Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, with a focus on expanding into emerging markets such as commercial satellite communication, smart automotive, and smart home sectors [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 8.744 billion yuan, a year-on-year increase of 15.85% [1] - The net profit attributable to shareholders reached 662 million yuan, reflecting a year-on-year growth of 26.89% [1] - For Q1 2025, the company anticipates gradual improvement in operations starting from Q2 despite short-term impacts from external uncertainties [1] Group 2: Business Expansion - The company is actively exploring new markets in commercial satellite communication, smart automotive, and smart home sectors, enhancing its second growth curve [1] - In the commercial satellite communication sector, the company has made significant breakthroughs and is expanding its business scale, becoming a key supplier in the satellite field [2] - The company has successfully supplied products to major North American clients and plans to engage with more large manufacturers in the future [2] Group 3: Strategic Focus Areas - The government has emphasized the development of smart connected vehicles, marking a shift in the automotive industry towards intelligent mobility [3] - The company has increased its focus on smart automotive business, securing qualifications from domestic and international manufacturers for various products [3] - In the smart home market, the global market size is projected to reach 155.8 billion USD in 2024, with a compound annual growth rate of 21.52% from 2017 to 2024 [4] - The company is leveraging its core products to establish a leading position in the smart home and IoT sectors, with significant advancements in various applications [4] Group 4: Future Outlook - The company plans to continue investing in consumer electronics, commercial satellite communication, and smart automotive sectors while exploring emerging fields such as 6G, 7G, data centers, artificial intelligence, and humanoid robots [4]

投资要点 设立工业连接器子公司，拓展优必选、库卡等机器人客户。公司已在佛山设立了佛山珠城智联科技有限 公司，主要涉及工业机器人等领域连接器业务的开发与拓展。在优必选方面，公司主要涉及优必选送餐 机器人产品，相关产品正处于研发送样阶段。此外，公司已取得库卡机器人（广东）有限公司的供应商 代码，并有小批量供货。 公司将聚焦人形机器人、智能汽车、工业AI 等方向，拟通过兼并收购在3-5 年内完成新业务培育。公司 将根据业务发展战略，围绕核心业务，在合适时机，谨慎开展收购、兼并或合作，以达到扩大生产规 模、提升研发能力、丰富产品系列等目的。公司拟通过3-5 年的新业务培育，实现家电连接器业务和新 业务双轮驱动。 【投资建议】 经营业绩稳健增长，盈利能力同比略降。2025Q1 公司实现营业收入4.48 亿元，同比+24.51%，归母净 利润0.54 亿元，同比+12.49%，扣非归母净利润0.51 亿元，同比+8.81%。盈利能力方面，2025Q1 公司 销售毛利率为24.45%，同比-2.04pct，销售净利率为12.91%，同比-1.31pct，环比+1.4pct。 家电连接器主业坚持大客户战略，国产替代下有望实现 ...

文 | 新浪科技 张俊 "上汽All in尚界！"。 2025上海车展期间，上汽集团总裁贾健旭的一番表态，让上汽"亲儿子"智己汽车陷入了尴尬境地——就 在数日前的全新智己L6的预售发布会上 ，智己汽车联席CEO刘涛刚刚强调，"智己汽车是上汽集团的一 号工程和唯一高端品牌。" 上汽选择与华为合作"尚界"的背后，可能还是"亲儿子"不太争气。 2024年，上汽销量暴跌20%，预计2024年净利润也将暴跌87%到90%。而今年3月，"一号工程"智己汽车 销量仅为3100辆，一季度销量同比暴跌29.66%。 此前，上汽的另一个"亲儿子"飞凡汽车，已经因为销量惨淡被整合进荣威。难道，智己也难逃这个命 运？ 上汽All in尚界，智己怎么办？ 日前，华为与上汽联合打造的"尚界"品牌正式亮相，成为继问界、智界、享界、尊界之后的鸿蒙智行第 五界。 根据华为常务董事、终端BG董事长余承东透露的消息，尚界将会是一个风格至上的品牌，搭载华为智 慧出行解决方案，并采用鸿蒙智行最严格的质量管理标准来对车辆进行管控，首款车型将于今年秋天正 式上市。 上汽对尚界也是寄予厚望，上汽集团总裁贾健旭公开表示，尚界首期投入60亿元，尚界专属团队达5 ...

Core Insights - The 20th Shanghai International Automobile Industry Exhibition is showcasing a shift from luxury and concept cars to a focus on hard technology, including flying cars, humanoid robots, and advanced battery technologies [1][3] Group 1: Technological Showcases by Automakers - Domestic brands are increasingly displaying their technological capabilities, with innovations in body structure, chassis, smart cockpits, and power batteries [3] - Beijing Automotive Group showcased a new generation of solid-state battery modules that improve energy density by 5% and cooling efficiency by 50% [3] - SAIC Group's new energy brand, IM Motors, introduced a line-controlled digital chassis that optimizes steering control for enhanced safety and comfort [3] Group 2: Innovations from Joint Ventures - Joint venture manufacturers are innovating through collaborations and advancements in new energy and smart technologies [4] - SAIC-GM Buick launched the "Xiaoyao" super integration architecture, which supports multiple new energy technologies and enhances smart driving capabilities [4] Group 3: Rise of Technology Suppliers - The exhibition featured a dedicated area for automotive technology and supply chain, covering 100,000 square meters, highlighting the growing presence of technology suppliers [5] - CATL introduced three new battery products, including the world's first mass-produced sodium-ion battery, which performs well even in extreme conditions [5] - Aptiv launched localized innovations tailored for the Chinese market, including a real-time operating system and virtualization platform developed locally [5] Group 4: Expanding Beyond Traditional Automotive - Companies are diversifying their focus beyond traditional vehicle manufacturing, exploring advanced industries such as humanoid robots and flying cars [6] - XPeng Motors introduced its humanoid robot, IRON, indicating a trend towards integrating robotics into the automotive sector [6] - GAC Group presented a vision for an "AI panoramic view," showcasing robots and flying cars, reflecting its ambition to evolve into an intelligent mobility service provider [6]

自2024年四季度，美的集团、顺丰控股等高市值的重量级"选手"完成赴港上市后，硬科技玩家也默默掀 起了一股"A+H"的双重上市热潮。 据智通财经星矿数据统计，仅今年前三个月就有超30家A股企业披露拟港股IPO，其中半导体企业是主 力军之一。 从紫光股份、剑桥科技、天岳先进到近期的江波龙、广和通、杰华特、纳芯微、和辉光电……这些A股 知名半导体企业陆续宣布进度不一的港股上市进程。除此之发，还有尚鼎芯、天域半导体等企业正在推 进港股首发上市计划。 从行业共性出发，企业集体赴港上市的背后是因为整个半导体产业新的技术变革需求驱使着大多经营者 进入发展关键期，尤其是AI、5G、智能汽车等领域的爆发式增长。 正如知名企业战略专家霍虹屹在接受《科创板日报》记者采访时表示，"面对当下不少行业发生的深刻 变革，企业及时融资能助力其快速抓住行业风口，并尽早占领市场、抢占先机。因此拥有融资便利的港 股市场备受企业青睐。"。 在此之前，这家信息与通信技术巨头已在A股沉浮了26年。据国际数据公司IDC最新数据显示，2024年 第一季度，在中国以太网交换机、企业网交换机、园区交换机市场，紫光股份分别以34.8%、36.5%、 41.6% ...

Group 1: Automotive Market Overview - In February, the automotive market in China showed signs of recovery, with a notable performance in the new energy vehicle (NEV) sector, where BYD sold 322,846 units, a year-on-year increase of 164% [1] - The total retail volume of automobiles in February is expected to reach 1.25 million units, representing a year-on-year growth of 13.6%, with NEV retail volume reaching 600,000 units, achieving a penetration rate of 48% [1] - The market is anticipated to maintain steady growth in March due to the launch of new models and the continued implementation of vehicle trade-in policies [1] Group 2: Company Positioning and Strategy - O-Film has established itself as a Tier 1 supplier for domestic automotive manufacturers since entering the smart vehicle sector in 2015, obtaining supplier qualifications from over 20 domestic automakers [2] - The company has segmented its smart automotive business into three main areas: intelligent driving, body electronics, and smart cockpit, aligning with industry trends of domain concentration and integration [2] Group 3: Product Development and Offerings - O-Film has developed a comprehensive range of products in the intelligent driving system, including vehicle-mounted cameras, lenses, and LiDAR, supporting advanced driver-assistance systems [3] - The company has launched various vehicle-mounted camera products, including 2M, 3M, and 8M cameras for different applications, and is actively producing high-resolution camera solutions [3] - In body electronics, O-Film's BCM/BGM products integrate multiple functionalities, showcasing high levels of integration and leading technology in the domestic market [4] Group 4: Future Outlook - The competition in the Chinese automotive market is expected to intensify, driven by the high-end and intelligent vehicle trends, with O-Film focusing on enhancing its smart automotive business to achieve rapid revenue growth [5]

Core Viewpoint - The 2025 Shanghai Auto Show serves as a significant platform for showcasing innovative technologies in the automotive industry, with a focus on smart vehicle storage solutions [1] Group 1: Company Overview - Jiangbolong, a leading enterprise in the semiconductor storage field, debuted its self-developed automotive storage products and PTM full-stack customization services at the auto show, highlighting its strong innovation capabilities in smart automotive scenarios [3][6] - The company has established deep partnerships with over 20 OEMs and more than 50 Tier 1 automotive clients, creating a solid competitive barrier in the automotive storage sector [6] Group 2: Product Launch and Features - Jiangbolong introduced several innovative automotive storage products, including automotive-grade eMMC custom versions, UFS, LPDDR4x, and SPI NAND Flash, all adhering to AEC-Q100 reliability standards, catering to advanced applications like smart driving and automotive AI [3][8] - The automotive-grade eMMC custom version, featuring the WM6000 controller, supports high-speed modes with a maximum capacity of 128GB and operates within a temperature range of -40℃ to 105℃, suitable for mid-lightweight intelligent automotive scenarios [8] Group 3: Technological Innovations - The launch of automotive-grade LPDDR4x represents a significant breakthrough, offering capacities from 2GB to 8GB, a speed of 4266Mbps, and a 30% increase in bandwidth utilization, enhancing AI voice interaction response times in smart cockpits [11] - The LPDDR4x product incorporates advanced technologies such as ODT and DQS, ensuring stable data transmission in complex electromagnetic environments while maintaining performance and energy efficiency [11] Group 4: Future Plans - Jiangbolong is building a comprehensive automotive-grade product matrix, with plans to introduce automotive-grade LPDDR5, NOR Flash, and UFS4.1 in the near future, aiming to set new benchmarks in storage technology for the rapidly evolving smart automotive industry [12]

而出现在今年上海车展上的环视投影屏系统，就是这样一项新技术。据称，其已经被国内外多家车企的智能化新车型瞄上。 提供"沉浸式"全景视域 环视投影屏系统之所以被看好，是因为其技术含量更高。在比拼技术的时代，技术含量决定前程命运，似乎已经成为一个规律。 据介绍，环视投影屏系统是3D全景影像与AR技术深度融合的产物。其通过车身四周的多颗广角摄像头采集实时影像，经图像拼接算法消除光学影像畸 变后，以1:1比例投射到前挡风玻璃或驾驶舱环绕式屏幕上，形成360°无死角的鸟瞰视图。其有别于传统的2D分割屏，新的系统引入了3D建模技术，可动态 标注障碍物距离、预判车辆轨迹，还可以通过AR叠加导航箭头与路况信息，使驾驶员无需低头即可在前方的投影中看清全场景路况。可以将车速、续驶里 程等关键数据集成于前挡风玻璃下方的弧形投影区，视线移动幅度较传统仪表盘降低60%，显著提升驾驶专注度，这无疑大为提高了安全性。 "这一技术系统尤其需要算力的支持，因此需要足够算力的车载算力芯片。"西安工业大学微电子技术实验室工程师魏冬向记者介绍，在这一技术系统的 发展过程中，随着智能汽车硬件架构的轻量化与算力升级、以及车载芯片性能提升，环视投影屏系统将 ...

Group 1: Industry Trends - The auto show emphasizes innovation technology and intelligent safety as core themes, highlighting a consensus in the industry where both multinational giants and local companies are actively expanding their collaboration networks to integrate into the Chinese automotive ecosystem [2] - The automotive industry is undergoing a transformation period where electric vehicle sales are expected to surpass those of fuel vehicles, with companies like Valeo leveraging their technological and resource advantages to provide differentiated support [9][11] Group 2: Company Collaborations - Intel is intensifying its focus on the Chinese automotive market by forming strategic partnerships with various companies, including Hezhima Intelligent and BOS Semiconductors, to build a comprehensive smart vehicle ecosystem [3][6] - Intel and Hezhima Intelligent jointly launched a cabin-driving integration platform that supports L2+ to L4 level assisted driving solutions, with plans for reference design release and mass production preparation by Q2 2025 [5] - Bosch and Horizon signed a strategic cooperation memorandum to develop a new multifunctional camera platform based on Horizon's chip, aiming for mass production by mid-2026 [8] - Valeo has established a strong presence in China with 27 production bases and 13 R&D centers, with over 60% of its business orders in 2024 coming from local OEMs, making China its largest single-country market [9][11] Group 3: Technological Innovations - Intel's collaboration with BOS aims to integrate AI accelerator chips into SDV SoC to enhance in-vehicle AI performance, accelerating the application of AI technology in the automotive sector [6] - Bosch's upgraded auxiliary driving solution based on Horizon's chips can achieve up to 128 TOPS of computing power, with plans for deployment by the end of 2025 [8] - Valeo's CEO emphasizes China's role as a leader in electric vehicles, advanced driving assistance, and smart lighting, driving global trends in these areas [11] Group 4: Market Dynamics - The collaboration among multinational suppliers like Intel, Bosch, and Valeo with local innovators is accelerating the innovation iteration of smart automotive technologies, propelling the Chinese automotive industry to higher levels [11]

Core Insights - The 2025 Shanghai International Auto Show marks the first collective participation of NIO, ONVO, and firefly brands, showcasing 11 models and 12 core technologies [2] - NIO is set to launch 9 new models this year, with significant product releases planned each quarter, indicating a robust product cycle [2] - The company emphasizes three core technologies: intelligent driving chips, a comprehensive operating system, and smart chassis, which are crucial for enhancing user experience and safety [2][4] Market Strategy - NIO plans to expand its market presence by selling products and services in 25 countries this year, adapting its strategy from a direct sales model to a partnership model [3] - The company is optimistic about the Chinese automotive industry's global market share potentially reaching around 40% despite trade disputes and tariff challenges [3] Technological Advancements - NIO has developed the world's first automotive-grade 5nm intelligent driving chip, which will enhance user experience and improve product competitiveness and profit margins [4] - The company is committed to safety in intelligent driving technology, having prioritized safety in its development efforts and achieving significant results [4] Product Development - The new models set to launch this year include firefly, ET9, ET5T, ES6, EC6, and ONVO's L90 and L80, which are expected to boost market share [4] - The firefly model is positioned as the first right-hand drive vehicle from NIO, aimed at capturing a broad user base in the international market [4] Infrastructure Expansion - NIO plans to accelerate the construction of battery swap stations, aiming for coverage in every county in Guangdong by the end of the year and expanding to 27 provincial-level regions nationwide [4]