Investment Rating - The report assigns an "Outperform" rating to the company [4] Core Insights - The company is positioned as a leading player in AI visual algorithms, focusing on innovative applications driven by artificial intelligence, with core business areas in smartphones, smart driving, and AIoT [1][15] - The company has a strong technology reuse model that drives commercial implementation, maintaining high gross margins of over 90% for its software products [2][34] - The company is expected to benefit from the recovery of the global smartphone market and the expansion of its smart automotive and AI-related businesses, projecting significant revenue growth in the coming years [3][28] Summary by Sections Company Overview - Founded in 1994 and listed on the STAR Market in 2019, the company specializes in computer vision algorithms and serves major clients like Samsung, Xiaomi, and OPPO [1][15] - The company has established a global presence with R&D and commercial bases in multiple countries [15] Business Segments - **Smartphones**: The company aims to penetrate low-end models while enhancing the value of its algorithms, potentially opening a market space worth billions [2] - **Smart Automotive**: The VisDrive platform is tailored for mainstream chips, with products targeting both high-end and low-end vehicles, expected to see increased demand due to regulatory changes [3] - **AI Glasses and AI Commercial Photography**: The company is leveraging multi-modal technologies to tap into the growing AI glasses market and enhance its commercial photography platform, which is projected to generate significant revenue [3] Financial Projections - The company forecasts net profits of 310 million, 409 million, and 526 million yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 56.7, 43.0, and 33.5 [4][8] - Revenue is expected to grow significantly, with a projected increase from 670 million yuan in 2023 to 1.813 billion yuan in 2027 [8] Strategic Positioning - The company employs a "technology-product-open platform" strategy, creating a comprehensive ecosystem that enhances its competitive edge [35] - The focus on edge computing and AI technology positions the company well for future growth across various sectors [38][39] Management and Structure - The management team consists of highly educated professionals with extensive experience in technology and business management, contributing to the company's innovative capabilities [23][26] - The company maintains a concentrated ownership structure, which supports its strategic decision-making and operational efficiency [21][22]

Investment Rating - The report maintains an "Outperform" rating for the mechanical equipment industry [5]. Core Views - The report highlights the rapid advancements in humanoid robots and low-altitude economy, emphasizing the government's support and the growing market demand for intelligent elderly care robots [2][23]. - The report identifies key investment opportunities in humanoid robots, AI infrastructure, and low-altitude economy, suggesting a focus on companies with strong supply chains and market positions [3][4]. Summary by Sections Industry Dynamics - The humanoid robot sector is witnessing significant developments, including the debut of intelligent guide dogs and the establishment of new robot departments by leading companies [1][15][16]. - The government is actively promoting the application of intelligent elderly care robots, with a pilot program set to run from 2025 to 2027, addressing the growing elderly population and the demand for care services [2][23]. Company Dynamics - Strategic partnerships are forming, such as the collaboration between Star Motion Era and Beizhi Technology to enhance humanoid robot applications in logistics [28]. - Companies like Estun and 1X Technologies are launching new humanoid robots and system updates, showcasing advancements in technology and application capabilities [18][20]. Key Investment Targets - The report lists several companies as key investment targets, including Longxi Co., Jin Di Co., Yi Rui Technology, Ying Liu Co., and Ding Yang Technology, all of which are positioned to benefit from the growth in humanoid robots and AI infrastructure [3]. - Specific segments within the humanoid robot supply chain are highlighted, such as joint modules, dexterous hands, and sensors, with recommended companies for investment [3]. Market Performance - The report provides a detailed performance overview of key companies, indicating fluctuations in stock prices and market trends over recent weeks [14][32]. - Notable companies with "Outperform" ratings include Green's Harmony, Mingzhi Electric, and Huichuan Technology, reflecting strong earnings projections and market confidence [8][32].

证券研究报告 | 2025年06月16日 | 晨会纪要 | | --- | | 数据日期:2025-06-13 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3376.99 | 10122.11 | 3864.18 | 11481.93 | 2870.29 | 972.94 | | 涨跌幅度（%） | -0.75 | -1.09 | -0.71 | -1.20 | -1.57 | -0.51 | | 成交金额（亿元） | 6053.84 | 8618.12 | 3091.72 | 3076.83 | 4105.06 | 340.36 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ (4) [ (4) 80 $\mu$H$\beta$ ] 宏观与策略 宏观快评:5 月金融数据解读-信用债融资成为结构性亮点 宏观周报:高技术制造业宏观周报-国信周频高技术制造业扩散指数 ...

证券研究报告 | 2025年06月15日 医药生物周报（25 年第 23 周） 优于大市 炎症性肠病数据梳理，关注具备创新资产的标的 本周医药板块表现弱于整体市场，化学制药板块领涨。本周全部 A 股上涨 1.42%（总市值加权平均），沪深 300 上涨 0.88%，中小板指上涨 1.62%， 创业板指上涨 2.32%，生物医药板块整体上涨 1.13%，生物医药板块表 现弱于整体市场。分子板块来看，化学制药上涨 1.67%，生物制品上涨 1.00%，医疗服务上涨 0.73%，医疗器械上涨 1.11%，医药商业上涨 1.13%，中药上涨 0.39%。医药生物市盈率（TTM）34.41x，处于近 5 年历史估值的 72.02%分位数。 核心观点 行业研究·行业周报 医药生物 优于大市·维持 | chenxibing@guosen.com.cnpengsiyu@guosen.com.cn | | | --- | --- | | 0755-81982939 S0980521120001 | 0755-81982723 S0980521060003 | 炎症性肠病的临床数据展示出良好的临床疗效。炎症性肠病（IBD）为一种 ...

证券研究报告 | 2025年06月15日 ETF 周报 本周医药 ETF 领涨，资金净赎回超 25 亿元 核心观点 金融工程周报 ETF 业绩表现 上周（2025 年 06 月 09 日至 2025 年 06 月 13 日，下同）股票型 ETF 周度 收益率中位数为-0.14%。宽基 ETF 中，创业板类 ETF 涨跌幅中位数为 0.31%，收益最高。按板块划分，大金融 ETF 涨跌幅中位数为 0.84%，收益 最高。按主题进行分类，医药 ETF 涨跌幅中位数为 1.32%，收益最高。 ETF 规模变动及净申赎 上周股票型 ETF 净赎回 172.27 亿元，总体规模减少 275.83 亿元。在宽基 ETF 中，上周科创板 ETF 净申购最多，为 5.30 亿元；按板块来看，周期 ETF 净申购最多，为 12.47 亿元；按热点主题来看，芯片 ETF 净申购最多， 为 17.96 亿元。 ETF 基准指数估值情况 在宽基 ETF 中，创业板类 ETF 的估值分位数相对较低；按板块来看，消费 ETF 的估值分位数相对温和；按照细分主题来看，酒、光伏 ETF 的估值分 位数相对较低。与前周相比，周期、新能车、A5 ...

证券研究报告 | 2025年06月15日 基金周报 8 家公募自购旗下新模式浮动费率基金，全市场规模最大的权益 ETF 宣布分红 核心观点 金融工程周报 上周市场回顾。上周A股市场主要宽基指数走势出现分化，创业板指、 上证综指、沪深 300 指数收益靠前，收益分别为 0.22%、-0.25%、-0.25%， 科创 50、中证 1000、中小板指指数收益靠后，收益分别为-1.89%、 -0.76%、-0.65%。 从成交额来看，上周主要宽基指数成交额均有所上升。行业方面，上周 有色金属、石油石化、医药收益靠前，收益分别为 3.95%、3.31%、1.54%， 食品饮料、计算机、建材收益靠后，收益分别为-4.42%、-2.25%、-2.16%。 截至上周五，央行逆回购净回笼资金 727 亿元，逆回购到期 9309 亿元， 净公开市场投放 8582 亿元。不同期限的国债利率均有所下行，利差缩 窄 0.07BP。 上周共上报 24 只基金，较上上周申报数量有所减少。申报的产品包括 2 只FOF，嘉实恒生消费ETF、鹏华国证港股通创新药ETF、交银施罗德 恒生港股通创新药精选指数基金、天弘国证港股通科技指数基金、泰信 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company's revenue for the fiscal year 2025 was HKD 89.556 billion, a decrease of 17.75% year-on-year, while the net profit attributable to shareholders was HKD 5.916 billion, down 8.98% year-on-year. The decline in revenue was primarily due to high gold prices suppressing end demand and losses from gold lending contracts. However, after excluding the impact of fair value changes in gold lending, the operating profit was HKD 14.746 billion, reflecting a strong operational resilience with a year-on-year increase of 9.8% [1][9]. - The retail value decline narrowed to 1.7% year-on-year in April-May, compared to a 11.6% decline in January-March. Notably, same-store sales of gold jewelry and products in mainland China (excluding Hong Kong, Macau, and Taiwan) achieved a positive growth of 0.9% [1][9]. - The company has seen a significant increase in high-margin priced products, with revenue from priced gold jewelry products growing by 105.5% year-on-year to HKD 12.782 billion, accounting for 14.6% of total retail sales, an increase of 8.8 percentage points [2][11]. - The average monthly sales per store exceeded HKD 10 million, up from HKD 9 million the previous year, despite a net closure of 905 stores, bringing the total to 6,644 stores [2][11]. Financial Summary - The company's gross margin for fiscal year 2025 was 29.5%, an increase of 5.5 percentage points year-on-year, benefiting from a higher proportion of high-margin priced products and rising gold prices. The sales expense ratio was 9.7%, up 0.95 percentage points, influenced by declining revenue and increased marketing expenses [2][15]. - The company forecasts net profits for fiscal years 2026 and 2027 to be HKD 7.062 billion and HKD 8.104 billion, respectively, with a new forecast for fiscal year 2028 at HKD 9.049 billion, corresponding to P/E ratios of 18.3, 16, and 14.3 times [3][19].

证券研究报告 | 2025年06月15日 转债市场周报 转债呈现较强韧性，关注低价个券信用挖掘 核心观点 固定收益周报 上周市场焦点（6 月 9 日-6 月 13 日） 股市方面，上周权益市场整体呈现震荡格局，全球地缘冲突加剧的背景 下黄金、原油价格大幅上涨，稀土永磁相关出口管制措施推出等，带动 有色和石油石化板块表现居前，或受部分地区以旧换新补贴活动暂停等 消息影响，食饮、家电等消费板块调整幅度较大。 债市方面，上周债市总体走强，5 月通胀依然低迷、出口同比回落至 4.8%， 资金成本继续下行、隔夜资金利率创今年以来新低，以及地缘政治冲突 加剧、市场风险偏好有所回落等均对债市形成利好；周五 10 年期国债 利率收于 1.64%，较前周下行 1.07bp。 转债市场方面，上周转债个券多数收跌，中证转债指数全周-0.02%，价 格中位数-0.63%，我们计算的算术平均平价全周-0.95%，全市场转股溢 价率与上周相比+0.61%。个券层面，金陵（足球概念）、锦鸡（活性染 料）、海波（钢结构工程）、联得（显示模组设备）、志特（建筑铝膜） 转债涨幅靠前；正裕（汽车减震器与零部件&已公告强赎）、华体（智 能交通系统） ...

证券研究报告 | 2025年06月15日 可交换私募债跟踪 私募 EB 每周跟踪（20250609-20250613） 固定收益快评 | 证券分析师： | 王艺熹 | 021-60893204 | wangyixi@guosen.com.cn | 执证编码：S0980522100006 | | --- | --- | --- | --- | --- | | 证券分析师： | 赵婧 | 0755-22940745 | zhaojing@guosen.com.cn | 执证编码：S0980513080004 | | 证券分析师： | 董德志 | 021-60933158 | dongdz@guosen.com.cn | 执证编码：S0980513100001 | | 联系人： | 吴越 | 021-60375496 | wuyue8@guosen.com.cn | | 我们定期梳理从公开渠道可获得的最新的可交换私募债（私募 EB）项目情况，对私募可交换债项目做基本 要素跟踪，私募发行条款发行过程可能有更改，请以最终募集说明书为准，发行进度请与相关主承销商咨 询。 本周新增项目信息如下：（部分项目因合规原因未予列示 ...

证券研究报告 | 2025年06月15日 通信行业周报 2025 年第 24 周 优于大市 英伟达加速欧洲市场拓展，展望 Marvell AI 活动及上海 MWC 展会 行业要闻追踪：英伟达加速拓展欧洲市场，Oracle 云基础设施收入高增， 算力持续高景气度。（1）英伟达：黄仁勋在 GTC 巴黎上发表演讲，宣布计 划在欧洲新建 20 家"人工智能工厂"，欧洲的 AI 算力将在两年内增长 10 倍，将配备 10000 个 GPU。同时在量子计算和工业 AI 领域加深合作，彰显英 伟达作为全球科技巨头在前沿领域的布局方向。近期，英伟达持续向海外发 力，加速拓展中东、欧洲市场，叠加"星际之门"计划，算力基础设施的高 景气度有望持续。（2）Oracle：发布 2025 财年第四季度及全年财报，第四 季度总收入达 159 亿美元，同比增长 11%。其中云基础设施收入 30 亿美元， 同比增长 52%，成为公司增长最快的业务板块。Oracle 2026 财年指引乐观， 云基础设施增长率将从 50%提升至超过 70%，RPO(已签署但尚未确认的合同 收入)将增长超过 100%。Oracle 目前有 23 个 MultiC ...