Investment Rating - The report gives a "Strong Buy" rating for the company, marking its first coverage [5]. Core Views - The company, Ousheng Electric, is a leading player in the air power equipment sector, focusing on air compressors and expanding into pneumatic tools and cleaning devices. The company has established a strong presence in the U.S. market over the past 15 years and is transitioning from an OEM to a solution provider [4][14]. - Revenue growth is expected to rebound significantly in 2024, with a projected increase of 45%, reaching 1.8 billion RMB, driven by new product categories and a recovery in inventory levels in the U.S. tool industry [4][27]. - The company has a robust competitive edge through established relationships with major retailers like Walmart and Lowe's, and it is enhancing its product offerings with high-margin products [4][51]. Summary by Sections Company Overview - Ousheng Electric specializes in air power equipment, including air compressors and wet/dry vacuum cleaners, and is also venturing into smart care robots. The company has developed core technologies since its establishment in 2009 and has seen significant growth in sales to major U.S. retailers since 2015 [4][14][19]. Revenue Performance - The company experienced a doubling of revenue before 2021, reaching 1.3 billion RMB. However, revenue stagnated in 2022-2023 due to high inventory levels in the U.S. tool industry. A recovery is anticipated in 2024, with revenue expected to grow by 45% [4][27]. Profitability Analysis - The gross margin is projected to recover from 2022 to 2024, primarily due to a shift towards higher-margin products and a decrease in raw material costs. The gross margins for vacuum cleaners and air compressors are approximately 40% and 25%, respectively, with net profit margins expected to rise from 8.8% in 2021 to 14% in 2024 [4][30]. Market Position and Competitive Advantage - Ousheng Electric is a leader in the North American air compressor market, with a strong focus on pneumatic tools. The company benefits from established relationships with major retailers and a commitment to R&D, with a research expense ratio of around 5% [4][51]. Product Categories and Growth Potential - The company has seen rapid growth in its wet/dry vacuum cleaner segment, with a significant portion of sales coming from brand authorization agreements. The revenue from this segment is expected to exceed 900 million RMB in 2024, accounting for over half of total revenue [4][27]. - The service robot segment is also poised for growth, with the market for elderly care robots in China projected to grow at a CAGR of around 15% over the next five years [4][30]. Future Outlook - The company anticipates continued revenue growth of 41%, 27%, and 27% for the years 2025 to 2027, respectively, with net profits expected to reach 346 million RMB in 2025 [4][5].

Core Insights - The 2025 Yangtze River Delta (YRD) regional leaders' conference emphasized enhancing regional innovation capabilities to drive high-quality development [1] - Significant growth in industrial and service robots, as well as new energy vehicles, indicates a strong push towards becoming a national hub for original innovation and high-end industries [1] - The YRD aims to establish a globally influential technology innovation community, with substantial contributions from various research institutions and universities [1][2] Group 1: Innovation Growth - In Q1, industrial robot production in Hangzhou and Ningbo increased by 62.7% and 63.2% respectively, while Suzhou's service robot production surged by 165% [1] - New energy vehicle production in Hefei and Wuhu grew by 74.9% and 114.2% respectively, showcasing the region's commitment to technological advancement [1] - Shanghai's AI manufacturing output rose by 13.2%, further highlighting the region's innovation capabilities [1] Group 2: Policy Framework - A series of policy documents have been introduced to accelerate the construction of the YRD technology innovation community, aiming for a modern and international community by 2025 and a globally leading one by 2035 [2] - The "Science and Technology Innovation + Industry" initiative aims to establish a cross-regional collaborative innovation mechanism [2] Group 3: Regional Strategies - Shanghai focuses on building an international technology innovation center, while Jiangsu emphasizes organized research and transformation [3] - Zhejiang promotes enterprises as the main drivers of the entire innovation chain, and Anhui leverages its comprehensive national science center for new industrial cluster development [3] Group 4: Future Directions - Future efforts will focus on optimizing collaborative innovation mechanisms and establishing a legal framework to support cross-regional technology innovation [4] - A negative list for the circulation of innovation elements in the YRD will be proposed to enhance resource integration [4] Group 5: Regional Ecosystem - The YRD will strengthen its innovation hubs, particularly in Shanghai and Anhui, to support regional technology innovation centers [5] - Specialized and international technology intermediary service organizations will be cultivated to enhance the innovation cycle from research to commercialization [5]

Global Population Trends - The median age of the global population has increased significantly over the past 50 years, with developed economies rising from 30 to 43 years and emerging economies from 19 to 30 years, projected to reach 47 and 40 years respectively by 2075 [2] - The average life expectancy has steadily increased, with developed economies rising from 72 to 82 years and emerging economies from 58 to 73 years, indicating a healthier aging population [4] - The global fertility rate has declined from 5.4 in 1963 to approximately 2.1 today, which is at the replacement level, but the actual threshold to maintain population stability is lower due to increased life expectancy [6] Labor Market Dynamics - Despite a decrease in the proportion of the working-age population in developed economies, the actual employment rate has increased, indicating a rise in labor force participation [10] - The trend of delayed retirement is largely driven by individuals' choices rather than policy changes, with many older adults opting to work longer due to improved health and longevity [11] - Women's participation in the labor force has also increased, contributing positively to overall employment rates and helping to mitigate the effects of an aging population [13] Longevity Economy - The aging population presents opportunities for economic growth through technological advancements and productivity improvements, particularly in sectors catering to elderly care [16] - The rise of "silver technology" is creating new markets, including smart healthcare solutions and elder care services, which are essential as the demand for elderly care increases [16] - The perception of older adults is shifting from being seen as a burden to being recognized as valuable consumers and contributors to the economy [16] China's Aging Population - China has officially entered a moderate aging phase, with over 310 million people aged 60 and above, representing 22% of the total population, indicating significant potential for the "silver economy" [18] - The market for silver economy in China is currently valued at approximately 8 trillion yuan and is rapidly expanding, driven by policy support and changing consumer demands [18] - The Chinese government is prioritizing the development of the silver economy as a national strategy, with various initiatives aimed at enhancing the quality of life for the elderly [19] Consumer Behavior Changes - The consumption patterns of older adults in China are evolving, with a shift from basic needs to quality consumption, including healthcare, cultural activities, and travel [20] - The demand for non-medical services among the elderly is expected to exceed 60% by 2030, indicating a significant market opportunity in sectors like entertainment and education [21] - The segmentation of the elderly population into different age groups allows for more targeted products and services, enhancing the potential for growth in the silver economy [21] Policy and Industry Development - China is actively developing its silver industry as a new driver of high-quality economic growth, focusing on urban-rural integration and technological innovation [22] - The silver economy encompasses a wide range of sectors, including smart devices, healthcare services, and financial products tailored for the elderly [22] - The integration of technology in elder care services is expected to enhance service quality and efficiency, leading to the emergence of a "smart elder care" ecosystem in China [22]

Core Insights - The company has achieved significant milestones, including the production of its 7 millionth smart two-wheeled electric vehicle, showcasing its strong growth as a representative of "Chinese manufacturing" [1] - The company reported impressive financial performance, with a 99.52% year-on-year increase in revenue for Q1 2025 and a 236.22% increase in net profit [3] - The company operates in two main business segments: smart short transportation and service robots, with notable sales growth in electric scooters and balance bikes [6] Financial Performance - In Q1 2025, the company achieved revenue of 5.112 billion yuan, a 99.52% increase year-on-year, and a net profit of 456 million yuan, up 236.22% [3] - For the year 2024, the company reported revenue of 14.196 billion yuan, a growth of approximately 39%, and a net profit of 1.084 billion yuan, an increase of about 81% [3] Business Segments - The smart short transportation segment includes electric scooters and balance bikes, with the company leading global sales in these categories [6] - The sales volume of smart two-wheeled electric vehicles increased from less than 450,000 units in 2021 to nearly 2.6 million units in 2024, with revenue rising from 1.33 billion yuan to 7.21 billion yuan [6] - The service robot segment, particularly the "Segway Navimow" lawn mowing robot, saw revenue grow from 224 million yuan in 2024 to 861 million yuan [6] Innovation and R&D - The company emphasizes user-centric innovation, addressing user needs such as battery life anxiety with its self-developed "Ridey LONG" system, which enhances battery life by 20% [7] - Cumulatively, the company invested approximately 3 billion yuan in R&D from 2020 to 2024, with increasing annual investments [7] - The upcoming launch of the technology brand Lingbo OS aims to leverage over a decade of technological accumulation in the short transportation sector [7] Quality Control and Manufacturing - The company implements intelligent production management technologies throughout the manufacturing process, ensuring traceability of key components and digital management of the product lifecycle [8] Industry Leadership - Since its establishment in 2012, the company has become a model of "Chinese manufacturing," focusing on technological innovation rather than cost advantages [9] - The company aims to achieve high-quality growth through strategic implementation, user alignment, capability enhancement, and ongoing transformation [9] - Future strategies include launching multiple flagship products in the two-wheeled electric vehicle sector and expanding market share in electric scooters and E-bikes in Europe and the U.S. [9]

4 月 24 日， 全球服务机器人领军企业普渡机器人与国际著名 咨询 研究 机构德勤 联合 发布《开放 性 的 全栈式 智能服务机器人生态》白皮书 （ 以下简称报告或白皮书） 。这是全球服务机器人行业的首份 生态发展白皮书， 揭示了商用服务机器人行业下半场的发展路径，并首次提出 了服务机器人行业的 ESG实践指引 。 通过系统性的数据分析和田野调查，白皮书深刻剖析了全球服务机器人行业的发展趋 势，指明了行业的发展方向与未来机遇。 报告下载链接： https://www2.deloitte.com/cn/zh/pages/energy-and-resources/articles/open-full-stack- intelligent-service-robot-ecosystem.html 白皮书指出，当前全球服务机器人市场正迎来爆发期，在关键技术创新、各国政策支持、产业转型升级 和人口结构改变等多重因素的驱动下，行业整体规模和需求增长强劲，机遇与挑战并存。在此背景下， 为了满足日益复杂的市场需求和多样化的应用场景，同时 伴随着商用服务机器人行业下半场的到来，普 渡机器人在全球范围内率先提出了构建开放性的全 ...

NO.2 美团获全国首张低空物流全境覆盖运营合格证 美团自研第四代无人机近日通过民航局审查，获得了全国首张低空物流全境覆盖运营合格证（简 称"OC"）。取证后，公司可在全国范围内开启常态化商业运营，成为国内首个被民航局批准可在中国 全境开展物流运输的低空运营人。 每经记者 杨卉 每经编辑 董兴生 丨 2025年4月23日 星期三 丨 NO.1 华为靳玉志：未来3年，城区智驾辅助搭载量将超2700万辆 4月22日，在华为乾崑智能技术大会上，华为智能汽车解决方案BU CEO靳玉志表示，2025年的城区智 驾辅助搭载量将接近400万辆。未来3年内，城区智驾辅助的搭载量将超2700万辆。 点评：当前L2+级辅助驾驶已进入量产深水区，城区场景突破将真正释放智能驾驶的实用价值，随着头 部玩家的集体发力，智能驾驶或将从高端车型的奢侈品转化为大众标配，推动汽车产业从"机械定 义"向"算力定义"的范式转移。 点评：常态化运营将激活"即时物流+低空网络"的乘数效应，推动末端配送从平面路网向立体空域跃 迁。但大规模商业化仍需破解空域精细化管理、社区噪音治理、应急避险机制等系统性课题。 NO.3 广交会上多家服务机器人厂商拿下海外订 ...

据悉，擎朗智能基于15年服务机器人商业化落地实践经验，首次提出"机器人岗位化"概念，并认为"岗位化"模式可更快推 动人形机器人的商业化应用。公司累计部署超10万台配送、清洁等专用型机器人，覆盖全球60多个国家、超600个城市及地 区，并构建起全球海量服务机器人场景数据源。 据机构IDC预测，具身服务机器人自2025年开始逐步落地，到2030年全球具身服务机器人市场规模近939亿美元，将实现 86.2%的高速复合增长，从餐饮、酒店、商超、文娱到医疗、金融、康养等场景，各细分领域都展现出强劲的增长潜力。 擎朗智能XMAN系列将与现有专用型具身服务机器人实现数据共享与任务协同，无缝融入擎朗智能商业生态，完成服务场 景的更多闭环任务。 随着擎朗智能XMAN系列人形具身服务机器人、清洁机器人家族新品、配送机器人新品的矩阵化推出，擎朗智能的多形态 具身服务机器人矩阵得到进一步完善。未来，擎朗智能能够根据不同商业需求提供量身定制的多形态具身服务机器人解决方 案，以岗位化分配任务环节，以应对服务场景内的更多需求。未来的世界，擎朗智能多形态服务机器人将共同服务人类世界。 （编辑 张伟） 本报讯 （记者贾丽）3月31日，为了满足 ...

Quantitative Models and Construction Methods 1. Model Name: Quantitative Market Trend Judgment Framework - **Model Construction Idea**: The framework identifies the dominant market style by comparing asset characteristics based on their intrinsic attributes and industry life cycle stages. It evaluates assets using the priority sequence of growth (g) > return on equity (ROE) > dividend yield (D) to determine the most advantageous sectors[5][6][7] - **Model Construction Process**: - Classifies assets into five style stages: external growth, quality growth, quality dividend, value dividend, and distressed value[5] - Prioritizes mainstream assets (actual growth, expected growth, profitability) over secondary assets, with secondary asset priority determined by crowding levels[7] - Uses metrics such as Δg (actual growth momentum), Δgf (expected growth momentum), PB-ROE (valuation), and DP (dividend yield) to evaluate and rank assets[6][7] - **Model Evaluation**: The framework has demonstrated strong explanatory power for A-share market style rotations since 2009, achieving an annualized return of 26.85%[14] --- Quantitative Factors and Construction Methods 1. Factor Name: Actual Growth (g) - **Factor Construction Idea**: Measures the momentum of actual growth by evaluating the change in net profit growth rates (Δg)[18] - **Factor Construction Process**: - Calculates the spread between the top and bottom quintiles of industries based on net profit growth rates[18] - Δg > 0 indicates strengthening growth momentum, while Δg < 0 signals weakening momentum[18] 2. Factor Name: Expected Growth (gf) - **Factor Construction Idea**: Captures analysts' optimism by assessing changes in expected net profit growth rates (Δgf)[21] - **Factor Construction Process**: - Similar to Δg, calculates the spread between the top and bottom quintiles of industries based on expected net profit growth rates[21] - Δgf > 0 indicates increasing optimism, while Δgf < 0 suggests declining optimism[21] 3. Factor Name: Profitability (ROE) - **Factor Construction Idea**: Evaluates asset quality by combining ROE with valuation metrics (PB-ROE)[22] - **Factor Construction Process**: - Ranks industries based on ROE and PB-ROE residuals[30] - Identifies high ROE industries with low valuations for allocation[30] 4. Factor Name: Quality Dividend (DP+ROE) - **Factor Construction Idea**: Combines dividend yield (DP) and ROE to identify high-quality dividend-paying industries[33] - **Factor Construction Process**: - Scores industries based on DP and ROE, selecting the highest-scoring sectors for allocation[33] 5. Factor Name: Value Dividend (DP+BP) - **Factor Construction Idea**: Combines dividend yield (DP) and book-to-price ratio (BP) to identify undervalued dividend-paying industries[36] - **Factor Construction Process**: - Scores industries based on DP and BP, selecting the highest-scoring sectors for allocation[36] 6. Factor Name: Distressed Value (PB+SIZE) - **Factor Construction Idea**: Identifies distressed industries with low price-to-book ratios (PB) and small market capitalization (SIZE)[38] - **Factor Construction Process**: - Scores industries based on PB and SIZE, selecting the lowest-scoring sectors for allocation[38] --- Backtesting Results of Models and Factors 1. Quantitative Market Trend Judgment Framework - **Annualized Return**: 26.85% since 2009[14] - **Excess Returns**: Positive in most years, with notable outperformance in 2020 (44%), 2021 (38%), and 2022 (62%)[15] 2. Actual Growth Factor - **Recent Performance**: Δg turned negative, indicating weakening growth momentum and reduced opportunities for actual growth strategies[18] 3. Expected Growth Factor - **Recent Performance**: Δgf turned negative, signaling a halt in analysts' optimism and limited opportunities for expected growth strategies[21] 4. Profitability Factor - **Recent Performance**: ROE advantage continues to decline, but reduced crowding levels suggest potential opportunities in a weakening growth environment[22][24] 5. Quality Dividend Factor - **Recent Performance**: Outperformed in 2016, 2017, and 2023; recent recommendations include sectors like "Other Home Appliances" and "Service Robots"[33] 6. Value Dividend Factor - **Recent Performance**: Outperformed in 2009, 2017, and 2021-2023; recent recommendations include sectors like "Pet Food" and "Security"[36] 7. Distressed Value Factor - **Recent Performance**: Outperformed in 2015-2016 and 2021-2023; recent recommendations include sectors like "Other Electronic Components" and "Printing and Dyeing"[38]