Company Overview - Shenzhen Zhimi Intelligent Technology Co., Ltd. is a leading provider of intelligent internet hardware products and solutions in China, recognized as a national high-tech enterprise and a "specialized, refined, and innovative" small giant enterprise [1] - The company focuses on building a robust hardware foundation for industrial digitalization, promoting intelligent internet applications across various scenarios [1] Business Segments and Revenue - The main business segments include: - **Industry Terminals**: Revenue of CNY 2.597 billion, accounting for 64.38% of total revenue in 2024 [3] - **ICT Infrastructure**: Revenue of CNY 631 million, accounting for 15.65% [3] - **Industrial IoT**: Revenue of CNY 151 million, accounting for 3.75% [3] - **Intelligent Computing**: Revenue of CNY 301 million, accounting for 7.46% [3] Product Development and Innovation - The company is actively developing a range of robot controllers based on advanced chip platforms, focusing on various types of robots including industrial, mobile, and service robots [4] - The intelligent computing business offers a full lifecycle service for AI infrastructure, including planning, delivery, operation, and maintenance [5] Market Focus and Clientele - The company emphasizes its ODM+OBM dual-drive strategy, focusing on the "Zhimi Industrial" brand to meet market demands [6] - Key clients in the industrial IoT sector include major companies such as Aopu Te, BYD, Li Auto, and Hikvision [6]

证券研究报告 | 2025年05月22日 纺服行业专题:纺织服装 2024 年报&25 一季报总结-消费稳中求变，制造 静观其变 医药行业专题:海外制药企业 2025Q1 业绩回顾——美国药品价格改革叠 加不确定的宏观环境 计算机行业专题:人工智能专题报告：国内大厂扩张资本开支，算力租赁 订单持续落地 | 晨会纪要 | | --- | | 数据日期:2025-05-21 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3387.57 | 10294.22 | 3916.38 | 11519.96 | 2850.10 | 995.48 | | 涨跌幅度（%） | 0.20 | 0.43 | 0.46 | 0.08 | -0.02 | -0.21 | | 成交金额（亿元） | 4659.56 | 7074.88 | 2170.37 | 2684.10 | 3160.19 | 173.83 | 【常规内容】 宏观与策略 宏观快评:2025 年 4 月财 ...

证券研究报告 | 2025年05月21日 智微智能（001339.SZ） 优于大市 物联网数字化核心方案商，智算业务打开第二成长曲线 智微智能：以物联网为基，横向切入 AIGC 基础设施领域。公司为国内领先 的智联网硬件产品及解决方案提供商，成立于 2011 年，产品覆盖行业终端、 ICT 基础设施、工业物联网三大业务板块；2024 年投资设立控股子公司 腾云智算，致力于为客户提供 AIGC 高性能基础设施产品，围绕 AI 算力 规划与设计、设备交付、运维调优、算力调度管理、设备维保及置换等 提供端到端的智算中心全流程综合服务。根据 2024 年年报披露数据， 2024 年行业终端、ICT 基础设施、工业物联网、智算业务收入分别为 25.97、6.31、1.51、3.01 亿元，占比分别为 64.4%、15.6%、3.7%、7.5%。 传统主业：行业终端、ICT 基础设施、工业物联网三大板块。1）行业终端 业务：公司产品主要有教育商显 OPS、云终端、PC 类产品，其中 PC 类产品 受全球将进入后疫情时代换机潮，叠加 Win10 停更带来的换机需求拉动， 根据 IDC 披露数据，预计 25 年全球 PC 出 ...

Investment Rating - The report assigns an "Outperform" rating for the company [6] Core Views - The company is a leading provider of IoT digital solutions, with a focus on AIGC infrastructure, and has established a second growth curve through its intelligent computing business [1][3] - The company has diversified its revenue streams across three main business segments: industry terminals, ICT infrastructure, and industrial IoT, with a notable contribution from its newly established intelligent computing subsidiary [1][2][3] Summary by Sections Company Overview - The company, established in 2011, is a leading provider of IoT hardware products and solutions, covering various sectors including industrial, transportation, logistics, healthcare, finance, and education [14] - The company has a highly concentrated ownership structure, with the chairman and general manager holding 39.85% and 30.43% of shares respectively, indicating strong management confidence in performance [15] Main Business Segments - **Industry Terminals**: The company offers products such as OPS, cloud terminals, and PCs, benefiting from a post-pandemic replacement demand and a projected global PC shipment growth of 3.7% in 2025 [2][57] - **ICT Infrastructure**: The company provides servers, switches, and network security devices, with the global server market expected to reach $518.6 billion by 2029, growing at a CAGR of 16.3% from 2024 to 2029 [2][66] - **Industrial IoT**: This segment is expected to grow significantly, with a projected CAGR of 13.1% from 2024 to 2028, driven by increasing industrial digitalization [2] Intelligent Computing - The intelligent computing business is projected to generate significant revenue, with the subsidiary achieving $3.01 billion in revenue in 2024, driven by strong demand for AI infrastructure [3][29] - The global AI server market is expected to grow by 156% year-on-year in 2024, reaching $135.2 billion, with a CAGR of 21.5% from 2024 to 2029 [3] Financial Performance - The company is expected to see a substantial increase in net profit, with projections of $301 million, $400 million, and $496 million for 2025, 2026, and 2027 respectively, reflecting growth rates of 141%, 33%, and 24% [3][5] - The company's revenue is forecasted to grow steadily, with a projected revenue of $4.034 billion in 2024, representing a 10.1% year-on-year increase [5][29]

Company Overview - Shenzhen Zhiwei Intelligent Technology Co., Ltd. is a leading provider of intelligent hardware products and solutions in China, recognized as a national high-tech enterprise and a "specialized and innovative" small giant enterprise [2] - The company focuses on building a strong hardware foundation for industrial digitalization, promoting intelligent internet applications across various scenarios [2] Business Segments Industrial IoT - The Industrial IoT segment has seen nearly 50% revenue growth in 2024, maintaining a high growth rate over the past two years [4] - The company has developed a comprehensive product line based on X86 and ARM architectures, catering to various applications such as industrial automation, rail transportation, and smart logistics [4] - Key clients include well-known domestic manufacturers like BYD and Hikvision, with a distribution network of 60-70 dealers nationwide [5] Intelligent Computing (AIGC) - The intelligent computing business, launched in 2024, reported a revenue of CNY 301 million and a net profit of CNY 174 million, with a gross margin of 81.89% [7] - The company established a joint venture, Tengyun Intelligent Computing, to capitalize on the surging demand for computing power following the release of ChatGPT [6] - Services include AI computing planning, high-performance server delivery, and end-to-end intelligent computing center solutions [6] Financial Performance - In 2024, the company reported a net cash flow from operating activities of CNY 1.148 billion, a significant increase of 4,468.36% compared to the previous year [8] - Total revenue for 2024 was CNY 4.034 billion, with a year-on-year growth of 10% [8] - The company improved its accounts receivable management, resulting in a 51.82% reduction in overdue accounts by the end of Q1 2025 [8] Asset Management - As of the end of 2024, accounts receivable and inventory amounted to CNY 1.729 billion, reflecting a 10.20% increase year-on-year [10] - The company has implemented stricter controls on accounts receivable and inventory to mitigate credit impairment losses [10] Robotics Sector - The company has launched a series of robot controllers, positioning itself in the emerging robotics industry [9] - Plans include collaborating with partners to establish industry standards for robot controllers, enhancing the company's leadership in this field [9]

Company Overview - Shenzhen Zhimi Intelligent Technology Co., Ltd. is a leading provider of intelligent internet hardware products and solutions in China, recognized as a national high-tech enterprise and a "specialized, refined, and innovative" small giant enterprise [2] - The company focuses on building a robust hardware foundation for industrial digitalization, promoting intelligent internet applications across various scenarios [2] Business Performance - In 2024, the company adopted a dual-driven strategy of ODM and OBM, leading to a revenue increase of 19.35% year-on-year in Q1 2025, achieving 852 million CNY [4] - Net profit for Q1 2025 reached 42.12 million CNY, a significant increase of 226.89% compared to the previous year [4] International Market Expansion - Overseas revenue in 2024 was 336 million CNY, reflecting a growth of 42.43% [4] - The company is enhancing its product matrix by focusing on commercial display terminals and OPS product innovation, while also expanding into AI PC and industrial sectors [5] Dividend Distribution - The company announced a cash dividend of 0.80 CNY per 10 shares, totaling approximately 20 million CNY, based on a total share capital of 250,429,670 shares [4] Future Plans in Intelligent Computing - The company aims to provide end-to-end services in intelligent computing, including AI computing planning, GPU and high-performance server delivery, and maintenance services [6] - Plans for 2025 include developing proprietary intelligent computing devices and offering comprehensive operational services [6] Robotics Business Development - The company has launched specialized controllers for humanoid robots, utilizing NVIDIA platforms to provide efficient control solutions [7] - The robotic control solutions have been successfully implemented in various robotic devices, indicating a stable and mature product offering [7]