Group 1: Financial Performance - In 2024, the company achieved an operating revenue of 288 million CNY, a year-on-year increase of 16.18% [4] - The sales revenue from 3C precision components was 162.22 million CNY, growing by 4.93% and accounting for 56.29% of total revenue [4] - The automotive precision components sales revenue reached 90.86 million CNY, with a significant growth of 39.70%, representing 31.53% of total revenue [4][12] - In Q1 2025, the company reported a revenue of 82.74 million CNY, marking a 29.96% year-on-year increase, achieving positive growth for the seventh consecutive quarter [4] Group 2: Profitability Challenges - The company reported net losses in 2023 and 2024 due to business transformation, capacity construction, and personnel expansion [5] - Increased fixed costs from the establishment of a smart factory and rising depreciation contributed to a decline in overall gross profit [6] - Employee count rose from 606 in 2023 to 763 in 2024, leading to higher salary expenses impacting profit metrics [6] Group 3: Strategic Focus and Future Outlook - The company plans to focus on core customer relationships and enhance industry influence in 2025, targeting new markets and service model upgrades [7] - In the automotive sector, the company is developing high-voltage power transmission components and diversifying its product offerings [8][9] - The company anticipates that the domestic new energy vehicle sales will reach 16.5 million units by 2025, with a penetration rate of 55% [10] Group 4: Market Position and Product Development - The global PC shipment in 2024 is projected to be 255 million units, with the company's 3C product sales growth outpacing the market average [4] - The company is actively expanding its presence in the energy storage sector, collaborating with clients like Envision Energy [9] - The automotive precision components have become a significant growth driver, with sales expected to continue increasing as production capacity is released [12]

Investment Rating - The report maintains a "Strong Buy" rating for the company [2][6]. Core Insights - The company achieved a revenue of 174 million yuan in Q1 2025, representing a year-on-year growth of 33.93%. However, the net profit attributable to the parent company was 2.74 million yuan, a decrease of 11.93 million yuan year-on-year [3][4]. - The gross margin for Q1 2025 was 31.05%, an increase of 8.49 percentage points year-on-year, although it decreased by 9.34 percentage points compared to the previous quarter [4]. - The company is actively investing in R&D and application of 3D printing technology to establish a second growth curve, leveraging the advantages of complex structure free-forming [5]. - The company is steadily advancing new capacity deployment and expanding both domestic and international markets, with factories in Changsha and Vietnam undergoing preliminary preparations for production [6]. Financial Performance Summary - The company forecasts revenues of 561.72 million yuan for 2023, with a growth rate of 10.43%, and expects revenues to reach 2,075.82 million yuan by 2027, with a growth rate of 36.05% [12]. - The net profit attributable to the parent company is projected to be 58.77 million yuan in 2023, with a significant increase to 315.55 million yuan by 2027, reflecting a growth rate of 40.47% [12]. - The earnings per share (EPS) are expected to be 0.37 yuan in 2023, increasing to 1.97 yuan by 2027 [12].

Core Insights - The company achieved a revenue of 814 million yuan in 2024, representing a year-on-year growth of 44.93% [1] - The net profit attributable to shareholders reached 74.63 million yuan, up 26.99% year-on-year [1] - The non-MIM precision components business saw a revenue increase of 101.89%, surpassing the MIM components revenue for the first time [1] Financial Performance - The comprehensive gross margin for 2024 was 38.34%, a decrease of 1.57 percentage points year-on-year [2] - The gross margin for MIM products improved to 42.06%, an increase of 2.04 percentage points due to optimized processes [2] - The gross margin for non-MIM precision components was 37.96%, down 2.57 percentage points as new businesses are still in the penetration phase [2] Production and Capacity Expansion - The company is steadily advancing its domestic and international capacity expansion, with factories in Changsha and Vietnam entering phased production [2] - Some target customers have completed site audits, indicating progress in capacity deployment [2] Research and Development - R&D investment for 2024 was 97.55 million yuan, reflecting an 18.04% increase [2] - The company is focusing on new lightweight materials and 3D printing technologies to enhance its technological reserves and capacity layout [2] Strategic Direction - The company aims to leverage new materials and processes as entry points, utilizing differentiated technical solutions to seize opportunities in AI-driven industrial transformation [2] - The goal is to extend products into high value-added segments, ensuring sustainable and stable development while maintaining profitability [2]

重要提示：本材料不构成任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩不预示 未来表现。投资须谨慎。 聚焦美国关税政策 过去一周，特朗普总统在几天之内对中国进口产品的关税调高到125%，连带之前与芬太尼相关的20% 关税，美国对中国进口产品的划一关税已升至145%。除此之外，中国的钢铝产品、汽车产品也在其他 关税的覆盖范围之内。中国则将所有原产地于美国的商品的关税同比例调高至125%，同时以美国产品 已经失去了市场接受的可能性为由，宣布不再理会美国进一步调升的关税税率，但会反击任何新的实质 性伤害。 的确，"对等关税"对于中美贸易已经产生影响。货运数据公司Vizion数据显示，中国赴美集装箱的订舱 数量上周急降到148000TEU（Twenty-foot Equivalent Unit，是国际上用于描述集装箱船及码头容量的标 准度量单位），对比此前一周为516000TEU。 考虑到中美两国各自的政策目标，在中美双方出牌博 弈之后，未来也不排除重回到谈判桌前的可能。 以美国对中国产品以及含有中国产品的第三国产品 的依赖程度，如此高的关税势必带来本国物价的上涨。 鉴于美国零售 ...

据Orbray表示，该公司自主开发出了使金刚石晶体在"特殊蓝宝石基板"上生长的技术。 这项研究成果已于3月14日在应用物理学会春季学术演讲会上发表。 金刚石的晶体结构是以碳原子为顶点的立方晶格扩展。基板表面主要有两种类型，一种由相当于 晶体结构侧面的"（100）面"构成，另一种由斜截面 "（111）面"构成。 斜截面类型虽然适用于电子等工业应用领域，但存在尺寸难以增大的课题。 日本精密零部件制造企业Orbray开发出了适用于电子产品的全球最大级别金刚石基板，尺寸为2 厘米见方。今后将增大至2英寸直径，争取2026年面向功率半导体及量子计算机等用途实现产品 化…… 日本精密零部件制造企业Orbray开发出了适用于电子产品的全球最大级别金刚石基板。 尺寸为2厘米见方。今后将增大至2英寸（约5厘米）直径，争取2026年面向功率半导体及量子计 算机等用途实现产品化。 该公司并未公布这项技术的详情，但被认为是"台阶流动生长法（step-flowgrowth）"的改良版， 该方法通过在略微倾斜的蓝宝石基板上生长晶体，来减轻施加在金刚石晶体上的应力。 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 ...