内容概况：会议平板作为一种集会议功能和平板电脑功能于一体的设备，近年来呈现出了强劲的市场增 长势头。会议平板不仅能够提供会议所需的演示、展示和互动功能，还能够像普通平板电脑一样满足用 户的个人娱乐和办公需求。这种多功能性使得会议平板变得越来越受欢迎，并且在不同行业和领域得到 广泛应用。近年来，随着科技的不断迭代和进步，会议平板在性能上得到明显提升。高分辨率、高处理 器、大内存等硬件配置使得会议平板能够运行更复杂的应用和任务，为用户提供更加流畅和高效的会议 体验。在此背景下，企事业单位和政府机构对高效协作、智慧办公的需求不断释放，推动会议平板等智 能会议解决方案市场日益成熟。数据显示，2024年中国会议平板行业市场规模约为186.45亿元。未来， 随着会议平板功能和性能的不断提升，以及不同行业对会议平板的需求增加，会议平板市场前景十分广 阔。 相关上市企业：视源股份（002841）、海信视像（600060）、海康威视（002415）、鸿合科技 （002955）、京东方A（000725）、中芯国际（688981）、纳芯微（688052）、韦尔股份（603501）、 TCL科技（000100）、华映科技（00053 ...

Investment Rating - The report maintains a "Buy" rating for Hikvision Technology Co., Ltd. (002415.SZ) with a target price of 28.18 CNY per share [7]. Core Views - The company's revenue for 2024 reached 92.496 billion CNY, a year-on-year increase of 3.53%, while the net profit attributable to shareholders decreased by 15.10% to 11.977 billion CNY. The innovative business segments are growing rapidly, contributing significantly to overall performance [2][4]. - In Q1 2025, the company reported a revenue of 18.532 billion CNY, up 4.01% year-on-year, and a net profit of 2.039 billion CNY, an increase of 6.41% [2]. - The innovative business accounted for 24.31% of total revenue, with Hikrobot, Ezviz, and Hikvision Micro Imaging leading in their respective fields [4]. Summary by Sections Financial Performance - In 2024, total revenue was 92.496 billion CNY, with a 3.53% increase year-on-year. The net profit attributable to shareholders was 11.977 billion CNY, down 15.10% [2]. - For Q1 2025, revenue was 18.532 billion CNY, reflecting a 4.01% increase, while net profit was 2.039 billion CNY, up 6.41% [2]. Business Segments - The Public Service Business Group (PBG) generated 13.467 billion CNY, a decrease of 12.29%, while the Enterprise Business Group (EBG) achieved 17.651 billion CNY, down 1.09%. The overseas business grew by 8.39% to 25.989 billion CNY [3]. - The innovative business segments, including Hikrobot and Ezviz, are becoming key growth drivers, with Hikrobot focusing on industrial IoT and smart logistics [4]. Profitability Forecast - The company forecasts revenues of 98.696 billion CNY, 106.732 billion CNY, and 115.307 billion CNY for 2025, 2026, and 2027, respectively. The net profit is expected to be 13.133 billion CNY, 14.601 billion CNY, and 16.222 billion CNY for the same years [5][8]. - The earnings per share (EPS) is projected to be 1.42 CNY, 1.58 CNY, and 1.76 CNY for 2025, 2026, and 2027, with corresponding price-to-earnings (P/E) ratios of 19.81, 17.82, and 16.04 [5][8].

Investment Rating - The investment rating for Hangzhou Hikvision Digital Technology is Neutral, with a target price adjusted to Rmb30 from Rmb33, reflecting a 5.7% expected return [4][21][22]. Core Insights - The company reported 4Q24 results that were in line with preliminary results, with a revenue decrease of 2% YoY to Rmb27.5 billion and a net profit decline of 26% YoY to Rmb3.9 billion [2][10]. - For 1Q25, revenue increased by 4% YoY to Rmb18.5 billion, although it was below expectations [1][11]. - Management plans to focus on higher-margin businesses and maintain strict control over operating expenses [8][21]. - There is an expectation of muted recovery in domestic business for FY25, while overseas and innovative business segments are anticipated to grow stronger [8][21]. Summary by Sections Financial Performance - 4Q24 revenue was Rmb27.5 billion, down 2% YoY, with a gross margin of 41%, down 1.9 percentage points YoY [2][10]. - 1Q25 revenue rose to Rmb18.5 billion, with a gross margin of 43.9%, down 0.8 percentage points [1][11]. - FY24 revenue for the PBG segment decreased by 12% YoY, while the innovation business grew by 21.2% YoY to Rmb22.5 billion [2][10]. Earnings Estimates - FY25-26 earnings estimates have been cut by 11-16% due to lower revenue and margin assumptions [9][13]. - The new revenue estimate for FY25 is Rmb98.986 billion, down 3.2% from the previous estimate [13][14]. Market Position and Strategy - Hikvision is the world's largest supplier of video surveillance products, focusing on innovation and expanding its overseas business [20][21]. - The company has ceased shipments to the US, which previously accounted for about 3-4% of sales, with limited expected impact on overall business [8][21]. Valuation Metrics - The target price of Rmb30 is based on a 20.2x NTM PE, which aligns with the company's 10-year historical average [4][22]. - Current market capitalization is Rmb261.946 billion [4].

计算机周报 20250426 计算机行业 2025Q1 持仓分析：机构持仓处历史底部， 集中度进一步提升 2025 年 04 月 26 日 ⚫ 市场回顾 本周（4.21-4.25）沪深 300 指数上涨 0.38%，中小板指数上涨 2.13%，创业板 指数上涨 1.74%，计算机（中信）板块上涨 0.8%。板块个股涨幅前五名分别 为：新晨科技、金桥信息、汇金股份、优博讯、朗新科技；跌幅前五名分别 为：国联股份、东方通、淳中科技、龙宇燃油、汇金科技。 ⚫ 行业要闻 ⚫ 公司动态 ➢ 平治信息：4 月 21 日消息，公司拟中标陕西电信 GPU 算力建设项目，含 税金额约为 2.46 亿元。项目内容为直接采购 AI 算力服务 1000 套，双方已进入 合同签署环节，最终合同金额或份额存在不确定性。 ➢ 世纪鼎利：4 月 21 日消息，公司完成董事、监事改选及高级管理人员变 更。原财务总监何旋、副总经理王敏等因工作变动离任，新聘孙景权为副总经 理兼财务总监、徐巧红为副总经理。本次变动与公司实际控制人变更相关。 ⚫ 本周观点 ➢ 计算机持仓比重有所回落。通过对基金前十大重仓股进行估算，2025 年 Q1 计算机板块（同 ...

Investment Rating - The report maintains a positive outlook on the computer industry, particularly focusing on AI applications and the Agent sector as key investment themes for 2025 [3][28]. Core Insights - The report highlights significant updates in the ByteDance AI ecosystem, including the launch of the upgraded Doubao platform, which emphasizes AI Agent and MCP (Multi-Cloud Platform) capabilities [3][5]. - In Q1 2025, public fund allocation in the computer industry increased to 3.1%, up by 0.3 percentage points from the previous quarter, indicating a growing interest in AI applications and related technologies [28][30]. - Key companies such as Kingsoft Office, Dameng Data, and iFlytek are noted for their strong performance and advancements in AI technologies, with Kingsoft Office reporting a 6% year-on-year revenue growth in Q1 2025 [45][48]. Summary by Sections ByteDance AI Updates - ByteDance has restructured its AI department to enhance large model research, emphasizing an end-to-end strategy and integrating various business lines [6][11]. - The Doubao platform has been significantly upgraded, featuring a MoE architecture that reduces GPU consumption and enhances multi-modal capabilities [3][19]. - The introduction of the Coze Space platform aims to automate complex tasks and integrate with the MCP ecosystem, showcasing advancements in AI Agent capabilities [26][27]. Q1 2025 Computer Industry Analysis - The computer industry saw a 3.1% allocation in public funds, ranking 11th among 30 sectors, with a configuration coefficient of 0.67, indicating a stable investment environment [28][30]. - The top ten holdings in the computer sector remained relatively stable, with Hikvision leading at a market value of 3.64 billion yuan, while new entries included Yonyou Network and Glodon [31][32]. - The report identifies significant increases in holdings related to AI applications, particularly in IDC and EDA sectors, reflecting a strategic shift towards AI-driven investments [36][37]. Key Company Updates - Kingsoft Office reported a steady performance with a revenue of 1.3 billion yuan in Q1 2025, driven by strong growth in personal business and overseas expansion [45][46]. - Dameng Data exceeded expectations with a 55.6% year-on-year revenue growth in Q1 2025, attributed to accelerated procurement in the Xinchuang (信创) sector [48][49]. - iFlytek continues to lead in AI model upgrades, maintaining a competitive edge in the market with ongoing advancements in its large model capabilities [3][45].

| About Hikvision | 02 | | --- | --- | | Message from the Management | 03 | ESG Management | ESG Philosophy | 05 | | --- | --- | | ESG Governance Framework | 06 | | Identification of Material Topics | 07 | | Risk Management | 10 | | Stakeholder Communication | 11 | | Honors and Awards | 12 | ESG Spotlight Tech for Good | Tech for Homeland | 15 | | --- | --- | | Tech for Environment | 17 | | Tech for Industry | 20 | | Tech for Community | 24 | | Tech for Culture | 27 | | Appendix 1: Key Performance | 110 | | ...

华夏时报（www.chinatimes.net.cn）记者 谢碧鹭 帅可聪 北京报道 目前正处于2024年年报及2025年一季报披露的关键节点，一场关于投资布局的深度探寻在A股市场悄然展开。众 多机构投资者马不停蹄地奔赴上市公司，展开密集调研行动，试图透过财报数据与企业交流。Wind数据显示，截 至4月25日午间，4月以来有995家上市公司接受了机构的拜访。 这场调研热潮中，有66家上市公司吸引了超百家（含）机构的关注，13家公司更是受到超200家（含）机构的青 睐。立讯精密、海康威视、安克创新等公司位居调研热度榜前列，分别收获500家、273家、262家机构的密集调 研。这些公司来自不同行业，却都承载着机构投资者对未来市场走向的诸多猜想。 机构投资者紧锣密鼓开展调研 上市公司展开密集调研，紧锣密鼓地规划投资方向与重点。Wind数据显示，截至4月25日午间，4月以来近千家家 上市公司接受了机构调研。 其中，有66家上市公司吸引了超百家（含）机构的关注，有13家公司被超200家（含）公司调研。排名前三的分别 是立讯精密、海康威视和安克创新，4月以来分别被500家、273家和262家机构调研。紧跟其后的是金盘科技 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 39.96 CNY per share [5][11]. Core Insights - The company faced performance pressure in 2024 but has shown signs of recovery in Q1 2025. The overseas and innovation businesses have become significant growth pillars, and the future development is promising, especially with the emphasis on AI [2][11]. - In 2024, the company achieved a revenue of 92.5 billion CNY, a year-on-year increase of 3.5%, while the net profit attributable to the parent company was 11.98 billion CNY, a decrease of 15.1%. However, in Q1 2025, revenue reached 18.53 billion CNY, up 4.01%, and net profit was 2.04 billion CNY, up 6.41% [11]. - The combined revenue from overseas and innovation businesses exceeded 50% of total revenue for the first time in 2024, indicating a shift in the company's growth strategy [11]. Financial Summary - The company’s projected financials show a steady increase in revenue from 89.34 billion CNY in 2023 to 117.62 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 10.3% [4][12]. - Net profit is expected to recover from 11.98 billion CNY in 2024 to 17.39 billion CNY by 2027, reflecting a significant growth trajectory [4][12]. - The earnings per share (EPS) is projected to increase from 1.30 CNY in 2024 to 1.88 CNY in 2027, with a price-to-earnings (P/E) ratio of 28 times for 2025 [11][12]. Business Performance - The company's main business segments, including PBG, EBG, and SMBG, experienced revenue declines in 2024, but the overseas and innovation segments showed strong growth, with overseas revenue at 25.99 billion CNY, up 8.39%, and innovation revenue at 22.48 billion CNY, up 21.19% [11]. - The AI initiatives are expected to enhance the company's capabilities, with advancements in multi-modal algorithms and applications in various sectors such as traffic congestion diagnosis and supply chain optimization [11].

Core Viewpoint - Hikvision collaborates with Zhenjiang Jin Gang Port Company to enhance the efficiency of belt conveyor inspections through large model and IoT perception technologies, significantly improving inspection efficiency and reducing safety risks for personnel and equipment [1] Group 1: Technology Implementation - The application of visual large models has improved target detection rates and reduced false alarm rates, enhancing intelligent recognition capabilities [2] - A self-cleaning camera installed above the belt can observe the belt's operation clearly in dusty environments, while an AI algorithm analyzes the belt's deviation status and provides timely warnings to prevent equipment damage, potentially saving over 300,000 yuan annually in cleaning costs due to deviations [2] - The drop accumulation detection model identifies when material accumulates to a certain level and sends alerts for timely cleaning, preventing disruptions to the belt's operation [2] Group 2: Smart Port Platform - Hikvision has developed a smart port platform for Zhenjiang Jin Gang Port Company, creating a dynamic digital twin of the port that integrates data from various sources into existing business processes [3] - The platform utilizes three-dimensional scene technology to replicate physical elements of the port, providing robust support for efficient management and decision-making [3] - The platform also incorporates DeepSeek, which uses natural language processing capabilities to facilitate interactions through simple text commands, acting as an "intelligent assistant" for management tasks [3] Group 3: Operational Efficiency - The project signifies a shift from on-site operations to centralized control, improving the working environment for personnel and reducing operational costs for the company [3] - This new operational model is expected to inject new intelligent momentum into the company's high-quality development [3]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 43.92 CNY based on a 24x PE valuation for 2026 [2][5][11]. Core Insights - The company has shown stability in its business operations in Q1, with a focus on expanding application scenarios for large models [1]. - Revenue for 2024 is projected to grow by 4% to 92.5 billion CNY, while net profit is expected to decline by 15% to 12 billion CNY [10]. - The innovative business segment has seen significant growth, with a 21% increase in revenue to 22.5 billion CNY, accounting for 24% of total revenue [10]. Financial Forecasts - Earnings per share (EPS) are forecasted to be 1.57 CNY, 1.83 CNY, and 2.12 CNY for the years 2025 to 2027, respectively [2][11]. - The company’s revenue is expected to reach 130.4 billion CNY by 2027, with a consistent growth rate of 12% from 2025 to 2027 [4][10]. - The gross margin is projected to stabilize around 44% over the forecast period [4][10]. Performance Metrics - The company’s operating profit for 2025 is estimated at 17.2 billion CNY, reflecting a 20% year-on-year growth [4][10]. - The net profit margin is expected to improve slightly to 15% by 2027 [4][10]. - The return on equity (ROE) is projected to increase to 18.4% by 2027 [4][10].