Core Viewpoint - Fangshan District in Beijing is rapidly developing high-tech industries, focusing on new materials, new energy, medical health, and intelligent manufacturing as part of its modern industrial system [1][3]. Group 1: Company Highlights - Beijing Aoyi Shikong Liquid Crystal Technology Co., Ltd. is a key player in the liquid crystal materials sector, serving as the only strategic supplier for BOE in display liquid crystal materials [4][8]. - The company holds approximately 20% of the global market share in liquid crystal materials, with one in four liquid crystal TVs worldwide utilizing its products [9][12]. - Aoyi Shikong's revenue for 2024 is projected to be 737 million yuan, with a net profit of 76.6 million yuan [12]. Group 2: Industry Development - Fangshan District has seen a rapid increase in innovative small and medium-sized enterprises, with 92 new "specialized, refined, characteristic, and innovative" SMEs added in 2024, bringing the total to 244 [3]. - The district plans to enhance support for private enterprises in finance, taxation, and talent development, aiming to boost competitiveness and encourage technological innovation [3]. Group 3: Technological Innovations - Beijing Ketaixingda High-tech Co., Ltd. specializes in water treatment and membrane separation technologies, contributing significantly to drinking water safety for rural communities [16][22]. - The company has developed proprietary technologies for treating various types of contaminated water, filling industry gaps and ensuring safe drinking water for over 200 million residents [19][22]. - Beijing Hangjing Innovation Technology Co., Ltd. focuses on large-load drones, producing 300 units annually for applications in disaster response and emergency services [25][31]. Group 4: Future Prospects - The low-altitude economy is expected to grow rapidly, with significant support for eVTOL technology development, indicating a promising future for the drone manufacturing sector [27]. - Hangjing Innovation's FWH-3000 drone is recognized as the largest payload drone platform in China, capable of carrying up to 1000 kg, which enhances logistics and emergency response capabilities [30].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant improvement in Q1 performance, with a revenue of 2.14 billion yuan, representing a year-on-year increase of 19.21% and a quarter-on-quarter increase of 13.39% [2][3] - The global panel industry is expected to experience steady growth in 2025, driven by new capacity releases and technological innovations, which will benefit the company as a core supplier of liquid crystal materials [2] - The company has achieved mass production of KrF resin and is preparing for ton-level production in 2025, indicating strong growth potential in the semiconductor materials sector [3] Financial Summary - In 2024, the company achieved a revenue of 737 million yuan, a decrease of 7.77% year-on-year, and a net profit of 77 million yuan, down 28.27% year-on-year [4] - For 2025, the company is projected to achieve revenues of 888 million yuan and a net profit of 129 million yuan, reflecting a year-on-year growth of 20.47% and 67.86% respectively [4] - The gross profit margin for Q1 2025 was reported at 42.63%, an increase of 0.81 percentage points year-on-year [2]