【私募调研记录】相聚资本调研三鑫医疗、广电计量

Group 1: Sanxin Medical - Sanxin Medical has obtained the registration certificate for its self-developed disposable blood dialysis machine, becoming the first domestic brand to achieve this milestone, actively promoting the domestic substitution process [1] - The company's gross profit margin has increased year-on-year due to capacity release and cost reduction, while the net profit margin has decreased due to increased expenses and asset impairment [1] - Sanxin Medical has expanded its production capacity with new bases in Sichuan and Jiangxi to meet market demand, and has completed registrations in Indonesia, Peru, and Mexico, with significant growth in export revenue [1] - The company sees a broad domestic substitution space for blood dialysis machines and equipment, with continuous market demand growth supported by centralized procurement policies [1] - Sanxin Medical is collaborating with upstream and downstream manufacturers to develop polyethersulfone materials to enhance the competitiveness of its dialysis machines [1] Group 2: Guangdian Measurement - Guangdian Measurement has achieved double-digit growth in revenue and profit through its "Quality Report Double Improvement" action plan, with net profit margin increasing from 7.14% to 11.21% [2] - The company focuses on downstream industries with active research activities, such as special industries, automotive, new energy, and integrated circuits, driving revenue growth [2] - Guangdian Measurement has implemented refined management to improve capacity utilization and gross profit margin, with its life sciences business turning profitable [2] - In 2025, the company plans to strengthen its expansion in high-growth areas such as aerospace and digital economy, while continuing to increase R&D investment [2] - The company maintains an optimistic outlook on the prosperity of key downstream industries, particularly in special industries, automotive, communication, and integrated circuits [2] - The data science business has a growth rate of approximately 29%, with future plans to enhance technical security capabilities around data, information, and network security [2] - Guangdian Measurement is leveraging digital production, management, and marketing to improve work efficiency and per capita output [2] - The company has business layouts in low-altitude economy, civil aviation, and commercial aerospace, aiming to create performance growth points during the 14th Five-Year Plan period [2] - The integrated circuit business achieved revenue of 255.704 million yuan, a year-on-year increase of 26.28%, successfully developing advanced 4nm chip dissection technology [2]