【私募调研记录】源乐晟资产调研恒铭达

Core Insights - A well-known private equity firm, Yuanlesheng Asset, recently conducted research on a listed company, Hengmingda, indicating stable operations in Q2 and progress in stock incentive goals aimed at long-term growth [1] Company Overview - Hengmingda is focusing on building a forward-looking technology research system and agile cross-department collaboration to meet the challenges of AI terminal performance upgrades [1] - The company is providing customized solutions by deeply engaging with customer needs and has successfully applied its precision metal structural components in communication equipment and the new energy sector [1] - Hengmingda emphasizes technology as its core, establishing differentiated barriers and long-term strategic partnerships through deep involvement in customer R&D [1] - The company has the production capacity to adapt to the rapidly evolving consumer electronics market, offering tailored solutions that leverage its technological advantages [1] Institutional Background - Yuanlesheng Asset Management Co., Ltd. is a parallel company to Beijing Yuanlesheng Asset Management Co., Ltd., sharing the same shareholder structure and governance [2] - The firm manages assets totaling 7 billion yuan and has been recognized for its strong long-term performance, achieving over 500% cumulative returns since the launch of its first public fund in 2008 [2] - Yuanlesheng has received multiple industry awards, including the "Golden Bull" award for three consecutive years from 2011 to 2013, highlighting its ability to navigate various market conditions with a focus on low risk and high returns [2]