Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% in the next 6 months [18][23]. Core Insights - In 2024, the company achieved total revenue of 237 million yuan, a year-on-year increase of 39.45%, and a net profit attributable to shareholders of 11.34 million yuan, marking a significant turnaround with a growth of 137.31% [2][8]. - The company’s data labeling business continues to make breakthroughs, particularly in autonomous driving and multimodal applications, with a notable increase in revenue from overseas markets [2][8]. - The company’s gross margin reached 66.46% in 2024, up 10.45 percentage points year-on-year, driven by a higher proportion of high-margin data collection products [8]. Financial Summary - **2024 Financial Performance**: Total revenue of 237 million yuan, net profit of 11 million yuan, and a gross margin of 66.46% [4][8]. - **2025-2027 Projections**: Expected revenues of 300 million yuan in 2025, 381 million yuan in 2026, and 466 million yuan in 2027, with corresponding growth rates of 26.6%, 27%, and 22% [4][8]. - **Net Profit Forecast**: Projected net profits of 26 million yuan in 2025, 30 million yuan in 2026, and 33 million yuan in 2027, with growth rates of 130.8%, 14.3%, and 10.7% respectively [4][8]. Market Position and Strategy - The company has deepened its global layout, with overseas revenue reaching 114 million yuan in 2024, a year-on-year increase of 89.53%, accounting for 48.1% of total revenue [8]. - The company is focusing on enhancing its core technology capabilities, particularly in autonomous driving data platforms, which have received industry recognition [8].

Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 5% or more in the next 3-6 months [2][18]. Core Insights - In 2024, the company achieved total revenue of 237 million yuan, a year-on-year increase of 39.45%, and a net profit attributable to shareholders of 11.34 million yuan, marking a significant turnaround with a growth of 137.31% [2][8]. - The company’s data labeling business continues to show strong growth, particularly in the fields of autonomous driving and multimodal applications, with a notable increase in revenue from overseas markets [2][8]. - The company is expected to benefit from the AI wave, with projected revenues for 2025-2027 of 300 million, 381 million, and 466 million yuan, respectively, corresponding to growth rates of 26.6%, 27%, and 22% [2][8]. Financial Summary - **2024 Financial Performance**: - Total revenue: 237 million yuan - Year-on-year growth: 39.5% - Net profit: 11 million yuan - Year-on-year growth: 137.3% - Gross margin: 66.46%, up 10.45 percentage points [4][8]. - **2025 Financial Projections**: - Expected total revenue: 300 million yuan - Expected net profit: 26 million yuan - Expected EPS: 0.43 yuan [4][8]. - **2026 and 2027 Projections**: - 2026 expected revenue: 381 million yuan, net profit: 30 million yuan - 2027 expected revenue: 466 million yuan, net profit: 33 million yuan [4][8]. Market Position and Strategy - The company has deepened its global layout, with overseas revenue reaching 114 million yuan in 2024, a year-on-year increase of 89.53%, accounting for 48.1% of total revenue [2][8]. - The company has made significant advancements in its core technology areas, particularly with its self-developed "DOTS-AD" autonomous driving data platform, enhancing its competitiveness in the smart driving market [2][8].

年度持续督导跟踪报告 华泰联合证券有限责任公司 关于北京海天瑞声科技股份有限公司 2024 年年度持续督导跟踪报告 | 保荐机构名称：华泰联合证券有限责任公司 | 被保荐公司简称：海天瑞声 | | --- | --- | | 保荐代表人姓名：张鹏 | 联系电话：010-56839490 | | 保荐代表人姓名：葛青 | 联系电话：010-56839490 | 1、核心技术快速迭代的风险 由于人工智能行业整体发展较为迅速，应用领域和应用场景不断拓展，下游 需求随着行业发展不断发生变化，公司进行数据开发所需的各项技术也面临着快 速迭代更新的风险。如果公司无法保持对行业发展趋势的洞察能力以及对研发人 才的有效组织和研发经费的经济投入，则可能导致公司在行业技术快速迭代过程 中无法持续保持技术先进性和技术优势，进而对公司的客户拓展、产品创新和经 营业绩造成不利影响。 2、核心技术人员流失风险 随着行业的持续发展，行业内企业之间对于高端人才的竞争日益激烈，如果 1 根据《证券法》《证券发行上市保荐业务管理办法》《上海证券交易所科创 板股票上市规则》等有关法律、法规的规定，华泰联合证券有限责任公司（以下 简称"华泰联合证券 ...

保荐总结报告书 华泰联合证券有限责任公司 关于北京海天瑞声科技股份有限公司 首次公开发行股票并在科创板上市 之保荐总结报告书 | 保荐机构名 | 华泰联合证券有限责任公司 | | --- | --- | | 称 | | | 保荐机构编 | Z26774000 | | 号 | | 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 2、本机构及本人自愿接受中国证券监督管理委员会（以下简称"中国证监 会"）、上海证券交易所对保荐总结报告书相关事项进行的任何质询和调查。 3、本机构及本人自愿接受中国证监会按照《证券发行上市保荐业务管理办 法》的有关规定采取的监管措施。 二、保荐机构基本情况 | 情况 | 内容 | | --- | --- | | 保荐机构名称 | 华泰联合证券有限责任公司 | | 注册地址 | 深圳市前海深港合作区南山街道桂湾五路 128 号前海深港基金 | | | 小镇 B7 栋 401 | | 主要办公地址 | 北京市西城区丰盛胡同 22 号丰铭国际大厦 B 座 6 层 ...

Group 1: Company Insights - Xinke Mobile is experiencing a decline in capital expenditure related to 5G, with expectations for gradual growth in 5G- investments as industry applications evolve [1] - The company aims to enhance 5G network quality and customer satisfaction to outperform market revenue [1] - Xinke Mobile is focusing on international market expansion, particularly in Asia-Pacific, Latin America, the Middle East, and Africa, to increase its overseas revenue share [1] - The company is a pioneer in low-orbit satellite internet and has a leading position in standard-setting, with over 10,000 patents in mobile communication [1] - Patent licensing has become a significant revenue source, with a record high in contract signings expected by the end of 2024 [1] Group 2: Industry Trends - The consensus in the industry is that 6G is projected to be commercially available around 2030, indicating a long development cycle for 5G [1] - The demand for high-quality data in AI, particularly for training specific vertical models, is increasing, driven by the expansion of multimodal large models [2] - The visual business segment of Haitan Ruisheng has surpassed the voice segment for the first time, indicating a shift in revenue structure [2] - The company is collaborating with telecom operators to accelerate the development of general and vertical large models, which is driving demand for high-quality training data [2]

Group 1 - The core viewpoint of the article highlights a surge in AI concept stocks, particularly with Vision China (000681) hitting the daily limit up, indicating strong investor interest and market momentum [1] - Donghua Software (002065) also reached the daily limit up, showcasing a similar trend among AI-related stocks [1] - Other companies such as Caixun Co. (300634), Huayu Software (300271), and Haitai Ruisheng (688787) experienced significant price increases, reflecting a broader rally in the sector [1] Group 2 - There is a notable influx of dark pool capital into these stocks, suggesting increased institutional interest and potential for further price appreciation [1]

Market Overview - A-shares exhibited mixed performance with the Shanghai Composite Index experiencing slight fluctuations while the ChiNext and STAR Market indices surged [1] - The Shanghai Composite Index closed down 0.23% at 3279.03 points, while the Shenzhen Component Index rose 0.51% to 9899.82 points, and the ChiNext Index increased by 0.83% to 1948.03 points [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 11,933 billion yuan, an increase of over 1,500 billion yuan compared to the previous day [1] Banking Sector Performance - The banking sector faced significant declines, with Huaxia Bank dropping 8.55%, and other major banks like Industrial and Commercial Bank of China, China Construction Bank, and Agricultural Bank of China falling over 3% [2][3] - The first quarter financial results of 42 listed banks showed a total operating income of 1.45 trillion yuan, a year-on-year decrease of 1.72%, and a net profit attributable to shareholders of 563.98 billion yuan, down 1.2% [5] - Huaxia Bank reported a total profit of 6.73 billion yuan for the first quarter, a decline of 15.11% year-on-year, while Xiamen Bank's operating income fell by 18.42% [5] Automotive Industry - The automotive supply chain stocks saw significant gains, with companies like Lingdian Electric Control and Jingjin Electric reaching the daily limit of 20% increase, and others like Slin Group rising over 13% [10] - The Ministry of Industry and Information Technology recently released key points for automotive standardization, emphasizing the need for enhanced standards for intelligent connected vehicles, particularly in driver assistance and autonomous driving [10][12] - The regulatory clarity regarding L2 and L3 levels of autonomous driving is expected to lead to increased resource allocation and investment in the automotive intelligence sector [12] AI Applications - The AI application sector showed strong activity, with stocks like Chuangyi Information and Zhejiang Wenhe rising significantly, and several companies hitting the daily limit [7] - Alibaba's Tongyi Qianwen released a new series of models, showcasing competitive performance against leading models in the industry, indicating a robust development in China's large model industry [8]

证券代码：688787 证券简称：海天瑞声 公告编号：2025-017 北京海天瑞声科技股份有限公司 关于 2024 年度计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、计提资产减值准备情况概述 北京海天瑞声科技股份有限公司（以下简称"公司"）依据《企业会计准则》 及公司会计政策、会计估计的相关规定，为真实、公允地反映公司截至 2024 年 12 月 31 日的财务状况及 2024 年度的经营成果，公司对合并范围内截至 2024 年 12 月 31 日的应收账款、合同资产、其他应收款、存货等资产进行了全面清查及 评估。基于谨慎性原则，公司对存在减值迹象的资产计提了减值准备。具体情况 如下表所示： 二. 计提资产减值准备事项的具体说明 1.信用减值损失 公司以预期信用损失为基础，对应收账款、其他应收款及合同资产进行减值 会计处理并确认损失准备。经确认，共计提信用减值损失 2,013,073.51 元。 2.资产减值损失 资产负债表日，存货采用成本与可变现净值孰低计量，按照单个存货成本高 单位：人民 ...

北京海天瑞声科技股份有限公司 2024 年度会计师事务所的履职情况评估报告及 2025 年 4 月 18 日，审计委员会与负责公司审计工作的注册会计师及项目经 理召开工作沟通会议，对 2024 年度审计情况、审计调整事项、审计结论、审计 委员会关注事项进行沟通。审计委员会成员听取了其关于公司审计总体情况、审 计重点、关键审计事项、提请治理层关注事项及审计报告的出具情况等事项的汇 报。 审计委员会履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《国有企业、上 市公司选聘会计师事务所管理办法》和《上海证券交易所科创板上市公司自律监 管指引第 1 号——规范运作》等相关规范性文件的规定，以及《公司章程》、公 司《董事会审计委员会议事规则》的有关规定，现将北京海天瑞声科技股份有限 公司（以下简称"公司"）2024 年度会计师事务所的履职情况评估报告及审计 委员会履行监督职责情况报告汇报如下： 一、2024 年度会计师事务所的履职情况评估报告 按照《审计业务约定书》，遵循《中国注册会计师审计准则》和其他执业规 范，结合公司 2024 年年报工作安排，容诚会计师事务所（特殊普通合伙）（以 下简称 ...

证券代码：688787 证券简称：海天瑞声 公告编号：2025-016 北京海天瑞声科技股份有限公司 关于会计政策变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会计政策变更系北京海天瑞声科技股份有限公司(以下简称"公 司")根据中华人民共和国财政部(以下简称"财政部")颁布的《企业会计准则 解释第 17 号》（财会〔2023〕21 号）（以下简称"准则解释第 17 号"）、《企业 数据资源相关会计处理暂行规定》、《企业会计准则应用指南汇编 2024》、《企业 会计准则解释第 18 号》的规定及要求对公司会计政策进行的变更和调整，本次 会计政策变更不涉及对公司以前年度的追溯调整，不会对公司当期的财务状况、 经营成果和现金流量产生重大影响，亦不存在损害公司及股东利益的情况。符 合相关法律法规的规定和公司的实际情况。 一、本次会计政策变更概述 （一）本次会计政策变更的原因 2023 年 10 月 25 日，财政部颁布了《企业会计准则解释第 17 号》(财会 〔2023〕21 号)，规定了"关于流 ...