【私募调研记录】泓澄投资调研德福科技、新坐标

Group 1: 德福科技 (Defu Technology) - Defu Technology has acquired Luxembourg Copper Foil, positioning itself among the global leaders in high-end IT copper foil [1] - Luxembourg Copper Foil, established in 1960, is the only non-Japanese high-end IT copper foil manufacturer globally, with an annual production capacity of 16,800 tons [1] - Projected revenue for Luxembourg Copper Foil in 2024 is €134 million, with a net profit of -€370,000; however, it is expected to achieve a quarterly profit of €1.67 million in Q1 2025 [1] - Defu Technology's total production capacity for electrolytic copper foil has increased to 191,000 tons per year, making it the largest globally [1] - The company plans to invest ¥183 million in R&D in 2024, resulting in 17 new invention patents, focusing on high-frequency, high-speed, ultra-thin, and functional technology strategies [1] Group 2: 新坐标 (New Coordinates) - In 2024, overseas revenue is expected to account for 43.17% of New Coordinates' total revenue, with growth driven by the expansion of domestic self-owned brand customers [2] - The company reported normal operating conditions in Q2 2024 and has set revenue and profit assessment targets for 2025 in its recent equity incentive draft [2] - Over 90% of New Coordinates' clients are automotive manufacturers, covering both domestic and international passenger and commercial vehicle markets [2] - The company is recognized as a high-tech enterprise with comprehensive R&D capabilities across the entire industry chain, emphasizing high precision and material utilization in cold forming technology [2] - New Coordinates is actively expanding its customer base and market share while enhancing communication with overseas clients [2] - The company is addressing annual decline issues through improved internal control systems and strengthened on-site management [2] - New Coordinates is collaborating with Zhejiang Tuoman Intelligent Technology Co., Ltd. and Mr. Sun Lishong on products currently in the R&D phase [2]