Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [6][19]. Core Viewpoints - The integration of AI and IoT is creating a world of interconnected devices, with the potential to generate more IoT application scenarios and higher-value hardware products. The company leverages its understanding of the fragmented IoT industry to expand into new markets while solidifying its presence in established ones [4][11][17]. - The company's revenue reached a historical high of 1.402 billion yuan in 2024, representing a year-on-year growth of 24.85%. New business segments, particularly smart sleep terminals and smart travel components, contributed significantly to this growth [12][19]. - The company is positioned to benefit from the growing demand for AI-driven IoT solutions, with a focus on enhancing its product matrix and expanding into high-value services [20][69]. Summary by Sections Company Overview - The company is a leading domestic IoT terminal manufacturer with a diverse product matrix covering smart transportation, smart travel, smart payment, and smart sleep [11][30]. - The company has successfully transitioned from a focus on vehicle networking to a broader IoT ecosystem, demonstrating its ability to capture new market opportunities [24][25]. AI and IoT Integration - The report highlights the accelerating development of the AIoT industry, driven by advancements in AI technologies like DeepSeek, which enhance service experiences and create new market demands [13][46]. - The global IoT market is projected to grow significantly, with the number of connected devices expected to reach 29.7 billion by 2027, reflecting a compound annual growth rate of approximately 16% [41][42]. Financial Performance - The company achieved a revenue of 1.402 billion yuan in 2024, with a notable increase in contributions from innovative business lines such as smart sleep terminals, which generated 199 million yuan, accounting for 14.17% of total revenue [12][19]. - The company's net profit is projected to grow significantly, with estimates of 227 million yuan in 2025, reflecting a year-on-year growth of 29.06% [19][20]. Market Opportunities - The implementation of the eCall system in China is expected to create substantial market opportunities, as the policy is set to enhance vehicle safety and emergency response capabilities [14][58]. - The company is actively expanding its overseas market presence, with a reported revenue of 327 million yuan from international sales in 2024, marking a 399.37% increase from previous years [31][34].
博实结：依托核心技术，在AIoT万物智联时代持续成长-20250608