Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [4]. Core Insights - The company is expanding its new energy business and entering new fields such as liquid cooling servers, which is expected to drive future revenue growth [8][29]. - The company has a strong focus on precision components, with significant revenue contributions from automotive electronics, which accounted for 52% of total revenue in the first half of 2025 [8][20]. - The company has established partnerships with various clients, including Panasonic and Nidec, and is diversifying its product offerings in the new energy sector [29][33]. Summary by Sections 1. Company Overview - The company has over 20 years of experience in precision component manufacturing, with a global customer base [12]. - It has expanded its operations internationally, with revenue from outside mainland China increasing from 46% in 2021 to 56% in the first half of 2025 [12][16]. 2. Business Segments - The company’s products are primarily used in three sectors: automotive electronics, smart terminals, and consumer electronics [20]. - Automotive electronics have become the largest revenue contributor, with a significant increase in revenue share from 32% in 2021 to 52% in 2025 [20][24]. 3. Financial Performance - The company experienced a revenue decline of 10% year-on-year in the first three quarters of 2025, with total revenue reaching 1.328 billion yuan [24][27]. - The net profit attributable to shareholders decreased by 38% year-on-year to 119 million yuan during the same period [27][28]. 4. New Energy Business Development - The company has been actively developing its new energy vehicle business since 2018, collaborating with Panasonic to enhance its product offerings [29]. - It has successfully expanded its product range to include precision components for electric control systems and has entered the lidar and millimeter-wave radar markets [29][33]. 5. Liquid Cooling and Server Structure Components - The company is leveraging the rapid growth of the liquid cooling market, with expectations of significant revenue contributions from this segment [35][36]. - Collaborations with companies like Green Cloud are underway to develop liquid cooling server technologies [37]. 6. Earnings Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 18.1 billion, 22.9 billion, and 27.3 billion yuan, respectively, with corresponding net profits of 1.66 billion, 2.09 billion, and 2.69 billion yuan [3][45]. - The company’s PE ratios for the same period are forecasted to be 44.60, 35.37, and 27.48, indicating a favorable valuation compared to peers [46].

Core Viewpoint - Recent developments in Xingrui Technology, including share buybacks, board restructuring, and overseas capacity expansion, are noteworthy for investors [1] Group 1: Stock Buyback - As of January 31, 2026, Xingrui Technology has repurchased a total of 2.64 million shares, accounting for 0.89% of the total share capital, with a total expenditure of approximately 59.91 million yuan. The repurchase price ranged from 16.739 yuan to 24.349 yuan per share, aligning with the company's established plan [2] Group 2: Board Restructuring - On December 10, 2025, the company announced the results of its board restructuring election, forming a new board consisting of 11 members (7 non-independent directors and 4 independent directors) with a term of three years. Notably, Cao Jun was elected as the employee representative director, Chen Jiawei was appointed as the board secretary, and Zhang Ruiqi was named deputy general manager. This change aims to optimize the company's governance structure [3] Group 3: Project Advancement - The company is enhancing its presence in the Southeast Asian market, with plans to advance the acquisition of a production base in Thailand to improve local service capabilities. Additionally, the production base on Batam Island in Indonesia has achieved stable operations, and the Vietnam base resumed production in 2023 after being affected by the pandemic [4] Group 4: Convertible Bonds - The 462 million yuan convertible bonds issued in 2023 entered the conversion period in January 2024. As of January 31, 2026, the total share capital increased to 298 million shares due to the conversion, which may have a lasting impact on the share structure [5] Group 5: Financial Status - According to the Q3 2025 report, the company reported a revenue of 1.328 billion yuan for the first three quarters, a year-on-year decrease of 10.13%. The net profit attributable to shareholders was 119 million yuan, down 38.42% year-on-year. The high proportion of accounts receivable requires attention to future collection situations. The business structure shows that the automotive electronics segment accounts for 52.32% of total revenue, while smart terminals account for 26.26%. The company faces competitive pressures and cost challenges in the industry [6] Group 6: Fund Movements - As of February 2, 2026, the financing balance stood at 355 million yuan, representing 5.10% of the market capitalization, which is at the 90th percentile level over the past year. The margin balance was 337,500 yuan, also at a high level, indicating significant market funding divergence [7]

Group 1: Precision Medicine and Robotics - The report highlights Jingfeng Medical-B as a leader in surgical robotics in China, driving advancements in surgical procedures through continuous technological innovation, with rapid growth in global clinical surgeries and domestic sales [2][3] - The company is projected to achieve revenues of 432 million, 811 million, and 1.236 billion yuan from 2025 to 2027, with a target price of 73.20 yuan for 2026 based on a 35X PS valuation [3] - Jingfeng Medical has established a comprehensive surgical solution with its innovative multi-port and single-port robotic systems, becoming the first in China and the second globally to obtain regulatory approval for multiple robotic systems [3][4] Group 2: Market Performance and Sales Growth - In 2024, Jingfeng Medical sold 20 multi-port surgical robots, ranking first among domestic manufacturers, with clinical applications covering over 220 hospitals across 30 provinces in China [4] - The company's total revenue is expected to increase from 48 million yuan in 2023 to 160 million yuan in 2024, with a significant rise from 30 million yuan in the first half of 2024 to 149 million yuan in the first half of 2025 [4] - The report indicates that Jingfeng Medical's international expansion has led to explosive growth in overseas orders, with 72 out of 118 signed global sales agreements for core products being from overseas markets [5] Group 3: Precision Manufacturing and Emerging Industries - The report covers Xingrui Technology as a leading precision manufacturing enterprise in China, focusing on automotive electronics and actively expanding into emerging industries, with a target price of 32.11 yuan [6][8] - Revenue projections for Xingrui Technology are 1.626 billion, 1.980 billion, and 2.482 billion yuan from 2025 to 2027, with an expected EPS of 0.48, 0.69, and 0.95 yuan respectively [6] - The company has established a robust product matrix, including electronic connectors and structural components, with applications in new energy vehicle systems and consumer electronics, enhancing its competitive advantage in the automotive electronics sector [7] Group 4: Strategic Partnerships and Market Expansion - Xingrui Technology has formed strategic partnerships to expand into the liquid cooling industry, collaborating with Green Cloud to develop advanced technologies and products for data centers [8] - The company has a strong customer base, collaborating with renowned brands in consumer electronics and new energy sectors, and has established a global business layout with factories in multiple locations [7][8] - The report emphasizes the potential for Xingrui Technology to benefit from the growing demand for liquid cooling solutions driven by energy efficiency upgrades in data centers [8]

精密嵌塑翘楚，战略拓展新兴行业 兴瑞科技(002937) 本报告导读： 公司作为国内领先的精密制造企业，依托头部优质客户与全球化布局深化汽车电子 业务，同时公司积极拓展新兴业务，成长空间广阔，首次覆盖，给予"增持"评级。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,006 | 1,902 | 1,626 | 1,980 | 2,482 | | (+/-)% | 13.5% | -5.2% | -14.5% | 21.7% | 25.3% | | 净利润(归母) | 267 | 229 | 143 | 204 | 282 | | (+/-)% | 22.0% | -14.4% | -37.4% | 42.8% | 37.9% | | 每股净收益(元) | 0.90 | 0.77 | 0.48 | 0.69 | 0.95 | | 净资产收益率(%) | 17.4% | 14.3% | 8.4% | 11.2% ...

精密嵌塑翘楚，战略拓展新兴行业 兴瑞科技(002937) 本报告导读： 公司作为国内领先的精密制造企业，依托头部优质客户与全球化布局深化汽车电子 业务，同时公司积极拓展新兴业务，成长空间广阔，首次覆盖，给予"增持"评级。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 2,006 | 1,902 | 1,626 | 1,980 | 2,482 | | (+/-)% | 13.5% | -5.2% | -14.5% | 21.7% | 25.3% | | 净利润(归母) | 267 | 229 | 143 | 204 | 282 | | (+/-)% | 22.0% | -14.4% | -37.4% | 42.8% | 37.9% | | 每股净收益(元) | 0.90 | 0.77 | 0.48 | 0.69 | 0.95 | | 净资产收益率(%) | 17.4% | 14.3% | 8.4% | 11.2% ...

Group 1 - The PEEK concept sector is showing strength, with notable stock increases from companies such as Zhaomin Technology, Xingrui Technology, Xinhan New Materials, Zhongxin Fluorine Materials, Henghe Precision, and Kent Shares [1] - The stocks mentioned are leading in terms of percentage gains within the PEEK concept sector [1] - The report indicates a significant market movement in the PEEK sector as of February 6, with specific companies highlighted for their performance [1]

Group 1 - The core business of Ningbo Xingsui Electronic Technology Co., Ltd. focuses on precision electronic components and mold products, with revenue contributions from automotive electronics (52.32%), smart terminals (26.26%), and consumer electronics (8.04%) [2] - As of September 30, 2025, the company reported a revenue of 1.328 billion yuan, a year-on-year decrease of 10.13%, and a net profit attributable to shareholders of 119 million yuan, down 38.42% year-on-year [2] - The company has distributed a total of 495 million yuan in dividends since its A-share listing, with 298 million yuan distributed in the last three years [3] Group 2 - On February 2, 2025, Xingsui Technology's stock price fell by 2.50%, with a trading volume of 150 million yuan [1] - The financing data on February 2 indicated a net financing outflow of 13.52 million yuan, with a total financing balance of 356 million yuan, accounting for 5.10% of the circulating market value [1] - The company had a high level of margin trading, with the financing balance exceeding the 90th percentile of the past year [1]

Group 1 - The company, Xingrui Technology (002937.SZ), announced a share buyback of 2,640,000 shares, representing 0.89% of its total share capital of 297,778,699 shares as of January 31, 2026 [1] - The buyback was conducted through a centralized bidding method, with a maximum transaction price of 24.349 CNY per share and a minimum transaction price of 16.739 CNY per share [1] - The total amount paid for the buyback was 59,912,614.02 CNY, excluding transaction fees, and the buyback aligns with the company's established plan and complies with relevant laws and regulations [1]

Group 1 - The core point of the article is that Xingrui Technology (002937.SZ) has repurchased a total of 2,640,000 shares, which represents 0.89% of the company's total share capital as of January 31, 2026 [1] - The shares were repurchased through a centralized bidding method at a maximum price of 24.349 yuan per share and a minimum price of 16.739 yuan per share [1] - The total amount paid for the repurchase was 59,912,614.02 yuan, excluding transaction fees, and the repurchase complies with relevant laws and regulations as well as the company's established repurchase plan [1]

兴瑞科技公告称，公司于2025年4月审议通过回购股份方案，拟使用6000万-12000万元回购股份用于激 励。因权益分派，回购价格上限由31元/股调整为不超30.60元/股。截至2026年1月31日，公司已回购264 万股，占总股本0.89%，最高成交价24.349元/股，最低成交价16.739元/股，累计支付资金5991.26万元 （不含交易费）。公司后续将继续按方案回购并及时披露。 ...