Summary of Key Points from Conference Call Records Industry and Company Overview - **Companies Involved**: - Feilong Co., Ltd. (飞龙股份) - Water Co., Ltd. (沃特股份) - AVIC Xi'an Aircraft Industry Group (中航西飞) Core Insights and Arguments Feilong Co., Ltd. (飞龙股份) - **Thermal Management Module Notification**: The company received a project notification letter from a well-known domestic automotive brand, becoming a supplier for thermal management modules, with expected sales revenue over the product lifecycle [1] - **Market Position**: Feilong is a leading player in the automotive thermal management sector, maintaining strong growth in both traditional and new energy vehicles [1] - **Product Range**: The company manufactures various thermal management components for engines, including energy-saving parts, and has expanded applications to 5G industrial liquid cooling, data centers, and robotics [2] - **International Expansion**: Feilong is establishing a presence in Southeast Asia with subsidiaries in Thailand and Singapore, with a factory expected to generate an additional revenue of 1.5 billion RMB upon completion [3] Water Co., Ltd. (沃特股份) - **Biobased Nylon Production**: The company has begun mass production of biobased nylon, supplying samples to various robotics supply chain companies [4] - **High-Performance Materials**: Water specializes in high-value polymer materials, including LCP, PPA, and PEEK, which are crucial for sectors like 5G communication and robotics [4][5] - **Robotics Applications**: The company's materials meet the demands for lightweight, precision integration, and high-speed signal transmission in the robotics industry, indicating a growing market need [5] AVIC Xi'an Aircraft Industry Group (中航西飞) - **C919 Component Delivery**: The company reported a significant increase in the delivery of C919 aircraft components compared to 2024, although specific numbers were not disclosed due to commercial confidentiality [7] - **Strategic Development Goals**: The company aims to integrate military and civilian sectors, focusing on smart management and manufacturing to enhance its capabilities in the aviation industry [8] - **Low Altitude Economy**: AVIC is planning to develop products related to the low-altitude economy, aligning with national strategic initiatives [9] Additional Important Information - **Emerging Markets**: Feilong is extending its thermal management technology applications to emerging fields such as hydrogen energy, wind energy, and modern agricultural machinery [2] - **Material Innovations**: Water's carbon fiber composite materials are being utilized in various applications, including drones and new energy vehicles, highlighting the versatility of their product offerings [5] - **International Collaboration**: AVIC is involved in international collaborations, producing components for Airbus and Boeing, which enhances its manufacturing processes and quality control [8] This summary encapsulates the key developments and strategic directions of the companies involved, highlighting their market positions, product innovations, and growth opportunities in emerging sectors.

Group 1: Company Vision and Strategy - The company aims to become a world-class provider of material solutions, focusing on high-tech special polymers and engineering polymers to meet customer needs in industries like 5G/6G communication, AI, and semiconductors [1] - The company adheres to the value of "being oneself and being needed," with a mission to "shape a better life for humanity" [1] Group 2: Revenue Growth and Market Opportunities - Future revenue growth is expected from special high polymer materials, engineering plastic alloys, and modified general plastics, targeting industries such as electronics, communications, and AI [2] - The rapid development of global technology in areas like 5G/6G and AI presents unprecedented opportunities for the special polymer materials industry [2] Group 3: Product Applications and Collaborations - The company has provided samples to multiple collaborative robot and humanoid robot supply chain companies [2] - Key materials used in the robotics industry include LCP, PPA, and PEEK, which meet various requirements such as lightweight and high-speed signal transmission [2][3] Group 4: Financial Health and Investment - The company reports normal cash flow and has no current plans for equity financing, ensuring compliance with legal disclosure obligations [4] - The company is actively exploring acquisition opportunities in the semiconductor materials sector to enhance its position in the global supply chain [5] Group 5: Talent and Production Capacity - The company has built a diverse and professional talent team, focusing on training and development to enhance competitiveness [4] - New production capacity for LCP is currently ramping up, with the company actively communicating with relevant authorities for necessary approvals [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Viewpoints - The company is a pioneer in domestic substitution of specialty polymer materials, focusing on high-value-added materials and benefiting from capacity expansion [1][2]. - Emerging demands in sectors like new energy vehicles, humanoid robots, and AI are driving growth and opening up opportunities for domestic substitution [3][4]. - The company has achieved significant technological breakthroughs in LCP, establishing a strong competitive barrier and enhancing its global competitiveness [2][3]. Summary by Sections Company Overview - The company, established in 2001, is a leading domestic supplier of specialty polymer materials, focusing on high-performance functional polymer synthesis, modification, and production [19][20]. - The company has successfully transitioned from relying on foreign technology to achieving self-sufficiency in LCP production, becoming the largest domestic supplier by shipment volume [19][20]. Emerging Demand and Growth - The rapid growth of new sectors such as electric vehicles and AI is creating new application scenarios for specialty materials, driving demand [3][4]. - LCP is expanding its applications beyond traditional electronics to include micro motors, AI servers, and new energy batteries, while PPA is increasingly used in automotive components [3][4]. Financial Forecast and Valuation - The company is expected to achieve revenues of 2.1 billion, 2.8 billion, and 3.6 billion yuan from 2025 to 2027, with net profits of 50 million, 120 million, and 180 million yuan respectively [4]. - The report indicates a significant increase in revenue and profit forecasts compared to previous estimates, reflecting the company's growth potential [4]. Capacity and Production - The company has established a comprehensive production capacity for specialty engineering resins, including LCP, PPA, and PEEK, with a focus on high-value-added products [24][31]. - The Chongqing base is set to become a major production hub, with a planned capacity of 20,000 tons for LCP resin materials [24][31]. Research and Development - The company places a strong emphasis on R&D, with a significant increase in R&D expenses, reflecting its commitment to overcoming technological barriers in specialty materials [33][34]. - The R&D expense ratio is projected to rise, indicating a focus on innovation and product development [33][34].

Core Viewpoint - The recent surge in the A-share market for PEEK materials is driven by a combination of policy support and technological advancements, indicating a strong investment potential in the industry [2][4]. Group 1: Market Dynamics - Since April 22, over ten stocks in the PEEK sector have experienced significant trading activity, with daily transactions exceeding 3 billion yuan, showcasing a stark contrast to the overall market's lack of direction [2]. - The PEEK materials market is characterized by a dual drive of policy and technology, with investors betting on the explosive growth potential of the industry [2][4]. Group 2: PEEK Material Characteristics - PEEK (Polyether Ether Ketone) is a high-performance engineering plastic known for its lightweight, high-temperature resistance, self-lubrication, and chemical resistance, making it suitable for various applications [4]. - In the automotive sector, PEEK is utilized in engines and transmission systems, particularly in high-pressure fast-charging scenarios for electric vehicles [4]. - The demand for PEEK is projected to exceed 1,170 tons by 2030, driven by the anticipated sales of humanoid robots reaching 600,000 units [4][10]. Group 3: Market Trends and Projections - The consumption of PEEK in China increased from 1,400 tons in 2019 to 1,950 tons in 2022, with the country's share of global consumption rising from 24% to 25.8% [5]. - By 2025, China's total PEEK production capacity is expected to exceed 10,000 tons, accounting for 40% of the global market [7][10]. Group 4: Competitive Landscape - The PEEK market is currently dominated by a few key players, with the UK-based Victrex holding over half of the global market share, indicating a highly concentrated competitive environment [6][12]. - Domestic manufacturers are rapidly expanding production capacity, with companies like Zhongyan and Jinfatong leading the way in technological advancements and cost advantages [7][13]. Group 5: Raw Material Supply and Cost Structure - The primary raw material for PEEK production, fluoroketone, constitutes over 50% of production costs, with domestic suppliers currently providing a significant portion of the market's needs [11][12]. - The price of domestic fluoroketone is approximately 400-500 yuan per kilogram, significantly lower than imported alternatives, enhancing the competitive edge of local manufacturers [12][13]. Group 6: Future Outlook - The PEEK industry's growth is expected to follow a cycle similar to that of the solar and electric vehicle sectors, requiring time for capacity expansion, cost optimization, and ecosystem development [14]. - The market is entering a phase characterized by rigid demand, domestic substitution, and policy support, which could lead to significant opportunities for growth in the coming years [10][14].

Group 1 - The core viewpoint of the news is that Watte Co., Ltd. is actively expanding its business in various high-growth sectors, including high-frequency communications, computing servers, new energy vehicles, low-altitude economy, and semiconductors, with significant revenue and profit growth projected for 2024 and 2025 [1] - Watte Co., Ltd. aims to achieve a revenue of 1.897 billion yuan in 2024, representing a year-on-year growth of 23.45%, and a net profit of 36.5965 million yuan, reflecting a substantial increase of 520.69% [1] - In the first quarter of 2025, the company reported a year-on-year revenue growth of 8.46% and a 24.76% increase in non-recurring net profit [1] - The company has made progress in various fields, including automotive and new energy, high-frequency communications, low-altitude flying vehicles, robotics, and semiconductor materials [1] - The PEEK resin synthesis project has passed inspection and is currently in the process of obtaining a production license [1] - Watte Co., Ltd. has achieved domestic supply chain localization for raw materials, with export business primarily targeting Asia and Europe, while the impact of U.S. tariff policies is minimal [1] Group 2 - Xizang Yuanlesheng Asset Management Co., Ltd. is a parallel company of Beijing Yuanlesheng Asset Management Co., Ltd., sharing the same shareholder structure, company framework, and personnel composition [2] - Yuanlesheng Asset Management focuses on standardized risk management and aims to maximize market benefits while providing transparent supervision [2] - The company manages assets totaling 7 billion yuan and has been recognized as a leading player in the domestic private equity fund sector, achieving significant long-term performance and stable returns [2] - Yuanlesheng's first public fund, "Yuanlesheng Stock Selection," has achieved over 500% cumulative returns since its establishment in July 2008, demonstrating resilience through various market conditions [2] - The company has received multiple awards in the private equity industry, including the "Golden Bull" award for three consecutive years from 2011 to 2013 [2]

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 1.897 billion CNY, a year-on-year increase of 23.45% [2] - Net profit attributable to shareholders reached 36.5965 million CNY, up 520.69% year-on-year [2] - R&D investment for 2024 was 115.6445 million CNY, accounting for 6.10% of total revenue [2] - Operating cash flow increased by 78.04% year-on-year [2] - In Q1 2025, revenue continued to grow, with a year-on-year increase of 8.46% [2] Group 2: Product Development and Market Expansion - The company is focusing on special high polymer materials for various sectors, including automotive, new energy, and semiconductors [2][4] - New materials for automotive applications include lightweight materials for drones and high-precision positioning antenna materials for autonomous driving [4] - The company has developed a complete wind cooling material solution for AI servers, enhancing its position in the high-frequency communication market [3] - PEEK material production has progressed, with the project passing expert review and awaiting formal production licensing [4] Group 3: Strategic Focus and Future Plans - The company aims to accelerate capacity release in 2025, leveraging its accumulated technology, products, and customer base [5] - The supply chain for raw materials has been fully localized, reducing dependency on imports [5] - The company is addressing diverse material needs from downstream customers, ensuring a robust response to market demands [2][4]

Core Insights - The article discusses the rapid development and strategic importance of the graphene industry in China, highlighting government policies and future goals for the sector [1][4][13]. Policy Overview - Since 2012, multiple government departments have issued policies to support the development of the graphene industry, focusing on production scale, industry standards, and technological innovation [4][6]. - The "14th Five-Year Plan" emphasizes the need for independent development of new materials, including graphene, aiming for significant industry growth from 2021 to 2025 [1][10]. Future Goals - By 2025, the production of high-quality graphene powder is expected to reach over 10,000 tons annually, with graphene film production exceeding 100 million square meters [13][15]. - The overall industry scale is projected to surpass 100 billion yuan, with significant advancements in electronic applications, including the mass production of 8-inch graphene chips [13][15]. Local Government Initiatives - Various provinces have set specific targets for graphene industry development, such as Chongqing aiming for a 50 billion yuan industry scale by 2021 and Ningbo targeting a competitive graphene industry cluster by 2023 [16][17]. - Local policies focus on enhancing innovation, production capabilities, and establishing industry standards to support the growth of the graphene sector [17][18].

Core Viewpoint - The PEEK material concept stocks have shown remarkable gains despite the overall sluggishness of the A-share market, indicating a strong investor interest and potential growth in this sector [2][4]. Group 1: Stock Performance - Newhan New Materials (301076.SZ) rose by 20%, while Fuheng New Materials (832469.BJ) increased by over 15%, and Zhongxin Fluorine Materials (002915.SZ) gained 10% [2][3]. - Other notable performers include Huami New Materials (836247.BJ), Zhongyan Co., Ltd. (688716.SH), Water Co., Ltd. (002886.SZ), and Nanjing Julong (300644.SZ), all of which experienced significant increases [2]. Group 2: PEEK Material Overview - PEEK, or polyether ether ketone, is recognized for its high strength (eight times that of aluminum alloy) and low density (one-third of aluminum alloy), making it an excellent lightweight material [4]. - The demand for lightweight materials is increasing in emerging industries, particularly in electric vehicles and humanoid robots, which require reduced weight for improved energy efficiency and performance [4]. Group 3: Supply and Industry Development - Companies like Tianci Materials (002709.SZ) and Wanrun Co., Ltd. (002643.SZ) are advancing in the R&D and production of PEEK materials, with Tianci already in the pilot testing phase and receiving small batch orders [5]. - The domestic PEEK material industry is accelerating its industrialization process, with a decreasing reliance on imports, suggesting a shift towards local production capabilities [5]. - Analysts note that the combination of lightweight and high-strength characteristics of PEEK materials, along with cost reductions to 200,000 yuan/ton, indicates a favorable market environment for growth [5].

Market Overview - The Shanghai Composite Index fell by 0.05% on April 29, with 19 out of the 28 sectors experiencing gains, led by the beauty and personal care sector with a rise of 2.60% and machinery equipment sector with an increase of 1.44% [1] - The basic chemical industry saw an increase of 0.87% [1] - The sectors with the largest declines were utilities and comprehensive sectors, down by 1.78% and 0.97% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets was 1.259 billion yuan, with 11 sectors experiencing net inflows [1] - The machinery equipment sector had the highest net inflow of capital, totaling 2.502 billion yuan, while the basic chemical sector followed with a net inflow of 615 million yuan [1] - The utilities sector had the largest net outflow, amounting to 2.127 billion yuan, followed by the oil and petrochemical sector with a net outflow of 551 million yuan [1] Basic Chemical Industry Performance - The basic chemical industry had a net inflow of 615 million yuan, with 297 out of 401 stocks in the sector rising, including 16 stocks hitting the daily limit [2] - The top three stocks with the highest net inflow in the basic chemical sector were Zhongxin Fluorine Materials with 171 million yuan, Water Holdings with 159 million yuan, and Red Wall Holdings with 151 million yuan [2] - The stocks with the largest net outflow included Brother Technology with 127 million yuan, Huafeng Superfiber with 116 million yuan, and Zhongyida with 87.5 million yuan [2][4] Top Gainers in Basic Chemical Industry - The top gainers in the basic chemical sector included: - Zhongxin Fluorine Materials: +10.02%, turnover rate 13.16%, net inflow 170.52 million yuan - Water Holdings: +7.05%, turnover rate 21.62%, net inflow 159.41 million yuan - Red Wall Holdings: +9.97%, turnover rate 39.31%, net inflow 150.53 million yuan [2] Top Losers in Basic Chemical Industry - The stocks with the largest losses in the basic chemical sector included: - Brother Technology: -0.21%, turnover rate 26.67%, net outflow 126.93 million yuan - Huafeng Superfiber: -3.22%, turnover rate 9.95%, net outflow 115.55 million yuan - Zhongyida: +7.86%, turnover rate 17.31%, net outflow 87.5 million yuan [4]

深圳市沃特新材料股份有限公司 董事、监事、高级管理人员关于 2025 年第一季度报告的 书面确认意见 根据《证券法》第八十二条的要求，本人作为深圳市沃特新材料股份有限公 司的董事、监事、高级管理人员，保证公司 2025 年第一季度报告内容真实、准 确、完整，不存在任何虚假记载、误导性陈述或者重大遗漏。 [本页以下无正文] （本页无正文，为《深圳市沃特新材料股份有限公司董事、监事、高级管理人员 关于 2025 年第一季度报告的书面确认意见》） （本页无正文，为《深圳市沃特新材料股份有限公司董事、监事、高级管理人员 关于 2025 年第一季度报告的书面确认意见》） 全体高管签名： 全体董事签名： 吴 宪 何 征 黄文锋 刘则安 王文广 盛宝军 徐开兵 全体监事签名： 方小法 朱 珊 黄富诗 何 征 张 亮 陈 瑜 徐 劲 二〇二五年四月二十九日 ...