（文章来源：证券日报） 证券日报网讯 12月16日，紫建电子在互动平台回答投资者提问时表示，公司目前专注于新兴消费类锂 离子电池的生产、研发和销售，智能戒指等智能穿戴设备是新兴消费电子行业重要发展方向之一，公司 已与国际知名的智能戒指品牌企业建立了长期稳定的战略合作关系，并在研发、技术和生产等方面给予 强力支持，在不断满足客户需求的同时，积极捕捉市场发展机会。 ...

格隆汇12月16日丨紫建电子(301121.SZ)在互动平台表示，公司目前专注于新兴消费类锂离子电池的生 产、研发和销售，智能戒指等智能穿戴设备是新兴消费电子行业重要发展方向之一，公司已与国际知名 的智能戒指品牌企业建立了长期稳定的战略合作关系，并在研发、技术和生产等方面给予强力支持，在 不断满足客户需求的同时，积极捕捉市场发展机会。 ...

Core Viewpoint - Zhongshi Technology (300684.SZ) forecasts a net profit of 230 million to 270 million yuan for the first three quarters of 2025, representing a year-on-year growth of 74.16% to 104.45% [1] - The company expects a net profit of 215 million to 255 million yuan after deducting non-recurring gains and losses, indicating a year-on-year increase of 120.37% to 161.37% [1] Group 1 - The third quarter is traditionally a peak season for the consumer electronics industry, and the company benefits from the launch of new products by major North American clients and the ramp-up of new projects, leading to increased shipments of thermal materials and components [1] - The company continues to deepen cooperation with leading global clients, resulting in a steady increase in the penetration rate and market share of thermal products [1] - The company is actively promoting new thermal solutions and core product R&D in emerging consumer electronics and digital infrastructure sectors, such as data centers and communication base stations, contributing to rapid revenue growth in high-efficiency thermal modules, core thermal components, and high-performance thermal materials [1] Group 2 - The optimization of product structure, along with cost reduction and efficiency enhancement, has significantly improved the company's profitability [1]

Core Insights - The company held an online investor reception on September 25, 2025, addressing inquiries about business cooperation, market expansion, and R&D investments [1] Group 1: Business Cooperation and Acquisitions - The company announced the acquisition of Ningbo Qixiang, which specializes in power line communication technology, particularly in the charging communication controller sector. This acquisition is expected to enhance resource integration and expand into the emerging consumer battery market [1] - The company is collaborating with top international brands in the emerging consumer electronics sector, establishing deep partnerships in areas such as smart wearables and drones [1] Group 2: Financial Performance and Market Strategy - In the first half of 2025, the company reported stable customer orders with double-digit growth, indicating strong revenue performance despite competitive challenges [1] - The company aims to maintain its existing customer base while exploring opportunities in emerging fields and overseas markets [1] Group 3: Revenue Expectations and Overseas Business - Ningbo Qixiang is expected to contribute to new revenue growth for the company, leveraging its solid technology and market foundation in the smart charging communication field for new energy vehicle enterprises [1] - In the first half of 2025, overseas sales revenue reached 186 million yuan, accounting for 34.07% of total revenue, with a year-on-year growth of 19.71% [1] Group 4: R&D Investments - In the first half of 2025, the company invested 40.8 million yuan in sodium battery projects and 12.74 million yuan in the Wanxiu stacked large battery project, with R&D expenditures representing 12.53% of revenue [1] - The company has achieved significant results in solid-state battery research and is advancing related collaborations [1] Group 5: Profitability Improvements - The company has improved the gross margin of its Bluetooth headset business through innovation in R&D, cost control, lean production, market expansion, and enhanced service [1]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Viewpoints - The launch of the Antigravity A1 drone is expected to expand the company's market reach and open up long-term growth opportunities [5] - The unique imaging system of the Antigravity A1, featuring fisheye lenses on both the top and bottom, allows for 360-degree video capture in 8K resolution, providing significant advantages in user experience and operational ease [5][6] - The report highlights the potential of panoramic cameras as essential tools for content creators in the short video era, with a projected market size that remains underpenetrated [7] Financial Projections - The company is projected to achieve net profits of 1.31 billion, 1.64 billion, and 2.23 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 3.26, 4.09, and 5.55 yuan per share [8] - Revenue forecasts for 2025, 2026, and 2027 are estimated at 78.65 billion, 101.36 billion, and 130.61 billion yuan, reflecting year-on-year growth rates of 41.1%, 28.9%, and 28.9% [10] - The report indicates a projected PE ratio of 57.3, 45.7, and 33.7 for the years 2025, 2026, and 2027 respectively [8]