Huaxin Securities research report points out that Fulai New Material's second-generation products are collaborating with Zhaowei, with equity incentives binding the core R&D team. The company integrates flexible surface materials into the sensor business, and the second-generation flexible sensors can perfectly conform to various complex curved surfaces, breaking through the physical limitations of traditional semi-flexible or flat sensors. They can be fully deployed in key areas such as fingertips, finger pads, palms, and backs of hands, achieving full-domain tactile perception and ensuring reliability and accuracy in recognition. The implementation of the equity incentive plan ensures the company's technological leadership and stability of the R&D team while demonstrating the company's confidence in future development. Currently, the company is supplying electronic skin in bulk, with clients including Zhaowei Electromechanical's ZWHAND, among others. The sampling work for electronic skin products is progressing rapidly, with sampling targets covering several leading manufacturers in the industry. It is predicted that the company's net profit attributable to the parent will be 123 million, 156 million, and 219 million yuan for 2025-2027, respectively, with the current stock price corresponding to PE ratios of 72.9, 57.6, and 41.1 times, giving a "buy" investment rating