Core Viewpoint - The company, Jinggong Technology, plans to invest approximately 426 million yuan in the construction of an intelligent manufacturing base for composite materials in Wuhan, which will enhance its capabilities in the carbon fiber and advanced composite materials sector [1][3]. Investment Details - The total investment for the project is estimated at 426 million yuan, funded through self-raised capital of 275.85 million yuan (including 250 million yuan from raised funds) and a bank loan of 150 million yuan [1]. - The project will cover an area of 66,815.68 square meters, with a new factory building area of 68,940.12 square meters and a comprehensive building of 6,601.26 square meters [1]. Production Capacity - The project will introduce 64 sets of production equipment, including prepreg production lines and automatic fiber placement machines, resulting in an annual production capacity of 28,000 sets of carbon-ceramic brake discs, 750,000 square meters of carbon fiber prepreg (250,000 square meters for self-use and 500,000 square meters for sale), and various other components for aerospace, low-altitude manned equipment, humanoid robots, drones, and new energy battery casings [2][3]. Financial Projections - Upon completion, the project is expected to generate an annual output value of approximately 481 million yuan and a net profit of about 111.82 million yuan [3]. - The project's financial internal rate of return before tax is projected at 33.70%, and after tax at 26.55% [3]. Strategic Shift - Jinggong Technology's development strategy has evolved from focusing on "dual carbon core industries" in 2023 to a broader vision by 2025, emphasizing high-end equipment and advanced composite materials across the entire carbon fiber industry chain [3]. - The implementation of this project will facilitate the company's transition from a single equipment supplier to a comprehensive solution provider integrating both equipment and materials [3].

| | ■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 | | 参与单位名称 | 天风证券、西部证券、博衍基金、西部利得基金 | | 时间 | 2025 年 12 月 4 日 | | 地点 | 精工科技会议室 | | 上市公司接待 人员姓名 | 黄伟明、金超 | | | 一、公司碳纤维全产业链业务发展情况 | | | 公司碳纤维装备制造领域业务始于 2013 年，于 2015 | | | 年完成国内首台套千吨级碳纤维成套生产线的研发制造， | | | 2020 年首条国产化千吨级碳纤维生产线一次性试车成功 | | | 并交付用户使用。目前在构建完成碳纤维全链高端装备 | | | （原丝装备、碳纤维装备、复材装备）布局基础上，按照 | | | "装备引领、材料协同、应用支撑"的发展战略，在先进 | | | 复合新材料领域加速布局。 | | | 在设备领域上：目前，公司碳化线可覆盖大小束丝碳 | | 投资者关系活动 | 纤维的生产，生产线有效宽幅为 0.4 米—4 米，公司可 ...

Company Overview - Zhejiang Precision Integrated Technology Co., Ltd. was founded in 1992 and went public in 2004, aiming to be a leader in high-end specialized equipment technology and industry upgrades [2] - The company focuses on carbon fiber full-chain high-end equipment and advanced composite materials, driving innovation in aerospace, green low-carbon recycling, and smart machinery [2] Carbon Fiber Industry Development - The carbon fiber equipment manufacturing business started in 2013, with the first domestic 1,000-ton carbon fiber production line developed in 2015 [3] - The company has established a comprehensive business system for carbon fiber, ensuring its leading position in the industry [3] - The company has invested in composite material companies and signed cooperation agreements to enhance its capabilities in aerospace and composite material maintenance [3] Market Potential - The carbon fiber industry is a strategic national industry with significant downstream demand in aerospace, low-altitude economy, wind power, pressure vessels, automotive, and shipbuilding [4] - The company aims to reduce operational costs for customers while improving product quality and lowering carbon fiber prices [4] Equipment Advantages - The company is the first in China to fully localize high-performance carbon fiber production lines, holding over 60% market share domestically [5] - The carbonization line can produce various widths of carbon fiber, with a standard line priced between CNY 160 million to CNY 200 million, capable of producing over 3,000 tons annually [6] Project Progress - The original silk equipment project is underway, with the first production line expected to start trial production soon, aiming to reduce costs significantly [7] - The second-generation exoskeleton robot has completed testing, with plans for mass production [8] - A polyester recycling production line with a capacity of 15,000 tons per year is in the testing phase, focusing on a green closed-loop cycle [9] Employee Stock Ownership Plan - In 2024, the company launched its first employee stock ownership plan, with performance targets set for 2024-2026, including a net profit of no less than CNY 184 million in 2024 [10][11] Investment Activities - The company invested CNY 50 million in a private equity fund, holding 4.3937% of the shares [11] Shareholder Changes - Since February 2023, the controlling shareholder has optimized the company's structure and resources, enhancing its competitive edge and accelerating the integration of the carbon fiber industry [11] Pledge Situation - As of the 2025 semi-annual report, the controlling shareholder has pledged 10.918 million shares, accounting for 79.98% of their total holdings, with no adverse effects on the company's operations [11]

Market Position and Competitive Advantage - The company holds a market share of over 50% in the carbon fiber production line sector, establishing itself as a leader in the domestic specialized equipment industry [2][15]. - Compared to international competitors, the company offers a higher cost-performance ratio and effective after-sales service, while it possesses unique independent innovation capabilities and leading production costs compared to domestic rivals [2][3]. Project Developments - The company is progressing well with the contract for a 50,000-ton main process device of the 150,000-ton green recycled new materials project, expected to be delivered in 2025 [3][9]. - The company has signed strategic cooperation agreements with various partners for charging station construction, with 177 sites approved and 82 signed contracts as of 2024 [3][4]. Industry Trends and Future Outlook - The company anticipates significant growth in the recycled fiber market, projected to increase from approximately 12 billion RMB in 2019 to around 20 billion RMB by 2025 [8][9]. - The company is focusing on the low-altitude economy and robotics sectors, with plans to develop electric vertical takeoff and landing aircraft components and exoskeleton robots [5][6]. Financial Performance - In 2024, the company achieved a total revenue of 1.728 billion RMB, a 12.25% increase from the previous year, while net profit decreased by 18.53% to 146.9 million RMB [19]. - The overall gross margin for 2024 was 29.21%, reflecting a decline of 3.06 percentage points due to changes in revenue composition [19]. Talent and R&D Investment - The company invested 120.21 million RMB in R&D in 2024, a 5.26% increase year-on-year, with 348 technical R&D personnel, accounting for 22.64% of the workforce [17][28]. - The "1511 Talent Action Plan" aims to attract high-level talent, with 10 PhDs and 47 master's graduates recruited in 2024 [17][20]. Shareholder Returns - The proposed profit distribution for 2024 includes a cash dividend of 1.50 RMB per 10 shares, totaling approximately 77.95 million RMB [19].