【私募调研记录】明汯投资调研英杰电气、鼎阳科技等4只个股（附名单）

Group 1: Yingjie Electric - In 2024, Yingjie Electric's revenue is projected to be 1.78 billion yuan, a year-on-year increase of 0.59%, while net profit is expected to decline by 25.19% due to delays in revenue recognition in the photovoltaic industry, inventory write-downs, and increased expenses [1] - The company's cash flow from operating activities increased significantly to 601.77 million yuan, up by 46.20 million yuan year-on-year [1] - New orders decreased by approximately 40%, but the backlog remains over 2.7 billion yuan, with expectations for overseas photovoltaic orders to contribute to revenue recognition by 2025 [1] Group 2: Dingyang Technology - Dingyang Technology has established a comprehensive sales system in the global market, exporting to over 80 countries and regions [2] - The company has launched 10 new products in 2024 and 6 new products in 2025, focusing on high-end electronic testing and measurement instruments [2] - Dingyang aims to enhance its international brand influence and market share through a high-end development strategy and improved marketing channels [2] Group 3: Aibo Medical - Aibo Medical achieved total revenue of 1.41 billion yuan in 2024, a year-on-year increase of 48.24%, with net profit rising by 27.77% [3] - The company is experiencing significant growth in its Dragon Crystal® PR product line, although initial production quality and costs are challenges [3] - Aibo Medical's artificial lens business is expanding, with a notable increase in market share and a focus on high-end products to counteract price drops due to industry policies [3] Group 4: Libang Instruments - In Q1 2025, Libang Instruments reported revenue of 420 million yuan, a decline of 5%, with domestic sales down by 20% but international sales up by 7% [4] - The company is optimistic about domestic sales recovery due to improved market conditions and is leveraging AI technology in ultrasound imaging and smart healthcare [4] - Libang's gross margin is expected to rise to 57.92% in 2024, driven by increased sales of high-margin products [4]