信通电子 20250822 摘要 信通电子专注于电力通讯运维领域，通过云边端技术结合，已成为细分 市场龙头企业，2024 年营收 10.05 亿元，归母净利润 1.44 亿元， 2025 年上半年营收 4.48 亿元，归母净利润 5,050 万元。 公司电力行业产品（输电线路巡检系统和变电站辅控系统）在 2025 年 上半年收入占比达 85%，其中输电线路巡检系统同比增长约 10%，变 电站辅控系统同比增长超过 70%。 毛利率提升主要得益于新产品推出和收入结构优化，如"多木枪机"维 时产品收入占比提升 22%，V6 产品高低配优化，以及变电赛道加大自 研比例和系统设计创新。 公司未来重点布局输电线路通道可视化、在线监测、故障定位、机器人、 无人机与卫星遥感等立体巡检解决方案，并拓展变电运维质询业务和配 电运维新产品。 2025 年上半年毛利率提升主要受益于 V6 和 V10 产品销量增长，其中 V6 销量增幅超 50%，对整体毛利率贡献显著，1.37 个百分点的提升属 于合理波动。 Q&A 请介绍一下信通电子的主营业务和基本情况，以及 2025 年上半年的中报业绩 表现。 信通电子定位为行业物联网解决方案提 ...

答：尊敬的投资者，您好，人工智能算法是公司重要的核心技术之一，应用在 巡检系统相关产品中。得益于早期布局与长期深耕，公司通过庞大的设备部署量， 积累了国内领先的行业样本数据库，开发了隐患检测的人工智能算法模型，也凭借 出色的识别准确率，我们的产品获得了市场的广泛认可，进而推动了设备部署量的 持续增长，海量的现场数据又反哺样本库与算法模型的优化迭代，从而构筑了一个 自我增强的良性循环。目前，公司所构建的样本库已成为显著的竞争优势，并成功 筑起了较高的行业技术壁垒，除了原来采用的神经网络专业模型，近年来公司也开 展大模型的研究，在基础视觉大模型的基础上，引入行业数据，对模型进行训练调 优，开发了电力行业隐患检测的垂直领域视觉大模型。此外，除了图像、视频，公 司还结合声音、点云、文本，开发了检测和运维相关的多模态大模型，对隐患从多 维度进行精准检测，提供更为智能的运维决策支持。感谢您的关注。 编号：2025-002 | | □特定对象调研 □分析师会议 | | --- | --- | | | □媒体采访 业绩说明会 | | 投资者关系活动类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - In H1 2025, the company achieved revenue of 136 million yuan (yoy +35%) and a net profit attributable to shareholders of 5.47 million yuan (yoy +139%), indicating significant growth in both revenue and profitability [5] - The company’s four major product series all experienced revenue growth exceeding 20%, particularly the chromatography and spectroscopy series, which saw a revenue increase of 61.71% year-on-year [5] - The gross profit margin improved to 63.6% (yoy +0.9pcts), reflecting enhanced profitability across product lines [5] - The company is focusing on expanding its AI capabilities and developing products based on the domestic "Hongmeng system" to enhance product autonomy and intelligence [5] - R&D expenses reached 27.47 million yuan in H1 2025, with a R&D expense ratio of 20.2%, emphasizing the company's commitment to innovation and high-end instrument localization [5] Financial Summary - For 2025, the company is projected to achieve a net profit of 50 million yuan, with corresponding EPS of 0.59 yuan per share, and a PE ratio of 32.5 times [7] - Revenue is expected to grow to 370 million yuan in 2025, reflecting a year-on-year growth rate of 19.33% [7] - The company plans to invest up to 230 million yuan in the construction of an intelligent manufacturing base for scientific instruments in Shanghai [5][8]

Core Viewpoint - Huawei has launched the new HUAWEI MatePad Pro 12.2-inch tablet, which features HarmonyOS 5 and aims to enhance user experience in mobile office and creative scenarios, positioning itself as a leader in the domestic tablet market [1][2]. Group 1: Product Features - The HUAWEI MatePad Pro 12.2-inch starts at a price of 3999 yuan and is available for pre-sale, with official sales starting on July 30 [1]. - The tablet features a dual-layer OLED display, upgraded creative tools, and supports the new HUAWEI M-Pencil Pro for enhanced interaction [1]. - Innovative features such as free multi-window and panoramic multi-window allow users to display and switch between four applications seamlessly [1]. Group 2: Performance and Market Position - The tablet incorporates an innovative cooling architecture, resulting in a 30% performance improvement compared to the previous generation [2]. - It is equipped with a 10100mAh battery that supports fast charging, reaching full charge in 55 minutes [2]. - Huawei has surpassed Apple in the domestic tablet market, achieving the top position in both quarterly and annual shipment volumes according to IDC data [2]. - The global tablet market is becoming saturated, with traditional Android manufacturers losing presence in China, while Huawei leverages its self-developed system and hardware advantages to gain market share [2]. - Huawei's tablet shipments have consistently led the Chinese market, with market share exceeding 30% in some quarters, making it one of the few brands experiencing growth amidst an overall decline in Android tablets [2].

Summary of Key Points from Conference Call Records Industry or Company Involved - **Semiconductor Packaging Industry**: Focus on TSMC's CoWoS technology and related companies - **RISC-V Architecture**: Development and adoption in high-performance computing - **Micro-Short Drama Industry**: Growth and government support in Shenzhen - **Brain-Computer Interface (BCI) Technology**: Medical applications and market potential - **AI in Healthcare**: Investment trends and technological advancements - **Tourism and Cruise Industry**: Summer tourism trends and company initiatives - **Robotics and AI**: Development in military and healthcare applications Core Insights and Arguments Semiconductor Packaging - TSMC is advancing its CoWoS technology, with expected Q3 sales between $31.8 billion and $33.1 billion, exceeding market estimates [2][3] - The global market for CoWoS technology is projected to exceed $10 billion by 2026, with China leading growth at 71% [2] RISC-V Architecture - The fifth RISC-V China Summit highlighted the acceleration of high-performance computing products [4] - Companies like Aojie Technology and Allwinner Technology are leading in RISC-V CPU subsystem development [5] Micro-Short Drama - Shenzhen's government has introduced measures to support the micro-short drama industry, with a market size expected to reach 68.6 billion yuan in 2025, growing at 36% [6][7] Brain-Computer Interface - The global BCI medical application market is projected to reach $40 billion by 2030, with significant growth in central nervous system disease treatments [8] - Companies like Yanshan Technology and Sanbo Brain Science are pioneering BCI applications [9] AI in Healthcare - The global AI healthcare investment landscape is heating up, with significant advancements in molecular modeling technology [11] - The company is collaborating with Tencent AI Lab to enhance drug discovery processes [11] Tourism and Cruise - The domestic summer tourism consumption is expected to reach 1.8 trillion yuan, with the company launching themed cruise lines [13] Robotics and AI - The military robotics sector is accelerating, with new developments in multifunctional robots for reconnaissance and inspection [16] - Companies are also focusing on healthcare robotics, with applications in rehabilitation and elderly care [15] Other Important but Potentially Overlooked Content - The CoWoS technology's capacity is directly linked to HBM production, indicating a critical supply chain relationship [2] - The RISC-V architecture's integration into data centers could disrupt traditional CPU markets [4] - The micro-short drama market's growth is driven by free content, highlighting a shift in consumer preferences [6] - The BCI technology's commercialization is supported by new pricing regulations in Hubei province [8] - The AI healthcare sector is seeing a convergence of technology and traditional pharmaceutical practices, enhancing drug development efficiency [11] - The cruise tourism initiative is part of a broader strategy to diversify offerings in response to changing consumer demands [13] - The military robotics market is expected to see increased government investment and interest, particularly in AI applications [16]

Group 1 - The Loan Prime Rate (LPR) for June will be announced on June 20, which includes the one-year and five-year rates [2] - A total of 12 companies will have their restricted shares unlocked today, with a combined unlock volume of 154 million shares, amounting to a market value of 4.249 billion yuan [2][3] - Five companies have unlock volumes exceeding 10 million shares, with Zhonglun New Materials, Baicheng Pharmaceutical, and Aibulu leading in unlock volume [3] Group 2 - 27 companies have disclosed stock repurchase progress, with 6 companies announcing new repurchase plans, and 11 companies completing their repurchase plans [4] - Among the new repurchase plans, four companies have proposed amounts exceeding 10 million yuan, with Dazhong Mining, Chengda Biology, and Wufangzhai having the highest proposed amounts [4] - The highest repurchase amounts implemented include 233 million yuan by Tongxingda and 63.38 million yuan by Delisted Longyu [4]

Core Viewpoint - Huawei's Pura 80 series has been officially launched, featuring significant enhancements in imaging performance and the debut of HarmonyOS 5.1, which will begin upgrades in July 2024 [1][6]. Group 1: HarmonyOS 5.1 Features - HarmonyOS 5.1 introduces over 200 new features and has undergone more than 30 iterations since its public testing began in October 2024 [6]. - The new "Xiao Yi" AI assistant in the Pura 80 series has evolved to provide real-time visual perception and contextual services, enhancing user interaction [4]. - The system supports continuous translation across various content types, significantly improving accuracy and helping users overcome language barriers [4]. Group 2: AI Security Features - The Pura 80 series includes multiple AI security features, such as AI anti-peeping protection and fraud detection capabilities, creating a comprehensive security network for users [5]. - The AI functionalities monitor user interactions and provide real-time alerts for potential privacy risks during phone usage [5]. Group 3: User Experience Enhancements - The HarmonyOS aims to break down interaction barriers between users and devices, with new interactive themes that enhance user engagement through various touch and motion inputs [5]. - The ecosystem has seen improvements in application compatibility and user experience, with major applications like Alipay and WeChat being deeply integrated into HarmonyOS [6][7]. Group 4: Ecosystem Growth - The continuous optimization and innovation of HarmonyOS have led to a thriving ecosystem, with increasing participation from developers and a growing number of applications [7]. - Daily application updates exceed 720 million, indicating a robust user engagement and satisfaction with the HarmonyOS platform [6].

Group 1 - Huawei officially launched its first native HarmonyOS laptop, MateBook Pro and MateBook Fold, on June 6, with significant consumer interest leading to a "抢" (rush) for purchases [2][3] - The starting prices for the new HarmonyOS laptops are 7999 yuan for MateBook Pro and 23999 yuan for MateBook Fold, marking a notable entry into the high-end market [3][4] - The launch of these laptops fills the last gap for HarmonyOS in the important smart terminal sector, making it a comprehensive operating system across smartphones, computers, and IoT devices [3] Group 2 - The MateBook Fold, as Huawei's first foldable laptop, features a 13-inch display, a thickness of 7.3 mm, and a weight of approximately 1.16 kg, designed for versatile usage scenarios [3][4] - Despite the high price point, the demand remains strong, with both models sold out and requiring reservations for future availability [4][5] - The HarmonyOS laptops are reported to run smoothly with common software, and the ecosystem has seen a significant increase in compatible applications, surpassing 2000 [6]

Core Viewpoint - Huawei has officially launched two significant HarmonyOS computer products, the HUAWEI MateBook Fold and the HUAWEI MateBook Pro, marking the beginning of the HarmonyOS office era with a dual breakthrough of "new system + new form" [1] Group 1: Product Features - The HUAWEI MateBook Fold features an 18-inch foldable screen, the largest in the world, which redefines the usage of computers and aims to inject new vitality into the global PC industry [1][4] - The device can transform from a portable 13-inch laptop to an immersive 18-inch display, providing users with a stunning visual experience [4] - The MateBook Fold weighs only 1.16 kg and has a thickness of 7.3 mm, making it highly portable while offering a large screen [7] Group 2: Technological Innovations - Huawei has overcome challenges in hinge design, large screen integration, heat dissipation, and battery life to deliver a lightweight and large-screen experience [2] - The device utilizes advanced materials and a unique water-drop hinge design, allowing for seamless closure and flexible opening angles [7] - The HarmonyOS 5 system enhances interaction logic, enabling smart recognition of various input methods and optimizing user experience across different modes [8][10] Group 3: Ecosystem Development - The launch of HarmonyOS computers signifies the completion of Huawei's "1+8+N" ecosystem, with a rapid increase in application availability from over 300 to more than 1,000, expected to exceed 2,000 by year-end [11] - Huawei has collaborated with ecosystem partners to develop over 150 customized applications for the MateBook Fold, enhancing user experience in various scenarios [11] - The introduction of the HUAWEI MateBook Pro complements the MateBook Fold, targeting mainstream office users with a lightweight design while sharing core capabilities of HarmonyOS 5 [14] Group 4: Strategic Initiatives - Huawei has launched the "Qingyun Xinghe Plan" to encourage enterprise users to co-build the HarmonyOS industry and ecosystem, focusing on digital transformation and innovation across various sectors [14] - The company aims to redefine the global PC industry's competitive landscape through the integration of foldable screens and the HarmonyOS, emphasizing the importance of making technology accessible and simplifying complex tasks [15]

Core Viewpoint - Huawei has officially entered the HarmonyOS era with the launch of its Harmony computers, including the MateBook Pro and the MateBook Fold, which is the world's largest foldable screen computer at 18 inches [1][26]. Group 1: Product Launch and Features - Huawei launched two new Harmony computers: MateBook Pro and MateBook Fold, with the latter being the first foldable computer from Huawei [1]. - The MateBook Fold features a foldable screen that operates independently in both folded and unfolded states, enhancing user experience [7]. - The MateBook Pro series offers four configurations, priced between 7999 yuan and 10999 yuan [30]. Group 2: Ecosystem and Application Development - Over 150 dedicated computer ecosystem applications have been rapidly adapted to HarmonyOS, with the number of integrated applications increasing from over 300 to over 1000 in just ten days [1][3]. - By the end of this year, Huawei expects Harmony computers to support over 2000 integrated ecosystem applications [3]. - Key applications such as Feishu, Xiaohongshu, Bilibili, and WPS have already adapted to Harmony computers, covering essential user scenarios [4]. Group 3: Technological Innovations - Harmony computers feature proprietary AI technology, enabling functions like PPT creation and meeting minutes summarization through voice commands [5]. - The distributed soft bus technology allows seamless interaction between Huawei devices, including smartphones, tablets, and computers [5]. Group 4: Market Position and Future Outlook - Currently, Windows dominates the PC market with a share of approximately 75%-80%, while HarmonyOS aims to create new market opportunities through its distributed capabilities [7]. - Huawei's commitment to building a robust software ecosystem is evident, with over 10,000 engineers working on HarmonyOS and more than 2700 patents accumulated [4][8]. - The launch of the Harmony computers marks the beginning of a significant competitive phase for Huawei in the PC industry [8].