公司研究 证 券 研 究 报 告 资料来源：公司公告，华创证券预测 金域医学（603882）2024 年报&2025 年一季报点评 推荐（维持） 短期业绩承压，运营效率持续提升 目标价：41 元 事项： 公司发布 24 年报及 25 年一季报，24 年，公司实现营收 71.90 亿元（-15.81%）， 归母净利润-3.81 亿元（23 年同期为 6.43 亿元），扣非归母净利润-2.38 亿元（23 年同期为 3.65 亿元）。25Q1，公司实现营收 14.67 亿元（-20.35%），归母净利 润-0.28 亿元（24 年同期为-0.19 亿元），扣非归母净利润-0.39 亿元（24 年同期 为-0.29 亿元）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 7,190 | 7,211 | 7,891 | 8,719 | | 同比增速(%) | -15.8% | 0.3% | 9.4% | 10.5% | | 归母净利润 ...

Core Insights - Advantech is showcasing its integration capabilities with NVIDIA Jetson Thor at COMPUTEX 2025, focusing on intelligent mobility, Vision Language Model (VLM) at the edge, and humanoid robotics [1][6] - The MIC-743 Edge AI platform is highlighted for its compact, rugged design and optimized performance for edge applications [1][5] Edge AI Architecture - The system integrates a full sensor-to-inference pipeline, supporting various camera interfaces and utilizing NVIDIA Holoscan Sensor Bridge for low latency applications [2][3] - Data is processed through Advantech's high-speed sensor switch and streamed into the MIC-742, which is built on the NVIDIA Jetson Thor module [3][4] MIC-743 Features - The MIC-743 is designed for harsh environments, offering higher AI performance, lower power consumption, and a smaller footprint compared to traditional x86 systems [5][9] - It supports a range of applications from heavy-duty machinery to humanoid robotics, enabling real-time performance for vision-based decision-making [6][9] Ecosystem Integration - Advantech's experience in edge architecture allows for a ready-to-deploy Edge AI solution, reducing system complexity and deployment time [6][9] - The integration of AI hardware, sensor infrastructure, and networking facilitates multi-tasking capabilities [6][9] Product Specifications - The NVIDIA Jetson Thor Module features 2,070 FP4 TFLOPS AI performance, 128GB LPDDR5X memory, and various I/O options for high-bandwidth sensor input [8] - The rugged design of the MIC-743 allows for operation in temperatures from -10°C to 60°C and withstands vibrations [8]

关键词：智能耳机市场规模、智能耳机市场竞争格局、智能耳机出货量、智能耳机代表企业经营现状、 智能耳机行业发展前景 一、智能耳机行业定义及分类 智能耳机是通过内置的电路传感系统和人工智能神经网络模型算法等，实现语音唤醒、语音识别以及语 音交互等功能的耳机，智能耳机通过语音交互可以实现对智能手机的操控。智能耳机行业主要分为 TWS耳机、开放式耳机、头戴式耳机、颈戴式耳机等类别。 内容概要：智能耳机行业是一个融合了音频技术、通信技术、人工智能技术等多领域技术，能实现语音 交互的耳机。随着AIoT技术日益成熟及应用场景的不断丰富，终端应用率先在智能耳机等领域爆发。 2024年全球智能耳机出货量约5.38亿台，其中，全球TWS耳机出货量约3.32亿台。近年来，中国耳机市 场发展迅猛，智能耳机是中国耳机市是主要推动力之一。2024年我国智能耳机出货量约为1.5亿台。随 着技术进一步升级，智能耳机未来将实现语音控制、语义识别、主动降噪、运动健康监测、虚拟现实声 学和其他智能设备互联等功能升级，市场具有广阔的市场前景和发展机遇。 上市企业：小米集团（01810）、科大讯飞（002230）、安克创新（300866）、漫步者(0 ...

作者 | 弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 去年，国内消费政策拉动了智能设备消费需求，譬如 可穿戴腕带设备，中国出货量占了全球 30% ，去年增速达到了 20% 。 其中， "小孩哥""小孩姐"人手一只的智能手表居然卖爆了。 根据洛图科技线上监测数据， 2024 年儿童智能手表在传统电商平台的销量占比达到了 31.5% ，与成人智能手表（ 34.4% ）和智能手环（ 34.4% ）的占比几乎持平。 在消费政策驱力下，跟着智能设备复苏的芯片公司终于熬到了头，股价在一年时间里发生了翻天覆地的变化。 譬如瑞芯微，从去年 2 月低点 39 块 / 股迄今，一年时间经历了接近 3 倍的涨幅。 业绩增长是估值修复的主要动因，但下游 AI 硬件的扩散，则把估值抬到了目前这个位置。 DeepSeek 送的大礼，他们接得住么？ 01 智能终端卖爆了 国内 SoC 芯片厂商受下游主要应用领域—消费电子需求和自身库存，研发创新周期影响，近几年逐渐从周期底部爬出。 2021 年 芯片 缺货 带来了一段高景气时期 ， 但紧接着 2022 年开始产业链整体进入去库存阶段 ， SoC 芯片厂商面临着 ...

Core Viewpoint - IHS Holding Limited is expected to report strong first-quarter 2025 results, with earnings projected to increase significantly year-over-year, driven by growth in emerging markets and demand for communication infrastructure [1][4][16]. Financial Performance - The Zacks Consensus Estimate for earnings is 17 cents per share on revenues of $421.3 million, reflecting a 342.9% increase in earnings from the previous year and a 0.8% growth in revenues [1]. - First-quarter earnings estimates have been revised upward by 21.4% over the past 60 days [1]. - IHS has a history of earnings surprises, with an average surprise of negative 46.6% over the last four quarters, but achieved an 812.5% surprise in the last reported quarter [2][3]. Market Position and Growth Drivers - IHS is benefiting from its expanding presence in emerging markets, particularly in Africa, with solid demand for mobile communication infrastructure amid increasing 5G deployment [4][6]. - The company reported a total of 16,495 towers in Nigeria, a 0.6% year-over-year increase, contributing to its performance [5]. - The addition of approximately 100 towers and over 800 tenants in the SSA market in 2024 is expected to drive results [6]. Strategic Initiatives - IHS has successfully renewed and extended all MTN MLAs, including a significant deal with Airtel Nigeria to add 3,950 new tenancies [7]. - The company's strategic priorities and growth investments are anticipated to support sustained growth and shareholder value [16][17]. Valuation and Price Performance - IHS shares have increased by 55.6% over the past three months, outperforming the Zacks Communication - Infrastructure industry's growth of 13.2% and the S&P 500's decline of 4.1% [9]. - The forward 12-month price-to-earnings (P/E) ratio for IHS is 8.04X, below the industry average of 9.89X, indicating an attractive valuation for investors [13].

Core Viewpoint - Tuya Inc. is set to hold its annual general meeting (AGM) on June 19, 2025, to discuss and vote on proposed resolutions, with full support from the board of directors [1][2]. Company Information - Tuya Inc. is a leading global AI cloud platform service provider focused on building an AIoT developer ecosystem [4]. - The company offers a comprehensive suite of services, including Platform-as-a-Service (PaaS), Software-as-a-Service (SaaS), and smart solutions for developers in various industries [4]. - Tuya has established a global developer community that includes brands, OEMs, AI agents, system integrators, and independent software vendors, promoting a smart solutions ecosystem that emphasizes green and low-carbon principles, security, efficiency, agility, and openness [4]. Financial Reporting - The company has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024, which includes audited financial statements [3].

KORE Group (KORE) Q1 2025 Earnings Call May 15, 2025 05:00 PM ET Company Participants Vik Vijayvergiya - Vice President, Investor RelationsRonald Totton - President & CEOPaul Holtz - Executive VP, CFO & Treasurer Conference Call Participants Scott Searle - Managing Director, Senior Research AnalystLance Vitanza - MD & Senior Analyst Operator Greetings, and welcome to Core Group Holdings Incorporated First Quarter twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. A q ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 increased by 47% year-over-year to $7,900,000, exceeding guidance of $7,800,000, driven by balanced growth in the Vinia business [6][22] - Gross profit rose by 53% to $4,600,000, representing a gross margin of 58.5%, up from 56.2% in the same quarter last year [22][23] - Net losses for Q1 2025 totaled $2,300,000, or $0.13 per share, compared to a net loss of $6,600,000, or $0.48 per share in the same quarter last year [23][24] Business Line Data and Key Metrics Changes - The Direct to Consumer Health and Wellness Products Division, led by Vinia, accounted for the majority of revenue, with total active subscribers exceeding 50,000 in the USA [6][10] - The Amazon channel represented 20% of the business, showing improvements in customer conversion and repeat purchase rates [6] - The CDMO services division has signed multiple customers, including a partnership with Tate and Lyle for developing next-generation plant-based sweeteners [16][17] Market Data and Key Metrics Changes - The company reported a significant increase in gross margins, attributed to scaling operations and cost efficiencies [7][8] - The rollout of new products, including superfood tea and coffee, is expected to capture additional market segments [10][12] Company Strategy and Development Direction - The company aims to achieve adjusted EBITDA breakeven at $11,000,000 to $12,000,000 in quarterly revenue by the second half of 2025 [18] - Strategic focus includes expanding the direct-to-consumer portfolio, investing in R&D for process improvements, and building AI-powered tools for CDMO services [19] - The company plans to launch new products targeting younger consumers and expand into the hydration and beauty markets [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute and deliver on the company's mission to democratize life-changing compounds [25] - The company is optimistic about the growth potential in the pharmaceutical sector, driven by increasing interest in non-GMO and plant-based compounds [72][74] - Management highlighted the importance of regulatory flexibility and the potential for significant revenue opportunities in the pharmaceutical market [73] Other Important Information - Cash and cash equivalents as of March 31, 2025, totaled $3,400,000, an increase from $2,400,000 at the end of 2024 [24] - The company raised $3,900,000 in debt financing during the quarter, primarily from existing investors [24] Q&A Session Summary Question: Can you provide details on the Phase two portion of the CDMO contract? - The transition to Phase two involves moving from solid media to liquid media for cell conditioning, expected to take six to nine months [28][30] Question: How long will it take to narrow down targets with Tate and Lyle? - Significant work is underway, with a comprehensive update expected before the end of the year [32] Question: Should we anticipate continued gross margin expansion? - Management expects continued improvements in gross margins alongside revenue growth [34] Question: How many products contributed to revenue in Q1? - The majority of revenue came from three product lines, with expectations to increase to four by Q2 [39][40] Question: Will marketing costs drop due to increased ad inventory? - The company is focused on reducing marketing costs as a percentage of revenue while exploring new channels [42][46] Question: Does the second quarter guidance include CDMO contributions? - Yes, it includes revenue recognition from existing projects and potential new catalysts [47] Question: How many CDMO programs can be run concurrently? - The company can handle five to seven projects at one time in the initial stages [51] Question: What is the timeline for the olive cell product? - The product is expected to launch in 2026, with a faster ramp-up anticipated due to complementary marketing strategies [84]

Group 1: Company Performance - In 2024, the company's revenue increased by 45% year-on-year, while net profit surged by 205% [5] - The improvement in gross margin compared to the previous year is attributed to better product structure, enhanced internal controls, and increased sales volume [11] Group 2: Product Development - The company introduced MEMS ultra-high frequency chips with various specifications, including sizes 1612 (52M) and 1210 (76.8M, 80M, 96M, 125.25M, 156.25M), used in high-tech industries such as smartphones and smartwatches [6] - The company is actively expanding its market for automotive-grade products and has received IATF16949 certification [10] Group 3: Industry Trends - The quartz oscillator industry is experiencing a recovery, driven by demand from sectors like cloud computing, new energy vehicles, and artificial intelligence [9] - High-end oscillator products are seeing increasing application scenarios due to the growth in emerging industries [9] Group 4: Operational Strategy - The company focuses on customer demand, market expansion, technological research and development, and talent cultivation to drive growth [5] - There are currently no plans to expand the photolithography production line, as it meets the company's needs [7]

投资者关系活动记录表 编号：2025-02 投资者关系活动 类别 □特定对象调研 □ 分析师会议 □ 媒体采访 √ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 □ 其他 参与单位名称及 人员姓名 线上参与厦门辖区上市公司 2024 年年报业绩说明会暨投资者网 上集体接待日活动的投资者 时间 2025 年 5 月 15 日（周四）下午 15:40~17:00 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 用网络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、董事长兼总经理：邹剑寒先生 2、财务总监：苏卫标先生 3、独立董事：王志强先生 4、副总经理兼董事会秘书：李巧巧女士 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、公司研发投入中，有多少比例用于前瞻性技术（如 AI、 汽车按摩椅、医疗康复机器人）？近 3 年研发成果转化对营收的 贡献率是多少？ 答：您好，公司自成立以来十分重视研发创新，专注于大健 康产业前沿技术的开发与跟踪，并结合 AI、IOT 等新兴技术进 行创新应用，加速产品" ...