PresentationGood day, and welcome to the iAccess Alpha Virtual Best Ideas Investment Conference 2025. The next presenting company is Velo3D Inc. [Operator Instructions] I'd now like to turn the floor over to today's host, Mr. Arun Jeldi, CEO of Velo3D Inc. Sir, the floor is yours.Arun JeldiChairman & CEO Good afternoon, everyone, and thanks for joining the conference. My name is Arun Jeldi. I'm the CEO of Velo3D. Velo3D is a large metal 3D printing equipment OEM. Velo3D, I'm going to turn this -- so it's fo ...

Core Insights - Apple has introduced a new titanium printing process for its products, including the Apple Watch Ultra 3, which aims to reduce manufacturing costs while maintaining product performance and increasing yield rates [1][4][10] Manufacturing Process - The new titanium printing process, referred to as "3D printing," is distinct from traditional 3D printing methods like FDM and SLA, as it utilizes a laser metal melting technique (SLM) that involves melting titanium powder to create metal structures [6][8] - This process allows for a layer thickness of 60 microns and utilizes multiple high-energy lasers to ensure a dense metal structure, which is further refined through post-processing techniques like heat treatment and CNC machining [9][10] Cost Efficiency - The laser metal melting process can save up to 50% of raw materials, allowing for the production of two watches with the material previously required for one, resulting in an estimated savings of over 400 tons of titanium in a single year [10] - The process also enhances the yield rate of titanium components, as the majority of the structure is formed during the printing phase, reducing the risk associated with traditional machining methods [10] Design Flexibility - The introduction of this technology provides unprecedented design freedom, enabling the creation of complex shapes that were previously difficult or impossible to achieve with traditional manufacturing methods [13][15] - This flexibility is particularly beneficial for high-end products, allowing for innovative designs that can enhance the overall product appeal [15] Industry Implications - The adoption of the laser metal melting process could signal a shift in the industry, particularly for domestic smartphone brands looking to compete in the high-end market [14][18] - While the technology is accessible, the challenge lies in scaling production to meet the demands of a rapidly changing market, especially for brands with a high turnover of models [14][15] Future Prospects - Apple's commitment to titanium and its new manufacturing process suggests potential future applications in other products, including foldable devices, where strength and durability are critical [16][18] - The ongoing exploration of titanium's practical applications may lead to innovative uses that enhance product performance beyond aesthetic considerations [18]

Core Insights - The company, Youyan Powder Materials, has designed its aluminum alloy powder production capacity based on insights into the metal additive manufacturing market and forecasts for aluminum alloy powder usage [1] Group 1 - The company is actively engaged in the aerospace and mold sectors for aluminum alloy additive manufacturing [1] - The company is collaborating with industry clients to jointly promote application expansion [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected strong performance relative to the market [8][7][8]. Core Insights - The company reported a significant revenue increase of 46.47% year-on-year for the first three quarters of 2025, reaching 1.161 billion yuan, driven by expansion into new markets such as commercial aerospace, robotics, and consumer electronics [8][4]. - The net profit for the same period surged by 234.83% year-on-year to 156 million yuan, reflecting improved profitability due to a decrease in expense ratios and an increase in gross margin [8][4]. - The company is actively expanding its production capacity and market reach, particularly in high-margin sectors like aerospace, which is expected to sustain rapid revenue growth in the coming years [8][7]. Financial Data and Profit Forecast - For 2025, the company is projected to achieve a total revenue of 1.827 billion yuan, with a year-on-year growth rate of 37.8% [7]. - The forecasted net profit for 2025 is 208 million yuan, representing a 99.2% increase compared to the previous year [7]. - The gross margin is expected to remain strong at 43.6% for 2025, with a return on equity (ROE) projected to reach 4.2% [7][8].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, with total revenue reaching 1.16 billion yuan, a year-on-year increase of 46.47%, and net profit attributable to shareholders of 156 million yuan, up 234.83% year-on-year [1][8] - The improvement in profitability is attributed to the expansion of the company's core business and enhanced operational efficiency, with a gross margin of 43.48%, up from 40.65% in the previous year [8] - The company's asset structure remains robust, with a debt ratio of 42.68%, reflecting prudent financial leverage while expanding operations [8] Financial Performance Summary - Total revenue projections for 2025-2027 are 1.70 billion yuan, 2.39 billion yuan, and 3.14 billion yuan, respectively, with corresponding net profits of 238 million yuan, 355 million yuan, and 441 million yuan [1][9] - The company’s earnings per share (EPS) are forecasted to be 0.87 yuan, 1.29 yuan, and 1.61 yuan for 2025, 2026, and 2027, respectively [1][9] - The report indicates a positive trend in cash flow, with a net cash flow from operating activities of -207 million yuan, showing improvement compared to the previous year [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported H1 2025 revenue of 667 million yuan, a year-over-year increase of 17.22%, and a net profit attributable to shareholders of 76 million yuan, up 9.98% year-over-year, indicating that the performance met expectations [4][5] - The company is actively expanding into emerging markets such as commercial aerospace and consumer electronics, which is expected to drive future growth [5] Financial Data and Profitability Forecast - For H1 2025, the company achieved total revenue of 667 million yuan, with a breakdown showing 422 million yuan from customized 3D printing products and services (up 30.52% year-over-year), 186 million yuan from 3D printing equipment and services (down 6.35% year-over-year), and 59 million yuan from 3D printing materials (up 25.27% year-over-year) [5] - The company’s gross margin for H1 2025 was 42.18%, slightly down from 43.62% in the previous year, primarily due to changes in product mix [5] - The report forecasts total revenue for 2025 to be 1.827 billion yuan, with a year-over-year growth rate of 37.8% [4][7] Market Expansion and Production Capacity - The company is focusing on expanding its production capacity and market presence, particularly in the aerospace sector, and is expected to benefit from increased demand in the future [5] - The company is also investing in the construction of a new production line for high-quality additive manufacturing materials, which is projected to increase capacity to 3,000 tons per year [5] Earnings Forecast Adjustment - The report has adjusted the earnings forecast for 2025 and 2026, lowering the net profit estimates to 208 million yuan and 277 million yuan respectively, while introducing a new estimate for 2027 at 378 million yuan [5]

Investment Rating - The report maintains a "Recommended" rating for the company, considering its leading position in the 3D printing industry and expected profit growth [6][8]. Core Viewpoints - The company reported a revenue of 670 million yuan for 1H25, representing a year-over-year increase of 17.2%, and a net profit attributable to shareholders of 80 million yuan, up 10.0% year-over-year [3]. - The second quarter of 2025 saw significant growth, with revenue reaching 440 million yuan, a 23.1% increase year-over-year, and a net profit of 90 million yuan, up 33.4% year-over-year [3]. - The company is expanding its production scale and exploring new markets, with notable growth in customized 3D printing products and raw materials [3][4]. Summary by Sections Financial Performance - In 1H25, the company's gross margin decreased by 1.4 percentage points to 42.2%, while the net profit margin fell by 0.8 percentage points to 11.4% [3]. - The second quarter's gross margin was 44.9%, down 0.8 percentage points year-over-year, but the net profit margin improved by 1.6 percentage points to 20.7% [3]. Product Segmentation - 3D printing customized products and technical services generated 420 million yuan in revenue, a 30.5% increase, accounting for 63% of total revenue [4]. - Revenue from 3D printing equipment and accessories decreased by 6.3% to 190 million yuan, representing 28% of total revenue [4]. - Revenue from 3D printing raw materials increased by 25.3% to 60 million yuan, making up 9% of total revenue, with a gross margin increase of 11.7 percentage points to 45.9% [4]. Research and Development - The company continues to invest in research and development, with R&D expenses amounting to 130 million yuan, a year-over-year increase of 16.1% [5]. - The company has reduced its period expense ratio by 2.6 percentage points to 34.3% in 1H25, with a slight increase in sales expenses [5]. Future Outlook - The company aims to focus on overcoming key technological challenges and nurturing specialized markets, particularly in humanoid robots and new energy sectors [6]. - Projected net profits for 2025, 2026, and 2027 are expected to be 202 million yuan, 339 million yuan, and 428 million yuan, respectively [6][7].

Core Insights - The company, Platinum Technology (688333), reported a revenue of 667 million yuan for the first half of 2025, representing a year-on-year growth of 17.22% [1] - The net profit attributable to shareholders reached 76.31 million yuan, an increase of 9.98% year-on-year, while the net profit excluding non-recurring gains and losses was 43.36 million yuan, up 22.08% [1] - The growth in revenue is attributed to the expansion of production scale and continuous exploration of new markets and applications, with both customized 3D printing products and raw materials showing revenue growth [1] Company Overview - Platinum Technology specializes in industrial-grade metal additive manufacturing (3D printing) and holds a leading position in the domestic and international metal additive manufacturing sectors [1] - The company has a high market share in the domestic aerospace additive manufacturing metal components market and has established close partnerships with various aerospace clients and research institutions [1] R&D and Technological Development - The company actively participated in the development and mass production of the JD-2 liquid oxygen methane engine for commercial aerospace, manufacturing components such as turbine pumps and pipelines [2] - In the first half of 2025, the company invested 125 million yuan in R&D, a 16.14% increase year-on-year, accounting for 18.79% of its revenue [2] - The increase in R&D investment is due to enhanced research and technological innovation efforts, with the number of R&D personnel and their compensation rising compared to the previous year [2] Research and Innovation Centers - The company has established several research and innovation centers, including a national enterprise technology center and a provincial-level engineering research center, and has undertaken multiple national key research projects [3] - It has been recognized as a model enterprise for technological innovation and a pilot demonstration enterprise for industrial internet and big data by the Ministry of Industry and Information Technology [3]

Core Viewpoint - The company, Platinum Technology (688333), reported a revenue of 667 million yuan for the first half of 2025, marking a year-on-year growth of 17.22%, and a net profit attributable to shareholders of 76.31 million yuan, up 9.98% year-on-year, driven by expanded production and new market developments [2] Group 1: Financial Performance - The company achieved a revenue of 667 million yuan in H1 2025, a 17.22% increase compared to the previous year [2] - The net profit attributable to shareholders reached 76.31 million yuan, reflecting a year-on-year growth of 9.98% [2] - The net profit excluding non-recurring gains and losses was 43.36 million yuan, up 22.08% year-on-year [2] Group 2: Business Operations - The revenue growth was primarily due to the expansion of production scale and continuous exploration of new markets and applications [2] - The company specializes in industrial-grade metal additive manufacturing (3D printing) and holds a leading position in the domestic and international metal additive manufacturing sectors [2] - In the aerospace sector, the company has a high market share in domestic aerospace additive manufacturing metal components and has established close partnerships with various aerospace clients and research institutions [2] Group 3: Research and Development - The company invested 125 million yuan in R&D during the first half of 2025, a 16.14% increase year-on-year, accounting for 18.79% of its revenue [3] - The increase in R&D investment is attributed to enhanced research and technological innovation efforts, with a rise in the number of R&D personnel and their compensation [3] - As of June 30, 2025, the company employed 637 R&D personnel, representing approximately 18.78% of the total workforce, with 59.18% holding a master's degree or higher [3] Group 4: Technological and Institutional Recognition - The company has established several research centers and platforms, including a national enterprise technology center and a provincial-level engineering research center [4] - It has undertaken multiple national key research projects and has been recognized as a model enterprise for technological innovation and service-oriented manufacturing in Shaanxi Province [4] - The company is also a pilot demonstration enterprise for industrial internet and big data by the Ministry of Industry and Information Technology, and has received various accolades for its contributions to green manufacturing and smart manufacturing [4]