大华股份（002236）公告，公司拟以3亿元至5亿元资金回购股份，回购价格不超过27.72元/股，预计回 购股份数量为1082.25万股至1803.75万股，占公司总股本的0.33%-0.55%。本次回购资金来源为自有资 金，回购股份将依法注销减少注册资本。回购期限为股东大会审议通过之日起12个月内。公司董事、监 事、高级管理人员在回购期间无明确的增减持计划。 ...

Core Viewpoint - The Robot Index ETF has shown a significant increase of 21.60% over the past three months, indicating strong investor interest in the robotics sector [2] Fund Flows - The latest net inflow for the Robot Index ETF is 1.9541 million, with a total of 26.518 million accumulated over the last 20 trading days [2] Index Composition - The Robot Index closely tracks the CSI Robot Index, which includes system solution providers, digital workshop and production line integrators, automation equipment manufacturers, and other robotics-related listed companies [2] - As of March 31, 2025, the top ten weighted stocks in the CSI Robot Index are Huichuan Technology, iFlytek, Stone Technology, Dahua Technology, Zhongkong Technology, Shuanghuan Transmission, Dazhong Laser, Robot, Julun Intelligent, and Tuobang Technology, collectively accounting for 50.95% of the index [2] Industry Insights - According to Guojin Securities, embodied intelligence is considered the strongest application of AI, with intelligent driving and humanoid robots being the two most important directions [2] - In 2024, the robotics industry is expected to be dominated by major players, as robotics is a key battleground for large model companies, serving as both an entry point for real-world data and an exit for commercial monetization [2] - By 2025, the trend of open-source large models, represented by DeepSeek, is anticipated to accelerate, leading to a decrease in costs and barriers, with robots as application terminals entering a phase of diversification [2] - The barriers in the robotics sector are gradually shifting from cognitive logic to hardware iteration and scenario-specific challenges [2]

Core Viewpoint - The Robot ETF (562500) continues to experience a downward adjustment trend, with a recent decline of 1.99% as of April 3, 2025, despite a strong performance over the past three months, where it has accumulated an 18.82% increase, ranking in the top 20% among comparable funds [3][4]. Performance Summary - As of April 2, 2025, the Robot ETF has seen a total net inflow of 4.37 billion yuan over the last five trading days, with an average daily net inflow of approximately 87.33 million yuan [3]. - The ETF's scale has increased by 95.44 million yuan over the past week, placing it in the top 20% among comparable funds [3]. - The ETF's shares have grown by 401 million shares in the past week, also ranking in the top 20% among comparable funds [3]. - Since its inception, the Robot ETF has achieved a maximum single-month return of 26.22% and an average monthly return of 7.74%, with a total annual profit percentage of 66.67% [3]. Risk and Fee Structure - The Robot ETF has a relatively low drawdown of 0.31% compared to its benchmark, indicating lower risk among comparable funds [4]. - The management fee for the Robot ETF is 0.50%, and the custody fee is 0.10%, which are the lowest among comparable funds [4]. - The tracking error over the past two months is 0.010%, demonstrating the highest tracking precision among comparable funds [4]. ETF Composition - The Robot ETF closely tracks the CSI Robot Index, which includes companies involved in system solutions, digital workshops, automation equipment manufacturing, and other robot-related sectors [4]. - Notable stocks within the ETF include Huichuan Technology (0.89% increase), Keda Xunfei (-0.29% decrease), and Stone Technology (-10.31% decrease) [6].

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected relative return of over 20% within six months [7][19]. Core Insights - The company reported a slight decrease in revenue for 2024, achieving 32.18 billion, a year-on-year decline of 0.12%. However, net profit attributable to shareholders fell significantly by 60.53% to 2.91 billion, representing 9.03% of revenue [1][2]. - The company's To G business faced challenges due to cautious local government investments and a slowdown in traditional industry demand, resulting in a revenue drop of 6.37% to 4.06 billion. The To B business also saw a decline of 4.15% to 8.71 billion due to global economic slowdown and intensified competition [2]. - Despite the revenue decline, the company's gross margin was 38.84%, down 3.2 percentage points year-on-year, reflecting the uncertain macroeconomic environment and increased industry competition. However, equity attributable to shareholders increased by 3.77%, and R&D expense ratio rose by 0.78 percentage points, indicating a foundation for long-term development [2]. - The company’s innovative business segments, particularly in machine vision and mobile robotics, showed resilience with a revenue increase of 13.44% to 5.57 billion, accounting for 17.30% of total revenue. Additionally, overseas business revenue grew by 6.31% to 16.29 billion, driven by strong demand in emerging economies [3]. - The company is focusing on AI applications, having developed the "1+2" AI capability system and launched the Xinghan Model 2.0, which enhances language, multimodal, and visual capabilities. This positions the company to capitalize on the growing demand for digital transformation in various industries [4]. Financial Summary - For 2024, the company’s revenue is projected to be 32.18 billion, with a slight decline from the previous year. The net profit attributable to shareholders is expected to be 2.91 billion, a significant decrease from 7.36 billion in 2023 [6][14]. - The company anticipates a recovery in 2025 with a projected net profit of 3.42 billion, reflecting a growth rate of 17.63%. By 2026, net profit is expected to reach 4.39 billion, with a further increase to 4.95 billion in 2027 [5][6]. - The company's EBITDA for 2024 is estimated at 7.24 billion, with a significant drop from 12.13 billion in 2023. The EBITDA margin is expected to improve in the following years as the company stabilizes its operations [6][14].

根据市场公开信息及3月31日披露的机构调研信息，知名私募世诚投资近期对1家上市公司进行了调研，相关名单如下： 1）大华股份 （世诚投资参与公司业绩说明会） 调研纪要：2024年，大华股份国内业务面临压力，海外业务表现稳健。2025年城市业务、企业业务、海外业务有望改善。车路协同和充电桩业务 存在机会，但也面临基础设施覆盖不全、协同机制不成熟等问题。一体机市场需求热度高，但预算制约明显，市场空间具有弹性特征。创新业务 收入增长13.44%，部分子公司表现突出，2025年将继续保持较快增长。大模型实现大小模型结合，降低算力需求，提升应用精度，增加客户粘 性。毛利率因国内市场竞争加剧、项目颗粒度变小、会计政策变更等因素下滑。与中国移动合作取得进展，但在业务落地方面仍有不足，2025年 将继续深化合作。华睿科技深耕3C、锂电、光伏、汽车等领域，2025年将拓展新兴行业线、投入海外增量市场。 世诚投资成立于2007年，实缴注册资本3000万元，基金业协会普通会员，具备"3+3"投顾资格，是第一批在基金业协会备案登记的私募证券基金管 理人。公司专注权益投资，坚守"高质量成长"的投资理念；旗下产品兼顾收益和风险，风格高度一 ...

国信证券股份有限公司 （二）保荐机构及保荐代表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"）对保荐总结报告书相关事项进行的任何质询和调查。 （三）保荐机构及保荐代表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。 | 项目 | 内容 | | --- | --- | | 保荐机构名称 | 国信证券股份有限公司 | | 注册地址 | 深圳市红岭中路 号国信证券大厦 层 1012 16-26 | | 主要办公地址 | 深圳市福田区福华一路 号国信金融大厦 125 | | 法定代表人 | 张纳沙 | | 保荐代表人 | 楼瑜、孙宇 | 二、保荐机构的基本情况 1 关于浙江大华技术股份有限公司 向特定对象发行股票持续督导保荐总结报告书 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为浙江 大华技术股份有限公司（以下简称"大华股份"或"公司"）向特定对象发行股 票并上市的保荐机构，持续督导期限截至 2024 年 12 月 31 日。目前，持续督导 期限已届满。国信证券根据《证券发行上市保荐业务管理办法》《深圳证券交易 所股票上市规则》《深圳证券交易所上市公司 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [4][19]. Core Insights - The company reported a slight decline in revenue for 2024, with total revenue of 32.181 billion yuan, down 0.12% year-on-year. The net profit attributable to the parent company was 2.906 billion yuan, a significant drop of 60.53% year-on-year [1][3]. - The decline in profit is attributed to the sale of equity in Zero Run Technology, a decrease in gross margin, and increased R&D expenses. The gross margin for 2024 was 38.84%, down 2.80 percentage points year-on-year [8]. - The company’s innovative business segment achieved revenue of 5.566 billion yuan, growing by 13.44% year-on-year, reflecting a focus on diversifying customer needs and exploring emerging businesses [8]. - The strategic focus on AIoT and smart platforms is expected to support urban digital innovation and enterprise digital transformation, integrating AI, big data, and IoT technologies [8]. - The revenue forecast for 2025-2027 is adjusted to 34.514 billion yuan, 36.974 billion yuan, and 39.595 billion yuan, with corresponding growth rates of 7.3%, 7.1%, and 7.1% respectively [8]. Financial Summary - For 2024, the company’s total revenue is projected at 32.181 billion yuan, with a net profit of 2.906 billion yuan and an EPS of 0.88 yuan. The P/E ratio is estimated at 19 times [3][9]. - The company’s total assets are expected to grow from 52.736 billion yuan in 2024 to 61.030 billion yuan by 2027, with a debt-to-equity ratio of 4.8% in 2024 [9]. - The gross margin is projected to improve slightly to 39.6% in 2025, with net profit margins increasing to 9.8% by 2025 [9].

2025 年 03 月 30 日 大华股份 (002236) ——现金流创历史新高，国内需求仍然承压 上 市 公 司 计算机 洪依真 A0230519060003 hongyz@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 联系人 洪依真 (8621)23297818× hongyz@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 03 月 28 日 | | --- | --- | | 收盘价（元） | 17.06 | | 一年内最高/最低（元） | 20.50/12.95 | | 市净率 | 1.6 | | 股息率%（分红/股价） | 3.32 | | 流通 A 股市值（百万元） | 35,957 | | 上证指数/深证成指 | 3,351.31/10,607.33 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） ...

事件：2025/3/28 晚，公司发布2024 年年报，实现收入321.81 亿元，同比减少0.12%；实现扣非后归母 净利润23.47 亿元，同比下滑-20.74%。 To B、To G 业务承压，宏观经济因素为公司经营带来扰动。2024 年，公司to G 业务同比下滑 约-6.37%，to B 业务同比下滑-4.15%，整个境内业务板块由于宏观经济的因素，出现了一定暂时性的波 动。 毛利率阶段性承压，展望未来有望在扰动中企稳。2024 年，公司毛利率达到38.84%，相比2023 年降低 了2.8 个pct，体现出公司经营环境的整体不确定性与竞争加剧。展望未来，伴随着宏观环境趋于稳定， 公司竞争壁垒有望逐步突出，使得公司毛利率在扰动中逐渐企稳。 面向未来前瞻产业新动向，重点布局AI 智能物联。大模型的出现深刻重塑了人工智能的发展路径，带 动多模态、RAG、Agent 等技术快速演进，大幅拓展了人工智能的应用边界，为各行业的智能化进程发 展打开了难得的窗口期。智慧物联行业以千行百业客户业务需求为牵引，能够充分发挥专业算法沉淀和 场景应用的经验积累，实现以人工智能为代表的先进技术在各应用领域的有效落地，行业护 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Views - The company reported a stable revenue of 32.181 billion yuan in 2024, a slight decrease of 0.12% year-on-year, with a net profit attributable to the parent company of 2.347 billion yuan, down 20.74% year-on-year [1] - The company's To G and To B businesses faced pressure due to macroeconomic factors, with To G business declining approximately 6.37% and To B business down 4.15% year-on-year in 2024 [1] - The overseas business provided a stable growth driver, with a year-on-year increase of 6.3% in 2024, supported by strong demand from emerging economies and the acceleration of Chinese enterprises going global [1] - The gross profit margin was under pressure, reaching 38.84% in 2024, a decrease of 2.8 percentage points compared to 2023, reflecting overall uncertainty in the operating environment and intensified competition [1] - The company is strategically positioning itself in the AI smart IoT sector, leveraging advancements in AI technologies to enhance its competitive edge and capitalize on emerging industry trends [2] Financial Summary - In 2024, the company achieved a revenue of 32.181 billion yuan, with projected revenues of 33.641 billion yuan, 36.367 billion yuan, and 39.791 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 4.5%, 8.1%, and 9.4% year-on-year [3][8] - The net profit attributable to the parent company is expected to recover to 3.113 billion yuan in 2025, with further increases to 3.406 billion yuan in 2026 and 3.761 billion yuan in 2027, reflecting growth rates of 7.1%, 9.4%, and 10.4% respectively [3][8] - The latest diluted EPS is projected to be 0.94 yuan in 2025, increasing to 1.03 yuan in 2026 and 1.14 yuan in 2027 [3][8] - The company’s P/E ratio is expected to decrease from 19.4 in 2024 to 15.0 by 2027, indicating a more attractive valuation over time [3][8]