1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The new upgrades in lithium battery technology will create demand for new equipment, with significant growth potential in areas such as large cylindrical battery equipment, solid-state battery equipment, sodium-ion battery equipment, and full-tab battery equipment. The global lithium battery equipment market is expected to reach 298.73 billion yuan in 2030 [24][25]. - After experiencing high - speed growth, the lithium battery equipment industry has seen a slowdown in demand in the past two years. However, with the implementation of the company's strategic measures, its operations are showing positive signs, and it aims to turn losses into profits as soon as possible [24][25][30]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Yuchen Intelligent, and the reception time was on May 20, 2025. The listed company's reception staff included the chairman and manager Zhang Hanhong, director and board secretary Ye Yuling, independent director Zeng Xiaosheng, and financial controller Zhu Shunzhang [17]. 3.2 Detailed Research Institutions - The reception objects were investors and others [20]. 3.3 Research Institution Proportion - Not provided in the document 3.4 Main Content Information Industry Development - According to the "China Lithium - Ion Battery Equipment Industry Development White Paper (2025)", the global lithium - ion battery equipment market size was 133.14 billion yuan in 2024, a year - on - year decrease of 28.8%, the first negative growth in recent years. The market size is expected to reach 298.73 billion yuan in 2030 [24][25]. - The new upgrades in lithium battery technology will bring demand for new equipment, and new growth areas such as large cylindrical battery equipment, solid - state battery equipment, sodium - ion battery equipment, and full - tab battery equipment are worth noting [24][25]. Company Performance and Growth Points - The company's performance growth comes from deepening cooperation with leading customers, expanding overseas markets (with overseas orders contributing over 30% in 2024), and enriching the product system (entering the consumer electronics field through the acquisition of Jiayang Battery last year) [26]. - As of the annual report disclosure date, the company's total outstanding orders exceeded 1.3 billion yuan, a significant year - on - year increase. Revenue is usually recognized after completion of acceptance [29]. Company Projects - In January 2025, the company won the bid for the production line auxiliary equipment procurement project of Xinyuancaineng's Shenzhen base, with a winning bid amount of 29,608,373 yuan. The equipment has started to be delivered [26][27]. - The company's fundraising project, the Zhongshan Yuchen Automation Equipment R & D and Production Base, has been successfully put into operation, which will enhance product supply capacity and production efficiency [29]. Company's Response to Performance Decline - The company's performance decline is mainly due to the temporary slowdown in downstream industry demand. The management has implemented strategic measures, including deepening cooperation with core customers, accelerating global layout, diversifying business, integrating the industrial chain vertically, and continuously reducing costs and increasing efficiency [29][30]. Acquisition of Jiayang Battery - In 2024, Jiayang Battery achieved a net profit attributable to the parent company of 32.2357 million yuan. After deducting non - recurring gains and losses, the net profit attributable to the parent company was 32.0856 million yuan, with a performance commitment completion rate of 97.23% [31].

兴业证券股份有限公司 关于深圳市誉辰智能装备股份有限公司 保荐机构名称： 被保荐公司名称： 兴业证券股份有限公司 深圳市誉辰智能装备股份有限公司 联系方式：13564617817 保荐代表人姓名：尹涵 联系地址：上海市浦东新区长柳路 36 号丁 香国际商业中心东塔 10 层 联系方式：13501787067 保荐代表人姓名：王海桑 联系地址：上海市浦东新区长柳路 36 号丁 香国际商业中心东塔 10 层 兴业证券股份有限公司（以下简称"兴业证券"或"保荐机构"）作为深圳市誉辰 智能装备股份有限公司（以下简称"誉辰智能"或"公司"）首次公开发行股票并在科 创板上市的持续督导机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所 科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号—规范运 作》《上市公司监管指引第 2 号—上市公司募集资金管理和使用的监管要求》等法律法 规的有关规定，对誉辰智能进行持续督导，并出具本年度持续督导跟踪报告。 于上市公司股东的净利润-12,798.75 万元，同比下降 327.99%；归属于上市公司股东的 扣除非经常性损益的净利润-13,570.64 万元，同 ...

Summary of Conference Call Records Industry Overview - The high-end equipment manufacturing sector is experiencing strong performance, with companies like Chuncheng Power, Jiechang Drive, Longxin General, and Zongshen Power exceeding expectations due to a surge in exports since November 2023 and easing US-China tariff negotiations. Continued strong performance is anticipated in Q2 2025 [1][2][6]. Key Points and Arguments High-End Equipment Manufacturing - The implementation of new national standards is expected to drive the development of the composite fluid industry chain, benefiting leading battery manufacturers with stable supply capabilities. Material suppliers are set to initiate a new round of capital expenditure by the end of Q2 2025, with Dongwei Technology positioned to benefit [1][4]. - The machine tool sector has seen a significant year-on-year revenue increase since Q1 2025, driven by robust capital expenditure in the automotive parts sector, despite challenges from international trade barriers. Leading companies are maintaining a global presence, with demand for AI-related AIDC server processing and robotics boosting order volumes [1][5]. Performance Metrics - In Q1 2025, companies like Chuncheng Power reported nearly 50% year-on-year growth, Jiechang Drive's linear drive systems for lifting desks grew by 60%, and Longxin General's large-displacement motorcycles doubled in performance, while Zongshen Power saw an 88% increase. This growth is attributed to the export surge and tariff negotiations [2]. - The injection molding machine industry, led by Haitian, showed expected financial performance with revenue and profit growth between 20% and 30% [2][30]. Robotics and AI Integration - The industrial robotics market outlook for 2025 is optimistic, with automotive and 3C electronics remaining key growth areas. Despite a price war in 2024 affecting some companies' financial health, Q1 2025 showed signs of recovery, particularly with potential collaborations with major AI firms like Huawei [1][9]. Domestic Market Opportunities - Domestic CNC system and related hardware companies, such as Huazhong CNC and Haoda, are expected to achieve double-digit growth in 2024 and 2025 due to expanding domestic markets [1][7]. - The machine tool industry is seeing demand growth opportunities, particularly in AI-exposed companies, with management improvements also being a focus area [1][8]. Military and Aerospace Sector - The military sector has faced a decline in overall performance in 2024 and Q1 2025, with a 4% drop in revenue and a 40% decrease in profit year-on-year. However, segments like high-end equipment manufacturing and military electronics are showing positive revenue growth [2][32]. - Investment opportunities in the military sector include the missile supply chain and components benefiting from increased downstream demand, as well as military trade opportunities in the context of geopolitical tensions [2][33]. Additional Insights - The injection molding machine sector is expected to benefit from global manufacturing shifts, with a stable gross margin forecasted between 30% and 35% for 2025, despite a low direct exposure to the US market [1][30]. - The shipbuilding sector is experiencing steady growth, with a 12% revenue increase in 2024 and improved profit margins due to high-value ship deliveries [2][14]. - The textile machinery sector is facing mixed performance, with domestic demand slowing but overseas markets compensating for growth [2][12]. This summary encapsulates the key insights and performance metrics from the conference call records, highlighting the current state and future outlook of various sectors within the high-end equipment manufacturing industry.

Investment Rating - The report maintains a "Strong Buy" rating for the machinery sector [4] Core Insights - Major companies like Huawei and Tencent are actively collaborating with robotics manufacturers, leveraging their capabilities in application scenarios and AI infrastructure to enhance model training and R&D efficiency, which is expected to accelerate the commercialization of humanoid robots [1][11][41] - The China Securities Index Company has launched the Innovation and Entrepreneurship Robotics Index, which includes 34 companies, indicating a potential influx of capital into the robotics sector, supporting continued market momentum [1][11][41] - The report emphasizes a strong outlook for embodied intelligence, including both humanoid and non-humanoid robots, and encourages exploration of investment opportunities in "AI + Robotics" beyond just humanoid robots [1][11][41] Summary by Sections Humanoid Robots - Major tech giants are enhancing robotics manufacturers' capabilities, which is expected to boost the commercialization of humanoid robots [2][11] - The newly launched robotics index includes companies such as Huichuan Technology, Hubei Zhongke, and others, with expectations for increased capital inflow into the sector [2][11] - The report suggests focusing on embodied intelligence and exploring various robotics applications, including exoskeletons and sensors, which do not necessarily depend on humanoid robot proliferation [2][11] Engineering Machinery - Recent rumors about poor domestic sales data for engineering machinery in early May have led to significant stock corrections among leading companies, but the report suggests that this data may not represent the entire month [12][21] - The report anticipates double-digit growth in domestic sales for the year, supported by a low base from the previous year [12][21] - The domestic market is expected to recover, driven by increased investment in infrastructure and construction projects [21][22] Semiconductor Equipment - The report highlights the increasing importance of domestic semiconductor equipment due to export restrictions from the U.S., which is expected to accelerate the domestic production rate [25][26] - The overall outlook for the semiconductor equipment sector remains positive, with anticipated growth in orders for 2025 [26] 3C Equipment - The report notes that domestic manufacturers are well-positioned to benefit from the ongoing adjustments in Apple's production strategy, with expectations for strong demand in 2025 [27] Other Equipment Sectors - The report provides insights into various sectors, including oil service equipment, elevators, rail transit equipment, and mining machinery, with specific recommendations for companies within these sectors [30][31][32][33]

Core Viewpoint - The lithium battery equipment industry in China is experiencing a significant downturn, with revenue and profits declining sharply, leading to an industry-wide adjustment phase [3][4][11]. Group 1: Overall Performance - In 2024, the total revenue of 31 major listed companies in the lithium battery equipment sector reached approximately 55.074 billion, a year-on-year decrease of 21.5% [4][10]. - The overall net profit of these companies totaled 3.374 billion, representing a dramatic decline of 50.67% year-on-year, with the loss ratio expanding to 32.3% [4][10]. - The average gross margin fell from 32.63% in 2023 to 29.18% in 2024, while the average net margin dropped from 8.13% to 3.57%, nearing the breakeven point for manufacturing [4][10]. Group 2: Structural Differentiation - Leading companies are demonstrating resilience due to technological advantages and global expansion, while second-tier companies are struggling [6]. - For instance, Xian Dai Intelligent has increased its overseas revenue share to 23.88% through strategic partnerships with top clients like CATL and Tesla [6]. - In contrast, second-tier companies are resorting to price competition, while leading firms are focusing on technological upgrades and high-margin overseas orders [6]. Group 3: Future Breakthroughs - The industry is shifting towards a model that emphasizes "technology + globalization" for survival [7]. - Companies are increasing R&D investments, with some like Xian Dai Intelligent and Hai Mu Xing allocating over 10% of their revenue to R&D in 2024 [7]. - Domestic alternatives are becoming profitable, as seen with Manns Te's core coating products achieving a gross margin of 68.40% [7]. - The trend is moving from "exporting equipment" to "localized production" to avoid trade barriers, with companies establishing production bases in Europe [7]. Group 4: Profit Model Transformation - Lithium battery equipment companies are restructuring their business models to explore new growth avenues, transitioning from hardware sales to a model that combines "technology + services + ecosystem" [8]. - As equipment ages, companies are expected to enhance lifecycle management services, including consumable replacements and software upgrades, to generate recurring revenue [8].

Core Viewpoint - The article highlights the advancements and market positioning of JiaTuo Intelligent in the lithium battery equipment sector, emphasizing its technological innovations and international expansion efforts [4][11][18]. Group 1: Event Information - The 2025 High-Performance Sodium Battery Industry Summit is organized by GaoGong Sodium Battery and GaoGong Industry Research Institute, taking place on June 9 in Suzhou [2]. - The 2025 High-Performance Solid-State Battery Technology and Application Summit is organized by GaoGong Lithium Battery and GaoGong Energy Storage, scheduled for June 10 in Suzhou [3]. Group 2: Company Overview - JiaTuo Intelligent has over 20 years of development, with a workforce of approximately 3,900 employees and operations in multiple regions including Jiangsu, Jiangxi, Fujian, Guangdong, Sichuan, Hong Kong, and Frankfurt, Germany [4]. - The company has accumulated over 500 authorized patents and possesses deep expertise in automation, dry process, simulation, and intelligent oven parameter prediction [4][6]. Group 3: Product and Technology - JiaTuo Intelligent's product range includes high-speed, high-precision coating machines and other core lithium battery equipment, achieving stable mass production in critical processes such as liquid injection and stacking [6][9]. - The company has made significant breakthroughs in dry electrode technology, developing production solutions compatible with various materials including ternary and solid-state electrolytes [12][14]. Group 4: Market Expansion - JiaTuo Intelligent has established a strong presence in both domestic and international markets, securing orders from major players like CATL and BYD, and expanding its sales and service network across over 20 countries [11][18]. - The company aims to enhance the international influence of Chinese brands in the lithium battery equipment industry through its leading products and solid technical services [18].

Core Insights - The company, Nakonor, is focusing on international expansion and enhancing its overseas market presence as part of its strategic direction [3] - Significant progress has been made in the dry electrode equipment sector, with a joint venture established to accelerate industrialization [4] - The company is deepening its research and development in solid-state battery equipment through a strategic partnership and the establishment of a joint laboratory [5] Group 1: International Expansion - Nakonor is prioritizing its international strategy and accelerating overseas market development, particularly in Europe, North America, and Southeast Asia [3] - The company aims to benefit from the rapid growth of the overseas lithium battery equipment market due to local production initiatives in the US and Europe [3] - Efforts are being made to establish overseas subsidiaries and enhance international competitiveness [3] Group 2: Dry Electrode Equipment - Nakonor has achieved significant breakthroughs in dry electrode equipment, including the establishment of a joint venture with Shenzhen Qingyan Electronics [4] - The newly launched dry electrode forming composite machine integrates electrode film forming and current collector composite processes, expediting industrialization [4] - The company plans to continue focusing on key technologies and innovations in the dry electrode equipment sector [4] Group 3: Solid-State Battery Equipment - The company has made important strides in solid-state battery equipment development, marked by a strategic cooperation agreement with the Sichuan New Energy Vehicle Innovation Center [5] - The joint laboratory project for solid-state battery production equipment has officially commenced, indicating a move into full implementation [5] - Nakonor intends to increase investment in solid-state battery production equipment R&D and explore potential resources across the industry chain [5]

Group 1: Investor Relations Activities - The company held an earnings briefing on May 8, 2025, from 15:00 to 16:00 [3] - Participants included the chairman, vice chairman, CFO, board secretary, and sponsor representative [3] - Various channels for investor communication include earnings briefings, online roadshows, site visits, and responding to investor inquiries [4] Group 2: Market and Product Insights - Solid-state batteries are identified as a key future direction due to their high energy density and safety, with applications in electric vehicles, energy storage, and consumer electronics [5] - The company is one of the early participants in solid-state battery production equipment development and has received customer orders [5] - The company plans to expand its international presence, focusing on Europe, North America, and Southeast Asia to enhance its competitive edge [6] Group 3: Financial Performance and Strategy - The decline in Q1 2025 performance is attributed to reduced equipment acceptance, leading to lower revenue recognition [7] - The company is actively working to improve customer service and efficiency to recover from the downturn [7] - The company reported a positive trend in operating cash flow and a sufficient backlog of orders for Q1 2025 compared to Q1 2024 [8] Group 4: Future Plans and Developments - The company will participate in the CIBF2025 International Battery Exhibition from May 15-17, 2025, showcasing dry electrode and solid-state battery equipment [9][10] - The company is open to mergers and acquisitions to enhance its market position and achieve stable growth [13] - Future strategic goals include maintaining domestic market leadership in lithium battery production equipment while exploring new fields for growth [15]

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Macro Insights - The macro team believes that the recent interest rate cuts and reserve requirement ratio reductions signal a "moderate easing" to "stabilize growth and the market," reflecting the central bank's proactive approach [1][28]. - The central bank's easing cycle is expected to continue, with potential for further rate cuts if economic pressures increase [1][28]. Strategy Insights - The strategy team indicates that positive financial policies will significantly lower the opportunity cost of investing in the Chinese stock market, leading to increased market participation [1][5]. - The discount rate for the Chinese stock market is entering a systematic downward trend, maintaining a positive outlook for A/H shares [5][31]. Fund Evaluation - The fund evaluation team highlights the "Action Plan for Promoting High-Quality Development of Public Funds," which emphasizes aligning the interests of public funds with investors through various mechanisms [9][10]. - The plan aims to enhance the quality of development and improve investor service capabilities, particularly focusing on the growth of equity funds [10][12]. Industry Insights - Nonferrous Metals - The nonferrous metals team notes that Huayou Cobalt's multi-site production capacity is steadily being released, with rising cobalt prices expected to boost performance in 2025 [2][19]. - The company has announced a shareholder dividend plan, ensuring that cash distributions over three consecutive years will not be less than 30% of the average distributable profit [19]. Industry Insights - Exoskeleton Robots - The electric new energy team believes that exoskeleton robots represent a successful integration of human intelligence and mechanical power, with diverse application scenarios [5][14]. - Recent favorable policies have led multiple regions to include exoskeleton therapy in medical insurance, indicating a rapid development of the consumer-grade exoskeleton market [15][16]. Policy Insights - Shanghai - The policy team emphasizes Shanghai's commitment to institutional innovation to foster new productive forces, enhancing the city's economic capabilities [20][23]. - The development of strategic emerging industries, such as artificial intelligence, integrated circuits, and biomedicine, is crucial for Shanghai's economic transformation [22][23].