Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a revenue of 175 million yuan in 2024, a year-on-year decline of 14.1%, and a net profit attributable to the parent company of 73.6 million yuan, down 25.9% year-on-year. For Q1 2025, revenue was 27.24 million yuan, a decrease of 12.35% year-on-year, with a net profit of 11.53 million yuan, down 24.41% year-on-year. The decline is attributed to a slowdown in investment from enterprise clients and a decrease in demand for battery testing equipment [5][6] - The company has adjusted its profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 84 million yuan, 96 million yuan, and 106 million yuan respectively, with corresponding EPS of 1.05, 1.20, and 1.32 yuan per share. The current PE ratios are projected to be 44.2, 38.7, and 35.3 times [5][6] - The company is optimistic about growth opportunities in emerging fields such as clean energy and energy conservation, despite the current challenges in the battery testing equipment market [5] Financial Summary - In 2024, the company achieved a revenue of 175 million yuan, down 14.1% year-on-year, and a net profit of 74 million yuan, down 25.9% year-on-year. The gross margin was 59.7% and the net margin was 42.0% [9][10] - The revenue forecast for 2025 is 195 million yuan, with a year-on-year growth of 11.4%, and a net profit of 84 million yuan, reflecting a growth of 14.6% [9][10] - The company plans to continue investing in R&D, with expenses projected at 16 million yuan in 2025, and aims to enhance its market share in high-precision battery testing and related equipment [7][9]

Group 1 - The core business of the company focuses on intelligent production lines and equipment integration, primarily serving the automotive industry, including both new energy vehicles and traditional fuel vehicles [1] - The company has established subsidiaries or branches in multiple locations, including Jiangsu, Guangdong, Liaoning, India, the USA, Germany, and Hungary, with a high proportion of international clients [1] - The company is actively developing humanoid robots and has identified over 40 application scenarios for robots, focusing on specific tasks such as tightening, handling, and inspection [3] Group 2 - The company explained that its revenue recognition is based on project completion and acceptance, leading to noticeable fluctuations in revenue across quarters due to varying project timelines and client acceptance processes [2] - The company is addressing potential impacts from international trade changes by expanding market reach and enhancing local delivery capabilities in the USA [2] - New products for 2024 will include humanoid robots, autonomous mobile robots, and other intelligent equipment, expanding applications beyond automotive core components [2]

Core Viewpoint - Haosen Intelligent is focusing on expanding its overseas orders, particularly in Europe, where it sees significant growth opportunities in the electric vehicle sector [2][3] Group 1: Company Overview - Haosen Intelligent Manufacturing Co., Ltd. specializes in integrated supply of smart production lines and equipment, primarily serving the automotive industry, including both new energy and traditional fuel vehicles [2] - The company has established subsidiaries in various locations, including China, India, the USA, Germany, and Hungary, with a strong customer base consisting of vehicle manufacturers and parts suppliers [2] Group 2: Market Expansion - Since 2023, Haosen Intelligent has experienced rapid growth in overseas orders, with over 50% of new orders in both 2023 and 2024 coming from international markets, particularly Europe [2] - The company is capitalizing on the transition to new energy vehicles in Europe, which has strict environmental regulations and a high penetration rate of new energy vehicles [2] Group 3: European Operations - The Hungarian subsidiary has been established as a key part of the company's European strategy, successfully building a local team and providing support for customer technical exchanges and delivery responses [3] - The operational progress of the Hungarian subsidiary is meeting expectations, and its collaborative value is expected to increase as the company expands its European business [3] Group 4: Product Development - In 2024, Haosen Intelligent plans to introduce new products, including humanoid robots and autonomous mobile robots, as well as expand the application of existing automotive core component technologies into new areas [3][4] - The company has set up a humanoid robot innovation center and is collaborating with leading domestic robot companies to develop specialized humanoid robots for various industrial processes [4]

Group 1 - The core viewpoint of the articles highlights the increasing interest from institutional investors in companies listed on the Beijing Stock Exchange, particularly in sectors such as hard technology, emerging consumption, and biomedicine, driven by their technological innovation capabilities and market expansion strategies [1][2][3] - Companies like Wuhan Blue Electric have attracted attention from over 30 institutions, focusing on the market landscape for battery testing equipment and the prospects for high-power products, with expectations of sustained demand growth due to the rapid development of the new energy vehicle and energy storage industries [1] - The biomedicine sector is also gaining traction, with companies like Sanyuan Gene and Nothland making significant breakthroughs in antiviral treatments and gene therapy drugs, respectively, indicating a robust pipeline for innovation and commercialization [1][2] Group 2 - The "specialized, refined, distinctive, and innovative" strategy is deepening within the Beijing Stock Exchange, with many companies achieving technological breakthroughs in niche markets, such as Haineng Technology and Huifeng Diamond, which are focusing on advanced manufacturing and semiconductor applications [2] - The introduction of a "small and fast" review mechanism for major asset restructuring by the China Securities Regulatory Commission is providing new momentum for listed companies, encouraging them to explore merger and acquisition opportunities for further growth [3] - The North Exchange 50 Index has shown strong performance this year, with increasing trading volume and valuation levels, suggesting that the value of listed companies is being recognized by long-term capital, driven by policy support and corporate growth [3]

证券简称： 武汉蓝电 证券代码： 830779 武汉市蓝电电子股份有限公司 湖北省武汉市东湖新技术开发区高新四路 28 号武汉光谷电子工业园三期 7 号厂房栋 4 层 01 号 武汉市蓝电电子股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主 要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面 临较大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 保荐机构（主承销商） （注册地址：中国（上海）自由贸易试验区世纪大道 1198 号 28 层） 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与 ...

证券简称： 武汉蓝电 证券代码： 830779 武汉市蓝电电子股份有限公司 湖北省武汉市东湖新技术开发区高新四路 28 号武汉光谷电子工业园三期 7 号厂房栋 4 层 01 号 武汉市蓝电电子股份有限公司招股说明书 本招股说明书申报稿不具有据以发行股票的法律效力，投资者应当以正式公告的招股说明书全 文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （注册地址：中国（上海）自由贸易试验区世纪大道 1198 号 28 层） 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化， ...

证券简称： 武汉蓝电 证券代码： 830779 武汉市蓝电电子股份有限公司 湖北省武汉市东湖新技术开发区高新四路 28 号武汉光谷电子工业园三期 7 号厂房栋 4 层 01 号 武汉市蓝电电子股份有限公司招股说明书 本招股说明书申报稿不具有据以发行股票的法律效力，投资者应当以正式公告的招股说明书全 文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （注册地址：中国（上海）自由贸易试验区世纪大道 1198 号 28 层） 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化， ...

证券简称： 武汉蓝电 证券代码： 830779 湖北省武汉市东湖新技术开发区高新四路 28 号武汉光谷电子工业园三期 7 号厂房栋 4 层 01 号 武汉市蓝电电子股份有限公司 武汉市蓝电电子股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 保荐机构（主承销商） （注册地址：中国（上海）自由贸易试验区世纪大道 1198 号 28 层） 慎作出投资决定。 1-1-1 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》 ...

证券简称：武汉蓝电 证券代码：830779 湖北省武汉市东湖新技术开发区高新四路 28 号武汉光谷电子工业园三期 7 号厂房栋 4 层 01 号 武汉市蓝电电子股份有限公司 武汉市蓝电电子股份有限公司招股说明书（申报稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 （注册地址：中国（上海）自由贸易试验区世纪大道 1198 号 28 层） 1-1-1 保荐机构（主承销商） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定 ...

关于武汉市蓝电电子股份有限公司 公开发行股票审核问询函中 有关财务事项的说明 目 录 一､关于财务内控不规范情形整改有效性…………………………………第 1—34 页 二、关于募投项目必要性及可行性……………………………………… 第 34—56 页 三、关于毛利率高于可比公司的合理性……………………………第 56—86 页 天 1建 关于武汉市蓝电电子股份有限公司 公开发行股票审核问询函中有关财务事项的说明 天健函〔 2023 〕10−5 号 北京证券交易所: 由长江证券承销保荐有限公司转来的《关于武汉市蓝电电子股份有限公司公 开发行股票并在北交所上市申请文件的第二轮审核问询函》(以下简称审核问询 函)奉悉。我们已对审核问询函所提及的武汉市蓝电电子股份有限公司(以下简 称武汉蓝电公司或公司）财务事项进行了审慎核查,现汇报如下。 一、关于财务内控不规范情形整改有效性 根据问询,（1）发行人会计差错更正事项包括收入跨期等。（2）收入确认 政策方面, 2020 年 10 月前发行人不需安装调试的内销收入主要采取出库加 4 天 的方式核算各合同的收入确认时间,以出库单、发货统计表、物流公司对账单作 为收入确认的依据。2 ...