Core Viewpoint - The company is in a transformation phase, with both traditional security and new robotics businesses expected to drive future growth. The main business, traditional security video surveillance, is projected to account for 98% of revenue in 2024, with approximately 90% from overseas markets, primarily through an ODM model [1]. Traditional Business - The company has a dual-channel coverage for both B2B and B2C scenarios, with deep technical accumulation and increased investment in AI R&D, driving product intelligence upgrades. It is one of the few suppliers in the industry with both B2B and B2C capabilities, alongside industry leaders Hikvision and Dahua [1]. - The company has experience in complex procurement and project implementation processes for large clients in government and enterprise sectors, as well as resources in retail and e-commerce channels. It has also gained supplier qualifications from international brands like Huawei and Samsung [1]. - Continuous R&D investment has led to product iterations, with the R&D expense ratio increasing from 5.8% in 2020 to 16.4% in Q1-Q3 2025, resulting in an increase in gross margin from 24.1% to 37.7% during the same period [1]. Robotics Business - The company is strategically transforming towards the special robotics sector, capitalizing on the explosive growth of the robotics industry and policy benefits. It focuses on special robots for confined spaces, collaborating with a team led by Professor Sun Bingyu from the University of Science and Technology of China [2]. - Products include guide robots, intelligent inspection dogs, and drones, targeting artificial replacement needs in harsh environments such as underground pipelines and high-pressure conditions, thereby avoiding fierce competition in consumer-grade and general industrial robots [2]. Investment Recommendations - The company is at a critical stage of stable development in its traditional security business and strategic breakthroughs in its robotics business. If sanctions are lifted by early 2026, significant growth in performance is expected, driven by the recovery of foreign trade business and the release of profits from previously written-off receivables [3]. - Revenue projections for 2025-2027 are 415 million, 668 million, and 922 million yuan, with year-on-year changes of -40%, +61%, and +38% respectively. Net profit attributable to the parent company is projected to be 34 million, 87 million, and 138 million yuan, with year-on-year changes of -53%, +158%, and +58% respectively. EPS is expected to be 0.49, 1.25, and 1.98 yuan, corresponding to PE ratios of 136, 53, and 33 times based on the closing price of 66.1 yuan on November 15 [3].

证券研究报告|公司深度研究报告 [Table_Date] 2025 年 11 月 18 日 [Table_Title] 转型双主业，开启机器人新征程 [Table_Title2] 安联锐视(301042) [Table_Summary] 核心观点 ► 公司处于转型期，未来双主业有望共同驱动增 长。公司主业为传统安防视频监控，2024 年传统安防业务收 入占比 98%，海外市场占比约为 90%，以 ODM 模式为主。2024 年 5 月公司投资设立浙江安兴宇联机器人有限公司，在机器人 和 Ai 硬件及智能体等新领域开发第二增长曲线。 ► 传统主业：公司渠道覆盖 toB 和 toC 双场景，技 术积累深厚，叠加持续加大 AI 研发投入，推动产品智 能化升级。 公司是行业内少数具备 toB 与 toC 双场景的供应商，另外还有 行业龙头海康威视、大华股份。公司具备政企等大客户的复杂 采购和项目实施流程经验，以及零售、电商等渠道资源。同 时，公司的技术端积累深厚，曾获得华为、三星等国际品牌的 供应商资格。此外，公司历年持续加码研发投入，在 24 年 10 月受到美国制裁后，研发费用率持续提升，2020-2025Q1- ...

Core Insights - The 2025 World Internet of Things (IoT) Expo opened in Wuxi, focusing on "Intelligent Perception - Network Connection - Vertical Empowerment" as its main theme, showcasing the entire IoT industry chain from foundational technologies to end applications [1] Group 1: Exhibition Themes - The expo features four main exhibition halls: IoT Capability Hall, Industry Application Hall, Intelligent Connection Ecosystem Hall, and Smart Living Hall, covering various aspects of IoT [1] - The Smart Living Hall highlights cutting-edge products such as smart home devices and wearables, demonstrating how IoT technology is reshaping daily life [1] Group 2: Key Exhibits - China Telecom showcased a drone cockpit in the Smart Living Hall, equipped with a large curved screen for real-time transmission of high-definition images from the drone [2] - The cockpit integrates 5G networked drone operations, allowing for real-time data exchange and remote control, enhancing safety and efficiency in drone flights [2] - China Mobile presented the AI Fitness Smart Ring, which provides real-time feedback on exercise performance through a virtual AI coach [2] Group 3: Technological Innovations - The IoT Capability Hall displayed advanced technologies such as multi-modal sensing, advanced communication, and IoT operating systems, with exhibits like the intelligent inspection robot dog from State Grid [3] - The robot dog can autonomously complete inspection tasks in complex environments, significantly reducing the labor intensity for workers [3] - The Industry Application Hall focused on core technologies in vehicle networking and the empowerment of new industrialization through IoT solutions [3]

Core Insights - The 2025 World Internet of Things (IoT) Expo opened in Wuxi, focusing on "Intelligent Perception - Network Connection - Vertical Empowerment" as its main theme, showcasing the entire IoT industry chain from foundational technologies to end applications [1] Group 1: Exhibition Themes - The expo features four main exhibition halls: IoT Capability Hall, Industry Application Hall, Intelligent Connection Ecosystem Hall, and Smart Living Hall, covering various aspects of IoT [1] - The Smart Living Hall highlights cutting-edge products such as smart home devices and wearables, demonstrating how IoT technology is reshaping daily life [1] Group 2: Key Exhibits - China Telecom showcased a 5G-connected drone cockpit, allowing operators to monitor flight status and control the drone's speed and direction through a large curved screen [2] - China Mobile presented the AI Fitness Smart Ring, which provides real-time feedback on exercise form through a virtual AI coach [2] - The IoT Capability Hall displayed advanced technologies like multi-modal sensing and IoT operating systems, including a smart inspection robot from State Grid that significantly reduces the labor intensity of cable inspections [3] Group 3: Industry Applications - The Industry Application Hall focused on core technologies and products related to vehicle networking and the empowerment of new industrialization through IoT solutions [3] - The exhibition emphasized the integration of vehicle-road-cloud systems and showcased new-generation vehicle technologies [3]

Core Insights - The 2025 Global Industrial Internet Conference was held in China, focusing on "Artificial Intelligence+" as the core theme, showcasing cutting-edge technology and discussing innovative development paths for the industrial internet [3][8] - The conference highlighted the significant role of "embodied intelligence" in transforming industrial applications, featuring various AI-driven technologies and solutions [3][8] Group 1: AI Innovations - The conference showcased a humanoid robot from Shenyang Xinsong Company, which demonstrated multi-modal interaction capabilities and precise water pouring through visual recognition and autonomous path planning [4][5] - Tencent's Tairos platform enabled robots to engage in intelligent conversations, integrating multi-modal perception and task planning, with applications in home appliances and automotive industries [5][6] - The intelligent inspection robot dog from Liaoning Shuangzhi Empower Technology Co., Ltd. autonomously conducted inspections in simulated dark environments, capable of scanning and analyzing structural damages while returning to charge when low on battery [6][7] Group 2: Advanced Robotics - The Chinese Academy of Sciences' Shenyang Institute of Automation presented various robots capable of performing multiple industrial tasks independently, supported by a self-developed "industrial embodied intelligence control core platform" [6][8] - The platform features millisecond-level response capabilities and supports diverse robot configurations for multi-process training and generalized learning across different scenarios [6][8] Group 3: AI in Design - Shenyang Feitu Brush Artificial Intelligence Technology Co., Ltd. demonstrated an AI design platform that rapidly generates original scarf designs based on user-input keywords, addressing high costs and low efficiency in the textile industry's design process [7][8]

Group 1 - The 2025 World Internet Conference Digital Silk Road Development Forum was held in Quanzhou, Fujian, with strong power support provided by State Grid Quanzhou Power Supply Company [1] - The company implemented a "technical defense + human defense" power guarantee system, utilizing smart inspections to enhance emergency response capabilities [1][2] - During the forum, the company deployed drones for intelligent temperature inspection, effectively identifying overheating and connection issues [1][2] Group 2 - State Grid Quanzhou Power Supply Company introduced smart inspection robots to monitor equipment health in real-time, enabling automatic fault detection and early warning [2] - An upgraded intelligent command system was implemented for real-time monitoring and coordination of power supply equipment and emergency resources [2] - The company dispatched 4 low-voltage generator vehicles and 2 UPS power supply vehicles to ensure uninterrupted power supply for critical loads during the forum [2] Group 3 - A total of 106 personnel were mobilized for power supply inspections during the forum, issuing 9 notices to users for risk rectification [3] - The company developed 3 special power guarantee plans and numerous tailored plans for specific users to ensure robust power support for the event [3]

Group 1 - The event focused on the application of AI technology in construction sites, attracting significant attention from construction workers [1] - AI technology is being utilized in various scenarios such as safety construction and quality control, including the use of intelligent inspection robots to monitor hazardous areas [1] - The project team has created a smart exhibition hall and a worker service station to enhance workers' understanding and application of intelligent technology [1] Group 2 - The Nanjing Road No. 1 project is a key project in Qingdao, integrating new technologies and processes to deepen the fusion of traditional construction and intelligent technology [2] - The application of the AI video hazard source identification system enables real-time monitoring and early warning of fire hazards and personnel safety, providing strong support for site safety management [2]

Group 1 - During the "May Day" holiday, construction workers in Shandong are actively working on key projects to ensure progress [1][2] - A 240-meter super high-rise complex is under construction in Qingdao, which aims to attract more shipping, trade, and financial enterprises [2] - The construction team is collaborating with Qingdao University of Technology to tackle the complex structural challenges of the project using BIM modeling and stress simulation [2][4] Group 2 - The Dongxiao Biological High-end Intelligent Health Deep Processing Project includes the construction of multiple production lines with a total capacity of 120,000 tons [3] - The project aims to produce various products, including dietary fiber and probiotics, to meet diverse customer needs [3] - The construction of the Fuxing Road project in Zaozhuang High-tech Zone is progressing, with 85% of the overall work completed [4] Group 3 - Advanced technology is being utilized on construction sites, including AI cameras and smart inspection robots, to enhance safety and efficiency [4] - The Qingdao project has introduced a "Worker Technology Service Station" for safety training, utilizing VR technology for immersive learning experiences [4]