【私募调研记录】鼎萨投资调研映翰通

Group 1 - The core viewpoint of the news is that DingSa Investment has conducted research on a listed company, emphasizing the company's resilience to tariff fluctuations and its global strategic layout [1] - The company, Yinghantong, has seen a continuous optimization of its overseas revenue structure, with a significant growth in its vehicle-mounted business, particularly in overseas public transportation applications [1] - The gross margin is expected to stabilize in the long term due to the support from industrial IoT products, despite a decline in Q1 2025 attributed to changes in product revenue structure [1] Group 2 - The IWOS project has shown strong market expansion, covering most provinces in the country, with progress in overseas markets as well [1] - The company has a stake in Panque Intelligent, which is developing interior decoration robots, while its embodied intelligent robot technology research is still in the early stages [1] - Future product planning will focus on the deep integration of AI technology with existing businesses to explore emerging fields, with the enterprise network product line expected to grow nearly 100% in 2024 [1]