1. Reported Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The company aims to build a three - dimensional growth pattern of "intensive cultivation in the existing market, breakthrough in emerging markets, and leadership in material revolution" through the differentiated development of three business segments: mechanical fans, household air - conditioner blades, and composite materials [23] - The company is actively promoting the Fan Modularization 3.0 strategy, increasing R & D investment, and extending vertically in the industrial chain [23] - The company is developing joint modules, with 5 models in the small - batch verification stage, and plans to apply them in specific scenarios by the end of this year [26] - The company will adhere to a steady development strategy and pay attention to high - quality targets in new materials and high - end advanced manufacturing fields for potential mergers and acquisitions [27] 3. Summary According to the Directory 3.1. 01 - Research Basic Information - The research object is Langdi Group, belonging to the household appliance industry. The reception time was September 26, 2025. The listed company's reception staff included Director, Deputy General Manager, and Board Secretary Chen Haibo, and Securities Affairs Representative Ma Jinxia [17] 3.2. 02 - Detailed Research Institutions - The research institutions included Guoxin Securities (a securities company with relevant personnel Wang Zhaokang) and Hua'an Fund (a fund management company with relevant personnel Xiao Geyan) [18] 3.3. 03 - Proportion of Research Institutions - No relevant content provided 3.4. 04 - Main Content Data 3.4.1. Main Business - related - The company's traditional main business development direction is to build a three - dimensional growth pattern through the differentiated development of three business segments [23] - In the context of the base pressure of domestic - sales air - conditioners, the mechanical fan segment should be refined, broadened, and strengthened; the household air - conditioner blade segment should be refined and deepened; the composite material segment should be refined, innovated, and made high - end [23] - The company's bargaining power is limited due to high customer concentration, and air - conditioner price competition may indirectly affect product sales prices [23] - Permanent - magnet brushless motors and fan units have achieved mass supply in communication base stations and heat pumps, and are in the early stage of technical communication in emerging fields such as data center cooling, liquid - cooling systems, and energy - storage cooling [23][24] - The company is in the early stage of technical communication in the AIDC liquid - cooling field and has not achieved mass production [25] - Fan modularization is mainly applied in fields such as HVAC, fresh - air systems, base - station air - conditioners, and heat - pump air - conditioners [25] - The company's competitive advantages in the commercial field lie in key technologies and a complete electromechanical system self - development ability, and there are synergies between the mechanical fan segment and the household air - conditioner blade segment [25] - The company's composite materials are mainly applied in the automotive, household appliance, electronic and electrical, and building materials fields, and their profitability is affected by multiple factors [25] - The company plans to invest 110 million yuan in a Thai production base with a designed annual capacity of 12.7 million air - conditioner blades. The construction is in progress, and it is expected to be completed in two years [25][26] 3.4.2. Joint Modules - The company has developed 5 models of joint motor modules, which are in the small - batch verification stage. It plans to apply them in specific scenarios by the end of this year and connect with relevant robot enterprises [26] - The company's competitiveness in the joint module field lies in motor technology accumulation, intelligent control algorithms, and product R & D and design [27] - The company aims to reduce costs through supply - chain digitization, production - process lean management, and independent R & D [27] - The company is communicating with potential customers in the robot field and will expand the application of joint modules in fields such as collaborative robots, humanoid robots, and automation equipment [27] - The company's subsidiary and Zhejiang University's Robot Research Institute jointly build a research center focusing on the testing and optimization of high - performance joint modules [27] 3.4.3. Future Planning - The company will adhere to a steady development strategy and pay attention to high - quality targets in new materials and high - end advanced manufacturing fields for potential mergers and acquisitions [27] - The company signed an investment intention agreement with Ningbo Jujia New Material Technology Co., Ltd. on June 30, 2025, and the two parties are in business negotiations [27]