Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Viewpoints - AI is identified as the core engine driving growth, leading to simultaneous increases in revenue and gross margin, with a significant year-on-year increase in contract liabilities [6] - The company achieved total operating revenue of 738 million yuan, a year-on-year growth of 4.91%, and a net profit attributable to shareholders of 111 million yuan, a year-on-year increase of 18.75% [4] - The self-developed "Ling Series" AI agent products and solutions are expected to accelerate implementation, contributing to the company's second growth curve [6] Financial Performance Summary - Total operating revenue for the reporting period was 738 million yuan, with a gross margin of 52.40%, an increase of 4.22% year-on-year [6] - Contract liabilities at the end of the reporting period reached 405 million yuan, a year-on-year increase of 158.26% [6] - The company has improved its cost control, with sales, management, and financial expenses decreasing by 26.02%, 1.16%, and 107.53% respectively [6] Profit Forecast and Valuation - The company is expected to achieve net profits attributable to shareholders of 251 million yuan, 303 million yuan, and 365 million yuan for the years 2025, 2026, and 2027 respectively [6] - The estimated EPS for 2025, 2026, and 2027 is projected to be 1.02 yuan, 1.24 yuan, and 1.49 yuan respectively [6] - The corresponding PE ratios for 2025, 2026, and 2027 are expected to be 51.8, 42.8, and 35.5 times respectively [6] Comparable Company Analysis - The report compares the company with peers such as Saiyi Information, Dingjie Smart, and Zhongke Electric, providing a benchmark for valuation [6]

中国门类齐全、基础雄厚、产业链完整的制造业底蕴，为AI大模型在垂直领域，尤其是工业场景的探 索性应用，提供了丰富的试验田和广阔的需求空间 "AI+工业"行稳致远，还需持续突破技术瓶颈、深化场景应用、营造鼓励创新的友好环境，在全球智能 化浪潮中熔铸出更强大的竞争优势 文 |《瞭望》新闻周刊记者 钢铁企业的生产车间中，"火眼金睛"的AI让带钢表面缺陷无处遁形，检出率提升至95%；热轧环节精准 掌控，成材率提升带来实实在在的效益，一年可多产出2万吨钢；油气勘探领域，原本需要耗费地质专 家一整年完成的复杂数据分析，在大模型驱动下缩短到一个月……这些成果是人工智能深度赋能中国工 业的缩影。当前，AI在矿井智能化、炉温预测、地震波勘测、高性能计算等核心环节，取得了一系列 突破性应用。 为何"AI+工业"能在中国土壤快速生根发芽？受访人士认为，其关键在于中国门类齐全、基础雄厚、产 业链完整的制造业底蕴。"这为AI大模型在垂直领域，尤其是工业场景的探索性应用，提供了丰富的试 验田和广阔的需求空间。"受访者表示。 这场竞逐中，中美两国被视为主要领军者，但路径迥异。美国坐拥通用大模型与算力优势，却因"去工 业化"而严重缺乏工业场 ...

Summary of Conference Call on Baotong Technology's Robotics and Micro-Motor Business Company and Industry Overview - The conference call focused on Baotong Technology and its subsidiaries, particularly the developments in the robotics and micro-motor sectors [1][2]. Key Points and Arguments - **Collaboration with Yushu**: Baotong Technology has signed a cooperation agreement with Yushu for the joint development of industrial robots. Recent visits to Yushu were aimed at discussing further customization based on market demand [2][3]. - **Market Demand**: There is a strong demand from downstream customers for customized solutions, indicating a robust market for Baotong's robotics applications in industries such as steel and electricity [3][4]. - **Establishment of Wuxi Tailis**: The establishment of Wuxi Tailis was driven by market needs and prior validations. The company aims to integrate upstream core components with downstream application scenarios to create a complete industrial ecosystem [4][5]. - **Team Composition**: Tailis combines external top-tier micro-motor R&D teams with Baotong's internal teams, leveraging extensive experience in serving leading domestic and international robotics and semiconductor companies [5][6]. - **Micro-Motor Technology**: Tailis has developed advanced micro-motor technologies, including the ability to mass-produce ultra-small motors (10mm diameter), which is a significant achievement in breaking foreign monopolies [8][9]. - **Competitive Advantages**: Baotong's micro-motors offer superior torque and efficiency compared to competitors, particularly in specialized applications such as medical robots and automation systems [9][10]. - **Application Fields**: The micro-motors are applicable in various robotic fields, including humanoid robots, collaborative robots, surgical robots, and underwater robots, showcasing their versatility [13][14]. Additional Important Information - **Customization and Innovation**: The focus on customization and addressing specific industry pain points positions Baotong favorably in the market, with confidence in overcoming future challenges through their comprehensive design and manufacturing capabilities [12][14]. - **Strategic Vision**: Baotong's strategy revolves around AI integration in industrial applications, emphasizing the importance of ecosystem partnerships to advance robotic technologies [3][4]. This summary encapsulates the essential insights from the conference call regarding Baotong Technology's strategic initiatives and market positioning in the robotics and micro-motor sectors.

3月22日，深圳晶泰科技有限公司（以下简称"晶泰科技"，股票代码：2228.HK）与方大炭素新材 料科技股份有限公司（以下简称"方大炭素"，股票代码：SH600516）在晶泰深圳办公室正式签署战略 合作协议。双方将以人工智能（AI）为核心驱动力，围绕炭素新材料领域展开深度协同创新，推动高 端碳基材料研发与智能制造升级。 图为晶泰科技董事会主席温书豪（左五）、方大炭素董事长马卓（右五）携企业代表共同出席签约 仪式。晶泰科技首席研发科学家杨明俊（前排左一）、方大炭素董事会秘书庄晓茹（前排右一）代表两 家企业签字。 签约仪式上，晶泰科技董事会主席温书豪、首席研发科学家杨明俊以及辽宁方大集团副总裁、方大 炭素董事长马卓，方大炭素董事会秘书庄晓茹，成都炭材总经理王树、成都方大炭素研究院总经理冯加 民等共同出席。 根据协议，双方将重点聚焦炭素新材料领域展开深度合作。依托晶泰科技在人工智能、机器人自动 化实验、量子化学计算等领域的核心技术优势，结合方大炭素在炭素新材料研发、规模化生产及市场应 用端的丰富经验，共同推进高性能炭基材料的智能化研发、生产工艺优化与智能制造升级。通过构建垂 直大模型，两家公司将联手打造新材料领域A ...