低位消费估值修复，关注两会促消费政 策提振 ——轻工纺服行业周报（20250303-0307） 一、行情回顾：本周（2025.03.03-2025.03.07），A股 SW纺织服饰行 业指数上涨 1.42%，轻工制造行业上涨 1.34%，而沪深 300 上涨 1.39%，上证指数上涨 1.56%。纺织服装在申万 31 个一级行业中涨幅 排名第 15 位，轻工制造在申万 31 个一级行业中涨幅排名第 16 位。 二、核心逻辑： 1）轻工行业：我们认为 DeepSeek 等 AI 新技术与轻工制造有望深度 融合，伴随以旧换新政策延续、财政持续发力、国家推动房地产市场 止跌回稳等，轻工内需有望逐步企稳，顺周期板块预期改善，估值有 望修复。 家居板块：电商平台家装定制纳入补贴，国补持续落地兑现。淘宝最 新消息显示，多地将装修厨卫品类纳入补贴上线平台。春季装修进入 旺季，浙江、海南、福建、上海等省市率先将智能家居等 6 大家装品 类纳入补贴范围，在淘宝发放补贴。其中，一级及以上能效或水效的 标准产品不高于 20%，非一级及以上能效或水效的标准产品不高于 15%。单人单套房补贴金额上限从 2000-30000 元不等。另 ...

[Table_QuotePic] 最近一年行业指数与沪深 300 比较 [Table_Rating] 增持（维持） [◼Table_Summary] 主要观点 [行业Table_Industry] : 医药生物 日期: shzqdatemark 2025年03月08日 | [Table_Author] 分析师: | 张林晚 | | --- | --- | | Tel: | 021-53686155 | | E-mail: | zhanglinwan@shzq.com | | SAC 编号: | S0870523010001 | ——2025 年 03 月 02 日 《我国医疗器械出口增速全面恢复，影像 设备招投标迎开门红》 ——2025 年 02 月 24 日 《多家医药企业布局 AI 领域，行业迎接新 趋势》 ——2025 年 02 月 16 日 《问止中医拟赴港上市，AI 助力中医提升 诊疗效能》 政府工作报告提出行业目标，促进提质升级 ——医药生物行业周报（20250303-0307） 政府工作报告提出医药行业目标，促进领域提质升级。2025年3月5 日，十四届全国人大三次会议开幕，国务院总理李强向大会 ...

（3）重庆市经信委公布第一批"揭榜挂帅"项目单。日前，重庆市经 济信息委公布全市具身智能机器人方向第一批"揭榜挂帅"项目单， 列出"开源社区、开放场景、技术攻关"3类共12个项目，其中赛力斯 汽车有限公司、重庆长安汽车股份有限公司、马上消费等企业的项目 入选。 周观点：人形机器人本体厂商进展频 出，北京、重庆等地人形机器人相关政 策落地 ——人形机器人行业周报（2025.2.24-2025.2.28） （1）北京发布《北京具身智能科技创新与产业培育行动计划（2025- 2027年）》。2月28日，北京市科学技术委员会、中关村科技园区管理 委员会等部门发布《北京具身智能科技创新与产业培育行动计划 （2025-2027年）》，目标是到2027年，原始创新能力显著提升，围绕 具身大小脑模型、具身智能芯片、全身运动控制等方面突破不少于100 项关键技术，产出不少于10项国际领先的软硬件产品，具身智能上下 游产业链基本实现国产化。基础设施建设逐步完善，建设世界模型仿 真、数据采集、中试验证、场景开放测试等一批新型研究创新平台， 建设统一的具身数据采集管理、测试验证标准，支撑不少于100家创新 主体开展技术创新，提升产品 ...

周观点：人形机器人本体厂商进展频 出，北京、重庆等地人形机器人相关政 策落地 ——人形机器人行业周报（2025.2.24-2025.2.28） （1）北京发布《北京具身智能科技创新与产业培育行动计划（2025- 2027年）》。2月28日，北京市科学技术委员会、中关村科技园区管理 委员会等部门发布《北京具身智能科技创新与产业培育行动计划 （2025-2027年）》，目标是到2027年，原始创新能力显著提升，围绕 具身大小脑模型、具身智能芯片、全身运动控制等方面突破不少于100 项关键技术，产出不少于10项国际领先的软硬件产品，具身智能上下 游产业链基本实现国产化。基础设施建设逐步完善，建设世界模型仿 真、数据采集、中试验证、场景开放测试等一批新型研究创新平台， 建设统一的具身数据采集管理、测试验证标准，支撑不少于100家创新 主体开展技术创新，提升产品迭代速度。产业规模进一步扩大，培育 产业链上下游核心企业不少于50家，形成量产产品不少于50款，在科 研教育、工业商业、个性化服务三大场景实现不少于100项规模化应 用，量产总规模率先突破万台，培育千亿级产业集群。产业生态持续 优化，建设不少于2个具身智能特色产 ...

-11% -5% 2% 8% 14% 20% 27% 33% 39% 03/24 05/24 07/24 10/24 12/24 02/25 汽车 沪深300 [Table_ReportInfo] 相关报告： 《上汽华为签署深度合作协议，尊界 S800 自主智能全新跃迁》 ——2025 年 02 月 24 日 《比亚迪发布全民智驾战略，"全国低空交 通一张网"项目正式启动》 [Table_Rating] 增持（维持） [Table_Summary] | [行业Table_Industry] : | 汽车 | | --- | --- | | 日期: | shzqdatemark 2025年03月03日 | | [Table_Author] 分析师: | 仇百良 | | E-mail: | qiubailiang@shzq.com | | SAC 编号: | S0870523100003 | | 分析师: | 李煦阳 | | E-mail: | lixuyang@shzq.com | | SAC 编号: | S0870523100001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 ...

[Table_Rating] 增持（维持） [Table_Summary] | [行业Table_Industry] : | 汽车 | | --- | --- | | 日期: | shzqdatemark 2025年03月03日 | | [Table_Author] 分析师: | 仇百良 | | E-mail: | qiubailiang@shzq.com | | SAC 编号: | S0870523100003 | | 分析师: | 李煦阳 | | E-mail: | lixuyang@shzq.com | | SAC 编号: | S0870523100001 | [Table_QuotePic] 最近一年行业指数与沪深 300 比较 -11% -5% 2% 8% 14% 20% 27% 33% 39% 03/24 05/24 07/24 10/24 12/24 02/25 汽车 沪深300 《上汽华为签署深度合作协议，尊界 S800 自主智能全新跃迁》 ——2025 年 02 月 24 日 《比亚迪发布全民智驾战略，"全国低空交 通一张网"项目正式启动》 [Table_ReportInfo] 相关报告： ...

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].