May 13, 2025 10:44 AM GMT 中国的新兴前沿 前沿 28：投资于不断变化的趋 势 我们继续推出中国新兴前沿系列文章，引入我们的六要素框 架，以了解支撑产业升级故事的成功要素，并确定未来的投 资机会。 要点 有兴趣探索中国具备结构性竞争优势的新兴行业的投资者应考虑阅读本报告。本 报告概述了我们如何识别中国在面临债务、通缩、人口变化和全球多极化环境等 挑战下有望表现出色的行业。这些技术支持的新兴前沿将远超出我们今天的想 象，因此，我们理解我们的框架和选择过程的局限性，但持续跟踪这些趋势很重 要。我们还纳入了未上市的新兴初创企业，并进行了监测和跟进分析。 中国对产业升级和前沿产业的关注持续不减。在本系列的第一部分 Navigating the Path to Industry Upgrades 中，我们研究了中国的工业演变、前沿和关键产业如何 推动生产力以及发达市场的经验教训。在本报告中，我们探讨了中国先进供应链 和制造业的重大机遇，包括整个潜在市场。 中国新兴前沿投资策略⸺筛选产业升级机会：我们看到了机械、汽车和新能源领 域的竞争优势，以及半导体、航空航天、人工智能、软件、制药、人形机器人 ...

近年公司激光雷达销量非线性高增，验证智能化趋势下车企对激光雷达配置需求进入爆发期，及公司行 业领军地位。2024年全年，公司激光雷达总销量约54.4万台，较2023年同比大幅增长109.6%，其中用于 ADAS应用的激光雷达产品销量约52万台。与销量高增对应，公司在2024年份额保持领先，维持头部供 应商地位，2024年速腾聚创以26%的市场份额，位居全球第一。当前，公司产品矩阵完备，从技术路径 上涵盖机械式/半固态/固态，性能上覆盖短距到超长距、低线束到高线束，应用上覆盖车载主雷达/角雷 达/机器人雷达等，能满足从入门到高阶，各类价格区间的广泛需求。 在具身智能领域，速腾聚创聚焦机器人视觉、灵巧手等增量零部件开发，推出基于手眼协同的机器人上 半身操作解决方案以及下半身移动解决方案。25年3月发布AC1，创新性地将激光雷达、摄像头与IMU 三大核心传感器进行融合。商业落地进程上，2025年被视作人形机器人量产元年，如特斯拉今年目标生 产5000台Optimus，国内如智元机器人等企业也实现千台级交付。割草机作为服务机器人的细分品类， 市场发展独具特色。就割草机器人这一细分市场来看，该行初步测算其对激光雷达产品 ...

以下文章来源于投资界 ，作者吴琼 杨文静 投资界 . 清科创业旗下创业与投资资讯平台 打破印象。 文 ｜ 吴琼 杨文静 来源｜ 投资界（ID：pedaily2012） 封面来源 ｜ IC photo "我是潮汕人，创业是一个必选题。" 4月底，云鲸智能创始人张峻彬跟投资界聊起创业初衷。此时他所创立的扫地机器人云鲸宣布完成1亿美元融资，由腾讯投资与北京机器人产业发展投资基金 联合领投。"我们民风彪悍。"张峻彬微信签名上的一句话令人印象深刻。 无独有偶，最近具身智能公司穹彻智能完成数亿元融资，身后两位创始人同样来自潮汕——卢策吾与王世全。从汕头走出来，他们日后机缘巧合成了斯坦福 大学校友，最终在上海开始创业之旅，成为风投机构争抢的对象。 "他来自潮汕。"上一次听到投资人这样评价，是聊起月之暗面创始人杨植麟。这位清华90后带队创立国内大模型现象级产品Kimi，一度席卷创投圈。 卢策吾、王世全、杨植麟、张峻彬 敢闯敢拼，早年间潮汕人驰骋华人世界，涌现出无数白手起家的商界英雄。但不同以往印象，如今我们看到一个新群体悄然崛起——众多名校出身的潮汕青 年，正在排队完成融资。 潮汕青年，批量诞生独角兽 透过卢策吾，一个不同于 ...

证券代码：871263 证券简称：莱赛激光 公告编号：2025-036 莱赛激光科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 二、 投资者关系活动情况 活动时间：2025 年 5 月 9 日 15:00-17:00 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 活动地点：全景网"投资者关系互动平台"（https://ir.p5w.net） 参会单位及人员：通过网络方式参加公司 2024 年年度报告说明会的投资者 上市公司接待人员：公司董事长兼总经理陆建红先生；董事、副总经理、财 务总监孙小兰女士；董事会秘书冯锦侠先生；国泰海通保荐代表人沈一冲先生。 三、 投资者关系活动主要内容 公司在 2024 年年度报告业绩说明会上就投资者关心的主要问题进行了回复，主 要问题及回复如下： 问题 1：请问公司 2025 年业绩是否会实现增长？ 答：公司将积极采取调整产品结构、扩展国际市场辐射范围等 ...

大族激光科技产业集团股份有限公司分别于2025年4月1日、2025年5月12日召开第八届董事会第五次会 议及2024年年度股东大会，审议通过《关于变更回购股份用途并注销的议案》。公司计划将存放于回购 专用证券账户中原计划用于员工持股计划、股权激励及维护公司价值等用途的股份，变更为用于注销以 减少注册资本。 债权人可采用当面、信函或电子邮件送达的方式申报；采取信函、电子邮件方式进行债权申报的债权 人，需事先致电公司联系人进行确认。以信函方式申报的，申报日期以寄出邮戳日为准；以电子邮件方 式申报的，申报日期以公司相应系统收到文件日为准；请在信函显著位置、或电子邮件标题处注明"申 报债权"字样。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看 ...

2022年、2023年、2024年，公司实现营业收入分别为16.5626亿元、9.5427亿元、9.4857亿元，扣非归母净利润分别为1.0856亿元、-2.5003亿元、-7.3176亿元。 文/梧桐晓编 截至5月9日，科创板上市公司共586家，其中ST公司有4家：ST帕瓦（688184）、*ST观典（688287）、*ST天微（688511）、ST逸飞（688646）。凑巧的是， 这4家公司都是上市当年归母净利润最高，上市次年就大幅下降或直接变脸亏损。ST帕瓦、ST逸飞均因内控被出具否定意见而被实施其他风险警示。*ST观 典、*ST天微均因"亏损+营收低于1亿元"被实施退市风险警示。 除转板上市的*ST观典外，其他IPO上市的3家公司股票5月9日收盘价均低于发行价。特别需要 指出的是，ST逸飞IPO时超募5.2475亿元，超募率112.28%。 一、 浙江帕瓦新能源股份有限公司 2022年9月19日上市。 公司IPO保荐机构：海通证券（现为国泰君安）；审计机构：天健会计师事务所（特殊普通合伙）。法律服务机构：浙江浙经律师事务所。 主营业务：新能源电池材料的研发、生产和销售。 2022年上市当年扣非净利润最 ...

Core Viewpoint - The company is facing pressure on its performance in 2024 due to industry cycles, but management is optimistic about future growth through technological innovation, product upgrades, and market expansion [1] Group 1: Financial Performance - In 2024, the company's net profit is expected to decline year-on-year due to global economic fluctuations and adjustments in the real estate sector, with the profit drop attributed to reduced revenue scale, lower gross margins, and increased cost pressures [1] - The company has developed targeted improvement plans to address the profit decline [1] Group 2: Market Strategy - In the domestic market, the company will continue to optimize its product structure and develop new products that meet customer needs, such as the floor intelligent measurement robot system [1] - The company is accelerating the global expansion of its brand "Laisai Laser," focusing on solidifying its presence in Europe and North America while actively exploring emerging markets in Asia and Africa [1] Group 3: Research and Development - The company maintains a high level of R&D investment, with R&D expenses remaining among the highest in the industry, laying a solid foundation for technological reserves and product innovation [2] - The rapid development of artificial intelligence (AI) presents new opportunities for the laser measurement industry, with the company exploring the integration of AI into its products to enhance quality and efficiency [2] - The company is developing products suitable for low-altitude economy applications, focusing on technologies like "laser + BeiDou navigation" and "laser + positioning radar" for smart warehousing and logistics [2] Group 4: Defense Applications - The company's products, such as long-range laser rangefinders and clearance instruments, are dual-use for military and civilian applications, although the company does not identify as a military enterprise and has limited involvement in military supply [3] Group 5: Future Outlook - Despite short-term performance pressures, the company demonstrates strong risk resilience through clear strategic planning, focusing on technological innovation and emerging fields like low-altitude economy and AI [3] - The company aims to expand the application boundaries of laser technology, with a commitment to professionalism and internationalization to initiate a new growth cycle [3]

Core Viewpoint - Huagong Technology is facing new challenges amid ongoing globalization strategies, particularly due to the recent introduction of "reciprocal tariffs" by the United States, which has raised concerns among shareholders [1][2]. Financial Performance - In 2024, Huagong Technology achieved a revenue of 11.709 billion yuan, representing a year-on-year growth of 13.57%, and a net profit attributable to the parent company of 1.221 billion yuan, up 21.17% [2]. - The domestic market contributed approximately 88.2% of the total revenue, amounting to 10.328 billion yuan, while the international market accounted for about 11.8%, with revenue of 1.381 billion yuan [2]. - The revenue growth rate for the international market was 25.57%, significantly higher than the overall revenue growth rate of 13.57% [2]. Globalization Strategy - Huagong Technology has established four overseas R&D centers and over 40 sales service centers in North America, Australia, Germany, and Canada, which have led to a noticeable increase in export orders from Europe, North America, and the Middle East [2][3]. - The company aims to increase the proportion of overseas sales to over 30% in the future, despite short-term policy fluctuations [3]. Impact of Tariffs - The recent tariff fluctuations have had some impact on the company, but the management believes they have the capability to manage these challenges [2][3]. - The company's business in the U.S. will primarily focus on optical modules, which may either be exempt from tariffs or have the tariff burden passed on to customers, thus minimizing the impact on profits [2]. Future Projections - For 2025, Huagong Technology projects a revenue of 14 billion yuan, reflecting a year-on-year growth of approximately 19.56% [6]. - In the first quarter of the current year, the company reported a revenue of 3.355 billion yuan, a year-on-year increase of 52.28%, and a net profit of 410 million yuan, up 40.88% [6]. - The company anticipates steady growth across its three main business segments, with the optical module segment expected to see significant growth driven by domestic computing power infrastructure development [6][7].

政策在链上集聚，瞄准需要政策助力的关键环节和细分领域，山东逐链梳理形成5张固定清单和N张自 选清单，构建从行业发展规划、行动方案到支持措施的政策体系，目前正聚焦集成电路、机器人、商业 航天、新能源汽车等产业链，研究谋划相关支持政策；项目在链上推动，工业领域1156个"千项千亿"重 大投资项目、1500个重点导向目录项目被逐一分解到产业链上，形成投资项目和技改项目清单，今年一 季度1156个投资项目实际完成产值5198.8亿元，同比新增1333.4亿元；服务在链上展现，发挥重点工业 企业联系服务机制作用，建立问题诉求清单，梳理出产业链融资项目548个，融资需求1320亿元，用地 项目300多个，针对这些诉求，开展助企帮扶专项行动。 本轮"链长制"升级优化过程中，山东将打造优势特色产业，新增仪器仪表、激光装备、体育用品等重点 产业链；抢抓新赛道新领域，将人工智能、新能源电池、人形机器人、商业航天等重点产业链列入其 中，进一步凸显产业链建设导向作用。 2025年山东"十链百群万企"融链固链启动仪式暨京东工业数智供应链峰会今天(5月9日)举行。围绕19条 标志性产业链，山东形成"总链长+链长+链主"的"链长制"机制升 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady revenue growth, with a 25.20% year-on-year increase in revenue for 2024, reaching 2.014 billion yuan, and a 14.40% increase in net profit, amounting to 528 million yuan [2][4] - The gross margin remains stable at 46.93%, although it has decreased by 1.45 percentage points year-on-year, while the net margin has decreased by 2.47 percentage points to 26.19% due to increased asset impairment losses [2] - The company is a leader in the photovoltaic laser equipment sector, with significant breakthroughs in packaging equipment and ongoing research in semiconductor and other new fields [4][5] Financial Performance Summary - For 2024, the company achieved a revenue of 2.014 billion yuan, with a gross margin of 46.93% and a net profit margin of 26.19% [2][8] - The fourth quarter of 2024 saw a revenue of 574 million yuan, a 25.59% increase year-on-year, and a net profit of 144 million yuan, an 18.46% increase year-on-year [2] - In the first quarter of 2025, the company reported a revenue of 561 million yuan, a 24.55% increase year-on-year, and a net profit of 163 million yuan, a 20.76% increase year-on-year [2] Product and Market Position - The company has a competitive advantage in various photovoltaic product lines, with 99.96% of its revenue coming from the photovoltaic industry in 2024 [4] - The company is actively developing laser processing equipment for consumer electronics, new displays, and integrated circuits, indicating a diversification strategy [4] - The company has secured significant orders, including a 1.229 billion yuan order from a leading photovoltaic enterprise for its back-contact battery laser micro-etching equipment [5][6] Earnings Forecast - The company’s projected revenues for 2025, 2026, and 2027 are 2.415 billion yuan, 2.840 billion yuan, and 3.546 billion yuan, respectively, with corresponding net profits of 635 million yuan, 838 million yuan, and 1.110 billion yuan [6][8] - The estimated earnings per share (EPS) for 2025, 2026, and 2027 are 2.32 yuan, 3.06 yuan, and 4.06 yuan, respectively [6][8] - The price-to-earnings (P/E) ratios for the same years are projected to be 25, 19, and 14, reflecting the company's strong market position and innovation capabilities [6][8]