Core Viewpoint - Huapei Power, a leading company in the domestic sensor field, has won a significant contract from a top domestic new energy vehicle manufacturer, with an expected total value of approximately 100 million yuan over a five-year lifecycle starting in 2026, highlighting the company's R&D capabilities and market competitiveness [1] Group 1: Company Performance - In 2024, Huapei Power achieved revenue of 1.24 billion yuan, a year-on-year decline of 1.6%, and a net profit of 65.61 million yuan, down 43.47% year-on-year [1] - The company reported a net cash flow from operating activities of 257 million yuan, a significant increase of 2905.72% year-on-year [1] - In Q1 2025, the company faced continued pressure, with revenue of 276 million yuan, a year-on-year decrease of 19.2%, and a net profit of 14.42 million yuan, down 62% year-on-year [2] Group 2: Business Development - The company has successfully developed new projects for clients such as Scania, Mitsubishi Heavy Industries, and Knorr, enhancing its business growth momentum [2] - In 2024, Huapei Power won the entire order for the "Daimler Cup Project," expected to generate nearly 100 million yuan in sales, marking the largest single project sales in the company's history [2] - The sensor business is identified as Huapei Power's second growth curve, with successful mass production of a natural gas engine pressure and temperature sensor project for Bosch in Q2 2024 [3] Group 3: R&D Investment - Huapei Power has consistently invested in R&D, with expenditures increasing from 30.12 million yuan in 2020 to 74.91 million yuan in 2024, totaling approximately 280 million yuan over five years [3] - The company established a special team for the development of the third-generation PTC water heater, achieving significant breakthroughs and surpassing international competitors' patent barriers [3] - Huapei Power's subsidiary, Shengmei Chip, made important technological advancements in 2024, successfully completing the design and production of several automotive-grade MEMS products [3]

Summary of Key Points Core Viewpoint - The week of May 6 to May 11 saw the acceptance of 2 new IPO applications in the Shanghai and Shenzhen stock exchanges, while 2 companies withdrew their IPO applications, and 1 company received registration approval. Group 1: New IPO Applications - Two new IPO applications were accepted on May 9, including Ningbo Jianxin Superconducting Technology Co., Ltd. for the Shanghai Stock Exchange's Sci-Tech Innovation Board and Hangzhou Lianchuan Biotechnology Co., Ltd. for the Beijing Stock Exchange [1][3] - Jianxin Superconducting is the third company accepted for the Sci-Tech Innovation Board this year, focusing on the R&D, production, and sales of core components for MRI equipment [3] - Jianxin Superconducting reported revenues of 359 million yuan, 451 million yuan, and 425 million yuan for 2022 to 2024, with net profits of 34.63 million yuan, 48.73 million yuan, and 55.78 million yuan respectively [3][4] - Lianchuan Biotechnology previously attempted to list on the Sci-Tech Innovation Board but withdrew its application and is now seeking to raise 300 million yuan, half of its previous target [4] Group 2: Terminated IPO Applications - Two companies withdrew their IPO applications: Wuxi Yelong Precision Machinery Co., Ltd. and Shenzhen Haobo Window Control Technology Co., Ltd. [1][6] - Wuxi Yelong, which specializes in turbocharger components, withdrew its application over a year after approval due to the impact of electric vehicles on its business [6][7] - Haobo Window Control reported a revenue decline of 2.46% in the first half of 2024 and expects a full-year revenue drop of 10.76% to 12.68% [8]

1、涡轮壳产品情况 公司各个类型涡轮壳产品可以装配于不同厂商、不同型号的涡轮增压器，整体而言品类较多。涡轮增压 器主要应用于汽油及柴油发动机，具有提高发动机动力、节能、环保等优点。 2、涡轮壳配套精密零部件情况 烨隆股份生产的其他涡轮增压器零部件主要为涡轮壳配套精密零部件，是涡轮增压器壳体装配重要组成 部件，主要用于实现闭合反馈回路降压保护、连接涡轮增压器零部件等重要功能，具有高精度、耐高 温、抗氧化、耐磨损等特点。经过多年发展，公司拥有成熟的涡轮壳配套精密零部件的生产、加工经 验，完善的产品开发流程和专业的技术开发团队，并逐渐从单纯的生产加工，向前端研发设计发展，不 断改善产品加工方案。 智通财经APP获悉，5月8日，无锡烨隆精密机械股份有限公司(简称：烨隆股份)上交所主板IPO审核状 态变更为"终止"。因烨隆股份及其保荐人撤回发行上市申请，根据《上海证券交易所股票发行上市审核 规则》第六十三条有关规定，上交所终止其发行上市审核。 据招股书，烨隆股份主要从事汽车涡轮增压器关键零部件的研发、生产和销售，主要产品包括涡轮壳及 其配套精密零部件。经过多年的发展，公司主要客户为盖瑞特(Garrett)、博格华纳(B ...

Group 1: Financial Performance - Q1 2025 revenue was 316 million, a decrease of 20.25% year-on-year [4] - Net profit attributable to shareholders was 6.957 million, down 70.34% year-on-year [4] - Cash and cash equivalents reached 281 million, an increase of 87.28% year-on-year [4] - Accounts receivable stood at 361 million, representing 649.61% of net profit [4] Group 2: Business Strategy and Development - The company plans to promote industrial upgrades through investments and acquisitions [2] - Focus on stabilizing existing products while actively exploring new markets and products [5] - Emphasis on research and development for new energy vehicle components and precision parts [5] Group 3: Production Capacity and Utilization - Production capacity utilization rates for 2024 are 79.81% for compressor housings and 84.28% for turbine housings [3] - Current production lines are sufficient to meet operational needs, with stable orders on hand [3] Group 4: Market Trends and Challenges - The company acknowledges the impact of the rapid development of new energy vehicles on traditional fuel vehicle components [7] - Plans to mitigate risks associated with market competition and policy changes by diversifying product offerings [7] Group 5: Partnerships and Collaborations - Ongoing collaboration with GaoNeng Times for solid-state battery technology, with commercialization prospects being evaluated [5] - The company is actively seeking partnerships in solid-state batteries, new materials, and precision processing [4]