证券研究报告 | 2025 年 04 月 14 日 晨会集萃 制作：产品中心 重点推荐 《策略|特朗普关税 2.0 冲击与海内外资产表现梳理》 特朗普政府的对等关税出台后，中方进行三次反制。当前中美对对方加征 的关税均为 125%，而 4 月 9 日的 90 日暂缓举措显示美方态度出现缓和迹 象；美国当地时间 4 月 11 日，美国宣布部分商品免征"对等关税"，表 明美方的态度继续出现缓和。2、本周海外仍然呈现出一定的流动性风险 特征，周中过后美债、美元受到抛售，美股出现弱企稳。VIX 指数进一步 冲高，于 4 月 8 日升至 52.3，随后震荡回落，美元信用受到关税影响， 危机模式下美债遭遇抛售，美债利率在流动性踩踏下进一步走高，10 年 期美债利率于 4 月 11 日升至 4.48%，期限利差快速走阔，收益率曲线陡 峭化，中债则延续 3 月中旬以来的下行趋势，回落至 1.6%水平，因而中美 利差快速走阔，人民币贬值。3、A 股超跌后企稳修复，4 月 7 日市场大 跌，创业板指跌 12.5%，创史上最大单日跌幅，沪指收跌跌 7.34%失守 3100 点，全市场超 2900 个股跌停。行业配置建议：赛点 2. ...

2025 年 04 月 13 日 萤石网络 (688475) ——盈利能力修复，业绩符合预期 报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 36.40 | | 一年内最高/最低（元） | 58.11/24.18 | | 市净率 | 5.3 | | 股息率%（分红/股价） | 1.37 | | 流通 A 股市值（百万元） | 14,906 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.15 | | 资产负债率% | 31.04 | | 总股本/流通 A 股（百万） | 788/410 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03- ...

公司报告 | 年报点评报告 萤石网络（688475） 证券研究报告 智能入户和服务机器人增速较好，公司加大宣传投入 事件：公司 2024 年全年实现营业收入 54.42 亿元，同比+12.41%，归母净利润 5.04 亿 元，同比-10.52%；其中 2024Q4 实现营业收入 14.79 亿元，同比+11.05%，归母净利润 1.29 亿元，同比-20.03%。（调整后）拟向全体股东每 10 股派发现金红利 3.5 元（含税）， 分红比例 55%。公司 2025 年 Q1 全年实现营业收入 13.8 亿元，同比+11.59%，归母净利 润 1.38 亿元，同比+10.42%。（调整后） 智能入户和服务机器人业务增速亮眼，智能家居摄像机业务略有承压 分产品看，24A 核心品类智能家居摄像机收入同比-1.38%略有承压。智能入户和智能服 务机器人增势亮眼，同比+47.87%/+265.12%。云平台业务收入同比+22.87%，呈较快增 长。其中 24H2 智能家居摄像机收入增速环比 24H1 好转，同比+1.7%；智能入户和云平 台业务增速环比 24H1 略有降速，同比+34.7%/+17.2%。分地区看，24 ...

免疫诊断方向，已基本完成覆盖高中低通量的仪器布局，包括三款全自动化学发光免疫分析仪 （Caris200、Wan200+、Wan100）以及配套115项试剂，满足临床检验各种应用场景的核心需求，公司 国产自研的一款高速化学发光免疫分析仪Wan600开发已经进入行政审批阶段，将进一步提升检测效率 和准确性。生化诊断方向，公司推出一款高通量全自动生化分析仪WanBC2800。 西部矿业2024年净利润同比增长5% -- 重点要闻– 万泰生物2024年净利润1.06亿元 万泰生物(603392.SH)发布2024年年报，致力于为我国临床医疗体系提供优质、全面的体外诊断解决方 案。2024年营业收入为22.45亿元，相较上年同比减少-59.25%；归属于上市公司股东的净利润1.06亿 元，同比减少91.49%；归属于上市公司股东的扣除非经常性损益的净利润-1.86亿元，同比减少 117.29%。 | | | | 甲 W: 儿 | 1114: Acch | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减 | 2022年 | | | ...

Core Viewpoint - The company, Hangzhou Yingzi Network Co., Ltd., has released its quarterly financial report, ensuring the accuracy and completeness of the information provided, and confirming that there are no false records or significant omissions [2][3]. Financial Data Summary - The financial report for the first quarter of 2025 is unaudited, and the company has made adjustments to the previous year's earnings per share due to a capital reserve increase of 0.4 shares per share for all shareholders [3]. - The company has entered into a management agreement with its indirect controlling shareholder, China Electric HIK Group Co., Ltd., which resulted in the control of Hangzhou Furuite Technology Co., Ltd., leading to a consolidation of financial statements [3]. Non-Recurring Gains and Losses - The report indicates that the company has identified non-recurring gains and losses, but specific amounts and details are not applicable in this context [4]. Shareholder Information - The report includes details about the total number of ordinary shareholders and the top ten shareholders, but there are no changes reported in the lending or returning of shares due to transfer and financing activities [6]. Audit Opinion - The financial statements for the quarter do not have an applicable audit opinion as they are unaudited [7].

Financial Performance - The company achieved operating revenue of ¥5,441,939,939.51, representing a year-over-year increase of 12.41%[22]. - Net profit attributable to shareholders decreased by 10.52% to ¥503,927,731.05 compared to the previous year[22]. - The net cash flow from operating activities fell by 43.44% to ¥548,388,193.76, primarily due to increased cash outflows for purchasing goods and services[25]. - The company's total assets grew by 1.84% to ¥8,353,718,200.43, while net assets attributable to shareholders increased by 4.34% to ¥5,493,265,544.50[25]. - Basic earnings per share decreased by 11.11% to ¥0.64, while the diluted earnings per share was not applicable[23]. - The total profit for the year was 539 million RMB, a decrease of 5.02% compared to the previous year[37]. - The net profit attributable to shareholders was 504 million RMB, down 10.52% year-on-year, while the net profit excluding non-recurring gains and losses was 483 million RMB, a decline of 12.63%[37]. - The company reported a net profit of ¥125,029,413.58 in the first quarter of 2024, with a significant cash flow deficit of ¥152,533,851.54[28]. Dividend Distribution - The company plans to distribute a cash dividend of 3.5 CNY per 10 shares, totaling 275,625,000 CNY, which accounts for 54.70% of the net profit attributable to shareholders for 2024[8]. Audit and Compliance - The company received a standard unqualified audit report from Deloitte Huayong[7]. - The company’s financial report has been confirmed for its authenticity, accuracy, and completeness by its responsible personnel[8]. - The company has not reported any significant risks that could materially affect its operations during the reporting period[5]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[10]. - The company has not violated any decision-making procedures regarding external guarantees[11]. - The company has not reported any governance special arrangements or significant matters[10]. Research and Development - The proportion of R&D investment to operating revenue was 14.95%, a slight decrease of 0.14 percentage points from the previous year[24]. - The company invested 814 million yuan in R&D in 2024, accounting for 14.95% of total revenue, with 1,463 R&D personnel representing 30.25% of total employees[166]. - The total R&D expenditure for the year was ¥813,673,563.79, an increase of 11.35% compared to the previous year[169]. - The company added 100 authorized invention patents and 10 software copyrights during the reporting period, bringing the total to 319 authorized invention patents and 93 software copyrights[166]. - The company has established a strong commitment to core technology development, focusing on IoT cloud platform services and smart home technologies[160]. Product Development and Innovation - The company upgraded its product ecosystem from "1+4+N" to "2+5+N," enhancing its core product lines with AI capabilities[38]. - The newly developed "Blue Ocean Large Model" was registered in September 2024, enabling edge and cloud computing collaboration[41]. - The company launched the S10 video call camera, which features a 4-inch touch IPS screen and dual-way video capabilities, enhancing user interaction[49]. - The S10 camera integrates with the DeepSeek large model for improved natural language understanding and voice interaction[49]. - The newly launched TAMO pet care camera features a unique design and advanced technology, including a dual brushless motor and a 16Wh battery for extended usage, winning the 2024 IF Design Award[52][53]. - The smart home camera segment is expected to evolve towards more visual, interactive, and intelligent features, enhancing user safety and convenience[158]. - The company launched a new AI model, becoming the first in the smart home industry to pass the "large model algorithm security filing," which supports the intelligentization of IoT devices[121]. Market Expansion and Strategy - The company is expanding its market presence in smart home cameras, smart locks, and cleaning robots, targeting both domestic and international retail channels[37]. - The company plans to expand its SKU categories for smart home products and increase the coverage of offline retail stores in 2024, enhancing user reach and brand awareness[101]. - In 2024, the company is actively developing its international market presence, transitioning from single-category to multi-category offerings, with a focus on smart entry products like smart doorbells and locks[104]. - The company has established a balanced domestic and international sales system, with retail and overseas sales proportions continuously increasing[178]. User Engagement and Demographics - The company reported a notable increase in the proportion of female users and younger demographics, with over 30% of the purchasing group being under 30 years old by the end of 2024, indicating a successful brand rejuvenation strategy[113]. - Monthly active users reached 6,552.81 thousand in 2024, up 20.3% from 5,446.41 thousand in 2023[134]. - The number of registered users increased to 19,252.52 thousand in 2024, a 22.4% increase from 15,686.70 thousand in 2023[134]. Risks and Challenges - The company faces risks related to product development, including potential misjudgment of market demand and competition from faster innovators[182]. - The company is exposed to inventory impairment risks due to rapid product iteration and potential misestimation of raw material price fluctuations[188]. - The company operates in multiple foreign currencies, exposing it to foreign exchange risks that could negatively impact financial performance[189]. - The company is navigating increased competition in the smart home industry, with a focus on enhancing its cloud platform and ecosystem[190]. - Global economic fluctuations may lead to decreased market demand, impacting the company's operational performance[191]. Marketing and Brand Development - The company has established a strong online marketing team, enhancing its ability to drive brand awareness through short video content and live streaming[99]. - In 2024, the company aims to enhance its brand image as a "technology brand with AI and warmth," focusing on three key themes: "warm technology," "youthfulness," and "female empowerment" to drive brand growth through a content marketing matrix[106]. - The company achieved significant recognition in 2024, winning 51 brand awards across various fields, including consumer recognition and product quality, which strengthens its long-term development foundation[114]. Supply Chain and Production - The company expanded its production capacity at its Chongqing facility and implemented lean management in its supply chain, enhancing delivery stability and efficiency[118]. - The company has built a self-owned supply chain system, optimizing end-to-end total costs and enhancing product quality control through lean supply chain management[179]. - The company is committed to enhancing its supply chain through digitalization, automation, and intelligent upgrades to improve production efficiency and quality control[150].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 1,380,258,421.19, representing an increase of 11.59% compared to CNY 1,236,902,103.16 in the same period last year[3]. - Net profit attributable to shareholders for the same period was CNY 138,056,259.10, up 10.42% from CNY 125,253,301.27 year-on-year[3]. - Operating profit for Q1 2025 was ¥157,235,874.90, compared to ¥147,783,414.81 in Q1 2024, reflecting a growth of 6.9%[16]. - The company reported a total comprehensive income of ¥138,949,054.50 for Q1 2025, compared to ¥124,485,314.11 in Q1 2024[17]. - The basic earnings per share for the quarter was CNY 0.18, reflecting a 12.50% increase from CNY 0.16 in the previous year[4]. - The basic earnings per share for Q1 2025 was ¥0.18, up from ¥0.16 in Q1 2024[17]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly, reaching CNY -65,224,315.47, a 57.24% increase from CNY -153,559,962.37 in the previous year[4]. - Cash flow from operating activities for Q1 2025 was negative at -¥65,224,315.47, an improvement from -¥152,533,851.54 in Q1 2024[19]. - The company's cash and cash equivalents were reported at ¥3,725,675,462.77 as of March 31, 2025, down from ¥3,958,394,220.62 as of December 31, 2024, a decrease of about 5.9%[11]. - Cash and cash equivalents at the end of Q1 2025 totaled ¥3,724,460,462.77, down from ¥4,379,345,207.15 at the end of Q1 2024[20]. - The company's short-term borrowings were not reported, indicating a potential focus on maintaining liquidity without incurring additional debt[13]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,167,974,587.64, a decrease of 2.22% from CNY 8,353,718,200.43 at the end of the previous year[4]. - The total current assets as of March 31, 2025, amounted to ¥5,630,297,058.34, a decrease from ¥5,977,940,776.44 as of December 31, 2024, reflecting a decline of approximately 5.8%[12]. - The total liabilities decreased from ¥2,860,452,655.93 as of December 31, 2024, to ¥2,535,430,413.07 as of March 31, 2025, indicating a reduction of about 11.4%[13]. - The total assets decreased from ¥8,353,718,200.43 as of December 31, 2024, to ¥8,167,974,587.64 as of March 31, 2025, representing a decline of approximately 2.2%[14]. - The company's total equity increased from ¥5,493,265,544.50 as of December 31, 2024, to ¥5,632,544,174.57 as of March 31, 2025, reflecting an increase of about 2.5%[14]. Research and Development - Research and development expenses totaled CNY 203,614,149.98, accounting for 14.75% of operating revenue, down 2.02 percentage points from the previous year[4]. - Research and development expenses for Q1 2025 were ¥203,614,149.98, slightly down from ¥207,472,364.70 in Q1 2024[16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 9,327[9]. Foreign Exchange and Other Gains - The company reported non-recurring gains and losses totaling CNY 333,972.77 for the period[6]. - The company experienced a foreign exchange gain of ¥6,925,885.38 in Q1 2025, contrasting with a loss of -¥375,255.28 in Q1 2024[20]. Management and Business Combination - The company signed a management agreement with its indirect controlling shareholder, which resulted in the control of Hangzhou Furu Technology Co., Ltd., leading to a business combination under common control[5].

Core Insights - The company reported a revenue of 1.38 billion yuan for Q1 2025, representing a year-on-year growth of 11.59% [1] - The net profit for the same period was 138 million yuan, showing a year-on-year increase of 10.42% [1] Financial Performance - Revenue for Q1 2025: 1.38 billion yuan, up 11.59% year-on-year [1] - Net profit for Q1 2025: 138 million yuan, up 10.42% year-on-year [1]

Core Viewpoint - Huitongda Network (9878) launched its "AI+ Strategy" and the "Suqing Small Shop" cultivation plan, focusing on enhancing efficiency in member stores through over 50 AI solutions and a comprehensive AI ecosystem [1][7][9] Group 1: AI+ Strategy Overview - The "AI+ Strategy" includes a cloud-based model called "Qiancheng Cloud AI" and three major projects aimed at improving efficiency in urban and rural supply chains [3][9] - The three major projects are: 1. "AI+ Industry Platform Project" to connect upstream brand factories with member stores for better supply chain management 2. "AI+ SaaS Service Project" to enhance procurement efficiency and transaction volume for member stores 3. "AI+ Smart Terminal Project" to provide customized AI applications through partnerships with hardware manufacturers [3][5][9] Group 2: AI Solutions and Tools - The "Qiancheng AI Super Store Manager" app was developed to assist member stores in eight operational areas, offering over 15 versatile AI assistant tools [4] - New edge computing devices named "Xuanwu" and "Zhongshan" were introduced to provide one-stop AI solutions for upstream and downstream clients [4][5] Group 3: Strategic Partnerships and Initiatives - Huitongda partnered with the Communist Youth League of Jiangsu Province to launch the "Suqing Small Shop" cultivation plan, aiming to empower over 10,000 youth-led small shops with AI technology and digital marketing [7] - The company also formed strategic alliances with various chip and hardware manufacturers to create an AI service ecosystem for member stores [7] Group 4: Market Position and Future Outlook - Huitongda has established a strong presence in the lower-tier market, serving 250,000 member stores across 21 provinces, leveraging digital and intelligent technologies to drive transformation [9] - The integration of AI with existing supply chain initiatives is expected to enhance consumer demand and contribute to rural revitalization efforts [9]

Investment Rating - The report suggests a focus on leading domestic generative model companies such as iFlytek, AI hardware companies like Yingshi Network and Hongsoft Technology, and AI-related applications that can enhance user engagement and payment rates, recommending companies like Kingsoft Office and Wanjing Technology [2] Core Insights - The AI industry chain is expected to maintain high prosperity, with computing power remaining stable and application growth accelerating. Other sectors like intelligent driving and financial IT are also projected to show steady growth [11][12] - The report highlights the recent advancements in AI products, including the launch of free intelligent products by Zhiyuan and significant funding for OpenAI, which will enhance AI research and infrastructure [4][13] - The impact of the recent tariff policy announced by Trump is expected to have a limited effect on the overall performance of the computing sector, as overseas revenue accounts for only about 10% of demand [11] Summary by Sections 1. Industry Perspective - The report discusses the launch of Zhiyuan's free intelligent product "AutoGLM" and the advancements in AI capabilities by Baidu and OpenAI, emphasizing the competitive landscape and technological advancements in the AI sector [11][13] - It notes that the computing sector's performance is likely to be influenced by domestic demand policies and the ongoing trend of domestic substitution and self-control in technology [11] 2. Subsector Insights - AI Industry Chain: High prosperity maintained, with computing power stable and application growth accelerating [10] - Intelligent Driving: Growth is expected to accelerate, particularly in areas like LiDAR and vehicle-road cloud integration [10] - Financial IT: The sector is experiencing steady growth, supported by high trading volumes and favorable policies [14] - Industrial Software: Anticipated breakthroughs in industrial AI applications, with significant projects underway [15] 3. Market Performance - The computing industry index saw a decline of 1.87% from March 31 to April 4, 2025, underperforming compared to the CSI 300 index [16] - The report identifies the top-performing companies in the computing sector during this period, highlighting both gains and losses among key players [22] 4. Upcoming Events - The report outlines several upcoming industry events, including technology exchange days and conferences focused on 6G, drones, and machine learning, suggesting potential investment opportunities in related sectors [29]