国家会展中心（上海），观众在上海车展参展车企展台前 参观。 计海新摄（影像中国） 第二十一届上海国际汽车工业展览会，召开193场发布会、首发超百款新车；第十二届天津五一国际车 展，聚焦"科技、消费、文化"三大核心，打造集新车发布、智慧体验、惠民促销、跨界娱乐于一体的综 合性汽车嘉年华；第十七届西安五一车展，政府、车企、主办方联合推出"补上加补"的重磅利好……最 近一段时间，各地车展密集举行，众多全新车型与前沿科技惊艳亮相，凸显中国制造的优势和中国市场 的魅力。 此间创新汩汩生。 徐 之文 《 人民日报 》（ 2025年05月15日 05 版） 江苏苏州五一国际车展，一款车型吸引了众多参观者。 张 锋摄（影像中国） (责编：卫嘉、白宇) 这正是： 智能网联势如风， 产业向好消费腾。 缘何引人频频顾， ...

杭州鸿泉物联网技术股份有限公司 2024 年年度股东大会会议材料 证券代码：688288 证券简称：鸿泉物联 杭州鸿泉物联网技术股份有限公司 杭州鸿泉物联网技术股份有限公司 2024 年年度股东大会会议材 料 目 录 议案七：《关于审议公司未弥补亏损达到实收股本总额三分之一的议案》 .. 11 议案九：《关于审议公司<2024 年度募集资金存放与使用情况专项报告>的议案》 议案十一：《关于审议<2025 年度公司及子公司申请综合授信额度并提供抵押、 议案十三：《关于审议提请股东大会授权董事会以简易程序向特定对象发行股票 议案十四： 《关于审议取消监事会、修订 <公司章程> 并办理工商变更登记的议案》 附件一：《杭州鸿泉物联网技术股份有限公司 2024 年度董事会工作报告》 . 28 附件二：《杭州鸿泉物联网技术股份有限公司 2024 年度监事会工作报告》 . 38 附件三：《杭州鸿泉物联网技术股份有限公司 2024 年度财务决算报告》 ... 42 附件四：《杭州鸿泉物联网技术股份有限公司 2025 年度财务预算报告》 .. 466 杭州鸿泉物联网技术股份有限公司 2024 年年度股东大会会议材料 杭州鸿泉物 ...

Core Points - The company is holding its 2024 Annual General Meeting to discuss various proposals, including financial reports and profit distribution plans for 2025 [1][5][12] - The company reported a revenue of RMB 423.44 million for 2024, a year-on-year increase of 20.36%, but incurred a net loss of RMB 46.74 million, which is a decrease of RMB 30.73 million compared to the previous year [30][31] - The company plans to apply for a comprehensive credit limit of up to RMB 1.6 billion for 2025 to support its financing and operational needs [9][10] Meeting Procedures - The meeting will only allow shareholders, representatives, and invited personnel to enter, ensuring order and seriousness [2][3] - Shareholders must sign in 30 minutes before the meeting and present necessary identification to participate [2][3] - Voting will be conducted through both on-site and online methods, with results announced after the meeting [4][12] Financial Proposals - The company proposes not to distribute cash dividends for 2024 due to its ongoing investment in R&D and fixed assets, with a total of RMB 7.60 million allocated for share buybacks [7][8] - A proposal to authorize the board to determine the mid-term profit distribution plan for 2025 based on the company's profitability and funding needs [12][13] - The board seeks authorization to issue shares to specific investors, with a total financing amount not exceeding RMB 300 million [11][14] Operational Insights - The company is focusing on enhancing its governance structure and operational efficiency to support sustainable growth [25][26] - It aims to strengthen customer relationships and expand its market share while managing costs effectively [25][26] - The company plans to invest in talent development and improve internal management to enhance overall performance [25][26]

Group 1 - The company aims to become a "world-class digital product solution and smart operation technology service company" by 2025, focusing on product development, service enhancement, marketing innovation, and leading innovation [1][2] - The company plans to increase R&D investment, focusing on AI, data, and market demand to drive product development and marketing breakthroughs [2] - The company emphasizes the importance of external partnerships to build a business ecosystem and promote digital transformation solutions [2][3] Group 2 - The company has a competitive advantage in smart connected vehicle technology and product development due to its affiliation with China FAW Group [3][4] - The company is expanding its smart connected vehicle business by undertaking key projects such as the New Energy Monitoring Platform in Jilin Province and the Smart Connected Vehicle Cloud Platform for FAW Group [3] - The company aims to enhance its market share outside of China FAW Group by promoting its data center, integrated services, and electronic testing businesses [4]

Market Overview - The penetration rate of new energy commercial vehicles has shown an upward trend, with significant increases in the sales of new energy medium and heavy trucks, light trucks, and light buses. However, the penetration rate for large and medium buses has slightly decreased to 48.68% [6][8]. - The sales distribution of various new energy commercial vehicle models indicates a gradual increase in the market share of medium and heavy trucks, while light buses and microbuses have seen fluctuations in their sales proportions [7][8]. Policy and Regulations - The Sichuan Province has implemented a temporary management measure for the recycling and utilization of used power batteries, effective from June 1. This measure mandates that used batteries be handed over to recycling service points or comprehensive utilization enterprises, promoting a multi-functional regional center for battery recycling and utilization [5][9]. - The Shanxi Province has released guidelines for the construction of battery swap stations for pure electric chassis-based vehicles, detailing technical requirements for site selection, power supply systems, and safety standards [5][9]. Company Developments - Changan Kaicheng has launched the V919, a new smart logistics vehicle, with a starting price of 119,900 yuan. This vehicle is positioned as a leading product in the smart new energy commercial vehicle sector [15]. - Weichai Power has introduced the new generation of pure electric small trucks, the Weichai Blue Qiang X1, aimed at urban logistics scenarios, emphasizing efficiency and green solutions [15]. - The launch of the Remote Super VAN at the Birmingham Commercial Vehicle Show showcases its capabilities in logistics and urban distribution, including models equipped with intelligent refrigeration systems [17]. Sales Performance - SAIC Maxus reported a 71% year-on-year increase in domestic sales of its light commercial new energy vehicles from January to April, with the penetration rate rising from 19% to 30% [20]. - Proton Motors achieved a record monthly order of over 1,000 units in April, indicating strong market demand and growth potential for its new energy heavy trucks [19].

Group 1: City Overview and Positioning - Guangzhou is the capital of Guangdong Province, covering an area of approximately 7,434 square kilometers and serving a population of over 24 million, with a GDP exceeding 3 trillion yuan [1][9] - The city has a "6+4" urban nature and core functional positioning, making it a significant central city hub in China, playing a vital role in the Guangdong-Hong Kong-Macao Greater Bay Area and Nansha development strategies [1][9] Group 2: Economic and Industrial Development - In 2024, Guangzhou's economic performance was notable, with import and export values exceeding 1 trillion yuan for four consecutive years, and export values surpassing 700 billion yuan for the first time [1][2] - The city has established a "12218" modern industrial system, which includes strategic industrial clusters, future industries, and modern service industries, with significant advancements in sectors like ultra-high-definition video and new display technologies [1][2][77] Group 3: Business Environment and Policy Support - Guangzhou has been rated as a top-tier city for business environment reforms for four consecutive years, implementing a series of policies to create an "industry-friendly, enterprise-friendly, entrepreneur-friendly, and scientist-friendly" business environment [2][3] - The city actively attracts investment through a "1+3+3" collaborative recruitment system, providing efficient services, precise policy support, and rights protection for enterprises [2][3] Group 4: Talent, Transportation, and Business Facilities - Guangzhou boasts a wealth of talent resources with numerous universities and actively works to attract and retain talent [2][3] - As an international comprehensive transportation hub, the city saw significant growth in air, port, and rail passenger volumes in 2024, with advanced business facilities including abundant Grade A office buildings and star-rated hotels [2][3] Group 5: Living Environment and Urban Safety - The city emphasizes the creation of a favorable living environment, optimizing urban spatial layout and promoting vibrant commercial districts [2][3] - Guangzhou is recognized as one of the safest cities in China, with high-quality education and healthcare resources [2][3] Group 6: Strategic Development Opportunities - Guangzhou is positioned as a core engine of the Greater Bay Area, leveraging national support for its development to attract foreign investment and advanced technologies [29][35] - The city has a large market scale and strong production capacity, showcasing significant market potential and attractiveness [19][21]

Core Insights - The core viewpoint of the articles emphasizes the rapid development and strategic positioning of the Xi'an High-tech Zone in the new energy vehicle (NEV) industry, aiming to become a leading hub in China's automotive sector [1][2][5] Group 1: Industry Development - The NEV industry is a key sector in Xi'an High-tech Zone, targeting a production goal of 1 million vehicles and a 100 billion yuan industry cluster [1][2] - By 2024, the production volume of NEVs in Xi'an High-tech Zone is expected to exceed 1.07 million units, accounting for 89.3% of Shaanxi Province's total and 8.3% of the national total [2] - The industrial scale of the NEV sector in Xi'an High-tech Zone is approximately 260 billion yuan, with over 180 upstream and downstream enterprises [2] Group 2: Innovation and Talent - Innovation is identified as the core driver of the NEV industry's growth in Xi'an High-tech Zone, with over 20 national and provincial innovation platforms established [3] - Collaborations with local universities have created a talent supply mechanism, fostering an ecosystem conducive to research and development [3] Group 3: Supply Chain and Ecosystem - The Xi'an High-tech Zone has developed a localized supply chain covering vehicle manufacturing, battery materials, and automotive components, achieving a local supply rate of 60% for BYD's NEV components [4] - The zone is implementing a "one enterprise leads one chain" strategy to enhance the automotive supply chain, focusing on core components and after-market services [4] Group 4: Future Outlook - The Xi'an High-tech Zone is planning to upgrade its industry with a global perspective, focusing on smart connectivity, hydrogen fuel vehicles, and automotive-grade chips [5] - The aim is to accelerate the introduction of new vehicle manufacturers and core component projects, contributing to China's transition from a major automotive nation to a strong automotive nation [5]

2025 年 5 月 6 日 公司研究 ——深城交（301091.SZ）2024 年年报及 2025 年一季报点评 增持（维持） 当前价：33.85 元 作者 分析师：孙伟风 执业证书编号：S0930516110003 021-52523822 分析师：吴钰洁 执业证书编号：S0930523100001 021-52523879 wuyujie@ebscn.com 市场数据 | 总股本(亿股) | 4.06 | | --- | --- | | 总市值(亿元)： | 137.30 | | 一年最低/最高(元)： | 23.10/66.00 | | 近 3 月换手率： | 149.50% | 股价相对走势 新签合同高增，业务转型下增长可期 -30% -1% 29% 58% 87% 04/24 07/24 10/24 01/25 深城交 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | 9.12 | -22.94 | 8.56 | | 绝对 | 14.17 | -23.59 | 11.65 | 资料来源：Wind 相 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1][36][38]. Core Views - The company has shown significant growth, with a 31% year-on-year increase in net profit for Q1 2025, driven by the growth of TBox and eCall products [1][4]. - The company is positioned to benefit from the rising penetration of connected vehicles and the overall growth of the automotive industry, particularly in smart and connected solutions [8][25][26]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 216 million yuan, a 16.85% increase year-on-year, and a net profit of 43 million yuan, up 30.67% year-on-year [4][10]. - For the full year 2024, the company achieved revenue of 1.022 billion yuan, a 25.68% increase, and a net profit of 175 million yuan, a 37.54% increase [4][10]. - The compound annual growth rate (CAGR) for net profit from 2019 to 2024 was 47%, with revenue CAGR at 30.01% [5][11]. Business Segments - The connected vehicle terminal devices segment generated revenue of 842 million yuan in 2024, a 32.19% increase, accounting for 82.39% of total revenue, with a gross margin of 27.71% [5][15]. - The IoT smart module segment reported revenue of 136 million yuan, a decrease of 6.73%, contributing 13.28% to total revenue, with a gross margin of 24.77% [5][15]. Profitability and Cost Management - The company's gross margin improved to 29.07% in 2024, up 2.05 percentage points year-on-year, with a net margin of 17.17%, an increase of 1.48 percentage points [6][20]. - In Q1 2025, the gross margin further increased to 29.33%, with a net margin of 20.02%, reflecting effective cost management [6][20]. Market Trends and Opportunities - The global connected vehicle market is projected to reach 228.1 billion USD in 2024, with the Chinese market expected to reach 543 billion yuan [26][28]. - The company has established strong partnerships with major automotive manufacturers, enhancing its market position and growth potential [29][35]. Future Projections - Revenue forecasts for 2025-2027 are 1.339 billion yuan, 1.705 billion yuan, and 2.126 billion yuan, respectively, with net profits projected at 238 million yuan, 308 million yuan, and 377 million yuan [36][38]. - The current price-to-earnings (PE) ratios are projected to be 49, 38, and 31 for the years 2025, 2026, and 2027, respectively [36][38].

Core Viewpoint - The development of intelligent driving technology in China is rapidly advancing, with significant breakthroughs and increasing affordability, but safety concerns and misconceptions about the technology persist [6][7][19]. Group 1: Current State of Intelligent Driving - Intelligent driving has transitioned from science fiction to reality, with major automotive companies like BYD, Geely, and Chery launching significant intelligent driving initiatives [6]. - The current level of intelligent driving technology in China is primarily classified as L2, which is still considered "driver assistance" rather than full automation [9][10]. - Consumers are increasingly prioritizing vehicles with intelligent driving features, often confusing "assisted driving" with "autonomous driving" [9][10]. Group 2: Safety and Regulatory Concerns - A recent tragic accident involving an intelligent driving vehicle has raised questions about the pace of development in the industry and the safety of these technologies [7]. - The Chinese government has initiated pilot programs for intelligent connected vehicles, with Yutong being the only bus manufacturer included in the first batch of approved companies [11]. Group 3: Technological Advancements and Applications - Intelligent driving applications are expanding beyond personal vehicles to include commercial transportation, public services, and agricultural machinery, such as autonomous tractors [12][13]. - The integration of intelligent connected vehicles with advanced technologies like V2X (Vehicle-to-Everything) is crucial for enhancing safety and operational efficiency [10][14]. Group 4: Future Development and Challenges - The concept of "vehicle-road-cloud integration" is emerging as a key pathway for achieving higher levels of autonomous driving, with ongoing trials and infrastructure development in regions like Zhengzhou [16][18]. - The establishment of research centers focused on network resilience and safety for intelligent connected vehicles is underway, aiming to address potential cybersecurity risks [14][15].