证券研究报告 | 行业动态点评 2025 年 03 月 13 日 通信 禾赛激光雷达全年出货量大幅增长，车载、机器人激光雷达市场景 气度高增 事件：3 月 11 日，据禾赛科技官方公众号，公司公布了 2024 年第四季度以 及全年未经审计的财务数据，收入创历史新高，成为全球首家且唯一实现全 年盈利的上市激光雷达企业，展现我国在激光雷达领域的领先能力。 禾赛科技全年业绩实现强劲增长，2025 年交货量有望飙升 2倍以上。2024 年，据禾赛科技官方公众号，公司以强劲的财务表现和市场表现，收入创历 史新高，稳居行业榜首，年度交付量连续 4 年翻倍，成为全球首家且唯一实 现全年盈利的上市激光雷达企业，也是全球首家全年经营和净现金流为正的 上市激光雷达企业。公司在 2024 年实现全年营收 20.8 亿元，其中第四季度 营收 7.2 亿元。全年激光雷达总交付量为 501,889 台，同比增长 126.0%；其 中第四季度交付量达 222,054 台，同比大幅增长 153.1%。公司在 Q4 斩获至 今为止海外前装量产激光雷达领域规模最大的订单，与一家欧洲顶级主机厂 达成了多年独家定点合作，覆盖其燃油车和新能源汽车的多 ...

证券研究报告|投资策略研究*专题报告 2025 年 03 月 13 日 投资策略研究 中美对弈升级,聚焦贸易和科技 事件:年初至今特朗普宣布对中国商品征收两轮 10%的关税,中国迅速从关 税、出口管制、法律诉讼等方面进行反击。中美对弈升级,或从贸易摩擦扩 散至科技竞争。 贸易摩擦:风险犹在但可控。特朗普开启贸易摩擦的目的,提升美国内部供 应链安全,预防未来地缘突变导致的极端尾部风险。第二任期,特朗普政府 "制造业回流"的战略地位进一步提升,执行层面或加码,态度坚决,通过 维持各进口国的高关税或吸纳千亿级别的对美投资,构建美国制造业体系。 美对华关税或存在进一步提升空间,但考虑到对内减税和对外关税的关联度, 作者 分析师 汪毅 执业证书编号:S1070512120003 邮箱:yiw@cgws.com 分析师 简宇涵 执业证书编号:S1070524080001 邮箱:jianyuhan@cgws.com 相关研究 1、《政策支持+行业突破 -- 周度策略行业配置观点》 空间有限。 贸易摩擦:综合分析下,在高关税下,消费电子、轻工制造(家具、玩具) 受影响程度较大,而工程机械、白色家电受影响程度相对较小。如何分析 ...

Investment Rating - The industry rating is "Outperform the Market" with expectations for the overall industry performance to surpass the market in the next six months [17]. Core Insights - The "Weight Management Year" initiative aims to promote healthy eating habits and increase awareness of weight management among the population, with a focus on functional foods [1]. - Functional foods related to weight management include meal replacements, general functional foods, and health supplements, utilizing ingredients like nutrients, plant extracts, and compounds such as L-carnitine [2]. - The report highlights the role of probiotics in weight management by improving gut health and metabolism, recommending companies like Keta Bio [3]. - Oats and dairy products are emphasized as advantageous meal replacements due to their nutritional benefits and health claims [4]. - The concept of "food and medicine homology" is explored, with traditional Chinese medicine ingredients being integrated into food products to meet health and dietary needs [5]. - The report suggests that the promotion of healthy eating concepts will directly benefit functional food sectors, with a particular emphasis on the role of traditional Chinese medicine in dietary adjustments [5]. Summary by Sections - **Functional Foods**: The report identifies meal replacements, functional foods, and health supplements as key categories, with specific ingredients highlighted for their benefits in weight management [2]. - **Probiotics**: Probiotics are noted for their positive impact on gut health and fat metabolism, with specific strains recommended for their effectiveness [3]. - **Meal Replacements**: Oats and dairy products are recognized for their health benefits and suitability as meal replacements, with specific companies recommended for investment [4]. - **Traditional Chinese Medicine**: The integration of traditional Chinese medicine into food products is discussed, highlighting its dual value in nutrition and health [5]. - **Investment Recommendations**: The report recommends focusing on companies in the health food sector, including Keta Bio, Yili, New Dairy, and traditional medicine companies like Tongrentang [8].

Investment Rating - The automotive sector is rated as "Overweight" with a recommendation to increase holdings in specific stocks [1][48]. Core Insights - The automotive sector experienced a 3.08% increase from March 3 to March 7, 2025, outperforming the CSI 300 index by 1.69 percentage points [9][37]. - The passenger vehicle retail sales in February are expected to reach 1.4 million units, reflecting a year-on-year growth of 26% but a month-on-month decline of 22% [6][39]. - The release of Geely's "Qianli Haohan" intelligent driving system marks a significant advancement in high-level autonomous driving technology [3][39]. Summary by Sections Market Performance - The automotive sector's performance includes a 0.68% increase in the passenger vehicle segment, a 1.42% increase in the commercial vehicle segment, and a 2.67% increase in the truck segment, while the bus segment saw a decline of 0.89% [9][37]. - The automotive parts sector rose by 5%, and the automotive services sector increased by 2.21%, both outperforming the CSI 300 index [9][37]. Valuation Levels - As of March 3, 2025, the automotive industry's PE-TTM stands at 28.92, up by 0.81 from the previous week [10][38]. - The valuations for sub-sectors are as follows: passenger vehicles at 31.53, commercial vehicles at 37.02, and parts at 25.96 [10][38]. New Developments - Geely's "Qianli Haohan" system includes features like high-speed NOA and automatic parking, with plans for a large-scale rollout in March 2025 [3][39]. - In February, the wholesale of passenger vehicles reached 1.781 million units, a 35% year-on-year increase [6][39]. Raw Material Prices - As of March 7, 2025, the prices for key raw materials are as follows: aluminum index at 20,847.07, copper index at 78,223.6, rebar index at 3,266.92, and rubber index at 17,431.15, with respective weekly changes of 0.93%, 1.8%, -2.2%, and -1.8% [19][38].

Group 1: Market Overview - The A-share market experienced a broad-based rally led by technology, with the Shanghai Composite Index rising by 1.55%, the Sci-Tech 50 up by 2.67%, the Shenzhen Component increasing by 2.19%, and the ChiNext Index gaining 1.61% during the week [1][9] - Daily trading volume reached a new high of 1.70 trillion yuan, indicating strong market activity concentrated in high-growth sectors such as AI, smart driving, and robotics [1][9] Group 2: Technology Sector Insights - The technology sector is driven by dual forces of AI computing power and data elements, with storage chips entering a price increase cycle, benefiting companies like Jiangbolong, which is positioned as a leader in the storage industry [2][21][22] - The connector market is also poised for growth, with companies like Hongrida benefiting from the demand for AIoT upgrades and increased orders from smart terminals [3][24] Group 3: High-end Manufacturing - The smart driving industry in China is rapidly developing, supported by policy initiatives and technological advancements, with expectations that by 2025, the penetration rate of high-level autonomous vehicles will exceed 70% [4][25] - The industry is witnessing a shift towards domestic chip production and the formation of a cloud-integrated ecosystem, with companies like BYD pushing advanced smart driving technology to more affordable models [4][25] Group 4: Mechanical and Industrial Automation - Increased infrastructure investment and domestic demand recovery are driving growth in the mechanical and industrial automation sectors, with a focus on intelligent and electric technologies reshaping the industry landscape [6][26] Group 5: Innovative Pharmaceuticals - The innovative drug sector is highlighted for its investment value, with Chinese pharmaceutical companies leveraging low-cost production and efficient R&D to enhance their global market share [7][27] - The sector is experiencing a shift towards original drug development, supported by policy reforms that accelerate the growth of biotech companies [7][27]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][20]. Core Insights - The company achieved a revenue of 2.58 billion yuan in 2024, representing a year-on-year growth of 32.81%, and a net profit of 505 million yuan, with a growth rate of 31.79% [2][3]. - The company continues to show strong performance in its core products, with all three major products achieving over 15% growth in sales [2]. - The company has a high dividend payout ratio of 98.58%, reflecting management's confidence in future growth [9]. Financial Performance Summary - Revenue projections for 2024-2026 are 25.8 billion yuan, 33.85 billion yuan, and 42.73 billion yuan, with respective year-on-year growth rates of 33%, 31%, and 26% [9]. - Net profit projections for the same period are 5.05 billion yuan, 6.7 billion yuan, and 8.68 billion yuan, with year-on-year growth rates of 32%, 33%, and 30% [9]. - The company’s return on equity (ROE) is expected to increase from 14.1% in 2023 to 22.6% in 2026 [11]. Product Performance Summary - The company’s core product, Wuling Capsule, has a significant market presence, with 6 provinces yet to implement centralized procurement, indicating potential for continued growth [3]. - The sales of the Lingze Tablets and the Bailing Tablets are expected to recover post-2024 due to improved pricing strategies and market conditions [3]. - The Chinese herbal medicine series has seen a substantial revenue increase of 45.82% due to the popularity of Wumei Soup [2]. Market Strategy Summary - The company is focusing on both hospital and online markets, leveraging its core products' status as national essential medicines to enhance market penetration [4]. - A dual-channel strategy is being employed, combining offline pharmacy networks with online platforms to create a comprehensive consumer engagement model [4].

Core Insights - The report highlights the launch of Manus, a universal AI assistant that emphasizes action over mere thought, showcasing its capabilities in tasks such as resume screening, property selection, and stock price analysis [2][24][30] - The MWC2025 event showcased advancements in generative AI, with various companies presenting innovations in robotics, AR glasses, and AI PCs, indicating a trend towards tighter integration of hardware and AI [18][22][40] - The report expresses optimism regarding investment opportunities in the AI sector, particularly with the emergence of domestic AI applications like Manus and Deepseek, which are expected to drive demand for computational power [3][32] Industry Overview - The communication sector index rose by 2.81% from March 3 to March 7, 2025, outperforming the CSI 300 index, which increased by 1.39% [10][11] - The report identifies key stocks to watch, including China Mobile, China Telecom, and ZTE, among others, indicating a focus on major players in the telecommunications and AI sectors [8][23] - The communication sector's current valuation is noted to be 21.96, ranking fourth among TMT industries, suggesting a relatively favorable investment environment [12][14] MWC2025 Highlights - The event featured the world's first 5G-A humanoid robot, developed through collaboration between China Mobile, Huawei, and Leju Robotics, showcasing the potential for advanced applications in various sectors [19][34] - Innovations in AR glasses were presented, with products like the Raybird X3 Pro expected to launch soon, indicating a growing market for augmented reality technologies [21][36] - Intel announced its commercial AI PC product lineup, set to ship by the end of March 2025, reflecting the increasing demand for AI-integrated computing solutions [22][39]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [4][20]. Core Insights - The company is focusing on integrating AI into traditional Chinese medicine, aiming to enhance medical services through data-driven and standardized approaches [2][3]. - The strategic development layout includes leveraging rich and high-quality traditional Chinese medicine resources alongside AI and innovative traditional Chinese medicine products [2]. - The appointment of a senior AI advisor from Tsinghua University is expected to strengthen the company's AI capabilities and enhance its competitive edge in the market [8]. Financial Summary - The company’s projected revenue growth is robust, with expected revenues of 3.06 billion yuan in 2024, 3.99 billion yuan in 2025, and 5.19 billion yuan in 2026, reflecting year-on-year growth rates of 31.5%, 30.6%, and 30.1% respectively [12]. - Adjusted net profit is forecasted to reach 400 million yuan in 2024, 536 million yuan in 2025, and 713 million yuan in 2026, with corresponding growth rates of 31.0%, 34.2%, and 33.0% [12]. - The company’s return on equity (ROE) is expected to improve from 10.9% in 2023 to 18.7% in 2026, indicating increasing profitability [12]. Strategic Developments - The company has established partnerships with major institutions, including a collaboration with Baidu to develop a clinical evaluation and intelligent decision-making platform for traditional Chinese medicine [7][8]. - The company is actively converting traditional prescriptions into innovative proprietary medicines, with plans to develop 10 new proprietary products annually, enhancing its product offerings and market presence [9][10].

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The government work report has introduced "embodied intelligence" for the first time, indicating a dual drive from policy and industry to accelerate the robotics sector [1][2] - Continuous policy support from both central and local governments is expected to catalyze the robotics industry, with significant initiatives outlined for the years 2025-2027 [2] - The robotics industry is anticipated to experience rapid expansion, with 2025 being a critical year for mass production [6] Summary by Sections Government Initiatives - The central government aims to foster future industries such as biological manufacturing, quantum technology, embodied intelligence, and 6G, while promoting the digital transformation of manufacturing [2] - Local governments, such as Beijing and Shenzhen, have released action plans targeting the development of embodied intelligence technologies, aiming for breakthroughs in over 100 key technologies and the establishment of a robust industrial ecosystem by 2027 [2] Industry Developments - Robotics manufacturers are increasingly deploying robots in factories, with notable advancements in collaborative humanoid robots for various industrial tasks [3] - The introduction of 5G-A technology in humanoid robots was showcased at the Mobile World Congress 2025, highlighting the integration of advanced communication technologies in robotics [3] Investment Opportunities - The report identifies several key companies across various segments of the robotics supply chain, including actuators, reducers, motors, sensors, and AI modules, indicating a broad spectrum of investment opportunities within the robotics industry [6]

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - Alibaba has launched and open-sourced a new inference model, QwQ-32B, which shows significant performance improvements in mathematics, coding, and general capabilities, comparable to DeepSeek-R1, while also reducing deployment costs [1][2] - The new AI Agent product, Manus, has achieved state-of-the-art results in GAIA benchmark tests, surpassing OpenAI's models, and demonstrates advanced task execution capabilities beyond simple Q&A [2] Summary by Sections Industry Dynamics - The report highlights the launch of QwQ-32B with 32 billion parameters, which allows for local deployment on consumer-grade graphics cards, making it accessible for developers and enterprises [2] - Manus, the first general-purpose AI Agent, has set new records in GAIA testing, with accuracy rates of 86.5%, 70.1%, and 57.7% for levels 1-3, respectively [2] Related Companies - The report mentions several companies related to the industry, including Alibaba, Tencent, Baidu, Kuaishou, Bilibili, and others [3]