Investment Rating - The report gives a "Buy" rating for Qianli Technology (601777) for the first time [1]. Core Insights - The company is undergoing a significant transformation from traditional manufacturing to smart mobility, with a focus on AI-driven technologies and strategic partnerships [12][15]. - Financial performance is gradually improving, with revenue expected to grow significantly in the coming years, driven by the automotive and AI sectors [6][27]. - The strategic partnership with Geely and the establishment of Qianli Smart Driving are key to enhancing the company's competitive edge in the smart driving market [70][75]. Summary by Sections 1. Business Transformation and Financial Analysis - Qianli Technology has shifted from a motorcycle-focused business to a smart mobility company, with a new name and strategic direction since 2025 [12][95]. - The company has shown signs of financial recovery, with revenue expected to reach 70.35 billion yuan in 2024, a 3.94% increase year-on-year [1][27]. - The automotive business is projected to contribute significantly to revenue, with a forecast of 42.17 billion yuan in 2024, reflecting a 12.9% increase [6][27]. 2. Strategic Partnerships and Ecosystem Development - The company has formed a stable three-way equity structure involving Geely, local government, and AI technology partners, enhancing its strategic capabilities [19][75]. - Qianli Technology aims to build an "AI Smart Mobility Open Platform" through partnerships with Geely and other industry players, focusing on smart driving solutions [70][75]. 3. Revenue and Profitability Forecast - Revenue forecasts for 2025, 2026, and 2027 are 89 billion yuan, 106 billion yuan, and 128 billion yuan respectively, with corresponding PS valuations of 5.86, 4.89, and 4.06 times [1][6]. - The company expects to achieve a net profit of 89.39 million yuan in 2025, with significant growth anticipated in subsequent years [1][27]. 4. Technology and Product Development - Qianli Technology is advancing its smart driving technology, with plans to launch L3 level solutions and Robotaxi technology by 2026 [80][89]. - The company is focusing on developing next-generation intelligent cockpit systems and enhancing its AI capabilities through strategic investments and partnerships [70][80].

Core Viewpoint - The article discusses the evolution and breakthroughs in the 3D printing industry, particularly focusing on a company named ChaoKuo, which has made significant advancements in printing speed and efficiency, positioning itself as a leader in the consumer-grade 3D printing market [4][5][6]. Industry Evolution - Ten years ago, 3D printers were primarily seen as novelty items with limited speed and precision, dominated by Western manufacturers like Stratasys, which held patents that restricted market entry for others [4]. - The expiration of patents around 2008 allowed Chinese manufacturers to enter the market, initially offering low-cost kits that required extensive assembly, resulting in slow production speeds [4][5]. Company Development - ChaoKuo was founded in 2015 by Shen Kang, who identified the potential for breakthroughs in a rapidly growing industry. Initially, the company relied on low-cost kits but later pivoted to focus on high-speed printing technology [5]. - In 2019, ChaoKuo developed its first high-speed prototype, and by 2020, it launched the SR series, achieving speeds of 150 mm/s, marking a significant milestone in the industry [5][6]. - The introduction of the V400 model in 2022 further increased printing speeds to 600 mm/s, leading to a new era in 3D printing efficiency [5][6]. Technological Advancements - By 2024, ChaoKuo released the Xunyingguang S1 Pro, which reached speeds of 1200 mm/s, becoming the fastest consumer-grade FDM 3D printer globally. This advancement reduced printing time for models from two hours to fifty minutes [6]. - The company is also set to launch the Zhuirizuo T1 Max in 2025, targeting agricultural production scenarios and significantly improving efficiency [6]. Market Dynamics - The global consumer-grade 3D printer market saw a 22% year-on-year increase in shipments in Q1 2025, surpassing 1 million units for the first time, while professional-grade printer shipments declined [6]. - In 2024, China exported 3.778 million 3D printers (excluding components), generating 8.16 billion yuan in revenue, a 32.75% increase year-on-year, with the majority being consumer-grade printers [6][7]. Changing Demand - The demand for 3D printers has shifted from hobbyists to practical applications, with over 80% of devices now used as tools rather than toys. This shift has led to the emergence of new business models and industries [7]. - The cost of materials has decreased significantly, enabling lower production costs and unlocking new possibilities for 3D printing applications [7]. Competitive Landscape - ChaoKuo is not the only player in the high-speed 3D printing market, but its early commitment to speed has differentiated it from competitors like TuoZhu and ChuangXiang SanWei, which have taken different approaches [7]. - The company’s focus on speed and efficiency has allowed it to establish a unique position in the market, transitioning from a hardware manufacturer to a technology-driven industry participant [7].

Group 1 - The 23rd China International Motorcycle Expo is being held in Chongqing from September 19 to 22, showcasing over 900 companies, marking a record scale for the event [1][3] - The expo focuses on electric, intelligent, and large-displacement motorcycles, highlighting the latest industry achievements [1][7] - The growing "Z generation" is expected to drive market growth and influence differentiated branding, products, services, and marketing strategies in the motorcycle industry [6][10] Group 2 - The electric motorcycle market is projected to reach 69.3 billion yuan by 2026, with a compound annual growth rate (CAGR) of 6.5% [7] - In the first half of 2025, Chongqing's electric motorcycle production reached 1.237 million units, a year-on-year increase of 33% [7][10] - The number of exhibitors for electric motorcycles increased by 60% compared to the previous year, indicating a strong shift towards high-tech and high-value products in Chongqing's motorcycle industry [7][10] Group 3 - The transformation towards electric and intelligent motorcycles is reshaping the supply chain and is seen as essential for the industry's future [10][12] - Companies are focusing on digitalization, networking, and intelligent upgrades as a necessary path for sustainable development in the electric motorcycle sector [10][12] - The Chongqing government aims to produce over 15 million electric vehicles annually by 2027, with electric motorcycles making up over 80% of that figure [11][12]