Core Viewpoint - The China Central Enterprises Structural Adjustment Index has shown a decline in recent months, indicating challenges in the performance of central state-owned enterprises in the market [1][2] Group 1: Index Performance - The China Central Enterprises Structural Adjustment Index opened lower and closed down by 0.53% at 1132.92 points, with a trading volume of 42.13 billion yuan [1] - Over the past month, the index has decreased by 0.87%, by 4.75% over the last three months, and by 4.01% year-to-date [1] Group 2: Index Composition - The index is composed of representative listed companies from central state-owned enterprises, evaluated based on market capitalization, revenue scale, shareholder equity returns, dividend payment levels, and investment in technological innovation [1] - The top ten weighted companies in the index include Hikvision (5.16%), Guodian NARI (4.66%), China Merchants Bank (3.58%), Baosteel (3.49%), China Telecom (3.42%), Changan Automobile (3.41%), SMIC (3.25%), Yangtze Power (3.06%), China Shenhua (2.78%), and China State Construction (2.76%) [1] Group 3: Market Segmentation - The index's holdings are primarily listed on the Shanghai Stock Exchange (75.21%) and the Shenzhen Stock Exchange (24.79%) [1] - In terms of industry distribution, the index shows that industrial sector accounts for 33.96%, information technology for 13.89%, communication services for 11.00%, utilities for 9.66%, energy for 9.30%, materials for 7.20%, financials for 5.55%, consumer discretionary for 4.64%, healthcare for 3.16%, and real estate for 1.64% [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - The sample adjustment typically does not exceed 20%, with a buffer zone allowing for new samples ranked within the top 80 to enter preferentially, and older samples ranked within the top 120 to be retained preferentially [2] - In special circumstances, the index may undergo temporary adjustments, such as removing samples that are delisted or handling mergers and acquisitions according to maintenance guidelines [2] Group 5: Tracking Funds - Public funds tracking the structural adjustment index include various ETFs such as Huaxia Central Enterprise Structural Adjustment ETF and Bosera Central Enterprise Structural Adjustment ETF [2]

星标 ★ IPO日报 精彩文章第一时间推送 又一单跨界收购来袭！ 近期，北京汉邦高科数字技术股份有限公司（代码：300449，下称"汉邦高科"）公告称，其正在筹划发行股份购买资产并募集配套资金事项，公司股票自 2025年3月14日开市起停牌，公司预计在不超过10个交易日的时间内披露本次交易方案。 据悉，汉邦高科是一家安防企业，而标的公司专注智慧交通领域。此次并购，汉邦高科以图产业突围。此次，汉邦高科拟以发行A股股份方式，购买深圳 高灯计算机科技有限公司（下称"深圳高灯"）持有的安徽驿路微行科技有限公司（下称"驿路微行"）51%股权，并募集配套资金。此次交易的最终股份转 让数量、比例、交易价格由交易双方另行签署正式协议确定。 制图：佘诗婕 三年亏损10亿元 资料显示，汉邦高科主要围绕"智能安防"、"音视频监测"、"数字水印技术"三大业务开展经营，为客户提供贴合行业特点的安防整体解决方案，升级音视 频监测技术，拓展行业应用，开发数字水印的衍生应用场景。 2015年，汉邦高科在深交所创业板上市。自上市以后，汉邦高科的业绩表现不佳。 上市当年，公司实现的营业收入、归母净利润分别为4.79亿元、0.45亿元，同比双双下 ...

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is expected to achieve a net profit attributable to shareholders of 2.89-3.08 billion yuan in 2024, a year-on-year decline of 61.97%-58.16%. The non-recurring profit from the disposal of shares in Zhejiang Leapmotor Technology Co., Ltd. in 2023 significantly boosted the previous year's profit [1] - The macroeconomic environment shows signs of recovery, with the manufacturing PMI rising to 50.2% in February, indicating a return to expansion territory [1] - The launch of the Starry Sky Model 2.0 enhances the company's capabilities in language, multi-modal, and visual intelligence, positioning it for future growth in AI applications [3] Summary by Sections Financial Performance - The company forecasts a decline in net profit for 2024 due to non-recurring gains in 2023, with estimates of 2.89 billion yuan for 2024 and 3.82 billion yuan for 2025 [4] - Revenue is projected to grow from 33.06 billion yuan in 2024 to 40.99 billion yuan in 2026, with a compound annual growth rate of approximately 10.93% [5] Market Conditions - The manufacturing sector is showing signs of recovery, with a notable increase in production and demand indices, which is expected to positively impact the company's performance [1] - The government's emphasis on national security and digital governance is anticipated to benefit the company's ToG (government-to-government) business [2] Valuation Metrics - The current market valuation corresponds to a P/E ratio of 21X for 2024, 16X for 2025, and 13X for 2026, indicating a favorable investment opportunity based on projected earnings growth [4]

Investment Rating - The report maintains a "Buy" rating for Hikvision [5][27]. Core Views - The company achieved a revenue of 92.49 billion yuan in 2024, a year-on-year increase of 3.52%, while the net profit attributable to shareholders was 11.96 billion yuan, a decrease of 15.23% [3][23]. - The recovery of macroeconomic confidence is indicated by the manufacturing PMI data, which rose to 50.2% in February, entering the expansion zone [1][10]. - The integration of multi-modal large models with smart hardware is expected to drive scalable monetization for Hikvision [2][15]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 92.49 billion yuan, with a growth rate of 3.52% [4][23]. - The net profit for 2024 was 11.96 billion yuan, reflecting a decline of 15.23% year-on-year [4][23]. - The earnings per share (EPS) for 2024 is projected to be 1.30 yuan, with a forecasted net profit of 14.54 billion yuan for 2025, representing a growth of 21.61% [4][28]. Business Development - The company is focusing on innovative business areas such as edge computing, robotics, and smart connected vehicles, with overseas business revenue exceeding 50% [3][23]. - The multi-modal large model technology is being integrated into various products, enhancing the company's competitive edge in the market [2][15]. Market Outlook - The report highlights the positive trend in the manufacturing sector, with a significant recovery in demand and production indices, which is expected to benefit Hikvision's performance [1][10]. - The company's strong position in the multi-modal large model space and its extensive user base across various industries are seen as key factors for long-term benefits in the evolving market landscape [3][27].

Core Viewpoint - The company is experiencing short-term pressure on performance, with a slight increase in revenue but a significant decline in net profit, indicating potential challenges ahead [2]. Group 1: Financial Performance - In 2024, the company achieved operating revenue of 92.486 billion yuan, representing a year-on-year growth of 3.52% [2]. - The net profit attributable to shareholders was 11.959 billion yuan, showing a year-on-year decrease of 15.23%, indicating short-term performance pressure [2]. Group 2: Macro Environment - The manufacturing PMI for February recorded at 50.2%, indicating a return to the expansion zone, with a month-on-month increase of 1.1 percentage points, driven by rapid recovery in demand post-holiday [3]. - The improvement in macro factors that previously suppressed the company's performance and valuation is becoming significant [3]. Group 3: Policy and Security - The Central Political Bureau emphasized the construction of a safer China, which is expected to accelerate security and digital governance projects, potentially benefiting the company's PBG business directly [4]. Group 4: Innovation and Technology - The company is launching a series of products based on multi-modal large models, integrating advanced technology with embedded smart hardware, aiming for broader and more efficient applications across various industries [5]. - The focus on innovative business areas such as edge computing, robotics, and smart connected vehicles is expected to catalyze growth, with overseas business now accounting for over half of total operations [6].

Investment Rating - The report maintains a "Strong Buy" rating for Hikvision, with a target price of 38.75 CNY [2][10]. Core Views - The company achieved a revenue of 92.49 billion CNY in 2024, representing a year-on-year growth of 3.52%. However, the net profit attributable to shareholders decreased by 15.23% to 11.96 billion CNY [2][9]. - The company is focusing on integrating AI and perception technologies to enhance product competitiveness and facilitate digital transformation across various industries [9][10]. - Hikvision's major shareholder plans to increase their stake by 300 to 500 million CNY, and the company has announced a share buyback plan of 2 to 2.5 billion CNY, reflecting confidence in future growth [9][10]. - The revenue forecast for 2024-2026 is adjusted to 92.49 billion CNY, 100.39 billion CNY, and 109.69 billion CNY, with corresponding growth rates of 3.5%, 8.5%, and 9.3% respectively. The net profit forecast is set at 11.96 billion CNY, 14.27 billion CNY, and 16.13 billion CNY, with growth rates of -15.2%, 19.3%, and 13.1% respectively [9][10]. Financial Summary - Total revenue for 2023 was 89.34 billion CNY, with a projected increase to 92.49 billion CNY in 2024, and further growth to 100.39 billion CNY in 2025 [4][10]. - The net profit for 2023 was 14.11 billion CNY, expected to decline to 11.96 billion CNY in 2024, before recovering to 14.27 billion CNY in 2025 [4][10]. - The earnings per share (EPS) are projected to be 1.30 CNY for 2024, increasing to 1.55 CNY in 2025 and 1.75 CNY in 2026 [4][10].

关于北京汉邦高科数字技术股份有限公司 申请向特定对象发行股票 发行注册环节反馈意见落实函的回复(二次修订稿) 中兴财光华审专字(2023)第 224018号 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://aconof.eos.co）" 上行业 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acmof.eosen）" 上行业 the country 关于北京汉邦高科数字技术股份有限公司 申请向特定对象发行股票 发行注册环节反馈意见落实函的回复(二次修订稿) 中兴财光华审专字(2023)第 224018号 中国证券监督管理委员会、深圳证券交易所: 深圳证券交易所转发的中国证券监督管理委员会关于对北京汉邦高科数学技术 股份有限公司（以下简称"汉邦高科"、"发行人"、"公司"、"上市公司"） 申请向特定对象发行股票《发行注册环节反馈意见落实函》(审核函〔2022〕020283 号)(以下简称"落实函")已收悉,中兴财光华会计师事务所(特殊普通合伙)(以 下简称"会计师")对落实函所涉及的问题进行了认真核查,现就落实函提出的有关问 题回复如下,请予审核。 问题二 最近 ...