Summary of Conference Call Records Company and Industry Overview - The company discussed is Huashu High-Tech, a leading player in the global 3D printing industry, particularly in metal and polymer 3D printing equipment [1][2] - The global 3D printing market is projected to reach $21.9 billion in 2024, with an expected compound annual growth rate (CAGR) of 18% over the next decade, potentially exceeding $114.5 billion by 2034 [2] Core Insights and Arguments - The company has established a complete ecosystem that includes equipment, materials, proprietary software, and after-sales services, creating significant competitive barriers [1] - The R&D expense ratio for the company is projected to reach 22.23% in Q1-Q3 2025, indicating a strong commitment to maintaining technological leadership [1] - A joint venture is set to be established by December 2025, focusing on 3D printing services in consumer sectors such as 3C, which is expected to shift the company’s revenue model from solely equipment and materials to a dual-driven model including services [1][3] - The aerospace sector is anticipated to account for nearly 50% of the company's revenue in 2024, with significant contributions from the FS1521M large-scale equipment, which can be configured with up to 32 fiber lasers [2] - The company is actively expanding its 3D printing services in the 3C and automotive industries, with major clients like Apple and Honor adopting 3D printing technology for precision components [2] Additional Important Points - The company is positioned to benefit directly from the explosive demand in the aerospace sector, as evidenced by a core client, Fei Er Kang, purchasing approximately 40 metal 3D printing machines [2] - The investment recommendation suggests a "buy" rating based on the company's technological advantages and the anticipated rapid growth in 3D printing services and equipment [3] - Risks highlighted include potential underperformance in downstream application expansion, fluctuations in raw material prices, technological evolution risks, geopolitical and exchange rate volatility, and risks associated with the unlocking of restricted shares [3]

Company Overview - Hunan Huashu High-Tech Co., Ltd. is located in Changsha, Hunan Province, and was established on October 21, 2009. The company went public on April 17, 2023. Its main business involves the research, production, and sales of industrial-grade additive manufacturing equipment, focusing on providing metal (SLM) and polymer (SLS) additive manufacturing equipment, as well as 3D printing materials, processes, and services [1]. Business Revenue Composition - The revenue composition of the company's main business is as follows: 3D printing equipment and auxiliary machine parts account for 74.47%, after-sales services and others 13.57%, 3D printing powder materials 11.02%, and other supplementary sources 0.94% [1]. Stock Performance - On January 28, the stock price of Huashu High-Tech fell by 5.06%, closing at 85.42 yuan per share, with a trading volume of 317 million yuan and a turnover rate of 1.79%. The total market capitalization is 35.378 billion yuan [1]. Major Shareholders - Among the top ten circulating shareholders of Huashu High-Tech, one fund under Huaxia Fund holds 1.8945 million shares of Huashu High-Tech, unchanged from the previous period, representing 0.94% of the circulating shares. The estimated floating loss today is approximately 8.6199 million yuan [2]. Fund Performance - Huaxia Industry Prosperity Mixed A (003567), managed by fund manager Zhong Shuai, has a total asset scale of 6.958 billion yuan. Year-to-date returns are 12.44%, ranking 1212 out of 8864 in its category; the one-year return is 78.55%, ranking 580 out of 8126; and since inception, the return is 450.06% [2]. Fund Manager's Tenure - Zhong Shuai has been the fund manager for 5 years and 186 days, with the best fund return during his tenure being 218.15% and the worst being 11.77% [3].

Group 1 - On January 23, a total of 6 stocks received buy ratings from brokerages, with 1 stock announcing a target price [1] - Based on the highest target price, Huashu Gaoke ranks first with a target price increase of 30.01% [1] - Among the stocks with buy ratings, 4 maintained their ratings while 2 received ratings for the first time [1] Group 2 - The sectors with the most stocks receiving buy ratings include Capital Goods, Technology Hardware & Equipment, and Semiconductors & Semiconductor Equipment, with 3, 2, and 1 stocks respectively [1]

Core Insights - The report emphasizes the ongoing prosperity in the commercial aerospace and military sectors, highlighting opportunities in overseas markets and the importance of technological advancements in the industry [2][3] Group 1: Industry Overview - The commercial aerospace sector is experiencing upward momentum, driven by SpaceX's advancements in reusable rocket technology, which could reduce space access costs by 100 times [13] - The military aviation sector is expected to benefit from increased demand for large aircraft and military trade, with significant growth anticipated in 2026 [14] - The report identifies a focus on supply chain reforms and the integration of AI technologies as key trends shaping the future of the defense and aerospace industries [15] Group 2: Investment Recommendations - The report recommends companies that align with the "S-curve" evolution, focusing on supply chain reforms and automation, including firms like航发动力 (Aero Engine Corporation) and 中航沈飞 (AVIC Shenyang Aircraft Corporation) [15] - Companies positioned for expansion in military trade and civil aviation, such as 国睿科技 (Guorui Technology) and 中国动力 (China Power), are highlighted for their growth potential [15] - Emerging industries like commercial aerospace, AI, and quantum computing are also recommended, with firms like 睿创微纳 (Ruichuang Micro-Nano) and 菲利华 (Feilihua) noted for their innovative capabilities [15] Group 3: Company Valuations and Financial Analysis - 航发动力 (Aero Engine Corporation) is projected to have a 2025E EPS of 0.22 CNY, with a PE ratio of 216.82 for 2025 [6] - 中航高科 (AVIC High-tech) is expected to achieve a 2025E EPS of 0.90 CNY, with a PE ratio of 29.16 for 2025 [6] - The report provides detailed financial metrics for various companies, indicating growth in EPS and improvements in PE ratios across the sector, reflecting a positive outlook for the defense and aerospace industries [6]

Investment Rating - The industry investment rating is "Overweight" [7] Core Insights - 3D printing in the commercial aerospace sector significantly aids in cost reduction and efficiency improvement, with traditional rocket engines requiring thousands of parts, while 3D printing can reduce parts by 80% and costs by 90%, compressing production cycles from 6 months to 1 month [2][4] - The domestic 3D printing equipment has achieved industrial-grade application capabilities, with SLM metal printing precision surpassing 0.01 mm, meeting the manufacturing requirements for precision components like rocket engines [3] - The performance improvements and product iterations have led to a breakthrough in domestic 3D printing equipment orders, with exports reaching 3.7777 million units valued at 8.9 billion yuan in 2024, and nearly matching this figure in the first three quarters of 2025 [3] - The application of 3D printing technology in micro-nano satellite components shows significant advantages in mass production, supporting satellite industry launch plans [3][4] Summary by Sections - **Industry Overview**: 3D printing technology is becoming increasingly integrated into the commercial aerospace sector, with notable advancements in reducing component count and weight [4] - **Market Performance**: The domestic 3D printing equipment market is experiencing robust growth, with key players like Huazhu Gaoke and Plitel entering aerospace and new energy vehicle supply chains at competitive prices [3][5] - **Future Outlook**: The report anticipates strong growth for leading domestic 3D printing equipment companies as the market for medium and large reusable rockets and low-orbit satellite constellations develops [4]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 116.06 RMB based on a 40x PS valuation for 2026 [3]. Core Insights - The company is positioned as a global leader in 3D printing, with a comprehensive ecosystem that includes equipment, materials, proprietary software, and after-sales services [8][10]. - The company is expected to experience significant revenue growth, with projected revenues of 6.91 billion RMB in 2025, 12.02 billion RMB in 2026, and 16.23 billion RMB in 2027, reflecting year-on-year growth rates of +40.6%, +73.8%, and +35.0% respectively [3][7]. - The aerospace sector is anticipated to contribute nearly 50% of the company's revenue by 2024, driven by increasing demand for 3D printing in aerospace and consumer electronics [8][21]. Financial Projections - The company forecasts revenues of 606 million RMB in 2023, 492 million RMB in 2024, and a rebound to 691 million RMB in 2025, with a net profit of 131 million RMB in 2023, dropping to 67 million RMB in 2024, and recovering to 72 million RMB in 2025 [7][3]. - The diluted earnings per share are projected to be 0.317 RMB in 2023, 0.162 RMB in 2024, and increasing to 0.174 RMB in 2025 [7]. Business Overview - The company has established a full industry chain covering industrial-grade 3D printing equipment, materials, software, and technical services, achieving 100% domestic control [17][18]. - The company has developed over 40 specialized materials and has a strong focus on R&D, with a research and development expense ratio reaching 22.23% in the first three quarters of 2025 [8][19]. Market Dynamics - The global 3D printing market is projected to reach 219 billion USD in 2024, with China expected to account for approximately 27% of this market [40][45]. - The company is strategically expanding into consumer electronics and automotive sectors, leveraging its technology to meet the growing demand for lightweight and customized components [8][10][21].

Investment Rating - The report maintains an "Outperform" rating for the 3D printing industry as of January 22, 2026 [1] Core Insights - The 3D printing industry is entering a rapid development phase driven by both industrial and consumer applications, with significant market potential projected to reach hundreds of billions [8] - The global additive manufacturing market is expected to grow to $21.9 billion by 2024, with a CAGR of 18% projected until 2034 [8] - Domestic policies in China are increasingly supportive, indicating a maturing industry with substantial growth potential [8] Summary by Sections 1. 3D Printing Technology and Development - Seven core processes facilitate the development of 3D printing across multiple fields, including powder bed fusion and directed energy deposition [16][22] - The technology has evolved from rapid prototyping in the 1980s to widespread commercial applications in various sectors, including aerospace and healthcare [18][20] 2. Industry Growth and Applications - The 3D printing industry is experiencing rapid growth, with applications expanding across various sectors such as aerospace (17.7%), medical (17.6%), and automotive (10.3%) [8][71] - The global market for aerospace 3D printing is projected to reach $2.88 billion by 2025, with a CAGR of 20% until 2035 [8] 3. Market Dynamics and Competitive Landscape - Domestic manufacturers are leading in desktop applications, while industrial-grade 3D printing is seeing increased competition from local firms [8] - Key players in the industrial-grade market include EOS, which holds over 40% market share, followed by other significant companies [8] 4. Investment Opportunities - The report suggests focusing on companies that are well-positioned to benefit from technological advancements and expanding applications, including equipment manufacturers like Huazhu High-Tech and service providers like Jingyan Technology [8]

人民财讯1月23日电，汇创达（300909）今日在投资者互动平台表示，近日，公司控股子公司东莞市汇 亿达通信科技有限公司成功引入华曙高科和春草科技作为战略股东，分别持股10%，三方将发挥各自在 设备、量产应用及后处理环节的优势，构建覆盖全产业链的3D打印解决方案能力，目标快速抢占3C电 子、AI等领域的增量市场。 ...

Group 1 - The core viewpoint of the news is that Huazhu High-Tech Co., Ltd. has seen a stock price increase of 6.21%, reaching 90.86 CNY per share, with a total market capitalization of 37.631 billion CNY as of January 23 [1] - Huazhu High-Tech, established on October 21, 2009, specializes in the research, production, and sales of industrial-grade additive manufacturing equipment, focusing on providing metal (SLM) and polymer (SLS) additive manufacturing equipment, along with 3D printing materials and services [1] - The revenue composition of Huazhu High-Tech includes 74.47% from 3D printing equipment and auxiliary parts, 13.57% from after-sales services and others, 11.02% from 3D printing powder materials, and 0.94% from other sources [1] Group 2 - Among the top circulating shareholders of Huazhu High-Tech, Huaxia Fund's Huaxia Industry Prosperity Mixed A (003567) holds 1.8945 million shares, unchanged from the previous period, representing 0.94% of the circulating shares [2] - The estimated floating profit for Huaxia Industry Prosperity Mixed A today is approximately 10.0597 million CNY [2] - Huaxia Industry Prosperity Mixed A, established on February 4, 2017, has a current scale of 6.958 billion CNY, with a year-to-date return of 10.19% and a one-year return of 72.59% [2]

Group 1 - The core viewpoint of the article highlights the strategic adjustments made by prominent fund managers at E Fund in their investment portfolios for Q4 2025, focusing on sectors like AI, healthcare, consumer goods, and technology [2][4][6][10] Group 2 - Zhang Kun adjusted the structure of investments in the healthcare, consumer, and technology sectors while maintaining a stable position in top holdings, which include Tencent Holdings, Kweichow Moutai, and Alibaba-W [4][5] - Zhang Kun expressed confidence in the improvement of living standards and social security in China over the next decade, suggesting a narrowing gap with developed countries [4] - The AI wave is seen as a significant driver for innovation, with strong domestic demand expected to attract global resources and talent [4][5] Group 3 - Chen Hao focused heavily on AI-related sectors, increasing allocations in power equipment, new energy, non-bank financials, and chemicals, which yielded positive returns [7][8] - Chen Hao anticipates a transition of the AI industry from an acceleration phase in 2025 to a stable growth phase in 2026, emphasizing the importance of structural opportunities and the integration of AI with local applications [7][8] Group 4 - Xiao Nan reduced allocations in high-end and sub-high-end liquor sectors while increasing investments in the livestock industry, anticipating inflation-driven cost increases over the next two years [10] - The top holdings in Xiao Nan's consumer sector fund remained unchanged, including Kweichow Moutai and Midea Group [10]