Core Viewpoint - The article emphasizes the importance of advancing towards the goal of building a strong technological nation, highlighting the achievements and future strategies in China's scientific and technological development [20]. Group 1: Achievements in Science and Technology - Significant breakthroughs have been made in foundational research, with major original achievements in fields such as quantum technology, life sciences, and space science [5]. - The successful launch of the first 6G satellite and the operational commencement of the world's first fourth-generation nuclear power plant are notable milestones [5]. - Emerging industries like integrated circuits and artificial intelligence are thriving, contributing to high-quality development [5]. Group 2: Strategic Goals and Framework - The strategic goal is to build a strong technological nation by 2035, with a focus on self-reliance and innovation [8]. - Key elements for achieving this goal include strong foundational research capabilities, core technology breakthroughs, and a robust international influence in science [8][9]. - The need for a comprehensive governance system and a conducive innovation ecosystem is emphasized to support these objectives [8]. Group 3: Innovation and Reform - The article stresses the importance of deepening the integration of technological innovation and industrial innovation to enhance new productive forces [12]. - It advocates for a collaborative approach between enterprises, universities, and research institutions to foster innovation [12]. - Reforms in the scientific and technological system are necessary to stimulate creativity and address existing structural issues [14]. Group 4: Talent Development - The cultivation of a large, high-quality innovative talent pool is crucial for technological advancement [15]. - There is a focus on aligning educational systems with the needs of technological innovation to improve talent training [16]. - The article calls for a supportive environment that respects knowledge and encourages scientific exploration [16]. Group 5: International Cooperation - The importance of international scientific cooperation is highlighted, with an emphasis on mutual benefits and addressing global challenges [17]. - The article encourages active participation in global innovation networks and collaborative scientific initiatives [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 20.686 billion yuan in 2024, representing a year-on-year growth of 3.04%, and a net profit attributable to shareholders of 3.354 billion yuan, with a year-on-year increase of 0.45% [1][8] - The growth in performance is attributed to the company's focus on high-end manufacturing sectors such as defense, aerospace, communication networks, and new energy vehicles, with stable market demand [8] - The company has made significant advancements in original technology research and development, particularly in high-speed and miniaturized data communication, solidifying its technological leadership [8] - The company continues to implement an innovation-driven development strategy, enhancing its independent innovation capabilities and expanding production capacity through various investment projects [8] Financial Summary - Total revenue forecast for 2024 is 20.686 billion yuan, with projected growth rates of 9.71% in 2025 and 14.41% in 2026 [9] - The net profit forecast for 2025 is 3.704 billion yuan, with further increases to 4.262 billion yuan in 2026 and 4.637 billion yuan in 2027 [9] - The company's earnings per share (EPS) is projected to be 1.75 yuan in 2025, increasing to 2.01 yuan in 2026 and 2.19 yuan in 2027 [9] - The price-to-earnings (P/E) ratio is expected to decrease from 26.49 in 2024 to 19.16 in 2027, indicating potential valuation improvement [9]

Core Viewpoint - The article emphasizes the importance of promoting the development of new energy storage and hydrogen energy industries, highlighting the need for policy support, technological innovation, and industry management to achieve high-quality growth in these sectors [1][3][4]. Summary by Sections New Energy Storage Development - The new energy storage industry is set to achieve an installed capacity of 73.76 million kilowatts by the end of 2024, with ongoing efforts to enhance policy frameworks and technological innovation [1][7]. - A national big data platform for new energy storage will be established to improve industry management and public awareness [1][7]. - The issuance of guidelines to promote the integration and operational use of new energy storage systems is underway [1][7]. Hydrogen Energy Industry Growth - Hydrogen energy will be formally included in the energy law, integrating it into the energy management system [1][7]. - By the end of 2024, the renewable energy hydrogen production capacity across the country is expected to exceed 120,000 tons per year [1][7]. - The publication of the "China Hydrogen Energy Development Report (2023)" aims to strengthen industry information tracking and consensus [1][7]. Innovation and Technology Development - The article outlines a commitment to implementing an innovation-driven development strategy, focusing on energy green transformation and high-quality development [3][4]. - The establishment of a national technology innovation leadership group is intended to enhance coordination in energy technology innovation [6][12]. - Major technology projects in smart grids, clean coal utilization, renewable energy, energy storage, and hydrogen energy are prioritized for development [11][12]. Industry Management and Standards - Continuous improvement of industry data statistics and the establishment of annual development reports are planned to guide the new energy storage and hydrogen sectors [2][13]. - The article stresses the importance of a robust standard system to support high-quality development in the energy sector, with numerous standards planned for revision and implementation [9][14]. Clean Fuel and Refining Industry - The refining industry is encouraged to adopt green innovations and improve energy efficiency, with specific projects supported for construction [8][14]. - The development of biofuels and green liquid fuels is being actively promoted, alongside the establishment of an information platform for the industry [8][14].

Financial Data and Key Indicators Changes - The decision from the 20th Central Committee emphasizes the goal of promoting Chinese-style modernization, with a timeline set for preliminary establishment by 2029, covering various aspects including economy, politics, culture, society, ecological civilization, national security, and defense [3][4] - Significant progress in digital economy development over the past decade, driven by innovation and the intersection of global technological revolutions and industrial transformations [5][6] Business Line Data and Key Indicators Changes - The digital economy is highlighted as a crucial component of the modern industrial system, necessitating comprehensive institutional construction to promote deep integration with the real economy [4][5] - New business models and production methods have emerged, such as e-commerce platforms and industrial internet applications, showcasing the impact of new generation information technologies [5][6] Market Data and Key Indicators Changes - China has achieved remarkable success in the application layer and model innovation of the digital economy, leveraging its large market size and institutional advantages [7][8] - The active user base for platforms like TikTok and Pinduoduo demonstrates China's competitive position in the global digital economy [7] Company Strategy and Development Direction and Industry Competition - The strategy emphasizes the deep integration of the real economy and digital economy, addressing challenges such as technological bottlenecks, funding constraints, and high costs [11][12] - The government aims to support enterprises in utilizing digital technologies to upgrade traditional industries and reduce transformation barriers for SMEs [11][12] Management's Comments on Operating Environment and Future Outlook - The management acknowledges the risks and challenges facing the digital economy, including platform economic health, foundational issues, and the societal impacts of artificial intelligence [9][10] - Measures have been proposed to enhance regulatory frameworks and promote healthy development within the digital economy [10][11] Other Important Information - The construction of a unified national market is crucial for the promotion of new digital economy models, providing necessary infrastructure support [16][27] - The relationship between data resources and digital technology is highlighted as a driving force for the development of new business models [24][25] Q&A Session Summary Question: What are the significant changes in China's digital economy over the past decade? - The transition to an innovation-driven development model began around 2012, coinciding with a global technological revolution that has led to new business models and production methods [5][6] Question: What are the main challenges in promoting the deep integration of the real economy and digital economy? - Challenges include technological bottlenecks, funding constraints, and high costs, with proposed solutions focusing on reducing costs and supporting digital transformation [11][12] Question: How does the government plan to address the risks associated with the digital economy? - The government has outlined measures to enhance regulatory frameworks, promote healthy development, and address foundational issues [9][10]

本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。创业板公司具有创 新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营风险高、业绩不 稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了解创业板市场 的投资风险及本公司所披露的风险因素，审慎作出投资决定。 苏华阳智能装备股份有限公司 （地址：常州市武进区洛阳镇岑村村） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 本公司的发行上市申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书 （注册稿）不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告 的招股说明书全文作为投资决定的依据。 保荐人（主承销商） （地址：苏州工业园区星阳街 5 号） 江苏华阳智能装备股份有限公司 招股说明书（注册稿） 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注 册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收 ...