机器人： 4 月 19 日，北京亦庄人形机器人半马开跑，二十一支队伍参赛。来自北京亦庄的"天工 Ultra"以 2 时 40 分 42 秒 的成绩冲线，夺得全球首个人形机器人半程马拉松赛事桂冠。身高 1.2 米的松延动力 N2 小顽童队获得亚军，来自上 海的行者二号机器人赛队获得季军。 核心观点： 智能驾驶： 地平线发布 HSD 系统迈出智驾普及关键步伐，强化软硬一体技术布局。以"征程所向，远超想象"为主题的 2025 地 平线年度产品发布会在上海滴水湖举行。地平线重磅推出 L2 城区辅助驾驶系统——地平线 HSD，构建体验"类人"、 用户"信任"的城区辅助驾驶新解。同时，地平线与奇瑞达成 HSD 首个量产合作，以全栈实力助力智能化量产迈向新 征程。 理想汽车发布星环 OS 并全面开源，打造智能时代操作系统底座与行业共进。理想汽车 CEO 李想在中关村论坛上正式 宣布开源其自研汽车操作系统"理想星环 OS"。据介绍，理想星环 OS 是一款面向人工智能时代的汽车操作系统，包 含智能车控、智能驾驶、通信中间件、信息安全系统四大重要支柱。日前，理想汽车 CTO 谢炎，也接受 36 氪在内的 媒体访谈，进一步阐述理想 ...

Investment Rating - The industry investment rating is not explicitly stated in the provided content, but the report suggests a long-term positive outlook for the industry due to the reforms [5]. Core Insights - The report emphasizes the need for reform in the personal marketing system of the life insurance industry, focusing on enhancing the professionalism and career development of insurance sales personnel [2]. - It highlights the importance of strengthening management and supervision to ensure compliance and protect consumer rights [3]. - The report advocates for solidifying the industry's foundation by establishing standards for insurance products and sales personnel, as well as promoting social security participation for sales personnel [4]. Summary by Sections Deepening Personal Marketing System Reform - Enhance the professionalism of insurance sales personnel through comprehensive management and training systems [2]. - Encourage the professional development of sales personnel and optimize management mechanisms [2]. - Innovate management systems for sales personnel, allowing company employees to transition to sales consultants [2]. - Improve commission distribution mechanisms to promote long-term service capabilities [2]. Strengthening Management and Supervision - Reinforce channel management and clarify responsibilities within insurance companies [3]. - Implement stricter regulatory measures to prevent sales misconduct and protect consumer interests [3]. - Standardize regulatory requirements across various sales channels [3]. Solidifying Industry Development Foundation - Support the establishment of classification standards for insurance products and sales personnel [4]. - Develop a mechanism for managing the integrity of sales personnel [4]. - Promote policies that allow sales personnel to participate in social insurance and establish a recognition system for their contributions [4]. Investment Recommendations - The notification is seen as a step towards implementing previous regulatory recommendations aimed at enhancing the quality of the insurance industry and promoting the professionalization of sales personnel, which is expected to benefit the industry's long-term health [5].

业绩简评 4 月 18 日公司发布 2025 年一季报，25Q1 公司实现营收 9.95 亿 元，同比+30.1%，归母净利润 1.31 亿元，同比+27.3%，扣非归母 净利润 1.29 亿元，同比+32.4%，Q1 业绩超出市场预期。 经营分析 外围省份收入增速创新高，核心区域深耕份额进一步提升，电商 受舆情影响增速短期波动。 1）分渠道：25Q1 线下/电商渠道营收 6.50/3.22 亿元（同比 +49.0%/+8.6%），外围市场受益于渠道下沉+存量门店动销提升延 续爆发式增长,Q1+125.1%，核心区域受低基数效应、产品结构优 化，市占率持续攀升，电商渠道受 315 舆情短期扰动阶段性增速 放缓，近期抖音品类榜单排名恢复显著，未来线上盈利弹性有望逐 步释放；2）分产品：25Q1 公司持续聚焦卫生巾系列产品升级，自 由点营收 9.52 亿元（同比+35.8%），预计大健康系列占比持续提 升，裤型产品增速有加快，品类优化、产品升级持续推进。 大健康占比提升，后续关注费效比改善，带动盈利进入弹性释放 通道。25Q1 综合毛利率为 53.3%(同比-1.0pct)，主因会计准则调 整影响（电商物流相关费 ...

事件 4 月 18 日，国家金融监督管理总局《关于推动深化人身保险行业个人营销体制改革的通知》，主要包括深化个人营销 体制改革、强化管理和监督力度、夯实行业发展基础等三个方面。 核心内容 深化个人营销体制改革。①提升保险销售人员专业化水平。强化保险公司对保险销售人员的全流程管理，健全完善招 募选任、岗位培训、行为管控、激励约束等制度体系。②引导保险销售人员职业化发展，优化人员管理机制，逐步构 建支持保险销售人员长期服务的组织架构、晋升体系和佣金薪酬激励制度。③鼓励保险公司创新保险销售人员管理体 制，支持公司员工依法自愿转换为保险销售顾问，在取得相应销售资质后销售本公司保险产品，发掘个人营销渠道新 动能。④优化佣金激励分配机制，增强长期服务能力。建立以业务品质、服务质量为导向的佣金激励设计和递延发放 机制，对于缴费期 5 年（含）至 10 年的保单，佣金发放时间不得少于 3 年，对于缴费期 10 年及以上的保单，佣金发 放时间不得少于 5 年，引导保险销售人员长期留存。对于不同类型销售人员，建立平衡合理的激励分配机制，保障保 险销售人员合法权益。 强化管理和监督力度。①全面强化渠道管理。压实保险公司主体责任，明 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 32.966 billion RMB for 2024, a year-on-year decrease of 1.58%, and a net profit attributable to shareholders of 1.004 billion RMB, down 57.64% year-on-year [2] - In Q4 2024, the company achieved a revenue of 11.407 billion RMB, with a quarter-on-quarter increase of 33.10% and a year-on-year increase of 33.04% [2] - The company experienced a significant improvement in performance on a quarter-on-quarter basis, despite a decline in sales volume for key products [3] - The company has implemented cost reduction and efficiency improvement measures, resulting in a 5.1% year-on-year decrease in processing costs per ton of rare earth [4] - The strategic value of rare earths is expected to increase due to rising prices and supply constraints, with potential new demand from downstream applications [4] Summary by Sections Financial Performance - The company's revenue for 2024 is projected to be 32.966 billion RMB, with a revenue growth rate of -1.58% [10] - The net profit for 2024 is expected to be 1.004 billion RMB, reflecting a net profit growth rate of -57.64% [10] - Q4 2024 revenue reached 11.407 billion RMB, with a gross profit of 1.429 billion RMB and a gross margin of 12.53% [3] Cost Management - The company has successfully reduced unit costs through energy consumption optimization, leading to a decrease in processing costs [4] - The company maintained stable operating expense ratios while continuing to invest heavily in R&D, with a R&D expense ratio of 1.35% in Q4 2024 [3] Market Outlook - The report anticipates continued recovery in the supply-demand dynamics of rare earths, driven by export controls and a reduction in overseas mining supply [4] - The company is expected to benefit from the growing demand in sectors such as robotics and low-altitude economy, enhancing the strategic importance of rare earth materials [4] Earnings Forecast - Revenue projections for 2025, 2026, and 2027 are 34.849 billion RMB, 40.530 billion RMB, and 45.816 billion RMB, respectively [5] - Net profit forecasts for the same years are 2.106 billion RMB, 2.500 billion RMB, and 3.490 billion RMB, with corresponding EPS of 0.583, 0.692, and 0.965 RMB [5]

经营分析 外围省份收入增速创新高，核心区域深耕份额进一步提升，电商 受舆情影响增速短期波动。 业绩简评 4 月 18 日公司发布 2025 年一季报，25Q1 公司实现营收 9.95 亿 元，同比+30.1%，归母净利润 1.31 亿元，同比+27.3%，扣非归母 净利润 1.29 亿元，同比+32.4%，Q1 业绩超出市场预期。 1）分渠道：25Q1 线下/电商渠道营收 6.50/3.22 亿元（同比 +49.0%/+8.6%），外围市场受益于渠道下沉+存量门店动销提升延 续爆发式增长,Q1+125.1%，核心区域受低基数效应、产品结构优 化，市占率持续攀升，电商渠道受 315 舆情短期扰动阶段性增速 放缓，近期抖音品类榜单排名恢复显著，未来线上盈利弹性有望逐 步释放；2）分产品：25Q1 公司持续聚焦卫生巾系列产品升级，自 由点营收 9.52 亿元（同比+35.8%），预计大健康系列占比持续提 升，裤型产品增速有加快，品类优化、产品升级持续推进。 大健康占比提升，后续关注费效比改善，带动盈利进入弹性释放 通道。25Q1 综合毛利率为 53.3%(同比-1.0pct)，主因会计准则调 整影响（电商物流相关费 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3]. Core Insights - The company is a global leader in lidar technology, achieving its first Non-GAAP profit in 2024 and maintaining a strong market position with a 61% share in L4 and 26% in ADAS segments [8][40]. - The company has made three key strategic decisions that have significantly contributed to its growth: entering the smart driving sector, developing in-house chips to reduce costs, and pursuing a global business strategy to enhance profit margins [14][22]. Summary by Sections Investment Logic - The company is projected to achieve revenues of 32.6 billion, 47.3 billion, and 63.0 billion yuan from 2025 to 2027, with net profits of 2.7 billion, 6.5 billion, and 10.8 billion yuan respectively [3]. Company Overview - The company transitioned from producing laser gas analyzers to becoming a leader in smart driving technology, launching its first lidar product in 2016 and rapidly gaining market share [15][26]. - The company has maintained a gross margin above 35% since 2019, outperforming its competitors [56]. Market Trends - The total addressable market (TAM) for lidar technology is expected to expand significantly, with projections indicating a potential increase from 60 billion yuan to over 180 billion yuan [8][22]. - The company has successfully penetrated the global market, with 25.7% of its revenue coming from overseas in 2024, indicating a strong international presence [8][22]. Financial Projections - The company anticipates achieving approximately 32.6 billion yuan in revenue and a GAAP net profit of 2.7 billion yuan by 2025 [3][37]. - Earnings per share (EPS) are expected to rise from 2.06 yuan in 2025 to 8.24 yuan by 2027 [3]. Strategic Decisions - The company has made significant advancements in technology by developing its own chips, which has led to a reduction in production costs and improved product performance [19][45]. - The strategic shift to focus on smart driving has allowed the company to capture a significant share of the L4 market, with a consistent increase in lidar shipments projected for the coming years [20][55].

行业动态 （1）4 月 19 日机器人半马参赛名单公布，一共二十一支队伍参赛。 （2）4 月 17 日，《中国手术机器人行业发展报告》发布。 公司动态 （1）4 月 14 日，全国人大常委会副委员长张庆伟莅临优必选调研。 （2）4 月 16 日，诺力股份与浙大机器人研究院战略合作签约，专注智能物流产业革新升级。 （3）4 月 16 日，佛山海创科技机器人智造城项目正式开工奠基，总投资 50 亿元。 （4）4 月 17 日，海创人形机器人创新中心与诺力股份达成战略合作，推进具身智能物流机器人产业化应用。 （5）4 月 15 日-17 日 2025 慕尼黑上海电子展，国民技术发布高性能 MCU，赋能人形机器人与数字能源。 （6）4 月 17 日消息，程天科技发展有限公司入驻无锡（惠山）人形机器人产业园，投资 1.5 亿元建设国内全链条智 能外骨骼机器人产业化基地。 核心指标 4 月 17 日机器人板块走势平稳，川机器人领涨： 板块涨幅前三：腱绳（+1.34%）>PCB（+0.43%）>轻量化（-0.04%）。 个股涨幅前三：川机器人（+4.91%）>大业股份（+3.38%）>华培动力（+3.14%）。 投资建议 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the upcoming years [5]. Core Views - The company achieved a total revenue of 78.383 billion RMB in 2024, representing a year-over-year increase of 5.9%, and a net profit attributable to shareholders of 5.975 billion RMB, up 31.98% year-over-year [2]. - The company's international business revenue reached 48.513 billion RMB, growing by 12.15% year-over-year, accounting for 61.89% of total revenue, indicating a successful global strategy [3]. - The operating cash flow for the year reached a historical high of 14.814 billion RMB, reflecting improved asset quality and operational efficiency [4]. Summary by Sections Performance Review - In Q4 2024, the company reported revenue of 20.013 billion RMB, a year-over-year increase of 12.12%, and a net profit of 1.107 billion RMB, up 141.15% year-over-year, exceeding expectations [2]. Operational Analysis - The company experienced a clear recovery in domestic engineering machinery, with Q1 to Q4 revenues showing fluctuations but an overall positive trend, particularly in Q4 with an 18.87% increase [3]. - The company’s international revenue growth was driven by multiple regions, with Africa showing a remarkable increase of 44.02% year-over-year [3]. Financial Metrics - The company’s cash flow from operations increased by 159.53% year-over-year, and inventory turnover days and accounts receivable turnover days improved, indicating enhanced operational efficiency [4]. - The report forecasts revenue growth for 2025-2027, estimating revenues of 89.673 billion RMB, 105.349 billion RMB, and 124.072 billion RMB, respectively, with net profits projected at 8.612 billion RMB, 12.023 billion RMB, and 15.304 billion RMB [5].

业绩简评 2025 年 4 月 17 日晚，公司发布 2025 年一季报。2025 年第一季 度，公司实现营业收入 1,033.5 亿元，同比提升 3.9%；实现归 属于母公司净利润 26.1 亿元，同比提升 6.5%。 经营分析 联网通信稳盘托底，加快新一代移动通信研发应用：2025 年公司 聚焦联网通信和算网数智两大主业。其中联网通信为公司基本盘， 实现稳步提升。用户规模稳步增长，移动用户 3.49 亿户，净增 478 万户；固网宽带用户 1.24 亿户，净增 192 万户。融合套餐 用户 ARPU 保持百元以上。积极拥抱万物互联，物联网连接数 6.63 亿，净增 3,840 万。同时公司加快新一代移动通信研发应 用，开展 6G 标准制定、技术研发、测试验证，为 6G 产业发展及 未来业绩的持续增长做好准备。 算网数智扩盘提质，加大智算投入力度：根据工信部数据，2025 年 1-2 月通信行业同比增速为 0.9%，因此我们推断公司一季度大部 分业绩增长来自于云业务和 IDC 业务。公司算力业务规模实现突 破，联通云收入从 2024 年一季度的 167 亿元增长至 197.2 亿元， 同比增长 18%；公司 ...