报告摘要 智能电动汽车及 AI 等创新业务成最强增长极。智能电动汽车及 AI 等创新业务表 现最为亮眼，实现收入 372 亿元，同比大幅增长 123.4%，占总营收比重已跃升至 31.8%，且毛利率达到 22.7%。单季度交付新车达 145,115 辆，同比激增 108.2%， 主要得益于 Xiaomi YU7 系列产能爬坡及强劲的市场需求单车平均售价（ASP）提 升至 249,846 元/辆，同比上升 6.6%，高价值车型交付占比的增加推动了产品结构 持续向高端化演进。该分部首次实现单季度经营收益 11 亿元，全年经营收益达 9 亿元，标志着汽车业务已初步具备自我造血与可持续发展能力。 智能手机业务短期承压。2025Q4 公司智能手机业务在全球市场保持稳固地位，但 出货量短期承压，全球出货量达到 37.7 百万台，受境外市场促销活动减少影响， 同比下降 11.6%，环比下降 12.8%。智能手机高端化战略稳步推进，产品结构持 续优化，带动单机平均售价（ASP）环比显著提升，受益于 Xiaomi 17 Pro Max 及 Xiaomi 17 Pro 等高端机型出货量占比提高，Q4 智能手机 ASP 环比上升 ...

[Table_Reportdate] 2026年03月25日 公 司 简 评 | [数据日期 Table_cominfo] | 2026/03/24 | | --- | --- | | 收盘价 | 138.97 | | 总股本(万股) | 16,714 | | 流通A股/B股(万股) | 15,588/0 | | 资产负债率(%) | 11.05% | | 市净率(倍) | 5.17 | | 净资产收益率(加权) | 17.33 | | 12个月内最高/最低价 | 233.00/130.30 | [Table_QuotePic] -32% -19% -5% 8% 21% 35% 48% 61% 25-03 25-06 25-09 25-12 乐鑫科技 沪深300 [相关研究 Table_Report] 《乐鑫科技（688018）:云服务增长 助力毛利率攀升，研发高投入夯实长 期发展 — — 公 司 简 评 报 告 》 2025.10.28 《乐鑫科技（688018）:AIOT长尾市 场高速增长，规模效益显著利润增厚 ——公司简评报告》 2025.07.10 《乐鑫科技（688018）:产品矩阵已 布局AI云与 ...

华勤技术 20260324 2025 年海外服务器 ODM 市场的表现，对预判当前国内市场的发展趋势有何 借鉴意义？ 摘要 2026 年国产算力 ODM 单卡盈利将从 1,000 元升至 5,000 元以上，主 因物料短缺提升议价权及超节点产品深度参与模组、液冷、网络构建。 华勤技术 2026 年超节点业务营收预计超 100 亿元，深度绑定阿里、腾 讯，出货量 1,000-2000 台，带动数据中心净利率提升 1-2 个百分点。 公司 2026 年总营收预计突破 2000 亿元，远期目标 5,000 亿元； 2026/2027 年利润预期分别为 50 亿/65 亿元以上。 汽车电子业务与英伟达合作布局高端平台，2025 年营收破 10 亿，预计 2026 年起进入每年翻番的爆发期，2028 年目标百亿规模。 PC 与 AIoT 业务逆势增长，PC 业务 2026 年预期增速 30%+，AIoT 板 块营收规模达 800-900 亿元，受益于品牌替代白牌趋势。 估值对标"小工业富联"，2027 年预期利润对应 PE 仅 12-13 倍，若 按 20 倍 PE 测算，市值空间看至 1,300 亿-2000 亿元。 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 报告原因：首次覆盖 买入（首次评级） | 市场数据： 2026 年 03 月 23 日 | | | --- | --- | | 收盘价（元） | 145.92 | | 一年内最高/最低（元） | 249.99/122.80 | | 市净率 | 14.5 | | 股息率%（分红/股价） | 0.65 | | 流通 A 股市值（百万元） | 61,409 | | 上证指数/深证成指 3,813.28/13,345.51 | | | 注："股息率"以最近一年已公布分红计算 | | 2026 年 03 月 23 日 瑞芯微 (603893) ——"SoC+AI 协处理器"双轨并行，引领端侧 AIoT 2.0 -50% 0% 50% 100% 03-24 04-24 05-24 06-24 07-24 08-24 09-24 10-24 11-24 12-24 01-24 02-24 瑞芯微 沪深300指数 (收益率) 相关研究 证券分析师 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 杨紫璇 A023052407000 ...

乐鑫科技（688018.SH）2025 年年报点评 2D2B 模式赋能客户生态，营收、毛利率稳步上行 glmszqdatemark 2026 年 03 月 23 日 | 事件：3 月 20 日，乐鑫科技发布 2025 年年报，公司 2025 年全年实现收入 25.65 | | --- | | 亿元，同比增长 27.82%；实现归母净利润 4.98 亿元，同比增长 46.72%；实现 | | 扣非归母净利润 4.55 亿元，同比增长 47.62%。 | 展望未来，随着产品功能不断拓展、产品生命周期持续延长，单个客户项目的全 周期价值将持续提升，有望为公司带来长期稳定的持续性收入增长。 投资建议：考虑到公司下游数字化和智能化渗透率提升，新增潜力客户放量节奏 加快助推业绩增长，我们预计公司 2026-2028 年营收为 34.62/45.64/57.97 亿 元，归母净利润为 7.12/9.89/12.68 亿元，EPS 为 4.26/5.92/7.59 元，当前股价 对应 PE 为 33/23/18 倍，我们看好公司下游应用持续拓展，为客户提供硬件、软 件、云产品一站式服务，打造 AIoT 开发者生态平台，维持" ...

Financial Performance - Q4 2025 net profit attributable to shareholders was 12.13 million yuan, a decrease of 77.97% year-on-year [2] - Revenue for Q1 2026 was 83,840.68 million yuan, a decline of 1.52% compared to the previous year [2] - Gross profit margin decreased by 4.81 percentage points to 24.05% [2] - The decline in net profit was primarily due to increased asset impairment provisions, rising expense ratios, and a decrease in overall gross profit margin [2] Business Strategy - The company is focusing on optimizing product structure and adjusting business layout to enhance operational efficiency [4] - Continuous investment in R&D to integrate AI technology into smart products and applications [3][4] - Plans to expand the smart product system and market development for smart automotive parts [4] Market Response - The company's stock performance is influenced by macroeconomic conditions, industry trends, market sentiment, and investor expectations [4] - The company is exploring various communication formats for investor relations, including potential live video presentations for future earnings calls [6] Operational Changes - The company is undergoing a relocation process for its Shenzhen base, which is not expected to negatively impact Q1 2026 performance [4] - A subsidiary, Suzhou Kome Electric Co., Ltd., has entered bankruptcy proceedings, and will no longer be included in the consolidated financial statements for 2026 [4] Shareholder Engagement - The company will disclose any stock repurchase plans in accordance with legal regulations [5] - Suggestions for mergers and acquisitions to enhance market value and shareholder returns are acknowledged [6]

Core Insights - Dahua Technology showcased its AI-powered intelligent transportation system (ITS) solutions at Intertraffic Amsterdam 2026, focusing on enhancing road safety, traffic management, and sustainable urban mobility [1] - The company emphasized the transition of traffic management from passive monitoring to proactive and predictive operations through AI and large-scale models [1] Group 1: AI and Technology Innovations - The Xinghan LargeScale AI Model 2.0 is central to Dahua's ITS offerings, integrating vision-centric, multimodal fusion, and language understanding capabilities [1] - Enhanced Radar & Video Fusion (VRF2.0) technology improves accuracy in challenging scenarios by combining radar and visual data, addressing occlusion and misidentification issues [1] Group 2: Key Products and Solutions - iPatrol Smart Light Bar transforms enforcement vehicles into mobile AI hubs for dynamic roadside enforcement [1] - Spotter Ultra is an eight-lane detection system for speeding and traffic violations, providing a complete evidence chain [1] - Bisight X Series DualSpectrum Radar-Video Fusion Camera captures high-quality evidence for enforcement while ensuring all-weather reliability [1] Group 3: Traffic Efficiency and Urban Development - Smart Parking Solutions streamline parking operations using Dahua's ANPR cameras and unified platform [1] - Smart Highway Systems integrate weight-in-motion, VMS alerts, and AI incident detection to enhance flow and safety [1] - Successful global ITS deployments, such as the Second Penang Bridge Smart AI Traffic Management System in Malaysia, demonstrate measurable improvements in monitoring and congestion relief [1] Group 4: Commitment to Sustainability - Dahua presented intelligent EV charging solutions as part of its efforts to support greener transportation ecosystems [1] - The company remains committed to advancing ITS innovations through continuous AIoT technology development and global partnerships [1]

不知不觉间，智能家居行业已经走过了十多年的历程。 从KNX有线总线到Zigbee，从私有云平台到各厂商自建生态，新技术层出不穷，却始终没走出碎 片化的泥潭。设备越来越多，连接越来越难——几乎成了整个IoT行业心照不宣的症结。 但在2026年的AWE展会上，上海海思交出了一份不一样的答卷。这一次，上海海思没有反复强调 颇为成熟的智慧家庭解决方案，而是将目光对准了一条正在高速爆发的全新赛道——轻智能终端， 以及这一赛道下令人意想不到的细分场景：AI玩具。 围绕这一新赛道，上海海思开放生态平 台HiSpark也同步完成了从1.0到2.0的关键跃迁。芯片、生 态、AI能力与场景创新，四条线索在上海海思的AWE展台上交织汇聚，勾勒出了它在智能终端下 一阶段竞争中的布局。 过去十年，行业已经习惯了AI从云端下放的叙事逻辑：大模型在服务器里运行，端侧设备负责采 集数据、上传指令，再接收来自云端的回复。这套架构在早期AI语音时代适用性较强，但也带来 了高延迟、高成本、断网即失效的系统性短板。 而如今，这个格局正在被悄然打破。端侧大模型的部署越来越轻量，算力芯片成本持续下探，屏幕 与连接模块的价格也在快速走低，让原本只能依靠云 ...

Core Viewpoint - The article highlights the financial performance of Shenzhen Tianma Microelectronics Co., Ltd. for the year 2025, showcasing a significant recovery in profitability and growth in revenue, driven by various market segments in the small and medium-sized display industry [2][3]. Financial Performance - The company achieved a revenue of 36.23 billion yuan in 2025, representing an 8.16% increase compared to 2024's revenue of 33.49 billion yuan [3]. - The net profit attributable to shareholders was 167.38 million yuan, marking a substantial turnaround from a loss of 668.58 million yuan in 2024, an improvement of approximately 836 million yuan [3]. - The net cash flow from operating activities increased by 21.49% to 6.99 billion yuan, up from 5.75 billion yuan in the previous year [3]. Market Trends - The small and medium-sized display sector is experiencing a weak recovery, with varying growth across major application markets such as smartphones, automotive displays, IT products, and industrial applications [2]. - In the smartphone market, there is a slight increase in demand, with high-end models driving growth. The penetration rate of flexible AMOLED technology has further increased, solidifying its dominance in high-end smartphones [2]. - The automotive display market is benefiting from the ongoing adoption of smart cockpits and the increasing penetration of new energy vehicles, leading to a rise in demand for high-end automotive displays [2]. - The IT product segment, including laptops, tablets, and monitors, is seeing growth due to increased user demand for AI PC products and updates to Microsoft operating systems [2]. Future Outlook - Despite facing challenges such as rising prices of storage chips and other electronic components, the long-term outlook for the global small and medium-sized display market remains positive, driven by the proliferation of 5G and AIoT technologies, as well as environmental policies promoting carbon neutrality [4][5]. - Structural opportunities exist in the high-specification display technology market, with new application markets like new energy vehicles continuing to grow [5].

Summary of Key Takeaways from Rockchip (603893.SS) Conference Call Company Overview - **Company**: Rockchip (603893.SS) - **Industry**: Integrated Circuit (IC) Design, focusing on AIoT (Artificial Intelligence Internet of Things) SoC (System-on-Chip) applications across various sectors including smart home, industrial, humanoid robots, and automotive applications [3][4] Core Insights 1. **Demand Outlook**: - Management remains optimistic about demand growth in 2026, driven by increasing SOC demand from innovative AI devices, which are less sensitive to rising memory costs. Despite a decrease in demand from smaller customers due to memory price hikes, industry leaders are still securing supply [4][5] - The company anticipates that the demand for AI products will offset declines in traditional consumer electronics affected by memory supply issues [4][5] 2. **Product Development**: - Rockchip has developed its first AI co-processor, the RK182X series, which utilizes 3D packaging technology and integrates NPU (Neural Processing Unit) and memory into a single chip. This chip is designed for various applications including humanoid robots and AI TVs [5][9] - The next generation product, RK1860 series, is in development and will support inferencing compute for AI models up to 13 billion parameters, an increase from the previous limit of 7 billion [9][10] 3. **New Product Introduction**: - Continuous introduction of new products is seen as a key driver for growth. The product cycle for AIoT SOC is long, with the core product RK3588 introduced in 2021 contributing to revenue growth in 2024-2025. Upcoming flagship chips RK3668 and RK3688 are expected to enhance AI computing capabilities [10][4] Additional Insights - **Market Position**: Rockchip's positive outlook on AI chips aligns with broader expectations for the AI computing supply chain in China, indicating a favorable environment for domestic GPU/ASIC manufacturers [2] - **Investment Recommendations**: Analysts have a Buy rating on other companies in the AI computing space, such as Cambricon, MetaX, and Biren, suggesting a robust investment landscape in this sector [2][18] Conclusion Rockchip is positioned to capitalize on the growing demand for AI-driven applications despite challenges posed by rising memory costs. The company's focus on innovative product development and strategic market positioning suggests potential for significant growth in the AIoT sector.