Group 1: Investor Relations Activities - The investor relations activity was categorized as "other" (brokerage strategy meeting) [3] - The event took place from May 7 to May 8, 2025, at two hotels in Shanghai [3] - Attendees included representatives from various securities firms and investment funds [3] Group 2: Coffee Machine Project - The coffee machine project is progressing well, with export sample confirmation completed and certification processes underway [4] - Mass production is expected to begin in Q3 to Q4 of this year, with significant growth anticipated in the second half of this year to early next year [4] - Customers for the coffee machines are well-known global brands, with sales channels including major coffee chains and multinational convenience stores [4] Group 3: Sales Distribution - In 2024, the company achieved over 50% of total revenue from exports, marking the first time that export sales surpassed domestic sales [5] - The company aims to maintain a balanced focus on both domestic and international markets, with potential fluctuations in sales distribution based on project progress and production output [5] Group 4: Inventory Turnover and Production Capacity - The company has improved its inventory turnover rate significantly in 2024 compared to previous years [6] - Emphasis is placed on lean production management and the use of information technology to enhance resource utilization and efficiency [6] Group 5: New Energy Vehicle Products - The company is expanding its product offerings in the new energy vehicle sector, including components for charging guns, battery packs, and air suspension systems [7] - The strategy includes leveraging existing orders to explore new projects with current and potential customers [7]

Summary of Key Points Core Viewpoint - The 2024 cash dividend plans of 63 listed companies in Dongguan have been announced, with a total of 11 companies planning to distribute over 100 million yuan in cash dividends, highlighting the importance of cash returns to investors and the impact of policies on dividend distribution [1][2]. Group 1: Dividend Distribution - 11 listed companies in Dongguan plan to distribute cash dividends exceeding 100 million yuan in 2024, with Shengyi Technology leading at 1.457 billion yuan [1][2]. - Other notable companies include Mousse Co. and Dongguan Holdings, each planning cash dividends over 300 million yuan [1][2]. - A total of 19 companies announced they would not distribute cash dividends, indicating a significant portion of the market is not returning cash to shareholders [1][4]. Group 2: Company Performance - Shengyi Technology reported a substantial increase in performance, achieving revenue of 20.389 billion yuan, a year-on-year growth of 22.92%, and a net profit of 1.744 billion yuan, up 49.81% [2]. - Mousse Co. plans to distribute 393.7 million yuan in cash dividends, ranking second among Dongguan listed companies [2]. - Ding Tai High-Tech, a new entrant in the over 100 million yuan cash dividend category, plans to distribute 114.8 million yuan, with a total cash dividend of 196.8 million yuan for 2024 [3]. Group 3: Companies Not Distributing Dividends - 19 companies, including Jilin Long Co. and Yian Technology, announced they would not distribute cash dividends due to negative net profits and the need for capital to support ongoing projects [4][5][6]. - Yian Technology reported a revenue decline of 3.19% and a net profit of 100.55 million yuan, down 70.49% [5]. - Jierong Technology's revenue fell by 23.25%, with a net profit of -298 million yuan, leading to its decision not to distribute dividends [6].

Core Viewpoint - The company has a solid foundation in its TV ODM business, significant advantages in the LED industry chain, and is actively expanding into the optical communication sector, which is expected to open up long-term growth opportunities [1][2]. Financial Performance - In 2024, the company achieved revenue of 20.33 billion, a year-on-year increase of 18.4%, and a net profit attributable to shareholders of 1.6 billion, a year-on-year increase of 0.9% [3]. - For Q4 2024, the company reported revenue of 4.16 billion, a year-on-year decrease of 7.1%, and a net profit of 230 million, a year-on-year decrease of 27.4% [3]. - In Q1 2025, the company generated revenue of 3.72 billion, a year-on-year decrease of 9.33%, with a net profit of 330 million, a year-on-year decrease of 19.30% [3]. - The company plans to distribute a cash dividend of 1.07 per 10 shares, totaling 484 million, with a dividend payout ratio of 30.23% [3]. Revenue Breakdown - In 2024, the smart display terminal business generated revenue of 15.0 billion, a year-on-year increase of 18.4%, with a gross margin of 13.1%, down 3.2 percentage points [3]. - The LED series business generated revenue of 5.33 billion, a year-on-year increase of 18.3%, with a gross margin of 28.6%, up 2.8 percentage points [3]. Profitability and Expense Ratios - In 2024, the overall gross margin decreased by 1.66 percentage points to 17.17%, with net profit margin down by 1.39 percentage points to 7.87% [4]. - For Q4 2024, the gross margin was 20.48%, with a net profit margin of 5.52%, down 1.55 percentage points year-on-year [4]. - In Q1 2025, the gross margin increased by 0.56 percentage points to 18.34%, while the net profit margin decreased by 1.11 percentage points to 8.99% [4].

Core Insights - The company reported a revenue of 36.77 billion yuan for 2024, a year-on-year increase of 9.27%, but a net profit attributable to shareholders of 1.086 billion yuan, a decrease of 44.74% [1] - In Q1 2025, the company achieved a revenue of 8.602 billion yuan, a year-on-year increase of 11.07%, with a net profit of 456 million yuan, up 57.55% [1] - The LED business negatively impacted overall performance, with a revenue drop of 35.48% in 2024 [1] Revenue Breakdown - Electronic circuit products generated 24.801 billion yuan in revenue, a growth of 6.62% [1] - LED display devices saw revenue of 768 million yuan, down 35.48% [1] - Touch panels and LCD modules achieved 6.370 billion yuan, an increase of 31.02% [1] - Precision components generated 4.540 billion yuan, up 9.08% [1] LED Business Performance - The company optimized operations in the LED segment, resulting in a 164 million yuan asset disposal loss and a 595 million yuan impairment loss [1] - Excluding these factors, the net profit decline for 2024 would be approximately 5% [1] - In Q1 2025, the LED business reduced its losses by several million yuan, although it did not achieve profitability [1] New Energy Business Growth - The new energy segment reported a revenue of 8.65 billion yuan in 2024, a year-on-year increase of 36.98%, accounting for 23.52% of total revenue [2] - In Q1 2025, the new energy business generated 2.63 billion yuan, a growth of 43.79%, increasing its revenue share to 30.57% [2] - Key products in this segment include vehicle-mounted FPC, liquid cooling plates, battery housings, and vehicle displays [2] Impact of Tariffs - The company’s export revenue was 30.583 billion yuan in 2024, with less than 5% directly exported to the U.S., limiting the impact of increased tariffs [2] - Most export tariffs are borne by customers, indicating a limited short-term effect from U.S. tariff increases [2] - The company is expanding its overseas production bases, with successful operations in Thailand, Mexico, and the U.S. [2] Investment Outlook - The company’s product lines cover electronic circuits, optoelectronic displays, and precision manufacturing, focusing on consumer electronics and new energy sectors [3] - Projected revenues for 2025 to 2027 are 40.619 billion, 48.147 billion, and 52.581 billion yuan, with respective growth rates of 10%, 19%, and 9% [3] - Expected net profits for the same period are 2.703 billion, 3.188 billion, and 3.486 billion yuan, with significant year-on-year growth [3]

Group 1 - The core viewpoint emphasizes the necessity for the Guangdong-Hong Kong-Macau Greater Bay Area to transition from low-end to mid-high-end product, industry, and economic structures in response to market changes and challenges [1][2] - The Canton Fair, known as "China's No. 1 Exhibition," showcased over 70,000 booths and saw more than 30,000 participating export enterprises, highlighting the region's manufacturing upgrade towards intelligence, greenness, and high-end products [1][2] - The Greater Bay Area's unique advantages include world-class industrial clusters, a complete supply chain, and a favorable business environment, which collectively drive high-quality development and innovation [1][2][3] Group 2 - The region faces challenges such as rising factor costs and global supply chain adjustments, necessitating a focus on industrial transformation and collaboration to enhance competitiveness [2][3] - The success of companies like Absen Optoelectronics at the 2024 Paris Olympics illustrates the benefits of the Greater Bay Area's collaborative mechanisms and infrastructure connectivity [2][3] - The manufacturing system's robustness and strong supporting capabilities are significant advantages for China, enabling effective responses to external shocks and enhancing supply chain resilience [3][4] Group 3 - The Greater Bay Area aims to enhance internal collaboration while promoting external connectivity, contributing to national development and supporting Hong Kong and Macau's integration into the broader economic landscape [4] - The region has seen rapid growth in cross-border traffic, with over 10 million travelers crossing the Hong Kong-Zhuhai-Macao Bridge, indicating increasing connectivity and economic activity [4]

Group 1 - Zijin Mining has completed the acquisition of control over Zangge Mining, holding 411 million shares, which is 26.18% of its total share capital [3] - Huayi Group plans to acquire 60% equity of San Aifu for approximately 4.09 billion yuan, aiming to enhance business expansion and competitiveness [6] - Silex reported April sales of 31,488 new energy vehicles, a year-on-year increase of 12.99%, while cumulative sales for the year reached 86,040 units, down 29.87% [4] Group 2 - Huamao Technology's controlling shareholder intends to increase its stake in the company by 100 million to 200 million yuan within six months [2] - Haixing Power's controlling shareholder has signed an agreement to transfer 5% of the company's shares, amounting to 57.9 million yuan, to a related party [5] - Huaneng Technology's controlling shareholder is planning a change in control, which may lead to a transfer of 15% of the company's shares [12] Group 3 - Huzhou Intelligent successfully bid for 75% equity of Shanghai Aerospace Yigeng Intelligent Technology Co., Ltd. for 101 million yuan, focusing on high-end five-axis linkage machine tools [13] - Changchuan Technology plans to establish a joint venture for high-end packaging and testing equipment localization with a registered capital of 100 million yuan [8] - Aoheng Electric received a project confirmation from a leading new energy vehicle brand, with an estimated total revenue of approximately 619 million yuan over the project lifecycle [9] Group 4 - Huazhi Media's film "Dumpling Queen" has grossed approximately 218 million yuan in ticket sales within six days of release, exceeding 50% of the company's last audited annual revenue [10] - Yinlun Co. plans to repurchase shares worth 50 million to 100 million yuan, with a maximum price of 36 yuan per share [11]

固定收益丨深度报告 [Table_Title] 两轮贸易摩擦，信用债投资复盘与展望 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2017 年 8 月至 2020 年 1 月，信用债市场在中美贸易摩擦与政策对冲交织下经历四阶段演变： 第一阶段（2017.8-2018.6）利率曲线短端受益定向降准下行；第二阶段（2018.7-2018.11）政 策宽松推动短端利率下行，但财政发力与 CPI 反弹抑制长端，行业融资显著分化；第三阶段 （2018.12-2019.4）宽信用政策与贸易摩擦缓和驱动利率债短暂走牛；第四阶段（2019.5- 2020.1）"包商银行事件"引发流动性分层，信用债内部分化加剧，城投借新还旧政策驱动融资 放量，而民企利差持续走阔。整体呈现"利率债避险强化、信用债风险定价重构"格局。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 23 %% %% ...

Group 1: Report Industry Investment Rating - No industry investment rating information is provided in the report. Group 2: Core Viewpoints of the Report - In May, the bond market should focus on the funding situation. The central bank's operations are uncertain, and the level of funding rates is the core variable for whether bond market interest rates can continue to break downward [4]. - The credit bond market sentiment is stable, and the allocation rhythm should be maintained. The new issuance volume decreased significantly in the week of April 28 - May 4, with a large net outflow. Yields generally declined, and spreads showed different trends [4]. - For convertible bonds, operations can gradually become more active. The convertible bond market is stabilizing and showing signs of a rebound. If the equity market sentiment improves, the demand for convertible bond allocation will continue to be released [4]. Group 3: Summary According to Relevant Catalogs 1 Fixed Income Market Observation and Thinking 1.1 Interest - rate Bonds - In May, the bond market should focus on the funding situation. The 10 - year Treasury bond has moved from the right to the left of the [1.6% - 1.9%] range. The net supply of government bonds in May may reach about 1.7 trillion, bringing uncertainty to the funding situation. The Fed's interest - rate cut expectation cooled during the May Day holiday, adding uncertainty to the central bank's monetary policy [4][9]. 1.2 Credit Bonds - From April 28 to May 4, the primary issuance of credit bonds was 112 billion yuan, a 79% decrease compared to the previous period due to the May Day holiday. The total repayment was 197.3 billion yuan, also a significant decrease, resulting in a net outflow of 85.3 billion yuan. Yields generally declined, and spreads showed different trends. The turnover rate decreased, and high - discount bonds were mainly real - estate enterprise bonds [4][11]. 1.3 Convertible Bonds - Last week, the equity market showed mixed performance. The convertible bond market declined slightly, with the CSI Convertible Bond Index falling 0.07%. The convertible bond valuation is stabilizing and showing signs of a rebound. Operations can be more active [4][13]. 1.4 This Week's Attention and Important Data Release - This week, important data to be released include China's April Caixin Services PMI, April CPI, the US May interest - rate decision, and the Eurozone's April Services PMI [14]. 1.5 This Week's Estimated Supply of Interest - rate Bonds - This week, the estimated issuance of interest - rate bonds is 565.1 billion yuan, which is relatively high compared to the same period. Treasury bonds are expected to be 391 billion yuan, local bonds 74.1 billion yuan, and policy - bank bonds about 100 billion yuan [14][16]. 2 Interest - rate Bonds Review and Outlook 2.1 Central Bank's Operations and Funding Situation - During the month - end, the central bank increased reverse repurchase operations, with a total net injection of 735.8 billion yuan in the open - market operations for the week [19]. 2.2 Strong Willingness to Hold Bonds for the Holiday - Before the holiday, the PMI data and the funding situation were generally stable, and the enthusiasm for holding bonds for the holiday was high, which contributed to the decline in interest rates, especially for longer - term and high - duration bonds [34]. 3 High - frequency Data - Commodity prices mostly declined. On the production side, the operating rates were divided. On the demand side, the year - on - year growth rates of passenger - car wholesale and retail sales remained positive, while land transactions decreased. Export indices declined. In terms of prices, crude oil prices decreased, copper and aluminum prices increased, and coal prices were divided [45]. 4 Credit Bonds Review 4.1 Negative Information Monitoring - There were no bond defaults, downgrades of bond or issuer ratings in the domestic market from April 28 - May 4, but there were overseas rating downgrades of some companies [64][65]. 4.2 Primary Issuance - The primary issuance volume of credit bonds decreased significantly, with a large net outflow. The cost of issuing high - grade bonds increased slightly, and the frequency of issuing new AA/AA - grade bonds remained low [4][68]. 4.3 Secondary Trading - Credit bond valuations declined slightly. Short - term spreads narrowed, while medium - and long - term spreads widened passively. The turnover rate decreased, and high - discount bonds were mainly real - estate enterprise bonds [4][73].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 830 million yuan for 2024, representing a year-on-year growth of 15.22%. However, it experienced a net profit loss of 8 million yuan, a decline of 124.43% compared to the previous year [2][4]. - In Q1 2025, the company achieved a revenue of 162 million yuan, with a year-on-year growth of 7.60%, but the net profit was a loss of 12 million yuan, down 376.67% year-on-year [2][4]. - The gross profit margin for 2024 was 19.01%, a decrease of 0.58 percentage points year-on-year, while the net profit margin was -0.91%, down 5.21 percentage points year-on-year [2][4]. Summary by Sections Financial Performance - In 2024, the company’s total revenue was 830 million yuan, with a gross profit of 158 million yuan, resulting in a gross margin of 19% [14]. - The company’s operating costs were 673 million yuan, leading to a net profit of -8 million yuan for the year [14]. - For Q1 2025, the revenue was 162 million yuan, with a gross profit margin of 18.94% [2][4]. Business Segments - The connector business generated revenue of 617 million yuan in 2024, a year-on-year increase of 9.11%, while the component business reached a record high of 174 million yuan, growing 48.77% year-on-year [9]. - The company is focusing on expanding its semiconductor heat sink and 3D printing businesses, which are expected to drive future growth [9]. Future Outlook - The company anticipates significant growth in its semiconductor heat sink business, with plans to expand production lines from 2 to 4-7 by 2025, supported by strong order demand [9]. - The 3D printing segment is expected to enter small-scale production in 2025, contributing to revenue for the first time [9]. - Forecasted net profits for the company are projected to be 94 million yuan in 2025, 200 million yuan in 2026, and 446 million yuan in 2027 [9].

专利摘要显示，本申请的实施例公开了一种摄像机，涉及成像装置技术领域，为便于提高摄像机在高温 环境中工作的可靠性而发明。所述摄像机包括：外壳的侧壁上设有摄像窗口；镜头模组设于所述外壳 内，镜头模组中的镜头与所述摄像窗口相对应；半导体制冷片的第一端抵设于所述外壳的外壁上；电机 组件包括电机本体部和与所述电机本体部相连的输出轴；电机本体部固定于所述外壳内，输出轴穿过所 述外壳上的轴孔伸出至所述外壳外部；叶片设于外壳外部，且与输出轴固定相连；其中，电机本体部驱 动输出轴转动，输出轴带动叶片转动，以对半导体制冷片的第二端散热；半导体制冷片的第一端为冷 端，第二端为热端。本申请适用于拍摄图形。 金融界2025年5月3日消息，国家知识产权局信息显示，杭州海康威视数字技术股份有限公司取得一项名 为"一种摄像机"的专利，授权公告号 CN 222802934 U，申请日期为2024年7月。 天眼查资料显示，杭州海康威视数字技术股份有限公司，成立于2001年，位于杭州市，是一家以从事计 算机、通信和其他电子设备制造业为主的企业。企业注册资本923319.8326万人民币。通过天眼查大数 据分析，杭州海康威视数字技术股份有限公司共对 ...