Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved significant revenue growth of 10.31% year-on-year, reaching 1.061 billion yuan in H1 2025, with a net profit increase of 15.55% to 113 million yuan [1] - The carbon fiber equipment business is a key growth driver, with revenue from complete carbon fiber production lines increasing by 75.03% year-on-year to 569 million yuan in H1 2025 [2][3] - The company is focusing on diversifying its product offerings, which helps mitigate operational risks and enhances market opportunities [3] Financial Performance - In H1 2025, the company's gross margin improved to 28.60%, up by 2.80 percentage points year-on-year, while the net profit margin increased to 10.69%, up by 0.48 percentage points [1] - The company plans to achieve revenues of 20.52 billion yuan, 24.55 billion yuan, and 29.79 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding net profits of 2.25 billion yuan, 2.78 billion yuan, and 3.37 billion yuan [4][6] Business Strategy - The company is investing in R&D, with expenses reaching 64 million yuan in H1 2025, a 23% increase year-on-year, representing a 6% R&D expense ratio [2] - The company is positioned as a leading manufacturer in the domestic carbon fiber equipment sector, benefiting from high demand in aerospace, wind power, and other advanced manufacturing fields [2][3]

| | | | | | ギリ: 儿 | | --- | --- | --- | --- | --- | --- | | | 2024 年 | | 2023 年 | | 同比增减 | | | 金额 | 占营业收入比重 | 金额 | 占营业收入比重 | | | 营业收入合计 | 1, 728, 702, 529. 39 | 100% | 1,540,068, 490. 56 | 100% | 12. 25% | | 分行业 | | | | | | | 主营业务 | 1, 718, 377, 652. 38 | 99. 40% | 1,533, 268, 380. 21 | 99. 56% | 12. 07% | | 其他业务 | 10, 324, 877. 01 | 0. 60% | 6, 800, 110. 35 | 0. 44% | 51. 83% | | 分产品 | | | | | | | 碳纤维装备 | 725, 466, 695. 57 | 41.97% | 728, 519, 306. 25 | 47.30% | -0. 42% | | 新能源装备 | 8, 255, 019. 63 | 0. 48% ...

Core Viewpoint - Jinggong Technology achieved a revenue of 1.729 billion yuan in the past year, representing a year-on-year growth of 12.25%, and the net assets attributable to shareholders increased by 66.49% to 2.126 billion yuan, demonstrating strong financial performance amid complex internal and external environments [1] Financial Performance - The company reported a stable gross margin across its main businesses, with the core carbon fiber equipment gross margin reaching 43.98% [1] - The revenue from light textile specialized equipment surged by 118.03% [1] - The net cash flow from financing activities amounted to 1.114 billion yuan, a significant increase of 532.61% [1] Strategic Upgrades - Jinggong Technology is focusing on core industries to drive transformation and enhance operational resilience, positioning itself as a benchmark in the specialized equipment industry [2] - The company aims to achieve a revenue of 725 million yuan from carbon fiber equipment in 2024, with construction materials and light textile specialized equipment revenues projected at 216 million yuan and 438 million yuan, respectively, reflecting year-on-year growth of 22.36% and 118.03% [2] - Domestic sales accounted for 85.99% of total revenue, with foreign sales increasing by 95.25% to 242 million yuan [2] Innovation and Technology - The company has accumulated 134 patents in its two main businesses and waste textile projects, with 60 of them being invention patents [3] - Jinggong Technology has successfully developed a 1.2-meter ultra-high temperature graphitization furnace, achieving a significant technological breakthrough [3] - The company is actively involved in setting national and industry standards, with a new national standard for carbonization equipment set to be implemented in June 2025 [3] Digital Transformation - The company is accelerating the construction of a digital intelligent manufacturing system, enhancing production efficiency and market responsiveness [4] - Advanced technologies such as MES systems and data collection systems have been successfully implemented, allowing for real-time data sharing and analysis [4] Talent Development - Jinggong Technology has initiated a "1511 Talent Three-Year Action Plan" to attract and cultivate high-level talent, successfully recruiting 10 PhDs, 47 master's degree holders, and 111 undergraduates in 2024 [5] - The company emphasizes the importance of R&D, with 348 R&D personnel accounting for 22.64% of total employees and R&D investment reaching 120 million yuan, representing 6.95% of revenue [5] Future Outlook - The company is strategically positioning itself in the low-altitude economy market, with plans to develop carbon fiber composite materials for aerospace applications [8] - Jinggong Technology aims to become a world-class provider of new materials and specialized equipment solutions, focusing on high-end, intelligent, and green development paths [9]