丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨广和通（300638.SZ） [Table_Title] 子公司出表影响表观增速，预计 Q4 恢复正常 报告要点 [Table_Summary] 若剔除已出售的锐凌无线车载前装模组业务影响，持续经营业务营业收入同比增长 7.32%，净 利润仅微降 2.19%，表明核心无线通信模组业务基本面稳健，结构性调整成效显现。分业务来 看，FWA、POS 其他 IOT 等业务有所增长。毛利率角度，公司 Q3 毛利率环比+2.9pct，主要 得益于公司战略性备货及高毛利解决方案产品收入比例提升，预计未来有望保持上升趋势。受 到锐凌无线在 2024 年并表利润及投资收益影响，公司前三季度收入利润均为负增长，但 Q4 未 受上述影响，预计 25Q4 同比增速大幅回正。 分析师及联系人 [Table_Author] 于海宁 祖圣腾 SAC：S0490517110002 SAC：S0490523030001 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] ...

但就是这个小赛道，一级市场为它站台，海外用户为它买单，产业链为它让路，而汉阳成为这场故事中最 具代表性的公司。 它诞生于一个极窄的场景，攻克最难的问题，也卷入了最大的期待。 " 汉阳的高光与暗礁。 " 作者丨路遥 编辑丨余快 零下三十度的漠河，风吹在脸上像刀刮。一个不到一米高的铁灰色原型机停在雪地中央，履带刚压出两条 浅浅的纹路，电量指示灯就闪了几下熄灭了。 五分钟。这是汉阳首代原型机的工作时间。它的外形不像现在的Yarbo那样拥有流畅身形和模块化接口， 也缺少智能化体验，只是一台笨拙的铁疙瘩。 汉阳科技创始人黄阳那时并不知道，这个"五分钟"会吞掉他八年的人生，也会把一家名不见经传的小公 司，推到无人涉足的行业前线。 "那时汉阳做的是一台很大的机器，跟现在完全不一样，demo不成熟，人很少，感觉公司快不行了。创始 人爱理不理，可能融资受挫，他不太回答问题，精气神一般，我们看完没亮点就没跟进，那会扫地机器人 正火。"投资人鸿剑回忆起2021年第一次见面时的场景。 两年之后鸿剑重新看汉阳，发现"当初行业确实看走眼了，也发现这两年创始人和团队进步很大，创始人 更有韧劲，综合能力提升很多，产品也有亮点。" 扫雪机器人 ...

Core Insights - The article emphasizes that for Chinese companies, going global is transitioning from an optional strategy to a necessary one due to the saturation of the domestic market and the decline in growth dividends [3][4] - Chinese companies are increasingly leveraging their complete and efficient industrial systems and supply chains to export mature products, technologies, and capabilities overseas, thus maximizing asset value [4] Group 1: Market Dynamics - The domestic market in China has reached a peak, leading to a natural choice for companies to explore international markets to alleviate excess production capacity [4] - Notable Chinese brands like Kumio and Lofree have successfully established their presence in overseas markets, with Kumio's ice maker generating over $4 million in sales within a year and Lofree's keyboards selling for $200 each [4][14] Group 2: Emerging Opportunities - The article highlights the emergence of new market opportunities in sectors like smart fitness equipment and digital drawing tools, with companies like AEKE and XPPen capitalizing on these niches [11][12] - AEKE has achieved significant crowdfunding success in the high-end home fitness market, while XPPen is breaking the monopoly of Japanese firms in the digital drawing tablet market [11][12] Group 3: Competitive Strategies - Companies are adopting innovative strategies to differentiate themselves in crowded markets, such as Lofree's focus on emotional value in mechanical keyboards, which has led to high sales prices [14] - The article also discusses how companies like HanYang Technology are addressing specific needs in the market, such as snow-clearing robots, which have seen significant investment and development [16][17]

Group 1 - A lawn mowing robot company is accused of plagiarizing a competitor's camera specifications, with a high similarity rate of 99% between the two suppliers' specifications [1] - A snow-clearing robot company requires investors to pass an exam on their understanding of snow-clearing scenarios before discussions, indicating a unique approach to investor relations [1][2] - A vacuum cleaning robot company excels in marketing and after-sales service, achieving nearly no negative reviews due to effective sales channels and responsive customer service [2] Group 2 - A personal care company focuses heavily on user feedback and product details, with the CEO acting as the main product manager, emphasizing the importance of user experience [3] - A pool cleaning robot brand faced issues with online sales due to data manipulation, resulting in high return rates of 50%-60% compared to the industry average of 25%-30% [4] - iRobot, a major US vacuum cleaning robot company, is reportedly planning to go private and merge with Dolphin, aiming to create a powerful channel alliance to compete against Chinese brands [4] Group 3 - The laser radar market is experiencing a price war, with many new entrants offering significantly lower prices, impacting the supply chain dynamics for lawn mowing robots [5][6] - A company named LeDong maintains a clear boundary between its lawn mower and vacuum cleaner teams, focusing on ODM solutions while avoiding direct competition with clients [6] - A vacuum cleaning company with experience in autonomous driving technology faces challenges in adapting to the lower-cost sensor requirements of the vacuum industry, highlighting the disparity in resource allocation [7] Group 4 - A cleaning giant emphasizes creativity in employee presentations, with longer feedback times indicating higher employee value within the company [8]

Core Viewpoint - Yarbo, a consumer-grade snow-clearing robot company, has completed over 100 million RMB in Series B+ financing, which will be used for technology development, product optimization, and supply chain enhancement [4]. Group 1: Company Overview - Yarbo has established a differentiated technological barrier in the snow-clearing robot niche after nearly ten years of R&D, overcoming key technical challenges such as battery technology in ultra-low temperatures and navigation algorithms for complex terrains [5]. - Yarbo is currently the only company globally to achieve large-scale commercial delivery of consumer-grade snow-clearing robots, gaining a time advantage over traditional lawn equipment giants like Husqvarna, which are still in the early stages of snow-clearing robot development [7]. Group 2: Financing and Investment - The recent financing round was led by Guoke Investment, CICC Capital, and Joyoung Venture Capital, with a shareholder lineup that includes institutions with backgrounds in advanced manufacturing and consumer electronics [4]. - Guoke Investment focuses on advanced manufacturing and has potential industrial synergies with Yarbo in smart hardware and robotics [4]. Group 3: Market Strategy and Expansion - Yarbo is accelerating its global expansion, having established an operational center in New York for the North American market, with plans to set up similar operations in major snow regions in Europe [3][9]. - The company is leveraging a channel reuse model, collaborating with numerous global distributors, including traditional lawn equipment dealers, to quickly establish a sales network and reduce market expansion costs [10]. Group 4: Industry Context - The global outdoor power equipment (OPE) market exceeds $30 billion, with snow-clearing equipment holding a significant share. There is an irreversible trend towards the conversion from traditional fuel-powered equipment to electric smart devices due to stricter environmental regulations and increasing consumer acceptance [12].

Core Insights - Yarbo, a consumer-grade snow-clearing robot company, has completed over 100 million RMB in Series B+ financing, with investments from Guoke Investment, CICC Capital, and Joyoung Venture Capital, aimed at enhancing technology R&D and product optimization [1][2] - The company has established a differentiated technological barrier in the snow-clearing robot niche, overcoming challenges in battery technology for ultra-low temperatures, navigation algorithms for complex terrains, and mechanical designs for varying snow conditions [2][4] - Yarbo is currently the only company globally to achieve large-scale commercial delivery of consumer-grade snow-clearing robots, gaining a time advantage over traditional lawn equipment giants like Husqvarna, which are still in the early stages of snow-clearing robot development [4][5] Investment and Market Strategy - The recent financing will accelerate Yarbo's technology development, supply chain optimization, and market expansion, with a focus on establishing operational centers in North America and Europe [7][9] - The company is leveraging existing global distributors, including traditional lawn equipment dealers, to quickly build a sales network and reduce market expansion costs [7][9] - The global outdoor power equipment (OPE) market exceeds $30 billion, with snow-clearing equipment holding a significant share, driven by stricter environmental regulations and increasing consumer acceptance of smart products [9] Product Development and Future Plans - Yarbo plans to continue developing its unique "1+N" modular design to create intelligent solutions for various yard scenarios, catering to diverse user needs throughout the year [9]