Group 1 - The 2025 World Artificial Intelligence Conference (WAIC 2025) was held in Shanghai, where Shenzhen Dautong Technology Co., Ltd. and its subsidiary, Shenzhen Daohengtongtai Robotics Co., Ltd., participated in multiple sessions, including launching the "Physical AI" global new track as initial industry partners [1] - Dautong Technology showcased its "integrated air-ground embodied intelligent solution" at the WAIC 2025 exhibition, highlighting its capabilities in intelligent robotics, diagnostic terminals, and energy systems [1][2] - The "Star River Enlightenment: Scientific Intelligent Open Cooperation Forum" saw Dautong Technology and Shanghai Scientific Intelligent Research Institute jointly launch the "World Scientific Intelligent Competition: Physical AI Track," providing industrial-level scenario verification conditions for participating teams [1] Group 2 - The "Air-Ground Integrated Embodied Intelligent Solution" presented at the "Super Fusion - Daohengtongtai Joint Exhibition" has formed a complete commercial closed loop, driven by an "AI brain" that enables perception, decision-making, and interaction [2] - This solution integrates multi-modal recognition, embodied and industry-specific models, and an AI platform foundation, targeting industries such as energy and transportation to create a new paradigm of intelligent, unmanned, and integrated air-ground operations [2]

Core Insights - The World Artificial Intelligence Conference 2025 has seen Daotong Technology (688208) and Shanghai Institute of Science Intelligence launch the "World Science Intelligence Competition: Physical AI Track" [1] - NVIDIA CEO Jensen Huang highlighted that the next wave of AI is Physical AI, which involves the integration of perception, reasoning, and execution into physical systems [1] Group 1 - Daotong Technology will provide industrial-grade scenario validation conditions for participating teams, accelerating the engineering transformation of scientific research results [1] - The company is one of the first signatories to participate in the "Star River Enlightenment Science Intelligence Open Platform" ecosystem, which aims to create a comprehensive infrastructure for global scientists [1] - The platform is developed in collaboration with Infinite Light Years and Fudan University, focusing on high-value scientific data and open-source scientific intelligence models [1] Group 2 - Through collaboration with the "Star River Enlightenment Science Intelligence Open Platform," Daotong Technology aims to leverage its engineering transformation advantages in vertical industries [2] - The company and its subsidiary, Shenzhen Daohua Tongtai Robot Company, participated in multiple segments of the World Artificial Intelligence Conference, showcasing their "Air-Ground Integrated Embodied Intelligent Solution" [2] - The showcased solution has formed a commercial closed loop, featuring an "AI brain" that drives a fleet of drones and ground robots for collaborative and autonomous operations [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a non-GAAP net profit of 455-485 million yuan for the first half of 2025, representing a year-on-year increase of 57.3% to 67.7% [7] - The growth is driven by the application of advanced technologies in various product lines, including digital maintenance and digital energy businesses [7] - The company has made significant progress in overseas markets, particularly in the charging station sector, with successful partnerships and product deployments [7] - AI technology is expected to enhance core business operations, with a focus on commercializing solutions in collaboration with Huawei [7] - The report forecasts net profits of 800 million yuan, 980 million yuan, and 1.18 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 27, 22, and 18 [7] Financial Summary - Total revenue is projected to grow from 3.25 billion yuan in 2023 to 7.56 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 25.68% [1] - The net profit attributable to shareholders is expected to increase from 179.23 million yuan in 2023 to 1.18 billion yuan in 2027, reflecting a CAGR of 20.46% [1] - The earnings per share (EPS) is forecasted to rise from 0.27 yuan in 2023 to 1.77 yuan in 2027 [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to mitigate the impact of tariffs through various measures, with its charging pile business entering a harvest period in overseas markets, leading to a continuous increase in orders [7] - The AI ground-air integration solution showcased at the Huawei Developer Conference (HDC 2025) highlights the company's technological maturity and its deep collaboration with Huawei Cloud, accelerating the commercialization of AI products [7] - The company's revenue and profit forecasts have been adjusted upwards for 2025, 2026, and 2027, reflecting strong growth potential [7] Financial Forecasts - Total revenue is projected to grow from 3,251 million RMB in 2023 to 7,556 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 25.68% [1] - Net profit attributable to the parent company is expected to increase from 179.23 million RMB in 2023 to 1,183.18 million RMB in 2027, indicating a significant growth trajectory [1] - The latest diluted EPS is forecasted to rise from 0.27 RMB in 2023 to 1.77 RMB in 2027, reflecting strong earnings growth [1] Market Data - The closing price of the company's stock is 32.01 RMB, with a market capitalization of approximately 21,452.57 million RMB [5] - The company has a price-to-earnings (P/E) ratio of 119.69 based on the current price and latest diluted EPS, which is expected to decrease to 18.13 by 2027 [1][5] Operational Developments - The company has responded to the new 20% tariff on imports from Vietnam by increasing prices of its digital energy products by 7% to 10% and is planning to build a new factory in Mexico to optimize its supply chain [7] - The collaboration with Shell in Europe marks a significant breakthrough for the company's charging pile products, validating their competitiveness and local adaptability [7]