Group 1: Investor Relations Activities - A total of 21 investors participated in the first on-site research on February 25, including major firms like JPMorgan Asset Management and Goldman Sachs [1] - The second on-site research on February 25 had 7 participants from Quan Guo Fund [2] - A total of 63 investors attended the second broker strategy meeting on February 26 [2] - The third on-site research on February 27 included 4 participants from Dongfang Marathon Investment [3] - The on-site research on February 28 had 30 participants from various international investment firms [4] Group 2: Business Performance Insights - The company's industrial automation orders showed good growth in January and February 2025, particularly in sectors like engineering machinery electrification and logistics equipment [8] - The engineering machinery electrification business is experiencing favorable development due to policy drivers and rising export demand [8] - The company has seen significant growth in its industrial robot business, driven by a strong sales platform and a diverse customer base [10] Group 3: Product Development and Strategy - The IFA platform, a fully integrated factory automation software platform, has been widely tested and validated by clients [10] - The company aims to enhance its industrial robot product series and expand into various automation sectors [10] - The transition to a "sector + battle zone" collaborative operation model has improved market penetration and sales performance [8] Group 4: Compliance and Communication - The company ensured compliance with information disclosure regulations during investor interactions, maintaining transparency and accuracy [11] - All investors participating in on-site research signed a commitment letter as per Shenzhen Stock Exchange requirements [11]

Core Viewpoint - The article highlights the recent developments in China's capital market regarding the support for technology innovation and the listing of unprofitable companies, particularly focusing on the approval of the IPO application by Aotuo Technology, which marks a significant step in the reactivation of the fifth listing standard on the Sci-Tech Innovation Board [1][3]. Group 1: Recent Developments - The China Securities Regulatory Commission (CSRC) has emphasized the need to enhance the inclusiveness and adaptability of the listing system to support high-potential unprofitable technology companies [1]. - Aotuo Technology's IPO application is the first to be accepted by the Shanghai and Shenzhen stock exchanges since 2025, indicating a positive signal for the resumption of the fifth listing standard [2][3]. - The capital market's direct financing function is deemed crucial in promoting the integration of technological and industrial innovation, with companies like DeepSeek and Yushu Technology leading the charge [1]. Group 2: Aotuo Technology Overview - Aotuo Technology specializes in the research, production, and sales of programmable logic controllers (PLCs), which are essential for modern industrial automation [2]. - The company aims to raise approximately 779 million yuan through its IPO, with funds allocated to various projects including the establishment of an integrated R&D center [2]. - Aotuo's revenue from 2021 to September 2024 shows a growth trajectory, with figures of 114 million yuan, 142 million yuan, 197 million yuan, and 156 million yuan respectively [2]. Group 3: Market Trends and Standards - The IPO acceptance rate has slowed significantly, with only 11 IPOs accepted in 2024, highlighting a cautious approach towards unprofitable companies [3]. - The fifth listing standard, which allows unprofitable companies to go public, has been under scrutiny, with no new applications since June 2023 until Aotuo's recent approval [3][4]. - The CSRC's recent statements indicate a renewed focus on supporting high-tech companies with significant market potential, suggesting a potential revival of the fifth listing standard [8].

Core Viewpoint - The article highlights the recent approval of Aotuo Technology's IPO on the Sci-Tech Innovation Board, marking a significant shift in the IPO landscape in China, particularly in supporting technology innovation and private enterprises [2][5][7]. Group 1: Aotuo Technology's IPO Details - Aotuo Technology is focused on the research, production, and sales of programmable logic controllers (PLC) and is recognized as a national-level specialized "little giant" enterprise [2]. - The company plans to raise 779 million yuan through its IPO, with a strong emphasis on domestic production and technology independence, achieving up to 100% localization of components [4]. - Financial performance shows a steady increase in revenue from 114 million yuan in 2021 to 197 million yuan in 2023, with net profit growing from approximately 25.1 million yuan to 68.7 million yuan during the same period [4]. Group 2: Market Context and Regulatory Support - The approval of Aotuo Technology's IPO is significant as it is the first IPO accepted by the Shanghai and Shenzhen Stock Exchanges in 2023, amidst a backdrop of declining IPO numbers in previous years [5]. - The China Securities Regulatory Commission (CSRC) has expressed intentions to enhance support for private and technology innovation enterprises, including those that are not yet profitable [7][8]. - Recent discussions during the National People's Congress emphasized "technology innovation" as a key topic, with the CSRC committing to a more inclusive approach for listing standards, particularly for high-quality technology firms [8].

Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Viewpoints - The development of humanoid robots by the company relies on its deep accumulation in the industrial automation field, with core component advantages and technological breakthroughs as the main logic. The company's genetic makeup is highly compatible with the development stage of humanoid robots, and its core advantages in technology, cost reduction through scale, and industry chain collaboration are expected to help it gain a competitive position in the future humanoid robot market. The projected net profits for 2024-2026 are estimated at 4.9 billion, 5.93 billion, and 7.32 billion, corresponding to current PE ratios of 39.6x, 32.7x, and 26.6x [3][8]. Summary by Sections Company Overview - The company has a well-established history in industrial robotics, with development phases including early technology accumulation (2003-2013), formal entry into the robotics field (2013), core component R&D and product line expansion (2016), market expansion and mass production (post-2020), and recent technological upgrades and application field expansions. In 2023, the company officially established a humanoid robot R&D team, marking its entry into the humanoid robot sector [5][13]. Humanoid Robot Development - The company is accelerating core component R&D for humanoid robots and plans to establish a wholly-owned subsidiary in Beijing by the end of 2024, focusing on AI technology for robots. By 2025, the company aims to further enhance its humanoid robot initiatives and is actively recruiting specialized personnel for this field [5][28]. Component Advantages - The company has significant advantages in core components for humanoid robots, including rotary joint modules and linear joint modules, leveraging its industrial automation expertise. The development of humanoid robots is supported by the company's strong foundation in industrial automation, which provides a solid basis for technological breakthroughs [6][31]. Market Positioning - The company is well-positioned to capitalize on the growing humanoid robot market, with 2025 expected to be a pivotal year for mass production. The company’s familiarity with industrial applications provides an optimal training ground for humanoid robots, enhancing its competitive edge [7][48]. Financial Projections - The projected net profits for the company from 2024 to 2026 are 4.9 billion, 5.93 billion, and 7.32 billion, with corresponding PE ratios of 39.6x, 32.7x, and 26.6x, indicating strong growth potential [3][8].

对于高价位的高性能工厂自动化设备，将根据今后的情况进行判断。三菱目前现在以名古屋制作所作为 母工厂，生产对制造设备下达指令的"定序器"等。除中国之外，该公司还在泰国和印度拥有生产基地， 但产量的7成是在日本生产。在中国市场也大部分是进口日本生产的产品来销售，但该公司考虑分阶段 在中国推进本地化生产，逐渐降低对日本的依赖度。 此外，通过与当地企业合作，扩充产品阵容，便于满足客户的多样化需求。增田表示"人工智能 （AI）相关的投资非常坚挺，希望能够不断切实获得订单"。 工厂自动化业务在三菱电机的合并营业利润中占到20%，与空调业务一样，是该公司的核心业务。除了 开发和制造定序器和控制机器动作的设备"CNC（计算机数字控制）"等设备之外，最近还致力于利用从 设备获取的数据实现工厂内的高效化和去碳化的服务。 工厂自动化是三菱电机的主力业务 针对工业机器人等主力的工厂自动化业务，三菱电机将缩小大部分产品和零部件从日本出口的体 制，加强在华本地化生产，采购低价位产品。将讨论包括向工厂自动化相关的中国企业出资在内的 合作…… 日本三菱电机将针对工业机器人等主力的工厂自动化业务调整中国的供应链。将缩小大部分产品和 零部件从日 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative price increase of over 15% [17]. Core Viewpoints - The company is significantly enhancing its layout in the humanoid robot sector, leveraging its strong manufacturing foundation and technological synergy from the industrial automation field, which positions it as a competitive player in the humanoid robot components market [1][4]. - The company is expected to achieve notable scale manufacturing advantages in humanoid robot core components, benefiting from its existing R&D and production systems, which can be directly applied to humanoid robot parts development [4][10]. - Despite a weak overall demand in the manufacturing sector, the company is projected to increase its market share in various products in 2024, with specific gains in general servo systems, low-voltage frequency converters, and industrial robots [11]. Summary by Sections Recruitment and Media Coverage - The company has recently posted job openings for various positions related to humanoid robots, indicating a strategic focus on this area [2]. - The company was featured in a special segment on CCTV, highlighting its role as a core component supplier in the humanoid robot industry [3]. Industrial Automation Advantages - The company’s deep manufacturing expertise in industrial automation is expected to empower its humanoid robot core components, allowing for cost-effective production and reduced R&D expenses [4][10]. - The company has established a high-efficiency supply chain management system, which will facilitate rapid cost reductions once humanoid robot components enter mass production [10]. Market Position and Growth - The company is maintaining a solid leadership position in industrial automation, with an anticipated increase in market share for several products in 2024, despite a projected decline in the overall market size [11]. - The subsidiary, United Power, is set to go public, aiming to raise 4.857 billion yuan to strengthen its position as a leading third-party supplier in the new energy electric drive market [16]. Financial Projections - The company’s projected net profits for 2024, 2025, and 2026 are 4.965 billion yuan, 5.882 billion yuan, and 6.895 billion yuan, respectively, reflecting year-on-year growth rates of 4.71%, 18.47%, and 17.22% [17][18].

证券简称：乐创技术 证券代码：430425 成都高新区科园南二路一号大一孵化园 8 栋 B 座 成都乐创自动化技术股份有限公司 成都乐创自动化技术股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐人（主承销商） （四川省成都市东城根上街 95 号） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1-1-1 声明 发行人及全体董事、监事、高级管理人 ...

证券简称：乐创技术 证券代码：430425 成都乐创自动化技术股份有限公司 成都高新区科园南二路一号大一孵化园 8 栋 B 座 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资 风险。 1-1-1 成都乐创自动化技术股份有限公司招股说明书（注册稿） 保荐人（主承销商） （四川省成都市东城根上街 95 号） 0 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露 资料不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整 性承担连带责任。 发行人控股股东、实际控制人承诺招股说明书不存在虚假记载、误导性陈 述或重大遗漏，并对其真实性、准确性、完整性承担连带责任。 公司负责人和主管会计 ...