Investment Rating - The report maintains a "Buy" rating for the company with a target price of 27.51 CNY based on a projected average PE of 21 times for comparable companies in 2026 [4][7]. Core Views - The company is experiencing comprehensive growth across its three main business segments and is advancing its research in large model development, which is expected to enhance its market position [2][11]. - The company’s revenue for 2023 is projected at 32.218 billion CNY, with a year-on-year growth of 5%. The net profit attributable to the parent company is expected to reach 7.362 billion CNY, reflecting a significant increase of 217% compared to the previous year [6][11]. Financial Forecasts and Investment Recommendations - Earnings per share (EPS) are forecasted to be 1.22 CNY, 1.31 CNY, and 1.48 CNY for the years 2025, 2026, and 2027 respectively. This is a revision from earlier estimates of 1.31 CNY and 1.50 CNY for 2025 and 2026 [4][12]. - The company’s revenue is expected to grow to 40.691 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 9% from 2025 to 2027 [6][12]. Business Performance - The company’s domestic business revenue grew by 2% year-on-year to 75.53 billion CNY in the first half of the year, with government business revenue increasing by 5% to 18.5 billion CNY [11]. - The overseas business revenue also saw a 2% increase to 76.28 billion CNY, with expectations for continued steady growth in the second half of the year [11]. - The innovative business segment reported a 23% increase in revenue to 30.23 billion CNY, driven by advancements in automotive electronics, thermal imaging, firefighting, and machine vision [11]. Market Position and Competitive Advantage - The company is focusing on high-value projects and strict cost control, which has led to a significant improvement in profit quality, with a gross margin recovery to 42.7% in Q2 [11]. - The establishment of six regional supply centers and multiple national warehouses enhances the company’s competitive edge in localized rapid supply [11].

截至2025年8月25日 14:22，中证机器人指数强势上涨1.31%，成分股云天励飞上涨10.00%，奥比中光上涨7.46%，奥普特上涨7.31%，江苏北人、科沃斯等个 股跟涨。机器人ETF嘉实(159526)上涨1.22%。 近期，人形机器人迎来多重催化。东吴证券指出，英伟达将于8月25日发布"机器人新大脑"产品，并与富士康联手打造人形机器人，计划11月首发开启"物理 AI"时代。此外，智元机器人发布灵创平台，大幅降低动作编排难度；波士顿动力人形机器人摆脱遥控器，开始自主工作；天太机器人签署全球首个10000台 具身智能人形机器人订单，2026年底交付，面向家庭康养。Tesla Gen3将于10-11月定型，股东大会有望展示，2025Q4下订单、2026年初量产，2030年依然 预期100万台。 流动性方面，机器人ETF嘉实盘中换手9.41%，成交5377.59万元。拉长时间看，截至8月22日，机器人ETF嘉实近1周日均成交5183.92万元。 截至8月22日，机器人ETF嘉实近1年净值上涨83.61%，指数股票型基金排名341/2971，居于前11.48%。从收益能力看，截至2025年8月22日，机器人 ...

2025 Semi-Annual Report 2025 Semi-Annual Report of Zhejiang Dahua Technology Co., Ltd. Zhejiang Dahua Technology Co., Ltd. This document is a translated version of the Chinese version 2025 Semi-Annual Report ("2025 年半年度报告 全文"), and the published annual report in the Chinese version shall prevail. The complete published Chinese 2025 Semi-Annual Report may be obtained at http://www.cninfo.com.cn. 1 2025 Semi-Annual Report of Zhejiang Dahua Technology Co., Ltd. August 16, 2025 Section I Important Notes, Table ...

Group 1 - Dahua Technology's stock closed at 18.32 yuan on August 20, 2025, with an increase of 0.12 yuan, representing a rise of 0.66% [1] - The trading volume for the day was 1.0178 million hands, with a transaction amount of 1.851 billion yuan [1] - Dahua Technology is a publicly listed company focused on the computer equipment sector, covering areas such as video surveillance, intelligent transportation, and smart cities [1] Group 2 - On August 20, 2025, the net outflow of main funds for Dahua Technology was 122 million yuan, accounting for 0.32% of its circulating market value [1] - Over the past five trading days, the cumulative net outflow was 24.5089 million yuan, representing 0.06% of its circulating market value [1]

构建大模型全栈能力，推进 AI 产业化 大华股份(002236) 证券研究报告 计算机设备 / 公司跟踪研究报告 / 2025.08.20 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-19 | | --- | --- | | 收盘价(元) | 18.20 | | 流通股本(亿股) | 21.16 | | 每股净资产(元) | 11.30 | | 总股本(亿股) | 32.87 | 最近 12 月市场表现 -5% 8% 21% 34% 48% 61% 大华股份 沪深300 计算机设备 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 分析师 吴姣晨 SAC 证书编号：S0160522090001 wujc01@ctsec.com 相关报告 1. 《聚焦高质量增长，把握经济与技术的共 振机遇》 2025-08-18 2. 《业务结构分化仍存压力，AI 模型产业 化加速》 2025-03-30 3. 《化债政策有望对回款、新项目推进产生 积极影响》 2024-10-27 核心观点 ❖ 风险提示：地缘政治环境风险、全球经济下行 ...

每经头条（nbdtoutiao）——热浪"烤"验全球，近10年我国年平均高温日数增多25%！高温对经济的搅动 作用越发强烈，国家气候中心六位专家详解高温经济学 （记者 王瀚黎） 每经AI快讯，国元证券8月19日发布研报称，给予大华股份（002236.SZ，最新价：18.15元）买入评 级。评级理由主要包括：1）营业收入实现稳健增长，毛利率逐季回升；2）国内外业务均实现正向增 长，创新业务快速发展；3）加大研发投入，持续深化AI能力，深挖行业落地机遇。风险提示：技术更 新换代的风险；商业模式转变风险；地方财政支付能力不确定性风险；汇率风险；产品安全风险；知识 产权风险；国际化经营的风险；供应链安全风险。 每日经济新闻 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 ...

一、事件：《人工智能生成合成内容标识办法》施行 国家互联网信息办公室等四部门联合发布的《人工智能生成合成内容标识办法》，将于2025年9月1日起施行。 《办法》要求相关企业通过显式标识（如文字提示、角标）和隐式标识（如元数据嵌入），确保用户能够清晰区分AI 生成内容与真实内容，减少误导风险。 民生证券指出，国家层面针对AI生成合成内容标识发布指导意见，有望通过政策引领，推动数字水印等前沿技术进 步，创造合规服务场景下的市场机遇。政策驱动下，相关厂商有望增加数字水印等技术的研发投入，以技术优势率先 抢占合规需求催生的隐式标识市场。 数字水印成AI安全核心技术之一 据阿里云介绍，数字水印技术是指在不影响信息载体（例如网页、视频）视觉质量及完整性的前提下，将数字信息 （即数字水印）隐藏式嵌入到信息载体中。含水印的内容即使经过截图、录屏、编辑、转载后，水印信息仍能被正确 提取。 新华网指出，通过数字水印等技术手段和监管要求来对AI生成内容进行识别和已经成为行业共识。数字水印不但可以 降低"深度伪造"风险，而且可以帮助面临AI生成内容冲击的艺术家和内容创作者。 2025年7月7日阿里云官网发文称，阿里云等多家单位联合起 ...

截至2025年8月19日 14:03，中证机器人指数强势上涨1.06%，成分股禾川科技上涨13.59%，丰立智能上涨11.23%，拓斯达上涨8.55%，华辰装备、东杰智能 等个股跟涨。机器人ETF嘉实(159526)上涨0.84%，盘中一度涨近2%。 截至8月18日，机器人ETF嘉实近6月净值上涨8.92%，居可比基金前2。从收益能力看，截至2025年8月18日，机器人ETF嘉实自成立以来，最高单月回报为 25.78%，最长连涨月数为3个月，最长连涨涨幅为37.12%，上涨月份平均收益率为8.93%。 数据显示，截至2025年7月31日，中证机器人指数前十大权重股分别为科大讯飞、汇川技术、石头科技、大华股份、中控技术、大族激光、双环传动、机器 人、科沃斯、巨轮智能，前十大权重股合计占比48.86%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 300124 | 汇川技术 | 0.86% | 9.96% | | 002230 | 科大讯飞 | -0.08% | 9.70% | | 688169 | 石头科技 | -1.10% | 5.03% | ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 大华股份(002236)公司点评报告 2025 年 08 月 19 日 公司于 2025 年 8 月 15 日收盘后发布《2025 年半年度报告》。 点评： 营业收入实现稳健增长，毛利率逐季回升 2025 年上半年，公司实现营业收入 151.81 亿元，同比增长 2.12%；实现 归母净利润 24.76 亿元，同比增长 36.80%；实现扣非归母净利润 17.96 亿 元，同比增长 1.91%。毛利率方面，在高质量导向的指引下，公司毛利率逐 季回升，半年度毛利率 41.61%，环比一季度上升 1.48pct，同比去年上半 年上升 0.69pct，除汇率的正面影响外，公司内部多措并举，一方面严格执 行项目筛选机制以及成本管控策略，另一方面重点突破高含金量领域，高价 值业务持续落地，共同推动毛利率稳中有升，促进公司盈利能力持续改善。 国内外业务均实现正向增长，创新业务快速发展 2025 年上半年，分业务来看，公司国内业务实现营收 75.53 亿元，同比增 长 2.33%。其中，政府业务实现营收 18.51 亿元，同比增长 4.68%，单二 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 28.56 [1][6]. Core Views - The company is expected to open new growth avenues in its server business, particularly with the increasing demand for AI computing power [8][9]. - The company has successfully entered the procurement systems of major clients, which is anticipated to enhance its brand influence in the computing power industry [9][12]. - The overall performance in the first half of 2025 shows positive growth across all business lines, with a significant increase in profitability and cash flow [15][16]. Financial Data Summary - The company's market capitalization is RMB 59,786 million, with a closing price of RMB 18.19 as of August 18, 2025 [2]. - Revenue projections for 2024 to 2027 are RMB 32,181 million, RMB 33,275 million, RMB 35,165 million, and RMB 38,002 million respectively, with growth rates of -0.12%, 3.40%, 5.68%, and 8.07% [5]. - The net profit attributable to the parent company is projected to be RMB 2,906 million in 2024, increasing to RMB 4,208 million by 2027, with corresponding growth rates of -60.53%, 31.91%, 1.28%, and 8.39% [5]. Business Performance Overview - In the first half of 2025, the company achieved a revenue of RMB 151.81 billion, representing a year-on-year growth of 2.12%, with a net profit of RMB 24.76 billion, up 36.80% [15][16]. - The G-end business generated RMB 18.51 billion in revenue, growing 4.68%, while the B-end business saw revenue of RMB 42.19 billion, up 8.17% [10][16]. - The overseas business accounted for 50.25% of total revenue, with a slight growth of 1.91% year-on-year [10][16]. Future Outlook - The company anticipates steady growth in the second half of 2025, focusing on policy opportunities and expanding overseas markets [11][17]. - The server business is expected to benefit from the rising demand for AI and computing power, with significant contracts already secured [9][12].