Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1][7]. Core Insights - The company is a leading provider of IoT solutions in China, holding a dominant position in the global IoT module market, with products spanning cellular modules, automotive pre-installed modules, and smart modules, among others [5][19]. - The IoT industry is experiencing significant growth, driven by clear development paths and a well-defined industrial chain, with continuous expansion in IoT connections across various application fields [5][61]. - The company is entering a rapid expansion phase, with its modular products penetrating emerging fields, supported by a robust global R&D network and a diverse product matrix [6][20]. Summary by Sections Company Overview - The company, founded in 2010, has established a comprehensive global service network and has launched various successful IoT products, including GSM/GPRS modules and multi-mode LPWA modules [20][21]. - The revenue has shown a strong growth trajectory, with a five-year CAGR of 38.69%, despite a temporary decline in 2023 due to external economic factors [23][24]. Industry Analysis - The IoT market in China is projected to grow significantly, with a market size increase from 351.52 billion yuan in 2019 to an estimated 508.90 billion yuan in 2023, reflecting a CAGR of 9.69% [52][54]. - The report highlights the importance of policy support for the IoT sector, emphasizing its role in digital transformation and the integration of new technologies [45][46]. Financial Projections - The company is expected to achieve revenues of 185.64 billion yuan, 225.49 billion yuan, and 267.26 billion yuan for the years 2024 to 2026, with corresponding net profits projected at 5.48 billion yuan, 7.11 billion yuan, and 9.04 billion yuan [7][9]. - The report anticipates a significant increase in net profit growth rates, with projections of 503.77% in 2024, followed by 29.88% and 27.16% in the subsequent years [7][9]. Competitive Positioning - The company is positioned as a leader in the IoT module market, with a strong emphasis on R&D and a diverse product offering that includes AI and smart modules, which are expected to drive future growth [59][60]. - The report notes that the company has a stable shareholding structure and a management team with extensive technical and managerial experience, which is crucial for navigating the competitive landscape [39][42].

| [Table_Author] 分析师: | 刘京昭 | | --- | --- | | E-mail: | liujingzhao@shzq.com | | SAC 编号: | S0870523040005 | | 联系人: | 杨昕东 | | SAC 编号: | S0870123090008 | [Table_BaseInfo] 基本数据 [Table_Rating] 买入（首次） [◼Table_Summary] 投资摘要 [Table_I 行业 ndustry] : 通信 日期: shzqdatemark 2025年03月06日 [Table_Stock] 移远通信（603236） | 最新收盘价（元） | 80.20 | | --- | --- | | 12mth A 股价格区间（元） | 36.90-92.60 | | 总股本（百万股） | 261.66 | | 无限售 A 股/总股本 | 100.00% | | 流通市值（亿元） | 209.85 | [Table_QuotePic] 最近一年股票与沪深 300 比较 -12% 5% 22% 39% 56% 73% 89% 106% 123% ...

[Table_Rating] 增持（维持） [◼Table_Summary] 行情回顾 | [行业Table_Industry] : | 机械 | | --- | --- | | 日期: | shzqdatemark 2025年03月05日 | | [Table_Author] 分析师: | 刘阳东 | | --- | --- | | Tel: | 021-53686144 | | E-mail: | liuyangdong@shzq.com | | SAC 编号: | S0870523070002 | | 分析师: | 王亚琪 | | Tel: | 021- 53686472 | | E-mail: | wangyaqi@shzq.com | | SAC 编号: | S0870523060007 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 18% 24% 30% 机械设备 沪深300 -18% -12% -6% 0% 6% 12% 03/24 05/24 07/24 10/24 12/24 02/25 [Table_ReportInfo] 相关报告： 《Figure 机器人进 ...

Investment Rating - The report assigns a "Buy" rating for the company for the first time [2]. Core Views - The company is positioned as an innovative leader in the smart short transportation and service robot sectors, with a strong growth trajectory supported by technological advancements and a diverse product matrix [6][12]. - The company has demonstrated significant revenue growth, with a projected revenue of 14.171 billion yuan in 2024, representing a year-on-year increase of 38.63% [7][25]. - The company is expected to benefit from favorable policies and market trends, particularly in the electric two-wheeler segment, which is projected to see substantial demand due to new regulations and incentives [8][48]. Summary by Sections Company Overview - The company has evolved from a niche balance bike manufacturer to a major player in the smart short transportation market, achieving annual revenues in the hundreds of millions within a decade [6][21]. - It operates under two main brands: Ninebot and Segway, and was listed on the STAR Market in 2020 [6][21]. Financial Performance - In 2024, the company is expected to achieve a net profit of 1.088 billion yuan, a year-on-year increase of 81.90% [7][25]. - The compound annual growth rate (CAGR) for revenue from 2020 to 2024 is projected at 23.95% [7][25]. Market Dynamics - The domestic electric two-wheeler market is projected to grow significantly, with an expected market size increase from 17.2 billion USD in 2023 to 24.2 billion USD by 2028, reflecting a CAGR of 7.07% [37]. - The company is well-positioned to capitalize on the high-end market segment, with a market share of 51.7% in the price range above 7,000 yuan [55][60]. Product Development - The company has a diverse product lineup, including electric two-wheelers, balance bikes, and service robots, with a focus on high-end and intelligent features [24][55]. - The company has established a strong brand presence in the high-end electric two-wheeler market, with significant sales in the 4,000+ yuan price range [55][60]. Growth Opportunities - The company is expected to benefit from the increasing demand for electric two-wheelers, driven by new national standards and replacement policies [36][44]. - The overseas market for electric two-wheelers is projected to grow, with significant sales expected in Europe, ASEAN, India, and the United States [48][51].

DeepSeek有望加速人形机器人商业化落地。人形机器人商业化拐点 临近：国外方面，特斯拉计划2025年生产1万台Optimus，2027年达 到50万台；FigureAI未来4年将量产10万台人形机器人。国内来看，智 元机器人、宇树科技、傅利叶智能等明星国产机器人企业均已陆续开 启人形机器人的小规模量产。DeepSeek赋能人形机器人加速落地： 目前优必选正基于DeepSeek-R1进一步研发适用于人形机器人的多模 态具身推理大模型，加快人形机器人在工业场景的规模化部署。我们 认为，DeepSeek在降低训练成本，增强感知、交互和决策能力，以及 拓展应用场景等方面，为人形机器人领域注入了强劲动力。 煤矿或是人形机器人最佳B端应用场景。政策推动煤矿场景"机器替 人"：煤炭行业仍是高危行业，据国家统计局统计数据，2023年煤矿 百万吨死亡人数为0.094人，同比上升23.7%。国家《"机器人+"应用 行动实施方案》《关于深入推进矿山智能化建设 促进矿山安全发展的指 导意见》等文件，明确提出加快智能化矿山建设，到2026年，煤矿危 险繁重岗位作业智能装备或机器人替代率不低于30%。近日北京发布 《北京具身智能科技 ...

[Table_Rating] 增持（维持） ◼[Table_Summary] 行业走势 [行业Table_Industry] : 通信 日期: shzqdatemark [Table_Author] 分析师: 刘京昭 E-mail: liujingzhao@shzq.com SAC 编号: S0870523040005 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 [Table_ReportInfo] 相关报告： -13% -7% 0% 6% 13% 19% 26% 32% 39% 03/24 05/24 07/24 10/24 12/24 02/25 通信 沪深300 2025年03月04日 《微信全面拥抱 DeepSeek，AI 逻辑持续 发散》 ——2025 年 02 月 20 日 《DeepSeek题材持续发酵，模型迭代加速 推进》 ——2025 年 02 月 11 日 《算力长逻辑不改，短期聚焦应用》 ——2025 年 02 月 07 日 MaaS 商业模式迎边际改善，AIDC 厂商或迎分化 ——通信行业周报（2025.2.24-2025.2.28） 行情回顾：2025.2 ...

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1][6] Core Viewpoints - The electronics semiconductor sector is expected to experience a comprehensive recovery in 2025, with an accelerated clearing and recovery of the competitive landscape, leading to a sustained recovery in industry profitability and related company profits [6] - Xiaomi has launched its flagship model, the Xiaomi 15 Ultra, which features high-end specifications and is expected to enhance its performance in the high-end market [4] - Apple is making progress in the foldable smartphone sector, with plans to finalize its supply chain by April 2025 and begin mass production in the second half of 2025 [5] Summary by Sections Market Overview - The SW Electronics Index fell by 4.87% in the past week, underperforming the CSI 300 Index by 2.64 percentage points, with declines across all six sub-sectors [3] Product Launches - Xiaomi's 15 Ultra is priced at 6499 yuan and features advanced hardware, including a 1-inch main camera and a 6000mAh battery, with innovative functionalities such as satellite communication [4] - The new REDMI Book Pro 2025 series from Xiaomi includes AI computing scheduling and performance optimizations, enhancing speed and battery life [4] Investment Recommendations - The report suggests focusing on specific stocks within the semiconductor design sector that are undervalued and have real performance metrics, as well as companies in various semiconductor sub-sectors [6]

Investment Rating - The report maintains an "Overweight" rating for the electronics industry [1] Core Views - The electronics semiconductor sector is expected to experience a comprehensive recovery in 2025, with an accelerated clearing and recovery of the competitive landscape, leading to a sustained recovery in industry profitability and related company profits [6] - Xiaomi has launched its flagship model, the Xiaomi 15 Ultra, which features high-end specifications and is expected to enhance its performance in the high-end market [4] - Apple is making progress in the foldable smartphone sector, with plans to finalize its supply chain by April 2025 and begin mass production in the second half of 2025 [5] Summary by Sections Market Overview - The SW electronics index fell by 4.87% in the past week, underperforming the CSI 300 index by 2.64 percentage points [3] Product Launches - Xiaomi's 15 Ultra features a 1-inch main camera, a 200-megapixel telephoto lens, and a 6000mAh battery, with innovative functionalities such as satellite communication and AI dynamic wallpapers [4] - The new REDMI Book Pro 2025 series includes AI computing scheduling, enhancing performance and battery life in various usage scenarios [4] Investment Recommendations - The report suggests focusing on undervalued stocks in the semiconductor design sector with real performance and low PE/PEG ratios, as well as specific companies in various semiconductor fields [6]

——计算机行业周报（2025.2.24—2025.2.28） 过去一周（2.24-2.28）上证综指下跌 1.72%，创业板指下跌 4.87%， 沪深 300 指数下跌 2.22%，计算机（申万）指数下跌 7.82%，跑输上 证综指 6.10 个百分点，跑输创业板指 2.95 个百分点，跑输沪深 300 指 数 5.60 个百分点，位列全行业第 29 名。 ◼ 周观点 DeepSeek 开源周圆满收官，大模型军备竞赛火热。"DeepSeek 开 源周"自 2月 24日至 2月 28日，陆续开源最新技术进展。其中包括， FlashMLA、DeepEP、DeepGEMM 和 3FS 四个开源项目，以及 DualPipe、EPLB 等代码库。首个开源的代码库为 FlashMLA，是 DeepSeek 用于 Hopper GPU 的高效 MLA 解码内核，并针对可变长度 序列进行优化，现已投入生产。DeepEP 是首个用于 MoE 模型训练和 推理的开源EP通信库，专门用于提升大模型训练效率设计，当多个AI 专家模型协同工作时，能高效协调它们之间的通信，减少延迟和资源 消耗，同时支持低精度计算，进一步节省算力。Dee ...

——2025 年 02 月 25 日 《周观点： DeepSeek 官方发布 R1 模型推 荐设置，多款产品接入 DeepSeek R1》 ——2025 年 02 月 19 日 周观点：OpenAI 发布 GPT-4.5 研究预 览版，英伟达发布 2025 财年业绩 ——先进科技主题 20250224-20250302 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [行业Table_Industry] : 电子 日期: shzqdatemark 2025年03月03日 [Table_Author] 分析师: 王红兵 SAC 编号: S0870523060002 [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -8% 0% 9% 18% 27% 35% 44% 53% 62% 02/24 05/24 07/24 10/24 12/24 02/25 电子 沪深300 [Table_ReportInfo] 相关报告： 《周观点：马斯克官宣 Grok-3 全家桶，阿 里未来三年 CAPEX 超 3800 亿元》 ——2025 年 02 月 25 日 《 ...