Core Viewpoint - The company plans to acquire 100% equity of Mia Precision and Changhong Industrial for approximately 9.5 billion RMB, which are leaders in the precision metal structure component industry, with projected revenue of about HKD 9.11 billion in 2024 [1] Group 1: Acquisition Significance - The acquisition is expected to enhance the company's core competitiveness through product complementarity and profit expansion, leveraging the target's leading technology in precision metal components [2] - The acquisition will deepen collaboration with major clients and support the company's zero-sum synergy strategy, enhancing product lines and profitability [2] - Strengthening technical advantages in precision structure components is crucial for the company's vertical integration capabilities, driving innovation in AI smart hardware [2] Group 2: AI Hardware Opportunities - The company is building an AI industry ecosystem, with expectations for increased shipment volumes and optimized product structures, particularly in AI smart glasses and TWS earphones [2] - The company aims to diversify its smart hardware offerings, which will enhance gross margins through a variety of customer and product types [2] - Plans to spin off its subsidiary Goer Micro for a Hong Kong listing will strengthen its position in the microelectronics field, particularly in MEMS microphones and advanced packaging processes [2] Group 3: Profit Forecast and Investment Rating - Without considering the acquisition, the company forecasts net profits of 3.26 billion, 4.12 billion, and 5.04 billion RMB for 2025-2027, with corresponding PE ratios of 26, 20, and 17 times [3] - Successful completion of the acquisition is expected to significantly boost future profits, maintaining a "strong buy" rating [3]

Core Viewpoint - The 2025 Inclusion·Bund Conference Technology Intelligent Innovation Competition has officially launched, focusing on innovations in AI smart hardware, financial intelligence, and AI security [1] Group 1 - The competition includes three main event units: the AI Hardware Innovation Competition, the AFAC Financial Intelligence Innovation Competition, and the 2025 Global AI Offense and Defense Challenge [1]

在人形机器人、AI智能硬件、电动车需求趋势火爆之际，头部公募基金公司另辟蹊径，选择在"卖铲子"领 域进行举牌操作。 东岳集团在2024年中期业绩报告中披露，截至2024年6月30日，集团实现营业总收入72.6亿元，同比增长 0.87%。净利润达到3.08亿元，同比增长8.38%，毛利率为19.83%。中国市场贡献了84.84%的收入，而国际市 场中，巴基斯坦、越南、尼日利亚、土耳其的收入占比分别为0.34%、0.36%、0.36%、0.48%。在地区分布 上，西亚中东地区的主要客户为阿联酋，收入占比为1.20%；美洲市场的核心客户为美国，收入占比为 1.47%；日本和韩国的收入占比分别为2.19%和2.35%；欧洲的收入占比为2.70%。 香港联交所最新交易信息显示，易方达公司日前在港股市场增持新材料龙头——东岳集团，后者为全球最大的 PTFE材料供应商，由于PTFE材料相比之前人形机器人所使用的PEEK材料，具有更低的成本和更高的性能， 因此被视为推动人形机器人赛道实现大规模量产的关键替代材料。 易方达基金此次南下举牌PTFE材料供应商，或是通过"卖铲子"的逻辑来规避机器人赛道拥挤问题，与此同 时，部分专注 ...