展望未来，公司将坚持"1+Y"产品战略，巩固智能手机ODM龙头地位，深化平板电脑和AI智能终端布 局，加速AI PC及汽车电子业务规模化，力争在复杂行业周期与AI浪潮中交出高质量增长答卷。 本报讯 （记者金婉霞）4月25日，上海龙旗科技股份有限公司（下称"龙旗科技"）披露了2024年年报及 2025年一季报。2024年，公司实现营业收入463.82亿元，同比增长70.62%；归属于上市公司股东的净利 润5.01亿元，同比下降17.21%；扣除非经常性损益后净利润3.84亿元，同比下降26.92%，基本每股收益 1.10元。2025年一季度，公司实现营业收入93.78亿元，同比下降9.27%；归属于上市公司股东的净利润 1.54亿元，同比增长20.33%；扣非后净利润0.61亿元，同比下降28.95%。公司拟每10股派发现金红利 5.00元（含税）。 （编辑 张昕） 年报显示，智能手机业务作为核心板块，2024年实现收入361.33亿元，同比增长65.58%，占营收比重达 77.9%。然而，2025年一季度该业务收入同比下降20.86%至67.41亿元。与之形成对比的是，AIoT产品 业务成为增长新引擎，202 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company achieved total revenue of 8.2 billion yuan in 2024, a year-on-year increase of 6%, and a net profit attributable to shareholders of 670 million yuan, up 18.5% year-on-year [1]. - The growth in 2024 is primarily driven by the domestic automotive electronics and 5G Fixed Wireless Access (FWA) business, which is expected to continue benefiting from the acceleration of 5G technology [1][2]. - The company has invested significantly in research and development, with 720 million yuan allocated in 2024, representing 9% of its revenue, and has established a robotics product line to capitalize on opportunities in the robotics sector [2]. Financial Summary - Revenue and Profit Forecasts: - Expected revenues for 2025, 2026, and 2027 are projected at 8.5 billion, 10 billion, and 11.2 billion yuan, respectively [3]. - Net profit forecasts for the same years are 630 million, 770 million, and 860 million yuan, respectively [3]. - Key Financial Metrics: - The company’s P/E ratios for 2025, 2026, and 2027 are estimated to be 30, 25, and 22 times, respectively [3]. - The net asset return rate is expected to remain stable around 18.5% in 2024, with slight fluctuations in the following years [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Views - The company achieved total revenue of 8.2 billion yuan in 2024, a year-on-year increase of 6%, and a net profit attributable to shareholders of 670 million yuan, up 18.5% year-on-year [1]. - The growth in 2024 is primarily driven by the domestic automotive electronics and 5G Fixed Wireless Access (FWA) business, which is expected to continue benefiting from the acceleration of 5G technology [1][2]. - The company has invested significantly in research and development, with 720 million yuan allocated in 2024, representing 9% of its revenue, and has established a robotics product line to capitalize on opportunities in the robotics sector [2]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 8.2 billion yuan, with a year-on-year growth rate of 6.1% [4]. - The net profit attributable to shareholders for 2024 was 670 million yuan, reflecting an 18.5% increase compared to the previous year [4]. - The projected revenues for 2025, 2026, and 2027 are 8.5 billion yuan, 10.0 billion yuan, and 11.2 billion yuan, respectively, with corresponding net profits of 630 million yuan, 770 million yuan, and 870 million yuan [3][4]. Market Position and Strategy - The company is positioned as a leading player in the module industry, with a comprehensive layout across various downstream sectors, which is expected to yield benefits as 5G technology proliferates [1][2]. - The establishment of a robotics product line in 2023 aims to leverage the growing demand in the robotics industry, with the launch of an automatic lawn mowing robot solution in June 2024 [2]. Future Outlook - The company is expected to see revenue growth driven by the AIoT market and robotics applications, with anticipated revenues of 8.5 billion yuan in 2025 and a net profit of 630 million yuan [3]. - The report suggests that the company’s strong management efficiency and market leadership will contribute to gradual improvement in its operational performance [3].

Core Insights - Tuya Smart emphasizes the integration of AI and IoT at the 2025 TUYA Global Developer Summit, showcasing its commitment to advancing AIoT technologies [1] - The company introduced its AI Agent Development Platform and three major technology engines—Tuya.AI, TuyaOpen, and HEDV—to enhance developer capabilities and accelerate AI commercialization [1] AI Agent Development Platform - The AI Agent Development Platform provides developers with tools to manage intelligent agents, integrating global large language models for seamless functionality [2] - Developers can create customized smart agents for various applications, enhancing user experiences [3] Tuya.AI - Tuya.AI offers comprehensive AI hardware development solutions, addressing challenges in mass production and enabling rapid market access for developers [4][5] - The platform allows for quick integration of AI capabilities into smart devices, significantly improving commercial value and reducing time-to-market [5] TuyaOpen - TuyaOpen is an open-source development framework aimed at fostering innovation in the AIoT industry, supporting a wide range of creative implementations [6][7] - It inherits capabilities from TuyaOS and integrates an AI inference engine, facilitating cloud-edge integration and expediting product commercialization [8] HEDV - The HEDV edge computing platform addresses the need for robust data security and customized development in complex business scenarios [9][10] - It features a distributed architecture for flexible deployment, ensuring data security while maintaining scalability for high-concurrency environments [11] Future Outlook - Tuya aims to empower global developers with advanced tools for AIoT implementation, fostering innovation and driving the commercial era of AIoT [12]

Core Insights - The 2025 TUYA Global Developer Conference was held in Shenzhen, focusing on the intelligent transformation of industries through AI and IoT technologies [1] - Wu Di, head of intelligent algorithms at Volcano Engine, shared insights on how AI is reshaping industry ecosystems, emphasizing the exponential growth of AIoT chips and edge capabilities in the coming years [1] - The collaboration between Volcano Engine and Tuya Smart aims to enhance AI capabilities in various products, improving user interaction experiences through advanced technologies [4][5] Group 1: AIoT Development - AIoT chips and edge capabilities are expected to experience geometric growth, with edge devices acting as "data optimizers" to provide precise sensor inputs and smart information preprocessing [1] - The collaboration between Volcano Engine and Tuya Smart has led to significant improvements in voice command recognition accuracy by over 20%, even in noisy environments [4] - The integration of large language models enhances the ability of AI products to engage in creative dialogues, increasing user engagement and product appeal [4][5] Group 2: Edge-Cloud Collaboration - Edge devices and cloud models are essential for AIoT applications, especially in scenarios with limited connectivity or high privacy requirements [1] - The real-time conversational AI embedded hardware solution from Volcano Engine enables devices to understand and respond to user needs, providing personalized services [5] - Future collaborations will focus on exploring applications in smart health monitoring and energy efficiency, leveraging multi-modal technologies for enhanced user interactions [6]

Core Viewpoint - 瑞芯微 is experiencing significant growth driven by the recovery of the electronics industry and the explosion of edge applications, particularly in automotive electronics and machine vision sectors [1] Financial Performance - In Q1 2025, 瑞芯微 achieved revenue of 885 million yuan, a year-on-year increase of approximately 60%, with net profit attributable to shareholders reaching 209 million yuan, a year-on-year growth of about 200%, resulting in basic earnings per share of 0.5 yuan [1] - For the year 2024, 瑞芯微 reported revenue of 3.136 billion yuan, a nearly 47% increase year-on-year, and net profit of 595 million yuan, a year-on-year growth of 341%, with basic earnings per share of 1.42 yuan [1] - The company announced a cash dividend of 9 yuan (including tax) for every 10 shares [1] Market Trends and Product Development - The AIoT market is rapidly growing, with significant increases in automotive electronics, industrial vision, industrial inspection, and various robotics applications [1] - 瑞芯微 is leveraging its AIoT SoC chip platform to offer a comprehensive product lineup across high-end, mid-high-end, mid-range, and entry-level segments, with flagship chip RK3588 driving substantial growth [2] - The company's gross margin improved by 3.34 percentage points year-on-year to 37.59% [2] - Operating cash flow remained significantly positive, with a net cash flow from operating activities of 1.379 billion yuan in 2024 [2] Research and Development - 瑞芯微 maintains a high level of R&D investment, with R&D expenses of 569 million yuan last year, consistently representing around 20% of revenue for over a decade [3] - The company successfully launched several new products, including RK3576, RK2118, RV1103B, and RK3506, while continuing to advance core technology IP and collaborative projects [3] - 瑞芯微's product lines cover various sectors, including automotive electronics, machine vision, industrial applications, education, commercial finance, smart home, and consumer electronics [3] Strategic Positioning - The majority of AIoT applications are concentrated in China, and 瑞芯微 is confident in its growth trajectory based on its core technology, product offerings, and application scenarios [3] - The company has observed that the impact of the U.S. "reciprocal tariff" policy is minimal, as its chips primarily reach international markets through end products of clients, with a low overall export ratio to the U.S. [3] Shareholder Activity - In Q1 2025, major shareholders such as 银河创新成长, 香港中央结算, and 国家集成电路产业基金 reduced their holdings in 瑞芯微, while 万家行业优选混合型证券投资基金 and 华夏国证半导体芯片交易型开放式指数证券投资基金 became new shareholders [4]

2025年4月22日，瑞芯微（603893）发布了2024年年报。报告显示，公司实现营业总收入31.36亿元，同 比增长46.94%；归属净利润5.95亿元，同比大幅增长341.01%；扣非净利润5.38亿元，同比增长 326.22%。尽管业绩表现亮眼，但公司高额分红策略引发市场关注，拟每10股派发现金红利9元，合计 派发3.77亿元，占净利润的63.38%。这一分红比例是否合理，值得深思。 业绩大幅增长，AIoT芯片平台成核心驱动力 2024年，瑞芯微在AIoT(人工智能物联网)领域的布局取得了显著成效。公司依托旗舰芯片RK3588，推 出了多层次的产品组合，覆盖汽车电子、机器视觉、工业应用等多个领域。报告期内，RK3588、 RK356X、RV11系列等AIoT算力平台快速增长，成为公司业绩增长的核心驱动力。 此外，公司持续优化产品销售结构，毛利率逐季改善，2024年毛利率达到37.59%，较2023年提升了3.34 个百分点。经营性现金流也保持大幅正向流入，2024年经营活动产生的现金流量净额为13.79亿元，为 公司的长期可持续发展提供了坚实保障。 然而，尽管业绩增长显著，公司的高分红策略引发了市场质 ...

Core Insights - The company reported a revenue of 437 million yuan and a net profit attributable to shareholders of 1.5482 million yuan for the year 2024, demonstrating stable operations amid a complex economic environment [1] - The company is a leading AIoT embedded system solution provider, focusing on technological innovation and optimizing product structure to enhance market positioning [1] - R&D investment reached a record high of 38.1667 million yuan, accounting for 8.74% of revenue, up from 7.88% in 2023, indicating a sustained commitment to innovation [1] R&D and Market Development - Multiple R&D projects are underway, including the development of 5G cloud tablets and cloud laptops based on various platforms, which will enhance the company's competitive edge in the market [3] - Domestic market sales reached 241 million yuan, a year-on-year increase of 35.66%, driven by significant growth in cloud storage sales orders [3] - The global cloud storage market is projected to reach 128 billion USD by 2028, with a compound annual growth rate of 17%, positioning the company to benefit from industry growth [3] Strategic Initiatives - The company is advancing the "Huiwei Intelligent R&D Production Base" project, which will enhance its ODM design and large-scale delivery capabilities in the consumer electronics and commercial IoT sectors [4] - The project is currently in the equipment procurement phase, with expectations for mass production to commence in 2025 [4]

Core Viewpoint - The company reported significant revenue growth in 2024, driven by advancements in the AIoT sector, although it still faced net losses, which have narrowed considerably compared to the previous year [1][5]. Group 1: Financial Performance - The company achieved total revenue of 564 million yuan in 2024, representing a year-on-year increase of 56.8% [1]. - The net profit attributable to shareholders was -62.91 million yuan, a substantial improvement from -276 million yuan in 2023, reflecting a 77.2% reduction in losses [1][5]. Group 2: AIoT Sector Growth - The AIoT sector emerged as a key growth engine, with the company actively expanding its market presence and applying 3D visual perception technology across various industries [4]. - Collaborations with leading firms in service and industrial robotics have been established, enhancing the company's technological advantages and product offerings [4]. Group 3: Cost Control and Profitability Challenges - Despite the reduction in losses, the company continues to face profitability pressures, with a non-GAAP net profit of -112 million yuan [5]. - The company needs to focus on cost control and improving profitability to sustain its growth trajectory [5][6]. Group 4: Technological Advancements - The company has increased its investment in R&D, launching new products like the Gemini335 and Gemini336 series dual-camera systems, which utilize proprietary depth engine chips [7]. - Collaborations with international research institutions are ongoing to explore applications of 3D visual technology, indicating a commitment to innovation and long-term growth [7].

Core Viewpoint - The company reported a mixed financial performance for 2024, with total revenue increasing but net profit declining significantly, indicating challenges in profitability despite revenue growth [4]. Financial Performance Summary - Total revenue for 2024 reached 92.50 billion yuan, a 3.53% increase from 2023 [4]. - Net profit attributable to shareholders decreased by 15.10% to 11.98 billion yuan compared to the previous year [4]. - The net profit after deducting non-recurring gains and losses also fell by 13.55% to 11.81 billion yuan [4]. - The net cash flow from operating activities dropped by 20.20% to 13.26 billion yuan [4]. - Basic and diluted earnings per share decreased by 14.67% to 1.297 yuan [4]. - The weighted average return on equity declined by 4.30% to 15.34% [4]. Innovation Business Overview - The total revenue from innovative businesses in 2024 was 22.48 billion yuan, accounting for 24.31% of the company's overall revenue [2]. - Hikvision Robotics focuses on industrial IoT, smart logistics, and intelligent manufacturing, becoming a leader in the domestic market [2]. - Yingshi Network has developed comprehensive capabilities from hardware design to IoT cloud platforms, establishing itself as a rare AIoT enterprise with vertical integration [2]. - Hikvision Micro Imaging specializes in high-value MEMS, optoelectronic devices, and sensor technologies, leading in the domestic thermal imaging sector [2]. - Other innovative businesses are experiencing rapid growth and increasing market competitiveness [2]. Recent Quarterly Performance - In Q1 2025, the company achieved a revenue of 18.53 billion yuan, a 4.01% increase year-on-year [3]. - Net profit attributable to shareholders for the same quarter was 2.04 billion yuan, up 6.41% from the previous year [3]. - The net profit after excluding non-recurring items rose by 9.44% to 1.93 billion yuan [3]. - Basic earnings per share for Q1 2025 were reported at 0.221 yuan, reflecting a 6.76% increase [3]. Share Buyback and Stake Increase - The controlling shareholder plans to increase its stake in the company through on-market purchases starting from October 19, 2024, for a period of six months [5]. - As of March 31, 2025, the company has repurchased 40,504,219 shares, representing 0.4387% of the total share capital, with a total transaction amount of approximately 1.24 billion yuan [6].