Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company is transitioning from a cable leader to a comprehensive service provider in smart energy and smart cities, with a focus on intelligent cable networks, smart batteries, and smart airport services [3][4] - Revenue has grown from 17.155 billion yuan in 2019 to 24.465 billion yuan in 2023, with a CAGR of 9.27%. However, net profit has fluctuated, with a forecasted net loss of 1.5 to 3 billion yuan for 2024, indicating a wait for performance inflection points [3][4] Summary by Sections 1. Transition to Smart Energy and Smart City Services - The company aims to become a global leader in smart energy and smart city services, having established a dual-wing business model focusing on intelligent cable networks and smart batteries [8][11] 2. Intelligent Cable Networks - The company is the largest cable manufacturer in China, with a market share of approximately 48% in the wind power sector and 60% in nuclear power cables. Future growth is expected from stabilized copper prices and the production of submarine cables [4][31][44] - Revenue from intelligent cable networks increased from 17.211 billion yuan in 2020 to 22.598 billion yuan in 2023, although net profit has been affected by fluctuating copper prices [49][50] 3. Smart Batteries - The smart battery segment has faced continuous losses, with a forecasted net loss of 5.05 billion yuan in Q3 2024. However, the company has secured significant orders, indicating potential for recovery [64][88][92] - The company has established a full industry chain layout from cell to system, with a current battery capacity of 7 GWh and plans for expansion [78][83] 4. Smart Airport Services - The smart airport business is expected to grow steadily, benefiting from increasing demand for civil aviation and supportive government policies for low-altitude economy development [98][106] - The subsidiary, Beijing Jinghang An, holds top qualifications in airport engineering and has a strong market presence in navigation lighting [107] 5. Emerging Business Opportunities - The company is leveraging its technological expertise in traditional businesses to enter new markets such as robotics cables and AI-related products, enhancing its valuation [3][4] 6. Profit Forecast and Valuation - The profit forecast for 2024-2026 is adjusted to -218 million, 666 million, and 1.03 billion yuan respectively, with corresponding EPS of -0.1, 0.3, and 0.46 yuan. The current stock price corresponds to PE ratios of -50, 16, and 11 times [5][4]

Summary of Haier Smart Home Conference Call Company Overview - **Company**: Haier Smart Home - **Date**: March 28, 2024 Key Points Financial Performance - In 2024, Haier Smart Home achieved a revenue growth of 4% year-on-year, with a net profit attributable to shareholders increasing by 13% [3] - The company reported a 14.3% increase in operating revenue and a 15.8% rise in operating profit to 20.2 billion RMB [3] - Operating cash flow reached 26.5 billion RMB, 1.4 times the net profit, indicating strong cash generation capabilities [4] Digital Transformation - The growth was primarily driven by the effects of digital transformation initiatives, including improvements in gross margin and sales management expense ratio by 0.3 percentage points each [3] - Haier is actively pursuing digital transformation through AI technology, enhancing product development and user experience [5] Market Performance - The U.S. market remains profitable but growth has not matched overall company performance; future strategies include deepening global business model changes and share buybacks [6] - In Q4 2024, significant revenue growth was noted in the Chinese market, particularly for the Casarte brand, supported by digital inventory management systems [8] Future Outlook - For 2025, Haier anticipates U.S. economic growth to stabilize at 1.5%-2%, but housing construction remains weak, impacting the home appliance sector [11] - The company aims for a 22% revenue growth for the Casarte brand by focusing on product leadership and targeting high-net-worth young consumers [16] Robotics Industry - Haier is investing heavily in the robotics sector, focusing on home service robots, with plans to launch various types of robots in the short term [12][13] Strategic Adjustments - The company is adjusting its online marketing strategies to enhance the visibility of high-end products on popular platforms among younger consumers [17] - In Europe, organizational streamlining and management adjustments have been made to improve market responsiveness and efficiency [18] Challenges and Opportunities - Haier faces challenges from external market volatility and competition but sees opportunities in digitalization and AI integration to drive future growth [32] - The company is also addressing tariff impacts by adjusting product pricing and localizing production to mitigate costs [25][26] Shareholder Value - Haier continues to enhance shareholder value through dividends and share buybacks, with a planned repurchase of 1-2 billion RMB in A-shares [6][4] Market Expansion - Haier's international strategy includes expanding in Southeast Asia and South Asia, aiming for a market share of over 30% in these regions [14] Internal Reforms - Internal reforms focus on restructuring business processes and enhancing decision-making speed, aiming for each department to operate as a profit center [35] Customer Engagement - The company emphasizes user and shareholder returns, aiming to build trust and provide positive investment feedback through performance [36]

相关产品：机器人ETF基金(562360)、科创板人工智能ETF(588930) 风险提示：基金有风险，投资需谨慎。 消息面上，宇树科技近期频繁公示中标信息，其产品在高校、科技场馆、智能巡检等多个领域得到应 用。公司不断丰富产品线，从四足机器狗发展到巡检机器人、人形机器人等，中标项目集中在教育科 研、工业应用和公共服务领域，反映出市场对机器人及相关设备需求的增长。3月30日，在电动汽车百 人会论坛采访间，长城汽车CTO透露，目前长城已经与宇树科技签订战略协议；合肥设立100亿元未来 产业基金推动智能机器人产业发展；在2025中关村论坛年会上，人形机器人成为独特风景线，中关村战 新基金正式发布，规模100亿元，聚焦投资战略新兴产业和未来产业，培育和服务一批优质企业加速发 展。尽管短期机器人板块有所回调，但长期来看，机器人行业的市场需求和发展潜力仍然值得期待。 国金证券认为，量是人形机器人的核心矛盾点，24年我们认为机器人产业主要是巨头独舞，因为机器人 是大模型公司必争赛道，机器人是现实世界数据的入口和商业变现的出口。25年以Deepseek为代表的大 模型开源趋势加速，大脑成本和壁垒下降，机器人作为应用终端将步 ...

Group 1 - The conference showcased 52 robots and core components from 36 companies, highlighting advancements in various types of robots including humanoid, service, cooking, and security robots [1][4] - The Vice Mayor of Yancheng, Qi Congfeng, emphasized the rapid evolution of humanoid robot technology, positioning it as a disruptive product with significant development potential and application prospects [2] - Over 150 companies from the robotics industry chain participated in the event, indicating strong interest and engagement in the sector [3] Group 2 - Yancheng currently has 55 companies producing robots and key components, covering a wide range of products such as industrial robots, service robots, and unmanned vehicles [4] - The city has established several specialized parks for robotics, including the Yannan Xifu River Robotics Industrial Park and the Jianhu High-tech Zone Robotics Industrial Park [4] - The local government aims to create a comprehensive robotics industry system, focusing on humanoid robots, core components, and various intelligent terminal products [7] Group 3 - The conference also released a compilation of application scenarios and supply-demand information, featuring 38 application scenarios and 50 companies [8] - The establishment of a key laboratory for metaverse cultural tourism application technology was announced, showcasing the integration of advanced technologies in various sectors [8]

Core Insights - The event showcased various robotic applications, including humanoid robots performing traditional opera and AI chess-playing robots, highlighting the integration of robotics in cultural and recreational activities [1][3][5] Industry Development - The Robotics Application and Ecosystem Expansion Conference in Yancheng attracted over 150 companies from the robotics industry, with 52 robots and core components displayed by 36 enterprises [3][5] - Yancheng's Vice Mayor introduced the city's efforts in accelerating the development of the robotics industry, emphasizing project cultivation, research innovation, and ecosystem construction [3][5] Industrial Foundation - Yancheng has a solid industrial foundation supporting robotics, with 55 companies producing robots and key components, covering industrial, service, special robots, unmanned vehicles, ships, and drones [3][5] - The automotive industry is advancing smart connected vehicles, while the electronics sector is focusing on foundational electronic components for robotics [5] Strategic Plans - Yancheng plans to develop a "123N" robotics industry system, which includes focusing on humanoid robot manufacturers, core components, and specialized robots for various applications [5][7] - The city aims to establish an innovation application testing area for robotics in the Yangtze River Delta and become a manufacturing hub for core components [5][7] Event Highlights - The conference featured a performance by robots in traditional opera costumes and digital avatars promoting the robotics industry, showcasing the technological advancements in the sector [7] - Keynote speeches included insights on the current state and future trends of China's intelligent robotics industry [7]

沉默的"中国机器人产业摇篮" 机器人，太火了。 刚刚结束的全国两会上，机器人成为热议焦点。 各大城市全力押注机器人赛道，深圳、杭州、上海、南京、苏州等城市正脱颖而出。 你知道，哪座城市是"中国机器人产业摇篮"吗？ 99%的人可能都答不上来。 答案是，沈阳。 作为中国机器人的发源地，沈阳是否"起了个大早赶了个晚集"？ 沈阳，又该如何突围？ 摇篮 "15年内我们不与中国进行机器人方面的合作。" "就算把机器人卖给你们，你们也不会用！" 这是1979年首届国际人工智能研讨会上，日本知名企业技术部长的傲慢之语。 彼时，"中国机器人之父"、中国科学院沈阳自动化所所长蒋新松暗暗下定决心，要为祖国造出自己的机器人。 其实，早在1958年世界上第一台工业机器人unimate在美国诞生后，蒋新松就开始奔走游说，开展机器人研究。 奈何中国基础工业底子薄，直到1977年，研制机器人项目才被列入1978-1985年自动化科学发展规划。 日本人的傲慢之语如鲠在喉，时刻鞭策沈阳自动化科学家们奋力攻关。 1982年6月，沈阳自动化所研制出中国第一台工业机器人样机——SZJ-1型示教再现机械手样机。 同年6月19日，沈阳自动化所研制出我国第 ...

人形机器人亮相AWE2025，机器人板块延续回调， 机器人产业ETF（159551）跌超2%，机构称产业后 续有望高速发展，或可逢低布局 没有股票账户的投资者可以通过机器人产业ETF的联接基金（020290）把握机器人产业投资机会。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化 而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金 业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨 慎。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 消息面，在2025中国家电及消费电子博览会（AWE2025）现场，除了宇树科技携人形机器人及四 足机器狗亮相外，海尔智家等多家家电企业也带来了诸多人形机器人产品以及AI家电产品。其中，海 尔智家旗下家庭服务机器人"小星 ...