事件 公司近期公告：1）2024 年报：报告期内实现营收260.94 亿元，同比增长6.66%，实现归母净利润-3.18 亿元，由盈转亏；2）2025 一季报：报告期内公司实现营收48.74 亿元，同比增长1.3%，实现归母净利 润4593.45 万元，同比增长84.65%。对此，我们点评如下： 投资要点 智能缆网毛利率下降及智能电池亏损加大影响2024 年业绩 2024 年公司实现营收260.94 亿元，同比增长6.66%，实现归母净利润-3.18 亿元，由盈转亏，增收不增 利的主要原因是：1）2024 年铜价单边剧烈上涨使得智能缆网的毛利率由2023 年的12.38%下降至 10.16%，同比下降2.22pct，智能缆网的净利润2.63 亿元，同比下降70.11%；2）受新能源行业内卷影 响，智能电池业务亏损6.91 亿元，亏损加大5.12%；3）计提资产减值准备2.77 亿元，确认公允价值变 动收益-0.90 亿元。分业务来看，智能缆网/智能电池/智慧机场分别实现营业收入227.03/16.54/16.59 亿 元，分别同比增长0.47%/180.47%/35.76% ， 对应毛利率分别为10.16%/ ...

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company is experiencing a turning point in its traditional business, with significant breakthroughs in AI and robotics, transitioning from 0 to 1 [8] - The company reported a revenue of 26.094 billion yuan in 2024, a year-on-year increase of 6.66%, but a net loss of 318 million yuan, indicating a shift from profit to loss [4] - In Q1 2025, the company achieved a revenue of 4.874 billion yuan, a year-on-year growth of 1.3%, and a net profit of 45.9345 million yuan, a significant increase of 84.65% [5] Summary by Sections Financial Performance - In 2024, the company's revenue was 260.94 billion yuan, with a net profit of -3.18 billion yuan, primarily due to rising copper prices affecting the gross margin of smart cables, which fell from 12.38% in 2023 to 10.16% in 2024 [4] - The smart cable segment generated revenue of 227.03 billion yuan, while the smart battery segment saw a loss of 6.91 billion yuan, exacerbated by industry competition [4] - For Q1 2025, the company reported revenues of 42.07 billion yuan from smart cables, 3.29 billion yuan from smart batteries, and 3.12 billion yuan from smart airports, with respective year-on-year growth rates of -5.54%, 93.64%, and 80.92% [5] Business Outlook - The company anticipates a turning point in 2025, driven by stable copper prices, the production of undersea cables, and reduced losses in the battery segment due to sufficient orders and improved production efficiency [7] - The AI and robotics sectors are expected to enhance the company's valuation, with successful partnerships and product developments in these areas [8] Profit Forecast - The company forecasts net profits of 671 million yuan, 1.048 billion yuan, and 1.221 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.30, 0.47, and 0.55 [9]

Investment Rating - The report maintains a "Buy" rating for the company [9] Core Views - The company is experiencing a turning point in its traditional business, with significant breakthroughs in AI and robotics, transitioning from 0 to 1 [8] - The company reported a revenue of 26.094 billion yuan in 2024, a year-on-year increase of 6.66%, but a net loss of 318 million yuan, indicating a shift from profit to loss [4] - In Q1 2025, the company achieved a revenue of 4.874 billion yuan, a year-on-year growth of 1.3%, and a net profit of 45.9345 million yuan, a significant increase of 84.65% [5] Summary by Sections Financial Performance - In 2024, the company's revenue was 260.94 billion yuan, with a net profit of -3.18 billion yuan, primarily due to rising copper prices affecting the gross margin of smart cables, which fell from 12.38% in 2023 to 10.16% in 2024 [4] - The smart cable segment generated revenue of 227.03 billion yuan, while the smart battery segment saw a loss of 6.91 billion yuan, exacerbated by industry competition [4] - For Q1 2025, the company reported revenues of 42.07 billion yuan from smart cables, 3.29 billion yuan from smart batteries, and 3.12 billion yuan from smart airports, with respective year-on-year growth rates of -5.54%, 93.64%, and 80.92% [5] Business Outlook - The company anticipates a turning point in 2025, driven by stable copper prices, the production of undersea cables, and reduced losses in the battery segment [7] - The AI and robotics sectors are expected to enhance the company's valuation, with ongoing developments in AI chip supply and strategic partnerships in robotics [8] Profit Forecast - The company forecasts net profits of 671 million yuan, 1.048 billion yuan, and 1.221 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.30, 0.47, and 0.55 [9]