【私募调研记录】理成资产调研华工科技、道通科技

Group 1: 华工科技 - 华工科技 achieved a revenue of 7.629 billion yuan in the first half of 2025, representing a 45% year-on-year growth, with a net profit attributable to the parent company of 911 million yuan, also up 45% [1] - The company focuses on core technologies such as laser and intelligent manufacturing, information communication, intelligent vehicle networking, perception technology, and industrial software, with R&D investment of 461 million yuan, a 19% increase [1] - Global operations are being enhanced, with a continuous reduction in sales and management expense ratios; the perception business generated 2.154 billion yuan in revenue, a 17% increase, primarily targeting the new energy vehicle supply chain [1] - The optical connectivity business saw revenue of 3.744 billion yuan, a significant 124% increase, with large-scale delivery of 400G and 800G optical modules [1] - The laser and intelligent manufacturing business reported revenue of 1.676 billion yuan, with notable profit growth in high-power laser equipment [1] Group 2: 道通科技 - 道通科技 is developing an end-to-end payment solution in the AI + charging business, supporting multiple payment methods and exploring stablecoin payments and RW financing [2] - The AI and software business operates on a subscription model, providing various value-added services to enhance software revenue and renewal rates [2] - The growth in the TPMS business is driven by policy benefits and market demand, with significant global aftermarket replacement needs [2] - The AI + inspection business has been implemented in oilfield inspections, achieving a fully autonomous process closure and cluster collaborative response [2] Group 3: 机构简介 - 上海理成资产 is one of the earliest established private management companies in China, adhering to a growth stock investment philosophy focused on safety margins for thirteen years [3] - The company has a complete and unique investment management knowledge system, with 50 employees, nearly 30 of whom are professional research and investment personnel [3] - The management scale has exceeded 10 billion yuan, focusing on secondary stock long strategies and PIPE strategies in the fields of pharmaceuticals, advanced manufacturing, and consumer goods [3] - 理成 has consistently ranked high in long-term performance and has won four private equity golden bull awards over three sessions [3]