【私募调研记录】泓澄投资调研富创精密、泰坦股份

Group 1: 富创精密 (Fuchuang Precision) - Fuchuang Precision has seen steady growth in overseas revenue, with an annual growth rate of 62.83% amid US-China trade tensions [1] - The company is facing performance pressure in Q1 2024 and 2025 due to concentrated strategic investments impacting costs, but expects profitability to improve as capacity is released and economies of scale are realized [1] - The Beijing Yisheng project has not yet achieved stable profitability and will undergo audit evaluation after reaching a profit of 50 million [1] - The company is focusing on high-value-added products such as internal components and enhancing collaboration with Compart [1] - Fuchuang is expanding its production capacity in Shenyang, Nantong, Beijing, and Singapore to support global capacity release [1] - Significant breakthroughs in key products and technologies have been achieved, with membrane technology certified by major clients and scaled production initiated [1] - New orders in Q1 2025 showed both year-on-year and quarter-on-quarter growth, with optimistic expectations for annual order growth [1] - Some shareholders plan to reduce their stakes, while the largest shareholder intends to increase their holdings to stabilize the capital market and protect investor interests [1] - The company aims to strengthen its competitive advantage through global layout, capacity expansion, and technological innovation to address industry demand fluctuations [1] - Fuchuang has completed the deployment of eight core systems and ten digital platforms, continuously upgrading technology to reduce quality issues [1] Group 2: 泰坦股份 (Titan Co., Ltd.) - In 2024, the revenue of large-scale textile machinery enterprises in China reached 117.839 billion, a year-on-year increase of 7.84%, with total profits of 8.820 billion, up 9.36% [2] - The export value was 4.686 billion USD, reflecting a year-on-year growth of 3.31%, with major export markets including India and Vietnam [2] - Despite a complex external environment, the domestic economy remains positive, supported by policies promoting industrial upgrades [2] - Titan Co., Ltd. is collaborating with the Academy of Sciences to establish a joint innovation center aimed at addressing the demand for intelligent upgrades in the textile industry [2] - The company is focusing on textile robots to alleviate labor-intensive roles and address the increasing labor shortage [2] - There is significant development potential for textile robots across various stages, necessitating the elimination of technical and demand gaps for specific tasks and environments [2] - National policies are supporting the transformation and upgrading of traditional manufacturing, with intelligent robots in the textile industry being a key focus area [2]