【私募调研记录】敦和资管调研瑞迈特、世华科技

Group 1: 瑞迈特 (Raimate) - Raimate, established in 2001, focuses on comprehensive treatment solutions for OSA and COPD patients, and is a leading domestic manufacturer of non-invasive ventilators and masks [1] - The company has achieved significant localization of core components, ensuring supply chain security and control [1] - With two production facilities in Dongguan and Tianjin Wuqing, the company can dynamically adjust production capacity based on market demand [1] - The rebranding to "Raimate" has enhanced brand strength and capital momentum [1] - The domestic business performed well in Q1, attributed to the recruitment of experienced consumer marketing experts and adjustments in channel and sales policies [1] - As an export-oriented enterprise, Raimate has entered multiple international healthcare markets, including the US, Germany, and the UK [1] Group 2: 世华科技 (Shihua Technology) - Shihua Technology specializes in functional electronic materials and high-performance optical materials, covering a variety of functional characteristics [2] - The company is progressing well in multiple projects aimed at increasing capacity and technological advancement, including expansion and upgrade of functional materials and innovation center projects [2] - The gross margin may fluctuate due to business structure adjustments, but the optical materials market has significant potential for growth, especially in domestic substitution [2] - The company is actively developing materials related to foldable screens and AI technology [2] - The refinancing project is progressing smoothly, with some products already in mass production or small-scale sales [2] - Shihua Technology is confident in its future development, aiming to establish a product structure centered around high-performance optical materials, functional electronic materials, and functional adhesives [2] Group 3: 敦和资产管理有限公司 (Dunhe Asset Management) - Dunhe Asset Management, established on March 2, 2011, is a domestic macro private equity fund company focused on investments in domestic and international capital markets [3] - The company has developed a multi-asset allocation strategy driven by fundamentals, utilizing various tools such as stocks, bonds, commodities, and derivatives [3] - Dunhe Asset Management has established a comprehensive operational support system, including research, system construction, market sales, compliance, risk control, human resources, and financial support [3] - The company's asset management scale exceeds 40 billion RMB, ranking among the top in the private equity securities investment fund industry [3]