| 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 98,574 | 100,954 | 101,156 | 115,773 | 131,529 | | 增长率 yoy（%） | -6.0 | 2.4 | 0.2 | 14.5 | 13.6 | | 归母净利润（百万元） | 1,088 | 2,665 | 3,456 | 4,212 | 5,038 | | 增长率 yoy（%） | -37.8 | 144.9 | 29.7 | 21.9 | 19.6 | | ROE（%） | 3.2 | 7.6 | 9.1 | 10.0 | 10.8 | | EPS 最新摊薄（元） | 0.31 | 0.76 | 0.99 | 1.21 | 1.44 | | P/E（倍） | 95.2 | 38.9 | 30.0 | 24.6 | 20.6 | | P/B（倍） | 3.4 | 3.1 | 2.9 | 2.6 | 2.3 | 资料来源：公司财报，长城证券产业金融研究院 证券研究 ...

Core Viewpoint - The CadenceLIVE China 2025 User Conference is set to take place on August 19, 2025, in Shanghai, serving as a significant platform for technical exchange in the EDA industry in China [1]. Event Details - The conference will feature a keynote address by KT Moore, Vice President of Market and Business Development at Cadence, starting at 9:30 AM [3]. - The agenda includes various presentations on topics such as AI-driven design challenges and the integration of global standards with local innovations [7][10][12]. Registration Information - Attendees can register for the event by scanning a QR code or clicking on the provided link at the end of the article [4][22]. Technical Sessions Overview - The afternoon sessions will cover a range of topics in custom analog design, including advancements in simulation platforms and methods to enhance circuit design efficiency [19][20]. - There will also be a focus on AI-driven verification and functional signoff, with multiple presentations scheduled throughout the afternoon [21].

Summary of Conference Call Company and Industry - The conference call pertains to the AI glasses industry, specifically focusing on the products from the company involved in the development of smart glasses, including the Bluebird V3 and the new AI shooting glasses, View AI [1][5]. Core Points and Arguments - The AI glasses market has seen a relatively flat performance from January to May, with fewer new product launches [1]. - The development logic of the smart glasses brand is rooted in their tactile product experience, with a focus on shooting and display functions [2]. - The first two products launched, City AI and City Air AI, have seen improvements in weight and battery life, with weights of approximately 38g and 33g respectively, and battery life extending to 14 hours for the CTAII model [3]. - The market for AI glasses is currently in a phase of product capability verification, with existing products facing various practical usage issues such as battery life and Bluetooth connectivity [9]. - The View AI product is positioned to compete directly with the Lanyard V3, with similar pricing (around 1600 to 1700 yuan) and comparable specifications [6]. - The introduction of a temporary intelligent agent in the new product aims to enhance user experience by providing real-time responses to queries [8]. - Anticipation for upcoming products in the second half of the year includes AI shooting glasses and AI + AR glasses from various brands, indicating a competitive landscape [10]. Other Important Content - The online sales figures for the brand indicate a projected revenue of approximately 3.64 million yuan for 2024, averaging about 300,000 yuan per month [4]. - The conference highlighted the need for real-world feedback on new products, emphasizing that the industry is still in its early stages of development [7]. - Recommendations were made to pay attention to related companies in the supply chain, such as Bingpai and Mingyue, which may benefit from the growth in the AI glasses market [11].

Group 1 - The company has launched a new employee stock ownership plan, demonstrating confidence in long-term healthy development [1] - The employee stock ownership plan involves up to 1,130 participants, acquiring 52.32 million shares at a price of 11.43 yuan per share [1] - The company also announced a stock option incentive plan for 6,302 participants, granting 68.06 million stock options at an exercise price of 22.21 yuan per share [1] Group 2 - The company maintains a leading position in the global XR glasses market, with advantages in optical components, optical-mechanical systems, core algorithms, and intelligent design and manufacturing [2] - Short-term growth is expected from the expansion of MR glasses customers and markets, which will drive shipment volume and profitability [2] - The AI+AR glasses market is anticipated to create significant incremental demand, with international giants accelerating AR industry development from the second half of this year [2] Group 3 - The company leads in TWS earphone design and core acoustic components, with a steady recovery in major customer orders and market share [3] - The diversification of clients and products in smart hardware, including gaming consoles and wearables, is expected to enhance gross margins [3] - The company plans to spin off its subsidiary, Goer Micro, for a Hong Kong listing, strengthening its position in the microelectronics field [3] Group 4 - The company forecasts net profits of 3.26 billion, 4.12 billion, and 5.04 billion yuan for 2025-2027, indicating strong long-term growth potential [3] - The current market capitalization corresponds to PE ratios of 25, 19, and 16 for 2025-2027, maintaining a "strong buy" rating [3]