誉辰智能分析师会议-20250923

1. Report Industry Investment Rating - No information is provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The company has been facing challenges such as a broken - issue stock price and low gross profit margins. However, it has taken a series of measures to improve its situation. Through actions like mergers, share repurchases, and dividends, it has initiated market value management. The company aims to enhance its internal value, strengthen value transmission, make good use of capital tools, and adapt to the market environment. It also plans to focus on head - customers, expand overseas markets, reduce costs, and increase efficiency to achieve profitability and sustainable development [24][29][33]. 3. Summary According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Yuchen Intelligent, and the reception time was on September 23, 2025. The listed company's reception staff included the chairman, manager Zhang Hanhong, director and board secretary Ye Yuling, financial director Zhu Shunzhang, and independent director Zeng Xiaosheng [17]. 3.2. Detailed Research Institutions - The reception objects included investors and others, and the reception object type was not fully specified [20]. 3.3. Research Institution Proportion - No information is provided in the report. 3.4. Main Content Data 3.4.1. Market Value Management - The company has carried out market value management through mergers, share repurchases, and dividends. In the next stage, it will strengthen market value management by enhancing internal value, such as focusing on the main business, technological innovation, and cost - reduction; strengthening value transmission through investor communication and information disclosure; using capital tools like employee stock incentives and mergers; and adapting to the market environment by following policies [24][25][26]. 3.4.2. Overseas Business - Overseas business is an important contributor to the company's performance recovery. About 30% of the company's disclosed orders are from overseas. The company will expand its overseas business scale to improve overall profitability [26]. 3.4.3. Solid - State Battery Layout - The company is tracking the industrialization of new battery technologies and has a core product that can be applied to new battery manufacturing. It has established a R & D mechanism to develop key technologies for new batteries [27]. 3.4.4. Photovoltaic Project - The company signed a cooperation agreement with Xinyuan Jinwu and won a bid for a photovoltaic project worth about RMB 29.6 million. The project is the world's first full - color micro - coating equipment production line for photovoltaic [27][28]. 3.4.5. Gross Profit Margin Improvement - The company's low gross profit margin is due to factors such as order pricing and lack of scale effect. It will reduce costs through digital transformation, supplier management, and cost control, and increase efficiency through R & D innovation and market expansion [29][30]. 3.4.6. R & D Results Application - The company's core technologies are mainly applied in the lithium - battery field and will be promoted to other industries to expand the performance growth curve [30]. 3.4.7. Order Revenue - The amount of orders that can be recognized as this year's revenue depends on the customer's acceptance progress, and the specific data will be announced later [31]. 3.4.8. Customer Cooperation and Expansion - The company has established cooperation with many battery companies. New customer expansion mainly focuses on overseas customers, and the number of overseas customers has increased significantly [32]. 3.4.9. Factory Operation - The Zhongshan production base has been put into operation, which can improve production efficiency and reduce costs. However, there is still room for improvement in overall production efficiency [32][33]. 3.4.10. Loss - Turning Measures - The company's loss is due to low order gross profit margins and lack of scale effect. It will focus on head - customers, expand overseas markets, reduce costs, and increase efficiency to achieve profitability [33][34]. 3.4.11. Acquisition of Jiayang Battery - Jiayang Battery's operation remained stable in the first half of the year. Despite being affected by overseas tariff policies, the overall risk is controllable, and it has become a stable profit contributor to the company [34][35].