Group 1 - The company is optimistic about its long-term outlook, expecting significant growth in the AI market from 2026 to 2029, particularly in high-performance computing (HPC) [1] - The company has successfully completed the verification of its 3nm chip design in collaboration with major North American cloud customers, with mass production expected to begin by the end of Q1 2026 [1] - The company plans to recognize NRE revenue from its 2nm design project this year and is working with global cloud service providers on large AI chip projects [1] Group 2 - In the automotive market, the company has made clear progress in its ADAS chip project, with wafer orders already placed by end customers, expected to become one of the top three revenue sources starting in 2026 [2] - Over 80% of the company's revenue in Q2 came from advanced processes of 7nm and below, with expectations for significant growth in the revenue share from 3nm and 2nm processes starting in 2026 [2] - The company is actively reducing its exposure to the Chinese market, with revenue from China dropping to single digits in Q2, while expanding its engineering teams in Japan, Malaysia, and Vietnam [2] Group 3 - The company's Q2 consolidated revenue was NT$9.144 billion, a decrease of 12.79% quarter-over-quarter and 32.68% year-over-year, with a gross margin of 20.64% [3] - For the first half of the year, the consolidated revenue totaled NT$19.629 billion, a year-over-year decrease of 18.46%, while the gross margin increased by 3.1 percentage points [3] - The company maintains confidence in the AI market, expecting strong and sustainable growth in the coming years as N3 production and next-generation design projects are implemented [3]

Group 1 - The laser TV market in China is on the verge of a significant breakthrough, with major companies like Hisense planning to expand production and innovate with new products such as curved screen laser TVs and 8K models [1][2] - The market penetration of laser TVs in the 80-inch and above segment has exceeded 58% in the first half of this year, indicating a shift towards larger screen formats [1][2] - The sales share of laser TVs in the large screen market has increased from 23% in 2017 to 63.5% in 2023, highlighting their growing popularity [2] Group 2 - Hisense and Changhong are leading players in the laser TV sector, with both companies focusing on the localization of key components and technologies [3] - The laser display industry has attracted significant investment, with many innovative companies receiving funding and some planning to go public [3] - The global laser display patent landscape shows that China holds over 50% of the patents, positioning the country favorably in the competitive landscape [5] Group 3 - The laser TV technology is seen as a strategic direction for the display industry, with the potential to replace traditional LCD TVs as costs decrease and market acceptance increases [5][6] - The integration of laser display technology with AIoT is expected to create new market opportunities [3] - The rapid development of laser TVs is driven by consumer trends towards larger, smarter, and higher-end displays, supported by advancements in 5G and ultra-high-definition technologies [6]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company achieved a revenue of 1.801 billion RMB in Q2 2025, representing a year-over-year increase of 9.94% and a quarter-over-quarter increase of 17.72%. The net profit attributable to the parent company was 308 million RMB, up 31.46% year-over-year and 63.90% quarter-over-quarter [1][2]. - The growth in revenue is primarily driven by the demand increase from the smart home market and the launch of new products such as the 6nm flagship products and WiFi6 chips [1][2]. - The company expects further growth in Q3 2025 and for the entire year of 2025, supported by the acceleration of product launches and upgrades to meet the higher computational demands of edge AI applications [1][4]. Summary by Sections Q2 2025 Review - The company reported record-high quarterly revenue and shipment volumes, with A-series product sales growing over 50% year-over-year in both 1H25 and Q2 2025. WiFi chip shipments exceeded 5 million units in Q2 2025, with WiFi 6 accounting for nearly 30% of shipments [2]. - The gross margin for Q2 2025 was 37.29%, benefiting from product mix optimization and improved operational efficiency [2]. Outlook for H2 2025 - As of the end of Q2, the company's advance payments reached 620 million RMB, reflecting increased inventory to meet strong downstream demand. The company anticipates continued year-over-year growth in Q3 2025 and for the full year [3]. - The company plans to launch new high-end TV SoC products and flagship A-series products in the second half of 2025, aiming to enhance market share and meet greater computational needs [3]. Investment Recommendations - The target price is set at 100.5 RMB, with an upward revision from the previous target of 88.9 RMB, based on a 35x PE for 2025. The expected net profits for 2025-2027 are projected at 1.208 billion, 1.504 billion, and 1.823 billion RMB, respectively [4][8].

Investment Rating - The report maintains a "Recommended" rating for the company, considering its unique position as one of the few SoC companies with a developer ecosystem and the expected benefits from the expansion of the edge AI hardware market [3][5]. Core Insights - The company is positioned to benefit from the trend of edge intelligence, having developed a robust developer ecosystem over the years, which has created a competitive moat [1][2]. - The B2D2B business model is central to the company's growth strategy, focusing on reducing developers' learning and time costs, thereby locking in application ecosystems and enhancing customer stickiness [2][19]. - The company has entered a high growth phase, with revenue expected to increase significantly due to the rising demand for AI terminal products starting in 2024 [1][10]. Summary by Sections Developer Ecosystem and Market Position - The company has established itself as an AIoT ecosystem player, benefiting from the long-tail market's demand for intelligent solutions, with revenue entering a high growth phase from 2024 [1][10]. - The development of the ecosystem can be divided into two phases: the construction phase from 2016Q1 to 2023Q1, and the harvesting phase from 2023Q1 to 2025Q2, where the daily project growth on GitHub increased from 45 to 123 [1][14][15]. Business Model and Competitive Advantage - The B2D2B model allows the company to sell a complete set of development tools rather than just chips, creating a strong competitive advantage through developer engagement and community support [2][19]. - The brand value and technical advantages underpin the company's open ecosystem, with the ESP32 brand recognized for reliability and performance, attracting more developers and customers [2][29]. Financial Forecast and Performance Metrics - The company is projected to achieve net profits of 5.59 billion, 7.18 billion, and 9.00 billion yuan for the years 2025 to 2027, with corresponding PE ratios of 43, 34, and 27 [3][4][51]. - Revenue is expected to grow from 2,007 million yuan in 2024 to 4,298 million yuan in 2027, reflecting a compound annual growth rate of approximately 23.4% [4][53].

Core Viewpoint - Dasin Intelligent has signed a significant contract for a smart hospital project, indicating its strategic focus on healthcare and technology integration [2][3]. Group 1: Project and Financial Performance - Dasin Intelligent's subsidiary, Dasin Jiuxin, signed a formal contract with Shanghai Construction Group for a new medical center project worth 90.7533 million yuan, representing 2.86% of the company's projected revenue for 2024 [2]. - In 2024, despite a 17.28% year-on-year decline in overall revenue, Dasin Intelligent reported a resilient performance with a total signed and awarded project amount of 3.145 billion yuan, a 6.88% increase year-on-year [2]. - The gross profit margin improved by 3.58 percentage points to 27.47%, attributed to effective cost control and optimization of the business structure [2]. Group 2: Strategic Initiatives and R&D - The company has increased its R&D investment, achieving 392 patents and 563 software copyrights, and has attained the highest global software certification, CMMI Level 5 [3]. - Dasin Intelligent's mid-term strategy from 2025 to 2027 focuses on an AIoT platform, aiming to strengthen its presence in smart space and smart healthcare sectors while exploring new markets [3]. - The launch of the V7 version of the AIoT intelligent IoT control platform marks a significant advancement, enhancing product premium space through the integration of generative AI models with localized data [3]. Group 3: Market Outlook and Challenges - Analysts suggest that the current challenges faced by Dasin Intelligent are a necessary cost of its strategic transformation, with strong fundamentals in the Greater Bay Area and rail transit sectors [4]. - The company is expected to achieve significant performance growth post-2025 as it expands into overseas markets and develops high-value-added services [4]. - The forecast for the first half of 2025 indicates a projected net loss of 69 million to 98 million yuan, primarily due to fluctuations in downstream demand and slower-than-expected project progress [3].

东吴证券8月13日发布研报称，给予晶晨股份（688099.SH，最新价：72.06元）买入评级。评级理由主 要包括：1）2025H1营收稳步增长，盈利能力显著增强；2）机顶盒业务技术领先，8K芯片获国内外运 营商订单；3）AIoT产品快速放量，Wi-Fi芯片销量持续攀升。风险提示：技术升级不及预期，需求不 及预期，市场竞争风险，地缘政治风险等。 （文章来源：每日经济新闻） ...

Core Insights - The recent advancements in AI, particularly with the release of Google’s Genie 3 and OpenAI’s GPT-5, highlight the increasing importance of the Internet of Things (IoT) in driving AI applications and capabilities [1][2] - The prediction that 70% of the value from "Artificial Intelligence+" will ultimately belong to IoT is gaining validation as the AI industry matures [1][19] - IoT is becoming a crucial driver for AI deployment across various sectors, providing 67%-72% of the raw data necessary for AI applications [1][2] AI and IoT Integration - IoT is not just a data collector but a vital bridge for AI to interact with the real world, enabling continuous learning and feedback [2][7] - The latest AI models, such as GPT-5 and Genie 3, are transitioning from relying solely on virtual data to actively perceiving and interacting with the physical world [2][7] - The limitations of large models in virtual environments are prompting a shift towards utilizing real-world data for AI advancements [7][11] Data Quality Over Quantity - The focus is shifting from merely accumulating large datasets to acquiring high-quality, structured data that accurately reflects physical realities [11][12] - "Good data" must be physically authentic, semantically understandable, and capable of covering diverse scenarios to enhance AI's generalization and reasoning abilities [11][12] Evolution of AI Models - The trend of scaling AI models has reached a point where mere increases in parameters and computational power are yielding diminishing returns [5][11] - The emergence of AIoT (Artificial Intelligence of Things) is seen as essential for overcoming the limitations of current AI models and enabling them to operate effectively in complex real-world environments [7][12] Future of AI and Industry - The AI industry is at a pivotal moment where the competition is shifting from model capabilities to integrated platforms that encompass hardware and software solutions [15][16] - AIoT is redefining its role from a simple connectivity tool to a foundational element that empowers physical devices to become intelligent agents [16][18] - The integration of AI and IoT is expected to drive significant advancements in various sectors, leading to a new era of intelligent economic systems [16][19]

Core Viewpoint - The company, Orbbec, reported significant growth in its H1 2025 performance, achieving a revenue of 435,469,288.84 yuan, a year-on-year increase of 104.14%, and turning a profit with a net profit of 60,190,103.28 yuan, compared to a loss in the previous year [3][4]. Financial Performance - Revenue for H1 2025 reached 435,469,288.84 yuan, up from 213,315,786.16 yuan in the same period last year, marking a 104.14% increase [4]. - The total profit for the period was 51,857,544.15 yuan, a significant turnaround from a loss of 51,981,303.30 yuan in the previous year [4]. - Net profit attributable to shareholders was 60,190,103.28 yuan, compared to a loss of 53,373,140.62 yuan in the prior year [4]. - The net profit after deducting non-recurring gains and losses was 30,189,151.39 yuan, recovering from a loss of 80,905,992.29 yuan [4]. - The net cash flow from operating activities was 84,361,153.19 yuan, an increase of 11,351,070.00 yuan from the previous year [4]. - As of the end of H1 2025, total assets were 3,327,061,105.46 yuan, a slight increase of 0.06% year-on-year, while net assets attributable to shareholders rose by 2.26% to 2,932,076,738.45 yuan [4]. Earnings Per Share - Basic earnings per share for H1 2025 were 0.15 yuan, recovering from a loss of 0.13 yuan in the same period last year [5]. - Diluted earnings per share were also 0.15 yuan, compared to a loss of 0.13 yuan previously [5]. - The weighted average return on equity was 2.07%, improving from -1.79% in the prior year [5]. Research and Development - The company invested 20.94% of its revenue in R&D, a decrease of 28.77 percentage points from 49.71% in the previous year [5]. - As of the report date, the company had applied for a total of 1,903 patents, including 990 invention patents, and had obtained 1,112 patents, with 479 being invention patents [8]. Market Strategy and Product Development - The company is actively promoting its 3D vision perception technology across various industries and applications, focusing on enhancing product performance and launching differentiated, cost-effective products [6]. - In the field of AIoT, the company is expanding into emerging business scenarios, with a diversified market strategy yielding results in areas such as 3D scanning, service robots, and AR/VR technology [6]. - The company has established a strong international presence, having set up a wholly-owned subsidiary in the U.S. in 2014 to serve overseas customers, making it one of the few domestic companies with stable overseas sales channels for 3D vision products [7]. - The launch of the new industrial-grade dual-lens 3D camera, Orbbec Gemini 435Le, is aimed at meeting diverse functional requirements in industrial automation, such as obstacle avoidance and recognition [7].

Core Viewpoint - UBS has lowered the target price for Xiaomi Group-W (01810) to HKD 60 while maintaining a "Neutral" rating, anticipating continued rapid growth in the AIoT business in the upcoming quarter [1] Group 1: AIoT Business Performance - The AIoT sales for the next quarter and the full year are projected to be RMB 36.6 billion and RMB 140.6 billion, respectively, representing year-on-year growth of 37% and 35% [1] Group 2: Smartphone Sales and Market Performance - Xiaomi's smartphone sales for the next quarter are estimated at 41 million units, showing a year-on-year increase of 0.5% and a quarter-on-quarter rise of 1.5% [1] - The Chinese market has seen an 8% year-on-year increase in sales, driven by subsidies and the 618 shopping festival [1] - The total smartphone sales for the year are expected to reach 175 million units, supported by gains in emerging markets and the mid-to-high-end market share in China [1] Group 3: Profitability and Margins - Due to the impact of the 618 promotional activities leading to a decrease in average selling price, along with the expanding contribution from emerging markets offsetting the ongoing high-end strategy, the smartphone gross margin for the second quarter is expected to remain stable at approximately 11.6% quarter-on-quarter [1]

Group 1 - UBS forecasts Xiaomi Group-W (01810) AIoT business to maintain rapid growth in Q2, predicting sales of 36.6 billion and 140.6 billion RMB for Q2 and the full year, representing year-on-year growth of 37% and 35% respectively [1] - The firm has lowered its earnings estimates for the group by 10.4% for Q2 and 5.5% for the full year, with the target price reduced from 62 HKD to 60 HKD, maintaining a "Neutral" rating [1] - Xiaomi's smartphone sales in Q2 reached 41 million units, showing a year-on-year increase of 0.5% and a quarter-on-quarter rise of 1.5%, with sales in the Chinese market boosted by subsidies and the 618 shopping festival, growing by 8% year-on-year [1] Group 2 - The company expects total smartphone sales for the year to reach 175 million units, benefiting from increased market share in emerging markets and the mid-to-high-end market in China [1] - Due to the impact of the 618 promotional activities leading to a decrease in average selling price, along with the expanding contribution from emerging markets offsetting the ongoing high-end strategy, the smartphone gross margin for Q2 is expected to remain stable at approximately 11.6% quarter-on-quarter [1]