Investment Rating - The report maintains a "Buy" rating for the company with a target price of 110.56 yuan per share, based on a 29 times PE valuation for 2026E [5][7]. Core Insights - The company, Qiaofeng Intelligent, is a leading enterprise in the metal cutting machine tool sector, focusing on high-end CNC machine tools and benefiting from the domestic substitution process in China [2][3]. - The company has shown significant revenue growth, with a projected revenue of 1.76 billion yuan in 2024, up 21.02% year-on-year, and a net profit of 205 million yuan, up 21.33% year-on-year [2][3]. - The company is expanding into the robotics processing equipment field, which is expected to further enhance its growth potential [4]. Summary by Sections Company Overview - Qiaofeng Intelligent, established in 2009, specializes in the R&D, production, sales, and service of mid-to-high-end CNC machine tools, recognized as a national-level specialized "little giant" enterprise [2][21]. - The company has a comprehensive product range, including vertical machining centers, gantry machining centers, and horizontal machining centers, serving various industries such as general equipment, consumer electronics, automotive parts, and aerospace [2][3][21]. Market Opportunity - The high-end machine tool market in China is vast, with domestic enterprises still underperforming compared to global standards, indicating a strong need for domestic substitution [3][4]. - The company is well-positioned to benefit from this trend due to its strong product quality, complete product layout, and self-sufficient key components [3][4]. Growth Potential - The company plans to enhance its production capacity through new projects and is actively pursuing overseas expansion opportunities [4]. - It is also developing new products in key sectors such as new energy vehicles and aerospace, which are expected to contribute significantly to revenue [4][5]. Financial Performance - The company has demonstrated robust financial growth, with a projected revenue increase to 2.52 billion yuan in 2025, representing a 43.02% year-on-year growth, and a net profit of 325 million yuan, up 58.37% [5][6]. - The revenue from the vertical machining center segment has been a major contributor, accounting for 83.8% of total revenue in the first half of 2025 [33][34]. Profitability - The company maintains a strong profitability profile, with a gross margin around 30%, which is higher than many peers in the industry [46][49]. - The net profit margin has also improved, reaching 15% in the first half of 2025, reflecting effective cost control and product quality [46][49].

Core Viewpoint - Qiaofeng Intelligent experienced a slight decline of 0.73% on September 22, with a trading volume of 228 million yuan, indicating a high level of financing activity and a significant presence in the market [1]. Financing Summary - On September 22, Qiaofeng Intelligent had a financing buy-in amount of 22.68 million yuan and a financing repayment of 30.94 million yuan, resulting in a net financing outflow of 8.26 million yuan [1]. - The total financing and securities balance for Qiaofeng Intelligent reached 239 million yuan, accounting for 7.93% of its circulating market value, which is above the 90th percentile level over the past year [1]. - The company had no short-selling activity on September 22, with a short-selling balance of 0 shares, indicating a lack of bearish sentiment in the market [1]. Business Performance - As of June 30, Qiaofeng Intelligent reported a total of 10,600 shareholders, an increase of 4.34% from the previous period, with an average of 2,279 circulating shares per person, a decrease of 4.16% [2]. - For the first half of 2025, Qiaofeng Intelligent achieved a revenue of 1.214 billion yuan, representing a year-on-year growth of 50.36%, and a net profit attributable to shareholders of 179 million yuan, up 56.43% year-on-year [2]. Dividend and Shareholding - Since its A-share listing, Qiaofeng Intelligent has distributed a total of 109 million yuan in dividends [3]. - As of June 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 344,100 shares, which is a decrease of 176,800 shares compared to the previous period [3].

Core Points - Company participated in the "2025 Guangdong District Investor Collective Reception Day" on September 19, 2025, engaging with investors through an online platform [1] Financial Performance - As of June 30, 2025, the company's contract liabilities amounted to 129.63 million, representing a 30.72% increase from the end of 2024 and a 60.94% year-on-year increase [2] - For the first half of 2025, the company achieved operating revenue of 1.214 billion, a year-on-year increase of 50.36%, and a net profit attributable to shareholders of 179 million, up 56.43% year-on-year [2] Business Strategy - The company has no current plans to acquire or invest in CNC system companies but has stakes in "Shanghai Kepler Robot Co., Ltd." and "Yinchuang One Robot Co., Ltd." [2] - The management emphasizes ongoing operational management and effective communication with investors to reflect the company's value [2] Market Outlook - The company believes the CNC machine tool industry has significant growth potential due to manufacturing recovery, accelerated domestic substitution, and increased CNC rate [2] - The company’s products are widely used in various industries, with the top three revenue-generating sectors being general equipment, consumer electronics, and new energy vehicles [2] Production Capacity - New production capacities in Dongguan and Nanjing have been gradually put into use, alleviating short-term capacity constraints [2] - The overall capacity utilization rate is reasonable, and the company does not foresee capacity as a bottleneck in the short to medium term [2] Sales and Profitability - The sales strategy focuses on direct sales complemented by distribution, with limited impact from major customer expansion on gross margins [2] - Different CNC machine products cater to various processing needs, with no significant competition among them [2]

Group 1: Financial Performance - As of June 30, 2025, the company's contract liabilities amounted to 129.63 million CNY, representing a 30.72% increase from the end of 2024 and a 60.94% increase year-on-year from June 2024 [3][4] - For the first half of 2025, the company achieved revenue of 1.214 billion CNY, a year-on-year growth of 50.36%, and a net profit attributable to shareholders of 179 million CNY, up 56.43% year-on-year [14][16][21] - The company has not disclosed specific forecasts for the full-year 2025 revenue or net profit, but will provide updates in the quarterly reports [15][21] Group 2: Market and Industry Insights - The company anticipates continued growth in the CNC machine tool industry due to strong demand for machine upgrades, accelerated domestic substitution, and increasing CNC rates [6][7] - The main application sectors for the company's CNC machine tools include general equipment, consumer electronics, and the new energy vehicle industry, which are the top three revenue-generating sectors [8][9] Group 3: Strategic Plans and Operations - The company has no current plans to acquire or hold shares in CNC system companies, but will disclose any such developments in accordance with information disclosure regulations [4][5] - The company has established partnerships with robot companies, such as Shanghai Kepler Robot Co., Ltd., but does not have plans for controlling acquisitions in the robotics sector [5][9] - New production capacities in Dongguan and Nanjing have been gradually put into operation, alleviating previous capacity constraints and supporting market expansion [13][20] Group 4: Investor Relations and Communication - The company emphasizes ongoing communication with investors and aims to enhance stock price reflection of its value through improved operational management and transparency [5][11] - The company will disclose its third-quarter performance in October 2025, with expectations of maintaining good operational conditions [16][17]

Company Overview - JiaoFeng Intelligent Equipment Co., Ltd. is located in Dongguan, Guangdong Province, established on May 5, 2009, and listed on July 10, 2024. The company specializes in the research, production, and sales of CNC machine tools [1][2]. Financial Performance - For the first half of 2025, JiaoFeng Intelligent achieved operating revenue of 1.214 billion yuan, representing a year-on-year growth of 50.36%. The net profit attributable to the parent company was 179 million yuan, up 56.43% year-on-year [2]. - The company has distributed a total of 109 million yuan in dividends since its A-share listing [3]. Stock Performance - As of September 22, JiaoFeng Intelligent's stock price was 78.86 yuan per share, with a market capitalization of 9.523 billion yuan. The stock has increased by 85.03% year-to-date, but has seen a decline of 5.77% over the last five trading days [1]. - The stock has appeared on the "Dragon and Tiger List" three times this year, with the most recent appearance on March 12, where it recorded a net purchase of 23.8215 million yuan [1]. Shareholder Information - As of June 30, the number of shareholders for JiaoFeng Intelligent was 10,600, an increase of 4.34% from the previous period. The average number of circulating shares per person decreased by 4.16% to 2,279 shares [2]. - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 344,100 shares, which is a decrease of 176,800 shares from the previous period [3]. Industry Context - JiaoFeng Intelligent operates within the mechanical equipment sector, specifically in general equipment and machine tools. The company is associated with concepts such as new energy vehicles, Industry 4.0, new industrialization, margin financing, and robotics [2].

Industry Trends - The machine tool industry is experiencing accelerated domestic substitution and internationalization, with imports slowing and exports growing rapidly. Domestic companies are achieving breakthroughs in sectors like new energy vehicles and consumer electronics, supported by policies that enhance market share and open overseas markets [2][3]. - The demand for machine tools is bolstered by policy support and a strong recovery in manufacturing, with significant growth in metal cutting machine tool production expected from 2023 to 2024 [3]. - The CNC (Computer Numerical Control) rate is increasing, presenting growth opportunities for CNC machine tool companies, as China's CNC rate is currently lower than that of developed countries [3][4]. - Market competition is intensifying, with market share concentrating among leading companies due to their advantages in capacity expansion, high-end technology development, and brand strength [3][4]. Company Performance - In the first half of 2025, the company reported strong sales performance, with the general equipment sector contributing approximately 36% to total revenue, showing a nearly 10% year-on-year growth [3][4]. - The consumer electronics sector has seen a dramatic increase, with revenue share rising from about 5% two years ago to over 20% in the first half of 2025, reflecting a growth of approximately 190% [3][4]. - The automotive parts sector, primarily driven by new energy vehicles, accounted for around 14% of revenue, with a year-on-year growth of about 60% [3][4]. - The mold industry contributed approximately 8% to revenue, with a significant year-on-year growth of around 160% [3][4]. - The engineering machinery sector, after several years of decline, has rebounded with a year-on-year growth of about 170%, contributing around 5% to total revenue [3][4]. Seasonal Characteristics - The machine tool industry does not exhibit strict seasonal characteristics, with the company's performance showing minor fluctuations across quarters. This stability is attributed to diverse downstream sectors and effective capacity planning [4][5]. Competitive Strategy - The concentration of market share among leading firms is a natural outcome of industry upgrades. The company leverages its platform advantages, product reputation, and technological expertise to build a differentiated competitive edge [5][6]. - The company has established a comprehensive product lineup in metal cutting machine tools and possesses a strong R&D team of over 250 personnel, enabling rapid responses to market demands [6][7]. - A robust sales service system with over 300 personnel ensures efficient customer service and tailored solutions, enhancing operational efficiency through integrated R&D, design, and production processes [6][7]. Liquid Cooling Market - The demand for liquid cooling plates, essential for AI servers and new energy vehicles, is rapidly increasing. The company's products, such as high-speed drilling and vertical machining centers, meet the high precision and efficiency requirements for liquid cooling plate processing [6][7]. - The company is actively enhancing its sales team to address the liquid cooling market needs and is optimizing equipment performance to align with technological advancements in liquid cooling processing [7].

Group 1 - The core transaction on September 18 involved 70,000 shares of Qiaofeng Intelligent, with a transaction value of 5.845 million yuan and a transaction price of 83.50 yuan, representing a premium of 0.37% over the closing price of the day [2][3] - The closing price of Qiaofeng Intelligent on the same day was 83.19 yuan, reflecting a decline of 1.78%, with a turnover rate of 15.91% and a total trading volume of 506 million yuan, indicating a net outflow of 13.7983 million yuan in main funds [2][3] - Over the past five days, the stock has increased by 5.44%, with a total net inflow of funds amounting to 80.8928 million yuan [2][3] Group 2 - The latest margin financing balance for Qiaofeng Intelligent is 252 million yuan, which has increased by 39.3093 million yuan over the past five days, marking an increase of 18.48% [3] - Qiaofeng Intelligent Equipment Co., Ltd. was established on May 5, 2009, with a registered capital of 120.76 million yuan [3]

Group 1 - On September 18, Qiaofeng Intelligent executed a block trade of 70,000 shares, with a transaction amount of 5.845 million yuan, accounting for 1.14% of the total transaction volume for the day [1][2] - The transaction price was 83.5 yuan, which represents a premium of 0.37% compared to the market closing price of 83.19 yuan [1][2]

为进一步加强与投资者的互动交流， 乔锋智能装备股份有限公司（以下简 称"公司"）将参加由广东证监局、广东上市公司协会与深圳市全景网络有限公司 联合举办的"向新提质，价值领航—2025年广东辖区投资者集体接待日暨辖区上 市公司中报业绩说明会"活动，现将相关事项公告如下： 证券代码：301603 证券简称：乔锋智能 公告编号：2025036 乔锋智能装备股份有限公司 关于参加广东辖区2025年投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，不存在虚假记 载、误导性陈述或者重大遗漏。 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为2025年9月19日15:30-17:00。 届时公司高管将在线就2025年半年度业绩、公司治理、发展战略、经营状况等投 资者关心的问题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与。 特此公告。 乔锋智能装备股份有限公司 董事会 2025年9月16日 ...

Core Points - The stock price of Qiaofeng Intelligent dropped by 2.01% on September 16, trading at 82.01 CNY per share with a market capitalization of 9.904 billion CNY [1] - Qiaofeng Intelligent's stock has increased by 92.42% year-to-date, with a 6.99% rise in the last five trading days and a 32.25% increase over the last 20 days [1] - The company reported a revenue of 1.214 billion CNY for the first half of 2025, a year-on-year growth of 50.36%, and a net profit of 179 million CNY, up 56.43% [2] Company Overview - Qiaofeng Intelligent Equipment Co., Ltd. was established on May 5, 2009, and is located in Dongguan, Guangdong Province [1] - The company specializes in the research, production, and sales of CNC machine tools, with its main revenue sources being vertical machining centers (83.81%), followed by other categories [1] - As of June 30, 2025, the number of shareholders increased by 4.34% to 10,600, with an average of 2,279 circulating shares per shareholder, a decrease of 4.16% [2] Shareholder and Dividend Information - Qiaofeng Intelligent has distributed a total of 109 million CNY in dividends since its A-share listing [3] - The largest circulating shareholder is Hong Kong Central Clearing Limited, holding 344,100 shares, which is a decrease of 176,800 shares compared to the previous period [3]