在市场拓展方面，公司CW-100应急通信侦察无人机中标多个航空应急项目，累计订单金额突破2亿元， 处于同类产品采购前列。围绕这一平台，公司还与围场满族自治县合作建设森林防灭火智能巡检系统， 2024年，纵横股份在低空经济风口加持下交出一份充满韧性的成绩单。公司全年实现营业收入4.74亿 元，同比增长57.14%，经营性现金流净额同比由负转正，达到6,011万元；归母净利润亏损同比收窄 44.51%，充分反映出公司正从早期投入期稳步迈向增长释放期。这一年，公司在订单拓展、产品交付 和项目落地等方面取得实质进展，纵向延展了业务的广度，也初步构建起软硬一体、贯穿前中后端的解 决方案体系。 软硬协同，构筑低空经济核心技术底座 过去一年，纵横股份持续深化以"无人值守系统+纵横云+AI"为核心的整体解决方案体系，推动工业无 人机从单一飞行平台向智能化、一体化方向发展。 硬件方面，公司已形成完整的产品谱系，覆盖垂直起降固定翼、多旋翼、大型固定翼三大类型，满足从 精细巡检到长航时任务的多样化需求。重点产品CW-15、CW-40与CW-100在续航性能、任务载荷、适 应能力等维度持续迭代，广泛应用于测绘、电力、安防、应急等场景 ...

Industry Overview - The low-altitude economy supply chain in China has formed a comprehensive development pattern characterized by "upstream independent breakthroughs, midstream collaborative tackling, and downstream standard leadership" with eVTOL and drone manufacturing at its core [2][19] - The domestic market for eVTOL is projected to have a potential demand of 24000 units for tourism and 85000 units for commuting, leading to a total market size exceeding 250 billion [2][45][46] - The eVTOL power system is a critical component of the low-altitude economy, accounting for approximately 40% of the total cost structure of eVTOLs [2][48] Technological Trends - eVTOL technology is diversifying with three main configurations: multirotor, compound wing, and tilt-rotor, each offering unique advantages for different applications [34][35] - The shift towards electric propulsion systems is evident, with a focus on high energy density and low emissions, making them the preferred choice for future urban air mobility [54][55] Market Dynamics - The global low-altitude economy market is expected to grow from approximately 2.08 trillion yuan in 2023 to 2.32 trillion yuan in 2024, indicating significant growth potential [23] - In China, the low-altitude economy market is projected to reach 859.2 billion yuan by 2025, with a compound annual growth rate of 33.8% [23][27] Company Insights - EHang Intelligent (EH.O) has become the first company in China to obtain all four necessary certifications for eVTOL, indicating a significant step towards commercialization [6][51] - Companies like EHang and others are actively collaborating with electric motor manufacturers to enhance their eVTOL offerings, with substantial orders already in place [52] Policy Support - The development of the low-altitude economy has been elevated to a national strategy, with various government departments providing comprehensive support through policies aimed at infrastructure, regulations, and industry standards [14][17] - By 2025, over 30 provinces and cities in China are expected to include low-altitude economy initiatives in their government work reports, promoting infrastructure development and industry standards [14][18]

呃各位下午好啊那个我介绍一下啊就是这两个比较热门的话题给在有哪些机会呃从报告整个内容来看呢我们先从人形机器人讲起呃人形机器人呢他有别于我们常见的在工厂里面这些机械臂啊因为机械臂呢因为他动作啊是比较规定好的他是循环的 那么人型机器人呢他能够模仿我们人类的动作有自己的一些判断所以在他的应用场景呢会更为这个复杂你比如说我们工厂里面现在有一些工人啊他用一些机械笔不能简单的替代的时候你典型的就是自检质量检测的一块你可能我们用简单的这个视觉啊识别啊难度都很大啊想把这个人从这个工厂里面解放出来 那么人形机器人给他训练之后这就是一个比较好的应用场景就可以把我们一些自检的人员自检员从这个岗位上给他解放出来那么从人形机器人他的发展历程来看还是在美国日本欧洲他们早在十多年以前就开始布局那么这两年为什么人形机器人活起来了我想还是根据人工智能对他有一定的赋能让他更加聪明 让他这个整个软件的设施尤其他的智能判断更多调研既要添加微信SCCF777666这个更加能够接近我们人类的时候这个时候呢人型机器人他整个的应用才成为了现实尤其在特斯拉他宣布啊今2025年是他特斯拉叫这款机器人啊是成为他们今年应用的元年 他在二零二五年准备大概有一千台位单 ...

Summary of Conference Call Notes Company and Industry Involved - The discussion revolves around a robotics company specializing in firefighting robots and their applications in emergency rescue and data center fire prevention. Key Points and Arguments 1. The company's firefighting robots have received high recognition from the industry, with positive evaluations from local fire departments during application tests [1] 2. The company is exploring the development of humanoid robots to replace firefighters in hazardous environments, aiming to enhance decision-making through real-time data transmission [1][2] 3. A second-generation robot has been developed to automate the connection of firefighting hoses, potentially reducing the risks faced by firefighters during rescue operations [3] 4. The company is actively collaborating with leading domestic robotics manufacturers to optimize their existing robot designs for emergency rescue scenarios [2] 5. The robots are included in the national application promotion directory by the National Fire Administration, indicating a promising market outlook [5] 6. The sales price of the robots ranges from several hundred thousand to over a million, depending on configurations for different applications [5] 7. The company has received orders from various regions, including Xinjiang and Fujian, for their robots, particularly in response to recent fire incidents in battery production facilities [6] 8. The company is developing a third-generation robot with intelligent recognition capabilities to assist in firefighting and rescue operations [9] 9. The company has established a mature technology in data center fire prevention, adapting to the increasing power demands and complexities of modern data centers [11][12] 10. The integration of AI and advanced sensors is crucial for enhancing fire detection and prevention technologies in data centers [13][14] 11. The company is also exploring the use of drones for forest fire prevention and detection, collaborating with local forestry departments [17][18] 12. The company has a clear strategic focus on expanding its business in firefighting robots, data center fire prevention, and the industrial economy, indicating a strong growth potential [21] Other Important but Possibly Overlooked Content 1. The company is leveraging extensive data and experience accumulated over years in the firefighting sector to improve robot training and operational capabilities [4] 2. The discussion highlights the importance of adapting firefighting technologies to meet the specific needs of various environments, including complex urban settings [8] 3. The company is in the process of evaluating its partnership with a drone company, aiming for potential control over the partnership based on performance metrics [19][20]

Group 1 - The sweeping robot market is highly competitive, with companies seeking new growth avenues, such as Stone's entry into the home appliance sector, investing millions to reduce prices significantly [1] - Stone's research indicated a potential in the washing machine market, leading to its collaboration with traditional appliance giants [2] - The drone industry is witnessing intense competition, with companies showcasing their production capabilities through promotional videos [3][4] Group 2 - A certain imaging equipment company has been vigilant against corporate espionage, reportedly capturing 30 spies within a year [5] - The 3D printing company,拓竹, has seen a turnaround in investor interest, projecting revenues of 6 billion in 2024, breaking previous market expectations [6][7] - The founder of a projection company is now involved in AI glasses, aiming to launch a more affordable product by April [8] Group 3 - A sweeping robot company is considering replacing laser radar with a dual-camera solution to reduce costs and improve operational efficiency [9] - A cross-border e-commerce company emphasizes a rigorous work culture, leading to a high attrition rate among new hires [10] - An AI hardware company, Plaud, underestimated its value but achieved significant sales success shortly after launching its product [11][12]

Group 1: Company Insights - BoShi Fund conducted research on six listed companies, focusing on their strategic initiatives and market performance [1][2][3][4][5][6] - Jerry Holdings is executing an international strategy with significant achievements in overseas markets, particularly in the Middle East, and plans to enhance cash flow management and cost reduction in 2024 [1] - Luxshare Precision has a limited impact from U.S. tariffs due to a small proportion of exports to the U.S., and it is observing the situation while emphasizing global capacity layout opportunities [2] - SuShi Testing anticipates a decline in main business revenue and net profit in 2024, with a focus on controlling capital expenditure in traditional areas while exploring emerging sectors [3] - Aerospace Rainbow has made significant progress in drone and missile businesses, with optimistic market expectations for exports and ongoing development of new products [4] - Crystal Optoelectronics is committed to a global and technology-driven strategy, with growth in AR and automotive sectors, while managing production adjustments and maintaining profitability [5] - Guanghe Technology is experiencing steady revenue growth driven by market opportunities and technological innovation, with a focus on AI products and maintaining high production capacity [6] Group 2: Financial Performance - Jerry Holdings reported a cash flow from operating activities of 2.594 billion, a year-on-year increase of 147.3% [1] - SuShi Testing expects a main business revenue of 1.920 billion, a decrease of 4.56%, and a net profit of 229.41 million, down 27% [3] - Aerospace Rainbow's drone export revenue is approximately 1.3 billion, with a gross margin of about 36% [4] - Guanghe Technology achieved an operating income of 3.734 billion, a year-on-year increase of 39.43%, and a net profit of 676 million, up 63.04% [6]

2025 年 04 月 10 日 证券研究报告 | 公司动态点评 中无人机（688297.SH） 业绩短期承压，行业景气度持续复苏 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,664 | 685 | 1,508 | 1,786 | 2,081 | | 增长率 yoy（%） | -3.9 | -74.3 | 120.0 | 18.5 | 16.5 | | 归母净利润（百万元） | 303 | -54 | 112 | 134 | 159 | | 增长率 yoy（%） | -18.3 | -117.8 | 307.0 | 20.5 | 18.0 | | ROE（%） | 5.2 | -0.9 | 1.9 | 2.3 | 2.7 | | EPS 最新摊薄（元） | 0.45 | -0.08 | 0.17 | 0.20 | 0.24 | | P/E（倍） | 86.4 | -484.9 | 234.2 | 194.4 | 164.8 | | P/B（倍） | ...

Summary of Key Points from the Conference Call Company and Industry Overview - The company discussed its operations in the drone and charging station sectors, highlighting its recent acquisition of a 57% stake in Zhonghang Tong, which has expanded its heavy-lift drone business [3][20]. Core Insights and Arguments - **Revenue Targets**: The company set a revenue target of 1.9 billion yuan for 2025, primarily from charging facilities, excluding drone business revenue. This target is part of the stock incentive assessment indicators [4][8]. - **Charging Station Business**: The charging station business focuses on fast-charging equipment sales, benefiting from the growth of new energy vehicles and advancements in autonomous driving technology. Profit margins are expected to improve to 7-8% by 2025 [4][9]. - **International Expansion**: The company is actively expanding its charging station business overseas, with collaborations in Europe, Southeast Asia, the Middle East, Japan, Australia, and South America. However, it has not entered the U.S. market due to tariff policies [5][17]. - **Drone Business Development**: The company aims to replicate the rapid growth model of its charging station business in the drone sector, with an internal target of 100 domestic drone orders for 2025 [4][18][20]. - **Market Demand**: The drone project in Indonesia has made significant progress, driven by demand in Southeast Asia and Belt and Road countries, as well as trade opportunities arising from U.S. tax policies [4][13][17]. Additional Important Content - **Sales Model**: The company focuses on equipment sales rather than platform operations, differentiating itself from typical distributor models [10]. - **Profit Margin Trends**: Despite rapid revenue growth, profit margins have been low due to high expenses during the expansion phase. However, margins are expected to improve as scale increases [9]. - **Future Growth Expectations**: The company anticipates a high growth period over the next 2-3 years, which will support the development of large projects in the green energy sector [19]. - **Share Buyback Plans**: The company has completed part of its share buyback plan, with future buybacks contingent on cash flow conditions [14][15]. This summary encapsulates the key points discussed in the conference call, providing insights into the company's strategic direction and market positioning.

Core Viewpoint - The article discusses the U.S. government's decision to impose "reciprocal tariffs" on Chinese goods, which is viewed as a unilateral and bullying action that violates international trade rules and harms China's legitimate rights and interests [1][3]. Summary by Sections Tariff Imposition - Starting from April 10, 2025, a 34% additional tariff will be imposed on all imported goods from the U.S. on top of the existing tariff rates [1]. - The current policies regarding bonded and tax exemption remain unchanged, and the additional tariffs will not be exempted [2]. Legal Actions and Responses - China has filed a lawsuit against the U.S. in the World Trade Organization (WTO) regarding the imposition of these "reciprocal tariffs," claiming it violates WTO rules and undermines the multilateral trade system [3][4]. - The Chinese government emphasizes its role as a defender of international trade order and urges the U.S. to correct its actions and remove the unilateral tariff measures [4]. Unreliable Entity List - The Chinese Ministry of Commerce has added Skydio Inc. and 10 other U.S. companies to an unreliable entity list, prohibiting them from engaging in import and export activities related to China and from making new investments in China [5]. - The announcement is based on various Chinese laws aimed at protecting national sovereignty and security [5][6]. Suspension of Import Qualifications - The General Administration of Customs has suspended the import qualifications of six U.S. companies due to inspection and quarantine issues, affecting products such as sorghum and poultry [10].

Group 1: Tariff Measures - The Chinese government announced a 34% tariff on all imported goods originating from the United States, effective from April 10, 2025, at 12:01 PM [2][4] - Existing tax exemption policies remain unchanged, and the newly imposed tariffs will not be eligible for reduction or exemption [3] - Goods that have already been shipped before April 10, 2025, will not be subject to the new tariffs if they arrive between April 10, 2025, and May 13, 2025 [4] Group 2: Export Controls - The Ministry of Commerce and the General Administration of Customs announced export controls on seven categories of medium and heavy rare earth materials, effective immediately [6] - The export control measures aim to safeguard national security and fulfill international obligations, reflecting China's commitment to maintaining global peace and regional stability [6] - The Ministry of Commerce has placed 16 U.S. entities under export control, prohibiting the export of dual-use items to these entities due to potential threats to China's national security [8] Group 3: Unreliable Entity List - The Ministry of Commerce has added 11 U.S. companies, including Skydio Inc., to the unreliable entity list, prohibiting them from engaging in import and export activities related to China [10][14] - These companies are restricted from making new investments in China, as part of measures to protect national sovereignty and security [11][12] Group 4: WTO Dispute - China has filed a lawsuit with the World Trade Organization (WTO) against the U.S. for imposing "reciprocal tariffs," arguing that such actions violate international trade rules and harm legitimate rights of WTO members [15][16]