Investment Rating - The report maintains a "Recommendation" rating for the company, expecting it to outperform the benchmark index by 10%-20% over the next six months [4][8]. Core Insights - The company reported a revenue of 398 million yuan in 2024, a year-on-year decline of 36.69%, with a net profit attributable to shareholders of -696 million yuan [2][8]. - In Q1 2025, the company achieved a revenue of 37 million yuan, down 31.56% year-on-year, but the net loss narrowed to -124 million yuan compared to the same period last year [2][8]. - The company is enhancing its large model capabilities and industry adaptability, with a focus on deploying AI applications across various sectors [8]. - A partnership with Huawei is being leveraged to strengthen local commercial capabilities in government and financial sectors [8]. - The company is collaborating with the National Cybersecurity Base's Intelligent Computing Center to build a robust infrastructure for its large models [8]. Financial Summary - The total revenue forecast for 2025-2027 is projected to be 448 million yuan, 560 million yuan, and 727 million yuan, reflecting growth rates of 12.6%, 25.0%, and 29.9% respectively [4][8]. - The net profit attributable to shareholders is expected to improve from -484 million yuan in 2025 to -284 million yuan in 2027, with corresponding growth rates of 30.5%, 26.0%, and 20.7% [4][8]. - The company's earnings per share (EPS) is projected to improve from -0.47 yuan in 2025 to -0.27 yuan in 2027 [4][8].

证 券 研 究 报 告 保险行业周报（20250518-20250523） 25Q1 险资规模稳健增长，债券、股票环比均 推荐（维持） 增配 ❑ 本周行情复盘：保险指数下跌 0.43%，跑输大盘 0.26pct。保险个股表现分化， 太平+1.01%，众安+0.48%，人保+0.37%，太保+0.24%，财险-0.27%，平安-0.3%， 友邦-1.74%，国寿-2.09%，阳光-2.1%，新华-2.18%。10 年期国债收益率 1.72%， 较上周末+4bps。 ❑ 本周动态： （1）金监总局：①5 月 23 日，发布《银行保险机构资产管理产品信息披露管 理办法(征求意见稿)》，按照资产管理产品生命周期，对募集、存续、终止各环 节进行全面规范，旨在引导行业将信息披露融入业务全过程。②5 月 22 日， 国务院新闻办公室举行新闻发布会，金融监管总局表示，最近将批复第三批保 险资金长期投资改革试点，规模 600 亿。③5 月 16 日，公布 2025Q1 保险公司 资金运用情况。 ❑ 投资建议：从短期看，保险板块 2025 年业绩基数压力相对较大。但从中长期 看，当前保险板块主要受制于长端利率下行带来的"利差损" ...

证 券 研 究 报 告 【资产配置快评】 Riders on the Charts: 每周大类资产配置图 表精粹 投资摘要： The real problem of humanity is the following: we have paleolithic emotions; medieval institutions; and god-like technology. —E. O. Wilson 多资产配置研究 资产配置快评 2025 年 05 月 27 日 华创证券研究所 证券分析师：牛播坤 电话：010-66500825 邮箱：niubokun@hcyjs.com 执业编号：S0360514030002 证券分析师：郭忠良 电话：010-66500830 邮箱：guozhongliang@hcyjs.com 执业编号：S0360520090002 相关研究报告 《资产配置快评 2025 年第 23 期：Riders on the Charts：每周大类资产配置图表精粹》 2025-05-19 《资产配置快评 2025 年第 22 期：Riders on the Charts：每周大类资产配置图表精粹》 ...

Investment Rating - The report gives a "Strong Buy" rating for the company, with a target price of 148.35 CNY based on a 70x PE for 2025 [6][9]. Core Insights - The company is a global provider of 3D visual digitalization solutions, focusing on both industrial and professional-grade markets. It has shown rapid revenue growth, with a CAGR of 37.9% from 2020 to 2024 [6][32]. - The global market for 3D visual products is expected to grow significantly, reaching 400 billion CNY by 2027, with a CAGR of 26.6% [8][12]. - The company has a strong R&D foundation, with a focus on self-developed core technologies, which positions it well for future growth [6][9]. Financial Summary - Total revenue is projected to grow from 333 million CNY in 2024 to 677 million CNY in 2027, with year-on-year growth rates of 22.4%, 26.5%, 26.9%, and 26.8% respectively [2][9]. - Net profit attributable to shareholders is expected to increase from 121 million CNY in 2024 to 209 million CNY in 2027, with growth rates of 5.5%, 19.6%, 19.8%, and 20.8% [2][9]. - The company maintains a gross margin above 75.5% since 2020, indicating strong profitability [32][34]. Market Position and Growth Drivers - The company operates in a rapidly expanding 3D digitalization market, with a significant focus on industrial applications, which accounted for 96% of its revenue in 2024 [6][8]. - The penetration of 3D visual products is increasing, with expectations for manual products to capture a larger market share by 2027 [8][12]. - The company has established a stable shareholding structure, with major shareholders holding 44.64% of the equity, ensuring consistent management [6][30]. Product Development and Innovation - The company has a robust product development cycle, introducing new products every 1-2 years, including innovations in handheld and automated 3D scanning technologies [14][15]. - R&D expenses have been maintained at around 18% of revenue, reflecting a commitment to innovation and technology advancement [34][41]. Industry Overview - The global 3D digitalization market was valued at 500.6 billion CNY in 2022, with expectations to grow significantly, driven by advancements in automation and machine vision technologies [8][12]. - The domestic market for machine vision is also expanding, with a projected CAGR of 17.5% from 2024 to 2028 [38][43].

证 券 研 究 报 告 公募风格偏向价值，散户资金净流入持续低位 ——投资者温度计第26期 2025年5月26日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 核心结论 证 券 研 究 报 告 • 上周市场震荡下行， 自媒体热度整体有所 消退，5/23上证指 数下跌0.9%引发热 度小幅上升。从趋势 上来看，快手、抖音 热度保持前列，微博、 百度表现相对冷静。 2600 2800 3000 3200 3400 3600 0 50 100 150 200 250 300 350 400 450 9/11 9/16 9/21 9/26 10/1 10/6 10/11 10/16 10/21 10/26 10/31 11/5 11/10 11/15 11/20 11/25 11/30 12/5 12/10 12/1 ...

证券研究报告 【宏观快评】 深化与东盟&欧洲合作 -- 政策周观察第 31 期 近一周政策出台不多,主要关注以下内容: 8 (一)外交:强化与欧洲、东盟国家联络。1)5月20日,中国与东盟十国全 面完成中国_东盟自贸区3.0 版谈判。2)5月22日-23日,总书记先后同法国 总统马克龙、德国总理默茨通电话。在与法国总统通电话时,总书记指出,"维 护国际贸易规则和世界经济秩序,践行真正的多边主义。国际形势越是复杂 中法越要作出正确战略抉择"。3)5月25日,总理同印度尼西亚总统普拉博 法会谈,"中方愿同印尼加强发展战略对接,深化高质量共建'一带一路'合 作","坚持多边主义和自由贸易,推动平等有序的世界多极化、普惠包容的经 济全球化"。4)5月26日,总理将出席在马来西亚吉隆坡举行的东盟-中国- 海合会峰会。 (二)财政及项目进度。1)发改委 4月审批项目加速。据 5月20日发改委 例行新闻发布会,4月份,发改委共审批固定资产投资项目 5个、核准 3个, 总投资 3771 亿元(去年同期审批核准固定资产投资项目 20个,总投资 1152 亿元)。1-4 月份,发改委共审批核准固定资产投资项目 27个,总投资 5 ...

Economic Indicators - The Huachuang Macro WEI index decreased to 5.03% as of May 18, down 0.12% from 5.15% on May 11[11] - Cement shipment rate increased to 41.5% as of May 16, up 2.2 percentage points from the previous week, consistent with the same period last year[20] - The average land premium rate for 100 cities dropped to 1.37% as of May 18, down from an average of 5.5% in the previous three weeks and 9.69% in April[15] Trade and Exports - U.S. imports from China fell significantly, with a year-on-year decrease of 8% in the first 21 days of May, compared to a 9.9% increase in April[5] - The number of cargo container ships from China to the U.S. decreased by 37.5% year-on-year as of May 24, compared to a 23.1% decline at the end of April[35] - The Baltic Dry Index (BDI) showed a year-on-year decline of 26.1% as of May 23, indicating a drop in shipping demand[28] Commodity Prices - Gold prices rebounded significantly, with COMEX gold closing at $3,351 per ounce, a 5% increase[1] - Domestic coal prices continued to decline, with the Qinhuangdao port price for power coal dropping by 0.5% to 611 yuan per ton[38] - The price index for iron ore (62% Fe) decreased by 1.4%, settling at $99.7 per ton[38] Debt Issuance - As of May 23, 2025, the issuance of new special bonds reached 1.68 trillion yuan, with an estimated total for the year at 4.4 trillion yuan, marking a progress rate of 38.3%[45] - The net financing progress for general government bonds reached 39.4% as of May 23, compared to 28.6% during the same period last year[53]

金融工程 【专题报告】 证 券 研 究 报 告 兼具流动性与稳健性的配置工具——大成深 证基准做市信用债 ETF 投资价值分析 ❖ 债券 ETF 投资价值分析 2013 年 3 月，国内首只债券 ETF 成立。截至 2025 年 5 月 19 日，全市场共有 29 只债券 ETF，包括 16 只利率债 ETF，11 只信用债 ETF，2 只可转债 ETF， 总规模 2624.68 亿元。 债券 ETF 兼具了债券资产的稳健性和投资组合的流动性，弥补了传统债券流 动性不足的问题，是资产配置的高效工具，能够作为一种可选的避险资产和流 动性工具，尤其在利率下行的大环境下，债券 ETF 具有独特优势。 ❖ 信用债 ETF 投资价值分析 信用债 ETF 是债券 ETF 中重要的类型，目前市场上共 11 只。2025 年以前， 市场上仅有 3 只信用债 ETF，市场供给相对不足。2024 年年底，首批基准做 市信用债 ETF 共 8 只获批，填补了市场空白。 基准做市信用债 ETF 具有独特的创新之处，既提升了债券市场的流动性，也 为投资者提供了差异化的投资工具。 ❖ 深证基准做市信用债指数投资价值分析 2023 年 4 ...

多资产配置研究 证 券 研 究 报 告 基于以上分析，我们当前对投资"姿势"的判断是"高仓位、低波动"：第一， 对于相对投资者而言，高仓位很重要，过度悲观在当前环境下没有意义，因为 如果国家队能够对冲一部分下行风险的话，那么过度悲观在交易上就无法充分 表达。第二，市场可能会维持相对低波动的状态，这种低波动既表现为相对经 济数据的低波动、也表现为相对海外市场的低波动。 ❖ 策略 姚佩：震荡格局与杠铃配置 大势研判：从布局黄金坑到震荡判断，当下重结构、轻方向。 25 年至今行情：杠铃领涨的背后，大盘成长弹性有限。 旧红利：股息主导回报、EPS 稳定性要求高于弹性。 新故事：剩余流动性宽松背景下的小盘成长主题轮动。 配置：牛市上半场金融再通胀，红利底仓+小盘成长哑铃配置。 ①红利资产：通胀尚未回归，红利资产凭借稳定的自由现金流创造，保障分红 能力及股东回报。关注银行、港口、公路、有色金属、白酒、电信运营商。 ②货币宽松扩张剩余流动性，小盘成长行情或将进一步加强：关注科创 50、北 证 50、国证 2000、微盘股。行业关注自主可控，包括电子、信息化、能源化 工、通信。 ❖ 固收 周冠南：债市交易慢下来 关税谈判后， ...

Investment Rating - The report assigns a "Recommendation" rating to the company, indicating an expectation to outperform the benchmark index by 10% to 20% over the next six months [2][8]. Core Insights - The company reported a revenue of 3.525 billion yuan in 2024, a year-on-year decrease of 10.29%, and a net profit attributable to shareholders of 222 million yuan, down 31.20% year-on-year. The first quarter of 2025 showed a revenue of 510 million yuan, a decline of 7.40% year-on-year, with a net profit of 5.85 million yuan, down 76.67% year-on-year [2][4]. - The company is focusing on AI technology applications to support the intelligent transformation of educational scenarios, enhancing its product offerings and market presence [8]. - The company is deepening its international operations, achieving a market share of 22.0% in the US and 9.5% in the EMEA region, indicating successful international market penetration [8]. Financial Performance Summary - In 2024, total revenue was 3,525 million yuan, with a projected increase to 3,697 million yuan in 2025, reflecting a growth rate of 4.9% [4]. - The net profit attributable to shareholders is expected to rise from 222 million yuan in 2024 to 235 million yuan in 2025, with a growth rate of 5.7% [4]. - The company’s earnings per share (EPS) is projected to increase from 0.94 yuan in 2024 to 0.99 yuan in 2025 [4]. Market Position and Strategy - The company has established a strong customer base in the education sector, providing over 4.1 million interactive display devices for K12 classrooms [8]. - The company is positioned as a leader in the integrated production and sales of educational tablets, with a focus on expanding its overseas market presence [8]. - The report highlights the company's strategic direction towards technology-driven growth, with a shift in expense structure favoring research and development [8].