Summary of 蓝黛科技 Conference Call Company Overview - **Company**: 蓝黛科技 (Landai Technology) - **Industry**: Automotive components, specifically focusing on high-precision gears for electric vehicles, touch display technology, and robotic joint modules Key Points Automotive Transmission Segment - The automotive transmission segment's revenue for Q3 was approximately **14 billion RMB**, with an expected annual revenue of **22-23 billion RMB** and a net profit of about **1.7 billion RMB**. The growth is driven by high-precision gears for electric vehicles, which account for nearly **50%** of the segment's revenue. Major clients include 吉利 (Geely), 比亚迪 (BYD), 长城 (Great Wall), 奇瑞 (Chery), 上汽 (SAIC), 广汽 (GAC), and Telnet 汇川 [2][3][19] - For 2026, the revenue target for the transmission segment is projected to be between **25-26 billion RMB**, with a net profit exceeding **2 billion RMB**. The growth drivers include an increase in the proportion of high-margin products and improved equipment utilization rates [2][3] Touch Display Segment - The touch display segment's revenue for Q3 was around **14 billion RMB**, with an expected total revenue of **19 billion RMB** for the year and a net profit between **70 million to 100 million RMB**. The improvement is attributed to a shift in product structure towards automotive and industrial control products, which are expected to exceed **40%** of the total revenue [2][4][5] - For 2026, the company anticipates a revenue of no less than **19 billion RMB** and a net profit exceeding **100 million RMB** [2][4] Robotic Joint Modules - In 2025, the delivery volume of robotic joint modules is expected to be around **50,000 sets**, generating revenue in the range of several million RMB. The supply chain optimization is ongoing, with a projected demand for over **200,000 sets** in 2026, corresponding to revenue of approximately **1-2 billion RMB** [2][6][13] - Major contributors to this segment include 乐聚 (Leju), 新海图 (Xinhait), and 松岩 (Songyan) [2][6][13] International Expansion - The company has begun establishing a production base in Thailand, set to commence operations in the second quarter of 2026. This facility will focus on gear and touch display assembly for overseas clients, although initial contributions to performance are expected to be limited [2][7] Overall Financial Outlook - The overall net profit target for 2026 is set at no less than **3 billion RMB**, combining traditional automotive transmission and touch display businesses with the emerging robotic joint module sector [2][8] Capacity Planning - By the end of 2025, the company plans to establish a production capacity of **200,000 sets** for robotic joint modules and core reducers, with ongoing adjustments based on customer guidance [9][10] Customer Expansion - The company is expanding its customer base through partnerships with 乐聚, 新海图, 松岩, and new clients in the robotics sector, including 小米 (Xiaomi) and military applications [11] Technological Development - The company has made significant advancements in technology, particularly in the design and production of planetary gear structures. New joint module designs are expected to be launched by the end of the year [12][14] Market Demand and Future Planning - The company is optimistic about future market demand for robotics, particularly quadruped robots, and plans to enhance its technological and production capabilities to meet this demand [17] Overseas Business Performance - In 2025, the company achieved significant growth in overseas business, with new clients such as 财富 (Fortune), 舍弗勒 (Schaeffler), 博克华纳 (BorgWarner), and 沃尔沃 (Volvo), contributing approximately **1 billion RMB** to revenue [18] Key Clients in Automotive Transmission - Major clients in the automotive transmission segment include 吉利 (Geely), 比亚迪 (BYD), 长城 (Great Wall), 上汽 (SAIC), and international clients like 特斯拉 (Tesla), 丰田 (Toyota), and 大众 (Volkswagen) [19]

Core Viewpoint - Jinlong Electromechanical has shown a positive stock performance with a year-to-date increase of 20.40%, indicating strong market interest and potential growth opportunities in the electronic components sector [1][2]. Group 1: Stock Performance - On November 17, Jinlong Electromechanical's stock rose by 2.07%, reaching 5.43 CNY per share, with a trading volume of 114 million CNY and a turnover rate of 2.63%, resulting in a total market capitalization of 4.361 billion CNY [1]. - The stock has experienced a 3.82% increase over the last five trading days, a 13.60% increase over the last 20 days, and a slight 0.37% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on May 8, where it recorded a net purchase of 68.7741 million CNY [1]. Group 2: Company Overview - Jinlong Electromechanical, established on November 11, 1993, and listed on December 25, 2009, is located in Dongguan, Guangdong Province, and specializes in the R&D, production, and sales of motors, silicone plastic structural components, and touch display products [2]. - The company's revenue composition includes structural components (48.45%), touch display modules (39.14%), motors (10.31%), electronic atomizers and related accessories (1.16%), and other (0.95%) [2]. - As of September 30, the number of shareholders was 41,600, a decrease of 9.11% from the previous period, with an average of 19,327 circulating shares per person, an increase of 10.03% [2]. Group 3: Financial Performance - For the period from January to September 2025, Jinlong Electromechanical achieved a revenue of 1.212 billion CNY, representing a year-on-year growth of 14.32%, while the net profit attributable to the parent company was 29.6625 million CNY, reflecting a significant year-on-year increase of 149.28% [2].

Core Points - The stock price of Jinlong Electromechanical has increased by 19.29% this year, with a recent rise of 3.26% over the last five trading days [1] - The company reported a revenue of 1.212 billion yuan for the first nine months of 2025, representing a year-on-year growth of 14.32% [2] - The net profit attributable to shareholders for the same period was 29.6625 million yuan, showing a significant increase of 149.28% year-on-year [2] Financial Performance - As of November 14, Jinlong Electromechanical's stock was trading at 5.38 yuan per share, with a market capitalization of 4.321 billion yuan [1] - The company has seen a net inflow of 2.2976 million yuan from main funds, with large orders accounting for 18.39% of total buying [1] - The company has not distributed any dividends in the last three years, with a total payout of 311 million yuan since its A-share listing [3] Business Overview - Jinlong Electromechanical, established in 1993 and listed in 2009, specializes in the R&D, production, and sales of motors, silicone plastic structural components, and touch display products [2] - The revenue composition includes structural components (48.45%), touch display modules (39.14%), motors (10.31%), and electronic atomizers (1.16%) [2] - The company is categorized under the electronic consumer electronics sector and is involved in various concept sectors such as new energy vehicles and OLED [2]

Group 1: Financial Performance - The company's softboard business experienced growth in Q3 2025 due to increased demand from new consumer electronics models, but profit did not grow due to insufficient capacity conversion in Thailand [2] - The hardboard business benefited from AI demand for high-layer and HDI boards, leading to increased revenue and profit [2] - Overall revenue increased, but profit did not grow primarily due to insufficient new capacity conversion and increased management expenses [2] Group 2: Business Development and Strategy - The first phase of capacity for Multek's AI PCB-related orders is expected to be ready by Q2 2026, with production ramp-up starting in Q3 2026 [2] - The company is actively expanding its domestic customer base in the new energy vehicle sector, with stable overseas shipments and gradual volume growth [3] - The acquisition of GMD is progressing as planned, and post-acquisition, the company will adjust its internal structure and optimize production capacity based on market dynamics [3] Group 3: Future Outlook - The softboard business in the Thailand factory has completed major customer validation, with production capacity expected to gradually release starting in H2 2026 [3] - The company is actively and orderly advancing the overall progress of its Hong Kong listing, with relevant proposals approved by the board on October 15, 2025 [3]

Core Viewpoint - The acquisition of 100% equity in Zhongxing System Technology Co., Ltd. by Jingwei Huikai for 850 million yuan is a strategic move to address growth bottlenecks and seek transformation in response to intensified industry competition and macroeconomic challenges [1][4]. Group 1: Acquisition Details - Jingwei Huikai plans to acquire Zhongxing System from Shenzhen Yingu Technology Group and two investment partnerships for a total of 850 million yuan, with the transaction price based on an evaluation report valuing the company at approximately 852.87 million yuan [2][3]. - Zhongxing System, established in March 2013, is recognized as a national-level "little giant" enterprise and has a stable financial performance, with projected revenues of 1.055 billion yuan and net profits of 65.92 million yuan for 2024 [2][3]. Group 2: Performance Commitments - The sellers have committed to a cumulative net profit of no less than 215 million yuan from 2025 to 2027, with penalties for underperformance, ensuring accountability through cash compensation if targets are not met [3][4]. - The net profit calculation will be based on the consolidated financial statements, ensuring transparency through annual audits by a registered accounting firm [3]. Group 3: Strategic Rationale - The acquisition is seen as essential for Jingwei Huikai to overcome operational pressures and align with national industrial development directions, particularly in the strategic emerging industry of specialized network communications [4][5]. - Zhongxing System's expertise in smart transportation and energy sectors is expected to create synergies with Jingwei Huikai's existing semiconductor business, enhancing market reach and operational capabilities [4][5]. Group 4: Industry Outlook - The specialized network communication industry is experiencing diversified demand, with emerging applications in low-altitude economy, smart healthcare, and education, presenting new growth opportunities for Jingwei Huikai [5].

Company Overview - Jinlong Electromechanical Co., Ltd. is located in Dongguan, Guangdong Province, established on November 11, 1993, and listed on December 25, 2009 [2] - The company's main business includes the research, production, and sales of motors, silicone plastic structural components, and touch display products [2] - The revenue composition is as follows: structural components 48.45%, touch display modules 39.14%, motors 10.31%, electronic atomizers and related accessories 1.16%, and others 0.95% [2] Financial Performance - For the first half of 2025, Jinlong Electromechanical achieved operating revenue of 793 million yuan, a year-on-year increase of 22.46% [2] - The net profit attributable to the parent company was 10.24 million yuan, representing a year-on-year growth of 127.20% [2] - The company has cumulatively distributed cash dividends of 311 million yuan since its A-share listing, with no cash dividends distributed in the past three years [3] Stock Performance - As of September 15, the stock price of Jinlong Electromechanical rose by 2.10%, reaching 5.34 yuan per share, with a total market capitalization of 4.289 billion yuan [1] - Year-to-date, the stock price has increased by 18.40%, with a 0.00% change over the last five trading days, a decline of 4.47% over the last 20 days, and an increase of 6.37% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on May 8, where it recorded a net purchase of 68.77 million yuan [1] Market Activity - As of the latest data, the stock has seen a net inflow of 427,200 yuan from main funds, with significant buying and selling activities recorded [1] - The stock's trading volume included large orders, with a total buy of 27.37 million yuan and a sell of 24.75 million yuan [1] Shareholder Information - As of June 30, the number of shareholders reached 45,700, an increase of 1.34% from the previous period, while the average circulating shares per person decreased by 1.32% to 17,565 shares [2] Industry Classification - Jinlong Electromechanical is classified under the Shenwan industry category of electronics, specifically in consumer electronics and components assembly [2] - The company is associated with several concept sectors, including small-cap stocks, full-screen technology, low-priced stocks, shared economy, and the metaverse [2]

Core Viewpoint - The company, BlueDai Technology, reported strong financial performance in the first half of 2025, driven by its dual business segments of power transmission and touch display, showcasing robust market competitiveness and governance standards [1] Financial Performance - The company's revenue reached 1.751 billion yuan, an increase of 8.32% year-on-year [1] - Net profit attributable to shareholders was 109 million yuan, up 61.56% year-on-year [1] - The net profit after deducting non-recurring items was 89.84 million yuan, a growth of 138.00% [1] - Basic earnings per share were 0.1675 yuan, indicating significant enhancement in profitability [1] - Operating cash flow was 44.72 million yuan, showing marked improvement compared to the same period last year [1] Business Segments Power Transmission - The power transmission segment generated revenue of 961 million yuan, a substantial increase of 20.57% year-on-year [2] - Net profit for this segment was 72.18 million yuan, reflecting a growth of 48.33% [2] - The company capitalized on the booming electric vehicle industry, expanding sales of automotive components [2] - New orders in the integrated robotic joint module business indicate progress in the smart equipment sector [2] - The company’s products are now part of the supply chains of major automotive groups like SAIC, FAW, Toyota, and Geely, strengthening its growth foundation [2] Touch Display - The touch display segment reported revenue of 788 million yuan, a slight decline of 3.82% year-on-year [3] - Net profit for this segment reached 38.07 million yuan, a significant increase of 88.19% [3] - The growth in sales of automotive-related products was a key driver for performance [3] - The company has successfully supplied touch display products to renowned firms such as Corning, Innolux, and BOE, solidifying its market position [3] Financial Health Indicators - The gross margin for the first half of 2025 was 16.57%, an increase of 4.29 percentage points year-on-year [4] - The net profit margin was 6.36%, up 2.20 percentage points from the previous year [4] - In Q2 2025, the gross margin was 17.61%, showing a year-on-year increase of 4.20 percentage points [4] - The company’s operating expenses for the first half amounted to 152 million yuan, an increase of 18.14 million yuan year-on-year [4] - The expense ratio was 8.69%, up 0.40 percentage points from the previous year, with notable increases in sales, management, and financial expenses [4]

Summary of BlueDai Technology Conference Call Company Overview - **Company**: BlueDai Technology - **Date**: July 10, 2025 Key Points Share Transfer and Strategic Partnership - BlueDai Technology's controlling shareholder plans to transfer 18% of shares to state-owned BoRui Capital, aiming to inject stability and resources into the company, particularly in the automotive and touch display sectors, with a transaction price set at a 10% discount to the closing price [2][4][6] - The company maintains operational stability, with Mr. Zhu Junhan continuing to lead the team, focusing on business development in both Chongqing and Ma'anshan [2][4] Business Development and Market Position - BlueDai Technology is expected to benefit from industrial empowerment and synergy effects through cooperation with state-owned enterprises, especially in the Ma'anshan region, which has advantageous resources for new energy vehicle clients [2][7] - The automotive and digital display businesses are experiencing steady growth, with plans to launch robotics-related operations in 2024, receiving positive market feedback [2][8] Financial Projections - For 2025, BlueDai Technology anticipates automotive transmission revenue of approximately 2.3 billion RMB and touch display revenue of about 2 billion RMB, with gross margins of around 16% and 12% respectively [2][18] - The company plans to produce 50,000 to 100,000 sets of robotic joint modules, with order expectations ranging from 50,000 to 80,000 sets [2][18] Regional Focus and Government Support - The choice to collaborate in Ma'anshan is based on its geographical advantages and the long-standing cooperation with the local government, which has provided substantial support [3][4] - The partnership with state-owned capital is seen as a strategic move to expand market opportunities and enhance business stability [7][10] Operational Stability and Management - The transfer of shares will lead to changes in the controlling shareholder but will not disrupt the company's operational stability, with the existing management team remaining in place [4][14] - The company emphasizes maintaining a stable core management team and may consider equity incentives to align interests post-transaction [16] Robotics and Production Capacity - BlueDai Technology's robotic joint module assembly capacity can reach approximately 200,000 sets annually, with current reducer assembly at about 50,000 sets [4][19] - The company is exploring expansion plans to meet the demand for robotic joint modules, with potential new projects on the horizon [19][29] Market Trends and Customer Relationships - The touch display business has shown recovery after facing challenges, with expectations for improved profitability in 2025 due to product structure optimization [17][18] - BlueDai Technology has established good business relationships with clients like SaiLiSi, focusing on electric drive systems and precision gears, while also engaging in sample trials for robotics [22][23] Future Outlook - The introduction of state-owned capital is expected to positively impact BlueDai Technology's growth trajectory, with a focus on maintaining existing business while exploring new opportunities [33] - The company is optimistic about its performance in the coming years, leveraging its strategic partnerships and market positioning to drive growth [33]

Core Viewpoint - The actual controller of BlueDai Technology plans to transfer 18% of its shares, which may lead to a change in control despite the company's recent performance recovery and stock price increase [1][2]. Group 1: Share Transfer and Control Change - The actual controller, Zhu Tangfu's family, is planning to transfer 18% of their shares, which could result in a change of control for the company [2]. - The market value of the planned share transfer is approximately 1.5 billion yuan based on the latest closing price of 12.75 yuan per share [3]. - If the transfer is completed, the Zhu family’s shareholding will drop from 30.82% to 12.82%, potentially altering the actual control of the company [3]. Group 2: Financial Performance - BlueDai Technology reported a revenue of 3.536 billion yuan in 2024, a year-on-year increase of 25.93%, and a net profit of 124 million yuan, recovering from a loss of 365 million yuan the previous year [5]. - In the first quarter of 2024, the company achieved a revenue of 813 million yuan, up 8.06%, and a net profit of 52.16 million yuan, an increase of 45.93% [5]. Group 3: Market Activity and Stock Performance - The stock price of BlueDai Technology has seen significant fluctuations, with a peak increase of over 124% from a low of 7.62 yuan in January to a high of 17.12 yuan in March [4]. - As of July 7, 2024, the stock still maintained a year-to-date increase of 49.04% despite some subsequent declines [4]. Group 4: Operational Challenges - The company faces challenges such as high share pledge ratios, a significant increase in accounts receivable, and goodwill impairment [1][6]. - As of February 14, 2024, Zhu Tangfu had 47 million shares pledged, representing 37.22% of his holdings, while Zhu Junhan had 29.72 million shares pledged, accounting for 39.8% of his holdings [7]. - Accounts receivable reached 1.133 billion yuan by the end of 2024, a 27.9% increase from the beginning of the year, representing 20.7% of total assets [7]. Group 5: Strategic Developments - BlueDai Technology has been actively involved in the robotics sector, including a partnership with Wuxi Quanzhibo Technology Co., holding a 4.3478% stake, focusing on the development and production of robotic joints [8]. - The company is also establishing a production base in Thailand with an investment of up to 200 million yuan to meet overseas customer demands [8].

Group 1 - The core point of the article is that Landai Technology has suspended trading to plan a change in company control, as the actual controllers are considering transferring 18% of their shares [2][4]. - The potential change in control is due to the transfer of shares by the actual controllers, which may lead to a change in the company's controlling shareholder [4]. - The trading suspension is in accordance with regulations to ensure fair information disclosure and protect investor interests, with an expected suspension period of no more than two trading days [4]. Group 2 - Landai Technology's main business includes power transmission and touch display, and it has a stake in Wuxi Quanzhibo, which has technical advantages in the robotics joint field [6]. - In 2024, Landai Technology achieved a revenue of 3.536 billion yuan, a year-on-year increase of 25.93%, and a net profit attributable to shareholders of 124 million yuan, a year-on-year increase of 134.04% [6]. - From September 2024 to the present, Landai Technology's stock price has surged by 2.7 times, with the latest market capitalization reaching 8.31 billion yuan as of July 7, closing at 12.75 yuan per share [5][6].