北交所信息更新 雅达股份（430556.BJ） 具备电力监控系统集成自主开发能力，2025Q1 营收同比+24% 2025 年 05 月 21 日 投资评级：增持（维持） 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1 实现营收 0.76 亿元（+24.11%），归母净利润 623.02 万元（+28.44%） 2025 年一季度公司营业收入 7586.08 万元，同比增长 24.11%；归母净利润 623.02 万元，同比增长 28.44%，扣非归母净利润 566.18 万元，同比增长 47.35%。受行 业竞争加剧影响，我们下调 2025 和 2026 年盈利预测，新增 2027 年盈利预测， 预计公司 2024-2026 年归母净利润分别为 0.34（原 0.46）/0.38（原 0.52）/0.44 亿元，对应 EPS 分别为 0.21/0.24/0.27 元/股，对应当前股价的 PE 分别为 56.4/49.7/43.4X，我们看好国家电网和南方电网加大投资+积极向数据中心领域拓 展为公司业务增长带来机遇，维持"增持"评级。 国家电网和南 ...

Core Viewpoint - The Chinese air traffic management system is undergoing significant advancements through domestic innovation and digital transformation, aiming to reduce reliance on foreign technology and enhance international competitiveness. The market size is projected to reach 6 billion yuan in 2024, reflecting a year-on-year increase of 15.38% [1][14]. Industry Overview - The air traffic management system (ATMS) is essential for overseeing and managing civil aviation operations, ensuring safety and efficiency in aircraft operations. It consists of three main components: air traffic services, air traffic flow management, and airspace management [3][10]. - The industry has evolved from relying on international products to achieving significant domestic technological breakthroughs, including the development of new-generation flight data processing systems and airport surveillance radars [1][14]. Industry Development History - The ATMS in China has developed from its inception in the early 1950s to a more sophisticated system today, marked by key reforms and technological advancements since the 2000s. The establishment of the Civil Aviation Administration of China in 1994 was a significant milestone [5][12]. Policy Support - Recent policies, such as the "14th Five-Year Plan for Civil Aviation Development" and the "Smart Civil Aviation Construction Roadmap," emphasize the modernization of the air traffic management system and the integration of advanced technologies [7][9]. Market Dynamics - The demand for air traffic management systems is increasing due to the rising passenger and cargo throughput in China's civil aviation sector, which is expected to continue growing post-pandemic [12][14]. - The market is characterized by both domestic and international players, with key domestic companies including Sichuan Chuan Da Zhisheng, Sichuan Electronic Technology, and Nanjing Lais Information Technology leading the way in technological capabilities [16][20]. Future Trends - The industry is moving towards greater intelligence and networking, leveraging technologies such as AI and big data to enhance operational efficiency and safety. This shift aims to create a more integrated and responsive air traffic management system [22][23]. - The integration of military and civilian air traffic management systems is becoming increasingly important, with a focus on collaboration and standardization to improve overall system coordination [24].

Core Insights - The expansion of visa-free policies in China is creating unprecedented opportunities for the development of smart ports, with a 72.7% year-on-year increase in foreign visitors during the recent holiday period [1][2] - The implementation of smart technologies and AI is reshaping the entry and exit experience at ports, enhancing efficiency and management capabilities [1][2] Smart Upgrade - The latest visa-free policy covers 24 provinces, 60 ports, and 54 countries, accelerating the construction of smart ports [2] - The introduction of new systems has reduced normal international passenger clearance time to under 20 seconds, with a high-risk luggage identification accuracy of over 98% [2][4] - The push for smart port construction is now seen as essential for enhancing national image and optimizing the business environment [2][3] Industry Barriers Reshaped - The "no document required" passage has facilitated over 15 million entries and exits since its pilot launch, significantly improving clearance efficiency [4] - New technologies such as IoT, big data, and AI are providing the necessary support for the intelligent transformation of port clearance processes [4][5] Data Security and Profitability - The development of smart ports is driven by three main factors: the need for new port construction due to the Belt and Road Initiative, existing port business expansion, and product upgrades [7] - Data security remains a critical issue, especially in high-risk environments like ports, necessitating advanced biometric solutions and AI models to ensure accuracy and reliability [8] - Balancing investment and returns is a challenge, with R&D expenditures consistently above 10% of revenue, indicating a commitment to sustainable development [8][9]

证券代码：300660 证券简称：江苏雷利 4.您好，请介绍一下公司在智能驾驶领域的产品开发情况？ 答：公司高度重视智能驾驶技术变革为新能源车微电机及组件产品带来 的市场机遇。子公司睿驰同利的激光雷达电机产品已获得多家头部激光 雷达企业认可，在此基础上，睿驰同利正在探索激光雷达电机在智慧道 路交通领域的应用，同时正在推进光学镜片研发，目标发展成为激光雷 达领域光电模组产品供应商。此外，公司正在开展线控底盘转向电机、 主动避震电机等新产品的研发工作。感谢您的关注。 5.公司在年报中提到，在人形机器人领域，形成覆盖线性关节、旋转关 节、灵巧手的全维度运动控制系统解决方案。请问具体有哪些产品，量 产及订单情况？ 答：公司自主研发空心杯电机、精密齿轮箱、T 型丝杆、滚珠丝杠、行 星滚柱丝杠、无框力矩电机等产品，同时将继续通过对外投资、产业合 作等方式布局高精度传感器、编码器及驱动控制组件。在线性关节中， 公司已推出多款线性执行器产品；公司的"丝杆+行星齿轮箱+直流电机 +编码器"组件可用于灵巧手中，实现高精度、高响应的末端操作；公 司的无框力矩电机及一体化行星模组可用于旋转关节。公司将严格履行 信息披露义务，相关产品 ...

在政务服务领域，娄底市自然资源和规划局牵头与市公安局、城管局、住建局、政法委、自来水公司等12家单位签订了平台共建共享合作协议，为天网 系统、智慧城管、智慧水务、地下管线、综治管理、智慧电力等系统平台提供时空数据服务支撑。 在城市精细治理方面，娄底市委、市政府主要领导多次通过实景三维数据对全市的铁路规划、道路建设、项目选址、耕地抛荒问题进行辅助调研，节约 了现场调研时间，提高了效率。目前市本级国土空间规划委员会通过实景三维基础信息平台，审议中心城区城市规划85个、土地出让120宗，平均每个项目 节约审批时间4天。 "数据多跑动，企业少跑动"，项目审批驶入"快车道"。依托实景三维技术赋能，娄底市将审批时限从原来的80多天大幅压缩至20多天，同时借助自动无 人机强化监管，随时对项目开发建设进行动态监管，及时发现违规开发建设问题。此外，不动产登记模块已与20多家银行实现对接，数据自动推送到相关银 行，实现查册、登记、评估、贷款一站式服务，解决企业融资难问题。 图为群众正在使用不动产可视化查询系统。肖霞摄 拥抱数字技术、重塑治理模式、创新政务管理……近年来，湖南省娄底市自然资源和规划局通过构建统一城市数字时空底座，将 ...

Group 1: Event Overview - The "2025 China Automotive Thermal System Academic Annual Conference" was held in Chongqing, organized by multiple automotive and engineering associations, marking the largest industry event to date with over 1,052 representatives and an exhibition area exceeding 12,000 square meters [1] Group 2: Automotive Industry Performance - In the first quarter of this year, China's automotive industry saw positive growth, with production and sales reaching 7.561 million and 7.47 million units, respectively, representing year-on-year increases of 14.5% and 11.2% [4] - New energy vehicles (NEVs) achieved production and sales of 3.182 million and 3.075 million units, with year-on-year growth of 50.4% and 47.1%, making up 41.2% of total new car sales [4] - Exports of automobiles reached 1.42 million units, a year-on-year increase of 7.3%, with NEV exports at 441,000 units, up 43.9% [4] - The commercial vehicle market showed noticeable impacts from macroeconomic development, with production and sales of 1.048 million and 1.051 million units, reflecting year-on-year growth of 5.1% and 1.8% [4] Group 3: Technical Discussions and Innovations - The conference featured discussions on various topics including R290 thermal management systems, CO2 efficient heat pump systems, and intelligent algorithms for thermal management systems [5] - Key presentations included advancements in compressor-centered integrated thermal management for electric vehicles and the application of new refrigerants in automotive thermal systems [5][6] - Specialized sessions addressed the adaptability of environmentally friendly refrigerants and the evaluation technologies for thermal management systems and key components [8][9]

Group 1: Company Overview - China Electronics Defense Technology Co., Ltd. (中电防务) is preparing for an IPO after a mixed-ownership reform in 2023, focusing on military communication and electronic countermeasure technologies [2][5] - The company was established in 2006 with a registered capital of 400 million yuan and reported total assets of 16.817 billion yuan, revenue of 4.188 billion yuan, and net profit of 302 million yuan in 2022 [5][6] - The company is a key player in China's weaponry modernization, leading in shortwave and satellite communication technologies [5][6] Group 2: Financial Performance - For the years 2022, 2023, and 2024, China Electronics Defense reported revenues of 4.188 billion yuan, with a net profit of 302 million yuan [6] - The company has a complete R&D and production chain for military communication and electronic countermeasure technologies [5] Group 3: Other Companies - Shenzhen Bangzheng Precision Machinery Co., Ltd. (邦正精机) has a registered capital of 5.24 million yuan and reported revenues of 187 million yuan in 2024, with a decline in profit margins [8][9] - Nissoko Technology Co., Ltd. (尼索科) is a leading supplier of high-current connection systems, with a registered capital of 29.8764 million yuan and has received investment from Guozhong Capital [10][12] - Hongxiang Environmental Technology Co., Ltd. (鸿翔环境) focuses on construction waste management and reported revenues of 488 million yuan in 2024, with a history of failed IPO attempts in 2018 [13][14][15]

星标 ★ IPO日报 精彩文章第一时间推送 5月12日至5月16日，据证监会官网新增披露，中电防务科技股份有限公司（下称"中电防务"）、深圳市邦正精密机械股份 有限公司（下称"邦正精机"）、深圳尼索科连接技术股份有限公司（下称"尼索科"）、鸿翔环境科技股份有限公司（下 称"鸿翔环境"）等4家公司进行了上市辅导备案。 2025年以来，IPO辅导备案新增125家。 IPO日报注意到， 作为一家国务院国资委实控的军工企业，中电防务在2023年混改后准备谋求IPO； 邦正精机的注册资本 仅524万元，但其2024年年收入却已达1.87亿元；尼索科3年前获得国中资本的青睐；鸿翔环境的控股股东鸿翔控股集团 是浙江海宁市老牌建筑企业，曾在2018年谋求港股上市失败。 制图：佘诗婕 混改后谋求IPO 电子战技术已成为现代战争的关键环节和决定性要素。日前辅导备案的一家企业，正是电子对抗技术相关企业。 证监会官网披露，中电防务于5月13日在江苏证监局完成IPO辅导备案，辅导机构中金公司。 中电防务成立于2006年，注册资本4亿元，是南京一家专注于军用通信和电子对抗技术研发与生产的高科技企业。中电防 务科研核心能力覆盖短波通信、卫 ...

Group 1: IPO Performance Overview - eToro Group (ETOR) priced its IPO above the range, raising $620 million at a market cap of $4.9 billion, with a 45% increase in total commissions and a 41% rise in net contributions for 2024 [1] - Antalpha Platform Holding (ANTA) raised $49 million at a market cap of $329 million, with revenue growth over 200% for 2024 despite a 6% drop in stock price [2] - OMS Energy Technologies (OMSE) raised $33 million at a market cap of $382 million, with a 13% decline in stock price, primarily relying on a 10-year agreement with Saudi Aramco [2] - Arrive AI (ARAI) completed a direct listing but has not generated any revenue, experiencing a 21% drop in stock price [3] Group 2: SPAC Activity - Six SPACs went public, with Churchill Capital X (CCCXU) raising $360 million, targeting tech businesses, and Wen Acquisition (WENNU) raising $261 million, focusing on fintech and blockchain [4] - Other SPACs included Columbus Circle Capital I (CCCMU) at $220 million, Perimeter Acquisition I (PMTRU) at $210 million, and Thayer Venture Acquisition II (TVAIU) at $175 million, each targeting various sectors [4] Group 3: Upcoming IPOs - Hinge Health (HNGE) plans to raise $410 million with a market cap of $2.93 billion, focusing on automating physical therapy and care for musculoskeletal disorders [8] - MNTN (MNTN) aims to raise $176 million at a market cap of $1.33 billion, offering a performance-based adtech platform for connected TVs [8]

Investment Rating - The report indicates a positive outlook for the military industry, suggesting that the industry is nearing a bottom and is expected to recover in 2025 [1][2]. Core Insights - The military sector reported a total revenue of 764.903 billion yuan in 2024, reflecting a year-on-year increase of 1.16%. Key segments such as shipbuilding, aerospace engines, and aviation maintained positive revenue growth [1][2][11]. - The net profit attributable to shareholders in the military sector decreased to 26.655 billion yuan in 2024, a decline of 38.01% year-on-year, primarily due to lower downstream demand and price reductions for certain products [11][12]. - In Q1 2025, the military sector's revenue reached 153.894 billion yuan, up 2.35% year-on-year, with segments like ground equipment and aerospace showing signs of recovery [28][31]. Summary by Sections 1. 2024 Annual Report and 2025 Q1 Review - The military sector's revenue structure shows significant characteristics, with a focus on the recovery of order fundamentals. The shipbuilding sector saw a revenue increase of 10.87%, while ground equipment and aerospace segments are expected to stabilize [11][28]. - The military sector's net profit for 2024 was 26.655 billion yuan, down 38.01% year-on-year, with only the shipbuilding sector showing positive growth [11][12]. 2. Key Target Profit Forecasts and Valuations - Investment strategies suggest focusing on traditional military sectors with expected order recovery, including aerospace engines, shipbuilding, and aviation [3]. - New domains and new qualities are recommended, emphasizing low-cost, intelligent, and systematic characteristics in industries like precision-guided munitions and unmanned systems [3]. 3. Investment Strategy - The report recommends three main investment lines: traditional military sectors, new domains with significant growth potential, and companies with expected asset integration and competitive military trade markets [3]. - Specific recommended stocks include aerospace engine manufacturers, shipbuilding companies, and firms involved in commercial aerospace and low-altitude economies [3]. 4. Market Performance - The military sector's performance is closely monitored, with various companies announcing contracts and showing signs of recovery in the fundamentals of the military sector [46][47].