摘要 德赛西威 20250429 • 德赛西威预计 2025 年整体年降水平与往年持平，约 4%-6%，但通过舱 驾一体化方案如 8,775 等设计创新，可实现单车 20%-30%的降本，已与 奇瑞、塔塔汽车合作，旨在保持盈利并提升整车性能。 • 公司与高通达成全面战略合作，覆盖自动驾驶（8,620 至 8,650）、舱驾 一体（8,775 至 8,797）及座舱（8,155、8,295 及未来 8,997 AI 芯片） 领域，旨在提升性价比和推动量产，同时推进英伟达 X2 系列及 SOAR 方 案。 • 德赛西威预计到 2026 年市场占有率将继续提升，尤其在座舱域控领域， 高通方案市场占有率有望超过 30%。随着座舱与驾驶一体化发展，产业竞 争将收敛，配置标准化程度提高。 • 公司通过整套解决方案替代分散产品实现降本，为车厂带来 20%-30%的 降本空间，并保持盈利水平。软硬结合方面，公司在成熟硬件中植入自研 算法，相较于软件公司切入硬件更具优势。 • 海外业务是德赛西威重点发展方向，预计 2025 年开始大量订单上量，未 来两三年内海外销售占比接近 20%。初期主要上量产品为显示屏及中控、 仪表等，2 ...

Group 1 - The 25th Wuhan International Auto Show is officially announced to be held from September 17 to 22, 2025, at the Wuhan International Expo Center, marking its 30th anniversary [1] - The event is organized by the China Machinery Industry Federation and the China Council for the Promotion of International Trade Automotive Industry Branch, with strong support from the local government [1] - The theme for this year's auto show is "Intelligent Connection New World, Driving Fun New Life," aiming to create a comprehensive automotive carnival that integrates industry interaction, technological experience, consumer upgrades, and cultural tourism [1] Group 2 - The auto show will feature numerous automotive brands showcasing new models and technologies, supported by a government initiative to boost consumption through trade-in incentives and additional subsidies for consumers [2] - The event aims to stimulate the automotive market by providing exclusive purchase subsidies during the auto show, in addition to regular discounts offered by various car brands [2] Group 3 - The Wuhan International Auto Show serves as a comprehensive development platform for the automotive industry in Central China, leveraging Wuhan's geographical advantages and solid automotive industrial foundation [3] - The show will focus on showcasing advancements in the new energy vehicle industry chain, nurturing the automotive supply chain platform, and promoting automotive AI driving technologies [3] - A series of high-end forums and industry events will be held, inviting industry elites, experts, and media representatives to discuss new trends and opportunities in intelligent connected vehicles [3] Group 4 - The auto show continues to emphasize the "Automobile +" development concept, expanding its cultural connotation and enhancing participation and interactivity through collaborations with relevant districts and parks [4] - A variety of unique activities will be organized to create immersive experiences of automotive culture, aiming to establish a comprehensive automotive carnival [4] - The event invites attendees to experience the unique charm of automotive culture and the city of Wuhan, encouraging visitors to come to see, buy, and enjoy cars [4]

姜娅｜中信证券 消费产业首席分析师 S1010510120056 消费｜离境退税细则落地，推广提速提振内需 今年以来我国消费政策全面升级创新，近期细分领域政策相继出台，政策体系逐步完 善。近日国家税务总局发布离境退税管理办法修订细则，三方面推动前期离境退 税"即买即退"推广政策落地：①备案流程简化、时间缩短、资质放款，退税商店扩容 覆盖更广阔中小商家；②提额度+降起退点拓宽价格带场景，优质国货商品有望受 益；③进一步提升退税便利度。根据我们测算，乐观假设下离境退税市场潜在空间近 千亿级别，有望进一步提振消费扩大内需。建议密切关注政策效果显现，潜在受益板 块包括：传统零售板块中经营能力强、调改转型领先企业、消费基础设施和相关运营 商、出行服务提供商、景区目的地。 风险因素：关税政策调整；经济增速下行超预期；入境游客数量增长不及预期；入境 游客消费能力弱于预期；政策落地效果不及预期等。 刘春彤｜中信证券 联席首席A股策略师 S1010520080003 亮马组合｜自下而上，发掘高确定性机会（202505） 亮马组合是基于策略聚焦观点和行业研究精选推荐，遴选出的月度金股组合。本篇报 告为2025年第5期，更新中信证 ...

文 ｜ 尹欣驰 李景涛 4月2 8日，工信部发布2 0 2 5年汽车标准化工作要点，其中提出需要强化驾驶辅助、自动驾驶等智能网联汽车标准供给。此前， 工信部召开闭门会议，进一步规范产业链公司对于辅助驾驶的宣传、发布、测试、OTA升级等活动。我们认为，产业链公司料 将重点提升产品成熟度与安全性：1）资源投入方面，预计主机厂将进一步收敛软硬件架构，以保证产品成熟度，并加速数据收 集；2）技术演进方面，能够提升系统鲁棒性的激光雷达有望加速渗透，功能边界明确、安全责任划分清晰的L3级别有条件自 动驾驶也有望获得更多资源投入。重点推荐智驾行业的头部公司。 从行业进展来看，工信部正有序推进试点工作，于2 0 2 4年6月发布首批智能网联汽车准入和上路通行试点名单，共有9个联合 体入选。从产业链公司的进展来看，华为已发布支持高速L3的ADS Ultr a，致力于推进相关功能的落地，尊界S8 0 0将成为 ADS Ultr a的首发车型之一。 ▍ 安全性将成为驾驶辅助的重要卖点，激光雷达有望逐步成为"标配产品"。 2 0 2 3年起，主机厂加速投放L2级别组合驾驶辅助功能。与视觉方案相比，激光雷达在夜间的识别能力更强，识别精 ...

净利润：亏损大幅减少但仍处困境 归属于上市公司股东的净利润为 -2,944,087.73元，上年同期为 -71,600,213.55元，同比大幅减亏。这主 要得益于公司营业收入的增长，以及通过降本增效措施使得相关费用有所减少。尽管亏损状况有所改 善，但公司仍未实现盈利，后续仍需进一步优化经营策略，提升盈利能力。 杭州鸿泉物联网技术股份有限公司（以下简称"鸿泉物联"或"公司"）近日发布2024年年度报告，报告期 内公司多项财务数据出现较大变化。其中，财务费用同比大增691.62%，研发投入下降14.40%，这些变 化背后反映了公司怎样的经营状况和潜在风险？本文将为您详细解读。 2024年，鸿泉物联实现营业收入523,203,688.71元，较上年同期的409,348,110.37元增长27.81%。这一增 长主要得益于下游商用车行业的回暖，同时公司成功进入乘用车和两轮车领域，客户需求提升、订单增 加以及新产品放量共同推动了收入增长。从数据来看，剔除与主营业务无关的业务收入和不具备商业实 质的收入后的营业收入为506,509,222.84元，同比增长27.32%，进一步证明了公司主营业务增长的强劲 动力。 扣非净 ...

完全依靠新能源汽车荣登 "汽车第一城"的深圳，正是中国新能源汽车产业发展的缩影。这里不仅汇聚 比亚迪等龙头企业，更依托政策扶持与电子信息产业优势，在技术创新、产业规模、生态构建等维度全 面领跑，为全球新能源汽车产业发展提供 "中国方案"，助力中国从汽车大国迈向汽车强国。 1、深圳市新能源汽车产业政策环境 ——深圳市新能源汽车重点政策梳理 近年来，深圳市围绕新能源汽车产业构建了"全周期布局、全链条协同、全要素驱动"的政策体系，体现 了战略前瞻性与实践突破性的深度融合。政策框架以"市场扩容、基建攻坚、生态跃迁"为三大支点：在 消费端、基建端、产业端同步布局，形成技术研发、智造升级、标准输出的闭环生态。 新能源汽车的发展，是产业革新、国际角力与社会变革的关键引擎。于产业升级而言，它不仅打破传统 燃油车技术壁垒，更以电池、电控等核心技术为锚点，牵引上下游产业深度融合，构建起智能化、绿色 化的全新产业生态，成为驱动经济高质量发展、实现 "双碳" 目标的战略支点。 在国际竞争的赛道上，中国新能源汽车凭借完整产业链与前沿技术，强势突围。我国新能源汽车出口量 实现了质的飞跃，首次跨越200万辆大关，带动全年汽车出口量达到64 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47.79 CNY, based on a 27x PE for 2025 [2][4]. Core Views - The company reported Q1 2025 revenue of 4.839 billion CNY, a year-on-year increase of 20.56%, but a net profit attributable to shareholders of 640 million CNY, down 14.78% [1][8]. - The decline in profitability is attributed to a lower proportion of military products, changes in product structure, and rising raw material costs, leading to a gross margin decrease to 28.44% (down 7.12 percentage points) and a net margin decrease to 13.91% (down 5.88 percentage points) [8]. - The company plans to repurchase shares worth between 150 million and 300 million CNY, representing 0.14%-0.28% of the total shares, to enhance investor confidence and internal motivation [8]. - The defense sector is expected to recover, and new industries such as civil aviation and satellite internet present growth opportunities, indicating potential for a return to high-quality growth [8]. Financial Information Summary - Revenue projections for 2025-2027 are 23.778 billion CNY, 27.536 billion CNY, and 31.978 billion CNY, respectively, with expected growth rates of 14.9%, 15.8%, and 16.1% [3]. - The net profit attributable to shareholders is projected to grow from 3.740 billion CNY in 2025 to 5.101 billion CNY in 2027, with growth rates of 11.5% and 17.5% [3]. - The company’s gross margin is expected to stabilize around 36.2% from 2025 to 2027, while the net margin is projected to be around 15.7% to 16.0% [3].

北京千方科技股份有限公司投资者关系活动记录表 编号：CTFO20250428 | 投资者 | □特定对象调研 | □分析师会议 | | | --- | --- | --- | --- | | 关系活 | □媒体采访 | █业绩说明会 | | | 动类别 | □新闻发布会 | □路演活动 | | | | □现场参观 | | | | | □其他（请文字说明其他活动内容） | | | | | 东方证券 兴业证券 | | 同泰基金 粤佛私募基金 | | | 华安证券 | | 北汽产业投资 | | | 华创证券 | | 湖南迪策投资 | | | 国元证券 | | 鸿运私募基金 | | | 东兴证券 | | 建投华文投资 | | | 方正证券 | | 国寿安保基金 | | | 长城证券 | | 建信金融资产 | | | 华泰证券 | | 厦门中恒嘉富 | | | 瑞银集团 | | 上海昭云投资 | | | 平安证券 | | 深圳创富兆业金融 | | | 德邦证券 | | AmXyy Capital | | | 浙商证券 | | 南华基金 | | | 东吴证券 | | 深圳市尚诚资产 | | 活动参 | 国海证券 | | ...

点对多点微波技术正逐步成为现代通信网络的核心支撑，凭借其高频段、高容量以及灵活的组网能力，满足多样化场景下的高速数据传输需 求。尤其是在毫米波（ 60GHz ）与 Sub-6GHz 频段，技术集成度高，涉及射频架构、动态频谱调度、抗干扰处理等多个维度，显著提升通信系 统的整体性能。在移动回传、固定无线接入以及低空安防、卫星通信等新兴领域中， PMP 系统展现出强大的适应能力，是远程地区网络覆盖与 城市密集区数据疏导的关键方案。 微波回程系统主要通过无线频谱（如微波频段）实现数据的传输，将来自无线基站或蜂窝塔的信号传输到核心网络或数据中心。这一系统主要 用于解决偏远地区或光纤部署成本高昂区域的网络连接问题，为移动网络运营商和互联网服务提供商提供高效、经济的传输解决方案。点对多 点微波回程系统通主要用于连接一个中心站点（如基站或数据中心）与多个远程站点（如用户终端、小型基站等）。该系统能够高效地分配和 传输数据，满足多个用户或设备的通信需求。 据 QYResearch 调研团队最新报告 " 全球点对多点微波市场报告 2025-2031" 显示，预计 2031 年全球点对多点微波市场规模将达到 35.3 亿美元， ...

Core Insights - Hongquan Wulian reported a record high revenue of 523 million yuan for 2024, marking a year-on-year growth of 27.81%, and significantly reduced its net loss to 2.94 million yuan [1] - The company achieved a revenue of 159 million yuan and a net profit of 27.01 million yuan in Q4 2024, indicating a return to profitability [1] - In Q1 2025, Hongquan Wulian continued its positive trend with a revenue of 166 million yuan, a year-on-year increase of 29.60%, and a net profit of 20.20 million yuan, maintaining its profitable status [1] Business Segments - The smart networking segment remained crucial for Hongquan Wulian, with revenue stable compared to 2023 despite a decline in commercial vehicle sales, showcasing strong market competitiveness [2] - The smart cockpit and controller segments experienced rapid growth, indicating successful expansion into new products and markets, with expectations for continued high growth [2] - The software platform development business also showed steady growth, contributing to the overall performance [2] Market Position - Hongquan Wulian holds a leading position in the commercial vehicle smart networking sector, with strong ties to the top five heavy truck manufacturers in China, which account for over 85% of the market [2] - The company has successfully implemented advanced driver assistance systems in various cities, enhancing safety and reducing traffic accidents, thereby increasing its market share [2] Innovation and R&D - In 2024, Hongquan Wulian invested 128 million yuan in R&D, with a focus on new product development and innovation, resulting in a stable R&D investment phase [3] - The company completed several key R&D projects, including low-speed unmanned vehicle development and smart cloud solutions based on 5G-V2X technology [3] Recognition and Future Plans - Hongquan Wulian received multiple accolades, including recognition as a "Little Giant" by the Ministry of Industry and Information Technology and various awards from key clients [4] - The company aims to strengthen its leading position in the commercial vehicle market while expanding into passenger and two-wheeled vehicle markets, with a focus on innovation and exploring new market opportunities [4]