紧密的合作关系。 深圳市联得自动化装备股份有限公司 投资者关系活动记录表 深圳市联得自动化装备股份有限公司 投资者关系活动记录表 证券简称：联得装备证券代码：300545 编号：2025-010 | 投资者关系活动类别 | █特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 □业绩说明会 | | | □新闻发布会 █路演活动 | | | □现场参观 □其他 | | 参与单位名称及人员 | 一、7 月 22 日 | | 姓名 | 第一场：现场调研 | | | 华泰证券、北京雪球私募共 人 4 | | | 二、7 月 23 日 | | | 第一场：现场调研 | | | 南方基金共 人 2 | | | 第二场：现场调研 | | | 宝盈基金、华福证券共 2 人 | | 时间 | 年 月 月 日 2025 7 22 日-7 23 | | 地点 | 东莞联鹏智能装备有限公司会议室、深圳基金公司会议室 | | 上市公司接待人员 | 董事、副总经理：胡金先生 | | 姓名 | 董事、董事会秘书：刘雨晴女士 | | | 一、介绍公司概况 | | | 简要介绍公司及子公司发展历程、主营业务、近年主 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][9]. Core Insights - The demand for audio and acoustic products is rapidly increasing, with product iterations and usage scenarios expanding beyond traditional home and entertainment settings into education, hospitality, healthcare, sports, and finance, which is expected to drive market demand and consumption upgrades [4]. - The integration of AI with hardware is leading to a surge in innovative smart hardware products, such as smart speakers and AI glasses, with the company leveraging its expertise in audio technology to secure new projects and orders from major clients [5]. - The automotive audio system is undergoing significant upgrades, with the number of speakers per vehicle doubling from 4-8 to 20-30, enhancing the value of in-car audio systems [6]. - The global market for small soft-pack lithium-ion batteries is experiencing a resurgence, with an expected shipment of 5.96 billion units in 2024, driven by innovations in consumer electronics [7]. Financial Projections - The company is projected to achieve revenues of 102.4 billion, 130.7 billion, and 165.2 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 2.4 billion, 3.3 billion, and 4.5 billion yuan for the same years [9][11]. - The revenue growth rates are forecasted at 33.17% for 2024, 29.63% for 2025, 27.60% for 2026, and 26.43% for 2027 [11]. - The company's earnings per share (EPS) are expected to be 0.45 yuan in 2024, increasing to 0.81 yuan by 2027 [11]. Company Overview - The latest closing price of the company's stock is 15.54 yuan, with a total market capitalization of 8.7 billion yuan [3]. - The company has a debt-to-asset ratio of 54.9% and a price-to-earnings (P/E) ratio of 33.78 [3]. - The largest shareholder is Shenzhen Zhidu Guoguang Investment Development Co., Ltd. [3].

Group 1 - The third "Goer Cup" VR/AR Challenge Finals will take place from July 16 to 18 at Goer's global R&D headquarters in Qingdao, with over 300 teams from more than 50 universities participating, marking a growth of over 40% compared to previous editions [1][2] - A total prize pool exceeding 200,000 yuan will be awarded to the finalists, which include elite teams from top universities such as Tsinghua University, Zhejiang University, and the National University of Singapore [1] - The finals will adopt a "technology arena + industry exploration" format, where teams will showcase their innovative VR/AR technologies and industry application solutions to a panel of judges composed of corporate executives, senior R&D engineers, and industry experts [2] Group 2 - The judging criteria will include innovation, technology, maturity of the work, market and business model, and on-site performance, leading to the selection of first, second, third prizes, and a special award [2] - Winners will gain access to a green channel for recruitment at Goer, along with quality job recommendations, while outstanding proposals may be included in Goer's partner database for future collaboration [2] - Participants will have the opportunity to visit Goer's global R&D headquarters and experience leading-edge manufacturing lines, gaining insights into the entire process from concept to mass production [2]

Core Insights - Shenke Industrial has completed a B+ round financing exceeding 100 million yuan, with participation from multiple investment firms, aimed at enhancing core technology, market expansion, international strategy, and sustainable development [1][4] Company Overview - Shenke Industrial has a 42-year brand history, focusing on high-end standard industrial equipment design and production, serving over 20 Fortune 500 clients [1] - The company ranks among the top three globally in the PCB equipment market for 40 consecutive years and holds the number one position in specialized plug technology [1] - Shenke Industrial has the highest number of overseas patents among Chinese companies related to PCB and plug technology, and its Die AOI process exceeds industry standards by two times [1][2] Financial Performance - The company has achieved over 80% revenue growth in the past four years [2] Global Presence - Shenke Industrial operates five production bases, four R&D centers, and three thousand-level laboratories, with projects covering over 30 countries across four continents [2] - The company employs over 600 people globally, with more than 60% in R&D roles, and 80% of overseas employees are locally recruited [2] Future Development Strategy - The financing will focus on deepening core technology research, expanding industry application scenarios, and accelerating international strategic deployment [4][5] - The company aims to enhance collaboration with universities and research institutions to promote the integration of production, education, and research [4] - Shenke Industrial plans to explore high-end manufacturing fields such as medical devices and humanoid robots while maintaining its focus on automotive electronics, consumer electronics, new energy, and semiconductors [4] Sustainability Initiatives - The company is committed to integrating environmental protection into technological innovation, promoting low-carbon and efficient sustainable manufacturing [5] - Shenke Industrial employs modular design and recyclable materials to extend equipment lifespan and reduce industrial waste [5] - The company is exploring the integration of clean energy technologies, such as photovoltaics and energy storage, with smart manufacturing [5]

Core Viewpoint - Huizhou aims to accelerate the innovation and development of the artificial intelligence and robotics industry through a comprehensive action plan, targeting significant growth in various sectors by 2027 [2] Group 1: Industry Development Goals - By 2027, the output value of intelligent terminal products is expected to reach approximately 400 billion yuan, with core components of artificial intelligence achieving around 45 billion yuan and breakthroughs in high-end electronic new materials reaching about 15 billion yuan [2] - The plan includes the establishment of over 200 typical application scenarios for artificial intelligence and robotics, and the formation of more than three industrial clusters in the region [2] Group 2: Talent and Funding Support - The establishment of an artificial intelligence and robotics industry guidance fund is proposed to attract social capital to key areas of the industry chain, focusing on early, small, long-term, and hard technology investments [3] Group 3: Action Plans - The action plan includes ten major initiatives, such as enhancing the supply of AI smartphones and wearable devices, with a goal of gathering no less than 300 enterprises in the AI terminal industry chain by 2027 [5][6] - Support for leading companies in developing high-energy density batteries and other products to upgrade intelligent equipment manufacturing, aiming to gather over 100 intelligent equipment enterprises by 2027 [7][8] - The cultivation of high-end electronic new materials, including copper-clad laminates and aluminum foils, with support for companies to enhance their competitiveness in these sectors [9] Group 4: Core Component Development - The plan emphasizes the construction of an artificial intelligence component industry cluster, focusing on industries such as intelligent terminals and new energy storage, with support for various enterprises to expand their production capabilities [10] Group 5: AI Computing and Support Infrastructure - The establishment of a green computing center in the Greater Bay Area is planned, focusing on AI computing power to support applications and training in the region [11] Group 6: Innovation and Application - The goal is to cultivate over 500 high-tech enterprises in the AI sector by 2027, promoting the application of AI technologies across various industries [12][13] - The plan aims to create over 20 benchmark enterprises in digital applications, driving deep applications of AI in sectors like government services and manufacturing [13] Group 7: Data and Ecosystem Development - The initiative includes the creation of a national pilot for industry data space, focusing on high-value data sets in manufacturing and intelligent connected vehicles, with a target of nurturing over 50 data-driven enterprises by 2027 [15]

Industry Overview - The audio-visual electronics industry is a core area of the digital economy and consumer upgrade, experiencing dual drivers of technological iteration and market demand [1] - China is the largest producer and consumer of audio-visual electronics globally, with an industry scale projected to reach 2.53 trillion yuan (approximately 350 billion USD) in 2024, accounting for 42% of the global market share, with a year-on-year growth of 11.2%, surpassing the global average growth rate [1] Future Projections - The China Electronic Information Industry Development Research Institute predicts that the scale of the audio-visual electronics industry in China will exceed 4 trillion yuan by 2027, with a compound annual growth rate (CAGR) of 15.6% from 2024 to 2027 [2] Key Segments - Major contributing sectors include display panels (38% share), smart TVs (22% share), and VR/AR devices (15% share) [2] Company Highlights - Digital Video Technology provides 4K/8K ultra-high-definition video processing solutions [3] - Leyard holds the largest global market share in LED displays, with Micro LED direct display products entering mass production [4]

Core Insights - The integration of culture and tourism in Sichuan is accelerating, contributing significantly to economic growth and cultural confidence, with a GDP contribution rate of 11.97% from the cultural tourism sector [3][12] - From 2022 to 2024, domestic tourist arrivals in Sichuan surged from 636 million to 1.119 billion, with total domestic spending increasing from 705.994 billion to 1.76 trillion yuan [3][12] Group 1: Cultural and Tourism Resources - Sichuan boasts a rich array of cultural and tourism resources, with over 305.7 million cultural resources and 245,000 tourism resources, including 18 five-star scenic areas and five national-level tourist resorts [4][12] - The province is leveraging its historical heritage and innovative spirit to develop cultural tourism plans, enhancing the integration of traditional culture and modern tourism experiences [4][5] Group 2: Enhanced Visitor Experience - Sichuan is focusing on high-quality tourism experiences, offering diverse seasonal activities such as summer cooling retreats and winter tourism products, with a budget of 1.5 billion yuan for promotional activities [6][7] - New tourism products targeting various demographics, including seniors and educational trips, are being developed to meet the growing demand for personalized travel experiences [9][10] Group 3: Economic Impact and Growth - In 2024, Sichuan hosted 32,000 commercial performances, attracting 12.5 million attendees and generating a total box office revenue of 2.9 billion yuan, significantly boosting overall consumption [10] - The province is also witnessing a technological revolution in tourism, with innovations such as 7D immersive experiences and smart tourism solutions enhancing visitor engagement and satisfaction [11][12] Group 4: Future Development Plans - The Sichuan government aims to strengthen the protection and utilization of red cultural resources, promote world heritage applications, and enhance tourism consumption through innovative scenarios [8][12] - The focus will be on creating a unique blend of cultural and natural experiences to attract both first-time and repeat visitors, positioning Sichuan as a premier international travel destination [8][12]

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report The report mainly elaborates on the responses of Xiangyuan New Materials to investors' questions, including the company's investment in Hubei Sanhai Optical Co., Ltd., the progress of robot skin products, and market - value management [24][25]. 3. Summary by Directory 3.1. Basic Research Situation - The research object is Xiangyuan New Materials, belonging to the plastics products industry [17]. - The reception time was June 12, 2025, and the reception staff included the director and deputy general manager Huang Yonghong, and the financial controller and board secretary Wang Pan [17]. 3.2. Detailed Research Institutions The reception objects include investors' online questions and others [20]. 3.3. Proportion of Research Institutions No information provided. 3.4. Main Content Data - **Investment in Hubei Sanhai Optical Co., Ltd.**: The company has subscribed 12% of the capital of Hubei Sanhai Optical Co., Ltd. Its main business focuses on robot core components and encoder code disc products, and will enter the R & D, production, and sales of VR/AR - related products [24]. - **Robot Skin Products**: The company is planning to form a joint - venture company in this field, and relevant samples have been sent to potential customers for verification, but there is no batch order yet [24]. - **Market - Value Management**: The company's stock price is not currently below the issue price. In the past two years, it has carried out regular dividend distribution and share repurchase, and will continue to promote market - value management in the future [25].

Group 1 - The automotive industry is facing supply chain pressures, prompting 16 major car manufacturers to limit payment terms to suppliers within 60 days, coinciding with the implementation of a new regulation aimed at protecting small and medium-sized enterprises (SMEs) [2] - The automotive sector is experiencing a competitive environment similar to that seen in the home appliance and mobile phone industries, where aggressive pricing strategies have led to market instability and only a few companies with core technologies and brand value have survived [2][4] - The need for industries to balance scale expansion with quality upgrades is critical, with brand building becoming a key focus for high-quality development [2] Group 2 - Former Sinopec Chairman Fu Chengyu emphasized the importance of not sacrificing long-term benefits for short-term gains, warning against practices that could harm SMEs, such as prolonged payment terms and price reductions [3] - The home appliance industry, particularly in Guangdong Shunde, is under pressure despite its mature supply chain, with ODM factories facing order uncertainty and profit compression due to aggressive pricing competition [4][5] Group 3 - The home appliance industry's supply chain is characterized by a "pyramid" structure, where brand owners exert pricing power, leading to cost pressures on suppliers and ultimately resulting in product homogenization and quality risks [5][6] - The dominance of leading brands in the home appliance sector has resulted in a significant profit squeeze for many SMEs, with net profit margins declining over the years [6] Group 4 - The restructuring of the supply chain is urgent, requiring collaboration between large enterprises and SMEs to break the cycle of exploitation and promote high-quality development driven by both brand and technology [7] - Major companies are encouraged to adopt a role as enablers rather than exploiters, fostering innovation and resilience within the supply chain [7] Group 5 - Companies like Midea and Haier are taking steps to empower SMEs through platforms that provide resources and support for brand development and innovation [8] - The acquisition of brands by SMEs, such as Jiahe Intelligent's purchase of the German audio brand Beyerdynamic, represents a strategic move towards establishing a presence in high-end markets [9] Group 6 - The Chinese government is implementing policies to support the growth of specialized SMEs, including financial incentives and resources for technology upgrades [11] - The internationalization of supply chains is seen as a way to alleviate domestic pressures, with companies like BYD and CATL establishing production bases in Europe to enhance local service and reduce costs [13]

Group 1: Company Investments and Collaborations - The company has invested in Hubei Sanhai Optical Co., Ltd., holding a 12% stake, focusing on core components for robots and encoder discs, with plans to develop VR/AR products [2] - The company is planning to establish joint ventures in the robotics skin product sector, with samples sent to potential clients for validation [2][3] Group 2: Product Development and Market Position - Currently, there are no bulk orders for robotics skin products, but samples are under validation with potential clients [3] - The company is exploring various strategies to enter the robotics industry, including forming joint ventures, although outcomes remain uncertain [3] Group 3: Stock Performance and Value Management - The company's stock is not currently in a state of decline; it has engaged in regular dividends and share buybacks over the past two years [3] - The company is committed to enhancing its core business operations and will continue to actively pursue value management strategies [3]