Core Viewpoint - The company, Disen Co., Ltd. (300335), is currently facing challenges with its stock price remaining low for seven years, prompting questions about potential industry risks and the need for transformation [2]. Group 1: Stock Performance - As of April 11, 2025, Disen Co., Ltd. closed at 4.67 yuan, down 1.27%, with a turnover rate of 3.91%, a trading volume of 150,100 shares, and a transaction value of 70.5645 million yuan [1]. - On the same day, the net inflow of main funds was 3.0459 million yuan, accounting for 4.32% of the total transaction value, while the net inflow of speculative funds was 3.3205 million yuan, representing 4.71% of the total transaction value. In contrast, retail investors experienced a net outflow of 6.3665 million yuan, which made up 9.02% of the total transaction value [2]. Group 2: Business Operations - The company currently does not have any plans to enter the robotics business [2]. - Disen Co., Ltd. has not undertaken any projects related to data centers or server farms [2]. - The company’s equipment is not involved in nuclear fusion applications [2]. - The company has only engaged in foreign exchange hedging business in 2024, achieving an investment income of 304,600 yuan, and has not conducted commodity futures hedging [2]. - The company’s heat pump products are not currently targeting the automotive sector [2]. - There is no separate statistical disclosure regarding the sales share of air energy heat pumps [2]. - The impact of U.S. tariffs on the company is limited, as its overseas business accounts for a small proportion of total operations, and it does not have any agricultural technology business [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from equipment renewal policies and overseas expansion opportunities, with industrial AI opening up long-term growth potential [4][6] - The company has shown steady revenue growth, with a 6.02% year-on-year increase in operating income for 2024, reaching 9.139 billion yuan [5][8] - The net profit attributable to the parent company for 2024 was 1.117 billion yuan, a 1.38% year-on-year increase, while excluding GDR exchange gains, the net profit grew by 20.26% [5][6] Financial Performance - The company achieved operating income of 91.39 billion yuan in 2024, with a year-on-year growth of 6.02% [5] - The net profit attributable to the parent company was 11.17 billion yuan, with a year-on-year growth of 1.38% [5] - The gross profit margin improved to 33.86%, an increase of 0.67 percentage points year-on-year [6] - The company’s overseas revenue reached 749 million yuan in 2024, marking a significant year-on-year growth of 118.27% [6] Profit Forecast - The forecast for net profit attributable to the parent company for 2025-2027 is 1.292 billion, 1.508 billion, and 1.769 billion yuan respectively [4] - The expected EPS for 2025-2027 is 1.63, 1.91, and 2.24 yuan per share respectively [4] Market Position - The company is a leader in the process industrial intelligent manufacturing sector, with increasing market share in the petrochemical and chemical industries [6] - The company has successfully launched its first UCS universal control system and TPT time series industrial model, achieving significant breakthroughs in various client applications [7] Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 32.5, 27.8, and 23.7 for 2025-2027 [4][8] - The price-to-book (P/B) ratio is expected to decline from 4.3 in 2023 to 3.0 by 2027 [8]

0 1 事 件 概 述 * [16] A. A. K. ► 2024 年营收稳健增长 盈利水平短期承压 公司披露 2024 年年度报告， 2024 年营收为 67.5 亿元，同比 +13.2% ，归母净利 9.4 亿元，同比 +2.9% ； 2024Q4 营收为 1 7.7 亿元， 同比 +2.9% ，环比 +2.7% ，归母净利 2.0 亿元，同比 -37.4% ，环比 -32.3%。 1 ）营收端： 公司 2024 年营收 67.5 亿元，同比 +13.2% ，其中 2024Q4 营收 17.7 亿元，同比 +2.9% ，环比 +2.7% ，主要原因系：传统 小件业务在手订单陆续释放 + 中大件核心客户销量增长（理想汽车 2024Q4 销量 15.9 万辆，同比 +20.4% ，环比 +3.8% ）； 2 ）毛利端： 公司 2024 年毛利率为 27.7% ，同比 -1.7pcts ， 其中 2024Q4 毛利率为 23.7% ，同比 -5.7pcts ，环比 -6.0pcts ，主要原 因系：①铝价上升（ 2024Q4 铝锭价格同比 +8.1% ，环比 +5.1% ）；②固定资产折摊压力增大（ 2024 ...

Investment Rating - The report rates the industry as "Overweight," indicating an expectation for the sector to outperform the overall market [15]. Core Insights - 2025 is anticipated to be a pivotal year for the penetration of intelligent driving (ID) technology, with BYD significantly enhancing consumer awareness of ID features, particularly among users in the 100,000 to 200,000 yuan and above 400,000 yuan price segments [5][6]. - Both Seres and Xpeng Motors are positioned as leaders in the high-end ID sector, benefiting from their technological maturity and user experience, despite competition from companies like Geely and Chery [5][6]. - The product iteration and market performance of both companies are noteworthy, with Xpeng planning multiple model upgrades and new launches, while Seres has seen strong pre-sale orders for its flagship models [7][8]. - The robotics business is emerging as a significant avenue for valuation expansion for both companies, with Xpeng's bionic robot set to be mass-produced by 2026 and Seres leveraging Huawei's technology for its robotics initiatives [8]. Summary by Sections Intelligent Driving Technology - The report highlights that 2025 will mark the acceleration of ID technology adoption, with BYD leading in consumer education and awareness [5][6]. - Seres and Xpeng are expected to benefit significantly from this trend due to their advanced ID technologies and positive user feedback [5][6]. New Vehicle Cycle - Xpeng plans to launch several upgraded models, including the G6, G9, X9, and P7i, alongside new models like G7 and G01, which are expected to stimulate market demand [7]. - Seres has received an overwhelming response for its M9 and M8 models, with pre-sale orders exceeding expectations, indicating strong market interest [7]. Robotics Business - Xpeng's bionic robot is already operational in its Guangzhou factory, with plans for mass production of an L3 humanoid robot by 2026 [8]. - Seres is also advancing in the robotics field, supported by Huawei's technology and local government initiatives, aiming for significant progress within the year [8]. Market Outlook - The combination of advancements in ID technology, new vehicle launches, and robotics initiatives is expected to drive sales and performance growth for both Seres and Xpeng in 2025 [8].

Summary of the Conference Call for Hengli Hydraulic Company Overview - The conference call focuses on Hengli Hydraulic, a company involved in hydraulic components and robotics, particularly in the excavator and machinery sectors. Key Points and Arguments Industry and Market Dynamics - The demand for Hengli's main business is stronger than expected, with excavator sales doubling and domestic sales nearly doubling in February, significantly exceeding market expectations [3][8] - The recovery in the machinery industry is positively impacting Hengli, with signs of revival across the entire supply chain, including increased end-user demand [8] - The company's production capacity utilization remains high at 70%-80% even during industry downturns, maintaining total profit levels between 2.4 billion to 2.5 billion RMB [7] Business Performance and Growth Potential - Hengli's internal sales volume has surpassed 200,000 units, potentially doubling the total profit scale to 4-5 billion RMB, with a projected market cap of up to 120 billion RMB [3][6] - The company's robot business has made significant progress, with the price of micro screw products increasing from 1,000 RMB to 14,000 RMB, and the total machine value exceeding 30,000 RMB [5] - The company is experiencing a strong recovery in its main business, with a potential stabilization expected by Q2 2025, as communication with North American and domestic clients intensifies [10] Competitive Advantages - Hengli possesses strong self-locking and precision control capabilities, making its products suitable for factory environments [9] - The company has a robust mass delivery capability and favorable cost curves, enabling it to quickly penetrate new customer segments [9] Valuation and Future Outlook - The potential valuation of Hengli could reach close to 200 billion RMB in the next 3 to 5 years, with current valuations around 30 to 40 times earnings [11] - The growth in the robotics sector and the expansion of product lines and customer bases are expected to drive future growth [6][11] Risk Management - Hengli demonstrates strong risk resilience, maintaining profitability even when domestic sales drop to over 90,000 units, supported by contributions from overseas markets [7] Additional Important Insights - The company is well-positioned to capitalize on the recovery in the machinery sector, with opportunities for new product development and market expansion [8] - The ongoing communication with clients for product design and cost discussions indicates a proactive approach to future business development [10]

赛力斯 20250225 摘要 • 赛力斯销量下滑影响股价，但预计 2025 年新车型 M8 发布将带来积极催 化，或于 3 月左右发布，提升市场关注度，当前或是较好的布局时机。 • 赛力斯积极布局机器人业务，成立子公司并注册"赛力斯机器人"商标， 表明公司在该领域稳步推进，作为重庆市支柱企业，发展确定性高，对公 司估值具有显著正向作用。 • 预计赛力斯 2025 年和 2026 年总销量分别为 49 万辆和 60 万辆，总收入 分别为 1,840 亿元和 2,080 亿元，对应归母净利润为 93 亿元和 118 亿元， 给予 2025 年 25 倍 PE，相较目前市值有 26%上涨空间。 • 赛力斯与华为深度合作，通过鸿蒙智行模式推出问界 M5 等畅销车型，加 速产品研发，降低成本，提高市场竞争优势，为公司高速成长奠定基础。 • 问界是赛力斯主销品牌，占比全年销量 78%，M9 和 M7 推动公司销售高 速增长，营业收入从 2023 年的 300 多亿元飙升至 2024 年前三季度的 1,068 亿元，同比增长五倍多，实现快速扭亏为盈。 • 赛力斯通过提高毛利率以及摊薄各项费用，实现了净利率提升至 3.8% ...