两融数据显示，该股最新融资余额为17.17亿元，近5日减少8613.97万元，降幅为4.78%。（数据宝） 11月28日大华股份大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 95.97 | 1627.65 | 16.96 | -10.45 | 华龙证券股份有限公司兰州 | 中信建投证券股份有 | | | | | | 东岗西路证券营业部 | 限公司甘肃分公司 | 大华股份11月28日大宗交易平台出现一笔成交，成交量95.97万股，成交金额1627.65万元，大宗交易成 交价为16.96元，相对今日收盘价折价10.45%。该笔交易的买方营业部为华龙证券股份有限公司兰州东 岗西路证券营业部，卖方营业部为中信建投证券股份有限公司甘肃分公司。 （文章来源：证券时报网） 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为2068.15万元。 证券时报·数据宝统计显示，大 ...

华西证券研报指出，安联锐视增资安兴宇联、合资成立元启联安，进一步实施机器人产业战略布局。公 司当前正处于传统安防主业稳健发展与机器人新业务战略性突破的关键阶段。若26年年初能够解除制 裁，2026年业绩或将出现明显增长，一方面外贸业务全面恢复带来的收入和净利润增加，另一方面解除 制裁后冲回的应收账款坏账损失释放的利润。公司兼具短期业绩韧性及中长期成长弹性。维持盈利预 测，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company plans to increase its stake in the joint venture Anxing Yulian from 38% to 47.5% and establish a new joint venture, Jiangsu Yuanqi Lian'an Robot Technology Co., Ltd., with a 40% ownership to focus on the research, manufacturing, and sales of embodied intelligent robots [2][4] - The capital increase in Anxing Yulian is part of the company's strategic layout in the robotics industry, aligning with its overall development strategy and benefiting long-term growth [3] - The company is at a critical stage of steady development in its traditional security business while making strategic breakthroughs in the new robotics business, with expectations of significant revenue growth in 2026 if sanctions are lifted [5] Financial Summary - Revenue projections for 2025-2027 are estimated at 415 million, 668 million, and 922 million yuan, with year-on-year changes of -40%, +61%, and +38% respectively [5][7] - Net profit forecasts for the same period are 34 million, 87 million, and 138 million yuan, with year-on-year changes of -53%, +158%, and +58% respectively [5][7] - Earnings per share (EPS) are projected to be 0.49, 1.25, and 1.98 yuan for 2025, 2026, and 2027, corresponding to price-to-earnings (PE) ratios of 144, 56, and 35 times based on the closing price of 69.9 yuan on November 25 [5][7]

证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 26 日 [Table_Title] 增资安兴宇联、合资成立远期联安，进一步 实施机器人产业战略布局 [Table_Title2] 安联锐视(301042)事件点评 | [Table_DataInfo] 评级： | 买入 | 股票代码： | 301042 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 73.3/28.31 | | 目标价格： | | 总市值(亿) | 48.74 | | 最新收盘价： | 69.9 | 自由流通市值(亿) | 46.15 | | | | 自由流通股数(百万) | 66.02 | [Table_Summary] 事件概述 1.拟增资联营公司安兴宇联，持股比例由 38%提升至 47.5%。 2.拟合资成立江苏元启联安机器人科技有限公司，开展具身智能机器人的研发、制造和销售等业务，公司持股 比例为 40%。 ► 拟增资联营公司安兴宇联，进一步实施机器人产业战略布局。 联营公司安兴宇联拟增加注册资本 300 万元，公司拟使用自有资金 256 ...

Core Insights - The annual list of top 100 enterprises in Zhejiang serves as an important indicator of the development of local companies, with total revenue exceeding 10 trillion yuan for three consecutive years, and 33 companies reporting revenues over 100 billion yuan, an increase of 2 from the previous year [1] - The growth of Zhejiang enterprises is driven by continuous investment in technological innovation, with 89 companies holding a total of 178,180 patents, marking an increase of 17,811 patents (11.11%) from the previous year [1] Group 1: Revenue and Rankings - Alibaba Group leads the list with a revenue of 996.35 billion yuan, followed by Rongsheng Holding Group at 658.60 billion yuan and Geely Holding Group at 574.83 billion yuan [12] - The top 10 companies by revenue include notable names such as Hikvision, NetEase, and Ant Group, with revenues ranging from approximately 924.96 million yuan to 996.35 billion yuan [12][13] Group 2: R&D Investment - Geely Holding Group ranks first in R&D investment with 266.65 billion yuan, a 16.3% increase from the previous year, and has committed over 100 billion yuan for R&D from 2021 to 2025 [9][10] - Ant Group follows with an R&D investment of 234.59 billion yuan, a 10.7% increase, and leads in patent holdings with 23,550 patents [7][10] - NetEase ranks third with an R&D investment of 175.25 billion yuan, reflecting a 6.3% year-on-year growth, and has focused on AI technology to enhance user experience in various sectors [5][10] - Hikvision, the largest security company globally, invested 118.64 billion yuan in R&D, maintaining a research expense ratio exceeding 10% for five consecutive years [3][10] Group 3: Technological Innovation - The manufacturing sector dominates patent holdings, with 65 companies owning 137,551 patents, while the service sector holds 37,859 patents [1] - Companies like Ant Group and NetEase are heavily investing in AI technologies, with Ant Group launching three AI assistants that have served over 130 million users [7] - Geely has been recognized for its innovation in hybrid power control technology, leading the industry in several patent metrics [9]

Core Insights - Hikvision has established itself as a leader in smart manufacturing, showcasing its advanced technologies such as IoT perception and AI models at its Tonglu manufacturing base, which has received multiple honors including being a national intelligent manufacturing demonstration factory [1][4] Group 1: AI Model Implementation - Since the second half of 2024, Hikvision has been adjusting its strategy to leverage AI model opportunities while maintaining its leading position in the security industry, focusing on digital transformation and operational efficiency [2] - The Hikvision Guanlan model has been successfully implemented in production lines, enhancing industrial production efficiency and accuracy by acting as a "quality inspector" [3][5] - The model has achieved over 99% accuracy in detecting assembly errors across various production lines, significantly improving quality control processes [3] Group 2: Production Efficiency and Automation - The Tonglu manufacturing base has seen a transformation in production capabilities, handling nearly 10,000 daily orders with approximately 75% being customized configurations [6] - The implementation of digital systems like APS and MES, along with self-developed intelligent algorithms, has led to a 31% reduction in average line changeover time [6] - The facility features the first fully automated production line in the industry, capable of producing one unit every 15 seconds without human intervention, ensuring traceability and quality [6] Group 3: Robotics and Quality Control - Hikvision's self-developed mobile robot clusters interact in real-time with the warehouse management system to optimize delivery paths, enhancing operational efficiency [7] - The introduction of X-Ray defect detection equipment has improved inspection efficiency by 80% for electronic components, showcasing the integration of AI in quality assurance [7] Group 4: Industry Impact and R&D Investment - Hikvision's technology is being applied across various sectors, including electronics and coal, demonstrating its potential for digital and intelligent upgrades in multiple industries [8] - The company has consistently invested over 10% of its revenue in R&D over the past five years, with a total investment of 47.702 billion yuan, indicating a strong commitment to innovation [8]

证券日报网讯 大华股份（002236）11月21日在互动平台回答投资者提问时表示，公司持续聚焦智慧物 联主航道，围绕赋能城市和企业的数智创新与转型落地。城市业务已成为公司重要组成部分，公司持续 助力推动城市业务从改善城市管理到城市高效治理，提升公共安全到安全体系升级，生态环境监测到生 态协同治理等。公司也将紧密跟踪相关政策和行动计划，积极参与到全域数字化转型的建设中。 ...

Core Insights - Zhengzhou Yongguan Defense Technology Co., Ltd. has been established with a registered capital of 100,000 RMB [1] - The company is involved in various sectors including intelligent robot sales, AI application software development, and security technology services [1] Company Overview - The legal representative of the company is Li Guizong [1] - The business scope includes sales of smart robots, service consumer robots, and various electronic products [1] - The company also offers technical services, development, consulting, and technology transfer [1] Industry Implications - The establishment of the company indicates a growing interest in the fields of artificial intelligence and robotics within the region [1] - The diverse range of services and products suggests potential for innovation and market expansion in the technology and defense sectors [1]

Core Viewpoint - The company is in a transformation phase, with both traditional security and new robotics businesses expected to drive future growth. The main business, traditional security video surveillance, is projected to account for 98% of revenue in 2024, with approximately 90% from overseas markets, primarily through an ODM model [1]. Traditional Business - The company has a dual-channel coverage for both B2B and B2C scenarios, with deep technical accumulation and increased investment in AI R&D, driving product intelligence upgrades. It is one of the few suppliers in the industry with both B2B and B2C capabilities, alongside industry leaders Hikvision and Dahua [1]. - The company has experience in complex procurement and project implementation processes for large clients in government and enterprise sectors, as well as resources in retail and e-commerce channels. It has also gained supplier qualifications from international brands like Huawei and Samsung [1]. - Continuous R&D investment has led to product iterations, with the R&D expense ratio increasing from 5.8% in 2020 to 16.4% in Q1-Q3 2025, resulting in an increase in gross margin from 24.1% to 37.7% during the same period [1]. Robotics Business - The company is strategically transforming towards the special robotics sector, capitalizing on the explosive growth of the robotics industry and policy benefits. It focuses on special robots for confined spaces, collaborating with a team led by Professor Sun Bingyu from the University of Science and Technology of China [2]. - Products include guide robots, intelligent inspection dogs, and drones, targeting artificial replacement needs in harsh environments such as underground pipelines and high-pressure conditions, thereby avoiding fierce competition in consumer-grade and general industrial robots [2]. Investment Recommendations - The company is at a critical stage of stable development in its traditional security business and strategic breakthroughs in its robotics business. If sanctions are lifted by early 2026, significant growth in performance is expected, driven by the recovery of foreign trade business and the release of profits from previously written-off receivables [3]. - Revenue projections for 2025-2027 are 415 million, 668 million, and 922 million yuan, with year-on-year changes of -40%, +61%, and +38% respectively. Net profit attributable to the parent company is projected to be 34 million, 87 million, and 138 million yuan, with year-on-year changes of -53%, +158%, and +58% respectively. EPS is expected to be 0.49, 1.25, and 1.98 yuan, corresponding to PE ratios of 136, 53, and 33 times based on the closing price of 66.1 yuan on November 15 [3].

证券研究报告|公司深度研究报告 [Table_Date] 2025 年 11 月 18 日 [Table_Title] 转型双主业，开启机器人新征程 [Table_Title2] 安联锐视(301042) [Table_Summary] 核心观点 ► 公司处于转型期，未来双主业有望共同驱动增 长。公司主业为传统安防视频监控，2024 年传统安防业务收 入占比 98%，海外市场占比约为 90%，以 ODM 模式为主。2024 年 5 月公司投资设立浙江安兴宇联机器人有限公司，在机器人 和 Ai 硬件及智能体等新领域开发第二增长曲线。 ► 传统主业：公司渠道覆盖 toB 和 toC 双场景，技 术积累深厚，叠加持续加大 AI 研发投入，推动产品智 能化升级。 公司是行业内少数具备 toB 与 toC 双场景的供应商，另外还有 行业龙头海康威视、大华股份。公司具备政企等大客户的复杂 采购和项目实施流程经验，以及零售、电商等渠道资源。同 时，公司的技术端积累深厚，曾获得华为、三星等国际品牌的 供应商资格。此外，公司历年持续加码研发投入，在 24 年 10 月受到美国制裁后，研发费用率持续提升，2020-2025Q1- ...