今年上半年，我国货物贸易进出口21.79万亿元，同比增长2.9%；全国新设立外商投资企业30014家，同 比增长11.7%。 深耕20年，江苏苏州绿的谐波传动科技股份有限公司实现了精密谐波减速器的技术突破，产品销量居全 国前列。 公司副总经理李谦说，每年的研发投入占公司营收的10%至15%，目前已获得国家专利授权超200项。 近两年，公司在新加坡、德国等成立海外运营平台，产品海外市场占有率不断提高。 今年以来，外部环境"风高浪急"，在以习近平同志为核心的党中央坚强领导下，各地区各部门采取积极 的态度和建设性的行动，以开放促发展促合作，中国经济穿越周期、稳健前行，为世界经济注入更多稳 定性和确定性。 外贸韧性和抗冲击能力跃升 今年，机器人半程马拉松比赛赚足了流量，不仅如此，能跳舞、会踢球，多才多艺的机器人也成了外贸 领域的新焦点。 有一个"关节"决定了机器人的动作灵活性，即关键零部件谐波减速器。 随着关键核心技术攻关，江苏机器人产业快速发展，持续为全球市场"上新"。据南京海关统计，今年上 半年，江苏省工业机器人出口额达9.6亿元，同比增长101.2%。 习近平总书记强调："对外开放是中国的基本国策，中国正在推进 ...

Market Overview - On July 16, the Hang Seng Index fell by 72 points or 0.3%, closing at 24,517 points, while the Hang Seng Tech Index decreased by 0.2% to 5,418 points[1] - The total market turnover reached HKD 259 billion, indicating active trading, with a net inflow of HKD 1.6 billion through the Hong Kong Stock Connect[1] Sector Performance - Funds are shifting towards previously lagging sectors such as technology, robotics, software, telecommunications, and food and beverage[1] - Pharmaceutical stocks like Lijun Pharmaceutical (1513 HK), Fosun Pharma (2196 HK), and Weigao Group (1066 HK) saw gains between 5.6% and 13.1%[1] - High-end manufacturing stocks such as Sanhua Intelligent Control (2050 HK) surged by 8.4%, while related AI and robotics manufacturing stocks rose by 3.9% to 6.4%[1] Global Financial Trends - The US dollar index and the 10-year US Treasury yield have been gradually rising since July, potentially impacting liquidity in the Hong Kong market[2] - The forecasted PE ratio for the Hang Seng Tech Index is 15.6 times, close to historical lows, with its valuation relative to the NASDAQ 100 at the 23.3% percentile over the past three years[2] Company Highlights - Pop Mart (9992 HK) expects a revenue increase of no less than 200% and a net profit growth of at least 350% for the first half of the year, but its stock fell by 4.0% post-announcement due to profit-taking[3] - 361 Degrees (1361 HK) anticipates double-digit revenue growth for the first half of the year, with a year-to-date increase of 19.1%[3] Healthcare Sector Developments - The Hang Seng Healthcare Index rose by 0.8%, with China Biologic Products (1177 HK) announcing a USD 500 million acquisition of a new drug company, which is expected to drive revenue growth[4] - Green Leaf Pharmaceutical (2186 HK) shares increased by 9.4%, driven by expectations of overseas licensing agreements[4] Renewable Energy and Utilities - The renewable energy and utilities sector saw a general decline, except for Winsun Holdings (3393 HK), which rose by 3.6% and has increased by 28.7% since coverage began in June[5]

Group 1 - The company has won a bid from China Southern Power Grid Co., Ltd. for the first batch of framework bidding projects related to digital substations, digital transmission, smart distribution series sensor terminals, and Beidou terminals for 2025, with a bid amount of 27.4972 million RMB [1] - The bid amount represents 1.00% of the company's audited operating revenue for the fiscal year 2024 [1] - There is uncertainty regarding the impact on the company's performance in 2025 due to factors such as specific delivery batches and on-site construction progress [1]

Core Viewpoint - Beijing Haocreat Ruitong Electric Equipment Co., Ltd. (Haocreat Ruitong) has achieved significant revenue and profit growth through its advanced smart distribution technology, positioning itself as a key player in the smart grid ecosystem in China [1][2][3] Financial Performance - Haocreat Ruitong's revenue and net profit have shown compound annual growth rates of 24.47% and 27.22% respectively over the past three years [1][2] - Projected revenues for 2022, 2023, and 2024 are 560 million, 670 million, and 867 million yuan, with net profits of approximately 68.76 million, 87.41 million, and 111 million yuan [2][3] - The company maintains a gross margin above the industry average, with figures of 25.75%, 27.60%, and 25.67% for 2022, 2023, and 2024 respectively, compared to industry averages of 22.26%, 24.13%, and 23.57% [2] Technological Advancements - Haocreat Ruitong has established strong technical barriers through its long-term industry experience, focusing on high-quality and reliable products [4][5] - The company has developed proprietary technologies such as the zero-sequence current sensor and the integrated "one and two" technology, enhancing fault location accuracy and response times [4][5] - As of 2024, Haocreat Ruitong holds 119 patents and has invested significantly in R&D, with a compound growth rate of 36.69% over three years, reaching 32.33 million yuan in 2024 [5] Market Position and Client Base - The company has secured a strong position in the smart distribution equipment market, particularly through partnerships with major clients like the State Grid [6][8] - Haocreat Ruitong's revenue from the State Grid has been decreasing, indicating a diversification strategy to reduce dependency on a single client [8][7] - The company aims to expand its customer base beyond the power grid sector while maintaining strong relationships with existing clients [7] Industry Outlook - The smart grid market is projected to grow significantly, with investments in distribution networks expected to exceed 1.52 trillion yuan during the 14th Five-Year Plan period [9] - Haocreat Ruitong's IPO fundraising will focus on projects closely related to its existing business, particularly in smart distribution technology [10][11] - The company faces capacity constraints, with utilization rates for key products exceeding 100%, necessitating expansion to meet market demand [11]

Core Viewpoint - In 2024, Shenglong Electric launched the world's first AI-powered distribution cabinet, AI-iPanel, which is capable of communication and management [1]. Company Overview - Shenglong Electric is located in Wuhan and has established a comprehensive talent service system that includes internship, training, and promotion pathways, having trained nearly a thousand interns [8][22]. - The company emphasizes personal qualities and learning potential over professional skills during the internship recruitment process [8]. Employee Development - Pan Jingtong, a recent graduate, joined Shenglong Electric as an intern in September 2024 and was promoted to a new position called "Cultural Manager" within a month of her formal employment [4][9]. - The company provides a structured mentorship program that helps interns quickly understand corporate culture and operations [9]. Initiatives and Innovations - Pan Jingtong initiated the "Energy Supply Station" in the smart factory to provide snacks and drinks for workers, which has received positive feedback and serves over 200 people daily since its launch in March 2025 [12][14]. - She also formed a company band and organized various employee engagement activities, enhancing workplace culture and morale [18]. Employment Landscape - The local government is actively working to improve employment opportunities for college graduates, having created over 7,200 internship positions across various industries in the first half of the year [22].

Core Viewpoint - The company, Haocreat Ruitong, is addressing market concerns regarding customer concentration, R&D expenses, period expenses, and product quality in response to the latest IPO inquiry. Group 1: Customer Concentration - Haocreat Ruitong's main clients are State Grid and Southern Power Grid, with revenue from these clients accounting for nearly 90% during the reporting period, indicating high customer concentration [1] - The company acknowledges the potential impact of procurement fluctuations from these major clients but believes that demand for its products will continue to grow, maintaining a stable customer base [1] - The company plans to actively explore new customer resources and strengthen its efforts in sectors beyond the power grid [1] Group 2: Product Quality - The company has experienced occasional product quality issues due to supplier defects and operational errors, but has implemented corrective measures such as product exchanges and internal training [2] - Following the resolution of quality issues, the company has maintained good relationships with clients and has resumed normal order fulfillment [2] - The company notes that being penalized for quality issues is common in the industry and does not significantly impact its overall operations [2] Group 3: Financial Metrics - Haocreat Ruitong's sales, management, and R&D expense ratios are lower than the industry average, attributed to higher revenue growth and differences in organizational structure and market focus [2] - The company anticipates that its expenses will grow in line with its expanding operations and market development efforts post-IPO [2] Group 4: Regulatory Compliance - The company faced penalties due to a subsidiary's unauthorized land use for construction, but the violation was deemed minor and did not result in significant harm to investors or public interests [3] - The subsidiary has paid fines and completed required rectifications, indicating compliance with regulatory standards [3] Group 5: Future Outlook - In the context of carbon neutrality goals, the company aims to leverage national strategies in smart grids and new power systems, positioning itself as a leader in the smart distribution equipment sector [4] - The company plans to enhance its R&D, production capabilities, and sales channels while fostering innovation to improve its competitive edge and market position [4] - The goal is to become a leading enterprise in China's smart distribution field, focusing on green development and technological advancements [4]

Group 1 - The core viewpoint of the article is that three companies are set to present their IPO applications to the listing committees of different stock exchanges in China, with varying fundraising amounts and industry focuses [1][2][3][4]. Group 2 - Daoshengtianhe plans to list on the Shanghai Main Board, aiming to raise 694 million yuan for projects related to high-end adhesives and composite resin systems, as well as to repay bank loans and supplement working capital [1][2]. - Haocreative Technology intends to list on the ChiNext Board, with a fundraising target of 477 million yuan, focusing on smart distribution equipment and digital solutions for distribution networks [1][3]. - Nengzhiguang is preparing for an IPO on the Beijing Stock Exchange, seeking to raise 160 million yuan, specializing in the research, production, and sales of chemically modified functional polymers [1][4].

昊创瑞通是一家专注于智能配电设备及配电网数字化解决方案的高新技术企业，主要从事智能配电设备 的研发、生产和销售。（数据宝） 即将上会的IPO公司 | 简称 | 会议日期 | 拟上市板 | 拟发行数量（万 | | 拟募资金额（亿 | 注册 | 保荐机构 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 块 | 股） | | 元） | 地 | | | 昊创瑞 | 2025.06.17 | 创业板 | 2790.00 | 4.77 | | 北京 | 长江证券承销保 | | 通 | | | | | | 市 | 荐 | | 道生天 | 2025.06.13 | 沪市主板 | 5862.00 | 6.94 | | 上海 | 中信建投证券 | | 合 | | | | | | 市 | | | 联合动 | 2025.06.12 | 创业板 | 70540.53 | 48.57 | | 江苏 | 国泰海通 | | 力 | | | | | | 省 | | 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报·数据宝统计，根据深交所、上交所、北交所上 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][13]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its new products and technologies [2][14]. - The company aims to enhance its overseas production capabilities and expand its market share in the automotive electronics sector [3][19]. Summary by Sections Investment Rating - The investment rating is maintained as "Buy" with a target price set at RMB 81.02, reflecting confidence in the company's growth potential [8][19]. Globalization Strategy - The company is focusing on strengthening its existing automotive electronic products while developing new domain control products. The recent acquisition of Czech IMI is a key part of this strategy, aimed at enhancing overseas production capabilities [3][13]. - The company has achieved significant results in promoting new products and technologies to European and American clients, with a notable increase in overseas sales [2][14]. Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million, which will enhance its international production layout and support the ramp-up of global orders [3][16]. - This acquisition is expected to allow the company to produce for global platform clients, including Volkswagen, Ford, BMW, and Mercedes-Benz, starting with lighting control products [3][17]. Financial Forecast - The company forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for the years 2025 to 2027, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion respectively [5][19]. - The report maintains a PE target of 31 times for 2025, indicating a strong outlook for profitability [5][19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][16]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its products [2][14]. - The company aims to enhance its product offerings in automotive electronics and develop new domain control products, focusing on expanding its customer base [2][13]. Summary by Sections Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million to enhance its overseas market presence and production capabilities [3][16]. - This acquisition will establish a factory in the Czech Republic, serving as a strategic base for the company in Europe and facilitating the production of global platform client orders [3][17]. Globalization Strategy - The company has been actively promoting new products and technologies to European and American clients, achieving significant results in recent years [2][14]. - In 2024, the company expects to generate over RMB 1.2 billion in sales from new projects, with a significant portion coming from overseas clients [14][15]. - The company plans to continue expanding its global footprint by targeting new business opportunities and enhancing its existing client relationships [15][19]. Financial Forecast - The report forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion [5][19]. - The company is expected to maintain a PE ratio of 31 times for 2025, reflecting strong growth potential [5][19].