Core Insights - The "2025 Consumer Electronics Innovation Conference (CEIC 2025)" will be held from November 6 to 8 at the Shenzhen Convention Center, featuring nearly 300 tech companies from 20 countries and regions, showcasing over 2,000 innovative tech products, including several global debuts [1][2] Group 1: Event Overview - The conference theme is "New Electronics, New Experience, New Consumption," aiming to define new trends in global consumer electronics [1] - The event will cover five major innovation areas: smart terminals, smart vehicles, smart homes, digital health, and new technology chips, with a total exhibition area of 15,000 square meters [3][5] Group 2: Featured Products - The global debut of the HarmonyOS 6 product line will include five categories of devices: HarmonyOS TVs, computers, tablets, smartphones, and wearables [2] - A new generation of smart cockpit experiences will be showcased, demonstrating intelligent interaction between vehicles and homes [2] Group 3: Technological Innovations - The conference will feature a holographic VR device that transforms into various imaging equipment, providing a glimpse into future personal visual experiences [3] - Advanced smart sound source localization and deep noise reduction technology will be presented, enhancing the capabilities of robots in sound recognition [3] Group 4: Forums and Networking - The event will host three main forums and 16 sub-forums, facilitating discussions on the entire innovation chain from foundational technology to industry practice [5] - An innovation "pitch meeting" will connect technology, industry, and capital, with over ten well-known investment institutions engaging with high-growth projects [5] Group 5: Cultural Integration - The conference will feature a "National Style × Technology × Music" event, combining traditional music with modern technology, enhancing the overall experience [6] Group 6: Competitions and Challenges - The second "Star Flash Cup" application challenge will take place at the conference, focusing on smart home, smart terminal, and AI robotics sectors [7] Group 7: Shenzhen's Role - Shenzhen is positioned as a global innovation hub for consumer electronics, with a robust manufacturing base and an active innovation ecosystem [8] - The city aims to achieve over 200 billion in added value from the smart terminal industry cluster by 2024, with significant contributions from various sectors [8] Group 8: Government Initiatives - Shenzhen has introduced an action plan to accelerate the development of the AI terminal industry, establishing funds to support innovation in consumer electronics and communication [9] - The Ministry of Industry and Information Technology emphasizes the importance of consumer electronics in driving domestic demand and economic growth [10]

Group 1 - The 2025 Consumer Electronics Innovation Conference (CEIC 2025) will be held in Shenzhen from November 6 to 8, focusing on "New Electronics, New Experiences, New Consumption" and aims to define global trends in consumer electronics [1][13] - The conference will showcase over 2000 innovative technology products, including the global debut of HarmonyOS 6 products across five categories: TVs, computers, tablets, smartphones, and wearables [3][4] - Key exhibitors include major companies such as Huawei, BYD, and Samsung, with a total exhibition area of 15,000 square meters covering five core innovation fields: smart terminals, smart vehicles, smart homes, digital health, and new technology chips [8][11] Group 2 - The conference will feature three main forums and 16 sub-forums, facilitating discussions on the entire innovation chain from foundational technology development to industrial practice, with over 300 industry leaders sharing insights [9] - A "collision of wisdom" event will connect technology, industry, and capital, with over ten well-known investment institutions on-site to engage with high-growth projects [9][10] - The event will also include a music festival and the second "Star Flash Cup" application challenge, focusing on smart home and AI robotics, aimed at nurturing young innovative talent [10] Group 3 - Shenzhen is positioned as a global innovation hub for the consumer electronics industry, with a robust manufacturing base and a complete industrial chain ecosystem, contributing over 200 billion in value to the smart terminal industry by 2024 [11][12] - The city has implemented a plan to accelerate the development of the AI terminal industry, establishing funds totaling 60 billion for supporting AI technology and product innovation [12] - The conference serves as a platform for companies to engage with foundational technology inventors and standard setters, facilitating the transformation of technological breakthroughs into superior product experiences [13]

通讯业务海外客户全面突破，长期成长潜 力被低估 核心观点 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 2.25/3.09/3.84 元（原 25/26 年预测分别为 2.42/2.95 元，参考下游客户销量变化、通讯业务海外放量、闻泰产品集成业务及莱 尼并表等因素调整盈利预测），根据可比公司 25 年 32 倍 PE 估值水平，对应目标价 为 72.00 元，维持给予买入评级。 风险提示 ⚫ 大客户占比较高风险、行业竞争加剧风险、中美贸易冲突加剧风险 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 231,905 | 268,795 | 361,270 | 475,850 | 544,985 | | 同比增长 (%) | 8.4% | 15.9% | 34.4% | 31.7% | 14.5% | | 营业利润(百万元) | 12,860 | 16,142 | 19,233 | 25,997 | 32,241 | | 同比增长 ...