晶泰控股（02228.HK） AI+人工智能自主实验平台驱动药物及材料研发，商业 化加速 晶泰以量子物理为基础，融合人工智能与机器人自动化技术，早期即着手数据 积累，构建多模态 AI 模型体系，覆盖药物发现核心环节。鉴于模型能力高度依 赖数据驱动，公司自建干湿结合自动化实验平台，高通量生产高质量正负样本， 不断优化数据集以反哺 AI 模型训练，形成正向数据循环，从而将算法模型与实 验迭代形成闭环系统，构筑以数据为核心的技术壁垒。长期订单验证下，公司 平台已获多家跨国药企高度认可，形成稀缺技术优势，业务量稳步攀升，并正 加速向新材料等领域延伸，商业化潜力持续释放。首次覆盖给予"强烈推荐" 评级。 强烈推荐（首次） TMT 及中小盘/传媒 目标估值：NA 当前股价：10.71 港元 基础数据 证券研究报告 | 公司深度报告 2025 年 09 月 10 日 | 总股本（百万股） | 4017 | | --- | --- | | 香港股（百万股） | 4017 | | 总市值（十亿港元） | 43.0 | | 香港股市值（十亿港元） | 43.0 | | 每股净资产（港元） | 1.7 | | ROE（TTM） | ...

Core Viewpoint - The new materials industry is crucial for supporting modern industrial systems and fostering new productive forces, with significant strategic importance for China's high-level technological self-reliance and manufacturing strength [2]. Group 1: Industry Background and Development Situation - During the 14th Five-Year Plan, China's new materials industry saw continuous growth, with total output value exceeding 8.2 trillion yuan and an average annual growth rate of over 12% [4]. - Achievements include breakthroughs in ultra-high-strength steel, high-performance carbon fiber, semiconductor silicon wafers, and key materials for lithium-ion batteries [4]. - Challenges remain in high-end materials and the need for improved self-sufficiency in core processes and equipment [4]. Group 2: Overall Requirements - The guiding ideology emphasizes innovation-driven development, demand-oriented approaches, and green low-carbon principles [7]. - Key principles include self-reliance through innovation, application-driven demand, and collaboration among enterprises [9]. Group 3: Development Goals (by 2030) - Strategic material security capabilities should exceed 80%, with a focus on achieving global leadership in frontier new materials [11]. - The goal is to cultivate internationally competitive new materials enterprises and establish over 20 distinctive industrial clusters [11]. Group 4: Key Development Directions - Advanced basic materials include ultra-high-strength automotive steel and high-performance aluminum alloys [13]. - Key strategic materials focus on high-temperature alloys and advanced semiconductor materials [14][15]. - Frontier new materials include low-dimensional and intelligent materials, quantum information materials, and bio-based sustainable materials [17][18]. Group 5: Key Tasks and Major Projects - Focus on urgent new materials needed in key application areas such as aerospace, new energy vehicles, and electronic information [21]. - Specific targets include developing high-performance carbon fiber composites and high-energy-density battery materials [22][26]. Group 6: Collaborative Innovation System - Establish a collaborative innovation system centered on enterprises, integrating industry, academia, and research [45]. - Encourage leading enterprises to form innovation alliances with universities and research institutions [46]. Group 7: Market Cultivation for Key New Materials - Implement insurance compensation mechanisms for the first application of key new materials to reduce user risks [50]. - Establish a project library for demonstration projects to showcase the advantages of new materials in practical applications [50]. Group 8: Breakthroughs in Key Processes and Equipment - Focus on overcoming bottlenecks in key processes and specialized equipment for new materials production [55]. - Develop advanced manufacturing technologies such as additive manufacturing and automated composite material forming processes [56]. Group 9: Standard System Improvement - Construct a comprehensive standard system covering the entire new materials industry chain to ensure quality and consistency [60]. - Develop over 500 key new materials standards, including international standard proposals [62]. Group 10: "Internet Plus" New Materials Action - Promote the integration of new information technologies with the new materials industry to enhance operational efficiency [64]. - Establish national-level industry internet platforms to facilitate real-time information sharing across the supply chain [66].

Summary of Zhite New Materials Conference Call Company Overview - Zhite New Materials is actively positioning itself in quantum technology to empower AI for Science, focusing on new material research with applications across various sectors including chemicals, energy, automotive, construction materials, and pharmaceuticals. The market size is expected to reach hundreds of billions or even trillions of dollars [2][4][19]. Core Business Performance - In Q1 2025, the company reported revenue of 560 million yuan, a year-on-year increase of 24%, with a profit of approximately 25 million yuan, reversing a loss of 40 million yuan from the previous year. The profit for Q2 2025 is expected to be between 40 million to 50 million yuan, with an annual profit forecast nearing 200 million yuan, representing over 100% year-on-year growth [2][7][26]. - The company’s aluminum template business is positioned at the forefront of construction engineering, with potential for performance and valuation recovery if the real estate market shows signs of improvement [2][9]. New Business Development - The new business primarily involves quantum technology-enabled AI for science, which allows for molecular-level calculations to design materials. This method offers greater flexibility and potential compared to traditional material development methods [4][17]. - The company has set ambitious overseas revenue targets of 5 billion yuan in 2024 and 1.5 billion yuan in 2026, with strategic partnerships established in the Middle East to build production bases [4][23]. Market Position and Valuation - Zhite New Materials has a market capitalization of 5.2 billion yuan, with a projected PE ratio of 26 for 2025 and 17 for 2026, indicating that the company is undervalued given its growth potential [3][19]. - The company is considered rare in the domestic market for its focus on AI for Materials, particularly using quantum computing, with no direct competitors in the A-share market [6][19]. Industry Challenges and Outlook - The construction materials industry is facing challenges due to a downturn in real estate and infrastructure, but 2025 is anticipated to be a turning point for recovery, particularly for the aluminum template business in first and second-tier cities [21][24]. - The company has been expanding its overseas projects since 2014, and with the recent focus on international markets, it expects significant growth in overseas revenue [22][23]. Future Expectations - The company is optimistic about its future performance, with aggressive profit targets of 200 million yuan for 2025 and 300 million yuan for 2026, reflecting strong confidence despite current market pressures [26][28]. - The integration of AI for Science with quantum computing is seen as a critical direction for future research, with significant potential for innovation and market impact [14][17]. Additional Insights - Recent stock price adjustments were attributed to market factors and concerns over equity dilution, but these do not fundamentally alter the company's growth trajectory [10][29]. - The company has successfully developed a super-insulating material, significantly reducing the research and development cycle from ten years to under one year, showcasing the effectiveness of its new business model [18][27].