雷神科技的展厅，就像一间电竞房：一排高性能笔记本电脑运行着游戏画面；墙面上悬挂展示着琳琅满 目的键盘、耳机、鼠标等电竞外设；大型机甲模型、专业赛车模拟器、摩托车等视觉冲击力十足。 从海尔内部孵化的第一家小微企业，到北交所"电竞装备第一股"，雷神科技不断拓展电竞生态产业边 界，在高性能计算赛道向下扎根。展望未来，雷神科技董事长路凯林表示，随着电竞市场的蓬勃发展， 雷神科技将从电竞生态、海外市场及新兴消费电子赛道找到更多新增长点。 从海尔到北交所 2004年从青岛科技大学毕业后，路凯林入职家电巨头海尔集团，先后担任海尔电脑产品经理、笔记本事 业部营销部长、总经理等职务，逐渐成长为IT行业资深人士。 2012年前后，移动互联网发展如火如荼，海尔集团宣布进入网络化战略阶段，鼓励内部创业。当时的笔 记本市场已进入"红海"，必须寻找新的增长点。路凯林团队敏锐地发现了游戏玩家的需求，而"游戏 本"这一概念尚无品牌明确提出。面对行业和机制创新的双重机遇，路凯林选择内部创业。 "发现风口后，最关键的是如何抓住风口。"路凯林说，在海尔平台上创业，雷神科技获得了售后、物 流、供应链、资金以及管理经验等资源支撑，得以快速抓住机会。 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its dual-driven strategy of "eSports + Trustworthy Innovation" and the introduction of AI PC and AI smart glasses products [5][9]. Core Insights - The company is positioned to benefit from the gradual recovery of the PC market, entering a commercial market renewal cycle, with a projected increase in global desktop and laptop shipments [8][18]. - The company has established itself as a significant player in the eSports hardware sector, focusing on high-performance gaming PCs and peripherals, while also expanding into the Trustworthy Innovation sector with products widely adopted across various industries [33][50]. - The integration of AI technology into its product offerings is a key focus, with the launch of AI-enabled PCs and smart glasses aimed at enhancing user experience and operational efficiency [50][63]. Summary by Relevant Sections Market Performance - The company's stock closed at 24.73 yuan, with a market capitalization of 2,473 million yuan and a circulating market value of 2,440.23 million yuan. The annual high and low prices were 48.62 yuan and 19.88 yuan, respectively [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 2,555 million yuan in 2023, 2,955 million yuan in 2024, and 3,275 million yuan in 2025, with a compound annual growth rate of 10.82% from 2024 to 2025. The net profit attributable to shareholders is expected to be 34 million yuan in 2023, 21 million yuan in 2024, and 27 million yuan in 2025 [6][9]. - The price-to-earnings (P/E) ratios are projected to be 71.71 in 2023, 115.03 in 2024, and 91.48 in 2025, indicating a high valuation relative to earnings [6][9]. Business Strategy - The company aims to establish 100 top-tier agents and 100 industry-leading users as part of its dual-track strategy to enhance market penetration [7]. - The focus on AI technology and high-performance hardware is expected to create a second growth curve, with significant investments in product development and brand enhancement [11][50]. Product Development - The company has launched several new products, including the RTX50 series gaming laptops and AI smart glasses, which are designed to meet the evolving needs of users in various sectors [50][63]. - The AI smart glasses, Aura AI, support advanced features such as real-time translation and image recognition, marking a significant step in the integration of AI into consumer electronics [63]. Customer Base - The top five customers accounted for 68.36% of total revenue in 2024, with significant contributions from Haier Group and other major distributors [42][44]. R&D and Innovation - The company has a robust pipeline of R&D projects, with 166 patents filed, focusing on enhancing product competitiveness and user experience [51][52]. Market Trends - The global PC market is expected to stabilize, with a projected shipment of 67.4 million units in Q2 2025, reflecting a year-on-year growth of 7.4% [18][19]. Competitive Landscape - Major competitors include Lenovo, Dell, HP, and ASUS, with Lenovo holding a significant market share in the global PC market [19][25]. This comprehensive analysis highlights the company's strategic positioning, financial outlook, and product innovation, indicating a favorable investment opportunity in the evolving tech landscape.

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company focuses on the esports equipment market, with a strategic emphasis on AIPC and AI technologies, aiming to enhance computing power and user experience [3][5]. - The esports industry is expected to experience significant growth, with the overall market projected to exceed 200 billion yuan by 2027, driven by supportive policies and a resurgence in esports events [4][39][42]. - The company has established a dual-driven strategy of "esports + domestic innovation," enhancing its brand value to 21.839 billion yuan and positioning itself as a key player in the domestic innovation sector [5][13]. Company Overview - The company specializes in high-performance esports PCs and peripherals, including laptops, desktops, monitors, and gaming accessories, catering to various user needs in esports, video creation, and digital design [3][5]. - In the first half of 2025, the company achieved a revenue of 1.388 billion yuan, reflecting a year-on-year growth of 13.19%, with a net profit of 14.3353 million yuan, up 69.31% [3][6]. - The company is recognized for its innovative products, including the launch of the Thunder ZERO18 and AI smart glasses, which solidify its competitive edge in the high-end market [3][18]. Industry Analysis - The global AIPC shipment is projected to reach 48 million units in 2024, accounting for 18% of total PC shipments, with expectations to exceed 100 million units by 2025 [4][50]. - The esports market is characterized by a young demographic, with 78.7% of users aged 30 and below, indicating a strong consumer base with significant spending power [40][41]. - The report highlights the increasing integration of AI technologies in the AIPC sector, which is anticipated to drive rapid advancements in the PC industry [50][56].

Core Viewpoint - The esports industry, represented by Thunderobot Technology, has shown strong performance in its 2025 semi-annual report, with significant revenue and profit growth, driven by a dual strategy of "esports + innovation" [1][4]. Company Performance - Thunderobot Technology reported a revenue of approximately 1.388 billion yuan for the first half of 2025, marking a year-on-year increase of 13.19% [1][5]. - The net profit attributable to shareholders reached approximately 14.34 million yuan, reflecting a year-on-year growth of 69.31% [1][5]. - Research and development expenses amounted to about 26.16 million yuan, up 11.38% year-on-year [1]. Product Breakdown - The company’s gaming laptops generated the highest revenue, approximately 877.79 million yuan, although the year-on-year growth rate was lower than that of computer accessories [2][3]. - Computer accessories and other products saw a revenue increase of 28.86%, contributing the highest growth among the main product categories, despite having a lower gross margin of 5.27% [2][3]. - Peripheral products experienced a decline in revenue growth and an increase in cost, indicating challenges in this segment [2][3]. Market Strategy - Thunderobot has deepened partnerships with major online platforms such as JD.com, Tmall, Pinduoduo, Douyin, and Dewu, leading to significant improvements in brand rankings and market share during promotional events [4]. - The company has launched new products, including the ZERO 18 Pro laptops and Thunderobot AR smart glasses, which were highlighted in the semi-annual report [2]. Industry Context - The Asian region accounts for the largest share of the global esports market, with a revenue distribution of 42.8%, followed by North America and Europe at around 25% each [4]. - Chinese companies have gained competitive capabilities in high-performance esports PCs and peripherals through technological advancements and cost advantages [4]. - Among A-share listed esports peripheral companies, Thunderobot has the lowest market capitalization but the highest growth rates in revenue and net profit, indicating strong growth potential [4].