海外业务持续放量，盈利能力明显提升：一季度公司实现海外收 入0.84亿元，同比增长128%，实现毛利率54.4%，同比增长8.4pct。 公司工程传动业务持续向海外扩张，同时积极布局数据中心电源 系统业务，远期有望受益海外数据中心需求创造新的业务增长点。 规模效应逐步释放，期间费用下降明显：公司一季度期间费用率 为 23.9%，同比下降 5.9pct，有效对冲新能源电控业务毛利率下 降的影响，预计主要受益于收入规模增长带来的规模效应。具体而 言，一季度销售费用率、管理费用率、研发费用率分别为 10.1%、 4.2%、9.6%，分别同比下降 0.7pct、1.3pct、3.8pct，其中研发 费用率虽大幅下降，但绝对值仍保持增长。 盈利预测、估值与评级 根据公司一季报及我们对行业最新判断，预测公司 2025-2027 年 归母净利润为 6.4、7.6、8.8 亿元，对应 PE 为 21、18、15 倍，维 持"买入"评级。 风险提示 业绩简评 2025 年 4 月 11 日公司披露一季报，Q1 实现营收 7.74 亿元，同比 增长 41.0%；实现归母净利润 1.05 亿元，同比增长 90.4%；实现 扣非归母 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a significant price increase over the next 6-12 months [5][13]. Core Insights - The company reported a revenue of 6.671 billion RMB for 2024, a year-on-year increase of 2.6%, but the net profit attributable to shareholders decreased by 45.8% to 355 million RMB [2]. - The decline in insurance IT revenue by 15.3% to 3.047 billion RMB is attributed to the insurance industry's transformation and adjustments in IT spending by some clients [3]. - Non-insurance IT revenues in finance, government, and healthcare sectors showed strong growth, with increases of 32.4%, 20.4%, and 37.3% respectively [3]. - The company has improved cost control and cash flow management, with a 3.1% reduction in employee numbers and a significant increase in operating cash flow by 538.7% to 1.249 billion RMB [4]. - The company is actively pursuing AI applications across various sectors, including a partnership with Huawei for insurance industry AIGC applications [4]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 6.671 billion RMB, a 2.6% increase year-on-year, while the net profit attributable to shareholders fell to 355 million RMB, a 45.8% decline [2]. Operational Analysis - The share of non-insurance industry revenue has increased, but integrated business has negatively impacted gross margins, which decreased by 5.7 percentage points to 25.8% [3]. - The company reported a significant increase in system integration business revenue, which grew by 35.7% to 16.67 billion RMB [3]. Profit Forecast - Revenue projections for 2025-2027 are 7.468 billion RMB, 8.434 billion RMB, and 9.556 billion RMB, with expected growth rates of 11.95%, 12.94%, and 13.30% respectively [5]. - The forecasted net profit for the same period is 582 million RMB, 765 million RMB, and 956 million RMB, with growth rates of 63.93%, 31.41%, and 25.02% respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 84.6 RMB per share based on a 25-year valuation of 23X [4]. Core Insights - The company is a leading player in China's consumer electrical industry, with a focus on converters and wall switches, achieving an average ROE of approximately 29% from 2020 to 2023. The company aims to diversify into three emerging business areas: new energy, non-main lighting, and international expansion, with a goal of reaching a revenue target of 100 billion RMB [2][16]. - Future ROE is projected to depend on the profit margin growth of emerging businesses, with mid-term ROE expected to be in the range of 28-31%. Adjusting the capital structure through dividends or buybacks could further enhance this potential [3]. Summary by Sections 1. Company Overview - The company has achieved a compound annual growth rate (CAGR) of 16.0% in revenue and 18.7% in net profit from 2020 to 2023, reaching revenues of 15.7 billion RMB and net profits of 3.87 billion RMB in 2023. The company maintains a high ROE, averaging 29% during the same period [16]. 2. Business Diversification Strategy - The company is adopting a multi-faceted growth strategy, inspired by Danaher's experience, to enhance its operational efficiency and management through the Bull Business System (BBS). This system aims to integrate various business lines and support long-term strategic goals [2][46]. 3. Emerging Business Prospects - **New Energy Business**: Launched in 2021, this segment includes charging guns and storage products, with a revenue of 290 million RMB in the first half of 2024, reflecting a year-on-year growth of 120.2%. The company holds the top market share in this segment [3][4]. - **Lighting Business**: The company focuses on health lighting, particularly through its independent brand "Muguang," with over 300 experience stores established. This segment is expected to drive new growth in the lighting business [3]. - **International Expansion**: The company has established an international division in 2023, targeting markets in Europe and Southeast Asia, with a clear strategy to replicate its domestic success [4]. 4. Financial Projections - The company forecasts net profits of 4.3 billion RMB, 4.75 billion RMB, and 5.19 billion RMB for 2024, 2025, and 2026, respectively, representing growth rates of 11.0%, 10.7%, and 9.2% [4][8].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Not explicitly stated in the given content 3. Summary by Related Catalogs 3.1 Secondary Market Price and Volume Performance - The report presents detailed data on the secondary - market performance of various REITs, including listing date, issue price, turnover rate, trading volume, and returns (both weekly and year - to - date). For example, the weekly return of some REITs like the "Huatai Baowan Logistics REIT" was 4.01%, and the year - to - date return was 10.80% [11]. 3.2 Secondary Market Valuation Situation - The report provides valuation data such as PV multiplier, P/FFO+, P/NAV, and IRR for different REITs. For instance, the "Red Earth Innovation Yantian Port REIT" had a PV multiplier of 20.83, and an IRR of 3.72% [15]. 3.3 Market Correlation Statistics - The correlation coefficients between REITs indices (including overall and different types) and major asset classes (such as stocks, convertible bonds, pure bonds, commodities) are calculated. For example, the correlation coefficient between the overall REITs index and the Shanghai Composite Index was 0.21 [20]. - The correlation coefficients between individual REITs and major asset classes are also presented. For example, the correlation coefficient between "Bosera Shekou Industrial Park REIT" and the Shanghai Composite Index was 0.19 [21]. 3.4 Primary Market Tracking - Information on REITs in the primary market is provided, including project nature, project type, stage, acceptance date, original equity holder, underlying project, and project valuation. For example, the "Southern Shunfeng Warehouse Logistics REIT" is a property - type warehousing and logistics project with a project valuation of 32.62 billion yuan [23].

业绩简评 2025 年 4 月 11 日公司披露年报，实现营收 46.36 亿元，同比上升 9.3%，处于金融 IT 行业前列；实现归母净利润 3.12 亿元，同比 下降 10.4%；单 Q4 实现营收 12.00 亿元，同比上升 7.2%；实现归 母净利润 0.86 亿元，同比下降 12.9%。 经营分析 AI 赋能效果已在营收端体现，公司人工智能及大数据创新产品实 现营收 0.80 亿元，同比增长 65.3%；智慧客服及消费金融精准营 销业务实现收入 8.20 亿元，同比增长 37.5%。此外，公司软件开 发及服务/金融科技解决方案/数智化运营及服务分别实现营收 16.27 亿元/13.00 亿元/8.09 亿元，同比变动+4.8%/+9.4%/-5.5%。 截至 24 年末，公司共有员工 31,268 人，人均创收为 14.83 万元， 同比增长 7.0%，自 2016 年起持续增长。 公司客户结构持续多元化，24 年来自中小银行客户收入为 4.47 亿元，同比增长 17.3%；来自非银金融机构的收入为 3.66 亿元， 同比增长 23.4%；来自非金融客户收入为 3.01 亿元，同比增长 23.8%。 ...

qqqqqqqqqqqqqqqqqq Smart Beta 策略概述与市场发展 Smart Beta 策略是一种结合主动投资理念与被动投资效率的指数化策略，通过系统化地暴露于价值、成长、低波动、 质量、动量等具有风险溢价的因子，力图在控制成本和透明度的基础上实现风险调整后的超额收益。该策略不同于 传统市值加权指数，采用规则明确、可复制的方式构建投资组合，兼具流动性好、成本低和风格明确的特点。近年 来，随着被动投资理念深入人心，叠加政策层面对指数化投资的大力支持，Smart Beta 策略在全球范围内快速发展。 美国 Smart Beta ETF 市场在 2024 年总规模已超过 2.2 万亿美元，涵盖成长、价值、低波动等多个因子方向，产品结 构日趋成熟。国内市场方面，Smart Beta 基金总规模已突破 1700 亿元，近五年年均增速超过 40%。在监管持续推动 指数供给、提升中长期资金入市便利性的背景下，Smart Beta 有望在提升权益资产配置效率、服务长期资金方面发 挥更重要作用，成为机构投资者的重要投资工具。 2、基金管理人历史业绩不代表未来，需警惕基金业绩不及预期的风险。 3、以上结果根据历史数 ...

Group 1: Quantitative Credit Strategy - As of April 3, the interest rate style portfolio shows significant advantages, with the secondary capital bond heavy strategy experiencing a notable increase in returns, up by 26.4 basis points, marking it as the strategy with the largest gain [2][12] - The overall returns of various strategy combinations are approaching the levels seen at the beginning of the year, with absolute returns for duration and mixed barbell combinations close to 0.6% [2][12] Group 2: Duration Tracking - As of April 4, the weighted average transaction durations for urban investment bonds and industrial bonds are 2.12 years and 2.75 years respectively, both at high historical levels since March 2021 [3][14] - The weighted average transaction durations for secondary capital bonds, perpetual bonds, and general commercial bank bonds are 3.82 years, 3.17 years, and 2.23 years respectively, indicating a varied duration landscape across different bond types [3][14] Group 3: Yield Heatmap of Coupon Assets - As of April 7, the valuation yields and spreads of private enterprise real estate bonds are generally higher than other types, with non-financial and non-real estate industrial bonds seeing yield declines of over 10 basis points across all maturities [4][18] - Financial bonds with higher valuation yields and spreads include leasing company bonds, capital supplement tools for rural commercial banks, and secondary bonds of securities companies, with an average yield increase of 17.4 basis points [4][18] Group 4: Long-term Credit Bond Activity - There has been an improvement in the trading activity of long-term credit bonds, with the number of transactions for bonds with maturities over 10 years exceeding 80 in late March [5][20] - Despite the increased activity in the 7-10 year segment, the number of transactions for bonds over 10 years has decreased, indicating ongoing investor concerns regarding potential drawdowns and liquidity issues [5][20] Group 5: Local Government Bond Supply and Trading - The local bond market has continued its downward trend since mid to late March, with the 10-year local bond yield dropping to 1.97%, maintaining a spread of 25.2 basis points over the same maturity government bonds, reflecting a high relative value [6][23] - The downward trend in yields across short, medium, and long-term maturities indicates sustained demand for local government bonds in a marginally relaxed funding environment [6][23]

Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 7.00 HKD based on a 2026FY price-to-sales ratio of 7.7x [4]. Core Insights - The AI+ healthcare market is expected to grow rapidly, with specialized diagnostic products aligning well with hospital needs, driven by advancements in AI technology and supportive policies [15][21]. - The company, Yidu Technology, is a leading player in the AI+ healthcare sector, having developed its core AI algorithm, YiduCore, through extensive collaboration with top hospitals [3][30]. - The company has accumulated significant data processing experience, having handled over 11 billion patient interactions and 55 billion medical records, positioning it favorably in the industry [3][45]. Summary by Sections Investment Logic - The commercialization of AI in healthcare is accelerating, with 46 companies obtaining algorithm registrations related to health by the end of 2024 [2]. - AI-assisted specialized diagnosis and imaging recognition are particularly aligned with hospitals' revenue and reputation goals, leading to increased IT budget allocations [2]. Financial Performance and Forecast - The company is projected to achieve revenues of 777 million, 891 million, and 1.069 billion CNY for FY 2025, FY 2026, and FY 2027, respectively, with corresponding year-on-year growth rates of -3.78%, 14.69%, and 20.04% [4][8]. - The net profit forecast for the same period is -106 million, -50 million, and 6 million CNY, indicating a trend towards profitability by FY 2027 [4][8]. Business Structure and Adjustments - The company has a flexible business structure, allowing it to adjust its product offerings in response to market demands, which is expected to lead to continuous improvement in profitability [53]. - The company serves over 2,800 hospitals and has established partnerships with 105 top hospitals, maintaining a leading market share in clinical research [9][33]. AI Platform and Model Development - The company launched an AI platform that integrates various medical applications, which has been deployed in over 20 medical institutions, supporting revenue growth [3][48]. - YiduCore's capabilities have been validated through multiple industry assessments, ranking first in various evaluations, which enhances the company's competitive edge [45][52]. Market Trends and Opportunities - The AI+ healthcare market is witnessing a surge in demand for specialized diagnostic solutions, driven by technological advancements and favorable regulatory environments [15][21]. - The company is well-positioned to capitalize on this growth due to its extensive data processing capabilities and established relationships with leading healthcare institutions [30][41].

核心观点 亿纬转债本期转债募集资金为 50 亿元，扣除发行费用后将用于 23GWh 圆柱磷酸铁锂储能动力电池项目、21GWh 大圆 柱乘用车动力电池项目。上市日期为 4 月 11 日。 预计上市价格在 110~115 元之间。亿纬转债债项评级 AA+，最新平价为 78.23 元，可参考平价相近的豪鹏转债（最新 收盘价 116 元、溢价率 39%），预计亿纬转债上市首日转股溢价率在 40-45%之间，上市价格在 110~115 元之间，若价 格低于 110 元则可以积极关注。 国内动储电池二线标的。公司从锂原子电池起家，目前已经形成动力电池（收入占比 41%）、储能电池（收入占比 36%）、 消费电池（收入占比 22%）三大业务板块，下游包括国内乘用车&商用车、大储&工商业储能、智能表计&小 3C 设备等， 近年来随着公司的产能释放收入&利润快速增长，但 23 年以来随着行业竞争的加剧、产业链价格快速下降导致收入利 润略有下滑，截止 24 年上半年公司储能电芯出货量排名全球第二、国内新能源商用车市占率第二，为国内动储电池 二线标的。公司跟随行业自 22 年以来受产业链降价、竞争加剧的影响毛利率&ROE 等盈利指 ...

行业动态 核心指标 （1）北京推进具备 5G 通信能力的人形机器人在高端制造场景、消费服务场景规模化应用； （2）第 137 届广交会 4 月 15 日开幕，参展企业首次突破 3 万家并首次设立服务机器人专区； （3）GGII：到 2035 年全球人形机器人市场规模将超过 4000 亿元； （4）首批人形机器人系列国家标准正式立项。 公司动态 （1）4 月 10 日，优必选获央视财经报道，桥水基金创始人达利欧点赞中国资产； （2）4 月 9 日，广汽发布具身智能机器人核心部件，目标 25 年小批量试产试销，26 年完成商业模式验证进行小规模 量产，27 年启动大规模量产； （3）4 月 10 日，深圳银河通用具身智能机器人有限公司成立； （4）4 月 9 日，奋达科技与清华大学正式签订《技术开发合同书》，双方将围绕人形机器人关键零部件研发及产业应 用方面开展合作； （5）4 月 10 日，大丰实业公告，公司与上海智元新创技术有限公司签订股权合作协议，双方将共同投资开发匹配文 娱体旅商场景需求的人形机器人项目； （6）4 月 10 日，王兴兴面向浙江省各级干部授课；宇树官微公布 GI 拳击视频。 4 月 10 ...