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证券日报网1月28日讯，豪迈科技（002595）在接受调研者提问时表示，公司燃气轮机业务客户主要有 GE、三菱、西门子、上海电气（601727）、东方电气（600875）、哈电等。 ...

Investment Rating - The report assigns an "Outperform" rating for the company, marking its first coverage [2][7]. Core Insights - The company is a leading domestic magnetic component manufacturer, enhancing its overseas presence and actively entering the solid-state transformer market [4][5]. - The company plans to establish overseas subsidiaries in Mexico and Vietnam with an investment of up to 500 million RMB to expand its international market presence [3]. - The magnetic components market is projected to reach $27.2 billion by 2031, with a CAGR of 5.1% from 2025 to 2031, driven by demand in various sectors including new energy vehicles and data centers [4][34]. - The solid-state transformer is expected to become a key power supply solution in the AIDC era, with a potential market size of 87 billion RMB by 2030 [5][59]. Summary by Sections Company Overview - Established in 1995, the company has strengthened its magnetic component business through acquisitions and international expansion, including a subsidiary in Vietnam and plans for a factory in Mexico [4][15]. - The company has long-term partnerships with major clients such as BYD, Bosch, and Huawei, enhancing its market position [4][8]. Business Segments - The company’s revenue is primarily derived from magnetic components (83%) and switch power supplies (17%) [25]. - The magnetic components are crucial for applications in electric vehicles, energy storage, and AI servers, with expected revenue growth of 24.8% to 24.2% from 2025 to 2027 [75][76]. Financial Performance - The company reported a revenue of 4.105 billion RMB in the first three quarters of 2025, a year-on-year increase of 24.86%, with a net profit of 232 million RMB, up 52.51% [63]. - The gross margin for magnetic components improved to 12.17% in the first half of 2025, reflecting better operational management [30][70]. Market Trends - The magnetic components industry is experiencing robust growth due to increasing demand in new energy vehicles and data centers, with significant opportunities in solid-state transformers as the market evolves [34][44]. - The company is positioned to benefit from the transition to high-efficiency power supply solutions, particularly in the context of rising power demands in data centers [5][44].

Core Insights - The traditional growth logic of "price for volume" is becoming unsustainable as market growth slows and consumer behavior becomes more rational, prompting leading brands to focus on technological innovation and strategic transformation in the home appliance industry [1] Group 1: Industry Trends - Key trends reshaping the home appliance industry include AI empowerment, health concepts, high-end positioning, and cross-industry integration [1] - The current monitoring period shows that Midea, GREE, and Panasonic lead the heat index rankings with scores of 1.92, 1.71, and 1.68 respectively [2][3] Group 2: Technological Innovations - Midea has launched a new dual-air outlet central air conditioning system aimed at providing a revolutionary user experience, while GREE focuses on AI and energy-saving technologies with its new product lines [4] - Haier emphasizes comprehensive air solutions and has introduced several innovative products, including the industry's first AI air conditioning group standard [4] Group 3: Strategic Transformations - The slowdown in industry growth has led brands to pursue high-end and cross-industry strategies for counter-cyclical growth, as seen with Skyworth's significant revenue increase driven by its new energy business [5] - High-end brands like Casarte have shown resilience, achieving positive growth in a challenging market, highlighting the importance of differentiated competitive strategies [5]

Investment Rating - The report assigns an "Outperform" rating for the company [2][7]. Core Insights - The company is a leading domestic magnetic component manufacturer, enhancing its overseas presence and actively entering the solid-state transformer market [4][5]. - The magnetic components market is expected to grow significantly, driven by the increasing demand in sectors such as new energy vehicles, energy storage, and AI servers [4][34]. - The company plans to establish subsidiaries in Mexico and Vietnam to strengthen its international market position and enhance local delivery capabilities [3][15]. Summary by Sections Company Overview - Established in 1995, the company has a long history in the magnetic components sector and has strengthened its position through acquisitions and international expansion [4][8]. - The company has established strong partnerships with major clients such as BYD, Bosch, and Huawei, which enhances its market credibility [4][8]. Market Potential - The global magnetic components market is projected to reach USD 27.2 billion by 2031, with a CAGR of 5.1% from 2025 to 2031 [4][34]. - The demand for magnetic components is expanding due to the growth in applications across various sectors, including automotive electronics and renewable energy [4][34]. Product Development - The company is focusing on developing solid-state transformers, which are expected to become a key power supply solution in the AIDC era, with a projected market size of CNY 87 billion by 2030 [5][59]. - The company is also innovating in high-frequency transformers, which are critical components for solid-state transformers, leveraging its existing technology and customer base [5][62]. Financial Performance - The company expects significant growth in net profit, projecting CNY 3.35 billion, CNY 4.40 billion, and CNY 5.99 billion for the years 2025 to 2027, representing year-on-year growth rates of 45.5%, 31.3%, and 36.3% respectively [5][63]. - The revenue from magnetic components is anticipated to reach CNY 48.66 billion by 2025, with a growth rate of 24.8% [75]. Strategic Initiatives - The company is implementing a stock incentive plan to align the interests of its core team with long-term performance goals, reflecting confidence in future growth [18]. - Continuous investment in R&D is a priority, with R&D expenses maintained at 3%-4% of revenue, supporting innovation and product development [70].

（编辑 丛可心） 证券日报网讯 1月26日，中望软件在互动平台回答投资者提问时表示，CAD作为设计人员进行精确绘 图、建模与设计的核心软件工具，在工程建设企业（涵盖建筑、工程、施工及运营等多个环节）及泛制 造业企业（包含装备制造、消费电子、汽车、船舶等多个细分行业）中均已得到广泛应用。上市以来， 公司通过持之以恒的研发投入，不断缩短与海外龙头企业产品间的性能差距，更全面、深入地满足客户 的需求，并且凭借更高性价比的产品和更完善的技术服务推动业务发展。后续，公司将进一步打磨产品 价值，在更多使用场景下搭建起产品与服务的差异化优势，稳步实现市场份额的扩张。在技术水平方 面，相较于以达索、欧特克、西门子为代表的国际工业软件巨头，公司在产品的性能效率，以及生态体 系建设的完备程度方面，均有所差距。尽管如此，凭借持续多年的高比例研发投入，以及研发团队持之 以恒的奋斗，公司已逐步缩短与上述国际巨头间的差距，并不断巩固自身在行业第二梯队中的领先地 位。 ...

Core Viewpoint - The 11th Bio-based Conference and Exhibition (Bio-based 2026) will be held from May 20-22, 2026, in Shanghai, China, focusing on promoting green and low-carbon transformation in the industry through various forums and activities [1][15]. Group 1: Event Overview - Bio-based 2026 will feature 10 major upstream and downstream thematic forums, 9 concurrent activities, over 1000 new product displays, and an innovation award ceremony [1][9][15]. - The event aims to facilitate discussions on industry trends, technological innovations, and sustainable practices among industry leaders and brands [1][10]. Group 2: Key Forums and Topics - The event will include forums on critical chemical products and materials, international cooperation, and bio-based materials for packaging, footwear, and automotive applications [10][11][15]. - Specific topics will cover sustainable packaging innovations, carbon reduction practices in various consumer sectors, and the development of biodegradable materials [4][8][11]. Group 3: Participants and Collaborators - Notable participants include global brands and packaging solution companies such as McDonald's, L'Oréal, and Mengniu, as well as bio-based and biodegradable material companies like NatureWorks and 金发科技 [5][6]. - The forums will invite industry leaders from various sectors to discuss collaboration and innovation in sustainable packaging [1][5]. Group 4: Concurrent Activities - Concurrent activities will include a high-level strategic seminar, product and technology release events, and a standard review meeting for bio-based materials [12][15]. - The 4th DT New Leaf Award will also take place, recognizing innovations in materials and applications [15].

Core Insights - The strategic partnership between JD MALL, JD Electronics, and Bosch Siemens aims to enhance product customization, scene innovation, and joint marketing for Bosch and Siemens appliances in JD's offline stores by 2026 [1] - The global launch of Siemens' innovative "Steaming Drawer Oven" at JD MALL showcases the focus on compact, space-saving appliances that cater to health-conscious consumers [1][4] - Bosch and JD Electronics have reported significant sales growth in key product categories, with dishwashers achieving a 50% year-on-year increase in sales despite high market share [2] Group 1 - By 2025, JD MALL and JD Electronics flagship stores are expected to become one of Bosch Siemens' fastest-growing retail channels in mainland China [1] - The partnership emphasizes the importance of offline stores in driving customer engagement and demand creation through unique experiences and diverse offerings [2] - New flagship stores will open in various provinces, including Hong Kong, Jiangxi, Guizhou, Jilin, Heilongjiang, and Inner Mongolia, focusing on integrating multiple business formats to meet consumer needs [7] Group 2 - Bosch plans to enhance collaboration with JD in new store openings, introducing unique experiences such as health drink centers and clothing care centers [7] - The shift in consumer attitudes and supportive policies are creating opportunities for smart home and health appliances, addressing renovation needs in existing homes [7] - The "No House Change, Renew Home" campaign will provide tailored solutions for consumers looking to upgrade their living spaces without moving [7]

Core Viewpoint - The development of new quality productivity is an inherent requirement and important focus for promoting high-quality development in Chaoyang District, leveraging technological innovation to build a modern industrial system and stimulate new regional development momentum [1] Group 1: Industry Development - Chaoyang District has implemented action plans for Internet 3.0 (metaverse), digital healthcare, artificial intelligence, data elements, and intelligent robotics, enhancing the development capabilities of the digital economy core area [2] - The district has established a robust cluster of leading industries, with over 700 artificial intelligence companies and more than 1,000 enterprises in the industrial internet sector, supported by major internet platforms like Alibaba and Meituan [3][4] - The digital economy computing power center has been completed, achieving a computing capacity of 1000 PFlops, and the first AIGC audiovisual industry innovation center has been established [3] Group 2: Technology Innovation and Transformation - Chaoyang District is enhancing its technology innovation capabilities by establishing a technology innovation development belt and launching various innovation centers, resulting in over 200 technology innovation enterprises [7] - The district has invested over 1.6 billion yuan in technology industry funding during the 14th Five-Year Plan period, supporting more than 2,500 enterprises [9] - A financial service team comprising nearly 200 partners has been formed to provide credit support exceeding 12 billion yuan for technology-based SMEs [9] Group 3: Application and Internationalization - The district is actively constructing diverse application scenarios, including the establishment of the Internet 3.0 application scenario research institute and various metaverse benchmark application cases [13] - Chaoyang has been recognized as the first "International Technology Organization Headquarters Cluster," attracting 15 international technology organizations and hosting over 100 international exchange activities [14] - The district has established international technology service stations in 12 countries and regions, covering over 20 countries [13] Group 4: Reform and Innovation - Chaoyang District is enhancing its technology park construction and reforming its management structure to support sustainable development in technology innovation and new quality productivity [16][18] - The district is focusing on improving the quality of park development, with plans to integrate large areas into national and municipal high-tech zones [19] - The district aims to build a highland for the transformation of cutting-edge technology achievements and international cooperation by 2025 [21] Group 5: Performance Metrics - By the first ten months of 2025, the combined GDP contribution of information services, technology services, and industrial added value reached 27.7%, an increase of 6.3 percentage points from the end of the 13th Five-Year Plan [22] - The district has established 23 specialized industrial parks, with 9 recognized by municipal departments, and has a significant number of national high-tech enterprises and specialized small and medium-sized enterprises [22]

Core Viewpoint - Siemens has launched the innovative "Steamed Linglong" drawer steamer, designed to meet the dual needs of health-conscious Chinese consumers and space optimization in small kitchens, marking a significant advancement in kitchen appliance technology [1][3]. Product Features - The "Steamed Linglong" features a compact design with a thickness of only 14.1 cm, allowing it to seamlessly integrate into modern kitchens [1]. - It boasts a powerful 1560W steam generator that can reach near working temperature in under 100 seconds, reducing cooking time by up to 30% compared to traditional steamers [1]. - The product utilizes a German PID 2.0 algorithm and real-time temperature control system, maintaining temperature fluctuations within ±1°C to ensure optimal cooking results [1]. - It releases approximately 1.2 liters of high-density steam per second, preserving the natural color and nutrients of the food [1]. Market Response - The product has generated significant interest on its first day of display at JD MALL, with consumers appreciating its space-saving design and ease of use [2]. - Customers have highlighted the convenience of the product, particularly for families, as it allows for quick meal preparation [2]. Sales and Promotions - The introductory price for the "Steamed Linglong" is set at 5990 yuan, with promotional offers including a choice of a high-end air fryer or a blender for customers who pay a deposit in-store [2]. - Additional services include free cabinet renovation consultations and a 100-day free trial period, enhancing customer experience and reducing purchase hesitations [2]. Industry Context - The launch aligns with the "Healthy China Initiative," as steaming has become a mainstream cooking method in first-tier and new first-tier cities, addressing the limitations of traditional large steamers [3]. - Siemens leverages its century-long expertise in steam and baking technology to redefine consumer perceptions of steamers, focusing on practical solutions for modern cooking challenges [3].