国泰海通晨报 2026 年 03 月 24 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 技术积淀深厚。数据中心产品高速增长，CW 激光器芯片受到广泛认可。 2、【固定收益研究】：三条新线索：固收+基金的边际变化、权益主线切换与宽松预期扰动 3、【农林牧渔研究】农业：养殖：猪价降而成本升，三月观察产能去化进度。种植：国际区域冲 突局势，继续看好农产品上涨趋势。宠物: 汇率因素影响短期出口表现，看好国内市场增长 4、【汽车研究】汽车：近一周，申万汽车指数下跌 4%，新能源整车指数下跌 3%，汽车零部件指 数下跌 6%，商用车指数下跌 4%。往复式燃气发电机组作为 AIDC 主电源快速发展。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 余伟民(分析师) 010-50949926 yuweimin@gtht.com S0880525040028 王彦龙(分析师) 010-83939775 wangyanlo ...

股票研究 /[Table_Date] 2026.03.23 光学组件将成为公司第二增长曲线 君逸数码(301172) 首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | 本报告导读： 通过增资并购进入光学领域；智慧城市系统集成业务目前是公司收入的核心贡献者 并开辟光学组件第二增长曲线；光学组件覆盖电子、汽车和光通信领域。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | ...

股票研究 /[Table_Date] 2026.03.23 光学组件将成为公司第二增长曲线 君逸数码(301172) 首次覆盖 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 杨蒙(分析师) | 021-23185700 | yangmeng@gtht.com | S0880525040072 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | 本报告导读： 通过增资并购进入光学领域；智慧城市系统集成业务目前是公司收入的核心贡献者 并开辟光学组件第二增长曲线；光学组件覆盖电子、汽车和光通信领域。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | ...

Group 1: Company Overview - Sichuan Junyi Digital Technology Co., Ltd. is focused on data processing and artificial intelligence through its subsidiary, Haitan Shulian [2] - The company emphasizes technology innovation driven by business scenarios, with ongoing research and development investments [3] Group 2: Core Competencies - The company's core competitive advantages include: - Full lifecycle service capability, recognized for high-standard delivery in complex scenarios [3] - Technical autonomy with multiple core intellectual properties in big data and cloud computing [3] - Industry depth with significant advantages in niche markets like underground pipelines and water conservancy [3] Group 3: Production Expansion - Guangdong Guanghong Precision Technology Co., Ltd. is expanding production to optimize the supply chain, with the first phase progressing as planned [3] - The expansion is expected to alleviate order delivery pressure and enhance market share in precision manufacturing [3] Group 4: Future Investments - The company is closely monitoring opportunities in the optical communication sector and will evaluate investments in optical modules or chips based on market demand [4] - Any major investment decisions will follow necessary procedures and be disclosed in a timely manner [4] Group 5: Risk Management - The company advises investors to refer to official announcements for accurate business information and to be aware of investment risks [4]

| | 特定对象调研 □分析师会议 ☑ | | --- | --- | | 投资者关系活 | □媒体采访 □业绩说明会 | | 动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | | 国泰海通证券股份有限公司：杨林、宋亮、钟明翰 | | 参与单位名称 | 中国银河证券股份有限公司：赵良毕、王思宬、洪烨、赵中兴、 | | | 刘璐、冯雨琪 | | 及人员姓名 | 中信建投证券股份有限公司：阎贵成、曹添雨 | | 会议时间 | 年 月 日-2026 年 月 日 2026 2 28 3 5 | | 会议地点 | 公司 13 楼会议室 | | 形式 | 线上调研 | | 上市公司接待 | 董事、董事会秘书、副总经理：张志锐 | | 人员姓名 | 证券事务代表：王丽梅 | | | 一、公司情况简介 | | | 二、与投资者沟通和交流的主要问题： | | 投资者关系活 | 1.公司在智慧管廊领域的核心竞争力及技术壁垒主要体现在哪 | | 动主要内容介 | 里？ | | 绍 | 答：公司在智慧管廊领域拥有深厚的技术积淀与项目经验。 | | | 技术上，公司自主 ...

Group 1 - The 2026 CCTV Spring Festival Gala featured various robot manufacturers, indicating a growing interest in the robotics industry as a potential investment opportunity [1] - Companies like ChipLink Integration and Summer Precision are actively investing in and collaborating with key players in the robotics sector, such as Magic Atom [2][3] - The establishment of joint ventures, like Tianqi Galaxy, aims to advance the application of embodied intelligent robots in industrial manufacturing, particularly in automotive and new energy sectors [3] Group 2 - Many companies, including Macro Chang Technology and Junyi Digital, are exploring partnerships and investments in the robotics field, although they acknowledge that their current business contributions are minimal [7][8] - The robotics industry is still in its exploratory phase, with many companies reporting that their related business segments are not yet generating significant revenue [8][9] - The overall market for robotics is expected to grow, but companies express caution regarding the pace of market development and the potential for increased orders [7][8]

格隆汇2月24日丨君逸数码(301172.SZ)在投资者互动平台表示，公司目前无机器狗太空采矿相关业务布 局，也未开展该领域相关项目。公司机器人相关研发聚焦智慧管廊等智慧城市场景，如管廊巡检机器人 主要用于地下综合管廊的运行监测与风险识别。 ...

格隆汇2月24日丨君逸数码(301172.SZ)在投资者互动平台表示，公司目前无机器狗太空采矿相关业务布 局，也未开展该领域相关项目。公司机器人相关研发聚焦智慧管廊等智慧城市场景，如管廊巡检机器人 主要用于地下综合管廊的运行监测与风险识别。 ...

Summary of Key Points from the Conference Call Industry Focus - The conference call primarily discusses the domestic AI industry and its overseas expansion potential Core Insights and Arguments - **Domestic Computing Power**: Companies such as H and Haiguang Information are highlighted, with a focus on Huazheng New Materials and Hesheng New Materials. IDC mentions Jinkai New Energy as a key player in this sector [1] - **Storage Sector**: Key companies include Yake Technology, Dike Co., and Kaipu Cloud, with specific mention of SanDisk and Micron's product 7709 [2] - **Application Development**: Companies such as Yuke Technology, Capital Online, Qingyun Technology, Zhongkong Technology, Hehe Information, Zhenai Meijia, and Decai Co. are noted for their promising applications in AI [3] - **Upstream Supply**: Mentioned companies include Honghe Technology, Dongcai Technology, and Yanjing Co. as significant contributors to the upstream supply chain [4] - **Liquid Cooling Technology**: Companies like Feilong Co., Huaguang New Materials, and Jiangnan New Materials are recognized for their advancements in liquid cooling solutions [5] - **Optical Communication Systems (OCS)**: Junyi Digital is noted for its role in the upstream lens array for OCS [6] Additional Important Content - The overall sentiment remains strongly positive regarding the domestic AI sector and its potential for international expansion, indicating a robust outlook for the companies mentioned [1][2][3][4][5][6]

Group 1 - The 2026 CCTV Spring Festival Gala featured several robot manufacturers, showcasing the growing integration of robotics into mainstream entertainment and signaling potential investment opportunities in the embodied intelligence industry [1] - Companies like Magic Atom, Galaxy General, Yushu Technology, and Songyan Power are part of a collaborative ecosystem, with some firms investing in key players while others act as core suppliers or strategic partners [1] - Despite optimistic expectations, many companies identified as "concept stocks" reported that their robotics-related businesses are still in the market development phase, contributing minimally to current performance [1] Group 2 - ChipLink Integrated (688469.SH) has a strategic partnership with Magic Atom and is involved in the production of laser radar components for robotics, with mass production expected in Q1 2026 [2] - Xiaxia Precision (001306.SZ) has identified Magic Atom as a potential client and has developed precision gears and reducers for humanoid robots, with some products already supplied to well-known robotics companies [2] - Tianqi Co., Ltd. (002009.SZ) established a joint venture with Galaxy General to advance the application of embodied intelligence robots in industrial manufacturing, with both companies holding a 50% stake [3] Group 3 - Junyi Digital (301172.SZ) has formed a dual relationship with Galaxy General through equity investment and a partnership agreement to promote robotics in specific vertical industries [3] - Shoucheng Holdings (00697.HK) is a significant investor in Songyan Power and has supported multiple rounds of financing, focusing on the robotics sector [3] - Shengshi Technology (002990.SZ) signed a strategic cooperation agreement with Songyan Power to create a collaborative system across the entire value chain of research, production, and market [4] Group 4 - Companies like Weilan Lithium (002245.SZ) and Nasda (002180.SZ) have established supply relationships with Yushu Technology, contributing to the production of lithium batteries and other components [4][5] - The 2025 Spring Festival Gala showcased humanoid robots, leading to a surge in the robotics industry, but the sustainability of this growth remains uncertain [6] - Companies such as Hongchang Technology (301008.SZ) and Xiaxia Precision have expressed cautious optimism regarding market growth, noting that many clients are still in the sample and small-batch order stages [7] Group 5 - Green Harmonic (688017.SH) reported significant growth in its precision transmission device business, indicating a shift from research to small-scale production in the robotics sector [8] - Liard (300296.SZ) is involved in the embodied intelligence business, providing services to leading robotics manufacturers, although this segment currently represents a small portion of its overall revenue [8] - Meihu Co., Ltd. (603319.SH) is expanding into the embodied intelligence sector while maintaining its traditional automotive parts business, with new projects underway for major robotics clients [8]