答:公司2024年末应收账款账面价值1.88亿，占总资产的 12.88%，2024年应收账款周转天数为66天，处于行业对标企业健康 区间。对核心客户，公司严格遵循其标准化招投标结算规范，业务 团队依托客户信息化结算平台，实现从"订单签订→履约交付→票 据结算"的全流程数字化闭环，确保账期透明可控。对其他客户， 实施动态信用风险管控，基于核心客户群体的优质信用资质及公司 精细化管控措施，应收账款回款质量健康稳定，为经营现金流安全 提供了坚实保障。 证券代码：300514 证券简称：友讯达 深圳友讯达科技股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与公司2024年度网上业绩说明会的全体投资者 | | 时间 | 2025年04月11日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online. ...

Group 1: Macroeconomic Insights - The recent reciprocal tariffs imposed by the US have significantly exceeded expectations, with the overall tariff rate on China reaching 65.7%, potentially reducing China's exports by 7-9 percentage points in 2025 and impacting GDP by over 1.0 percentage point [4] - The economic pressure from these tariffs is expected to accelerate the introduction of new policies, particularly those aimed at increasing leverage, including potential interest rate cuts and fiscal stimulus measures [4] - The report suggests that fiscal measures may include additional bond issuance, estimating that a 1 percentage point decline in exports would require a fiscal boost of approximately 1.3 trillion yuan [4] Group 2: Sector Performance - The report highlights that certain cyclical industries are entering a strong trend phase with low crowding, particularly in chemicals, non-ferrous metals, and steel, while the TMT sector shows high crowding and should be approached with caution [14] - The banking sector is expected to benefit from policy catalysts, with specific banks like Ningbo Bank and Postal Savings Bank recommended for their cyclical positioning [22] - The tungsten industry is noted for its strategic advantages, with companies that can ensure resource supply and high-end processing likely to benefit from the ongoing industry cycle [24] Group 3: Company-Specific Analysis - Xiaomi Group is projected to see revenue growth from 452.3 billion yuan in 2025 to 713.6 billion yuan by 2027, with a focus on improving gross margins and expanding its IoT business [38] - The report anticipates that Lekin Technology will achieve revenues of 26.4 billion yuan in 2025, driven by its AIoT platform and expanding product matrix, with a "buy" rating assigned [26] - The company Kai Lai Ying is expected to recover with a projected net profit of 10.9 billion yuan in 2025, supported by a favorable order environment and ongoing investment in R&D [35] Group 4: Retail Sector Developments - The company Kid King is focusing on a multi-channel strategy and aims to accelerate its AI incubation efforts, with projected revenues of 107 billion yuan by 2025 [33] - Aiying Room is optimizing its traditional store operations and expanding its new business formats, with expected revenues of 36.9 billion yuan in 2025 [34]

Core Viewpoint - The company is actively engaging in the integration of AI technology within the elderly care sector, focusing on personalized and efficient service delivery through its AI Agent, named I gent, in collaboration with major tech firms [2][3]. Group 1: AI Agent Application - The AI Agent, I gent, is designed to enhance user experience in community and home-based elderly care by supporting users throughout their journey, from initial engagement to daily living and health management [2]. - I gent serves as an efficient tool for customer acquisition and a guide for elderly individuals and their families to transition into new living arrangements [2]. - The AI Agent provides comprehensive support for daily activities, social engagement, and health monitoring, ensuring continuous care for the elderly [2]. Group 2: Unique Features of AI Agent - Unlike generic AI agents, I gent is tailored specifically for the elderly care sector, addressing the limitations of general-purpose AI in specialized fields [3]. - The company aims to evolve I gent from an information processor to a service executor, integrating offline services to enhance user experience [3]. Group 3: National University Elderly Care Project - The "National University Elderly Care" project combines IoB technology with AI to create precise health management solutions for home-based elderly care, emphasizing lifelong learning and intergenerational communication [4]. - The project has received significant attention since its launch, with platform exposure exceeding one million [4]. Group 4: Educational Initiatives - The company operates Fuzhou University of Technology, focusing on applied education and aligning its curriculum with industry needs, currently hosting nearly 12,000 students [5]. - The university's integration with the company's strategy has created a platform for technology research, application, and talent development [6]. Group 5: Strategic Collaborations - A strategic cooperation framework has been established with Xiamen University and the local government to create the "National Future Science City," enhancing research and talent development in key technological areas [7]. Group 6: Financial Performance - In 2024, the company reported a significant increase in revenue and net profit, with a year-on-year growth of 53%-82% in net profit [8]. - The company's Q3 2024 report indicated a 14.91% increase in main revenue to 365 million, and a 66.99% increase in net profit to 148 million [8].

Core Viewpoint - The company, Xiechuang Data, has demonstrated significant growth in its financial performance, with a notable increase in both revenue and net profit for the year 2024, driven by strategic investments and market expansion efforts [1][2][3]. Financial Performance - In 2024, Xiechuang Data achieved a revenue of 74.1 billion yuan, representing a year-on-year growth of 59.08% [1][2]. - The net profit attributable to shareholders reached 6.92 billion yuan, marking a 140.8% increase compared to the previous year [1][2]. - The company's operating cash flow turned from a net outflow of 0.97 billion yuan in 2023 to a net inflow of 0.99 billion yuan in 2024 [2][3]. - The gross profit margin reached a historical high of 17.36%, an increase of 3.81 percentage points year-on-year [2]. Product Segmentation - Xiechuang Data's revenue growth was driven by three main product categories: IoT smart terminals, data storage devices, and other products, with respective growth rates of 60.82%, 54.98%, and 83.89% in 2024 [1][3]. Market Expansion - The company has significantly increased its overseas market presence, with foreign revenue reaching 37.49 billion yuan in 2024, accounting for over 50% of total revenue [1][5]. - Since its listing, Xiechuang Data has invested in overseas factories, including in Southeast Asia, to enhance its international operations [4][5]. R&D Investment - Xiechuang Data has consistently increased its R&D expenditures, totaling 2.41 billion yuan in 2024, with a cumulative investment of 6.73 billion yuan since its listing [6]. - The company holds 395 domestic patents in the smart IoT terminal sector and has also secured 7 patents in the overseas market, specifically in the United States [6]. Customer Concentration Risk - The company faces customer concentration risk, with sales to its top five customers totaling 40.93 billion yuan, representing 55.23% of total sales for the year [3].

Group 1: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism has successfully created a "cultural IP + tourism + technology" full industry chain layout through asset restructuring and strategic transformation, promoting deep integration and innovation in the cultural tourism industry [2][11] - The company faced challenges in its animation business from 2019 to 2020, resulting in a 45.02% revenue decline in 2020. However, it leveraged its rich animation IP resources to achieve a strategic transformation and enhance profitability, with 2023 revenue reaching 722 million yuan, a year-on-year increase of 55.81% [2][11] - The company has expanded its tourism assets across regions such as "Daxiangxi," "Dahuangshan," "Dachengyu," and "Danangling," forming a national chain of scenic spots and enhancing brand value through diversified offerings [3][11] Group 2: Lexin Technology - Lexin Technology is a small but robust IoT chip design manufacturer with a stable operating team and a concentrated shareholding structure, which enhances team motivation and operational stability [4][11] - The company has established a competitive advantage by developing low-power, high-performance chips based on the open-source RISC-V architecture, which better meets the needs of AI devices at the edge [4][12] - Lexin's ecosystem includes a rich developer community of over 3 million global developers, supporting mainstream IoT applications and creating a platform effect that drives growth [12] Group 3: Tonghua Jinma - Tonghua Jinma has shifted from relying on mergers and acquisitions to innovation-driven high-quality development, focusing on R&D breakthroughs and asset optimization [17][19] - The company is advancing a new drug for Alzheimer's treatment, with a projected peak sales potential of around 7 billion yuan, addressing a significant market need for new therapies [17][19] - The company has a target market capitalization of 22.2 billion yuan, indicating a potential upside of 26% from its current market value, with a "buy" rating assigned [19] Group 4: China Duty Free Group - China Duty Free Group reported a 16.38% decline in revenue for 2024, with net profit down 36.4%, reflecting challenges in the duty-free market [21] - The company is expanding its city duty-free store projects in response to policy changes, aiming to enhance its market presence [21][24] - Despite the challenges, the company is focusing on digital transformation and member engagement to improve customer experience and retention [24]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The IoT industry is experiencing significant growth, with a projected national market size of approximately 3.6 trillion yuan in 2023, and an expected compound annual growth rate (CAGR) of 18.9% during the 14th Five-Year Plan period [1]. - The company is actively innovating and launching new products, including various smart gateways and routers, to meet the demands of multiple sectors such as vehicle insurance and remote monitoring [2]. - The company's business expansion is showing results, with a focus on emerging fields like vehicle insurance, asset management, and cold chain logistics, which are expected to drive future growth [3]. Summary by Sections Market Overview - The national IoT industry is projected to exceed 5 trillion yuan by 2025, with a CAGR of 23.4% during the 13th Five-Year Plan [1]. - The government is supporting the development of the connected vehicle industry through new policies aimed at enhancing infrastructure and technology standards [1]. Product Development - The company has introduced several innovative products in 2024, including the GV850/851 smart bus gateway and the WR210LG router, catering to various industrial standards [2]. - There is a continued emphasis on developing connected products for two-wheeled vehicles, exploring applications of AI and large model technologies [2]. Financial Forecast - The company's net profit forecasts for 2024 and 2025 have been adjusted to 189 million yuan and 246 million yuan, respectively, reflecting a decrease of 17% and 20% from previous estimates [3]. - The report projects a net profit of 294 million yuan for 2026, with corresponding price-to-earnings ratios of 34, 26, and 22 for the years 2024, 2025, and 2026 [3]. Key Financial Metrics - Revenue is expected to grow from 1,002 million yuan in 2022 to 1,674 million yuan by 2026, with a growth rate of 19.45% in 2026 [4]. - The company's return on equity (ROE) is projected to increase from 9.8% in 2022 to 13.23% in 2026 [11].

Core Insights - The upcoming CES Asia 2025 is positioned as a critical battleground for industry influence, attracting global business elites [1][2] - The event will feature a high-level forum focusing on the standardization of the Internet of Things (IoT), with key players from various sectors collaborating to shape the future of the industry [1] - Companies that successfully integrate their technological proposals into industry standards will gain significant competitive advantages, including enhanced product compatibility and lower market entry barriers [1] Group 1 - The CES Asia 2025 is set to be a pivotal event for companies to assert their influence in the tech industry [1] - The high-level forum will serve as a platform for discussions on IoT standardization, addressing the need for unified protocols across various segments [1] - Leading companies and research teams will collaborate to create a blueprint for the future of the IoT industry [1] Group 2 - Executive speeches will play a crucial role in showcasing companies' technological advancements, particularly in the smart health sector [2] - A notable executive highlighted the growing demand for refined health management solutions, demonstrating how their smart wearable devices redefine health monitoring standards [2] - The preparations for CES Asia 2025 are in full swing, with companies eager to leverage the event to seize industry opportunities and drive technological advancements [2]

Core Viewpoint - Cluster Group Holdings officially launched its listing in the U.S., marking a significant step towards entering the global capital market [1][9][80] Group 1: Event Overview - The listing announcement event took place on March 23 at the Hongqiao Jinjiang Hotel in Shanghai, attended by over 300 guests including leaders, experts, and media [1][3] - The event featured a lion dance performance symbolizing prosperity and success, with key figures from the company and financial sector participating in the ceremony [7][28] Group 2: Leadership Statements - Chairman Wang Zhihong emphasized the importance of team support and professional guidance from World Financial Holdings in achieving the U.S. listing, which opens new avenues for global strategy [9][22] - Yang Dao, Chairman of World Financial Holdings, highlighted the unique community O2O IoT service platform and innovative supply chain model of Cluster Group, which has garnered attention in the U.S. capital market [11][37] Group 3: Strategic Insights - Former Deputy Director of the Ministry of Commerce, Nie Linhai, praised Cluster Group's innovative model and strategic value, noting its growth story as a reflection of China's reform and market dynamics [13][16] - The company aims to leverage international market mechanisms to enhance its core competitiveness and expand its market share [31][80] Group 4: Future Plans - The event included discussions on future strategic planning, capital market operations, and financing paths post-listing, with insights shared by executives from World Financial Holdings [33][35] - Cluster Group plans to optimize its capital structure and deepen market expansion while enhancing its influence and core competitiveness in the community e-commerce sector [80] Group 5: Partnerships and Collaborations - The event attracted significant attention from capital institutions and partners, resulting in the signing of agreements with multiple authorized operating companies and supply chain enterprises [50][51] - The company is focused on building a symbiotic ecosystem through its two core segments: IoT services and supply chain management, aiming for a comprehensive service cycle [46][47]

Core Viewpoint - The press conference for Cluster Group Holdings' listing in the U.S. marks the beginning of a new journey in the global capital market, symbolizing a significant milestone in the company's development [1][3]. Group 1: Event Overview - The press conference took place on March 23, 2025, at the Hongqiao Jinjiang Hotel in Shanghai, organized by Cluster Group Holdings and supported by various partners and government officials, attracting nearly 300 attendees [1][2]. - The event featured a lion dance performance symbolizing prosperity and was attended by notable figures from government, business, and media [2][3]. Group 2: Leadership Statements - Chairman Wang Zhihong expressed gratitude for the support from the supply chain team and World Financial Holdings, emphasizing the importance of this listing for the company's global strategy [3][6]. - Yang Dao, Chairman of World Financial Holdings, highlighted the unique O2O IoT service platform of Cluster Group, which has garnered attention in the U.S. capital market [3][4]. Group 3: Future Strategy and Operations - The company plans to leverage international capital to enhance technological innovation and industry upgrades, aiming for long-term development [4][8]. - Future operations will include restructuring, mergers, and compliance with U.S. SEC regulations, with a target stock price of $200 [10]. Group 4: Media Engagement - Following the conference, key executives participated in interviews with major media outlets, discussing the company's strategic planning and the journey towards U.S. listing [12][13].

Group 1: Company Overview and R&D Investment - The company has maintained a consistent R&D investment ratio of approximately 10% since its listing [1] - In the first three quarters of 2024, the R&D investment ratio reached about 21%, with a significant portion allocated to semiconductor business development [2] Group 2: Synergy Between Business Areas - The semiconductor business benefits from the technological platform and management experience accumulated in the IoT sector, enhancing product development capabilities [2] - The company has successfully developed an intelligent drilling machine based on the integration of IoT and semiconductor technologies, which has been delivered to customers [2] Group 3: Core Components and Applications - Core components are crucial for ensuring the security and autonomy of the domestic supply chain, with applications in both semiconductor and non-semiconductor sectors [2] - In the semiconductor sector, components include spindles for cutting, grinding, and polishing, while non-semiconductor applications involve components for automotive painting robots and high-precision machining [2] Group 4: Product Development Capabilities - The company has developed a unique integrated planetary roller screw electric cylinder with a machining precision of 1μm and a repeat positioning accuracy of 10μm [3] - The electric cylinder can be customized based on customer needs and application scenarios, with a stroke length of 250 mm [3] Group 5: Impact of External Factors - The Israeli subsidiary ADT continues to operate normally despite regional conflicts, ensuring the supply of high-quality cutting equipment and blades [3] - The Zhengzhou production base, which commenced operations in 2023, is capable of meeting domestic order demands in collaboration with the Israeli facility [3]