Core Viewpoint - Fulei New Materials is transitioning from a single coating material supplier to an integrated solution provider, focusing on "base film + coating + end products" [1] Group 1: Company Overview - Fulei New Materials is a leading domestic player in functional coating composite materials with a leading market share [1] - The company has successfully developed high-performance flexible sensor materials, marking a shift from traditional industries to technology sectors [1] Group 2: Product Development - In the first half of 2025, Fulei achieved multiple technological breakthroughs and commercial progress in the flexible sensor field, with the establishment of the first pilot production line capable of mass supply [1] - The company launched the first and second generation of flexible tactile sensor products, featuring three core characteristics: "true flexibility, full curvature, and three-dimensional force" [1] Group 3: Market Position and Valuation - The humanoid robot industry is entering an expansion phase, with electronic skin being a key component for achieving "embodied intelligence" [1] - Compared to comparable companies, Fulei's valuation level is relatively low despite its leading position and advanced industrialization progress in the flexible sensor field [1]

Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [3]. Core Insights - The company is a leading domestic functional coating composite materials provider, transitioning from a single coating material supplier to an integrated solution provider encompassing base films, coatings, and end products [7][12]. - The company has successfully developed high-performance flexible sensor materials, marking a shift from traditional industries to technology sectors, and is actively expanding into the water-based environmentally friendly packaging field [7][12]. - The flexible sensor market is projected to grow significantly, with an expected compound annual growth rate (CAGR) of 18% from 2022 to 2029, indicating a robust demand for electronic skin in humanoid robots [7][33][42]. Financial Summary - The company achieved a revenue of 25.4 billion yuan in 2024, with a year-on-year growth of 19%, and a compound annual growth rate (CAGR) of 15% over the past five years [22][28]. - The net profit attributable to shareholders for 2024 was 1.4 billion yuan, reflecting a 98% increase year-on-year, with a CAGR of 6% from 2019 to 2024 [28][22]. - Revenue projections for 2025-2027 are 30.5 billion yuan, 35.6 billion yuan, and 40.7 billion yuan, with year-on-year growth rates of 20%, 17%, and 14% respectively [52][57]. Business Transformation - The company is integrating its supply chain from upstream base films and adhesives to downstream coating processes, enhancing its competitive advantage [12][18]. - The establishment of a North American subsidiary aims to expand its global strategy, focusing on sales and technical support for tactile sensing products [50]. Product Development - The company has launched two generations of flexible tactile sensor products, emphasizing features such as true flexibility, full surface coverage, and three-dimensional force sensing [45][46]. - The flexible sensor technology is being applied in various fields, including humanoid robots, consumer electronics, and industrial detection, showcasing a diverse product matrix [43][7]. Market Potential - The humanoid robot market is expected to see significant growth, with a projected demand of approximately 2.03 million units by 2030 in the manufacturing and domestic service sectors, representing a market space exceeding 300 billion yuan [33][42]. - The flexible tactile sensor market is anticipated to reach a scale of 5.322 billion USD by 2029, indicating a strong growth trajectory [42].