Summary of Conference Call Notes Company Overview - The company discussed is 德恩精工 (Deen Precision Engineering), which operates in the 3D printing sector focused on commercial aerospace rockets. The company has a small market capitalization but significant growth potential [1]. Core Industry Insights - The company is leveraging its core 3D printing capabilities through its subsidiary, 德恩航天 (Deen Aerospace), to produce rocket components and molds using sand-type 3D printing technology [1]. - The company is currently engaging with multiple commercial aerospace clients and is actively seeking partnerships with leading customers in the industry [1]. Financial Projections - The company aims to achieve revenues exceeding 20 million by 2025 [1]. - The core value of the products is substantial: 1. Rocket tail sections and structural components account for approximately 10% of the rocket body cost, with a single launch value of around 6 to 7 million [1]. 2. Adapters have a single unit value of approximately 400,000 [1]. 3. Ground launch towers represent over 20% of the launch platform's value, with a total investment of 1 billion calculated for a launch platform, corresponding to a value of over 200 million [1]. Additional Important Insights - The company’s products are positioned to benefit from inflationary trends, particularly in the direction of multi-satellite launches [1].

Group 1 - The core point of the article is that 德恩精工 (Deen Precision) has reported a total of 20,433 shareholders as of February 13, 2026 [1]

Investment Rating - The report maintains a "Market Weight" rating for the mechanical equipment industry, indicating that the industry index is expected to perform within ±10% of the market index over the next six months [45]. Core Insights - The demand for humanoid robots is expected to accelerate in 2026 due to advancements in embodied intelligence, supported by policy backing and rapid technological iterations. The industry is transitioning from concept to mass production, presenting opportunities for investment in the robot sector [3][41]. - The engineering machinery sector shows signs of recovery, with significant growth in excavator sales in January 2026. Factors such as the accelerated issuance of special bonds and global interest rate cuts are expected to boost demand for engineering machinery [3][41]. - The mechanical equipment sector has outperformed the CSI 300 index, with a bi-weekly increase of 4.29%, ranking 4th among 31 sectors [4][12]. Summary by Sections Market Review - As of February 12, 2026, the mechanical equipment industry has seen a bi-weekly increase of 4.29%, outperforming the CSI 300 index by 5.01 percentage points [12]. - The engineering machinery sector recorded the highest bi-weekly increase of 7.80% among the five sub-sectors [15][17]. Valuation Situation - The current PE ratio for the mechanical equipment sector is 36.68, with sub-sectors showing varying valuations: general equipment at 53.27, specialized equipment at 37.85, and engineering machinery at 25.73 [21]. Data Updates - The report highlights significant growth in excavator sales, with domestic sales showing a year-on-year increase of 23.90% in January 2026 [40]. Industry News - The report includes updates on various companies, such as OptoTech planning to raise funds for expanding its industrial automation capabilities [39]. Weekly Insights - The report suggests focusing on companies like Huichuan Technology and Greentec Harmonic for potential investment opportunities in the robot sector, and Sany Heavy Industry and Hengli Hydraulic in the engineering machinery sector [41][43].

Group 1 - The company is expected to report a net profit of between -60 million to -40 million yuan for 2025, representing a year-on-year change of -54.11% to -69.41% [2] - The annual report is forthcoming, which may provide further insights into the company's financial health [2] Group 2 - The subsidiary, Deen Aerospace, is involved in the research and manufacturing of rocket launch equipment, indicating a focus on aerospace technology [3] - Deen Cloud Manufacturing, another subsidiary, emphasizes AI services and digital solutions, which may attract ongoing market interest [3] Group 3 - The company's stock has experienced significant volatility, with a net outflow of 17.78 million yuan in principal funds on February 9, 2026 [4] - Over the past 60 days, the stock price has increased by 42.90%, suggesting potential investor interest and market dynamics [4]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 四川德恩精工科技股份有限公司（以下简称"公司"）控股子公司四川德恩云智 造科技有限公司（以下简称"德恩云智造"）于近日完成了工商变更登记手续并取得 青神县市场监督管理局换发的《营业执照》。 证券代码：300780 证券简称：德恩精工 公告编号：2026-004 四川德恩精工科技股份有限公司 关于控股子公司完成工商变更登记并换发《营业执照》的 公告 二、德恩云智造股东情况 一、变更后的《营业执照》登记信息 1、统一社会信用代码：91511402MA67MWD20A 8、经营范围：许可项目：第一类增值电信业务；第二类增值电信业务。（依法 须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批 准文件或许可证件为准）一般项目：货物进出口；物联网技术服务；信息系统集成服 务；智能控制系统集成；互联网数据服务；软件开发；数据处理和存储支持服务；会 议及展览服务；商务秘书服务；社会经济咨询服务；工业设计服务；技术服务、技术 开发、技术咨询、技术交流、技术转让、技术推广；普通机械设备安装服务；工业机 器人安 ...

Group 1 - The core point of the article is that 德恩精工 (Deen Precision) has reported a total of 21,558 shareholders as of January 30, 2026 [1]

Financial Projections - The company expects a net profit in the range of -60 million to -40 million CNY for the year 2025, representing a year-on-year improvement of 54.11% to 69.41% compared to the previous year's net profit of -130.75 million CNY[4] - The net profit after deducting non-recurring gains and losses is projected to be between -75 million and -55 million CNY, showing a year-on-year increase of 49.30% to 62.82% from -147.91 million CNY last year[4] - The final data will be confirmed in the company's 2025 annual report, as the current figures are preliminary and unaudited[7] Business Performance - The increase in orders is attributed to a significant rise in demand from downstream industries such as construction machinery, automotive parts, and new energy equipment, leading to steady growth in main business revenue[6] - The company has implemented measures to enhance equipment automation, optimize production processes, and promote lean management, effectively controlling the production costs per unit[6]

Market Overview - The general equipment sector experienced a decline of 1.92% on January 29, with Haichuan Intelligent leading the drop [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Top Gainers in General Equipment Sector - Deen Precision Engineering (300780) saw a significant increase of 19.99%, closing at 32.71 with a trading volume of 307,500 shares and a transaction value of 906 million [1] - Mouse View Technology (688583) rose by 15.08%, closing at 107.23 with a trading volume of 46,200 shares and a transaction value of 486 million [1] - New Jin Power (300157) increased by 14.65%, closing at 6.34 with a trading volume of 2,395,300 shares and a transaction value of 140.9 million [1] Top Losers in General Equipment Sector - Wenshan Sanqi (300720) fell by 13.99%, closing at 33.20 with a trading volume of 154,100 shares and a transaction value of 550 million [2] - Hongsheng Co., Ltd. (603090) decreased by 10.00%, closing at 79.88 with a trading volume of 37,600 shares and a transaction value of 317 million [2] - Jincheng Technology (301525) dropped by 9.04%, closing at 86.24 with a trading volume of 41,600 shares and a transaction value of 374 million [2] Capital Flow Analysis - The general equipment sector saw a net outflow of 3.517 billion in main funds, while retail investors contributed a net inflow of 2.687 billion [2] - The sector experienced a net inflow of 830 million from speculative funds [2] Individual Stock Capital Flow - Leo Group (002131) had a main fund net inflow of 2.89 billion, but a net outflow of 1.12 billion from speculative funds [3] - Deen Precision Engineering (300780) recorded a main fund net inflow of 166 million, with a net outflow of 46.308 million from speculative funds [3] - New Jin Power (300157) had a main fund net inflow of 33.89 million, while speculative funds saw a net inflow of 43.007 million [3]

Group 1 - The trading volume of Deen Precision Engineering reached 1.255 billion RMB, marking a new high since October 9, 2023 [2] - The latest stock price of Deen Precision Engineering decreased by 2.20%, with a turnover rate of 37.75% [2] - The previous trading day saw a total trading volume of 1.254 billion RMB for the stock [2] Group 2 - Sichuan Deen Precision Engineering Technology Co., Ltd. was established on October 10, 2003, with a registered capital of 146.67 million RMB [2]

Market Overview - The A-share market continued its upward trend, with significant gains in sectors such as non-ferrous metals and renewable energy, leading to all four major indices closing in the green [2] - The Shanghai Composite Index closed at 4136.16 points, up 0.33%, while the Shenzhen Component Index rose by 0.79% to 14439.66 points [2] - The total trading volume in the Shanghai and Shenzhen markets reached 30.853 trillion yuan, an increase of over 390 billion yuan compared to the previous day [2] Space Industry Developments - The commercial aerospace sector saw a surge in interest, particularly in space photovoltaic technology, which became a focal point for active capital [2][3] - Blue Arrow Aerospace's IPO process on the Sci-Tech Innovation Board is progressing rapidly, with its application status changing to "under inquiry" as of January 22 [3] - SpaceX announced plans to launch its second-generation Starlink system by 2027, while Blue Origin is set to deploy a satellite communication network consisting of 5408 satellites by the fourth quarter of 2027 [3] Photovoltaic Sector Performance - The photovoltaic equipment index rose by 8.69%, with 64 stocks in the sector, of which only two declined, and several stocks, including Maiwei Co. and Jiejia Weichuang, hitting the 20% limit up [4] - Longi Green Energy, a leading company in the photovoltaic sector, also recorded a limit-up performance [4] - Space photovoltaic energy utilizes solar technology in outer space environments, providing a stable and lightweight energy solution compared to traditional fossil fuels and nuclear energy [4] Technological Advancements - SpaceX has confirmed the use of P-type HJT battery technology for large-scale production of space solar cells, which is seen as a short-term optimal alternative due to its cost-effectiveness and material flexibility [5] - The demand for GW-level space photovoltaic solutions is expected to grow significantly, with the existing arsenide gallium batteries unable to meet deployment needs [5] Investment Outlook - Market sentiment is optimistic, with institutions suggesting a focus on company performance as the annual earnings forecast period approaches [5] - The strategy team at CITIC Securities indicates that the market is in an upward trend, with active capital likely to seek thematic investment opportunities, particularly in commercial aerospace [5] - Investors are advised to concentrate on high-growth sectors, such as semiconductor equipment driven by storage expansion [5]