【私募调研记录】弘尚资产调研创世纪

Group 1 - The core viewpoint of the article highlights the recent research conducted by Hongshang Asset on a listed company, focusing on its financial performance and strategic initiatives [1] - In the first half of 2025, the company achieved total operating revenue of 2.441 billion yuan, with sales revenue from 3C drilling and milling processing centers reaching 896 million yuan, representing a year-on-year growth of 34.07% [1] - The company actively expanded its overseas market, generating overseas revenue of 161 million yuan, which is a significant year-on-year increase of 89.45%, with a gross margin of 35.36% [1] Group 2 - The improvement in the company's gross margin is attributed to the increased sales proportion of high-margin products and the high gross margin from overseas business [1] - The company has launched customized products in emerging fields such as humanoid robots and low-altitude economy, and has invested in multiple enterprises in high-end CNC machine tools and intelligent control systems [1] - The top five customers are all 3C enterprises, contributing sales revenue of 469 million yuan, accounting for 19.22% of total revenue [1] Group 3 - The company has introduced several products in the new energy sector, covering components such as batteries, motors, and electronic controls [1] - The company plans to promote a scheme to use reserves to cover losses and will formulate a dividend plan based on actual conditions in the future [1] - The company expects continued growth in operating scale and net profit for the entire year of 2025 [1]