Investment Rating - The report initiates coverage with a "Buy" rating for the company [66][84]. Core Insights - The company has shown strong revenue growth of 29.44% year-on-year, reaching 183 million yuan in the first three quarters of 2024, driven by increased sales and improved production efficiency [103][66]. - The company is expanding its product lines, particularly in harmonic reducers, which are expected to open up significant growth opportunities [102][66]. - The company has established long-term strategic partnerships with leading manufacturers across various industries, enhancing its market position [150][66]. Summary by Sections Company Overview - The company, founded in 2001, specializes in precision machining and die-casting, and was one of the first to list on the Beijing Stock Exchange in 2021 [1][66]. - It has received multiple accolades, including being recognized as a national high-tech enterprise and a "little giant" enterprise [1][66]. Financial Performance - In the first three quarters of 2024, the company achieved a net profit of 22 million yuan, a year-on-year increase of 35.68% [103][66]. - The company expects revenue growth of 20.60%, 21.13%, and 17.86% for 2024, 2025, and 2026, respectively, with net profits projected to grow by 22.70%, 23.89%, and 22.34% in the same period [66][66]. Market Position and Strategy - The company has a competitive edge in precision machining due to its advanced technology and strong customer relationships, including partnerships with major brands like THK and Yaskawa [150][66]. - The company is actively expanding its global market presence and has plans to increase production capacity for harmonic reducers, which are in high demand due to the growth of humanoid robotics [59][66]. Industry Outlook - The report highlights a positive outlook for the automation and semiconductor industries, with expected growth in demand for the company's products [22][66]. - The company is well-positioned to benefit from government policies promoting economic growth and industrial automation [22][66].

Investment Rating - The industry investment rating is upgraded to "Overweight" [6] Core Viewpoints - The engineering machinery industry is entering an upward cycle driven by national infrastructure projects and supportive policies [6] - The overall performance of the engineering machinery sector has shown improvement, with significant growth in both domestic and export sales [6] - The central region of China has the highest comprehensive operating rate, indicating strong demand for engineering machinery [6] Summary by Relevant Sections Industry Performance - In November, the national engineering machinery operating rate was 51.72%, with 12 provinces showing month-on-month growth [6] - The central region's comprehensive operating rate reached 60.89%, leading all regions [6] Export and Sales Data - In November, China's engineering machinery export value was $4.485 billion, a year-on-year increase of 16.3% [6] - The sales of various excavators in November reached 17,590 units, up 17.9% year-on-year [6] Future Outlook - The engineering machinery sector is expected to benefit from the ongoing development strategies in the central and western regions, as well as from the Belt and Road Initiative [6] - The demand for engineering machinery is anticipated to continue growing due to favorable economic indicators and government policies [6]

执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 | --- | --- | --- | |----------------|--------------------|-----------| | | | | | % | 3 个月 | 12 个月 | | 相对收益 | 23.2 | 3.25 | | 绝对收益 | 47.97 | 21.22 | | 数据来源：聚源 | 注：相对收益与沪深 | 300 相比 | | | 2024 年 12 月 | 18 日数据 | 相关研究报告 1. 江海证券-行业点评报告-电子行业：AI 眼镜产品百花齐放，行业奇点将至 – 2024.11.14 2. 江海证券-行业点评报告-电子行业：字 节跳动发布 AI 智能体耳机，关注 IoT 设备 相关投资机会 – 2024.10.23 | --- | --- | |------------------------------------|--------------------| | 2024 年 12 月 19 日 | 江海证券研究发展部 | | 电子行业 | ...

Investment Rating - The report assigns an "Accumulate" rating for the company, Wuxi Dingbang Heat Exchange Equipment Co., Ltd. [2] Core Viewpoints - Wuxi Dingbang specializes in heat exchange equipment for the petrochemical sector and has been recognized as a national-level "specialized and innovative" small giant enterprise. The company emphasizes technological innovation and has a strong market position in the heat exchange equipment industry [2][15]. - The domestic heat exchange equipment market is expected to grow steadily, with a projected compound annual growth rate (CAGR) of 3.29%, increasing from 90.02 billion yuan in 2023 to 99.21 billion yuan by 2026 [2][55]. - The company has a robust competitive edge due to its extensive experience, strong R&D capabilities, and a well-recognized product line that meets both domestic and international standards [2][3]. Summary by Sections Company Overview - Wuxi Dingbang was established in 2003 and focuses on manufacturing heat exchange equipment primarily for the petrochemical industry. The company has received accolades for its commitment to quality and innovation [15][18]. Industry Overview - The heat exchange equipment industry is crucial for energy efficiency in various sectors, including petrochemicals, power generation, and metallurgy. The demand for heat exchange equipment is particularly high in the petrochemical industry, which accounts for approximately 30% of the market demand [55][62]. Market Competitiveness - Wuxi Dingbang has maintained a strong market position through continuous technological advancements and a dedicated R&D team. The company’s products are recognized for their quality and reliability in high-temperature and toxic environments [2][3][35]. Financial Forecast and Valuation - The company’s revenue is projected to grow from 467.05 million yuan in 2024 to 525.64 million yuan in 2026, with net profit expected to increase from 46.31 million yuan to 61.56 million yuan during the same period. The report estimates a P/E ratio of 26.97 for 2024, decreasing to 20.29 by 2026 [3][4]. Investment Projects - The company plans to utilize the proceeds from its IPO for two main projects: expanding production capacity for heat exchangers and air coolers, and establishing a research and development center to enhance its technological capabilities [51][54].

Investment Rating - The industry rating is Neutral (maintained) [3] Core Insights - The report emphasizes that the standard enhancement in the raw materials industry will drive the upgrade of equipment in sectors such as petrochemicals, steel, non-ferrous metals, and building materials, which collectively account for nearly 30% of industrial added value [2][3] - The report highlights that the digital transformation standards will accelerate the development of intelligent manufacturing equipment in the raw materials sector, focusing on areas such as artificial intelligence integration and smart factory standards [2] - The establishment of advanced material standards is expected to broaden downstream demand for manufacturing equipment, particularly in high-performance and strategic materials [2] Summary by Sections - **Recent Industry Performance**: The report notes a relative return of 4.47% over one month, 14.18% over three months, and a decline of 7.55% over twelve months compared to the CSI 300 index [2] - **Investment Highlights**: The report suggests focusing on listed companies involved in the key areas mentioned, particularly those related to the equipment industry that aligns with the new standards and digital transformation initiatives [2] - **Policy Impact**: The report discusses the recent action plan released by various ministries aimed at optimizing the standard system in the raw materials industry, which is expected to lead to the elimination of outdated production capacity and promote high-end, intelligent, and green manufacturing equipment [2]

Investment Rating - The industry rating is upgraded to "Overweight" [3] Core Insights - The report highlights that the government is taking significant steps to boost consumption, with a focus on the social services sector, particularly in the context of the ice and snow economy [2][3] - The National Development and Reform Commission has set ambitious targets for the ice and snow economy, aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [2] - November retail sales data showed a total of 4.38 trillion yuan, with a year-on-year growth of 3.0%, indicating a slight decline compared to October due to the early timing of the "Double Eleven" shopping festival [2] Summary by Sections Retail Sales Performance - In November, retail sales of consumer goods reached 4.38 trillion yuan, with a year-on-year increase of 3.0% [2] - Excluding automobiles, retail sales were 3.90 trillion yuan, growing by 2.5% year-on-year [2] - For the first eleven months, total retail sales amounted to 44.27 trillion yuan, reflecting a year-on-year growth of 3.5% [2] Consumption Trends - The report notes a decline in growth rates for certain consumer categories, with essential goods like food and daily necessities showing stable growth, while discretionary items like clothing and cosmetics experienced significant declines [2] - Notably, home appliances and automotive sales benefited from government policies, with growth rates of 22.2% and 6.6% respectively in November [2] Investment Recommendations - The report suggests focusing on traditional retail companies such as Hongqi Chain, Chongqing Department Store, and Bailian Group, as well as cosmetics firms like Proya, Shuyuan, and Marubi [2] - It also recommends investing in liquor companies including Kweichow Moutai, Wuliangye, and Luzhou Laojiao, along with home appliance manufacturers like Midea Group and Gree Electric [2]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 27.2 CNY over a 12-month period [2]. Core Views - The company, Guangdong Audiwei Sensor Technology Co., Ltd., has established itself as a leader in the smart sensor and actuator industry since its inception in 1999, focusing on research, design, production, and sales of intelligent sensors and actuators [2][30]. - The company's revenue and net profit have shown steady growth, with total revenue increasing from 293 million CNY in 2018 to 467 million CNY in 2023, reflecting a 5-year CAGR of 9.77%. The net profit has also grown significantly from 28 million CNY in 2018 to 77 million CNY in 2023, with a 5-year CAGR of 22.42% [2][47]. - The sensor market is experiencing rapid growth, particularly in automotive applications due to the increasing penetration of electric vehicles and advanced driver-assistance systems (ADAS) [2][75]. Summary by Sections Company Overview - The company specializes in smart sensors and actuators, holding multiple core technologies essential for providing components and solutions for the Internet of Things (IoT) [2][30]. - Audiwei has a diverse product line that includes distance, flow, and pressure sensors, as well as atomization transducers and alarm sounders, serving various sectors such as automotive electronics, smart instruments, and security [2][30]. Financial Performance - The company's total revenue has shown a steady increase, with a notable recovery in 2023 after a dip in 2022 due to external factors affecting sales [2][47]. - The net profit has also demonstrated strong growth, with a slight increase in the first three quarters of 2024 compared to the previous year [2][51]. Main Business Segments - The primary products are categorized into sensors and actuators, with sensors based on piezoelectric effects used for detecting information such as distance and position, while actuators utilize reverse piezoelectric effects for feedback actions [2][68]. - The company’s sensor products include ultrasonic sensors and modules, flow sensors, and pressure sensors, which are critical components in smart instruments [2][69]. Market Trends - The automotive sensor market is poised for rapid growth, driven by advancements in ADAS and autonomous driving technologies, which require an increased number of sensors for enhanced safety and intelligence [2][75]. - The company is well-positioned to benefit from the growing demand for smart water meters and the increasing adoption of ultrasonic flow sensors in both domestic and international markets [2][75].

Investment Rating - The industry rating is neutral (maintained) [2] Core Viewpoints - The digital transformation of small and medium-sized enterprises (SMEs) is a significant driver for the growth of the machinery equipment industry, with a focus on enhancing innovation, employment, and living standards [1][2] - The Ministry of Industry and Information Technology, along with other departments, has set ambitious targets for the digitalization of SMEs, aiming for a numerical control rate of 75% and a cloud adoption rate of 40% by 2027 [1] - The report emphasizes the need for tailored digital solutions for different levels of SMEs, promoting a systematic approach to integrate and upgrade their operations [1] - The demand for various high-level sensors, integrated design and manufacturing equipment, and automation devices is expected to rise significantly as SMEs undergo digital transformation [1] - The growth of the data center (IDC) equipment market is anticipated due to the increasing need for physical support in data management and artificial intelligence applications [1] Summary by Sections Investment Highlights - The digital upgrade of SMEs is crucial for the development of the machinery equipment industry, with over 57 million SMEs in China as of 2023 [1] - The report outlines the current low levels of digitalization in key industrial enterprises, with a numerical control rate of only 62.9% and a cloud adoption rate of 21.2% in Hebei province [1] Policy Implications - The new policy framework encourages a systematic and integrated approach to digital transformation for SMEs, focusing on tailored solutions based on their digital maturity levels [1] - The report highlights the importance of building smart factories and enhancing the capabilities of SMEs in various sectors, including raw materials, equipment manufacturing, and consumer goods [1] Market Opportunities - The report suggests that the demand for digital production equipment and sensors will be a key growth area for SMEs as they modernize their operations [1] - The anticipated growth in the IDC equipment market is linked to the increasing volume of data generated by SMEs during their digital transformation [1]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Viewpoints - The report highlights the positive trend in the industrial mother machine sector, driven by government policies and local initiatives aimed at enhancing the competitiveness of the supply chain and manufacturing capabilities [1][3] - The production of machine tools in China has shown consistent growth, with metal cutting and forming machine tool outputs increasing by 7.4% and 7.1% year-on-year, respectively, as of October [1] - The manufacturing PMI for November indicates a recovery in demand for machine tools, with a reading of 50.3%, suggesting an expansion in manufacturing activity [1] Summary by Relevant Sections Industry Performance - As of October, the cumulative output of metal cutting machine tools reached 567,000 units, while forming machine tools totaled 136,000 units, both showing positive growth for four consecutive months [1] - Machine tool exports also increased, with a total of 14.86 million units exported from January to October, marking a 6.6% year-on-year increase [1] Government Initiatives - The Zhejiang Provincial Economic and Information Technology Department issued a plan to boost the industrial mother machine industry, targeting an output value exceeding 120 billion yuan by 2025 and 150 billion yuan by 2027 [1] - Other provinces, including Jiangsu, Liaoning, and Chongqing, are also implementing initiatives to support the development of the industrial mother machine sector [1] Investment Opportunities - The report suggests focusing on companies involved in machine tools, CNC systems, cutting tools, and automation components, as they are expected to benefit from increased fixed asset investments in the manufacturing sector [3]

执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 | --- | --- | --- | --- | --- | |----------------|-------|--------|--------------------|-----------| | | | | | | | | | | | | | | | | | | | % | | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | | -0.78 | 43.28 | -8.52 | | 绝对收益 | | -3.27 | 69.72 | 9.29 | | 数据来源：聚源 | | | 注：相对收益与沪深 | 300 相比 | | | | 注： | 2024 年 12 月 | 12 日数据 | | --- | --- | |---------------------|--------------------| | 2024 年 12 月 16 日 | 江海证券研究发展部 | | 计算机行业 | | | 谷歌推出 Gemini 2.0 | ， OpenAI 启动 | | 12 天 ...