根据市场公开信息及8月4日披露的机构调研信息，知名私募鸿道投资近期对3家上市公司进行了调研， 相关名单如下： 机构简介： 北京鸿道投资管理有限责任公司创立于2010年3月，由原华夏元老级明星基金经理孙建冬创办，基金业 协会登记备案号P1000280，拥有证券私募基金"3+3"投资顾问资格。公司已成功发行过鸿道全球优选、 创新改革系列等六十几只私募基金产品，是国内知名的私募证券投资基金。公司核心人员来自国内大型 基金管理公司、资产管理公司和证券公司，具有丰富的投资研究和资产管理经验，历经多次牛熊市考 验，投资业绩持续表现优异。公司依托独立的投资研究体系、完善的投资决策委员会制度、研究、投 资、风控三位一体的投研风控体系，实现投资与策略的前瞻性、整体性；凭借强大的人才优势、广泛的 市场资源和丰富的投资经验，为投资者提供专业的投资管理、投资顾问服务；秉持"研究创造价值"的投 资理念，充分把握趋势投资机会，积极为投资人争取最大的回报。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：全球AI技术快速发展推动海天瑞声计算机视觉、自然语 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][17]. Core Viewpoints - The company has experienced significant revenue and profit growth in the first half of 2025, driven by strong demand for its AI-driven communication connectors and the gradual ramp-up of its 112G products [2][3]. - The automotive segment is stabilizing, with successful trials of the BMW BMS Gen6 project and ongoing expansion into high-voltage connector markets [2][3]. - The company is increasing its R&D investment, with a 36.47% year-on-year increase in R&D expenses in the first half of 2025, reflecting a commitment to innovation and global industrialization [3]. Financial Summary - Revenue is projected to grow from 683 million yuan in 2023 to 2,688 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 26.6% [1]. - Net profit is expected to rise from 67 million yuan in 2023 to 405 million yuan in 2027, with a CAGR of about 27.5% [1]. - The company achieved a gross margin of 28.26% and a net margin of 14.71% in the first half of 2025, indicating improved profitability [2].

Summary of the Conference Call for Jintong Technology Industry and Company Overview - **Company**: Jintong Technology - **Industry**: Communication and Automotive Technology Key Points and Arguments Financial Performance - In Q2 2025, Jintong Technology's net profit margin increased to **15.1%**, driven by AI-driven gross margin growth and profits from the mass production of **112G products** [2][4] - Revenue for the first half of 2025 reached **785 million yuan**, a year-on-year increase of **7.37%**, with net profit at **114 million yuan**, up **130%** [4] Product Demand and Production - **112G product** shipments reached **1.3 to 1.5 million units** in Q2 2025, with expectations for continued growth in Q3 and beyond [2][5] - **224G new products** are gradually ramping up, with expected monthly demand to reach **500,000 units** by Q3 [2][6] - The company is preparing **30% additional capacity** to meet accelerating customer demand for **112G and 224G products** [3][25] Liquid Cooling Solutions - The liquid cooling solution has been certified by customers and is expected to enter mass production soon, addressing AI speed increases and heat dissipation challenges [2][7] - The liquid cooling product's cost is primarily in the heat sink, with a **2×8 specification** heat sink priced between **2,000 to 3,000 yuan**, significantly higher than traditional solutions [19] Automotive Business Focus - The BMS (Battery Management System) project is a key focus, with two automated production lines expected to start mass production by the end of **2025 to early 2026**, targeting an annual output of **300,000 to 400,000 units** at a price of **1,200 to 1,500 yuan** each [10][11] - The automotive sector is facing cost and competitive pressures, leading the company to focus on high-value projects like BMS and collaborate closely with major clients such as BYD and BMW [10][13] Market Dynamics - The communication business now accounts for approximately **80%** of revenue, up from **70%**, due to weak demand in the automotive market [14] - The company is experiencing a decline in **56G product** shipments, which have dropped to **100,000 to 120,000 units** per month from previous levels of **150,000 to 200,000 units** [21] Future Outlook - The company anticipates that the liquid cooling product demand will increase as the market transitions from **400G to 1.6T**, with potential high-value orders expected [24] - Jintong Technology is investing heavily in new product development, particularly in liquid cooling technology, to ensure it becomes a new growth driver [30] Challenges and Strategies - The automotive industry is under significant pressure, with competition leading to price wars, but the company is optimizing internal management and focusing on high-margin products to improve profitability [13][28] - The Malaysian factory is expected to break even by the end of **2025**, with current monthly losses reduced to below **1 million yuan** [26][27] Collaboration and Partnerships - The company collaborates with several well-known enterprises in the communication field, including **Aviation Optical and Amphenol**, to enhance product offerings and market reach [9] Additional Important Information - The company is actively expanding its production capabilities and investing in new technologies to meet future market demands, particularly in the AI and automotive sectors [29][30]