Investment Rating - The report assigns a "Buy" rating to the company [6]. Core Views - The company is a leading domestic manufacturer of lithium battery separators, actively expanding its global presence and product offerings in response to the solid-state battery trend [9][12]. - The company has established a strategic partnership with Zhongke Shenlan to develop solid-state electrolyte membranes, enhancing its product portfolio [35][40]. - The company is positioned to benefit from the growing demand for solid-state batteries, with significant investments in production capacity planned for the coming years [45][49]. Summary by Sections 1. Traditional Separator Leader, Diversifying Future - The company has over 20 years of experience in the separator industry, being the first in China to export both dry and wet process separators [9]. - In 2024, the company achieved a market share of 17.6% in separator shipments, maintaining its position as the second-largest domestic supplier [12]. 2. Embracing the Solid-State Battery Wave - The solid-state battery trend is gaining momentum, with significant government support and industry developments [20]. - The company has launched innovative rigid skeleton separators and various polymer electrolyte separators, which are expected to reduce costs and enhance product value [9][35]. 3. Welcoming the AI Era, Acquiring Quality Overseas Assets - The company is acquiring leading global semiconductor equipment and components firms to strengthen its position in the semiconductor and new energy materials sectors [9]. 4. Forward-Looking Layout of Embodied Intelligence, Positioning in Electronic Skin - The electronic skin market is projected to grow significantly, with the company investing in related technologies and partnerships to capture this emerging opportunity [9]. 5. Investment Recommendations - Revenue forecasts for 2025-2027 are projected at 45 billion, 54 billion, and 68 billion yuan, respectively, with net profits of 4.3 billion, 5.4 billion, and 6.5 billion yuan [9]. - The company is expected to maintain a strong growth trajectory, supported by its technological advantages and strategic initiatives in solid-state and semiconductor sectors [9][45].

Investment Rating - The report maintains a "Buy" investment rating for the company [9] Core Insights - The company has launched its second-generation flexible sensor products, showcasing significant advancements in sensitivity, durability, and multi-modal perception [5][6] - A strategic partnership with Zhaowei has been established, positioning the company as a key supplier for the new generation of bionic hands, enhancing its market presence [6][7] - The company has implemented a new equity incentive plan aimed at binding core R&D personnel, which reflects confidence in future growth and aims to stabilize the research team [8] Summary by Sections Market Performance - The current stock price is 32.12 yuan, with a total market capitalization of 9 billion yuan and a total share count of 280 million [1] Product Development - The second-generation electronic skin products have improved in three key dimensions: true flexibility across surfaces, integration of multiple physical modalities, and the ability to capture multi-directional forces [5][6] Strategic Partnerships - The collaboration with Zhaowei includes the application of the company's sensors in ZWHAND's new bionic hand series, enhancing the product's tactile sensing capabilities [6][7] Equity Incentive Plan - The new equity incentive plan involves granting 2.427 million restricted shares at a price of 15.64 yuan per share to 103 core employees, including key R&D personnel [8] Profit Forecast - The company is projected to achieve net profits of 123 million yuan, 156 million yuan, and 219 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 72.9, 57.6, and 41.1 [9][11]

Core Insights - The article discusses the advancements in flexible tactile sensors, referred to as "electronic skin," developed by Fulei New Materials (605488.SH), which enhance the sensory capabilities of robots, allowing them to perceive force and temperature [1][4][5] - The integration of these sensors is seen as a crucial step towards achieving "embodied intelligence" in robotics, although other factors such as algorithms, computing power, system integration, and cost control are also essential for successful implementation [1][4] Group 1: Technological Advancements - Fulei New Materials has launched a second-generation flexible tactile sensor that can be integrated with robotic hardware, enabling robots to make smarter decisions through enhanced sensory input [1][4] - The new sensor utilizes a flexible film manufacturing process, allowing it to conform to various complex surfaces, which is critical for effective tactile sensing [4][7] - The second-generation product can detect force vectors in three dimensions (X, Y, Z), providing a more comprehensive sensory experience for robots [4][5] Group 2: Market Potential - According to GGII, the global demand for flexible tactile sensors in humanoid robots is projected to reach 1.525 million square meters by 2030, with a market size of 27.4 billion yuan [5] - The affordability of these sensors is highlighted as a key factor for widespread adoption and further development in the industry [6] Group 3: Industry Challenges - Current market offerings of tactile sensors have limitations in terms of fit, responsiveness, and price, leading some manufacturers to delay integration until better solutions are available [4][6] - The coupling of hardware and software remains a challenge, necessitating collaboration among developers and entrepreneurs to drive continuous iteration and improvement [6]

Group 1: Investor Relations Activity Overview - The company held an annual performance briefing on May 20, 2025, via an online platform [4] - Participants included the chairman, general manager, financial officer, board secretary, and sponsor representative [4] Group 2: Company Operations and Product Focus - The company specializes in the research, production, and sales of wear parts for bulk material conveying machinery [6] - Main product categories include bucket elevators, belt conveyors, scraper conveyors, and screw conveyors [6] - Products are used in various sectors such as grain cleaning, drying, storage, loading, transportation, and processing [6] Group 3: Investor Inquiries and Responses - The company does not engage in the research of electronic skin technology, focusing instead on bulk material conveying solutions [6]

Market Overview - US economic data boosts rate cut expectations, S&P rises for four consecutive days [2] - Meta delays AI model release, impacting Nasdaq, which ends six-day winning streak [2] - Alibaba's Q4 revenue growth of 7% falls short of expectations, while Alibaba Cloud sees accelerated growth of 18% [3][11] - Walmart's Q1 sales increase by 2.5%, slightly below expectations, with warnings about rising tariff prices [4][23] Key Developments - Powell indicates a reassessment of the 2020 monetary policy framework, suggesting long-term interest rates may rise [3][9] - US April PPI rises 2.4% year-on-year, lower than expected, with a month-on-month decline of 0.5%, marking the largest drop in five years [3][10] - Trump's $200 billion commercial agreement with the UAE includes plans for a 5GW data center [10][11] - Meta's flagship AI model Behemoth release postponed, raising concerns about the pace and cost of future AI advancements [12] Company-Specific Insights - Berkshire Hathaway significantly reduces bank stock holdings, clearing out Citigroup while maintaining its position in Apple [4][13] - CoreWeave secures a $4 billion cloud computing capacity deal with OpenAI, with Nvidia holding a 7% stake in CoreWeave [12] - Alibaba's cloud business growth driven by AI demand, with expectations for continued revenue growth in upcoming quarters [11] Industry Trends - The global force sensor market is projected to grow from $2.16 billion in 2020 to $2.84 billion by 2026, with a CAGR of 4.68% [24] - The shipping industry is experiencing increased demand due to a surge in container needs amid US-China tariff negotiations [24] - The financial sector in China shows potential for increased investment, with a projected market cap increase of 22% to 61% for the CSI 300 index [16]

Financial Performance - In 2024, the company achieved operating revenue of 1,606.32 million yuan, a year-on-year increase of 1.45% [2] - The net profit attributable to the parent company was 349.68 million yuan, a decrease of 29.07% compared to the previous year [2] - Earnings per share were 0.73 yuan, down 30.48% year-on-year, primarily due to a decline in gross profit from high polymer products [3] - In Q1 2025, operating revenue was 324.86 million yuan, a decrease of 17.69% year-on-year [3] - The net profit attributable to the parent company for Q1 2025 was 80.42 million yuan, down 33.75% year-on-year, with earnings per share at 0.17 yuan, a decrease of 32.00% [3] Product Applications - PVP is used in the new energy sector as a dispersant for carbon nanotubes and in solid-state batteries for material dispersion and interface optimization [3] - In 2024, the expected shipment volume for new energy applications is over 3,000 tons, with a projected increase in 2025 [3] - PVP's application in electronic skin focuses on material modification and conductive network construction, with no large-scale shipments currently [4] Pricing and Market Impact - PVP prices have significantly decreased compared to the previous two years and are currently stabilizing [4] - The company anticipates an increase in average product prices as the proportion of high-end products rises [4] - Approximately 50% of PVP exports are to Europe, the Middle East, Southeast Asia, and India, with exports to the U.S. accounting for only 3%-5% [5] Product Overview - Euriz is a copolymer of vinyl ether/maleic anhydride, known for its linear molecular structure and good chemical stability [5] - In 2024, Euriz sales are expected to reach about 1,500 tons, with approximately 90% for export and a high unit price [5] - The estimated shipment volume for Euriz in 2025 is over 2,000 tons, with a gross profit margin of 60-70% [5]

Core Viewpoint - The recent surge in interest in humanoid robots has led to a focus on "electronic skin," which refers to flexible tactile sensors that have been used in various industries prior to the current robot boom [1][2]. Group 1: Market Trends and Company Performance - The stock prices of key players in the electronic skin market, such as Fulei New Materials and Hanwei Technology, have seen significant increases, with Fulei New Materials rising by 188.10% and Hanwei Technology by 111.02% since December 2, 2024 [1]. - Several electronic skin manufacturers have established partnerships with robot companies that participated in recent competitions, indicating a growing collaboration within the industry [1]. Group 2: Technology and Applications - Electronic skin, defined as flexible tactile sensors, has applications that predate the humanoid robot concept, such as in automotive safety systems [2]. - Hanwei Technology has developed eight series of flexible sensors, with a focus on high-end consumer electronics and wearable devices, indicating a mature product line and stable orders [6]. - The main technology routes for tactile sensors include piezoelectric, piezoresistive, capacitive, and triboelectric sensors, with piezoresistive technology being the most widely used due to its stability and ease of mass production [8][9]. Group 3: Production Capacity and Challenges - Hanwei Technology has established four mature production lines for flexible sensors and plans to increase capacity in response to demand growth [13]. - Fulei New Materials is in the process of setting up a pilot production line for flexible sensors, indicating ongoing development in this area [13]. - Despite the technological advancements, the current production volume remains low, with estimates suggesting that producing 1,000 dexterous hands per year is considered significant in the industry [12][16]. Group 4: Future Outlook and Market Potential - The market for electronic skin is still in its early stages, with most applications in humanoid robots being in the prototype or small batch phase [14]. - Companies are exploring various applications for tactile sensors, including in healthcare, wearables, and automotive sectors, with some achieving limited batch shipments [14]. - Future commercial applications for tactile sensing technology are expected to include logistics and service industries, enhancing operational safety and efficiency [17].

Core Viewpoint - The company reported strong financial performance in 2024, with significant revenue growth and improved cash flow, indicating a solid operational foundation for future development [2][5]. Financial Performance - In 2024, the company achieved total revenue of 1.819 billion yuan, representing a year-on-year increase of 35.64% - The net profit attributable to shareholders was 220 million yuan, up 31.05% year-on-year - The non-recurring net profit reached 162 million yuan, reflecting a 39.58% increase year-on-year - Operating cash flow significantly increased to 320 million yuan, a remarkable growth of 103.99% year-on-year, marking a historical high [2]. Product Performance and Global Expansion - The injection molding products generated revenue of 909 million yuan, up 38.13% year-on-year, with a gross margin of 31.57% - Health products achieved revenue of 538 million yuan, a 42.83% increase year-on-year, although the gross margin decreased by 5.32% to 20.96% - Precision molds contributed 296 million yuan in revenue, a modest increase of 1.93%, with a gross margin of 39.49% - The company is expanding its overseas production capacity in Germany, Malaysia, Mexico, and Vietnam, positioning itself as one of the few domestic enterprises with a global production base [3]. R&D and Industry Applications - The company is focused on developing electronic skin technology, collaborating with AMBU to create plastic human skin for laboratory and educational use - The subsidiary, Yuke, has advanced IML technology and is developing IME technology, which can be applied to electronic and smart skin - Current products in the robotics sector include educational companion robots and automatic feeding robots, with samples of lightweight in-mold electronic products already developed [4]. Earnings Forecast - Revenue projections for 2025, 2026, and 2027 are 2.185 billion yuan, 2.691 billion yuan, and 3.192 billion yuan, respectively - Earnings per share (EPS) are forecasted to be 2.12 yuan, 2.54 yuan, and 3.01 yuan for the same years - The current stock price corresponds to price-to-earnings (PE) ratios of 27.6, 23.0, and 19.5, respectively, with a "buy" investment rating recommended [5].

用不同的力度来测试机器人的每一根手指，可以看出小拇指的反馈力度会更强烈一些，这样灵敏的动作背后是因为它指尖的这个地方集成了密 密麻麻的柔性传感器，这么小的面积最多可以集成几百个柔性传感器。 这是一个传感器的放大版本，它非常轻、非常薄，厚度只有0.2毫米左右，跟我们人类皮肤表层的厚度差不多，而且它非常柔软，可以随意弯 曲。如果把这样的柔性传感器和经过特殊工艺处理的膜布两者相结合，就可以做成"电子皮肤"。 央视网消息：要想让机器人更快走入工厂和家庭，完成接近人类的各种复杂动作，触觉感知必不可少。近期，不少人形机器人披上了"电子皮 肤"，加快对真实世界的探索。 装上"电子皮肤"和仿真硅胶表层后，机器人手指的触感和灵敏度更接近人类。除此之外，电子皮肤还可以用在机器人身体的不同位置，感知温 度和距离。 某企业首席科学家陈书厅介绍，"电子皮肤"的需求正在指数级增长阶段，在几年之前可能是一个相对小众的产品，现在需求非常多，预计近5 年它的年增长率应该会增加50%以上。 "电子皮肤"订单爆发式增长 企业扩产 价格下降 从小众产品到机器人的刚需，"电子皮肤"应用快速增长，生产研发也在提速。据了解，目前，我国在"电子皮肤"领域具 ...