自主创新驱动是新趋势 6月5日至7日，2025中国国际化工装备博览会在上海举行，来自海内外化工装备圈的1000多家参展企业 汇聚于此。在这场石化化工行业的"时装秀"中，数智化、高端化的产业生态正悄然形成，加速助推全球 石化行业迈出高质量发展步伐。 国产化替代是新主线 博览会上，霍尼韦尔、西门子、赛默飞、巴斯夫等世界五百强企业展示了其最新研发的高效能化工生产 设备。国内新兴企业也不甘示弱，带来了具有自主知识产权的智能化装备与控制系统，展示了我国装备 制造业发展的"新主线"：苏州佳电永磁电机科技有限公司推出的永磁同步电机驱动系统，结合能效管理 软件，节能率达25%~40%；上海敏杰制药机械有限公司带来的热泵精馏智能模块技术，全程可自动进 料、出料，自动检测和控制物料密度、蒸发温度、真空度等反应条件，还能凭借模块化设计与用户设备 达成"即插即用"； 柯力集团展示了工业物联网称重与传感技术在化工领域的创新应用，包括称重模 块、工业控制仪表、温湿度传感器、压力传感器、防爆称重控制产品等一系列高精度、高可靠性、智能 化解决方案…… 本届展会还专门为化工产业集群"地方队"提供了舞台。"中国钛谷"陕西宝鸡、"中国阀门城"温州 ...

Q：公司如何看待下游各应用领域的发展趋势。 投资者关系活动记录表 编号：2025-003 | | □特定对象调研 | □分析师会议 | | | | --- | --- | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | | | 活动类别 | □新闻发布会 | □路演活动 | | | | | □现场参观 | | | | | | □√ 其他电话会议 | | | | | | 参与单位 | 姓名 | 参与单位 | 姓名 | | | 宏利基金 | 石磊 | 中信证券 | 叶达 | | | 上海明河资管 | 姜宇帆 | 淡水泉（北京）资管 | 陈晓生 | | | 九泰基金 | 赵万隆 | 宁泉资管 | 张斌 | | | 华泰证券 | 丁宁 | 摩根士丹利 | 贾逸飞 | | | 浦银国际 | 沈岱 | 长城证券 | 邹兰兰 | | | 招商证券 | 谌薇 | 浦银国际 | 马智焱 | | | 财通证券 | 吴姣晨 | 方正证券 | 吴家欢 | | | 国信证券 | 叶子 | 东吴基金 | 张浩佳 | | | 中信建投 | 郭彦辉 | 交银施罗德 | 于畅 | | | 兴业证券 ...

海光曙光 20250610 摘要 海光与曙光合并，曙光以 10%溢价收购，参考市盈率估值，认为停牌前 市值 905 亿元被低估，合并后公司仍保持无实际控制人状态，并计划定 向募资用于交易税费等。 合并旨在发挥芯片、软件及系统一体化能力，打造国内第一梯队算力供 应商，并在 AI 芯片领域释放能力，顺应国产化浪潮，提升市场份额，降 本增效，增厚股东回报。 海光受益于 AMD 授权，收入和利润复合增速超 50%，核心增长动能来 自 CPU 和 DCU 芯片设计；曙光液冷技术领先，市占率超 60%，PUE 值低至 1.04，并参股海光信息，构建完整产业链。 合并后公司估值将更趋合理，海光在 CPU 领域保持高速增长，申威系列 芯片在国产化替代方面潜力巨大，公司在 AI 算力芯片领域处于国内第一 梯队。 国内 CPU 算力层面存在整合机会，X86 架构由兆芯、海光提供，ARM 架构由华为、长城提供，华为与飞腾已在底层架构上协同，GPU 领域多 家厂商积极参与产业链融合。 Q&A 海光和曙光合并方案的具体内容是什么？ 海光曙光合并后公司的估值如何变化？ 海光曙光合并后公司的整体估值将有所下降，更接近合理的估值水平。从未来 ...

Core Viewpoint - The company, Yantai Ruichuang Micro-Nano Technology Co., Ltd., is positioned in a promising industry with significant growth potential in the infrared thermal imaging market, driven by increasing demand and technological advancements [1][2][3] Industry Development Outlook - The infrared thermal imaging industry is characterized as a sunrise industry with low penetration rates, indicating substantial future growth opportunities [1][2] - The demand for civilian infrared products is expected to maintain rapid growth due to decreasing prices and increasing applications [1][2] Company Position and Financial Health - Ruichuang Micro-Nano holds a strong market position in the non-cooling infrared thermal imaging segment, being one of the few companies capable of independent research and mass production of non-cooling infrared detector chips [1][2][3] - The company has a robust cash position and diverse sales channels, which provide a solid foundation for debt repayment [1][2] Revenue and Profitability - The company reported total revenue of 43.16 billion yuan in 2024, reflecting a year-on-year growth of 21.28% [7][8] - The adjusted gross margin for 2024 was 45.21%, indicating an increase from previous years, driven by the growth in the infrared thermal imaging business [8] R&D and Innovation - The company has a well-established R&D framework, with R&D expenses amounting to 8.61 billion yuan in 2024, representing 19.94% of total revenue [13][15] - The company has achieved significant technological advancements, including the development of the world's first large-area non-cooling infrared detector with a pixel pitch of 8μm [13][15] Market Risks and Challenges - The company faces ongoing pressures from rapid technological updates and intense market competition, necessitating continuous innovation and R&D investment [2][3] - The concentration of accounts receivable and inventory remains high, which poses potential asset impairment risks [2][3] Investment Projects and Use of Proceeds - The proceeds from the convertible bond issuance are primarily allocated to various projects, including the supply chain center for infrared thermal imaging systems, which is expected to be completed on schedule [3][4] - As of March 2025, the company has utilized 11.54 billion yuan of the 20 billion yuan planned for investment projects, with significant progress reported in the supply chain center project [3][4]

Core Viewpoint - The company is focused on maintaining its leading position in the automotive clutch transmission system sector while actively pursuing opportunities in the new energy vehicle (NEV) components market and enhancing its technological capabilities [1][2][3] Group 1: Production Process and Technology - The company's automotive clutches consist of a cover assembly, driven plate, and release bearing, with a fully controlled production process ensuring product reliability and stability [1] - The company utilizes advanced manufacturing technologies, including a 5200-ton precision digital stamping line and Japanese heat treatment techniques, to enhance product performance [1] - The hollow motor shafts for NEVs are produced through a series of high-precision processes, achieving a precision control of 2 to 5 micrometers [1] Group 2: Mergers and Acquisitions - The company has completed three acquisitions since its listing, including the purchase of Geiger in 2018, which enhanced its precision manufacturing capabilities [1][2] - The acquisition of Hubei Sanhuan in 2019 resulted in exceeding performance commitments, achieving 174.42% of the promised net profit [1][2] - The company also acquired Yuntong Sifang and Guolian Auto Parts in 2021, expanding its capabilities in the automotive aftermarket [2] Group 3: Financial Health - The company exhibits a "three low" characteristic: low asset-liability ratio, low goodwill, and low pledge rate of major shareholders [2] - The company maintains a healthy cash flow with minimal interest-bearing debt and low overall goodwill, reducing impairment risks [2] - The absence of stock pledges by major shareholders indicates a stable equity structure [2] Group 4: Future Development Plans - The company aims to strengthen its R&D efforts in core transmission components suitable for various vehicle types, including AT, CVT, DCT, and NEVs [3] - The company plans to enhance its NEV components business by integrating industry resources and adopting advanced manufacturing techniques [3] - The company seeks to improve its smart automotive service levels by developing a comprehensive service ecosystem for the commercial vehicle aftermarket [3] - The company is pursuing a global strategy to leverage its overseas manufacturing capabilities and expand its market presence in Europe and America [3]

Core Insights - Haimai Medical Technology (Suzhou) Co., Ltd. has completed the follow-up of its first domestic biological artificial blood vessel, LineMatrix Naimaitong® FIM clinical trial, marking it as the first company in China to achieve this milestone [1][2] - The clinical trial demonstrated high patency rates for the biological artificial blood vessel, with a primary patency rate of 90.9% at three months and 80.8% at six months, significantly outperforming traditional ePTFE artificial blood vessels [2][3] - The company plans to initiate nationwide multi-center product registration clinical trials for the Naimaitong® biological artificial blood vessel to accelerate its market launch and is also developing a groundbreaking 3.5mm diameter artificial blood vessel [3] Summary by Sections Company Overview - Haimai Medical is recognized for its innovative approach in developing the first domestic biological artificial blood vessel, which addresses the limitations of existing treatment methods for vascular injuries [1][2] Clinical Trial Results - The FIM clinical trial results showed that the biological artificial blood vessel had a primary patency rate of 90.9% at three months and 80.8% at six months, with a cumulative patency rate of 100% [2] - No immune reactions, infections, or complications such as aneurysms were reported, indicating the safety and effectiveness of the product [2] Market Implications - The high patency rates and reduced need for postoperative interventions suggest that the biological artificial blood vessel could significantly lower healthcare costs and alleviate the financial burden on patients [2] - The company aims to replace traditional ePTFE artificial blood vessels with its innovative product, potentially benefiting a large patient population [2][3] Future Developments - Haimai Medical is set to launch nationwide multi-center clinical trials for product registration, aiming for the commercialization of its biological artificial blood vessel [3] - The company is also working on a pioneering 3.5mm diameter artificial blood vessel, which could revolutionize coronary artery bypass surgery techniques and outcomes [3]

[Table_Reportdate] 2025年06月10日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 董经纬 djwei@longone.com.cn 联系人： 李嘉豪 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20250610 [table_summary] 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 ➢ 1.政策扰动不改供需回暖趋势，关注AI、半导体设备等结构性机会——半导体行业5月份 月报 ➢ 2.碳纤维行业整合加速，关注具有规模和技术优势的龙头企业 ——化工新材料行业简评 ➢ 3.价格压力持续，亟待政策破局——国内观察：2025年5月通胀数据 ➢ 1.中办、国办印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意见》 ➢ 2.李强主持国务院第十四次专题学习 ➢ 3.海 ...

作者｜黄楠 编辑｜袁斯来 2025年春天，机器人行业的入场机会正在飞速流逝。 过去看消费的投资人在地毯式扫机器人项目，未交割的项目一夜之间交割完毕，犹豫的人忽然变得果断而大胆。 人形机器人本体的增长速度逐渐触及瓶颈，很多人将目光投向机器人背后庞大且复杂的产业链。 然而，窗口已经关到只剩下窄缝。过去两年，当人形机器人的浪潮还在水面下涌动时，上游产业链的一些公司已经长成低调却昂贵的标的。 零差云控就是这样的案例。它成立于2016年，专注高可靠、高精度的机器人核心零部件的生产制造，包括机器人关节和编码器。2018年，零差云控基于自主 研发的高精度编码器，首创标准一体化关节模组设计并进入批量生产，期间完成了多轮数千万级融资，比邻资本、琥珀资本、松柏投资等相继参投，当前公 司估值已远超10亿元。 早在人形机器人出现前，包括医疗场景的手术机器人、服务机器人，工业场景的汽车制造、3C电子等领域已经对关节有大量的需求。 "我们把关节尺寸做小的时候人形还没火，"零差云控创始人贾玺庆向硬氪指出，"不只是人形机器人市场，其他行业也有越来越细分的需求。比如有强烈刚 需的腹腔镜手术机器人，可以实现更快更精准的手术方式，减小创面、缩短愈 ...

9日，工信部、民政部发布开展智能养老服务机器人结对攻关与场景应用试点工作的通知，其 中指出，分阶段实施一批智能养老服务机器人攻关和应用试点项目，形成一批能够满足多层 次、多样化养老服务需求的机器人产品。 与此同时，中国工业机器人出口数据也超出市场预期。海关总署9日发布的数据显示，今年 前5个月，我国出口装备制造业产品6.22万亿元，增长9.2%。其中，工业机器人增长 55.4%。 通知还提出，完善标准及评价体系。鼓励产品研制单位和应用试点单位联合开展智能养老服 务机器人标准研究，聚焦场景需求和应用安全研制智能养老服务机器人产品和服务标准规 范，聚焦安全性、可靠性、适老化、经济性等研制智能养老服务机器人产品评价标准。引导 行业紧扣老年人的生理心理特点及服务需求，进行智能养老服务机器人产品的设计开发，提 升产品适老化、智能化和安全可靠水平。 猛增超55% 6月9日，海关总署发布的数据显示，今年前5个月，我国出口装备制造业产品6.22万亿元， 增长9.2%，占我国出口总值的58.3%。其中，出口电动汽车增长19%、工程机械增长 10.7%、船舶增长18.9%、工业机器人增长55.4%。前5个月，我国装备制造业产品对 ...

Group 1 - Star Stone Investment recently conducted research on Zhongtai Co., which has an order backlog of approximately 2.4 billion yuan for Q1 2025, with 40% of orders coming from overseas [1] - The company expects new orders to accelerate in the second half of the year, with a sales target for the equipment segment in 2025 projected to grow by 20% compared to 2024 [1] - Deep cooling technology has been applied in the Korea Nuclear Fusion Research Institute's experimental device, which can be utilized in the low-temperature phase of controllable nuclear fusion [1] Group 2 - The high dependence on ethane imports and restrictions from the United States may impact the olefin industry, potentially creating a demand for domestic ethane production [1] - The company has not locked in prices for major raw materials due to the long project cycles and unpredictable aluminum price fluctuations [1] - Overseas orders signed in 2023 are expected to be delivered gradually starting from Q1 2024, leading to a gradual release of performance [1] Group 3 - Adjustments in procurement structure are anticipated to lower costs, as the pricing for Shandong's civil gas has not been fully completed [1]