【私募调研记录】瀑布资管调研中科三环

Group 1 - The core viewpoint of the news is that Xi'an Waterfall Asset Management recently conducted research on a listed company, Zhongke Sanhuan, which has a diverse product application in automotive, consumer electronics, and industrial robotics sectors [1] - Zhongke Sanhuan's products are primarily affected by export controls, particularly those involving neodymium-iron-boron permanent magnet materials containing dysprosium and terbium, with a slight year-on-year decrease in export proportion [1] - The company has made progress in reducing the use of heavy rare earths through techniques such as grain refinement and grain boundary diffusion, and is also recovering magnetic material scraps through partnerships with external raw material suppliers [1] Group 2 - The product pricing cycle for Zhongke Sanhuan is 2-3 months, with prices determined through negotiations based on raw material costs and other factors [1] - The company has had years of application in the industrial robotics field, with humanoid robots still in the research and development stage, which is expected to have a positive impact in the future [1]