Huaxin Securities: "Buy" rating for Fulai New Material with equity incentive tied to core research and development team.

Hua Xin Securities research report pointed out that Fulai New Materials' second-generation products are teaming up with Zhaowei, and equity incentives are tied to the core research and development team. The company is integrating flexible surface materials into the sensor business. The second-generation flexible sensor can perfectly fit various complex surfaces, breaking through the physical limitations of traditional semi-flexible or flat sensors. It can be fully deployed in key areas such as fingertips, finger pads, palms, and backs of hands, achieving comprehensive tactile perception, ensuring identification reliability and accuracy. The implementation of equity incentive plan ensures the company's technological leadership and stable research team, demonstrating the company's confidence in future development. Currently, the company is mass supplying electronic skin, with customers including Zhaowei Mechanical and Electrical's ZWHAND, etc. The progress of electronic skin sample delivery is accelerating, with samples being sent to multiple leading manufacturers in the industry. It is predicted that the company's net profit attributable to shareholders for the years 2025-2027 will be 123 million, 156 million, and 219 million yuan respectively. The current stock price corresponds to PEs of 72.9, 57.6, and 41.1 times, giving it a "buy" investment rating.