Huayuan Securities: Initially awarded An Tai Technology with a "buy" rating, with special focus on powder metallurgy, non-crystalline, and nuclear fusion as the three major businesses "rising against the wind".

Huayuan Securities research report pointed out that Antai Technology is the industrialization platform of China Iron and Steel Research Group's metal new materials, and under the "2+3+4" system, it has built a multi-line business resonance development. The operating performance steadily improved during the "14th Five-Year Plan", and the transfer of shares in 2024 led to a substantial increase in performance. In the first quarter of 2025, the company continued to promote quality and efficiency improvement, and its operating capability continued to improve. On the financial statement side, the company's operating capability continued to improve, with the proportion of three expenses to revenue fluctuating and decreasing to 6.17% in the first quarter of 2025, a decrease of 0.95 percentage points compared to the same period last year, showing significant results in quality and efficiency improvement. In terms of emerging businesses, the company actively deployed the "second growth curve" in 2025 and the "15th Five-Year Plan" stage, focusing on special powders, non-crystalline materials, and controllable nuclear fusion. It is expected that with the high prosperity of the industry, products will achieve rapid growth. Considering that Antai Technology's various business sectors are expected to enter a phase of rapid growth, a certain valuation premium is given to the company, and an "accumulate" rating is given for the first time.