Core Insights - EngageLab participated in GITEX Asia 2025, showcasing its AI-powered omnichannel customer engagement solutions, emphasizing the importance of personalized experiences for global growth [1][8] - The event gathered over 700 global enterprises and startups, highlighting the significance of addressing challenges in customer communication and operational efficiency [2] EngageLab's Distinctive Edge - EngageLab's strengths in global messaging infrastructure and local support were highlighted during discussions with a leading Indian application development company, showcasing its superior deliverability and multi-channel reliability [3][4] - The strategic alignment with the Indian company indicates potential for impactful collaboration in enhancing client communication strategies [5] Competitive Advantages - EngageLab's global infrastructure includes strategically distributed data nodes, ensuring high delivery rates (40% higher for push notifications and 99.97% for emails) and compliance with regulations like GDPR [6] - The company offers superior message deliverability and dedicated technical support compared to competitors [7] Future of Customer Engagement - The future of customer engagement is focused on personalization, automation, and seamless omnichannel communication, with EngageLab leading this transformation [8] Company Overview - EngageLab is a leading provider of AI-powered omnichannel customer engagement solutions, focusing on optimizing communication and enhancing engagement efficiency for businesses worldwide [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 23.343 billion yuan for 2024, representing a year-on-year growth of 18.79%. However, the net profit attributable to shareholders decreased by 14.78% to 560 million yuan. The non-GAAP net profit increased by 59.36% to 188 million yuan [1][2] - The core business segments showed strong growth, with smart education revenue increasing by 29.94% to 7.229 billion yuan, smart healthcare by 28.18% to 0.692 billion yuan, and the open platform by 31.33% to 5.172 billion yuan. New revenue growth points included smart automotive and enterprise AI solutions, which grew by 42.16% and 122.56% respectively [2] - The company has significantly increased its R&D investment, with total R&D expenses reaching 3.892 billion yuan in 2024, up 11.79% year-on-year. The operating cash flow reached a historical high of 2.495 billion yuan, a 613% increase, due to improved collection mechanisms [2] - The company has established three major AI commercialization systems, including industry applications, an open platform, and consumer products, which are driving business growth through a data-driven model [2][3] - The company’s deep learning model, X1, has achieved breakthroughs in reasoning and text generation, positioning it as a leading player in the AI field [5] Financial Summary - In 2024, the company achieved total revenue of 23.343 billion yuan, with a projected growth rate of 20.9% for 2025, reaching an estimated 28.212 billion yuan. The net profit attributable to shareholders is expected to recover to 775 million yuan in 2025, reflecting a growth rate of 38.4% [4] - The gross margin for 2024 was 42.63%, remaining stable compared to the previous year. The projected EPS for 2025 is 0.34 yuan, with corresponding P/E ratios of 134.52 for 2025, 105.33 for 2026, and 84.30 for 2027 [4][5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 23.343 billion yuan for 2024, representing a year-on-year growth of 18.79%. However, the net profit attributable to shareholders decreased by 14.78% to 560 million yuan. The non-GAAP net profit increased by 59.36% to 188 million yuan [1][2] - The core business segments showed strong growth, with smart education revenue increasing by 29.94% to 7.229 billion yuan, smart healthcare by 28.18% to 0.692 billion yuan, and the open platform by 31.33% to 5.172 billion yuan. New revenue growth points included smart automotive and enterprise AI solutions, which grew by 42.16% and 122.56% respectively [2] - The company has significantly increased its R&D investment, with a total of 740 million yuan in new R&D spending for 2024, up 410 million yuan from the previous year. The operating cash flow reached a historical high of 2.495 billion yuan, a 613% increase year-on-year [2] - The company has established a commercialized AI application system across various sectors, including education, healthcare, automotive, and enterprise solutions, with significant market penetration [2][3] - The company’s deep learning model, X1, has achieved breakthroughs in reasoning and text generation, positioning it as a leading player in the AI field [5] Financial Summary - In 2024, the total revenue was 23.343 billion yuan, with a projected growth rate of 20.9% for 2025, reaching 28.212 billion yuan. The net profit is expected to rebound to 775 million yuan in 2025, reflecting a growth rate of 38.4% [4] - The gross margin for 2024 was 42.63%, remaining stable compared to the previous year. The company’s return on equity (ROE) is projected to improve from 3.1% in 2024 to 6.2% by 2027 [4] - The earnings per share (EPS) for 2025 is estimated at 0.34 yuan, with a price-to-earnings (P/E) ratio of 134.52 [5]

Core Insights - Wanda Information (300168) reported a revenue of 2.011 billion yuan for 2024, a year-on-year decline of 18.19%, while the net profit attributable to shareholders was -6.86 million yuan, an increase of 23.70% year-on-year [1] - The company is focusing on cost reduction and efficiency improvement, with sales, management, and financial expenses decreasing by 14.00%, 15.31%, and 15.79% respectively [1] - The net cash flow from operating activities was -37 million yuan, a reduction in net outflow by 75.50% year-on-year [1] Digital Health Sector - In the digital health sector, the company is deeply involved in healthcare reform, providing health and insurance services to a vast user base across multiple regions [1] - The smart healthcare business is expanding into key areas, maintaining a leading market position, while the smart insurance and pharmaceutical sectors are advancing in market expansion and "AI + insurance" initiatives [1] - The company is developing a multi-level smart solution system for healthcare scenarios through its subsidiaries [1] Digital Government Sector - In the digital government sector, the company leverages its extensive experience and technology to build a city-level "data hub," integrating digital technology with government services and urban governance [2] - This initiative supports the construction of a digital government and creates an efficient ecosystem for data sharing and collaboration [2] Digital Finance Sector - The company has established a smart finance center to expand its business, focusing on six core areas to empower financial institutions [2] - Collaborations with China Life Insurance are underway to implement DRG/DIP systems across multiple locations, promoting high-quality digital development in the finance and insurance sectors [2] Digital Elderly Care Sector - In the digital elderly care sector, the company has built the largest home care cloud (SaaS) platform in the country, covering over 300 care institutions and serving more than 230,000 elderly individuals [2] - The platform has provided over 100 million service instances, showcasing its extensive reach and impact [2] Health Cloud Sector - The health cloud platform, operated by the company's subsidiary, has a wide coverage area and a large user base, achieving significant progress in internet and remote medical services [2] - The services extend to central and western regions, impacting numerous medical institutions and continuously expanding its influence [2] Overall Business Strategy - Wanda Information is recognized as a leading provider of smart city solutions in China, with its business encompassing digital health, digital government, and digital finance sectors [2] - The company is committed to ICT innovation as the foundation for its overall software solutions, extending its development into health cloud, citizen cloud, and other innovative business areas [2]

证券研究报告 机构持仓比例提升， AI板块增持明显 —— 2025年Q1计算机行业持仓分析 行业评级：看好 2025年4月22日 分析师 刘雯蜀 邮箱 liuwenshu03@stocke.com.cn 证书编号 S1230523020002 分析师 叶光亮 邮箱 yeguangliang@stocke.com.cn 证书编号 S1230524080010 2025年Q1计算机行业机构持仓情况总结 资料来源：Wind、浙商证券研究所；统计范围：重仓持股（汇总）-公募基金-全部基金，根据申万一级行业指数（2021）分类 2 1、行业持仓比例提高，但仍处于低位水平 ➢ 2025Q1计算机行业重仓股配置比例为3.10%， 环比上升0.35Pcts，行业配置比例是向上趋势； ➢ 2025Q1行业持仓比例依然是较低水平，低于行业标准配置比例1.44Pcts，与行业标配比例的差距缩小。 2、重仓股规模增加，行业持仓集中度下降 ➢ 2025Q1计算机行业重仓股规模为939亿元，较24Q4季度重仓股规模增加126亿元，环比上升15.55%。 ➢ 前十大重仓股规模合计546亿元，占行业整体持仓规模比重为58.18%，较2024 ...

Core Viewpoint - Hanbang Gaoke (300449) has made significant progress in its strategic transition from a service provider in "smart security," "audio-video monitoring," and "digital watermark technology" to a comprehensive intelligent service provider, achieving a revenue of 148 million yuan in 2024, with a year-on-year growth of 11.12% and a narrowed net loss of 62.15 million yuan, improving profitability significantly [1] Group 1 - The company has established a comprehensive business matrix that includes intelligent computing service solutions, smart security solutions, audio-video solutions, audio-video products, digital watermarking, and operation and maintenance services [1] - The intelligent computing service solutions have become a new growth engine for the company, providing full-stack services from computing cluster debugging to large model application platform implementation [2] - In the smart security field, the company leverages its deep technical accumulation and brand advantages to offer complete industry solution capabilities, focusing on sectors like smart finance, smart public security, and smart communities [2] Group 2 - The company serves as a major service provider for the National Radio and Television Administration, providing nationwide broadcasting monitoring systems and equipment [2] - The company has developed a comprehensive digital watermark technology application system based on video, audio, and images, and aims to promote its application across various industries [2] - The company has strong R&D capabilities, with multiple projects making progress, including the completion of the foundational framework for a general large model platform and the initial version of an intelligent agent platform [3] Group 3 - The company emphasizes the importance of continuous product and service innovation to meet diverse customer needs and the application of new technologies [3] - The company is committed to leveraging existing mature technologies to create new products and technologies that are competitive in the market [3]

Core Insights - Caro Holdings has launched a new AI Chat Agent platform aimed at helping businesses save time, reduce costs, and enhance customer service without the need for additional staff [1][2] - The platform is designed to improve conversion rates and streamline onboarding processes through intelligent automation [1][3] Company Overview - Caro Holdings specializes in digital innovation and AI-powered solutions, offering services such as e-commerce strategy, digital marketing, and AI voice technology [4] - The company has a strong background in enterprise-grade telephony and call center expertise, positioning it to transform business interactions through a blend of human insight and smart automation [2][4] Industry Impact - Research indicates that companies with annual revenues between $1–10 million can save approximately $70,000 to $150,000 by utilizing AI chat tools [3] - AI-powered agents can reduce customer service costs by up to 30% across various business sizes, showcasing the potential for significant operational efficiency [3] Applications and Features - The AI chatbots are currently being implemented in various sectors, including retail, hospitality, travel, education, and member-based associations [5] - Key functionalities of the platform include instant support for FAQs, appointment scheduling, order tracking, lead qualification, and feedback collection [4]

为了帮助个人开发者有效降低开发智能产品的门槛，涂鸦之前推出过完全开源、充分开放的开发框架--- TuyaOpen Framework 。 它基于涂鸦沉淀十年 潜心研发的 TuyaOS 操作系统 所构建 ， 不仅拥有跨平台、跨系统、组件化和安全合规等核心特性，而且更加开放极具可玩性，目前已经经过全球亿级 设备和百万级用户的验证，一经推出就受到了广大开发者的欢迎。 TuyaOpen+AI=无限可能 开发者可以无缝调用国内合规的大模型（如 DeepSeek、通义千问、豆包等），或灵活对接海外顶尖的 AI 大模型服务（如 ChatGPT、Claude、Gemini 等）； 通过涂鸦多样化的工具生态，开发者能够实现文字和语音对话、图片生成、视频生成等多种 AI 功能； 此外，TuyaOpen 支持行业内主流的开源软硬件生态，开发者可以轻松地将项目移植和部署到任意芯片或开发板上。使 开发者能够快速体验 Al 技术带来的 创新，并加速产品开发周期。 功能亮点与应用价值 1、功能亮点 1.1 开放生态，降低开发门槛 因此，涂鸦本次火力全开， 通过深度融合 AI 大模型能力，再次重磅升级 TuyaOpen Framework ...

Core Viewpoint - Synchronoss Technologies Inc. will hold a conference call to discuss its financial results for Q1 2025 on May 6, 2025, at 4:30 p.m. Eastern time [1][2] Group 1: Conference Call Details - The conference call will include a presentation by Synchronoss management followed by a Q&A session [2] - Dial-in numbers for the conference call are 877-451-6152 for domestic calls and 201-389-0879 for international calls [2] - The conference call will be broadcast live on the company's website [2] Group 2: Company Overview - Synchronoss Technologies is a global leader in personal Cloud solutions, enabling service providers to create secure connections with subscribers [3] - The company's SaaS Cloud platform enhances onboarding processes and subscriber engagement, leading to increased revenue, reduced costs, and quicker time-to-market [3] - Millions of subscribers rely on Synchronoss to protect their digital content and memories [3]

Core Insights - LexisNexis Legal & Professional has launched the InterAction+ Cloud API and expanded the InterAction+ Partner Network to enhance integration options for clients, driving transparency, automation, and growth [1][5] Group 1: InterAction+ Cloud API - The InterAction+ Cloud API provides organizations with direct access to high-quality data through a scalable cloud-based API, improving performance and facilitating two-way integrations for managing contacts and activities [2] - This API streamlines workflows and enhances relationship insights, allowing for better management of client interactions [2] Group 2: Partner Network Expansion - The expanded InterAction+ Partner Network is a strategic alliance program aimed at collaborating with third-party software solutions and data providers to deliver seamless integrations for clients [3] - This network enhances the capabilities of InterAction+ by enabling broader access to tools and data sources [5] Group 3: Microsoft 365 Integration - A significant focus of InterAction+ is on creating solutions for clients using Microsoft 365 apps, including embedding CRM data into workflows across Outlook, Excel, and Word [4] - Future integrations will include a Microsoft Power Platform connector and additional planned integrations with LinkedIn and Microsoft 365 Copilot [4] Group 4: Client Benefits - Clients using the InterAction+ Cloud API and expanded Partner Network can expect improved relationship intelligence and visibility into growth opportunities [5] - Key benefits include centralized data access, smarter campaign targeting, time-saving automation, and improved compliance and accuracy [8]