双城联动的全球智能机械与电子产品博览会，将于今年底在澳门和广东珠海同时举办。 双城联动，澳门会场展览面积达4万平方米 中国电子商会会长王宁透露，本届电子展首创双城联动会展模式，设置6大主题展馆。其中，澳门会场 以智能电子类产品为主，设置智能通信与物联网馆、智能视听与元宇宙馆、创投新概念馆，展览面积4 万m²，参展企业500家，展示卫星通讯、集成电路、新型显示、手机、AR/VR/XR产品、可穿戴智能设 备等产品及前沿科技项目、创新成果和商业模式。 珠海会场设置智能装备与工业互联网馆、智能交通与未来出行馆、智能家居与健康科技馆，展览面积3 万m²，参展企业约500家，主要展示机器人及数字化转型、新能源汽车、智能驾驶、无人机、低空科 技、智慧家居、智慧医疗等产品及应用。 据介绍，本届电子展将定向邀请5000位国际商协会代表、境内外采购商、行业领袖等到会，其中境外采 购商将邀请沃尔玛、戴姆勒、大众、三星等，预计将吸引海内外专业观众7万人到会。 展会期间将举办50场以上供采对接活动，组织采购商走进有关地市电子信息、光电通讯、家电、新能源 电池、声频电子、机械装备等产业集群和外贸转型升级基地。除了在北京启动首场路演推介， ...

Group 1: Business Segments and Developments - Aerospace precision manufacturing is a key future business area for the company, with a focus on UAV components and missile precision parts [2][3] - The company is developing the third generation of dexterous hands for humanoid robots, targeting multi-sensor integration and control [3] - The company has established a strong market presence in the new energy electric drive core, with significant supply to leading electric vehicle manufacturers [3][4] Group 2: Strategic Partnerships and Projects - The company is collaborating with Bosch on the new energy commercial vehicle drive motor assembly, with supply expected to start in the second half of 2025 [3][4] - The company has successfully broken the foreign monopoly in the heavy-duty truck EGR valve market and is expanding its customer base [7] - The company has entered into contracts for commercial satellite projects with Galaxy Aerospace, with ongoing cooperation with China Aerospace Technology Group [10][11] Group 3: Market Position and Competitiveness - The company holds a leading position in the domestic EGR system market for passenger vehicles, supplying major clients such as BYD, Chery, and Geely [6][7] - The EGR technology is positioned as a key solution for energy conservation and emission reduction in both commercial and passenger vehicles, aligning with national policies [5][6] - The company is optimistic about the market prospects for EGR systems, leveraging over 20 years of industry experience [5][6] Group 4: Financial Outlook and Growth Drivers - The revenue contribution from satellite products is expected to be 10-15% in 2024 [10] - The company anticipates significant growth in the precision components sector driven by new project mass production and an expanding customer base [7][8] - The copper busbar business is projected to double in 2025, supported by various vehicle models [8]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [22]. Core Insights - The company's Q1 2025 revenue reached 1.579 billion yuan, representing a year-over-year increase of 78.55% and a quarter-over-quarter increase of 4.79%. The net profit attributable to shareholders was 200 million yuan, showing a year-over-year increase of 656.87% and a quarter-over-quarter increase of 37.63% [1]. - The report highlights strong growth driven by AI server demand, with expectations for new capacity and customers to continue contributing to revenue growth in the second half of the year [1][7]. - The company is experiencing significant improvements in product structure and profitability, with a gross margin of 29.84% and a net margin of 12.67% in Q1 2025, reflecting a substantial increase from previous periods [7]. Financial Performance Summary - Total revenue projections for the company are as follows: 2024A at 4.687 billion yuan, 2025E at 7.549 billion yuan, 2026E at 10.024 billion yuan, and 2027E at 11.654 billion yuan, with respective year-over-year growth rates of 43.2%, 61.1%, 32.8%, and 16.3% [3]. - The net profit attributable to shareholders is projected to grow from 332 million yuan in 2024A to 1.988 billion yuan in 2027E, with year-over-year growth rates of 1,428.2%, 206.5%, 55.8%, and 25.4% [3]. - The report indicates a significant increase in R&D investment, reaching 91 million yuan in Q1 2025, up 87.08% year-over-year, aimed at supporting the development of next-generation AI servers and high-speed switches [7]. Market Position and Future Outlook - The company is positioned to benefit from the rapid growth of the AI industry, with expectations for continued demand for AI servers and high-speed switches, particularly as major clients like Amazon ramp up production of AI-related products [7]. - The report anticipates that the company's capacity expansion and successful project progress in high-speed switches will drive sustained revenue growth, with profit forecasts for 2025-2027 set at 1.017 billion yuan, 1.585 billion yuan, and 1.988 billion yuan respectively [7].

点击招商研究小程序查看PDF报告原文 事件：公司发布24年财报，24全年收入46.9亿同比+43.2%，归母净利3.32亿，去年同期亏0.25亿， 扣非归母3.27亿，去年同期亏0.44亿，毛利率22.7%同比+8.2pcts，净利率7.1%同比+7.9pcts，拟每 10股派发现金红利2.50 元（含税）。结合公司近况，我们点评如下 ： 24Q4受益AI相关订单高速增长，收入规模创历史新高。 24年业绩大幅扭亏主要系公司持续优化产 品结构，随着市场对高层数、高精度、高密度和高可靠的多层印制电路板需求增长，收入实现同比 较大增长，净利润扭亏为盈。24Q4收入15.1亿同比+70.9%环比+25.0%，归母净利1.45亿，去年 同期亏0.07亿环比+60.8%，扣非归母1.49亿，去年同期亏0.16亿环比+71.7%，毛利率25.0%同 比+14.9pcts环比持平，净利率9.7%同比+10.5pcts环比+2.2pcts。业绩高速环增主要系亚马逊AI 服务器需求量持续向上，产品结构随高毛利的算力订单放量继续优化 。 三大产品应用领域均实现积极进展。 1）通讯领域：高速网络基础设施需求加速增长，公司与行业 头部 ...

昨晚有点不好意思哈，稍微喝多了点，再加上最近调睡眠生物钟，双buff叠困意，坐电脑前的时候眼睛都睁不开了，大脑大 概只有5-10%的功率，强撑着写完一段请假的话，倒头就睡。真的是脸一靠在枕头上就昏古七啦，再醒来就是凌晨4点。 我这人不嗜酒，但就还挺喜欢偶尔和好朋友好哥们一起喝的晕乎乎的感觉，喝高兴了嘛，有平时没有的一种畅快和松弛。 如果不是每晚公众号要上钟，我一年下来且要喝醉不少次，所以说为你们服务也间接的鞭策着我过更自律更健康的生活 虽然少写了一天，但也没耽误啥事，因为a股又平平无奇的浪费了一天。 5900亿成交量，又跌回下水沟了，市场中位数-0.22%，北向资金净抛售21亿，各项数据都很典，前段时间的感觉又回来 了。其实今天全球大环境挺好的，95%以上的市场指数都在上涨，但这也没能阻止a股又习惯性的尾盘拉垮。 整体萎靡的市场也有少许概念板块的亮点，比如商业航天、教培、光纤、智能电网都有局部行情。 商业航天是因为千帆星座（中国版星链）向天上发射了首批18颗卫星，这个项目背后的运营方是上海国资控股的科技公 司，a轮融了67亿，虽然星链在这个领域已经拥有巨大的先发优势，但卫星通讯背后往往有政治博弈和军事诉求，所 ...