智能割草机器人解决方案将AI 算法、机器视觉、自动驾驶、高精度差分定位（RTK）等技术高度集 成，为行业客户提供全栈式解决方案。目前，AIC产品线还推出了多传感器融合定位+算力盒子RV- Bot，已成功送样国内知名具身智能公司。基于高通高算力平台开发的Fibot 项目已与全球领先具身智能 机器人公司建立战略合作关系。同时，RTK 视觉融合定位方案已与多足机器人领域头部厂商达成合 作，解决了四足机器人在动态环境中的定位盲区问题。我们认为，公司在具身智能核心技术上已取得先 发优势，通过持续的场景落地积累验证经验，最终有望实现商业闭环。 盈利预测、估值分析和投资建议：我们认为，剔除锐凌无线后，公司业绩持续增长，同时AI、边缘算 力、割草机器人乃至人形机器人正为公司开启新增长篇章。预计公司2025-2027 年归母净利润 5.53/6.97/8.73 亿元，同比增长-17.3%/26.1%/25.3%；对应EPS 为0.72/0.91/1.14 元，2025 年09 月17 日收 盘价对应PE 分别为43.2/34.2/27.3 倍，公司估值目前处于历史较低水平，考虑到端侧AI 市场有望催化， 机器人业务已抢占先机， ...

Group 1 - The company's revenue and profit showed steady growth when excluding the impact of the wireless vehicle-mounted business, with a reported revenue of 3.707 billion yuan for the first half of 2025, a year-on-year decrease of 9.02%, and a net profit attributable to shareholders of 218 million yuan, down 34.66% year-on-year [1] - In the second quarter of 2025, the company achieved a revenue of 1.851 billion yuan, a year-on-year decrease of 5.14%, and a net profit of 100 million yuan, down 31.25% year-on-year [1] - The company's gross profit margin for the first half of 2025 was 16.42%, a decrease of 5.16 percentage points year-on-year, primarily due to changes in product shipment structure after the sale of the wireless vehicle-mounted business [1] Group 2 - The company is focusing on the development of edge AI and robotics, with 55% of the funds raised from H shares allocated to these areas, and plans to expand its R&D team [2] - An AI research institute will be established in 2024 to develop foundational and cutting-edge technologies for commercial applications in AI toys, cameras, and translation devices [2] - The company has formed a dedicated robotics team and launched the AIC product line in 2023, focusing on AI algorithms and hardware solutions for the robotics industry, with successful deliveries of smart lawnmower solutions in 2024 [2] Group 3 - The company's FWA products are primarily aimed at overseas markets, particularly North America and India, with significant growth potential due to the accelerated deployment of 5G networks [3] - The penetration rate of 5G FWA in the U.S. is approximately 9%, while India has just begun its 5G FWA rollout with a current penetration rate of 4%, indicating substantial growth opportunities [3] - In the domestic vehicle-mounted sector, the transition from 4G to 5G technology is clear, with increasing demand for upgraded vehicle modules driven by the rise of smart and connected electric vehicles [3] Group 4 - Revenue projections for the company are estimated at 8.22 billion yuan, 9.90 billion yuan, and 11.74 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 540 million yuan, 700 million yuan, and 860 million yuan for the same years [4] - The corresponding PE multiples for 2025 to 2027 are projected to be 42, 33, and 27 times [4]

Investment Rating - The investment rating for the company is "Buy" [4] Core Viewpoints - The company is expanding its presence in the AI edge sector and continuously improving its layout in the robotics field. In the first half of 2025, the company achieved operating revenue of 3.707 billion yuan, a year-on-year decrease of 9.02%. Excluding the impact of the wireless communication module business, the operating revenue increased by 23.49%. The net profit attributable to the parent company was 218 million yuan, a year-on-year decrease of 34.66%, but increased by 6.54% when excluding the same business impact [2][8] - The company is leading in the edge AI field with its AI research institute focusing on lightweight models and heterogeneous computing core technologies. It has developed the Fibocom AI Stack technology platform, which integrates various AI models and enhances the competitiveness of its AI module products [2][3] - The company has established an AIC product line in 2023, focusing on AI algorithm and hardware solutions for the robotics industry. The AIC product line has successfully delivered smart lawn mower solutions and has onboarded several leading domestic and international clients [2][3] Financial Summary - The company's projected financials for 2025-2027 include net profits of 558 million yuan, 709 million yuan, and 871 million yuan respectively. The expected EPS for the same period is 0.73 yuan, 0.93 yuan, and 1.14 yuan, with corresponding P/E ratios of 45.6, 35.8, and 29.2 [8] - The company reported a revenue of 7.716 billion yuan in 2023, with a growth rate of 36.7%. The revenue is expected to grow to 11.306 billion yuan by 2027, with a compound annual growth rate of 14.8% [1][8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Viewpoints - The company is expected to achieve a transformation from modules to complete solutions in the AI terminal field, particularly in AI toys and embodied intelligent robots, which will allow it to capture more value in the industry chain [2][4] - The company's revenue for the first half of 2025 is projected to be 3.707 billion yuan, a year-on-year decrease of 9.02%, with a net profit attributable to the parent company of 218 million yuan, down 34.66% [4] - Excluding the impact of Ruilin Wireless in 2024, the company's revenue and profit are expected to grow year-on-year in 2025 [2][4] Summary by Relevant Sections Industry Overview - DeepSeek has achieved cost reduction in model inference through algorithm and engineering innovations, significantly lowering training costs for large models, which may change the value distribution in the AI industry chain [2] - The smart module benefits from the increase in AI terminal deployment and the upgrade from 4G to 5G, leading to an increase in value [2] Company Performance - The company has seen a 23.49% year-on-year increase in revenue and a 6.54% increase in net profit when excluding the impact of Ruilin Wireless for the first half of 2025 [4] - The company is focusing on developing comprehensive solutions that integrate communication and computing, with a continuous increase in the revenue share from smart modules and solutions [4] Product Development - The company established the AIC product line in 2023 to focus on AI algorithms and hardware solutions for the robotics industry, achieving mass delivery of smart lawnmower solutions in 2024 [4] - Smart modules, which integrate computing and communication functions, are becoming a new growth direction, with applications in various fields such as the Internet of Vehicles and consumer electronics [4] Future Outlook - The company is expected to continue its growth trajectory in the AI terminal field, with projections for net profits of 510 million yuan, 670 million yuan, and 840 million yuan for 2025 to 2027, reflecting year-on-year changes of -24%, 31%, and 27% respectively [4]