港股消费电子跟踪汇报：地平线机器人、黑芝麻智能、佑 驾创新、京东方精电 20250709 摘要 地平线机器人公司预计 2025 年营收 33 亿元人民币，2026 年 55 亿元， 2027 年 85 亿元，维持高速增长，目前市值约 900 亿港币，对应 2025 年 25 倍 PS，中阶智驾芯片出货量与新能源车企挂钩，但市场份额预期 未下降，高增长逻辑未变。 地平线高阶智驾芯片预计 2027 年贡献 30 亿营收，2028 年实现 100 亿元营收并扭亏为盈。长期来看，2030 年保守估计营收 260 亿，乐观 超过 300 亿，对应利润 80-100 亿，市值可达 2,600-3,200 亿港币。 黑芝麻智能 2025 年预计收入 8 亿元，对应 110 亿元市值约 13 倍 PS， 主要产品为 A1,000 系列智驾芯片，预计出货量大几十万片。公司正努 力切入比亚迪 TNGIC 平台，下一代智驾芯片 A2000 预计下半年定点， 明年量产。 黑芝麻智能预计 2025 年营收增速超 70%，达 8 亿元，2026-2027 年 收入预测分别为 15 亿和 22 亿，预计 2027 年盈亏平衡，实现 20 ...

| 品牌 | 型号 | 数量 | 年份 | | --- | --- | --- | --- | | DIODES | DMT10H009LCG-7 | 18K | 21+ | | LITTELFUSE | V320LA20AP | 60K | 22+ | | HYNIX | H5ANBG6NAMR-XNC | 40K | 22+ | | 润石 | RS2299XTQC16 | 100K | 24+ | 芯片超人现有 1600平米 芯片智能仓储基地，现货库存型号 1000+ ，品牌高达 100种 ， 5000万颗 现 货库存芯片，总重量 10吨 ，库存价值高达 1亿+ 。同时，芯片超人在深圳设有独立实验室，每颗物料 均 安排QC质检 。 求购以下料号 | 品牌 | 型号 | 数量 | | --- | --- | --- | | ADI | LTM4628EV#PBF | 200个 | | ADI | LTM4634IY#PBF | 238个 | | ADI | AD8512ARMZ | 1200个 | | DEGSON/高松 | 2EDGRM-5.08-03P-14-100Z(H) | 800PCS | 优势物 ...

Core Viewpoint - The company is focusing on identifying its shortcomings in product development and sales as it expands its digital and streamlined business, considering both internal growth and potential acquisitions to address these gaps [1][2]. Group 1: Product Development - The company has enhanced its research capabilities in information technology and high-consumption areas through self-built teams and investments, reducing the urgency for external demands [1]. - Future needs in new or niche areas may require external acquisitions to strengthen capabilities [1]. Group 2: Sales Strategy - The company recognizes the need to improve its solution marketing capabilities, which differ from simple equipment sales and require tailored solutions based on customer needs and information technology levels [2]. - There are existing gaps in local delivery and sales channels for high-value consumables in overseas markets, prompting the company to consider both internal development and acquisitions, such as the acquisition of DiaSys for its global production and logistics capabilities [2]. Group 3: Business Growth and AI Integration - The company's IVD (in vitro diagnostics) business is projected to be a key growth driver, with expected revenue of 13.765 billion yuan in 2024, marking it as the largest business segment [2]. - The company has successfully penetrated international markets, achieving over 30% year-on-year growth in international IVD revenue [2]. - AI technology is being integrated across the company's three main business lines, enhancing product performance and market competitiveness, with notable innovations such as the clinical application of AI models and comprehensive solutions in medical imaging [3].

中通客车第395、396批《道路机动车辆生产企业及产品公告》新产品公示 | 企业名称 | | 产品商标 | 产品名称 | 产品型号 | | --- | --- | --- | --- | --- | | 中通客车股份有限公司 | 中通牌 | | 纯电动低地板城市客车 | LCK6706EVGDA16 | | 中通客车股份有限公司 | 中通牌 | | 纯电动客车 | LCK6829EVA20 | | 中通客车股份有限公司 | 中通牌 | | 纯电动低地板城市客车 | LCK6856EVGDA17 | | 中通客车股份有限公司 | 中通牌 | | 纯电动客车 | LCK6119EV1A35 | | 中通客车股份有限公司 | 中通牌 | | 纯电动客车 | LCK6119EV1A15 | | 中通客车股份有限公司 | 中通牌 | | 纯电动客车 | LCK6125EV1A40 | | 中通客车股份有限公司 | 中通牌 | | 纯电动客车 | LCK6909EV1A25 | | 中通客车股份有限公司 | 中通牌 | | 纯电动客车 | LCK6125EV1A25 | | 中通客车股份有限公司 | 中通牌 | | 纯电 ...

Core Insights - Mindray Medical (300760) held an investor open day, highlighting its digital transformation in equipment business and expansion strategy for flow-type business [1] - The company aims to create comprehensive solutions combining "equipment + IT + AI" and "equipment + consumables" to support long-term growth [1] Business Lines Summary - The life information and support business utilizes the "Ruizhi Lian" data platform to integrate information and create digital patient profiles, with AI capabilities enhancing clinical decision-making [2] - Mindray's AI medical layout focuses on emergency, surgery, and critical care, with the "Qiyuan" critical care model expected to be released in December 2024, and additional specialized models anticipated in the next 1-2 years [2] - In the medical imaging sector, Mindray's full-stack ultrasound AI solutions significantly improve examination efficiency and diagnostic quality, exemplified by the Neuwa A20 solution for comprehensive prenatal screening [2] IVD Business Insights - Automation in the IVD sector is crucial for high-end breakthroughs, with over 200 new installations expected globally in 2024 and around 300 in 2025 [3] - The comprehensive IVD layout supports multi-disciplinary production, providing cost and iteration efficiency advantages [3] - The digital transformation is expected to drive Mindray's global high-end breakthroughs and accelerate performance growth, leading to a slight upward adjustment in profit expectations and target price to 272.90 RMB based on a 9-year DCF model [3]

证券研究报告：国防军工 | 公司点评报告 发布时间：2025-07-03 股票投资评级 买入|维持 个股表现 -10% 14% 38% 62% 86% 110% 134% 158% 182% 206% 230% 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 中科海讯 国防军工 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 49.93 | | --- | --- | | 总股本/流通股本（亿股）1.18 / 1.14 | | | 总市值/流通市值（亿元）59 / 57 | | | 52 周内最高/最低价 | 49.93 / 13.61 | | 资产负债率(%) | 31.2% | | 市盈率 | -223.10 | | 宁波梅山保税港区中科 | | | 第一大股东 | 海讯科技投资合伙企业 | | (有限合伙) | | 研究所 分析师:鲍学博 SAC 登记编号:S1340523020002 Email:baoxuebo@cnpsec.com 分析师:王煜童 SAC 登记编号:S1340523070004 Email:wangyutong ...

要闻提示 NEWS REMIND 1.李想首次回应发飙事件：因当时有人弄虚作假，承认自己脾气大 2.蔚来李斌谈产业升级：以前做车能卖20万就感觉突破了天花板，现在ET9能卖80万 3.正浩CTO陈熙离职，或将创业 4 . 雷军：着急用车可考虑小鹏理想Model Y，拦截YU7大可不必 5 . 荣耀高管谈上市进展：IPO辅导目前很顺利，稳步推进中 6.哪吒汽车关联公司20亿股权遭二次冻结，母公司进入破产重整程序 7.曝iPhone 18系列升级2nm芯片：苹果迈入2nm时代 8.传Intel CEO陈立武考虑放弃推销18A工艺！全力发展Intel 14A 今日头条 HEADLINE NEWS 李想首次回应发飙事件：因当时有人弄虚作假，承认自己脾气大 7月2日，在最新一期《对话》栏目预告中，理想汽车创始人李想称，描述他最准的一个词是"脾气大"。主 持人提到，李想曾在节目中发过一次"著名的脾气"，李想回应称："当时发飙是因为有人在弄虚作假，节 目把后面的话剪掉了。"李想还透露，自己发脾气总共有三种状况：第一种状况是表达一个东西毫无逻 辑；第二种是要求太低，大家得过且过；三是做的事情违背了公司的价值观。 据报道，李想 ...

Core Points - A small skydiving plane crashed at an airport in New Jersey, resulting in at least 5 injuries [1] - The aircraft involved was a Cessna 208B, which was carrying 15 people at the time of the incident [1] - The Federal Aviation Administration (FAA) is currently investigating the accident that occurred at Cross Keys Airport [1]

Group 1: Industry Overview - The Chinese government is actively promoting the development of the marine economy, with "deep-sea technology" becoming a key focus area in national policies [2][3] - The marine economy is expected to grow significantly, with projections indicating that by 2025, the marine production value could exceed 13 trillion yuan, with deep-sea technology-related industries accounting for over 25% of this total [4] Group 2: Company Developments - Hengtong Optic-Electric plans to expand its marine communication industry chain, focusing on the development and industrialization of products related to offshore oil and gas, underwater special cables, and marine equipment [1][5] - Zhongke Haixun is leveraging its advantages in sonar equipment, promoting its HX-A200 core processing chip specifically designed for underwater acoustic equipment, with plans for mass orders by 2025 [1][6] - Qifan Cable has developed the capability to produce long-length submarine cables and has applied these products in offshore wind power projects, with ongoing investments in R&D to enhance competitiveness in high-performance cable manufacturing [1][6] - Chengyi Pharmaceutical is investing 670 million yuan in a marine biomedicine manufacturing project, focusing on the production of 1,000 tons of super fish oil EPA, aligning with national marine strategies [1][7]

Core Viewpoint - The company is expected to see a turning point in the second half of the year driven by innovation, mergers and acquisitions, and international expansion, with a stable growth rate of around 20% in recent years and high profitability levels [1] Group 1: Financial Performance - The company's revenue and net profit attributable to shareholders are projected to grow at a CAGR of 16.7% and 23.98% respectively from 2014 to 2024 [1] - The anticipated decline in growth rate for 2024 is primarily due to tight local government finances and delays in regular bidding processes [1] - The company is expected to achieve a sequential performance increase in the second half of the year, supported by the rapid growth of medical special bonds and improvements in bidding data [1] Group 2: Business Expansion and Market Presence - By the end of 2024, the company will have covered nearly 110,000 medical institutions in China and over 190 countries and regions globally [2] - The life information and support segment, including products like monitors and anesthesia machines, remains the market leader domestically and ranks among the top three globally, with international business expected to achieve double-digit growth in 2024 [2] - The IVD segment has seen significant growth in international business, with over 30% year-on-year growth driven by deep integration and localization strategies [2] Group 3: Strategic Initiatives - The company is accelerating its AI business layout, integrating and innovating existing products, and developing the "Sanrui" digital solution to enhance product volume and penetrate high-end domestic and international markets [1][3] - The company has established 63 overseas subsidiaries and continues to pursue domestic and international acquisitions to enrich its product matrix and enhance global channel layout [3] - The company is focusing on high-end product upgrades and breakthroughs in high-end customer acquisition, with overseas market share currently at only 3% [3] Group 4: Profit Forecast - The company is projected to achieve revenues of 400.25 billion, 450.05 billion, and 512.66 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 8.98%, 12.44%, and 13.91% [4] - The net profit attributable to shareholders is expected to reach 125.92 billion, 143.72 billion, and 165.40 billion yuan for the same years, with growth rates of 7.91%, 14.13%, and 15.09% respectively [4]