Standard-Bearer of Domestic Electronic Fabric Looms, Actively Expanding Downstream and Various Special Machines # Beizhi Technology

English summary

# Core view: Expected ~450 million CNY profit in 26, main business 200 million+, looms 200-300 million. Current price corresponds to 27-year PE 15x # Electronic fabric looms: First echelon in domestic substitution, with first-tier domestic customer resources. Technology source: overseas returnee team, R&D started in 25H2. Progress: Benchmarking Toyota 810 series, samples will be sent to several domestic leading customers in August, small-batch shipments expected within the year. At the same time, an upgraded model will be launched this year, and a model benchmarking Toyota 910 will be launched in 27. Volume: Expected shipments of several thousand units in 27. Price: 810 priced at ~200,000 CNY, with the upgraded model's price continuing to rise. # Main business: warehousing and production logistics, continuously exploring new downstream. Orders: 5.25 billion CNY on hand at the end of 25, order conversion cycle 1-1.5 years, new contracts of 3 billion CNY in 25, yoy ~30%, expecting high growth in the main business in 27. Downstream expansion: actively entering new energy (acquisition of Suike Intelligent) + tobacco (new high-margin niche market) + chemical fiber special machines (replacing labor, entirely new market, estimated market size 1.5-2 billion CNY, company in leading position)