报告导读： 上周（ 2025/6/30-2025/7/4 ）机械设备指数涨跌幅为 +0.28% 。关注人 形机器人等领域科技创新，固态电池加速推进，叉车、出口链、 3C 设备板块向好。 机器人：多场景机器人加速出海，技术突破与盈利改善驱动价值重估。 卧安机器人聚焦 AI 具身机器人， 全球市占率达 11.9% ，日本市场占比超 57% ；云迹科技专注酒店服务场景，在线机器人数量全球领 先。极智嘉在仓储 AMR 领域连续六年保持全球第一，海外收入占比超 70% ；我们认为，具备核心技 术、全球化布局与盈利改善趋势的机器人企业有望迎来价值重估。尽管多数企业仍处亏损阶段，但费用率 改善明显。建议关注具备底层技术研发、专利储备及海外市场拓展能力的公司。 风险提示： 新技术研发不达预期、产业政策变化、市场竞争加剧等。 报告来源 锂电：固态电池加速推进，设备环节有望率先受益。 受市场需求驱动，固态电池产业化进程持续提速，宁 德时代、亿纬锂能、比亚迪等头部企业纷纷布局中试线并推进样品验证，部分企业已实现半固态量产，预 计 2025~2027 年将进入全固态小批量投产阶段。我们认为，固态电池在材料体系与工艺路径上存在显著 差 ...

佳禾智能 20250610 摘要 华西电子收购拜亚动力旨在提升品牌效应，摆脱 ODM 模式的毛利率下 降困境，并期望通过业务协同在市场、技术和供应链上实现突破。尽管 拜亚动力 2023 年出现亏损，但 2024 年利润已恢复正常。 拜亚动力出售源于家族股东个人原因，而非品牌经营问题。华西电子选 择收购细分领域高端品牌，旨在减少与现有 ODM 客户的冲突，实现消 费电子与专业高端领域的互补。 减持公告与收购事件无关联，系监管部门按股东申请时间安排发布。公 司被列入美国 337 条款被告名单，因客户产品在美国众筹良好，但公司 仅为 OEM 生产，不涉及知识产权，预计对公司无实质影响。 AI 眼镜项目进展顺利，已成立专门团队元启，接近 10 个产品在开发中， 预计 2026 年销量可达 10 万至 20 万台，销售额约为 2 至 4 亿元。多家 实力较强客户对市场前景充满信心。 美国关税问题暂无实质性影响，公司已采取应对措施，将可能受影响的 订单转移至越南生产。越南产能预计在 2025 年将增加至 25%-30%， 四个月营收即可覆盖出口美国的成本。 Q&A 请介绍一下公司与拜亚动力的交易情况。 公司在 2024 ...

点击注册小程序 特别申明： 1)出货量方面， 1Q25小米手机全球出货同比增长3%至4180万台，其中中国市场表现亮眼，1Q25小米在中 国大陆出货市占率18.8%，同比提升4.7pct、时隔十年重回第一，中国出货同比增速40%，远超行业增速 （1Q25中国智能手机市场出货yoy+5%）2)ASP方面， 1Q25小米手机ASP提升至 1211元， yoy+5.8%/qoq+0.7%，主要受益于国补+高ASP的国内出货占比提升。3)毛利率方面，1Q25手机业务毛利 率12.4%，较4Q24的12.0%环比提升0.4pct，核心受益于海外市场产品结构改善。 IoT收入&毛利率再创新高，广告带动互联网业务稳步增长 1)IoT业务: 1Q25 IoT收入323亿元，同比增速高达59%，其中科技家电收入同比增速113.8%，空调出货量 同比增长超65%至110+万台，冰箱出货量同比增长超65%至88+万台，洗衣机出货量同比增长超100%至 74+万台；此外，全球平板+可穿戴产品出货均有亮眼表现。我们认为，受益于小米品牌力提升+零售渠道 拓展+国补政策刺激，2Q25-4Q25 IoT业务营收有望延续增长趋势。2)互联网业 ...

以下文章来源于AGI接口 ，作者丸都山 当下的小米，真有点"六边形战士"那味了。 AGI接口 . AI卷起的财富风暴。 出品 | 虎嗅科技组 作者 | 丸都山 编辑 | 苗正卿 头图 | 视觉中国 5月27日晚间，小米集团发布2025年第一季度财报，期内营业收入达到1112.93亿元，同比增长 47.4%；经调整净利润106.8亿元，同比增长64.5%，两项核心财务数据均超出彭博此前给出的预 期。 具体到各业务板块上，可谓"全面无短板"：手机业务一季度国内市场出货量同比大涨40%，以 18.8%的市场份额重回国内市场第一；智能大家电收入同比增加113.8%，可穿戴产品收入同比增 加56.5%；汽车业务已接近盈亏平衡。 在财报发布前，二级市场有观点认为，小米过去几年铺垫的利好消息均已释放，其估值即将得到 修正。需要说明的是，相比去年一季度财报发布时，小米股价上涨超过205%。 但这样一份成绩单，成功实现了对股价的"业绩托底"。截至5月28日港股收盘，小米股价上涨 0.39%，收报51.75港元，基本可以看作初次完成"基本面验证"的考验。 那么小米究竟做了什么，让摩拳擦掌的机构难以找到做空支点？看似无懈可击的增长 ...

电子周观点： 关注 2025 台北国际电脑展 AI 新动向。以"AI Next"为主题的 COMPUTEX 2025 将于 5 月 20-23 日在台北南 港展览中心举行。此次活动将吸引近 1400 家参展商，展示人工智能与机器人、新一代技术、未来移动三大主题。 英伟达 CEO 黄仁勋将发表主题演讲，包括 GeForce、AI 加速器及 Omniverse 平台的最新进展。英伟达与联发 科合作开发的 Arm 架构 PC 处理器有望正式亮相，标志着英伟达加速布局 Windows-on-Arm 生态体系，英伟达 首席执行官黄仁勋与联发科执行长蔡力行将发表演讲，预计将正式宣布 N1X 与 N1 系列处理器，这些新品将结 合联发科的 Arm 架构 CPU 与 Nvidia 的 Blackwell 架构 GPU，面向高性能 AI 桌面与笔电设备，构建代号为 GB10 的新平台。AMD CEO 苏姿丰博士也将发表演讲，展示公司在 GPU、AI 和数据中心领域的整体布局。高通公司 总裁兼 CEO 安蒙也将在 COMPUTEX 2025 上发表演讲，分享骁龙 X 系列平台在 AI 时代取得的显著进展与未 来规划，并展示终端侧 ...

业绩简评 2025 年 5 月 2 日公司披露 FY25Q2（2025.1~2025.3）业绩，公司 FY25Q2 实现营业收入 953.59 亿美元，同比+5.08%，公司毛利率为 47.05%，同比+0.47pct，环比+0.17pct，公司实现净利润 247.80 亿美元，同比+4.84%。 公司指引 FY25Q3 营收实现低到中个位数同比增长，预计毛利率为 45.5%~46.5%，其中包括 9 亿美元的关税带来的成本提升。 经营分析 公司服务业务收入继续增长，FY25Q2 公司实现服务业务营收 266.45 亿美元，同比+11.64%。公司付费订阅数实现同比双位数增 长，达到超过 10 亿数量；付费账户实现同比双位数增长，达到历 史新高。我们认为随着公司订阅内容持续丰富，公司服务业务有 望继续增长，为公司提供较强的分红与回购的能力。 硬件端，除可穿戴产品外，公司其他类别产品均实现营收同比增 长。FY25Q2 公司产品收入为 687.14 亿美元，同比+2.73%，其中 iPhone、iPad、Mac、可穿戴营收分别为 468.41、64.02、79.49、 75.22 亿美元，同比+1.9%、+15. ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price-to-earnings (P/E) ratio of 31, 26, and 23 for FY25, FY26, and FY27 respectively [5]. Core Insights - The company reported FY25Q2 revenue of $95.359 billion, a year-over-year increase of 5.08%, with a gross margin of 47.05% [2]. - Net profit for FY25Q2 reached $24.780 billion, reflecting a 4.84% year-over-year growth [2]. - The company anticipates low to mid-single-digit year-over-year revenue growth for FY25Q3, with a projected gross margin of 45.5% to 46.5%, including an additional cost of $0.9 billion due to tariffs [2][4]. Revenue Breakdown - Service business revenue grew by 11.64% year-over-year to $26.645 billion in FY25Q2, with paid subscriptions exceeding 1 billion [3]. - Hardware revenue, excluding wearables, increased by 2.73% year-over-year to $68.714 billion, with iPhone, iPad, and Mac revenues showing varied growth rates [3]. - The company plans to continue its dividend and share buyback strategy, investing approximately $29 billion in total, including $3.8 billion in dividends and $25 billion in share repurchases [3]. Future Projections - The company expects net profits of $96.938 billion, $113.113 billion, and $126.757 billion for FY25, FY26, and FY27 respectively, with corresponding P/E ratios of 31.38, 26.36, and 23.05 [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 268.79 billion yuan in 2024, representing a year-on-year growth of 15.9%, with a net profit attributable to shareholders of 13.37 billion yuan, up 22.0% year-on-year [4][5] - In Q1 2025, the company reported a revenue of 61.79 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.04 billion yuan, up 23.2% year-on-year [4][5] - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 6.48 billion and 6.75 billion yuan, reflecting a year-on-year growth of 20%-25% [4] Summary by Sections Financial Performance - In 2024, the company recorded a comprehensive gross margin of 10.4%, down from 11.6% in 2023, primarily due to losses from certain smart wearable products and temporary overcapacity in domestic production [5] - The gross margin for Q1 2025 improved to 11.2%, an increase of 0.4 percentage points year-on-year, attributed to ongoing internal management improvements and cost optimization [5] Business Segments - The consumer electronics segment generated revenue of 224.09 billion yuan in 2024, maintaining rapid growth through a strategy of "scene ecology, AI empowerment, and global collaboration" [6] - The communications segment achieved revenue of 18.36 billion yuan in 2024, a year-on-year increase of 26.3%, driven by growth in component business [7] - The automotive segment saw revenue of 13.76 billion yuan in 2024, up 48.7% year-on-year, with expectations for continued high growth in 2025 [8] Future Projections - The company forecasts net profits attributable to shareholders of 17 billion yuan, 21.3 billion yuan, and 24.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.34, 2.94, and 3.44 yuan per share [9][10] - The projected P/E ratios for 2025, 2026, and 2027 are 13.0, 10.4, and 8.9 respectively, indicating a favorable valuation outlook [9][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 268.79 billion yuan for 2024, representing a year-on-year growth of 15.9%, with a net profit attributable to shareholders of 13.37 billion yuan, up 22.0% year-on-year [4][5] - In Q1 2025, the company achieved a revenue of 61.79 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.04 billion yuan, up 23.2% year-on-year [4][5] - The company expects a net profit attributable to shareholders for the first half of 2025 to be between 6.48 billion and 6.75 billion yuan, reflecting a year-on-year growth of 20%-25% [4] Summary by Sections Financial Performance - In 2024, the company achieved a comprehensive gross margin of 10.4%, down from 11.6% in 2023, primarily due to losses from certain smart wearable products and short-term overcapacity in domestic production [5] - The gross margin for Q1 2025 improved to 11.2%, an increase of 0.4 percentage points year-on-year, attributed to continuous internal management improvements and cost optimization [5] Business Segments - The consumer electronics segment generated revenue of 224.09 billion yuan in 2024, maintaining rapid growth through a three-pronged strategy of "scene ecology, AI empowerment, and global collaboration" [6] - The communications segment reported revenue of 18.36 billion yuan in 2024, a year-on-year increase of 26.3%, driven by growth in component business [7] - The automotive segment achieved revenue of 13.76 billion yuan in 2024, a significant year-on-year growth of 48.7%, with expectations for continued high growth in 2025 [8] Profit Forecast - The company forecasts net profits attributable to shareholders of 17 billion yuan, 21.3 billion yuan, and 24.9 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.34, 2.94, and 3.44 yuan per share [9][10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance in the AI wave [4][6]. Core Insights - The company reported a revenue of 109.88 billion yuan for 2024, a year-on-year increase of 28.76%, and a net profit attributable to shareholders of 2.93 billion yuan, up 8.10% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 34.99 billion yuan, reflecting a significant year-on-year growth of 115.65%, primarily driven by the ramp-up of high-performance computing products [1]. - The gross margin for Q1 2025 was 8.42%, which decreased by 5.40 percentage points year-on-year due to the lower margins of high-performance computing products, although it showed a slight increase of 0.15 percentage points compared to the previous quarter [1]. Summary by Sections Intelligent Terminal Business - The intelligent terminal segment generated revenue of 35.32 billion yuan in 2024, a growth of 17.19%, accounting for 32.14% of total revenue, with a gross margin of 9% [2]. - The company completed the acquisition of 80% of Yiluda, which is expected to enhance its customer base in the wearable technology sector [2]. High-Performance Computing and Networking - The high-performance computing segment achieved revenue of 63.22 billion yuan in 2024, a year-on-year increase of 28.79%, representing 57.54% of total revenue, with a gross margin of 7.77% [3]. - The company successfully delivered high-performance network switches aimed at AI clusters, becoming a core supplier for several leading domestic cloud service providers [3]. Automotive Electronics and AIoT - The automotive and industrial products segment saw revenue of 1.56 billion yuan in 2024, a remarkable growth of 91.09%, with a gross margin of 19.20% [4]. - The AIoT and other businesses generated revenue of 4.67 billion yuan, a substantial increase of 187.93%, with a gross margin of 15.29% [4]. Financial Forecast - The company is expected to achieve net profits of 3.68 billion yuan, 4.59 billion yuan, and 5.54 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 15, and 12 times [5][7].