通信行业 超配 （维持） 行业业绩稳中有进，盈利能力提升 业 绩 通信行业 2024 年报及 2025 年一季报业绩综述 2025 年 5 月 12 日 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 分析师：罗炜斌 SAC 执业证书编号： S0340521020001 电话：0769-22110619 邮箱：luoweibin@dgzq.com.cn 分析师：陈湛谦 SAC 执业证书编号： S0340524070002 电话：0769-22119302 邮箱： chenzhanqian@dgzq.com.cn 通信行业指数走势 资料来源：东莞证券研究所，iFind 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 通信行业 2024 年报及 2025 年一季报业绩综述 目 录 | 1. | 行情及机构持仓回顾 | 3 | | --- | --- | --- | | 2. | 行业业绩稳中有进，盈利能力提升 | 7 | | 3 ...

中科创达 20250509 摘要 • 中科创达发布 R1 模型，通过算法和软硬协同创新，降低预训练算力成本， 提升智能硬件交互友好性，尤其在手机、汽车及物联网产品中。 • 中科创达在 Energy World 2025 大会上展示 AI 眼镜、机器人及 Dewdrop OS 1.0 Evo 版本，AI 眼镜采用高通双芯片架构，优化续航和 交互，系统启动速率提升 75%，拍照响应速度加快 50%。 • 蓝牙高性能在高频场景功耗降低 30%，待机功耗降至 75%，结合 AI 显示 和眼动追踪技术，提升 AI 交互效率，实现端侧算法的毫秒级续航需求，应 用于 AI 语音识别、图像增强等多元场景。 • 中科创达发布 DuerOS 1.0 Evo 版本，建立端边云协同的 AI 原生架构， 整合芯片算力平台及人机交互，覆盖 50 多个座舱场景，集成 1,000 多个 语音控制功能，进入"AI 定义汽车"时代。 • 2025 年第一季度，物联网业务快速发展，与工业互联网密切相关，是物 联网平台积累成果的体现。机器人产品采用多模态融合感知技术，覆盖 12TOPS 到 80TOPS 算力，应用于汽车家电、3C 锂电等场景。 Q ...

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [2] Core Viewpoints - The report suggests that the long-standing trade friction between China and the U.S. may ease, leading to potential benefits for the Chinese industry [10][11] - It highlights that Chinese manufacturers are becoming indispensable in the international supply chain, particularly in the IoT module market and AI hardware supply [11] - The report anticipates adjustments in AI chip export restrictions, which could alter the competitive landscape in the AI sector [12][13] Summary by Sections Investment Strategy - **U.S.-China Trade Relations**: The report indicates that U.S.-China negotiations may begin, with expectations of tariff reductions, particularly on the current 145% tariffs imposed by the U.S. [10] - **Chinese Industry Benefits**: It notes that Chinese firms dominate the global IoT module market, holding over 50% market share among the top three manufacturers [11] - **AI Chip Export Regulations**: The report discusses potential relaxations in AI chip export restrictions by the U.S., which could significantly impact American companies, especially in the context of the growing Chinese AI market projected to reach $50 billion [12][13] Industry News - **Low-altitude Economy in Wuhan**: Wuhan plans to establish 1,000 low-altitude takeoff and landing sites, aiming for a 20% increase in the low-altitude economy [14] - **Alibaba's ZeroSearch**: Alibaba has open-sourced the ZeroSearch model, significantly reducing costs by over 87% while enhancing search capabilities [15] - **Starlink in India**: Starlink has received approval to provide satellite communication services in India, which may accelerate satellite internet development globally [16] - **Shenzhen's 5G Network**: Shenzhen is constructing a comprehensive "5G + millimeter wave + satellite" network, aiming for full coverage and improved infrastructure [17] Weekly Review and Focus - **Market Performance**: The telecommunications sector saw a slight increase of 0.02%, underperforming compared to major indices, with notable gains in optical modules and low-altitude economy sectors [18][21] - **Investment Recommendations**: The report suggests focusing on companies involved in the overseas supply chain, such as Yiyuan Communication and Industrial Fulian, as well as long-term attention on major telecom operators and infrastructure providers [22]

30余家AIoT产业链上市公司、100余位专业投资人与产业专家深度交流，聚焦AI物联网产业，围绕智能穿戴、AI芯片、场景应用等核心议题展开探讨。 作为证券时报社属媒体，《新财富》杂志自2001年创刊以来，始终与市场各专业机构保持良好沟通，积极促进资本要素的交流互通，致力于构建一个活跃 的资本生态圈。旗下核心服务平台——新财富杂志研究院，深度整合上市公司、券商及其他金融机构资源优势，打造了"内容+活动+服务"三位一体的创 新服务模式，为企业全生命周期的价值提升持续赋能。 新财富杂志研究院打造的高端沙龙系列，聚焦人工智能、数字经济等前沿产业领域，搭建起上市公司实控人与行业领袖、产业专家等智库深度交流的平 台，各方通过思想碰撞与经验分享，有效促进技术、资本、产业等要素的优化配置，为产业高质量升级注入强劲动力。聚焦AI赋能，研究院已联合多家 机构成功举办多场高端沙龙活动，以其专业性和前瞻性，收获市场广泛关注与积极反响。 来源：新财富杂志 声明：数据宝所有资讯内容不构成投资建议，股市有风险，投资需谨慎。 责编：何予 5月8日，新财富杂志研究院高端沙龙系列之"2025 AI物联网投资闭门研讨会"在上海成功举行。本次活动由 ...

Financial Performance - The net profit attributable to shareholders for 2024 was 52.2772 million yuan, while the net profit for the first quarter of 2025 was 38.3578 million yuan [2]. Business Strategy - The company will focus on its core businesses of smart manufacturing and smart information technology to achieve sustainable organic growth [3]. - In smart manufacturing, the company aims to optimize market layout and customer structure, expanding into non-home appliance sectors, particularly in the automotive electronics and new energy vehicle supply chain [3]. - The smart information technology sector will adopt a dual-driven model of "traditional business + emerging products," promoting its self-developed smart safety comprehensive control platform [3]. Industry Outlook - The company’s main products include smart controllers and smart information solutions, which enhance the intelligence and automation of various terminal products [3]. - The industry is experiencing technological iterations driven by the "dual carbon" strategy and the global trend towards smartization, presenting development opportunities for the company [3].

Core Viewpoint - Shanghai Mijuan Communication Technology Co., Ltd. is set to hold its 2024 Annual General Meeting, focusing on various proposals including profit distribution, director and supervisor remuneration, and external guarantees for subsidiaries. Meeting Procedures - Shareholders and their representatives must register according to the meeting notice and provide valid documentation to attend the meeting [2] - Late attendees can participate in voting if they arrive before the voting starts; otherwise, they can only observe [2][3] - The meeting prohibits recording and disruptive behavior, with staff authorized to maintain order [2] Voting and Proposals - Voting will be conducted through a combination of on-site and online methods, with results announced by the meeting host [3][4] - The meeting will address several proposals, including the 2024 Board Work Report and the company's operational performance [6] Company Performance - In 2024, the company achieved a revenue of 18.594 billion yuan, a year-on-year increase of 34.14%, and a net profit of 588 million yuan, up 548.49% [6] - The company is focusing on expanding its IoT solutions, particularly in sectors like automotive, smart agriculture, and AI applications [6][9] Research and Development - The company operates eight R&D centers globally, emphasizing innovation in 5G technology and IoT solutions [7][8] - It has filed over 568 patents and 363 trademarks, showcasing its commitment to intellectual property [8] Product Development - The company has launched multiple 5G modules and solutions, including the RG650x series, which supports advanced applications like AR/VR and industrial automation [9][10] - New products include AI-enabled modules and high-precision GNSS modules, catering to various industries [11][16] Strategic Goals - The company aims to enhance its market position by expanding its product lines and improving customer customization capabilities [33] - Plans for 2025 include strengthening partnerships with operators and chip suppliers to drive innovation and market growth [34]

深圳市有方科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688159 证券简称：有方科技 深圳市有方科技股份有限公司 三、股东大会期间，全体出席人员应以维护股东的合法权益、确保大会的正 常秩序和议事效率为原则，自觉履行法定义务。 四、会议按照会议通知上所列顺序审议、表决议案。 五、股东（包括股东代理人，下同）参加股东大会依法享有发言权、质询权、 表决权等权利。股东参加股东大会，应认真行使、履行其法定权利和义务，不得 侵犯其他股东的合法权益，不得扰乱大会的正常秩序。 六、股东欲在股东大会现场会议上发言的请举手示意，经会议主持人许可后 方可发言。有多名股东及股东代理人同时要求发言时，先举手者发言；不能确定 先后时，由主持人指定发言者。 会议资料 深圳市有方科技股份有限公司 2024 年年度股东大会会议资料 深圳市有方科技股份有限公司 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证股 东大会的顺利进行，根据《中华人民共和国公司法》、《中华人民共和国证券法》 以及《深圳市有方科技股份有限公司章程》、《深圳市有方科技股份有限公司股东 大会议事规则》等相关规定，特制定本须知。 一、为确认 ...

Core Viewpoint - The IoT industry is experiencing significant growth driven by policy support and technological advancements, with the company aiming to leverage AI and IoT integration to expand its market presence and product offerings [2][3][8]. Financial Performance - The company reported total revenue of 545.68 million yuan, a decrease of 9.25% year-on-year, and a net profit attributable to shareholders of 27.85 million yuan, down 0.95% from the previous year [2]. - In the first quarter of 2025, the company’s main revenue was 91.39 million yuan, a year-on-year decline of 16.24%, with a net profit of -24.23 million yuan, a decrease of 127.98% [11]. Growth Drivers - The company aims to become a world-class IoT solution provider centered on RFID technology, focusing on three main sectors: railway, smart culture, and apparel retail [3][9]. - Key growth factors include core technology advantages, a complete RFID product chain, and strong market opportunities supported by government policies [4][5][6]. Market Opportunities - The global IoT market is projected to exceed 4.55 trillion yuan by 2025, driven by policy support, technological upgrades, and expanding demand [8]. - The company is positioned to capitalize on the growing application of IoT technologies across various sectors, including logistics, retail, and smart manufacturing [6][8]. Strategic Focus - The company plans to enhance its core business profitability through targeted strategies in its three main sectors, including technological innovation, market expansion, and product development [9][10]. - Specific initiatives include integrating AI with RFID for smart solutions in the railway sector, expanding market share in the smart culture sector, and deepening collaboration in the apparel retail sector [9][10].

以满足客户多样化的市场需求。公司物联网业务稳健发展，半导体业务 国产设备已形成批量销售受到客户的高度认可，2025 年，公司将紧跟 行业发展趋势，持续加强研发技术创新，持续开拓市场，优化生产，保 持公司产品在市场上的竞争优势，提高公司盈利能力，2025 年第一季 度公司已经盈利并同比增长。 2、2025 年第一季度公司已经盈利并同比增长，公司将持续通过业 绩改善提升公司价值，提升股价，适时采取合适的措施促进转股。根据 公司第五届董事会第二十次会议决议，下一触发转股价格修正条件的期 间从 2025 年 5 月 1 日重新起算，若再次触发"光力转债"转股价格向 下修正条件，届时公司董事会将再次召开会议决定是否行使"光力转债" 的转股价格向下修正权利。请关注公司相关公告。 3、公司 2019 年完成了国际化布局，现已实现国内国外双循环的生 产营销模式，为公司的全球化发展和应对国际贸易摩擦提供了坚实的基 础。美国关税政策处于不断变化中，公司也将密切关注，与上下游合作 伙伴共同积极协调应对。谢谢！ 二、领导，您好！我来自四川大决策 2024 年公司业务规模萎缩超 13，是什么原因？2025 年在国产自主可控加速背景下， ...

Group 1: Industry Overview - The IoT industry is experiencing significant growth driven by policy support and technological advancements, particularly in AI and IoT integration [2][3] - The Chinese IoT market is expected to exceed 4.55 trillion yuan by 2025, indicating a broad market outlook [9] Group 2: Financial Performance - Total revenue for the reporting period was 54,568.05 million yuan, a decrease of 9.25% compared to the previous year [3][14] - Net profit attributable to shareholders was 2,784.78 million yuan, down 0.95% year-on-year, while the non-recurring net profit dropped significantly to -128.496 million yuan [10][14] Group 3: Growth Drivers - Core technology advantage with over 30 years of experience in the RFID industry, resulting in numerous patents and proprietary technologies [5] - Comprehensive RFID product chain with over 100 self-developed products, including chips, tags, and readers, supported by advanced production capabilities [6] - Strong market opportunities and government support for RFID technology, enhancing the development environment [7][8] Group 4: Strategic Focus Areas - The company aims to become a world-class IoT solution provider centered on RFID technology, focusing on sectors like railways, smart culture, and apparel retail [4][11][12][13] - Plans to enhance core business profitability through innovation and market expansion strategies in key sectors [11][12][13] Group 5: Challenges and Responses - Revenue decline attributed to project acceptance cycles and delayed sales orders in RFID solutions [14] - The company will adopt a combined internal and external growth strategy to address these challenges and enhance revenue levels [14]