Core Viewpoint - The company aims to maintain its technological advantage in the competitive renewable energy sector through multi-dimensional strategies including R&D, collaboration, and customer-oriented solutions [1][2]. Group 1: Technological Advantage - The company focuses on core areas to enhance technology iteration, developing high-precision, low-energy consumption power supply equipment [1]. - It aims to optimize power supply performance in key semiconductor processes and explore breakthroughs in third-generation semiconductor manufacturing [1]. - The company is committed to creating customized solutions based on customer needs and establishing a rapid response mechanism for special processes [1]. Group 2: Cost Control and Efficiency - In 2024, the company implemented various measures for cost control, including using standard parts to reduce costs from the design phase [2]. - It has established long-term relationships with suppliers to ensure reasonable procurement costs and optimized manufacturing processes to control costs effectively [2]. - Future plans include further optimizing the cost structure through supply chain collaboration and smart manufacturing upgrades [2]. Group 3: Business Strategy and Growth - The company prioritizes semiconductor and electronic materials as key growth areas, with significant potential for revenue generation [2][6]. - The semiconductor business is expected to grow, with 2024 revenue from this sector reaching 3.5 billion, accounting for 19.69% of total revenue [4]. - The company has set a long-term revenue target of 5 billion within 3-4 years, despite current challenges in the photovoltaic sector [4]. Group 4: Market Opportunities - The company is exploring the hydrogen production sector, which has significant growth potential due to increasing global demand for clean energy [13]. - It is also expanding its presence in traditional industries such as steel metallurgy and glass fiber manufacturing, which may lead to substantial revenue growth [13]. - The company is actively pursuing international market opportunities, with positive sales performance in overseas photovoltaic orders [16]. Group 5: Financial Health and Future Outlook - The company's asset-liability ratio stands at 48.44%, indicating a stable financial position within the industry [12]. - The company is focused on managing accounts receivable and project acceptance to mitigate risks associated with the photovoltaic sector's downturn [18]. - The overall financial risk is considered manageable, with ongoing efforts to enhance revenue recognition and project execution [18].

Group 1: Company Overview - The company primarily engages in the research, development, production, and sales of switch power supply products, including power adapters and data center power supplies [3] - Products are widely used in various fields such as office electronics, network communication, security monitoring, smart home, new consumer electronics, data centers, and electric vehicles [3] Group 2: Financial and Operational Highlights - In July 2024, the company issued convertible bonds raising approximately CNY 645 million, with CNY 259 million allocated for building domestic data center power supply production lines [4] - The revenue from server power supplies accounted for 39% of the total revenue last year, with expectations for a significant increase in 2025 [8] Group 3: Product Development and Market Strategy - The company offers a comprehensive range of data center power supplies, including high-power server power supplies, with products covering power ranges from below 800W to above 2,000W [5] - Future growth will focus on deepening the switch power supply sector, expanding overseas markets, and leveraging existing core technologies [7] - The company plans to enhance its R&D efforts, with a 5.6% R&D expense ratio in 2024, to capitalize on opportunities in AI and high-power density server power supply sectors [13] Group 4: Investor Relations and Communication - The company encourages investors to monitor future disclosures for updates on business progress and financial performance [2][10] - The company acknowledges market factors affecting stock price fluctuations and will adhere to disclosure obligations regarding any share repurchase plans [12]

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [7]. Core Views - The company's performance is under pressure due to the photovoltaic cycle, while the semiconductor business is steadily improving [1]. - In 2024, the company achieved operating revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, and a net profit attributable to the parent company of 323 million yuan, a year-on-year decrease of 25.19% [1][3]. - The company is actively expanding its semiconductor business and increasing research and development investment in semiconductor equipment power supply [5][6]. Financial Performance - In Q1 2025, the company reported operating revenue of 325 million yuan, a year-on-year decrease of 13.30%, and a net profit of 50 million yuan, a year-on-year decrease of 36.84% [1][3]. - The gross profit margin for 2024 was 38.50%, with a year-on-year increase of 1.27 percentage points, while the net profit margin was 18.84%, a year-on-year decrease of 5.53 percentage points [3]. - Research and development expenses increased by 40.18% year-on-year to 137 million yuan, representing a research expense ratio of 7.67% [3][4]. Business Segments - The photovoltaic business generated revenue of 874 million yuan in 2024, a year-on-year decrease of 10.27%, contributing 49.08% to total revenue [4]. - The semiconductor and electronic materials segment achieved revenue of 351 million yuan in 2024, a year-on-year increase of 6.41%, contributing 19.69% to total revenue [5]. Future Projections - The company expects EPS for 2025, 2026, and 2027 to be 1.87 yuan, 2.26 yuan, and 2.71 yuan, respectively [6]. - The projected P/E ratios for 2025, 2026, and 2027 are 23.8, 19.8, and 16.5, respectively [7].

Investment Rating - The report assigns an "Accumulate-A" rating for the company, marking its first coverage [8]. Core Views - The company's performance is under pressure due to the photovoltaic cycle, while its semiconductor business is steadily improving [1]. - The company has increased its research and development investments, successfully establishing a technology-sharing platform across various power levels, which can facilitate cross-industry technology transfer and reuse [7]. Financial Performance - In 2024, the company achieved revenue of 1.78 billion yuan, a year-on-year increase of 0.59%, and a net profit attributable to shareholders of 323 million yuan, a decrease of 25.19% year-on-year [2][4]. - For Q1 2025, the company reported revenue of 325 million yuan, down 13.30% year-on-year, and a net profit of 50 million yuan, down 36.84% year-on-year [2][4]. - The gross margin for 2024 was 38.50%, an increase of 1.27 percentage points year-on-year, while the net profit margin was 18.84%, a decrease of 5.53 percentage points year-on-year [4]. Business Segments - The photovoltaic business generated revenue of 874 million yuan in 2024, a decline of 10.27% year-on-year, contributing 49.08% to total revenue [5]. - The semiconductor and electronic materials segment saw revenue of 351 million yuan in 2024, an increase of 6.41% year-on-year, contributing 19.69% to total revenue [6]. Market Data - As of May 16, 2025, the company's closing price was 44.67 yuan, with a year-to-date high of 73.50 yuan and a low of 34.14 yuan [4]. - The circulating A-share market capitalization is 4.96 billion yuan, while the total market capitalization is 9.90 billion yuan [4]. Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.87 yuan, 2.26 yuan, and 2.71 yuan, respectively [7]. - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 23.8, 19.8, and 16.5, respectively [7].

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **A-share market** and the **Hang Seng Technology Index**. Core Points and Arguments 1. **Market Resistance Levels**: The Shanghai Composite Index faces strong resistance around 3,432 points, with expectations of a pullback to the 3,186-3,200 gap area to digest trapped and profit-taking positions for future upward momentum [1][5][20]. 2. **Hang Seng Technology Index Performance**: The index has seen a significant decline since March, dropping approximately 30% from 6,195 to 4,296 points. A rebound is expected, but it will likely face resistance between 5,250 and 5,470 points, indicating a need for further adjustment [3][4][23]. 3. **Market Volatility**: Increased bidirectional volatility suggests that investors should be cautious, focusing on short-term profit-taking and trapped positions while managing risks effectively [6][7]. 4. **Financial Sector Dynamics**: The recent rise in the financial sector is viewed as a short-term correction rather than the start of a new upward trend. Investors are advised to avoid blind chasing of stocks and to adjust their portfolio structures accordingly [1][12][13]. 5. **Fundamental Analysis**: Current market levels exceed those of early April, but the underlying fundamentals are weaker, indicating potential overvaluation. High tariff levels are also putting pressure on the market [1][17][20]. 6. **Market Structure and Future Trends**: The market is expected to undergo an ABC structural adjustment, with both the Shanghai Composite Index and the Hang Seng Technology Index likely to experience downward corrections before any significant upward movement [5][21][22]. 7. **Investment Strategy Recommendations**: Investors are advised not to chase high prices and to maintain a balanced style with a relatively conservative position. It is suggested to reduce exposure to short-term positions acquired in April and to wait for better market conditions to re-enter [25][33]. Other Important but Possibly Overlooked Content 1. **Impact of New Regulations on Public Funds**: The new regulations may lead public funds to favor large-cap and value styles, although the short-term impact will depend on the flexibility of benchmark selection [28][29]. 2. **Calendar Effects on Market Styles**: The calendar effect typically favors large-cap financial stocks in April, but this year has shown a divergence with small-cap growth stocks underperforming [27][32]. 3. **Long-term Market Outlook**: The market is expected to remain in a consolidation phase for an extended period, which could be beneficial for future upward movements. The anticipated recovery may begin around July 2025 [22][26]. This summary encapsulates the key insights and recommendations from the conference call, providing a comprehensive overview of the current market dynamics and future expectations.

Core Viewpoint - The company aims to improve its customer structure and product categories in the consumer electronics sector, focusing on the development of key products to enhance profitability in its power supply business [1]. Group 1: Business Performance - In the saw cutting sector, the company maintained stable revenue of 669 million, with a gross margin of 43.41%, indicating good profitability [2]. - The subsidiary, Meite Sen, achieved revenue of 103 million, reflecting a year-on-year growth of 11.45% [2]. - The company has strengthened its integrated cooperation model with manufacturers, fostering a positive industrial ecosystem [2]. Group 2: Product Development - The company successfully developed a toothless product, TCB-EMP, and achieved revenue of 413 million from mid-to-high-end saw cutting products, with hard alloy band saws and wide band saws growing by 2.42% and 2.12% respectively [3]. - The company has established sales partnerships with over 50 countries and regions, leveraging product quality and production capacity to expand its international market presence [3]. Group 3: Power Supply Business - The power supply business experienced a revenue decline due to increased competition and capacity ramp-up, but the AI terminal trend is expected to drive demand [4]. - The company reported a revenue of 176 million from its high-power power supply business, marking a year-on-year growth of 30% [4]. - The company has made significant shipments in smart photovoltaic and energy storage products, positioning itself to capitalize on opportunities in data center power and charging station sectors [4]. Group 4: Future Growth Potential - The company has obtained IATF16949 automotive certification, indicating that automotive power supplies could become a new growth point [5]. - The company is expanding its workforce in the high-power power supply sector and accelerating the development of key products such as 40KW air-cooled charging modules and 4000W power modules [5].

Group 1: General Information - The report is about a research on Longyuan Technology in the power equipment industry on May 15, 2025 [1][2][17] - The listed company's reception staff includes the Party Secretary and Chairman Qu Zengjie, Deputy Party Secretary, General Manager and Director Liang Chengyong, Chief Accountant and Board Secretary Liu Keleng, and Independent Director Zhao Yi [17] - The reception object is mainly investors' online questions [20] Group 2: Company Responses to Investor Questions Business Expansion and Development - In 2025, the company will increase R & D, strengthen project management, control costs, expand the market, and optimize organizational efficiency to achieve business goals [24] - As of now, there are no plans for asset injection, integration with the major shareholder, or industrial expansion; relevant information will be disclosed if there are plans [24][25][28] Financial Performance - The company's 2024 annual revenue increased by 13.06% year - on - year [24] - In Q1 2025, the company's performance increased well due to a large increase in peak - shaving revenue from the Lingwu electric boiler project, and the company will monitor local power policies [25] - Dongying Longyuan, in which the company participates, achieved an operating income of 36.83 million yuan and a total profit of 4.06 million yuan in 2024 [28] Project Status - The company completed the first Hebei Longshan molten salt heat storage and extraction project in 2025 and is summarizing experience for future projects [25] - The 2023 ALLAM cycle power generation project completed its research and passed acceptance, and the company will continue to monitor its engineering application [27] Technology Application - The company currently has no participation in thermonuclear fusion experiments [29] Performance Outlook for 2025 - The company will increase R & D, improve project management, and manage accounts receivable, and is confident in achieving business goals [29] Market Value Management - Measures for market value management in 2025 include managing production and operations, R & D, investor relations, and maintaining a stable cash - dividend policy [29] - The company attaches great importance to investor relations, will seize industry opportunities, and aims to improve overall efficiency and profitability [30]

1. Report Industry and Investment Rating - The report focuses on the power equipment industry, but no investment rating is provided [2] 2. Core Viewpoints - The company, Hailu Heavy Industry, has strong R & D capabilities in manufacturing - related products, accurate market positioning, and rich design and manufacturing experience. In the future, it will continue to deepen its main business, increase technological innovation and management efforts, strengthen management and cost control, and optimize resource allocation to improve profitability and market competitiveness [21] 3. Summary by Directory 3.1 Research Basic Situation - The research object is Hailu Heavy Industry, belonging to the power equipment industry. The reception time was on May 15, 2025, and the listed company's reception staff was Zhang Guoyi, the board secretary [16] 3.2 Detailed Research Institutions - Participating institutions include Ping An Fund (a fund management company with relevant personnel Liu Wenping and Yang Beisi), Guohai Securities (a securities company with relevant personnel Zhong Qi), Guolian Minsheng Securities (a securities company with relevant personnel Zhang Tianhao), and CITIC Securities (a securities company with relevant personnel Hua Pengwei) [17] 3.3 Research Institution Proportion - Fund management companies account for 25%, and securities companies account for 75% [19] 3.4 Main Content Data - **Company's Main Business**: The company's current main businesses include the manufacturing and sales of industrial waste - heat boilers, large and special - material pressure vessels, and nuclear safety equipment; environmental comprehensive treatment services for the treatment and recycling of pollutants such as solid waste and wastewater; and photovoltaic power station operation [20] - **Nuclear Power Business**: The company started manufacturing nuclear power equipment in 1998. It has completed multiple international and domestic first - piece (set) manufacturing tasks. Its nuclear safety equipment includes various components. The fourth - generation nuclear power equipment project is advancing orderly, which will help expand production capacity, optimize technology, and enhance profitability [20][21] - **Company's Future Strategic Plan**: The company will continue to deepen its main business, increase technological innovation and management efforts, strengthen management and cost control, and optimize resource allocation to improve profitability and market competitiveness [21]

Report Overview - The report is a macro financial data daily report released by the Guomao Futures Research Institute's Macro Financial Research Center on May 7, 2025 [2][3] Central Bank Operations and Monetary Policy - The central bank conducted 405 billion yuan of reverse repurchase operations yesterday, with 1087 billion yuan of reverse repurchases maturing, resulting in a net withdrawal of 682 billion yuan [3] - This week, 1617.8 billion yuan of reverse repurchases in the central bank's open market will mature, with 1087 billion yuan and 530.8 billion yuan maturing on Tuesday and Wednesday respectively [4] - The Politburo meeting stated the need to "timely cut reserve - requirement ratios and interest rates", "create new structural monetary policy tools, and establish new policy - based financial tools to support technological innovation, expand consumption, and stabilize foreign trade" [4] Interest Rate Market | Variety | Closing Price | Change from Previous Day (bp) | | --- | --- | --- | | DRO01 | 1.71 | -7.58 | | DR007 | 1.73 | -7.14 | | GC001 | 1.71 | 17.00 | | GC007 | 1.74 | 1.50 | | SHBOR 3M | 1.75 | -0.20 | | LPR 5 - year | 3.60 | 0.00 | | 1 - year Treasury Bond | 1.46 | 0.25 | | 5 - year Treasury Bond | 1.51 | 0.75 | | 10 - year Treasury Bond | 1.63 | 0.50 | | 10 - year US Treasury Bond | 4.36 | 3.00 | [3] Stock Index and Futures Market Index Performance - The CSI 300 rose 1.01% to 3808.5, the SSE 50 rose 0.55% to 2647.7, the CSI 500 rose 1.93% to 5740.3, and the CSI 1000 rose 2.57% to 6102.9 [6] - The trading volume of the Shanghai and Shenzhen stock markets reached 1336.2 billion yuan, an increase of 166.8 billion yuan from the previous trading day [6] - Most industry sectors rose, with small metals, power equipment, consumer electronics, precious metals, general equipment, communication equipment, computer equipment, diversified finance, and motor sectors leading the gains, while only the banking sector declined [6] Futures Market | Variety | Closing Price | Change from Previous Day (%) | Volume Change (%) | Open Interest Change (%) | | --- | --- | --- | --- | --- | | IF Current Month | 3798 | 1.2 | 22.8 | 0.9 | | IH Current Month | 2646 | 0.7 | -0.6 | 0.0 | | IC Current Month | 5706 | 2.1 | 19.0 | 3.3 | | IM Current Month | 6060 | 2.6 | 1.6 | 2.9 | [5] Market Outlook and Strategy - On the first trading day after the holiday, the A - share market showed a gap - up and high - going trend driven by the collective recovery of overseas markets, with IM leading the gains in index futures [7] - Two repair drivers are worthy of attention: the expectation of Sino - US tariff relaxation and the verification of overseas AI industry prosperity are beneficial to improving market liquidity and boosting the technology sector; after the earnings disclosure window in late April, the performance uncertainty of small - and medium - cap companies has significantly decreased [7] - The CSI 1000's repair strength has significantly lagged behind large - cap indexes such as the CSI 300. If the market continues to recover, its technical catch - up potential is worthy of attention. Historically, the average excess return of CSI 1000 index constituents during the earnings vacuum period (May - July) is 2.3% [7] - It is expected that the significant differentiation between large - and small - cap styles may converge. The strategy is to focus on the elasticity release opportunities of small - and medium - cap stocks after the market stabilizes, with IM as the main long - position variety [7] Index Futures Premium and Discount | Variety | Current Month Contract | Next Month Contract | Current Quarter Contract | Next Quarter Contract | | --- | --- | --- | --- | --- | | IF Premium/Discount | 10.49% | 9.02% | 7.04% | 5.35% | | IH Premium/Discount | 2.64% | 5.55% | 5.00% | 3.24% | | IC Premium/Discount | 22.09% | 16.72% | 11.98% | 9.90% | | IM Premium/Discount | 25.91% | 19.90% | 14.46% | 12.20% | [8]

Core Viewpoint - The company believes that the trend of shifting from UPS to HVDC for data center power supply is unclear, and it remains optimistic that UPS will continue to be the mainstream backup power source for data centers in the future [1] Group 1: Company Strategy - The company has been continuously upgrading its UPS products, achieving significant improvements in efficiency, footprint, and cost [1] - The company has maintained relevant technological reserves for HVDC products and plans to launch new HVDC products at an appropriate time to meet the differentiated needs of various scenarios and customers [1]