Report Summary 1. Report Industry Investment Rating There is no information provided regarding the industry investment rating in the document. 2. Core Viewpoints of the Report - The company's profitability has been continuously improving, with the net profit turning from loss to profit in 2024 and the gross profit margin increasing by 10.82 percentage points. The sales net profit margin in Q1 2025 was 11.83%, 6 percentage points higher than that in 2024 [15]. - The company has accumulated high - quality market resources in consumer electronics, new energy vehicles, and pyrotechnics industries. It has developed a series of intelligent manufacturing equipment that can replace foreign products, breaking foreign monopolies and filling domestic gaps [17]. - The new national production safety law has increased the demand for equipment transformation in pyrotechnics, chemicals, and energy industries, promoting the company's product business growth [18]. - The company has strong competitive advantages in pyrotechnics, including collaborative innovation with strategic partners, R & D of explosion - proof robots and related products, and holding a leading position in intelligent production and digital transformation technologies [19][20][22]. - The company's explosion - proof robot business is expanding, with orders being delivered in an orderly manner and ongoing projects being promoted [24]. - The company will actively promote the industrialization of innovation results, expand new market areas, and increase the depth and breadth of the market [25]. 3. Summary by Related Catalogs Company Overview - The report is about a research on Bai'ao Intelligence, a company in the special equipment industry. The research was conducted on May 22, 2025, and the company's reception staff included the chairman, general manager, and other senior management [8]. - Participating research institutions included securities companies such as Caitong Securities, Huatai Securities, and fund management companies such as Invesco Great Wall [2][9]. Company Business and Financial Performance - The company is mainly engaged in the R & D, design, production, and sales of intelligent manufacturing equipment, providing complete sets of intelligent manufacturing equipment and related components for customers. Its products are mainly used in consumer electronics, new energy, new energy vehicles, and pyrotechnics industries [15]. - In 2024, the company's R & D investment was 37,329,156.23 yuan, accounting for 8.01% of operating revenue, an increase of 2.63% compared to the previous period [26]. Future Profit Growth Drivers - The company has high - quality market resources, high - quality order delivery and after - sales service capabilities, and has developed products that can meet market demand. It has also developed a series of intelligent manufacturing equipment that can replace foreign products [17]. - The new national production safety law has increased the demand for equipment transformation in related industries [18]. - The company has competitive advantages such as collaborative innovation with partners, R & D of explosion - proof robots, and strong R & D capabilities [19][20]. Pyrotechnics Industry Development - The pyrotechnics industry has broad development opportunities, with new types of pyrotechnics such as the fourth - generation high - safety pyrotechnics and the fifth - generation integrated products or arrays being gradually applied [21]. - The company has mastered core explosion - proof technologies, developed explosion - proof robots and related products, and holds a leading position in the industry [22]. Industrial Robot Sales - The company's explosion - proof robots have obtained explosion - proof certifications and are widely used in pyrotechnics production equipment. The company is accelerating market sales, with orders being delivered and ongoing projects being promoted [23][24]. R & D and Future Planning - The company will actively promote the industrialization of innovation results, expand new market areas, and increase market penetration [25]. - The company will continue to increase R & D investment to meet market demand and policy requirements [26]. Technological Innovation - The company has established a strong R & D team, covering various technical fields such as structural design, electrical control design, and software R & D. It has developed a series of key technologies with independent intellectual property rights [30][32]. Emerging Industry Layout - The company has experience and technological advantages in pyrotechnics, new energy vehicles, and robots. It will focus on cost - reduction and efficiency - improvement and promote the development of new industries [33]. - The company will actively explore the humanoid robot industry chain based on market demand [37].