1. Reported Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The company aims to build a three - dimensional growth pattern of "intensive cultivation in the existing market, breakthrough in emerging markets, and leadership in material revolution" through the differentiated development of three business segments: mechanical fans, household air - conditioner blades, and composite materials [23] - The company is actively promoting the Fan Modularization 3.0 strategy, increasing R & D investment, and extending vertically in the industrial chain [23] - The company is developing joint modules, with 5 models in the small - batch verification stage, and plans to apply them in specific scenarios by the end of this year [26] - The company will adhere to a steady development strategy and pay attention to high - quality targets in new materials and high - end advanced manufacturing fields for potential mergers and acquisitions [27] 3. Summary According to the Directory 3.1. 01 - Research Basic Information - The research object is Langdi Group, belonging to the household appliance industry. The reception time was September 26, 2025. The listed company's reception staff included Director, Deputy General Manager, and Board Secretary Chen Haibo, and Securities Affairs Representative Ma Jinxia [17] 3.2. 02 - Detailed Research Institutions - The research institutions included Guoxin Securities (a securities company with relevant personnel Wang Zhaokang) and Hua'an Fund (a fund management company with relevant personnel Xiao Geyan) [18] 3.3. 03 - Proportion of Research Institutions - No relevant content provided 3.4. 04 - Main Content Data 3.4.1. Main Business - related - The company's traditional main business development direction is to build a three - dimensional growth pattern through the differentiated development of three business segments [23] - In the context of the base pressure of domestic - sales air - conditioners, the mechanical fan segment should be refined, broadened, and strengthened; the household air - conditioner blade segment should be refined and deepened; the composite material segment should be refined, innovated, and made high - end [23] - The company's bargaining power is limited due to high customer concentration, and air - conditioner price competition may indirectly affect product sales prices [23] - Permanent - magnet brushless motors and fan units have achieved mass supply in communication base stations and heat pumps, and are in the early stage of technical communication in emerging fields such as data center cooling, liquid - cooling systems, and energy - storage cooling [23][24] - The company is in the early stage of technical communication in the AIDC liquid - cooling field and has not achieved mass production [25] - Fan modularization is mainly applied in fields such as HVAC, fresh - air systems, base - station air - conditioners, and heat - pump air - conditioners [25] - The company's competitive advantages in the commercial field lie in key technologies and a complete electromechanical system self - development ability, and there are synergies between the mechanical fan segment and the household air - conditioner blade segment [25] - The company's composite materials are mainly applied in the automotive, household appliance, electronic and electrical, and building materials fields, and their profitability is affected by multiple factors [25] - The company plans to invest 110 million yuan in a Thai production base with a designed annual capacity of 12.7 million air - conditioner blades. The construction is in progress, and it is expected to be completed in two years [25][26] 3.4.2. Joint Modules - The company has developed 5 models of joint motor modules, which are in the small - batch verification stage. It plans to apply them in specific scenarios by the end of this year and connect with relevant robot enterprises [26] - The company's competitiveness in the joint module field lies in motor technology accumulation, intelligent control algorithms, and product R & D and design [27] - The company aims to reduce costs through supply - chain digitization, production - process lean management, and independent R & D [27] - The company is communicating with potential customers in the robot field and will expand the application of joint modules in fields such as collaborative robots, humanoid robots, and automation equipment [27] - The company's subsidiary and Zhejiang University's Robot Research Institute jointly build a research center focusing on the testing and optimization of high - performance joint modules [27] 3.4.3. Future Planning - The company will adhere to a steady development strategy and pay attention to high - quality targets in new materials and high - end advanced manufacturing fields for potential mergers and acquisitions [27] - The company signed an investment intention agreement with Ningbo Jujia New Material Technology Co., Ltd. on June 30, 2025, and the two parties are in business negotiations [27]

Core Viewpoint - The financial performance of Langdi Group (603726) for the first half of 2025 shows a mixed result with a revenue increase but a decline in net profit, indicating potential challenges in profitability and cash flow management [1][2]. Financial Performance Summary - Total revenue for the first half of 2025 reached 1.06 billion yuan, a year-on-year increase of 7.05% [1]. - Net profit attributable to shareholders was 90.67 million yuan, reflecting a year-on-year decrease of 5.5% [1]. - In Q2 2025, total revenue was 590 million yuan, up 2.9% year-on-year, while net profit was 53.26 million yuan, down 7.31% year-on-year [1]. - The gross margin was 21.54%, a decrease of 2.28% compared to the previous year, and the net margin was 8.48%, down 11.81% year-on-year [1]. - The company reported significant accounts receivable, with accounts receivable amounting to 782 million yuan, which is 454.35% of the net profit [1][2]. Cash Flow and Debt Analysis - The cash flow situation is concerning, with cash and cash equivalents at 292 million yuan, representing only 39.96% of current liabilities [2]. - The average operating cash flow over the past three years is only 13.47% of current liabilities, indicating potential liquidity issues [2]. - Interest-bearing debt increased to 533 million yuan, a rise of 55.34% year-on-year [1]. Business Segment Developments - The mechanical fan segment has made significant progress in modular product strategies and has established a dual technology platform for internal and external rotors, enhancing system integration capabilities [3]. - The home air conditioning fan segment is implementing a multi-base collaborative service model to improve production flexibility and customer service [3]. - The composite new materials segment is focusing on automotive lightweighting and no-spray trends, increasing R&D efforts and deepening strategic partnerships with key clients [3].

Group 1 - The company reported a revenue of 1.06 billion yuan for the first half of 2025, representing a year-on-year growth of 7.05%. The net profit attributable to shareholders was 90.67 million yuan, showing a decline of 5.50% year-on-year [2] - The company has established three main business segments: household air conditioning blades, mechanical fans, and composite materials. The household air conditioning industry in China continued to show stable, slight growth in the first half of 2025 [2] - The company has increased its innovation investment, adding 26 new patent authorizations in the first half of the year, bringing the total number of effective patents to 626 [2] Group 2 - A subsidiary of the company, Ningbo Landi Intelligent Electromechanical Co., Ltd., has established a joint research and development center with Zhejiang University Robotics Research Institute, focusing on various advanced technologies [3] - The company is advancing its overseas strategy with a production base in Thailand, planning to invest 110 million yuan with a designed capacity of 12.7 million air conditioning blades per year [3]

Group 1 - The stock price of Landy Group closed at 19.17 yuan on August 19, 2025, down by 0.04 yuan, a decrease of 0.21% from the previous trading day [1] - The company has a total market capitalization of 3.559 billion yuan and a price-to-earnings ratio of 23.79 times [1] - Landy Group is primarily engaged in the research, production, and sales of household air conditioning fan blades and mechanical fans, with products widely used in household and commercial air conditioning and ventilation equipment [1] Group 2 - The company announced significant progress in its Thailand production base project, with its wholly-owned subsidiary increasing registered capital to 57.5 million Thai Baht and successfully acquiring 24 acres of industrial land for 43 million Thai Baht [1] - The total investment for the Thailand project is not expected to exceed 110 million yuan, with preliminary work such as overseas investment filing completed since the project started in September 2024 [1] - In the first quarter of 2025, the company achieved operating revenue of 470 million yuan and a net profit of 37.41 million yuan [1] Group 3 - On August 19, 2025, the net outflow of main funds was 12.64 million yuan, accounting for 0.36% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow reached 84.86 million yuan, representing 2.4% of the circulating market value [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4] Core Views - The company is a leading player in the domestic fan blade and mechanical fan industry, with a robust product line and a strong market position, benefiting from the "home appliance replacement" policy in 2024, which is expected to significantly boost the sales volume of its air conditioning fan blade products [2] - The establishment of a new production base in Thailand with an investment of 110 million yuan is anticipated to enhance the company's overseas market share, targeting a production capacity of 12.7 million air conditioning fan blades per year [2] - The company has made significant technological advancements in mechanical fans, particularly in the core components, which are expected to expand its downstream application scenarios [2] - The company has strategically entered the semiconductor sector, becoming the second-largest shareholder of Yongxi Electronics, with a 7.59% stake, and has significant indirect holdings in leading NAND and DRAM manufacturers, indicating substantial growth potential [3] - The company is also actively pursuing acquisitions in the new materials sector, such as the proposed acquisition of a stake in Ningbo Jujia Technology, which is expected to strengthen its supply chain and expand into emerging fields [10] Financial Summary - Revenue projections for 2025-2027 are 2.18 billion, 2.49 billion, and 2.84 billion yuan, respectively, with corresponding net profits of 192 million, 228 million, and 264 million yuan, indicating a steady growth trajectory [4] - The company is expected to achieve a net profit growth rate of 57.16% in 2024, followed by 11.27% and 19.00% in the subsequent years [5] - The projected PE ratios for 2025-2027 are 18.62, 15.64, and 13.52, reflecting an attractive valuation as the company grows [4]

Group 1 - The company's stock experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days from July 7 to July 9, 2025 [1][3]. - The company confirmed that its main business, which includes household air conditioning blades, mechanical fans, and composite materials, has not undergone significant changes, and its production and operational activities are normal [1][2]. - The company conducted a self-examination and confirmed that there are no undisclosed significant matters, including major asset restructuring, share issuance, acquisitions, debt restructuring, or other major events [1][2]. Group 2 - The company did not find any media reports or market rumors that require clarification or response, nor any other significant events that could impact its stock price [2]. - There were no stock trading activities by the company's directors, supervisors, senior management, or controlling shareholders that could be considered sensitive information [2]. - The board of directors confirmed that there are no undisclosed matters that should be disclosed according to the Shanghai Stock Exchange regulations, and previous disclosures do not require correction or supplementation [2][3].

Group 1 - The company, Langdi Group (603726), has announced unusual fluctuations in its stock trading [1] - The main business of the company includes household air conditioning blades, mechanical fans, and composite materials [1] - An internal review by the company revealed that there have been no significant changes in its product structure or main business [1] Group 2 - The company's production and operational activities are currently normal [1] - There have been no significant changes in the internal and external operating environment or industry policies [1]

Core Viewpoint - The acquisition of a stake in Jujia Technology by Landi Group is a strategic move to enhance its position in the new materials sector, aiming to strengthen its supply chain and expand into emerging fields such as automotive electronics and humanoid robotics [5][7]. Group 1: Acquisition Details - Landi Group plans to acquire up to 20.17% of Jujia Technology for a total price not exceeding 121 million yuan [2]. - Currently, Landi Group holds a 1.3721% stake in Jujia Technology [4]. Group 2: Jujia Technology Overview - Founded in 2017, Jujia Technology specializes in LCP fibers, films, and resins, and is the only company in the industry capable of large-scale production and R&D across the entire LCP value chain [3]. - Jujia Technology is projected to incur a loss of 46.31 million yuan in 2024 and reported a loss of 6.09 million yuan in the first quarter of this year [3]. Group 3: Landi Group's Business Focus - Landi Group is a leading player in the domestic air conditioning fan blade sector, with its main business segments including household air conditioning fan blades (58.83%), mechanical fans (28.85%), and composite materials (10.14%) [4]. - The company has been focusing on the trends of automotive lightweighting and paint-free technologies, enhancing its R&D efforts to innovate and expand product applications [4]. Group 4: Strategic Importance of LCP - Liquid Crystal Polymers (LCP) are known for their high-temperature resistance, mechanical strength, and excellent electrical properties, making them suitable for applications in electronics, industrial, consumer electronics, and automotive sectors [7]. - Jujia Technology is recognized as a leading company in China for large-scale production of LCP across various forms, including resins, fibers, and films [7][8][9][10]. Group 5: Market Position and Competitors - Major global producers of LCP resins include companies like Toray, Sumitomo Chemical, and Celanese, while domestic competitors include Kingfa Technology and Waton [8]. - In the LCP fiber segment, Jujia Technology leads with an annual production capacity of 2,000 tons, alongside other domestic players like Pulit [9].

Group 1 - Longdi Group plans to acquire up to 20.1667% of Ningbo Jujia New Material Technology Co., Ltd. for a total price not exceeding 121 million yuan, estimating Ningbo Jujia's total valuation at approximately 600 million yuan [1] - Longdi Group previously acquired 1.37% of Ningbo Jujia for 20 million yuan in 2022, indicating a significant decline in Ningbo Jujia's valuation from approximately 1.46 billion yuan to the current estimate [1] - Ningbo Jujia is currently in a state of significant losses, which is likely a major factor contributing to its decreased valuation [1][5] Group 2 - Ningbo Jujia focuses on the production of LCP (Liquid Crystal Polymer) fibers, films, and resins, and is the only company in the industry with a full-scale production and R&D capability across the entire LCP supply chain [2] - LCP is widely used in critical fields such as aerospace, industrial transport, and high-end cables, highlighting its importance as a high-end specialty engineering material [3] - Longdi Group's main business includes mechanical fans, household air conditioning blades, and composite materials, with a commitment to deepening its involvement in the new materials sector [3] Group 3 - The global LCP materials industry is primarily dominated by companies from the United States and Japan, but Chinese companies like Jinfat Technology, Water Co., and Pulit have rapidly entered the LCP market, increasing their production capacity and application scope [3][4] - Jinfat Technology has an annual production capacity of 33,600 tons for semi-aromatic polyamide, LCP, and PPSU/PES synthetic resins, with a project for 15,000 tons of LCP synthetic resin expected to begin production [4] - Water Co. is advancing a new project to build a 20,000-ton LCP resin production capacity, positioning itself to become the largest global LCP supplier [4] Group 4 - Ningbo Jujia reported revenues of 61.91 million yuan and losses of 46.31 million yuan in 2024, with Q1 revenues of 15.28 million yuan and losses of 609,290 yuan [5] - As of the end of Q1 this year, Ningbo Jujia had total assets of 389 million yuan and net assets of 109 million yuan [5] - Recent exits from Ningbo Jujia's shareholder list by several investment institutions indicate a potential lack of confidence in the company's future performance [6][7]

Core Viewpoint - The company aims to transform from a manufacturing-oriented to a technology-driven enterprise, focusing on differentiated development across three business segments to become a leader in global ventilation system solutions [2] Business Strategy - The company plans to implement a "stock market cultivation + emerging market breakthrough + material revolution leadership" growth strategy, leveraging over 20 years of industry experience [2] - Key initiatives include advancing the modularization strategy for fans, enhancing R&D investment in critical technologies, and extending the supply chain vertically [2] - The company is also focusing on digital transformation and automation in manufacturing processes to improve operational efficiency [2] Financial Performance - For the fiscal year 2024, the company reported a revenue of 1.894 billion yuan, a year-on-year increase of 16.16%, and a net profit attributable to shareholders of 172 million yuan, up 57.16% [3] - The net profit after excluding non-recurring gains was 153 million yuan, reflecting a growth of 68.72% [3] - In Q1 2025, the company achieved a revenue of 470 million yuan, a 12.74% increase year-on-year, but the net profit decreased by 2.79% to 37.41 million yuan [4] Investment Focus - The company is concentrating on high-quality targets in new materials and advanced manufacturing sectors that align with its business development [3] - The company is currently in the early development stage of core robotic motion components, with prototypes having completed validation testing [3] Market Dynamics - The composite materials segment saw significant revenue growth in 2024, driven by applications in automotive and electronic materials [3] - The stability of profitability in this segment may be affected by fluctuations in raw material prices [3] International Expansion - The company is actively advancing the establishment of its production base in Thailand, having completed registration and related procedures [3]