in sales, accounting for 33% of the oscilloscope segment's revenue [2] - The acquisition of a solutions provider led to a 126% increase in solutions sales, contributing approximately 130 million yuan in revenue [2] Margin Analysis - The gross margin for the main business was 59.77%, with a notable increase in the solutions segment's gross margin to 75.0% [3] - The net profit margin was impacted by rising R&D and management costs, with a total expense ratio of 54.8%, up 8.5 percentage points year-on-year [3] Incentive Plans - A stock incentive plan was launched for 76 core employees, covering 1.8 million shares, aimed at aligning employee interests with company performance [3] Valuation and Forecast - The profit forecast for 2025-2026 remains at 134 million and 184 million yuan respectively, with a new forecast for 2027 at 240 million yuan [3]

Investment Rating - The investment rating for the company is "Add" (maintained) [2] Core Views - The company's 2024 annual report shows performance slightly above preliminary values, meeting expectations with a revenue of 780 million yuan, a year-on-year increase of 16%, and a net profit attributable to shareholders of 92 million yuan, a decrease of 15% year-on-year [2] - The revenue growth is primarily driven by high-end product sales and the acquisition of a solutions provider, with significant contributions from new product launches and increased overseas brand recognition [2][3] - The gross margin improved significantly to 59.77%, up 3.5 percentage points year-on-year, while the net profit margin decreased to 11.9%, down 4.2 percentage points year-on-year due to increased R&D and management expenses [3] - The company has implemented a stock incentive plan for core employees, reflecting confidence in long-term growth [3] - Profit forecasts for 2025-2026 remain unchanged, with a new forecast for 2027's net profit at 240 million yuan, corresponding to a P/E ratio of 49/36/27 times [3] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 780 million yuan, a 16% increase year-on-year, while the net profit attributable to shareholders was 92 million yuan, a 15% decrease year-on-year [2] - The Q4 revenue reached 240 million yuan, a 22% year-on-year increase, with net profit of 32 million yuan, down 19% year-on-year [2] Product and Market Development - High-end digital oscilloscopes saw a 15% increase in sales, accounting for 33% of the oscilloscope segment's revenue [2] - The acquisition of a solutions provider led to a 126% increase in solutions sales, contributing approximately 130 million yuan in revenue [2] Margin Analysis - The gross margin for the main business was 59.77%, with a notable increase in the solutions segment's gross margin to 75.0% [3] - The net profit margin was impacted by rising R&D and management costs, with a total expense ratio of 54.8%, up 8.5 percentage points year-on-year [3] Employee Incentives - A stock incentive plan was introduced for 76 core employees, covering 1.8 million shares, aimed at aligning employee interests with company performance [3] Future Outlook - The company anticipates continued growth in the electronic measurement instrument industry, driven by equipment upgrades and domestic replacements, with several new products set to launch in 2025 [2][3]

国泰君安证券股份有限公司 关于普源精电科技股份有限公司发行股份购买资产并募集配套 资金之部分限售股上市流通的核查意见 国泰君安证券股份有限公司（以下简称"独立财务顾问"或"国泰君安"） 作为普源精电科技股份有限公司（以下简称"普源精电"、"上市公司"或者"公 司"）发行股份购买资产并募集配套资金（以下简称"本次交易"）的独立财务顾 问，根据《公司法》《证券法》《上市公司重大资产重组管理办法》《上市公司并 购重组财务顾问业务管理办法》《上海证券交易所科创板股票上市规则》等相关 法律、法规和规范性文件的规定，对本次交易形成的部分限售股上市流通情况进 行了核查，核查情况如下： 一、本次上市流通的限售股类型 2024 年 7 月 16 日，普源精电科技股份有限公司收到中国证监会《关于同意 普源精电科技股份有限公司发行股份购买资产并募集配套资金注册的批复》（证 监许可【2024】1049 号），同意公司向特定对象发行股票的注册申请。 公司向特定对象发行人民币普通股（A 股）股票新增 2,166,377 股股份已于 2024 年 10 月 14 日在中国证券登记结算有限责任公司上海分公司办理完毕股份 登记手续。本次发行之 ...

普源精电科技股份有限公司 发行股份购买资产并募集配套资金之 证券代码：688337 证券简称：普源精电 公告编号：2025-014 限售股上市流通公告 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。 重要内容提示： 本次股票上市类型为向特定对象发行股份；股票认购方式为网下，上市股 数为 2,166,377 股。 本次股票上市流通总数为 2,166,377 股。 本次股票上市流通日期为 2025 年 4 月 14 日。 一、本次上市流通的限售股类型 2024 年 7 月 16 日，普源精电科技股份有限公司（以下简称"普源精电"或 "公司"）收到中国证监会《关于同意普源精电科技股份有限公司发行股份购买资 产并募集配套资金注册的批复》（证监许可【2024】1049 号），同意公司向特定对 象发行股票的注册申请。 公司向特定对象发行人民币普通股（A 股）股票新增 2,166,377 股股份已于 2024 年 10 月 14 日在中国证券登记结算有限责任公司上海分公司办理完毕股份登 记手续。本次发行之前，公司股本为 192,222, ...

Core Insights - Puyuan Precision Electric (688337.SH) reported its 2024 annual report, revealing that as of March 31, 2025, 257 institutional investors held a total of 121 million shares, accounting for 62.41% of the company's total equity [1] - The top ten institutional investors collectively held 47.83% of the shares, with a decrease of 2.08 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Puyuan Precision Electric shares increased to 257, with a total holding of 121 million shares [1] - The top ten institutional investors include various investment firms and funds, with the largest being Suzhou Puyuan Precision Electric Investment Co., Ltd. [1] - The proportion of shares held by the top ten institutional investors decreased by 2.08 percentage points from the last quarter [1] Public Fund Activity - One public fund, E Fund Active Growth Mixed Fund, increased its holdings, while eight public funds reduced their holdings, with a total decrease of 2.35% [2] - A total of 238 new public funds disclosed their holdings in Puyuan Precision Electric, indicating increased interest in the company [2] - Five public funds did not disclose their holdings in the current period, reflecting some turnover in investor interest [2] Social Security Fund - One social security fund, E Fund Management Co., Ltd. - Social Security Fund 17042 Portfolio, disclosed its holdings in Puyuan Precision Electric [2]