Core Viewpoint - The article discusses the progress of Teslian Technology Co., Ltd. in its IPO process and highlights its business growth, technological advancements, and financial performance as it aims for a listing on the Hong Kong Stock Exchange [2][4]. Group 1: Company Overview - Teslian, founded in 2015, focuses on AIoT technology to drive industrial upgrades and sustainable development, with three strategic directions: AIoT domain models, AIoT infrastructure, and AIoT intelligent agents [2]. - The R&D team is led by three IEEE Fellows, with 46.9% of employees in R&D and over 1,700 patents held [3]. Group 2: Business Expansion - Teslian has launched an upgraded green intelligent computing platform supporting various domestic chips and advanced models, contributing to its global expansion with products deployed in over 800 clients across 160 cities [4]. - In 2024, Teslian signed 194 new clients, bringing the total to 342 [4]. Group 3: Financial Performance - Revenue figures for Teslian from 2022 to 2024 are 738 million, 1,006 million, and 1,843 million respectively, with a compound annual growth rate of 58% and an over 83% year-on-year increase in 2024 [4]. - The AI industry digitalization business generated 1,640 million in revenue in 2024, marking a 162.9% year-on-year growth [4]. Group 4: Cost Management - The expense ratio (sales, management, and R&D) decreased from 76.9% in 2023 to 45.0% in 2024, while accounts receivable turnover days improved from 238 days in 2022 to 104 days in 2024 [5]. Group 5: Investment and Market Outlook - Teslian has attracted investments from notable institutions and raised approximately 655 million in new funding this year [5]. - The global spatial computing market is projected to grow from approximately $149.59 billion in 2024 to $1,066.13 billion by 2034, with a compound annual growth rate of 21.7%, and the Asia-Pacific market expected to grow at 22.2% [5].

Core Insights - The article highlights the rapid transformation of the AIoT (Artificial Intelligence of Things) sector, driven by advancements in technologies such as 5G, generative AI, and spatial computing, with a projected global IoT device connection surpassing 30 billion by 2025 [1] - Chinese AIoT companies are showcasing three main advantages: breakthroughs in edge AI computing power, the establishment of industry-specific large models, and enhanced ecosystem collaboration [1] - The dual-driven model of "AI + IoT" is expected to unlock a market worth hundreds of billions [1] Company Performance - TeslaLink's updated prospectus reveals projected revenue of 1.843 billion yuan for 2024, representing an 83.2% increase compared to 2023 [1] - The company's revenue from 2022 to 2024 shows a compound annual growth rate (CAGR) of 58.0%, indicating strong growth resilience and potential [1] - The AI industrial digitization segment is the primary revenue source, with expected revenue growth from 624 million yuan in 2023 to 1.64 billion yuan in 2024, marking a 162.9% increase [3] Business Strategy - TeslaLink has restructured its personnel and team to upgrade its business system, forming three product architectures: AIoT models, AIoT infrastructure, and AIoT agents [3][5] - The AIoT infrastructure serves as the intelligent computing foundation, featuring a set of hardware clusters and software platforms to support clients in building comprehensive capabilities [5] - The AIoT agents represent a full-stack intelligent interaction interface, enhancing task execution efficiency and user experience [5] Market Expansion - TeslaLink has expanded its product coverage to over 160 cities globally, with more than 800 client deployments and approximately 1,300 ecosystem partners [6] - The total number of clients increased from 224 in 2022 to 342 in 2024, demonstrating strong market expansion capabilities [6] - The company has achieved a significant reduction in accounts receivable turnover days, decreasing from 238 days in 2022 to 104 days in 2024 [6] Industry Trends - The global trend towards digitization is recognized as a consensus, with AIoT technology applications driving deep integration across industry chains, supply chains, and innovation chains [6] - TeslaLink is accelerating its global business expansion, particularly in the context of the "Belt and Road" initiative, to enhance market penetration and seize opportunities in emerging markets [6]

证券研究报告 | 公司点评 | 通信设备 业绩高增长，受益于 AI 端侧放量 ——移远通信 2024 年年报及 2025 年一季报点评报告 投资要点 ❑ 业绩持续高增，净利率同比提升 2024 年，公司实现营业收入 185.94 亿元，同比增长 34.14%，归母净利润 5.88 亿 元，同比增长 548.49%，扣非归母净利润 5.32 亿元，同比增长 9287.32%。销售 毛利率 17.61%，同比下降 1.33pp，销售净利率 3.11%，同比增长 2.50pp。 2025 年一季度，公司实现营业收入 52.21 亿元，同比增长 32.05%，归母净利润 2.12 亿元，同比增长 286.91%，扣非归母净利润 2.01 亿元，同比增长 290.77%。 销售毛利率 17.81%，同比提升 0.88pp，销售净利率 4.04%，同比提升 2.71pp。 业绩实现高增，主要受益于物联网行业需求景气，公司在通信模组业务和智能化 解决方案板块均实现较好增长。同时公司规模效应凸显，通过管理效率的提升， 使净利润实现高速增长。 ❑ 行业整体需求回暖，公司份额全球领先，业务布局多元 2024 年以来，物联网行业景 ...

Core Viewpoint - The rapid evolution of AI models and their deployment in edge computing is expected to drive significant growth in the AIoT market over the next 5 to 10 years, with applications across various industries such as automotive, robotics, education, healthcare, and agriculture [1][2]. Group 1: Company Insights - Ruixinwei highlighted the transformative impact of AI models, particularly the advancements made during the recent Spring Festival, which have led to improved performance and usability of open-source models [1]. - The company noted that the development of edge AI applications is being accelerated due to the decreasing barriers to entry for AI technology, which benefits from local processing advantages such as real-time capabilities, low network dependency, and enhanced privacy protection [1]. - Ruixinwei has established a comprehensive layout of AIoT SoCs with built-in NPU capabilities ranging from 0.2 TOPs to 6 TOPs, catering to various market needs and computational requirements [2]. Group 2: Future Developments - The company plans to continue enhancing its NPU technology to support larger-scale edge models, with a focus on performance improvements and higher computational power in future chip releases [2]. - The next-generation flagship chip, RK3688, is expected to provide not only higher performance but also greater flexibility for deploying larger-scale edge models through multi-chip cascading and co-processor expansion [2].

Core Viewpoint - The optical sensor business of the company is experiencing rapid growth, with a projected revenue increase of 527.8% in 2024, reaching 69.14 million yuan, and accounting for 17% of total revenue, becoming a key driver of the company's performance [1][2]. Group 1: Business Growth and Market Potential - The optical sensor business is expected to maintain strong growth in 2025, driven by the expansion of the industry scale and the penetration of emerging applications such as smart cars and robotics [1][2]. - The global optical sensor market was valued at $19.52 billion in 2023 and is projected to reach approximately $51.21 billion by 2032, with a compound annual growth rate (CAGR) of 11.5% from 2024 to 2032 [2]. - The company has established a complete product matrix covering consumer electronics, industrial control, and automotive electronics, benefiting from deep technical barriers and vertical integration across the entire industry chain [2][3]. Group 2: Product Innovation and Market Position - The company has successfully developed key products such as optical tracking sensors and laser ranging chips, achieving performance metrics that rival or exceed those of international competitors [3]. - The product lineup includes various optical sensing solutions, with successful commercialization in sectors like AI, smart wearables, and home automation, indicating a robust growth engine [3][4]. - The company is actively expanding its product offerings to include optical sensing solutions for smartphones and is strategically positioning itself in emerging markets such as low-altitude economy [3][4]. Group 3: Financial Performance and Operational Efficiency - In Q1 2025, the company reported a revenue of 125 million yuan, a year-on-year increase of 32.18%, and achieved a net profit of 3.67 million yuan, marking a significant turnaround [6]. - The gross margin for the quarter was 38%, reflecting a year-on-year increase of approximately 16 percentage points, driven by the growth of the optical sensor business and wireless charging products [6]. - The company has established strong strategic partnerships with leading industry clients, enhancing its operational quality and expanding its business boundaries into new strategic areas [5][6]. Group 4: R&D and Strategic Direction - The company adheres to a diversified R&D strategy, continuously expanding its product line to meet market demands and technological trends [7]. - Embracing the trend of AI integration in consumer electronics, the company aims to optimize its product portfolio and enhance user experience through deep integration of AI technology [7].

Group 1: Key Points on 可孚医疗 (Cofe Medical) - In 2024, Cofe Medical will deepen its core category strategy, focusing on hearing aids and dressing materials, with some products having a high market share [1] - The medical care and health monitoring segments experienced growth in Q1, while the respiratory support segment declined, with national subsidy policies boosting sales [1] - A new generation of respiratory machines is planned for launch in 2025 to enhance product performance, and AI technology will be applied in dynamic blood glucose meters and blood pressure monitors to improve intelligence [1] - The medical care segment is expected to see an 8% year-on-year revenue growth in 2024, with a focus on cultivating dressing products [1] - The overseas business is in a strategic cultivation phase, with foreign trade revenue increasing in Q1 [1] Group 2: Key Points on 九安医疗 (Jiuan Medical) - Jiuan Medical's core strategy revolves around iHealth products and a new "O+O" model for diabetes care, with projected revenue of 76.16 million yuan in 2024 from diabetes care services [2] - The company has launched various medical health products in both the US and domestic markets, including a tri-test reagent kit and nasal wash [2] - Jiuan Medical is making strategic investments across various asset classes, including fixed income, equity, and hard technology, particularly in AIoT diabetes home assistance and continuous glucose monitoring projects [2] - The company is committed to R&D investments, especially in AI smart hearing aids [2] - Jiuan Medical is enhancing market confidence through stock buybacks and promoting its core strategy to boost employee morale [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved a significant revenue increase of 46.94% year-on-year in 2024, reaching 3.136 billion yuan, and a net profit increase of 341.01%, totaling 595 million yuan. The growth was driven by AIoT computing platforms such as RK3588, RK356X, and RV11 series [5] - In Q1 2025, the company reported a revenue of 885 million yuan, a year-on-year growth of 62.95%, with a gross margin reaching a historical high of 40.95% [5] - The company is expected to continue its growth trajectory, with projected revenues of 4.224 billion yuan, 5.486 billion yuan, and 7.018 billion yuan for 2025, 2026, and 2027 respectively, alongside net profits of 910 million yuan, 1.196 billion yuan, and 1.531 billion yuan for the same years [5] - The company maintains a strong focus on R&D, with expenses of 569 million yuan in 2024, consistently investing around 20% of its revenue in R&D over the past decade [6] - The rapid development of edge AIoT presents new opportunities, particularly in automotive electronics and robotics, with multiple projects already in progress [7] Financial Summary and Valuation Metrics - In 2024, the company reported a gross margin of 37.6% and a net margin of 19.0%, with a return on equity (ROE) of 16.8% [9] - The projected P/E ratios for 2025, 2026, and 2027 are 73, 56, and 44 respectively, indicating a strong growth outlook [5][9] - The company’s total market capitalization is approximately 64.465 billion yuan, with a circulating market capitalization of 64.433 billion yuan [1]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [5][7]. Core Insights - The company reported a revenue of 5.221 billion RMB for Q1 2025, representing a year-on-year increase of 32.1%, and a net profit of 212 million RMB, up 286.9% year-on-year, slightly exceeding expectations [7]. - The company is focusing on emerging fields such as industrial intelligence, smart agriculture, AI models, and edge computing, which are expected to drive future growth [10]. - The IoT industry is recovering, with expectations for significant growth in 2025 as global demand gradually returns [10]. - The company is well-positioned in the AIoT sector, leveraging its experience in edge computing and exploring various AI technologies [10]. - Profit forecasts for 2025-2027 indicate net profits of 900 million, 1.32 billion, and 1.89 billion RMB, with corresponding year-on-year growth rates of 53%, 47%, and 43% [10]. Company Overview - The company operates in the communication industry, with a current A-share price of 68.98 RMB and a market capitalization of 18.049 billion RMB [2]. - The stock has seen a 12-month high of 95.6 RMB and a low of 38.06 RMB, with a significant year-on-year price increase of 82.2% [2]. - Major shareholders include Qian Penghe, holding 17.19% of shares [2]. Financial Performance - The company achieved a gross margin of 17.81% in Q1 2025, an increase of 0.88 percentage points year-on-year, and a net profit margin of 4.04%, up 2.71 percentage points year-on-year [10]. - The earnings per share (EPS) for 2025 is projected to be 3.44 RMB, with a price-to-earnings (P/E) ratio of 20 [8][10].

Core Insights - The company's 2024 performance slightly underperformed expectations, while 1Q25 results were generally in line with forecasts [1] Group 1: Financial Performance - In 2024, the company reported total revenue of 2.33 billion, a year-on-year increase of 4.6%, and a net profit attributable to shareholders of 156 million, up 3.6% year-on-year [1] - The 4Q24 revenue was 758 million, a decrease of 6.8% year-on-year, while net profit was 106 million, an increase of 4% year-on-year [1] - For 1Q25, revenue reached 423 million, a year-on-year increase of 4.3%, with a net loss of 8 million, reducing losses by 14% year-on-year [1] Group 2: Business Segments and Growth - Revenue from mainland China in 2024 was 1.18 billion, a year-on-year increase of 2%, while revenue from non-mainland regions was 1.15 billion, up 8% year-on-year [2] - AI-related products in Taiwan saw significant growth, with a 135% increase in revenue and a 58% rise in net profit in 2024 [2] - In 1Q25, signed orders in Southeast Asia increased by 33% year-on-year, indicating overseas expansion as a new growth driver [2] Group 3: Profitability and Margins - The company's gross margin for 2024 was 58%, a decrease of 4 percentage points year-on-year, primarily due to a higher proportion of lower-margin AIoT-related businesses [2] - In 1Q25, the gross margin rebounded to 60%, an increase of 4 percentage points year-on-year, with expectations of reduced stock incentive and share payment expenses in 2025 [2] Group 4: Forecasts and Valuation - The revenue forecast for 2025 has been revised down by 9% to 2.564 billion due to fluctuations in demand from mainland customers, while net profit estimates remain largely unchanged [3] - Revenue forecasts for 2026 have been introduced at 2.852 billion, with net profit projected at 249 million [3] - The target price has been raised by 26% to 39 yuan, based on a 50 times P/E ratio for 2025, indicating a 15% upside potential from the current stock price [3]

Core Viewpoint - The company reported strong revenue growth driven by high-performance computing and effective cost control, with expectations for continued growth in 2025. Financial Performance - In 2024, the company achieved revenue of 109.878 billion yuan, a year-on-year increase of 28.76%, and a net profit of 2.926 billion yuan, up 8.1% year-on-year [1] - In Q4 2024, revenue reached 33.868 billion yuan, a year-on-year increase of 65.58%, with a net profit of 876 million yuan, up 21.25% year-on-year [1] - In Q1 2025, revenue was 34.998 billion yuan, a year-on-year increase of 115.65%, with a net profit of 842 million yuan, up 39.04% year-on-year [2] Business Segments - High-performance computing generated revenue of 63.2 billion yuan in 2024, a year-on-year increase of 28.79%, accounting for 57.54% of total revenue [4] - Data center revenue grew by 179% year-on-year, while the notebook and smart terminal segments also saw significant growth [4] - AIoT and other segments reported revenue of approximately 4.672 billion yuan, a year-on-year increase of 187.93% [4] - Automotive electronics revenue was approximately 1.562 billion yuan, a year-on-year increase of 91% [4] Strategic Initiatives - The company is advancing its "3+N+3" strategic upgrade, focusing on personal digital terminal hardware, office productivity hardware, and data center infrastructure [5] - Increased R&D investment and the establishment of a global R&D headquarters in Shanghai are part of the strategy to enhance product offerings and supply chain resilience [5] - The company anticipates overall revenue growth of over 20% in 2025, supported by a robust supply chain and inventory management [5] Profit Forecast - Revenue projections for 2025-2027 are 135.254 billion yuan, 162.791 billion yuan, and 191.553 billion yuan, respectively, with net profits of 3.538 billion yuan, 4.165 billion yuan, and 4.778 billion yuan [6] - The expected EPS for the same period is 3.48 yuan, 4.10 yuan, and 4.70 yuan per share, with corresponding PE ratios of 19, 16, and 14 [6]