Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2][10]. Core Insights - The company has achieved revenue growth in multiple application scenarios, with a focus on smart home and smart medical care sectors, which together accounted for 83.59% of total revenue in 2024 [6][8]. - The company is recognized for its expertise in smart linear drive products, which are essential components in various applications including smart homes, medical devices, and industrial automation [5][9]. - The company is expanding its global footprint by investing in a production base in Thailand, which is expected to enhance its competitive advantage in the global market [9]. Summary by Sections Company Overview - The company specializes in the research and production of smart linear drive products, with applications in smart homes, smart medical care, smart offices, and industrial transmission [5]. Financial Performance - In 2024, the company reported total revenue of 828 million yuan, a year-on-year increase of 15.74%, while net profit slightly decreased by 0.58% to 47 million yuan [6]. - For Q1 2025, revenue reached 211 million yuan, reflecting a 6.7% year-on-year growth, and net profit increased by 28.98% to 16 million yuan [6]. Market Position - The company has established strong technical advantages in the smart home sector, integrating its products with various smart home systems to enhance user experience and product stickiness [7]. - In the smart medical care sector, the company's products are crucial for the automation and intelligence of medical devices, improving the quality of life for patients and efficiency for healthcare workers [8]. Future Projections - Revenue forecasts for 2025-2027 are projected at 1.006 billion yuan, 1.190 billion yuan, and 1.369 billion yuan respectively, with corresponding EPS estimates of 0.60 yuan, 0.73 yuan, and 0.86 yuan [10][12]. - The company is expected to maintain a strong growth trajectory, particularly in the smart home and industrial transmission sectors [10].

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-06-04 [Table_Tag] 宏观策略 [Table_MacroStrategy] 宏观深度报告 20250603：复盘 200 年，贸易战何去何从？ 通过复盘自 1800 年至今 200 余年的全球贸易历史，以及结合近期东部沿 海省份"造船厂-船东-船公司-货代及外贸公司-实体制造业"外贸产业链 调研反馈，我们的研究表明： 首先，复盘全球贸易历史看，汇率、非关 税壁垒可能取代关税成为更加关键的"贸易交锋"工具。 其次，国内多 数外贸企业认为由于在根本矛盾上的冲突，中美贸易谈判过程未来或将 "一波三折"，企业可能需要持续控制对美出口风险敞口。 再次，如果加 征关税无法实现美方贸易竞争的主要目的，那么参考过去 200 年全球贸 易历史特别是 1970s-1990s 美日德贸易竞争阶段的美方举措，未来美国政 府可能在非关税壁垒、汇率等方面发起更多挑战。 最后，在控制对美出 口风险敞口的过程中，拓展非美出口、"出口转内销"、"出海"等关键手 段仍待企业端摸索落地方式，年内外贸前景仍面临高度不确定性。 宏观深度报告 20250602：人民币汇率：会否升 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock's performance in the next 12 months [16]. Core Insights - The company has launched a 2025 stock incentive plan, aiming to align employee interests with company growth, with performance targets set for net profit growth of 6% annually from 2025 to 2027 [3][13]. - The company has a strong foothold in the linear drive market, with over 30 years of experience and a global market share exceeding 30% in electric sofa push rods [4]. - The linear drive market is projected to grow significantly, with the global market size reaching approximately 151.9 billion yuan in 2023, reflecting a year-on-year growth of 5.9% [7]. - The company is expanding into the humanoid robot sector, leveraging its core technology in linear drives, which is essential for robotic joints [15]. Summary by Sections Company Overview - Established in 1992, the company specializes in the research, production, and sales of linear drive systems, with applications in various sectors including furniture and automotive [4]. - The company has made significant strides in international markets, establishing subsidiaries in North America and Europe, and has a production base in Vietnam [4]. Financial Performance - The company has shown steady revenue growth from 2021 to 2024, with revenues of 17.2 billion yuan in 2021, declining to 11.7 billion yuan in 2022, and recovering to 13.4 billion yuan in 2024 [5]. - The net profit for 2024 is projected to be 0.9 billion yuan, reflecting a decrease of 19.4% compared to the previous year [5][18]. Market Potential - The smart home market is expected to grow from 84.5 billion USD in 2022 to 138.9 billion USD by 2026, with a CAGR of 10.4%, driving demand for linear drive systems [7]. - The market for electric tailgates in the automotive sector is projected to reach approximately 9.63 billion yuan in 2024, with a CAGR of 34.15% from 2019 to 2023 [11]. Competitive Landscape - The global linear drive market is concentrated, with leading companies including Linak and Dewert, while the company holds an 8% market share [9]. - Domestic brands are expected to gain market share through advantages in production capacity and customer responsiveness [10]. Research and Development - The company has a robust R&D team of over 300 engineers and holds numerous patents related to linear drive technology [14]. - The company is positioned to leverage its technological expertise to enter the humanoid robot market, aiming for a second growth curve [15]. Profit Forecast - Revenue projections for 2025 to 2027 are 15.2 billion yuan, 17.2 billion yuan, and 19.3 billion yuan respectively, with corresponding net profits of 1.0 billion yuan, 1.2 billion yuan, and 1.5 billion yuan [16][19].

高端装备：2024&2025Q1 业绩回顾及展望 20250518 摘要 • 部分高端装备制造领域公司业绩超预期，如春风动力、捷昌驱动、隆鑫通 用和宗申动力等，主要受益于去年 11 月开始的抢出口潮流和中美关税谈 判的缓和效应，预计二季度仍可能延续超预期表现。 • 新国标的实施将推动复合集流体产业链发展，因其经济性和易于大规模商 业化落地，头部电池厂已具备稳定供货能力。材料商将在二季度末启动新 一轮资本开支，设备龙头东威科技有望受益。 • 机床链自 2025 年一季度以来营收同比增幅超预期，汽车零部件领域资本 开支踊跃，但国际贸易壁垒加剧扰动。头部企业坚持全球化布局，与 AI 相 关的 AIDC 服务器加工及人工机器人产业拉动了订单需求。 • 国产数控系统及相关滚动元件硬件企业，如华中数控、豪尔达和浩志机电 等，受益于内需市场的开拓，预计 2024 年和 2025 年将实现双高位数增 长。 • 2025 年工业机器人市场前景乐观，汽车和 3C 电子仍是主要拉动领域。尽 管 2024 年价格战导致部分企业财务状况恶化，但今年一季度销售回暖信 号明显，与华为等 AI 大厂的深度合作将备受关注。 Q&A 始反弹，公 ...

Core Viewpoint - The company, Kaidi Electric Co., Ltd., has released its 2024 annual report, highlighting its financial performance, business operations, and future development plans, with a focus on the growth potential in the smart home and office furniture markets, as well as the automotive components sector [1][5][9]. Company Overview - Kaidi Electric is a well-known provider of integrated solutions centered around smart linear drive systems, with a comprehensive service system that includes technology research and development, manufacturing, and global marketing [9]. - The company operates in various sectors, including smart home products, smart office furniture, automotive components, and medical care, indicating a diversified business model [9]. Financial Performance - As of December 31, 2024, the company's total assets reached CNY 2,841,523,646.24, representing a year-on-year increase of 6.02% [12]. - The net assets attributable to shareholders amounted to CNY 2,222,490,505.24, up by 2.51% year-on-year [12]. - The company reported operating revenue of CNY 1,335,738,641.09, reflecting an 8.25% increase compared to the previous year [12]. - However, the net profit attributable to shareholders decreased by 19.42% to CNY 86,721,095.79, while the net profit after deducting non-recurring gains and losses fell by 21.53% to CNY 79,423,957.65 [12]. Profit Distribution Plan - The board of directors proposed a cash dividend of CNY 3.75 per 10 shares (including tax), with a total cash dividend distribution of CNY 26,324,592.00 based on a total share capital of 70,198,912 shares [4][24]. - The cash dividend ratio for the year is set at 30.36% [4]. Market Trends - The smart home market is experiencing significant growth, driven by increasing consumer demand for intelligent, comfortable, and environmentally friendly products, particularly in the U.S. market [5]. - The electric sofa industry is transitioning from functionality to intelligent scenarios, facing challenges but also benefiting from aging populations and consumption upgrades [5]. - The smart office desk market is projected to grow at a compound annual growth rate of 12-15%, reaching USD 10-12 billion by 2030, fueled by remote work trends and health awareness [5][7]. - The medical care sector is seeing increased demand for electric medical beds and related products due to an aging population and chronic disease management needs [8]. Business Strategy - The company is expanding its global footprint, with some enterprises establishing overseas production bases to enhance their global layout [7]. - The automotive components market is also growing, with the production and sales of vehicles in China expected to increase by 3.7% and 4.5% respectively in 2024, highlighting the importance of smart features in vehicles [8].

（山东省青岛市即墨区青岛服装工业园孔雀河四路 78 号） 首次公开发行股票并在创业板上市 股票简称：豪江智能 股票代码：301320 青岛豪江智能科技股份有限公司 Qingdao Richmat Intelligence Technology Inc. 之 上市公告书 保荐人（主承销商）：瑞信证券（中国）有限公司 （北京市东城区金宝街 89 号 19 层 01A、02、03A 及 20 层） 二零二三年六月 特别提示 青岛豪江智能科技股份有限公司（以下简称"公司"、"本公司"、"发行人" 或"豪江智能"）股票将于 2023 年 6 月 9 日在深圳证券交易所创业板上市，该市 场具有较高的投资风险。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。本公司提醒投资者应充分了解股票市场风险以及本公司披露的 风险因素，在新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《青岛豪江智能科技 股份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招股 说明书"）中的相同。本上市公告书中的报告期均指 2020 年度、2 ...

本次发行股票拟在创业板市场上市，创业板公司具有创新投入大、新旧产业融 合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 青岛豪江智能科技股份有限公司 Qingdao Richmat Intelligence Technology Inc. （山东省青岛市即墨区青岛服装工业园孔雀河四路 78 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） 瑞信证券（中国）有限公司 （北京市东城区金宝街 89 号 19 层 01A、02、03A 及 20 层） 二零二三年六月 青岛豪江智能科技股份有限公司 首次公开发行股票并在创业板上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责 ...

本次发行股票拟在创业板市场上市，创业板公司具有创新投入大、新旧产业融 合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 二零二三年五月 青岛豪江智能科技股份有限公司 首次公开发行股票并在创业板上市招股意向书 声明及承诺 青岛豪江智能科技股份有限公司 Qingdao Richmat Intelligence Technology Inc. （山东省青岛市即墨区青岛服装工业园孔雀河四路 78 号） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） 瑞信证券（中国）有限公司 （北京市东城区金宝街 89 号 19 层 01A、02、03A 及 20 层） 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责 ...

本次发行股票拟在创业板市场上市，创业板公司具有创新投入大、新旧产业融 合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 青岛豪江智能科技股份有限公司 Qingdao Richmat Intelligence Technology Inc. （山东省青岛市即墨区青岛服装工业园孔雀河四路 78 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 公告的招股说明书作为投资决定的依据。 保荐人（主承销商） 瑞信证券（中国）有限公司 （北京市东城区金宝街 89 号 19 层 01A、02、03A 及 20 层） 二零二三年三月 青岛豪江智能科技股份有限公司 首次公开发行股票并在创业板上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也 ...

本次发行股票拟在创业板市场上市，创业板公司具有创新投入大、新旧产业融 合存在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特点， 投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所 披露的风险因素，审慎作出投资决定。 青岛豪江智能科技股份有限公司 Qingdao Richmat Intelligence Technology Inc. （山东省青岛市即墨区青岛服装工业园孔雀河四路 78 号） 首次公开发行股票并在创业板上市 招股说明书 （注册稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式 保荐人（主承销商） 瑞信证券（中国）有限公司 （北京市东城区金宝街 89 号 19 层 01A、02、03A 及 20 层） 公告的招股说明书作为投资决定的依据。 二零二三年三月 青岛豪江智能科技股份有限公司 首次公开发行股票并在创业板上市招股说明书 声明及承诺 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也 ...