Report Summary of Tonglian Precision Analyst Meeting 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The company adheres to a diversified development strategy, focusing on precision manufacturing and responding to market trends. With the development of new intelligent terminal products and the release of new business orders, the company's overall profitability is expected to improve. The expansion of downstream application areas also provides long - term development impetus [23]. - The non - MIM business of the company has grown rapidly in recent years, driven by its ability to match customer customization needs, output differentiated technical solutions, and rely on multi - process collaboration capabilities [25]. 3. Summary by Relevant Catalogs 3.1. Research Basic Information - Research object: Tonglian Precision [16] - Industry: Electronic components [16] - Reception time: January 19, 2026 [16] - Reception personnel: Board Secretary Huang Rongfang, Securities Affairs Representative Tang Lei, and Securities Affairs Specialist Lü Yibo [16] 3.2. Detailed Research Institutions | Research Institution | Institution Type | Related Personnel | | --- | --- | --- | | Zhaohui Zhixing Private Fund | Others | Li Heng [17] | Dachron Capital | Others | Dong Yi [17] | Changjiang Securities | Securities Company | Wang Zihao [17] | Minsheng Jiayin Fund | Fund Management Company | Dong Shixuan [17] 3.3. Company Introduction - The company specializes in R & D, design, production, and sales of precision components. It is building a comprehensive technical solution platform for precision components, with diverse manufacturing capabilities such as MIM, high - precision wire - cutting, and high - precision CNC machining. It is also making technical reserves and capacity layout in new materials and technologies [21]. - The company's products are mainly customized and are widely used in automotive, consumer electronics, medical, and other fields. In terms of revenue sources, they are mainly used in new consumer electronics, including folding - screen phones, tablets, and smart wearables [21]. 3.4. Q&A Summary - **Future performance expectations**: Based on current business plans and the industry environment, with the development of new business and the release of scale effects, the company's profitability is expected to improve. However, future performance may be affected by various factors [23]. - **Smart glasses business**: The company's products can be used in hinges, frames, etc. of smart glasses, and can adapt to multiple processes. The company has established cooperation intentions with some well - known customers, and the mass - production rhythm depends on customer needs [23][24]. - **Capacity expansion cycle**: The company obtains production sites through self - built industrial parks, leased factories, or asset acquisitions. It generally prepares relevant production capacity two to three months before the mass production of new business, aiming to achieve "capacity landing and immediate efficiency creation" [24]. - **Growth drivers of non - MIM business**: The company can quickly match customer customization needs, output differentiated technical solutions, and rely on multi - process collaboration capabilities, which drive the rapid growth of non - MIM business [25]. - **Revenue proportion of MIM and non - MIM business**: In the first three quarters of 2025, MIM revenue accounted for about 30% of total revenue, and non - MIM revenue accounted for about 60% [25]. - **Advantages of MIM process**: Compared with other precision metal processing technologies, MIM has obvious comprehensive cost advantages for high - precision, high - complexity, and high - metal - performance precision components that require mass production [25]. - **Applicability of existing product lines to new business**: For new business products that match existing processes and production capacity, the current production lines can meet production needs. For new processes such as semi - solid die - casting and 3D printing, corresponding production capacity will be added according to customer orders and market demand [26]. - **Leading advantage of MIM process**: The leading advantage of the company's MIM process mainly comes from the differentiated process route design, which shortens the process and improves efficiency [26][27]. - **Precision components for drones**: The company provides precision components such as shaft brackets and gimbal counterweights for drones, mainly produced by the MIM process [27]. - **Stock - based payment expenses**: The stock - based payment expenses in 2025 are expected to be basically the same as in 2024. In 2026, the overall stock - based payment expenses will decrease due to the completion of the vesting period of the 2022 restricted stock incentive plan [27]. - **Overseas business and capacity deployment**: The company has established an overseas production base in Vietnam to reduce the impact of geopolitics. Some new overseas customers require overseas production and delivery capabilities, which the Vietnamese production base can meet [27][28]

格隆汇1月26日丨统联精密(688210.SH)近日接受特定对象调研时表示，公司秉持多元化发展战略，立足 精密制造，顺应人工智能向终端渗透的趋势以及市场需求的变化，以新材料、新工艺的应用为切入点， 加大对新型轻质材料应用、3D打印技术等研发投入。公司新拓展的智能眼镜、地面信号接收器等新型 智能终端产品，所处行业正处于快速发展阶段，下游应用市场需求旺盛，带动零部件需求持续增长。随 着新业务需求逐步转化为实际订单，新增产能的规模效应不断释放，公司整体盈利能力有望得到逐步改 善。此外，公司下游应用领域不断打开，相关产品所处行业市场前景广阔，有望成为公司发展的长期动 力。 以上是基于当前公司业务规划及行业环境等作出的初步判断，不构成业绩承诺，未来业绩可能因宏观环 境、行业政策、市场需求等因素产生波动，具体业绩情况请以公司在指定媒体披露的相关公告为准。 ...

格隆汇1月26日丨神剑股份(002361.SZ)在投资者互动平台表示，公司3D打印技术主要应用于航空零部件 产品。 ...

Investment Rating - The report maintains an "Outperform" rating for the 3D printing industry as of January 22, 2026 [1] Core Insights - The 3D printing industry is entering a rapid development phase driven by both industrial and consumer applications, with significant market potential projected to reach hundreds of billions [8] - The global additive manufacturing market is expected to grow to $21.9 billion by 2024, with a CAGR of 18% projected until 2034 [8] - Domestic policies in China are increasingly supportive, indicating a maturing industry with substantial growth potential [8] Summary by Sections 1. 3D Printing Technology and Development - Seven core processes facilitate the development of 3D printing across multiple fields, including powder bed fusion and directed energy deposition [16][22] - The technology has evolved from rapid prototyping in the 1980s to widespread commercial applications in various sectors, including aerospace and healthcare [18][20] 2. Industry Growth and Applications - The 3D printing industry is experiencing rapid growth, with applications expanding across various sectors such as aerospace (17.7%), medical (17.6%), and automotive (10.3%) [8][71] - The global market for aerospace 3D printing is projected to reach $2.88 billion by 2025, with a CAGR of 20% until 2035 [8] 3. Market Dynamics and Competitive Landscape - Domestic manufacturers are leading in desktop applications, while industrial-grade 3D printing is seeing increased competition from local firms [8] - Key players in the industrial-grade market include EOS, which holds over 40% market share, followed by other significant companies [8] 4. Investment Opportunities - The report suggests focusing on companies that are well-positioned to benefit from technological advancements and expanding applications, including equipment manufacturers like Huazhu High-Tech and service providers like Jingyan Technology [8]

Investment Rating - The report suggests a positive investment outlook for the commercial rocket industry, particularly focusing on the upcoming key validation window in 2026-2027 for Chinese commercial rocket companies [1][12]. Core Insights - The commercial aerospace industry is experiencing a global resonance, with multiple medium and large rocket launches expected in China by 2026, leading to a dense launch schedule and large-scale satellite networking by 2027 [1][11]. - The success rate of rocket launches and corresponding payload capacity are critical indicators of a company's competitive edge in future commercial operations [1][12]. - The report emphasizes the importance of engine design capabilities, thrust, and parallel capabilities as core focus areas for rocket engines, with a shift towards full-flow staged combustion liquid oxygen-methane engines anticipated [2][17]. Summary by Sections 1. Commercial Rocket Launch Status and Outlook - 2026-2027 is identified as a critical validation window for Chinese commercial rocket companies, with many planning to launch liquid rockets and conduct recovery tests [12][13]. - Successful completion of high payload or reusable flights will provide companies with reliability and cost advantages, potentially securing contracts with leading satellite companies [12][13]. 2. Engine Development - The majority of Chinese commercial rocket companies utilize gas generator cycle engines, with future developments expected to focus on full-flow staged combustion engines and nuclear-powered engines [2][17]. - The report highlights that successful launches of liquid rocket engines have primarily been sourced from state-owned enterprises, with only a few private companies achieving launch success [2][28]. 3. 3D Printing Technology - 3D printing is recognized as a key technology for reducing costs and shortening production times in commercial aerospace, with significant applications in manufacturing lightweight and complex components [3][30]. - The Chinese 3D printing market is projected to reach approximately 41.5 billion yuan in 2024, with the aerospace sector accounting for about 16.7% of this market [31][34]. 4. Structural Components - Structural components account for approximately 25%-30% of commercial rocket costs, with tank costs exceeding 60% of this value [36][37]. - The report anticipates a trend towards larger structural components as engine thrust increases, with a shift from aluminum alloys to higher strength, lower cost stainless steel materials [36][37]. 5. Control Systems - The flight control software is described as the "brain" of the rocket, primarily developed in-house by rocket companies, with servo systems representing 6%-10% of the rocket's value [4][39]. - The report notes a transition from electric servos to electromechanical hydraulic servos in commercial aerospace [4]. 6. Investment Recommendations - The report recommends focusing on listed companies within the system and those closely collaborating with leading private rocket companies, particularly in high-value segments such as 3D printing, tanks, servos, and materials [5].

"如果这次手术能让我每次走路时走得久一点，我就已经很满足了。"28岁患者王女士（化名）入住上海 市第一人民医院骨科中心骨肿瘤科病房时，对医生提出了一个听起来十分"渺小"的愿望。自幼确诊遗传 性多发骨软骨瘤的她是一名匈牙利华裔，曾在欧洲历经4次手术，但仍难逃右膝功能严重缺损的困境， 行走举步维艰。 1月21日，智通财经（www.thepaper.cn）记者从上海市第一人民医院获悉，针对上述病例，该院专家团 队近日为其量身打造"膝关节肿瘤切除+假体重建+3D打印同步重建伸膝装置"一体化手术，既彻底清 瘤，更帮她重获稳定行走的能力。 手术现场。上海市第一人民医院 供图 王女士的"骨疾"始于幼年。还不会走路时，王女士的家人就发现她右膝周围鼓起硬包。辗转就医后，她 被确诊为多发骨软骨瘤，全身多处骨骼受累。 右膝是王女士病情最严重的部位。8岁时，她在欧洲接受首次右膝肿瘤切除手术。术后进行了基因检 测，结果显示存在EXT1基因突变，确诊为遗传性多发骨软骨瘤，这是一种常染色体显性遗传性骨骼发 育异常疾病，主要表现为四肢长骨干骺端多发性骨隆起，好发于膝、踝关节周围，具有双侧对称性特 征，约2/3患者有家族史。 此后十多年间，王 ...

Group 1: Commercial Aerospace Business - The company primarily manufactures structural components for commercial rockets, including major segments and fairings, with production line completion expected in 2024 [2][3] - The production capacity is projected to reach 10,000 units annually, with the ability to scale up production within approximately 4 months based on order demand [3] - Structural components account for over 25% of the total cost of mainstream commercial rockets [3] - Significant entry barriers exist in the rocket structure manufacturing industry, including high technical complexity, talent scarcity, and substantial capital requirements [3][4] Group 2: Competitive Advantages - The company has established stable, small-batch product deliveries to leading private rocket companies, showcasing its talent and resource advantages [4][5] - The core team possesses extensive experience, often with backgrounds in national teams, enhancing the company's engineering capabilities [3][4] - The company can leverage its public funding to invest in equipment and production line construction [4] Group 3: Future Growth and Market Trends - The company anticipates that advancements in reusable rocket technology will enhance launch frequency and operational efficiency, leading to increased demand for new rocket structures [4][5] - Future growth drivers in the commercial aerospace sector include optimizing customer structure, expanding production capacity, and diversifying product offerings [5] Group 4: Automotive Business Overview - The company specializes in high-strength precision fasteners and custom connectors, primarily for automotive applications, including turbocharging systems and electric vehicle components [6][7] - The automotive sector has shown robust growth, with significant year-on-year revenue increases and profit recovery in 2025 [7] Group 5: Strategic Acquisitions and Market Expansion - The acquisition of Chengdu Xinyue aims to expand the company's product applications into the aerospace sector, benefiting from the high demand in aerospace manufacturing [7] - Future growth in the automotive sector will focus on expanding exports, developing new customer relationships, and increasing product categories [7]

证券代码：300004 证券简称：南风股份 南方风机股份有限公司投资者关系活动记录表 编号：20260119 | | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | 现场参观 ☑ | | | □其他 | | | 华泰证券 田莫充 春晖基金 冯伟贤、黄梓俊 | | | 天风证券 任 康 宝新投资 乐梦琦、舒 玙 | | | 招商证券 朱艺晴 宏惟创世 张玮、谢廷兰 | | 参与单位名称及 | 甬兴证券 凌展翔 中盛晨嘉基金 王方略 | | 人员姓名 | 国联民生 周晓萌 申万研究所 傅浩玮 | | | 南方基金 于泽群 财沣投资 吕 喆 | | | 坤酉基金 冷 波 和君资本 王明贵 | | 时间 | 年 月 日 2026 01 19 | | 地点 | 南方风机股份有限公司 | | 上市公司接待人 | 董事会秘书：王娜女士 | | 员姓名 | 南方增材总经理：卢迪先生 | | | 董事会秘书王娜女士简要介绍了公司的基本情况和业务特 | | | 点，以及公司近期的经营情况。 | | | 投资者 ...

Core Viewpoint - 2026 is expected to be a pivotal year for the commercial space industry, with reusable rocket technology playing a crucial role in advancing China's space capabilities [1] Group 1: Domestic Developments - China Aerospace Science and Technology Corporation emphasizes the need to break through reusable rocket technology and accelerate the construction of a strong space nation by 2026 [1] - Multiple commercial rocket launch plans are set for the first quarter, including Deep Blue Aerospace's "Star Cloud No. 1," which aims to validate a full process of orbital launch and vertical recovery [2] - The Kuaizhou-2 rocket from China Aerospace Science and Industry Corporation is expected to have its maiden flight soon, with plans for iterative development towards a reusable model [3] Group 2: International Comparisons - SpaceX aims to produce 10,000 Starships annually, with a projected launch frequency exceeding once per hour within three years, showcasing the value of reusable rockets [5] - The Falcon 9 rocket's first stage has been reused 15 times, reducing the cost per launch from $100 million to $20 million, highlighting the economic benefits of reusability [5] - In 2025, the U.S. is projected to have 187 commercial rocket launches, with SpaceX responsible for 167 of those, indicating a significant market share [5] Group 3: Technical Insights - Reusable rockets consist of three main components: propulsion systems, airframe structures, and control systems, with propulsion systems accounting for 50% of manufacturing costs [6] - The three recovery methods for rockets include parachute recovery, flight recovery, and vertical landing, with vertical landing being the most mainstream due to its precision and low impact [6] - The use of 3D printing technology in rocket engine manufacturing is gaining traction, offering advantages such as speed, cost-effectiveness, and high precision [7] Group 4: Investment Perspectives - In the early stages of reusable rocket development, demand for rocket manufacturing is expected to rise, benefiting propulsion systems, airframe structures, and control systems [7] - As reusable technology matures, liquid rocket engines are anticipated to be gradually recovered, with ongoing benefits for airframe structures and control systems [7] - Leading companies in the commercial rocket sector are actively adopting 3D printing technology for critical components, enhancing efficiency and reducing costs [7]

Investment Rating - The report suggests to pay attention to companies involved in commercial aerospace 3D printing due to the increasing maturity of 3D printing technology and its potential as a final processing solution in the aerospace sector [4]. Core Insights - 3D printing is transitioning from concept to mass production, supported by seven major technological routes that cater to various industry needs. The technology has shown significant cost advantages over traditional manufacturing methods, particularly in the consumer electronics sector [2][19]. - The aerospace industry is poised to benefit from 3D printing due to its ability to facilitate innovative product designs, reduce part counts, and optimize structures for weight reduction, which is critical in aerospace applications [2][4]. - The report highlights the growing application of 3D printing in rocket and satellite manufacturing, with domestic companies increasing their penetration rates in these areas [3][4]. Summary by Sections 1. Transition to Mass Production - 3D printing has evolved through various manufacturing stages, with significant advancements in technology leading to its current state where it can produce high-quality metal parts [13][14]. - The technology's cost advantages are realized not through scale alone but through innovations that lower unit production costs, making it competitive even at larger production volumes [19][21]. 2. 3D Printing as a Solution for Aerospace - The design philosophy has shifted from manufacturing-led to design-led, allowing for significant reductions in the number of parts and enhanced functionality through integrated designs [2][56]. - 3D printing reduces the supply chain complexity and lowers the costs associated with product lifecycle management, making it a viable alternative to traditional manufacturing methods [2][62]. - The technology enables lightweight designs through various structural optimizations, which is essential for aerospace applications [2][68]. 3. Rocket and Satellite Applications - The report notes that 3D printing is being increasingly utilized in the manufacturing of rocket thrust chambers, with domestic companies showing potential for growth in this area [3][4]. - In satellite manufacturing, 3D printing supports lightweight structures and functional integration, with ongoing investments from both domestic and international companies [3][4]. 4. Investment Recommendations - Companies such as Huazhu High-Tech, Yibang Co., and Feiwo Technology are highlighted for their involvement in the aerospace 3D printing sector, indicating strong growth prospects [4].