Investment Rating - The report maintains an "Outperform" rating for the company [6][7]. Core Insights - The company reported a revenue of 2.955 billion yuan for 2024, representing a year-on-year increase of 15.65%, while the net profit attributable to the parent company was 21 million yuan, down 37.66% year-on-year [6]. - The company is expected to benefit from the recovery of the PC market stimulated by national subsidies in the second half of 2024, with a focus on the performance of new products, including RTX 50 series graphics cards and AI smart glasses [6][7]. - The company has seen significant growth in its overseas business, which increased by 57.54% year-on-year, driven by partnerships with distributors in various regions [6]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are 32.58 billion yuan, 35.74 billion yuan, and 39.28 billion yuan respectively, with adjustments made due to market conditions [7]. - The net profit forecast for the same period is 0.40 billion yuan, 0.45 billion yuan, and 0.52 billion yuan respectively, reflecting a downward adjustment due to market price wars and fluctuations in profit margins [7]. - The company’s gross margin for 2024 was 8.08%, a decrease of 0.58 percentage points year-on-year, influenced by increased competition and foreign exchange losses [6][7].

Group 1 - The A-share AI glasses sector is experiencing active trading, with significant price movements observed in several companies [1] - Yingtong Communications has reached the daily limit increase, indicating strong investor interest [1] - Weida Optoelectronics and Doctor Glasses have both risen over 6%, reflecting positive market sentiment [1] Group 2 - Other companies such as Jiahe Intelligent, Thunder Technology, Huilun Crystal, and Mingyue Lenses are also seeing upward trends, suggesting a broader rally in the sector [1]

Core Insights - Raytheon Technology has demonstrated strong growth in its financial performance, with Q1 2025 revenue reaching 571 million yuan, a 1.92% increase year-on-year, and a net profit of 9.49 million yuan, reflecting a 55.88% increase [1] - The company has outperformed industry averages, showcasing resilience and adaptability in a challenging market environment, positioning itself as a leader in high-quality development [1] Financial Performance - In 2024, Raytheon Technology reported total revenue of 2.955 billion yuan, a 15.65% increase year-on-year, with main business revenue growing by 19.58% to 2.669 billion yuan [2] - The Q1 2025 report indicated an 8.62% increase in revenue, with both main business revenue and net profit showing growth, highlighting the company's robust fundamentals [5] Market Position and Strategy - The company is leveraging its dual strategy of "e-sports + trusted innovation" to navigate industry cycles and build long-term competitive advantages [2] - Raytheon Technology has made significant advancements in technology applications, including "Hummingbird Screen," "Star Flash," and "Raytheon AI," enhancing its product, brand, and channel capabilities [3] Global Expansion - The company's overseas revenue surged from 107 million yuan in 2021 to 1.15 billion yuan in 2024, with a compound annual growth rate of 120.7%, indicating strong global market penetration [3] - Raytheon Technology has expanded its client base in the trusted innovation sector, securing over 300 projects across various industries, including government and finance [4] Product Innovation - The launch of new products, such as the AR smart glasses, is expected to drive future growth, with global shipments of AI smart glasses projected to reach 3.5 million units by 2025, a 230% increase [6] - The introduction of the new GeForce RTX 50 series has shown strong market demand, with several products selling out on launch day, reinforcing the company's market leadership [5]

Core Insights - The company reported a revenue of 2.955 billion yuan for 2024, marking a year-on-year growth of 15.65%, with core business revenue reaching 2.669 billion yuan, up 19.58%, both achieving record highs since its listing [1] - In Q1 2025, the company continued its strong growth trajectory, with core business revenue of 525 million yuan, reflecting a year-on-year increase of 1.92%, demonstrating resilience against industry cycles [1][2] - The company’s net profit for Q1 2025 was 9.49 million yuan, a significant year-on-year increase of 55.88%, while the net profit excluding non-recurring items rose by 91.87% to 9.42 million yuan [2] Revenue Performance - The dual drivers of "e-sports + domestic innovation" have provided the company with growth resilience, while the exploration of new product categories like smart glasses has created new growth momentum [1] - Despite the impact of the GeForce RTX 50 series product launch on consumer purchasing decisions, the company maintained revenue growth in Q1 2025 [1] Profitability and Cash Flow - The company faced foreign exchange losses due to the appreciation of the US dollar against the Chinese yuan, amounting to an increase of 7.9346 million yuan compared to the same period last year [2] - The net cash flow from operating activities surged by 17,993.88% year-on-year to approximately 249 million yuan, indicating strong self-sustaining capabilities [2] Market Outlook - The upcoming end of support for Windows 10, the proliferation of AI models like DeepSeek, and the domestic innovation strategy are expected to drive the PC industry into a "super replacement cycle" [3] - The explosion of the AI smart glasses market is anticipated to open a new incremental growth avenue for the company [3] - The company is expected to continue exceeding performance expectations, supported by its dual strategy and commitment to embracing globalization and leading the AI technology revolution [3]

Industry Overview - The esports industry in China has matured, with significant breakthroughs in technologies such as 5G and AIGC. The domestic game market achieved a sales revenue of 302.96 billion yuan in 2023, marking a year-on-year growth of 13.95% and surpassing the 300 billion yuan mark for the first time. The market is projected to reach 324.64 billion yuan in 2024, indicating steady growth potential [1][20][25]. Industry Chain - The esports industry chain has formed a complete ecosystem covering hardware, content, events, and commercialization. The demand for GPUs is driven by the increasing use of high-end computing systems for graphics-intensive gaming applications. The GPU market in China reached 80.7 billion yuan in 2023, growing by 32.78% from 2022, and is expected to reach 107.3 billion yuan in 2024 and 120 billion yuan in 2025 [2][34][39]. Company Focus - Thunderobot Technology, the first esports equipment company listed on the Beijing Stock Exchange, focuses on integrating AI technology. The company has launched the flagship AI gaming laptop ZERO 18 Pro, equipped with high-performance hardware. In 2024, Thunderobot is expected to achieve a revenue of 2.955 billion yuan, reflecting a year-on-year growth of 15.65% [3][23][59]. Market Dynamics - The esports market is benefiting from the robust growth of esports games, the development of professional and amateur esports events, and the flourishing esports ecosystem. The number of registered esports-related companies in China exceeded 120,000 by the end of 2023, indicating intense competition within the industry [25][56].

证券代码：872190 证券简称：雷神科技 公告编号：2025-006 青岛雷神科技股份有限公司 2024年度独立董事述职报告（李志刚） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 作为青岛雷神科技股份有限公司（以下简称"公司"）的独立董 事，本人李志刚在任职期间严格按照《公司法》《公司章程》《上市公 司独立董事管理办法》《北京证券交易所上市公司持续监管指引第1号 ——独立董事》的规定，认真、勤勉、谨慎履行职责，积极出席相关会 议，对各项议案进行认真审议，完成了董事会交办的各项工作任务，充 分发挥了独立董事及各专业委员会的作用，积极关注和参与研究公司的 发展，为公司的战略规划、提名任命等工作提出了意见和建议。现就 2024年度履行独立董事职责情况汇报如下： 一、独立董事独立性情况 经过自查，本人不存在影响独立性的情况并对自身的独立性情况进 行以下说明： 1、本人及本人的直系亲属、主要社会关系不在上市公司或者其附 属企业任职；本人及本人的直系亲属不在上市公司控股股东、实际控制 1 人的附属企业任职； ...

经过自查，本人不存在影响独立性的情况并对自身的独立性情况进 行以下说明： 1、本人及本人的直系亲属、主要社会关系不在上市公司或者其附 属企业任职；本人及本人的直系亲属不在上市公司控股股东、实际控制 1 人的附属企业任职； 证券代码：872190 证券简称：雷神科技 公告编号：2025-005 青岛雷神科技股份有限公司 2024年度独立董事述职报告（张力） 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 作为青岛雷神科技股份有限公司（以下简称"公司"）的独立董 事，本人张力在任职期间严格按照《公司法》《公司章程》《上市公司 独立董事管理办法》《北京证券交易所上市公司持续监管指引第1号— —独立董事》的规定，认真、勤勉、谨慎履行职责，积极出席相关会 议，对各项议案进行认真审议，完成了董事会交办的各项工作任务，充 分发挥了独立董事及各专业委员会的作用，积极关注和参与研究公司的 发展，为公司的提名任命、战略规划等工作提出了意见和建议。现就 2024年度履行独立董事职责情况汇报如下： 一、独立董事独立性情况 2、 ...

证券代码：872190 证券简称：雷神科技 公告编号：2025-017 青岛雷神科技股份有限公司 会计政策变更公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 （二）变更前后会计政策的介绍 1.变更前采取的会计政策： 一、变更概述 （一）变更日期：2024 年 1 月 1 日 本次会计政策变更前，公司执行财政部发布的《企业会计准则 ——基本准则》 和各项具体会计准则、企业会计准则应用指南、企 业会计准则解释公告以及其他相关规定。 2.变更后采取的会计政策： 本次会计政策变更后，公司将按照《企业会计准则解释第 17 号》 《企业会计准则解释第 18 号》的相关规定执行。其他未变更部分， 仍按照财政部前期颁布的《企业会计准则—基本准则》和各项具体会 计准则、企业会计准则应用指南、企业会计准则解释公告以及其他相 关规定执行。 （三）变更原因及合理性 1 2023 年 10 月 25 日，财政部发布了《企业会计准则解释第 17 号》 （财会〔2023〕21 号，以下简称《解释 17 号》），就"关于流动负 ...

证券代码：872190 证券简称：雷神科技 公告编号：2025-021 二、审计委员会会议召开情况 青岛雷神科技股份有限公司 董事会审计委员会 2024 年度履职情况报告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带 法律责任。 2024年，青岛雷神科技股份有限公司（以下简称"雷神科技"或 "公司"）董事会审计委员会（以下简称"审计委员会"）根据《上市 公司治理准则》《北京证券交易所股票上市规则》以及《公司章程》 《审计委员会议事规则》的规定，忠实勤勉地履行了工作职责。现将审 计委员会2024年度履职情况报告如下。 一、审计委员会基本情况 2023年4月20日，公司召开2022年年度股东大会，换届选举公司第 三届董事会成员，同日召开第三届董事会第一次会议选举梁仕念先生、 张世兴先生和徐娜女士为公司第三届董事会审计委员会成员，三位委员 均为会计专业人士，具备较丰富的会计专业知识和经验，其中梁仕念先 生和张世兴先生为公司独立董事，梁仕念先生为委员会召集人。 2023年10月，因梁仕念先生辞去公司第三届董事会独立董事职 ...

国泰海通证券股份有限公司 关于青岛雷神科技股份有限公司 使用闲置募集资金进行现金管理的专项核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 青岛雷神科技股份有限公司（以下简称"雷神科技"、"发行人"或"公司"） 向不特定合格投资者公开发行股票并在北京证券交易所上市的保荐机构，根据 《证券发行上市保荐业务管理办法》、《北京证券交易所股票上市规则》等相关 规定，对公司使用闲置募集资金进行现金管理事项进行了专项核查，具体情况如 下： 一、募集资金基本情况 2022 年 12 月 13 日，雷神科技发行普通股 12,500,000 股，发行方式为为向 不特定合格投资者公开发行，发行价格为 25 元/股，募集资金总额为 312,500,000 元，实际募集资金净额为 275,500,000 元，到账时间为 2022 年 12 月 16 日。 二、募集资金使用情况 （一）募集资金使用情况和存储情况 单位：元 1 （二）募集资金暂时闲置的原因 由于募集资金投资项目开展需要一定的周期，根据募集资金投资项目建设进 度，现阶段募集资金在短期内出现了部分闲置的情况。 三、使用闲置募集资金购买理财产品的基 ...