Group 1: Company Overview and Operations - The company specializes in household appliance connectors with a development cycle of approximately 45 days and a customer certification period ranging from 1 to 6 months [2] - The automotive product development cycle is about 40 to 50 days, with a typical certification period of six months [2] - The company is enhancing strategic cooperation with core customers to meet their demands for product intelligence and customization [3] Group 2: Robotics and New Ventures - The company has established a subsidiary, Foshan Zhucheng Intelligent Technology Co., Ltd., focusing on connectors for industrial robots [3] - A strategic joint venture agreement has been signed with UBTECH to develop components for intelligent service robots and humanoid robots [3] - The company has received sample orders from UBTECH for humanoid robots and has obtained supplier codes from KUKA Robotics (Guangdong) Co., Ltd. for small batch supply [3] Group 3: Revenue Streams and Capacity Utilization - Other main revenue sources include connectors for new energy photovoltaic storage, smart terminals, and robotics [3] - The company is continuously updating production equipment and expanding production lines to enhance capacity and support business growth [3] Group 4: Expansion and Construction Progress - The company has acquired land in Leqing, Foshan, Qingdao, and Wuhan for new production bases, with all projects progressing as planned [3] - The company will disclose specific progress in accordance with regulations and advises stakeholders to be aware of related risks [3] Group 5: Investor Relations Activity - The investor relations activity included a management exchange and a tour of the company’s exhibition hall and factory [2] - The event did not involve any undisclosed significant information [3]

Company and Industry Summary Company:珠城科技 (Zhu Cheng Technology, Stock Code: 301280) Key Financial Performance - **2024 Revenue**: 16.0 billion yuan, up 31.8% year-on-year [1] - **Q1 2025 Revenue**: 4.5 billion yuan, up 24.5% year-on-year [1] - **Net Profit for 2024**: 1.86 billion yuan, up 26.4% year-on-year [1] - **Q1 2025 Net Profit**: 0.54 billion yuan, up 12.5% year-on-year [1] - **Deducted Non-Recurring Net Profit for 2024**: 1.75 billion yuan, up 25.8% year-on-year [1] - **Q1 2025 Deducted Non-Recurring Net Profit**: 0.51 billion yuan, up 8.8% year-on-year [1] Profitability Metrics - **2024 Gross Margin**: 24.97%, down 0.73 percentage points year-on-year [2] - **2024 Net Margin**: 12.30%, down 0.92 percentage points year-on-year [2] - **Q1 2025 Gross Margin**: 24.45%, down 2.04 percentage points year-on-year and down 1.36 percentage points quarter-on-quarter [2] - **Q1 2025 Net Margin**: 12.91%, down 1.31 percentage points year-on-year and up 1.40 percentage points quarter-on-quarter [2] Growth Drivers - Growth primarily driven by the increase in home appliance connectors [1] - Future benefits expected from the rise in domestic production rates of home appliance connectors, as well as the expansion in robot and automotive connector markets [1] Strategic Initiatives - Strengthening the automotive and robot connector segments to create a second growth curve [2] - Acquired 20% stake in Wuxi Deweijia to accelerate entry into the automotive connector market [2] - Collaborations established with major players: - Partnership with UBTECH for product samples [2] - Supplier code obtained from KUKA Robotics for small batch supply [2] - Formation of a specialized team to deepen existing customer collaborations and enhance customized product development [2] Future Projections - Projected EPS for 2025-2027: 2.52 yuan, 3.22 yuan, and 4.36 yuan respectively [2] - Target price raised to 75 yuan based on a 30x PE ratio for 2025 [2]