"科创尖端、硬客前瞻"！《沪市汇·硬科硬客》是由上海证券交易所、中国经营报社和央广资本眼共同 打造的、高度融媒体的高端访谈栏目。 中经记者 孙汝祥 夏欣 北京报道 何谓供应链"再出海"，全球化2.0相比1.0究竟哪儿不一样？选择去哪儿或不去哪儿，背后有哪些考量？ 风险如何评估，如何应对？怎样才能赢得韧性供应链"持久战"？"内卷"是否会变"外卷"？…… 《沪市汇・硬科硬客》第二季第6期邀请3家科创板出海龙头，共同探讨"供应链'再出海'"话题。在全球 化1.0时代，中国制造"出海"打造了全球供应链的超级节点。而在全球化2.0时代，中国企业"再出海"将 升级为在全球范围内构建一个高效、敏捷、抗风险的价值创造网络。这不再是一个"要不要做"的选答 题，而是一道"如何做好"的必答题。 本期做客嘉宾包括中信博（688408.SH）董事长兼总经理蔡浩，福昕软件（688095.SH）董事长兼总裁 熊雨前，宣泰医药（688247.SH）创始人、董事方云。申万宏源研究所总经理、首席策略分析师王胜担 任主导嘉宾。 《沪市汇·硬科硬客》录制现场 中国企业为什么要"再出海"？ 中信博董事长兼总经理 蔡浩 "我们原来是把中国的产品卖到国外 ...

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The humanoid robot industry is expected to accelerate towards mass production due to rapid advancements in AI technology and increased domestic demand for core components [1][13] - The lithium iron phosphate (LFP) battery material industry is recovering from previous demand lows, with high operating rates and strong orders for leading companies expected to last until 2026 [2][18] - The solar PV tracker market is witnessing significant growth, with a notable increase in orders from the Middle East, indicating strong competitive advantages for companies like Zhongxinbo [3][27] Humanoid Robots - The report highlights the strong domestic demand for core components in humanoid robots, driven by cost reduction needs and technological breakthroughs [1][13] - Key areas of focus include dexterous hands, lightweight designs, and advanced AI capabilities, with domestic manufacturers expected to benefit significantly [1][14] - Companies like Meihu Co. are already seeing production ramp-up in critical components, positioning them well for future growth [16] Electric Vehicles - The LFP material industry is experiencing a recovery phase, with average costs for LFP materials established between 15,714.8 to 16,439.3 RMB per ton [2][19] - The introduction of new technologies and models in the electric vehicle sector is expected to enhance performance and reduce costs, driving further growth [19][20] - The demand for LFP materials is anticipated to stabilize and potentially increase due to a combination of recovering demand and structural supply shortages [2][19] New Energy - Zhongxinbo has secured significant overseas orders for solar PV tracking systems, ranking second globally with a 16% market share [3][27] - The company is expected to benefit from the Saudi Vision 2030 initiative, which aims to increase renewable energy installations [3][29] - The report emphasizes the importance of technological advancements in the solar industry, particularly in the context of new materials and production techniques [30][32] Power Equipment & AIDC - The demand for power equipment is expected to remain high due to the urgent need for grid upgrades in Europe and North America [7][8] - The report notes that domestic power equipment manufacturers are well-positioned to capitalize on these overseas market opportunities [7][8] - The construction of ultra-high voltage projects is projected to continue, supporting stable demand for related equipment [8]

Core Viewpoint - The report outlines the continuous supervision and guidance provided by Guotou Securities for Jiangsu Zhongxinbo New Energy Technology Co., Ltd. during its A-share issuance, emphasizing compliance with regulations and the company's operational integrity [1][2]. Continuous Supervision Work - Guotou Securities has established a comprehensive supervision system and signed a continuous supervision agreement with Zhongxinbo, detailing rights and obligations during the supervision period [1]. - The supervision includes regular communication, site inspections, and due diligence to ensure compliance with laws and regulations [1][2]. - The report highlights that no violations or breaches of commitments have been reported during the supervision period [2][3]. Financial Performance - For the first half of 2025, Zhongxinbo reported a revenue of CNY 403.65 million, a 19.55% increase from the previous year, while net profit attributable to shareholders decreased by 31.79% to CNY 15.78 million [5][6]. - The company's total assets were CNY 985.55 million, showing a slight decrease of 0.68% compared to the previous year [5]. - The basic earnings per share dropped by 57.56% to CNY 0.73, and the return on equity decreased by 4.3 percentage points to 3.61% [5][6]. Research and Development - Zhongxinbo increased its R&D expenditure by 35.07% to CNY 10.27 million, representing 2.54% of its revenue, indicating a focus on innovation [6][7]. - The company has a strong R&D team of 343 members, with 765 intellectual property rights, including 119 invention patents [6][7]. Market Position and Strategy - Zhongxinbo ranks second globally in the solar PV tracker market, according to Wood Mackenzie, solidifying its position as a leading player in the sector [7]. - The company is committed to a global strategy, enhancing its supply chain and expanding its market presence in Asia-Pacific and the Middle East [7]. Risk Factors - The company faces risks related to performance volatility due to global trade policies, competition, and macroeconomic uncertainties [3][4]. - Exchange rate fluctuations and international logistics challenges are also identified as potential risks impacting the company's operations [3][4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has a strong order backlog of 7.4 billion yuan as of Q1 2025, with a year-on-year increase of 6% [7] - The company is expanding its overseas manufacturing bases in India, Saudi Arabia, and Brazil, enhancing its global delivery capabilities [7] - The revenue for Q1 2025 was 1.56 billion yuan, showing a quarter-on-quarter decline of 14.1% and a year-on-year decline of 48.8% due to delivery schedules [7] - The company plans to maintain its R&D investment, which increased by 34.99% year-on-year in Q1 2025 [7] - The projected net profit for 2025-2027 is 8.3 billion, 10.6 billion, and 12.8 billion yuan respectively, with corresponding growth rates of 32%, 27%, and 21% [7] Financial Summary - Total revenue forecast for 2023A is 6.39 billion yuan, with a year-on-year growth of 72.59% [1] - The projected net profit for 2023A is 345.04 million yuan, with a year-on-year growth of 676.58% [1] - The estimated EPS for 2025E is 3.81 yuan per share, with a P/E ratio of 12.21 [1] - The company’s total assets are projected to reach 13.25 billion yuan by 2025E [8] - The company’s total liabilities are expected to be 7.98 billion yuan by 2025E [8]