证券代码：301603 证券简称：乔锋智能 乔锋智能装备股份有限公司 2025 年 12 月 1 日投资者关系活动记录表 编号：2025-013 | 投资者关 | 特定对象调研 分析师会议 | | --- | --- | | 系活动类 | 媒体采访 业绩说明会 | | 别 | 新闻发布会 路演活动 | | | 现场参观 其他：电话会议 | | 参与单位 | 创华投资 1 人、济略投资 1 人、百利合新材料 1 人。 | | 名称 | | | 时间 | 2025 年 12 月 1 日 9:30-11:50。 | | 地点 | 公司会议室 | | 上市公司 | 1、副总经理、董事会秘书：陈地剑 | | 接待人员 | 2、证券事务代表：王璐 | | 姓名 | 3、证券事务专员：汪泳展 | | 投资者关 | 1、公司数控机床核心部件的外部采购及公司自制情况如何？ | | 系活动主 | 外部采购部件：公司综合机床性能需求、匹配度、下游市场客户 | | 要内容介 | 偏好及供应周期等多方面因素自主决定选配的数控系统、丝杆、线轨 | | 绍 | 等核心零部件品牌。数控系统方面，主要选择发那科、三菱、西门子， ...

Core Viewpoint - Jiangsu Leili is undergoing a significant leadership transition as its actual controller Su Jianguo transfers a majority stake to his son Su Da, marking a new era for the company that has evolved into a leading provider of micro-motor modular solutions in China since its establishment in 1993 [1] Group 1: Leadership Transition - Su Da has been groomed for nearly 20 years within the company, starting from grassroots positions and moving up to key management roles, including General Manager since September 2023 [1] - The transition of control from Su Jianguo to both Su Jianguo and Su Da indicates a planned succession strategy rather than an abrupt change [1] Group 2: Business Growth and Strategic Transformation - Jiangsu Leili has successfully transformed its strategy while maintaining steady growth in traditional home appliance businesses, entering high-growth sectors such as smart driving for new energy vehicles, energy storage, and humanoid robots [2] - The company's revenue has increased from 1.456 billion yuan in 2015 to 3.519 billion yuan in 2024, showcasing significant growth [2] - In the new energy vehicle sector, Jiangsu Leili focuses on smart driving and intelligent cockpit technologies, leading to successful mass production of laser radar motor products for clients like TuDatong, Hesai, BYD, and Sutech [2] Group 3: Product Development and Market Position - The company has developed leading products in the energy storage sector, including second-generation brushless AC electronic water pumps and electronic fans, achieving a leading market share domestically [2] - Jiangsu Leili is one of the few domestic companies with UL certification, enabling its products to be exported to North America [2] - In the humanoid robot sector, the company has expanded its product line through subsidiaries and partnerships, enhancing its offerings in linear joints, rotary joints, and dexterous hands [3] Group 4: Global Expansion and Future Outlook - Jiangsu Leili is enhancing its competitiveness through global expansion, establishing R&D and manufacturing bases in North America, Europe, Southeast Asia, South Korea, and Hong Kong [3] - The completion of the Vietnam factory expansion in 2024 and the new factory in Mexico set to begin production in 2025 will ensure supply stability for North American clients [3] - The company is positioned for a new growth cycle as it transitions from a family-owned business to a multi-domain motion control system integrator under new leadership [3]

Summary of Zhejiang Rongtai's Conference Call Company Overview - **Company**: Zhejiang Rongtai - **Industry**: Robotics and New Energy Components Key Financials - **Revenue**: 572 million CNY in H1 2025, a 15% increase YoY [1][3] - **Net Profit**: 123 million CNY, a 22% increase YoY [1][3] - **Gross Margin**: 35.68%, up 2.02% YoY [3] - **Revenue from New Energy Clients**: 461.1 million CNY, accounting for 81% of total revenue, a 21% increase YoY [1][3] Market Dynamics - **Impact of Trade Policies**: Revenue growth slowed in Q2 due to US-China and US-Mexico tariff policies, leading to project delivery delays [4] - **Recovery**: Q3 showed recovery in project deliveries, indicating resilience against external risks [1][4] Strategic Partnerships - **Collaboration with T Company (Tesla)**: Focus on key components like screws, micro gearboxes, motors, and reducers [5] - **Expansion Plans**: Actively pursuing partnerships with domestic and international robotics manufacturers, with a significant opportunity in humanoid robotics [5] Geographic Expansion - **Overseas Revenue Contribution**: Over 60% of revenue from overseas clients, with significant growth from the European market [6] - **Future Markets**: Plans to expand into North America (Ford, GM) and South Korea (Hyundai) [6] Production Capacity and Investment - **Investment in Thailand**: 300 million CNY investment in a factory expected to start trial production by Q1 or Q2 2026, with a weekly capacity of 30,000 to 40,000 robots [2][12][17] - **Production Strategy**: Interactive R&D to match production schedules and optimize product costs [6] R&D and Product Development - **R&D Spending**: Fluctuations in R&D expenses are normal; expected to increase in H2 2025 due to new product development [7][24] - **Product Strategy**: Focus on customer-driven product development, with plans for horizontal and vertical extensions based on T Company's needs [5][15] Competitive Advantages - **Long-term Relationships**: Over ten years of collaboration with North American T clients, ensuring product quality and cost efficiency [9][14] - **Market Share Stability**: Maintaining a stable market share in dexterous hands and linear joint modules through continuous product optimization [10][14] Future Outlook - **Growth Projections**: Positive growth expected in the automotive sector, particularly in passenger and commercial vehicles [20] - **Client Relationships**: Strong ties with major domestic players like ByteDance, Xiaomi, and international clients including Volkswagen and Toyota [22][19] Additional Insights - **Potential for Capital Operations**: Company does not rule out future capital operations or a potential listing on the Hong Kong stock exchange [26] - **Pricing Strategy**: Despite a downward trend in micro screw prices, the company aims to maintain gross margins through cost reduction strategies [27] This summary encapsulates the key points from the conference call, highlighting the company's financial performance, strategic initiatives, market dynamics, and future growth prospects.

Summary of Fulin Precision Engineering Conference Call Company Overview - **Company**: Fulin Precision Engineering - **Industry**: Automotive Parts and Lithium Battery Materials Key Points and Arguments Business Performance - In the first half of 2025, Fulin Precision achieved revenue of 5.81 billion yuan, a year-on-year increase of 61.7% [3] - Net profit attributable to shareholders was 170 million yuan, up 32% year-on-year [3] - Growth driven by automotive parts and lithium battery materials, with lithium battery materials revenue reaching 3.7 billion yuan, a 96% increase [3] Lithium Battery Materials - The company’s lithium iron phosphate (LiFePO4) business shipped 105,000 tons in the first half of 2025, with a full-year target of 260,000 to 270,000 tons [11] - The introduction of fifth-generation products is expected to enhance profitability, with a price premium of approximately 1,000 yuan per unit [14][19] - Supply chain upgrades are anticipated to reduce costs by about 2,000 yuan per unit, with significant effects expected by 2026 [15] Automotive Parts Business - The automotive parts segment is expected to enter a prosperous period in Q3 2025, with increased deliveries of electronic water pumps and electronic oil pumps [7] - The company is focusing on integrated and platform-based development, moving towards potential body manufacturing [6][20] Robotics Sector - Fulin has begun mass production of robotic joint assemblies and modules, supplying mainstream customers [6] - The company is collaborating with Zhiyuan and other startups to enhance its position in the robotics industry [10] - Revenue from robotic components is projected to reach tens of millions to 100 million yuan this year [27] Strategic Partnerships - Fulin's partnership with Zhiyuan has deepened, with expectations of generating 100 million yuan in revenue from parts sales and OEM business [9] - The company is also involved in projects for military applications, enhancing its market presence [12] Market Trends and Industry Dynamics - The industry is moving away from low-cost, low-quality strategies, leading to improved market prices and a more favorable competitive landscape [12][13] - Fulin is positioned as a technology leader, which may further enhance its profitability [5] Future Outlook - The company plans to increase the proportion of fifth-generation products to over 70% by 2026 [16] - Expansion of production capacity is underway, with a new project expected to produce 200,000 tons of lithium phosphate [17] Cost Management and Competitive Advantage - Fulin aims to maintain a competitive edge through technological breakthroughs and large-scale manufacturing capabilities [25] - The company is focused on reducing costs associated with robotic components to enhance overall market competitiveness [25] Product Development - The company is actively developing applications for robotic components and plans to expand into body manufacturing [20] - Current market share in the electronic water pump sector is approximately 30%, with annual sales exceeding 3 million units [23] Conclusion - Fulin Precision Engineering is strategically positioned for growth in the automotive parts and lithium battery materials sectors, with a strong focus on technology, partnerships, and market trends that favor quality over cost. The company is set to enhance its profitability and market share through innovative product development and strategic collaborations.

Group 1 - The company, Jinguan Technology, is focusing on the research and development of screw rods [2]

Core Viewpoint - The company is currently focused on producing lead screws for rail transit vehicle door systems and is exploring opportunities in emerging markets such as humanoid robots based on market demand and core technological capabilities [2]. Group 1 - The company has received inquiries from investors regarding the application of its lead screws in humanoid robots [2]. - The company is committed to monitoring the market demand in emerging industries and is open to exploring new business opportunities [2].

Summary of Key Points from Conference Call Records Industry Overview - The robotics industry is entering a major upward trend driven by multiple factors, including the anticipated release of Tesla's V3 product, government guidance funds, and subsidy policies, as well as technology showcases during military parades, indicating accelerated industry development [1][3][15] - The A-share market is currently liquid, with expectations of interest rate cuts from the Federal Reserve leading to faster capital rotation, making the robotics sector a potential new hotspot for investment [1][4] Core Insights and Arguments - The second half of 2025 is expected to see a market characterized by breadth rather than height in the robotics sector, with a focus on emerging technologies and new companies in areas such as MEME technology, new reducers, and lead screws [1][5] - MEME technology is gaining attention due to its cost-performance advantages and has been widely applied in mobile phone hinges, with even greater application value in robotics [1][8] - The reducer market is led by Zhongdali De, with Zhongcheng Technology seen as the next potential star, while Xiling Power is also noteworthy for its rapid growth and involvement in military and reducer manufacturing [1][11] Notable Companies and Technologies - In the electronic skin sector, Hanwei Technology and Fulei New Materials are performing well, with Ruibin Electronics expected to become a new industry leader, and Anli Co. also showing potential [1][7] - In the actuator market, Yinlun Co. is anticipated to become a leading player, having secured Tesla's blueprints and actively seeking to become a supplier [1][14] - Companies to watch in the MEM technology field include Haichang New Materials, Tonglian Precision, and Dongmu Co., all of which have solid historical performance and operational stability [1][10] Investment Opportunities and Risks - The current market conditions suggest that the robotics industry is poised for growth, with various meetings and policies acting as catalysts, including Tesla's mass production plans and government subsidy policies [1][15] - The A-share market's historical trends indicate that after a surge in AI computing stocks, the robotics sector typically follows, suggesting a potential for new investment opportunities [1][4] - The focus on new technologies and suppliers, particularly MEM technology, is seen as a key area for investment, with companies like Haichang New Materials and Dongmu Co. positioned to benefit from the industry's growth [1][15] Additional Insights - The robotics sector is expected to see new players emerge in various subfields, including reducers, lead screws, electronic skin, and actuators, with MEM technology identified as a significant breakthrough point [1][6] - The market is likely to experience a search for new varieties and directions for investment, consistent with the A-share market's logic of continuously seeking new technological directions and targets [1][5]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [4]. Core Viewpoints - The company is a global leader in mica insulation materials, with a significant market share in the electric vehicle sector, driving high growth in performance [1][2]. - The acquisition of Diz Precision aims to position the company in the robotics sector, which is expected to have substantial growth potential [3]. - The company is expanding its product offerings and entering new markets, which will further solidify its competitive advantages [2][3]. Summary by Sections Company Overview - Founded in 2003, the company has over 20 years of experience in high-temperature insulation mica products, primarily serving the electric vehicle, home appliance, and cable industries [1]. - The company achieved a global market share of 4.4% in mica insulation materials in 2022, with a leading position in the electric vehicle sector, capturing 27% of the market share in 2022 [1]. Financial Performance - The company has experienced rapid growth, with a projected compound annual growth rate (CAGR) of 33% in revenue and 63% in net profit from 2020 to 2024 [1]. - The gross margin and net margin are expected to remain high, with projections of 35% and 20.3% respectively in 2024 [1]. Market Demand and Competitive Landscape - The mica market has a broad demand potential, with the global market for mica fire-resistant insulation materials in electric vehicles expected to reach 10.4 billion yuan by 2027, growing at a CAGR of 38% from 2023 to 2027 [2]. - The company has established strong technical and customer barriers, securing partnerships with top global automotive brands such as Tesla and Volkswagen [2]. Strategic Initiatives - The acquisition of 51% of Diz Precision is aimed at enhancing the company's capabilities in the robotics sector, which is anticipated to grow significantly [3]. - The company is also expanding its product range to include lightweight safety structural components and is exploring applications in energy storage and commercial vehicles [2]. Profit Forecast - The company is expected to achieve net profits of 327 million yuan, 465 million yuan, and 637 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 42%, 42%, and 37% [4][5].

Group 1: Financial Performance and Strategies - The company has reported losses for three consecutive years, both on a non-deducted and deducted basis, and is actively working on cost reduction and efficiency improvement plans [3] - Specific measures include gradually divesting non-performing assets, integrating existing resources, and increasing investment in high-end equipment manufacturing to enhance market competitiveness and profitability [3][4] - The company aims to improve overall profitability to offset previous losses and is focusing on high-end intelligent manufacturing as its core business [4] Group 2: Business Development and Market Position - The company is adjusting its product layout based on future development plans and market conditions, focusing on advantageous products to enhance performance [4] - In the field of robotics, the company has completed the development of CNC thread grinding machines in 2023, which are used for processing components in the new energy vehicle and robotics industries [6] - The company has signed contracts or established strategic cooperation with several clients, including Best and Wuzhou Xinchun, and is in discussions with potential clients for further collaboration [6] Group 3: Investor Concerns and Responses - The company is addressing investor concerns regarding the investigation of its major shareholder, assuring that it will comply with legal disclosure requirements and that the investigation will not significantly impact operations [5] - Regarding the five aircraft detained in Russia, the company is negotiating with the original customer and the insurance company for compensation, but no agreement has been reached yet [5][6] - The company emphasizes the importance of monitoring the technological development of downstream customers and plans to focus on product development in relevant fields as a key direction for future growth [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 1.67 billion yuan in Q1 2025, representing a year-on-year increase of 17.57%, and a net profit attributable to shareholders of 33.82 million yuan, up 60.72% year-on-year [1][43] - The company plans to enter the wind power sector through a partnership with Pangu Intelligent, which is expected to enhance its growth prospects [1][3] - The company has a strong focus on hydraulic cylinders, lead screws, and gas springs, with significant development potential in these areas [2][3] Financial Summary and Valuation Indicators - For the fiscal year 2024, the company reported a total revenue of 629 million yuan, a decrease of 5.99% year-on-year, while the net profit attributable to shareholders was 108.72 million yuan, an increase of 37.02% [1][43] - The projected net profits for 2025, 2026, and 2027 are 127 million yuan, 167 million yuan, and 188 million yuan, respectively, with corresponding EPS of 1.07 yuan, 1.40 yuan, and 1.58 yuan [1][12] - The current P/E ratios for 2025, 2026, and 2027 are 30.3, 23.0, and 20.5, respectively [1][5] Product Development and Market Position - The company has upgraded its military product development capabilities and is involved in several military research projects, enhancing its competitive edge in the market [2][31] - The revenue contribution from hydraulic cylinders remains significant, accounting for 62% of total revenue in 2024, while gas springs have seen a notable increase in revenue contribution, rising to 16% [3][45] - The company has developed several key technologies for hydraulic cylinders and gas springs, positioning itself as a professional supplier in the domestic mid-to-high pressure hydraulic cylinder market [38][39]