Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the document. 2. Core Viewpoints of the Report - The company's profitability has been continuously improving, with the net profit turning from loss to profit in 2024 and the gross profit margin increasing by 10.82 percentage points. The sales net profit margin in Q1 2025 was 11.83%, 6 percentage points higher than that in 2024 [15]. - The company has accumulated high - quality market resources in consumer electronics, new energy vehicles, and pyrotechnics industries. It has developed a series of intelligent manufacturing equipment that can replace foreign products, breaking foreign monopolies and filling domestic gaps [17]. - The new national production safety law has increased the demand for equipment transformation in pyrotechnics, chemicals, and energy industries, promoting the company's product business growth [18]. - The company has strong competitive advantages in pyrotechnics, including collaborative innovation with strategic partners, R & D of explosion - proof robots and related products, and holding a leading position in intelligent production and digital transformation technologies [19][20][22]. - The company's explosion - proof robot business is expanding, with orders being delivered in an orderly manner and ongoing projects being promoted [24]. - The company will actively promote the industrialization of innovation results, expand new market areas, and increase the depth and breadth of the market [25]. 3. Summary by Related Catalogs Company Overview - The report is about a research on Bai'ao Intelligence, a company in the special equipment industry. The research was conducted on May 22, 2025, and the company's reception staff included the chairman, general manager, and other senior management [8]. - Participating research institutions included securities companies such as Caitong Securities, Huatai Securities, and fund management companies such as Invesco Great Wall [2][9]. Company Business and Financial Performance - The company is mainly engaged in the R & D, design, production, and sales of intelligent manufacturing equipment, providing complete sets of intelligent manufacturing equipment and related components for customers. Its products are mainly used in consumer electronics, new energy, new energy vehicles, and pyrotechnics industries [15]. - In 2024, the company's R & D investment was 37,329,156.23 yuan, accounting for 8.01% of operating revenue, an increase of 2.63% compared to the previous period [26]. Future Profit Growth Drivers - The company has high - quality market resources, high - quality order delivery and after - sales service capabilities, and has developed products that can meet market demand. It has also developed a series of intelligent manufacturing equipment that can replace foreign products [17]. - The new national production safety law has increased the demand for equipment transformation in related industries [18]. - The company has competitive advantages such as collaborative innovation with partners, R & D of explosion - proof robots, and strong R & D capabilities [19][20]. Pyrotechnics Industry Development - The pyrotechnics industry has broad development opportunities, with new types of pyrotechnics such as the fourth - generation high - safety pyrotechnics and the fifth - generation integrated products or arrays being gradually applied [21]. - The company has mastered core explosion - proof technologies, developed explosion - proof robots and related products, and holds a leading position in the industry [22]. Industrial Robot Sales - The company's explosion - proof robots have obtained explosion - proof certifications and are widely used in pyrotechnics production equipment. The company is accelerating market sales, with orders being delivered and ongoing projects being promoted [23][24]. R & D and Future Planning - The company will actively promote the industrialization of innovation results, expand new market areas, and increase market penetration [25]. - The company will continue to increase R & D investment to meet market demand and policy requirements [26]. Technological Innovation - The company has established a strong R & D team, covering various technical fields such as structural design, electrical control design, and software R & D. It has developed a series of key technologies with independent intellectual property rights [30][32]. Emerging Industry Layout - The company has experience and technological advantages in pyrotechnics, new energy vehicles, and robots. It will focus on cost - reduction and efficiency - improvement and promote the development of new industries [33]. - The company will actively explore the humanoid robot industry chain based on market demand [37].

Group 1 - Qingmu Technology plans to reduce its shareholding by up to 3%, amounting to no more than 2.776 million shares [1] - Newcap received a decision from the police to revoke the case against its actual controller, who was previously detained for insider trading [2] - Rhine Biotech's directors and executives plan to collectively reduce their holdings by up to 0.14%, totaling no more than 1.0185 million shares [3] Group 2 - Puli Tui's stock and convertible bonds will be delisted on May 22, 2025 [5] - *ST Nong Shang will have its delisting risk warning lifted and will resume trading on May 23, 2025 [7] - State Grid Information Communication plans to acquire 100% equity of Yili Technology for approximately 1.853 billion yuan [9] Group 3 - Kelun Pharmaceutical's subsidiary received drug registration approval for a new injectable product, which is the first of its kind in China [10] - Aishida plans to acquire 7% equity of its subsidiary Zhejiang Qianjiang Robot Co., Ltd. for 13.09 million yuan [11] - Hongming Co. is planning to acquire 83% equity of Shenzhen Chisu Automation Equipment Co., Ltd. for approximately 151 million yuan [12] Group 4 - JuJiao Co. plans to reduce its shareholding by up to 2.6%, totaling no more than 2.093 million shares [14] - AVIC Financial's stock will be delisted on May 27, 2025 [16] - Jingwang Electronics' major shareholders plan to reduce their holdings by up to 2.99% [17] Group 5 - Huaren Health intends to acquire stakes in three pharmaceutical chain companies for a total of 327 million yuan [18] - Huanrui Century's original shareholders are required to compensate for unfulfilled performance commitments with 116 million shares [20] - Tefa Service's shareholders plan to reduce their holdings by up to 3% [21] Group 6 - Maipu Medical is planning to acquire at least 51% of Easy Medical's equity, which will constitute a major asset restructuring [22] - *ST Jinshi will have its delisting risk warning lifted and its stock will resume trading on May 23, 2025 [22] - Guoke Micro is planning a major asset restructuring and will suspend trading [23] Group 7 - Defu Technology intends to acquire 100% equity of an overseas electronic circuit copper foil company [24] - Xince Standard's shareholder plans to reduce its holdings by up to 1% [25] - Xiouqiang Co. plans to reduce its holdings by up to 3% [27]

Market Performance - On May 22, the three major A-share indices collectively adjusted, with the Shanghai Composite Index falling by 0.22% to 3380.19 points, the Shenzhen Component Index dropping by 0.72% to 10219.62 points, and the ChiNext Index decreasing by 0.96% to 2045.57 points [1] Fund Manager Changes - In the past 30 days (April 22 to May 22), a total of 480 fund products experienced changes in fund managers, with 22 fund products announcing manager departures on May 22 alone [3] - The reasons for the changes included two managers leaving due to job changes, one due to personal reasons, and one due to product expiration [3] Fund Manager Performance - The current total asset scale of the fund manager Lou Huafeng from Industrial Bank is 2.079 billion yuan, with the highest return product being Silver River Quantitative Preferred Mixed A, which achieved an 88.18% return over 4 years and 42 days [4] - New fund manager Yan Peixian from China Europe Fund has a total asset scale of 12.365 billion yuan, with the highest return product being China Plus Pure Bond One Year A, which achieved an 87.82% return over 10 years and 49 days [5] Fund Research Activity - In the past month (April 22 to May 22), Bosera Fund conducted the most company research, engaging with 145 listed companies, followed by Jiashi Fund, Huaxia Fund, and Fortune Fund, which researched 133, 132, and 125 companies respectively [6] - The most researched industry was specialized equipment, with 658 instances, followed by medical devices with 637 instances [6] Recent Company Focus - In the last week (May 15 to May 22), the company receiving the most attention from funds was Bozhong Precision Engineering, with 48 fund institutions conducting research [8] - Other companies with significant research interest included Huagong Technology, Keli Co., and Huadong Pharmaceutical, receiving 37, 35, and 30 fund institution inquiries respectively [8]

Core Viewpoint - The special legal opinion issued by Hunan Qi Yuan Law Firm confirms that the stock trading activities of insiders related to Hunan Wuxin Tunnel Intelligent Equipment Co., Ltd. during the self-examination period do not constitute insider trading and will not pose substantial legal obstacles to the ongoing asset restructuring transaction [1][10]. Group 1: Transaction Overview - The transaction involves the issuance of shares and cash payment for asset acquisition, along with the raising of supporting funds, categorized as a related party transaction [1]. - The self-examination period for insider trading began six months prior to the initial disclosure of the transaction on November 26, 2024 [1][4]. Group 2: Insider Trading Examination - The law firm conducted a thorough examination of stock trading activities by insiders during the self-examination period, utilizing various legal and regulatory frameworks [2][4]. - Specific trading activities were documented, including sales and purchases by various insiders, with details such as transaction dates and quantities [4][10]. Group 3: Compliance and Commitments - Insiders provided commitments ensuring that all documents submitted for review were accurate and complete, with no misleading information [2][6]. - The law firm emphasized that the trading activities were based on publicly available information and did not involve any undisclosed material information [5][9].

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment and specialized equipment sectors [5]. Core Insights - The global nuclear fusion industry is accelerating, with significant advancements expected in the coming years, particularly with the BEST project set to demonstrate fusion energy generation [17][21]. - Over 70% of surveyed fusion companies believe that commercial applications of fusion energy can be achieved between 2031 and 2040, indicating a positive outlook for the industry [2][25]. - The Tokamak technology is considered the most mature among various fusion technology paths and is expected to lead the commercialization of fusion energy [18][34]. Summary by Sections Industry Overview - The nuclear fusion industry is experiencing robust growth, driven by policy support and technological advancements. Countries like the US, China, Europe, and Japan have established detailed strategic plans for fusion development [17][21]. - The BEST project in China is expected to be completed by 2027 and will be the first to demonstrate fusion energy generation, marking a significant milestone for China's fusion energy development [29][30]. Market Potential - The market for Tokamak devices is projected to exceed 90 billion yuan, with high-value components such as magnetic coils, first wall components, and vacuum parts being key beneficiaries [19][4]. - As of April 2025, there are 80 Tokamak devices globally, with 57 operational and 23 under construction, indicating a growing demand for fusion experimental reactors [19][4]. Technological Advancements - The Tokamak device operates by creating a closed helical magnetic field to confine high-temperature plasma, which is essential for achieving fusion reactions. The EAST device in China has already achieved a plasma confinement time of 403 seconds [18][34]. - The report highlights that advancements in high-temperature superconductors will enhance plasma stability and contribute to the commercialization of Tokamak technology [18][34]. Future Outlook - The report emphasizes that the nuclear fusion sector is on a path to commercialization, with ongoing projects and technological innovations paving the way for practical applications of fusion energy [20][21]. - The anticipated completion of the ITER project by 2025 will further solidify the foundation for future fusion energy developments [21][22].

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Lehui International, which is currently facing a decline in stock price and has a high PE ratio compared to its industry peers [1][2] - As of May 21, Lehui International's stock closed at 24.37 yuan, down 3.87%, with a rolling PE ratio of 110.55 times, and a total market capitalization of 2.941 billion yuan [1] - The average PE ratio for the specialized equipment industry is 61.94 times, with a median of 48.30 times, placing Lehui International at the 223rd position in the industry ranking [1][2] Group 2 - As of March 31, 2025, Lehui International had 8,564 shareholders, a decrease of 629 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1] - The main business of Ningbo Lehui International Engineering Equipment Co., Ltd. includes the research, production, and manufacturing of liquid food equipment, with key products being brewing equipment, sterile filling equipment, and other bioprocess equipment [1] - The company has been recognized as a national champion in manufacturing, with its beer brewing equipment and filtration equipment awarded national champion product status [1] Group 3 - In the latest quarterly report for Q1 2025, Lehui International reported an operating income of 206 million yuan, a year-on-year decrease of 5.87%, while net profit reached 8.9383 million yuan, reflecting a year-on-year increase of 160.61%, with a sales gross margin of 20.66% [1]

序号股票简称PE(TTM)PE(静)市净率总市值(元)240汇成真空165.63161.2514.72109.80亿行业平均 61.9470.314.2261.40亿行业中值48.3048.573.0639.62亿1中船应急-1724.08895.312.9877.37亿2利和 兴-863.39656.315.5446.47亿3卓兆点胶-638.28-120.444.3124.99亿4开勒股份-621.00-376.215.1839.62亿5博 杰股份-553.10224.352.4549.93亿6至纯科技-475.26422.382.0899.67亿7花溪科技-447.31976.697.8115.26亿8 爱司凯-380.51-1105.376.9433.55亿9蓝英装备-280.96-337.378.2973.41亿10舜禹股 份-275.52158.271.4721.60亿11展鹏科技-174.93232.092.3923.13亿 本文源自：金融界 广东汇成真空科技股份有限公司的主营业务是真空镀膜设备研发、生产、销售及其技术服务。公司的主 要产品是中频磁控溅射镀膜设备、高精密电子束蒸发光学镀膜设备、磁 ...

Group 1 - Weiling Co., Ltd. announced that its subsidiary Tianjin Changling Mining Partnership acquired 74.3% of Hunan Linwu Jiayu Mining Co., Ltd. for 220 million yuan, focusing on non-ferrous and black metal mining and smelting [1] - Zhongnong Lihua plans to acquire at least 50% of Taizhou Agricultural Materials Co., Ltd., which will become a subsidiary upon completion of the acquisition [1] - Chaohongji is planning to issue H-shares on the Hong Kong Stock Exchange, with details yet to be finalized [1][2] Group 2 - Hong Sifang's subsidiary plans to invest approximately 1.49 billion yuan in a new production base in Suizhou High-tech Industrial Development Zone [3] - Shangwei New Materials announced that its major shareholder Jin Feng Investment Holdings intends to reduce its stake by up to 3%, equating to 12.1 million shares [4] - Yihe Jiaye has changed its name to Beijing Ruimaite Medical Technology Co., Ltd., effective from May 21 [5][6] Group 3 - Huaxi Energy reported that its controlling shareholder has been detained and is under investigation, with no longer holding any positions in the company [7][8] - Aofei Entertainment plans to invest 10 million yuan in a partnership for equity investment in Shenzhen Xuanyuan Technology Co., Ltd. [9] - Hangzhou Electric plans to reduce its shares by up to 1.93%, equating to 13.36 million shares [10] Group 4 - Jiuhua Tourism intends to raise up to 500 million yuan through a private placement for various projects, including hotel renovations and transportation upgrades [11] - Dingxin Communications elected Liu Min as the new chairman following the resignation of Wang Jianhua [12] - Jiewate plans to acquire 40.89% of Nanjing Tianyi Hexin Electronics for 319 million yuan [13] Group 5 - Darui Electronics intends to acquire 80% of Dongguan Weisi Technology Co., Ltd. through cash purchase and capital increase [14] - Tianzhihang's shareholders plan to reduce their stakes by up to 3%, with each shareholder intending to sell 679,000 shares [15][16] - ST Shilong will lift its risk warning and change its stock name to Shilong Industrial, with trading limits adjusted from 5% to 10% [17] Group 6 - Ningde Times announced the listing of its H-shares on the Hong Kong Stock Exchange, raising approximately 35.33 billion HKD [19][20] - Mingyang Electric's shareholders plan to reduce their stakes by up to 3.01%, totaling 941,000 shares [21] - Bohai Leasing intends to transfer 100% of Global Sea Containers Ltd. for 1.75 billion USD, focusing on optimizing its debt structure [21]

1. Report Industry Investment Rating - No information provided in the document. 2. Core View of the Report - The petrochemical industry in 2024 had an overall revenue increase but a profit decline. The high - end chemical production in China achieved remarkable results, and the industry made progress in green production and energy - saving. The petrochemical special equipment industry is in a crucial transformation stage with new development opportunities, especially in high - end equipment manufacturing, energy - saving and environmental protection technology, and intelligent control systems. The report also details the development strategies and performance of Zhuoran Co., Ltd. [23][25] 3. Summaries According to Relevant Catalogs 3.1. Research Basic Situation - The research object is Zhuoran Co., Ltd., which belongs to the special equipment industry. The reception time was May 20, 2025. The listed company's reception staff included the chairman, general manager, board secretary, financial director, and independent director [16]. 3.2. Detailed Research Institutions - The reception object is investors who participated in the company's 2024 annual and Q1 2025 performance and cash dividend briefing, and the reception object type is "other" [19]. 3.3. Research Institutions Proportion - No information provided in the document. 3.4. Main Content Data - **Industry Performance in 2024**: The petrochemical industry realized an operating income of 16.28 trillion yuan, a year - on - year increase of 2.1%; the total profit was 789.71 billion yuan, a year - on - year decrease of 8.8%. China's high - end chemical production had excellent results, with successful R & D of high - performance materials and growth in the output of environmentally friendly plastics and special synthetic materials. The industry also made progress in green production and energy - saving [23]. - **Company Performance in 2024**: The company achieved an operating income of 2.838 billion yuan, and the net profit attributable to the parent company's owners was 94.7692 million yuan. As of December 31, 2024, the company's total assets were 8.709 billion yuan, and the net assets attributable to listed company shareholders were 2.543 billion yuan [24]. - **Industry Development Prospect**: The global petrochemical industry is in a major transformation, with four development themes: in - depth restructuring of the industrial structure towards high - value - added areas, accelerated transformation of the energy system towards low - carbon, key breakthroughs in core technology research, and systematic reshaping of the global industrial competition pattern. The petrochemical special equipment industry will have new development opportunities [25]. - **Company Development Strategy**: The company will adhere to the development concept of "innovation - led and green - enabled", implement four strategic measures, and build a "four - in - one" development system. It will focus on innovation - driven development, green transformation, digital intelligence, and open cooperation [26]. - **Engineering General Contract Business**: The increase in the company's engineering general contract service revenue is due to the change in the structure of on - hand orders. The company has the strength to compete with international brands, has a presence in 16 overseas countries, and actively expands the international market, with relatively small impact from geopolitics and exchange losses [27]. - **Company's Future Profit Growth Drivers**: The company will focus on the national "dual - carbon" goal and new industrialization strategy, adhere to high - end, green, and intelligent development, consolidate traditional business advantages, and layout emerging industries. It will implement various measures to improve core competitiveness and achieve sustainable growth [28]. - **Employee Incentive**: The company completed the share repurchase in 2024, and the repurchased shares will be used for employee stock ownership plans or equity incentives [29].

Financial Performance - In 2024, the company achieved total revenue of 155.12 million, a decrease of 39% year-on-year [9] - The net profit was -116.29 million, a reduction in loss of 12.96% compared to the previous year [9] - The net profit attributable to shareholders was -115.39 million, down 6.23% year-on-year [9] Inventory and Supply Chain Management - The inventory turnover days extended to 210 days in 2024 due to delays in large equipment deliveries [2] - The inventory turnover rate increased to 1.06 times, up by 0.35 times year-on-year [2] Workforce and Talent Management - The total number of employees decreased by 12% in 2024, while the proportion of technical staff rose to 31% [3] - The company employed 331 individuals at the end of 2024, with 59 being technical personnel [3] Digital Transformation and Innovation - The progress of the digital factory construction fell behind expectations, with plans to enhance production transparency through MES and AI optimization [3] - The company aims to explore cross-base collaborative manufacturing through 5G and IoT technologies [3] Market Competition and Product Development - Revenue from road machinery business declined by 15% in 2024, but the gross margin for intelligent pavers increased to 32% [4] - The company plans to enhance its technological advantages through precision upgrades and integrated systems for asphalt recycling [4] Customer and Market Strategy - Core customers accounted for over 55% of revenue, with plans to diversify through municipal PPP projects and partnerships with logistics firms [9] - The company’s top five customers generated sales of 64.57 million, representing 41.62% of total sales [9] Environmental and Regulatory Compliance - Environmental investment increased by 63% year-on-year, although specific carbon reduction data was not disclosed [6] - Government subsidies accounted for 35% of net profit in 2024, primarily due to environmental equipment purchase subsidies [9] Debt and Financial Management - The asset-liability ratio rose by 9 percentage points to 67% in 2024, with a stable interest-bearing debt ratio [10] - The company maintained a dividend payout ratio of 0%, with cash funds dropping to 19% of total assets [10] Research and Development - R&D expenses grew by 22% to 110 million, but the R&D expense ratio was only 5.3% [10] - The company plans to balance investments in autonomous road rollers and upgrades to existing products [10]