ADAS 智能清洗产业化持续加速，前瞻布局机器人第三增长曲线。L3+级别的Robotaxi、无人快递物流 小车等自动驾驶商业化应用加速落地，带来ADAS 智能清洗系统增量需求。公司相关产品已通过客户对 Waymo、美团、小马智行、滴滴、菜鸟、北美新能源客户等终端进行适配交样，目前主动感知清洗产 品已取得部分定点，预计会有更多的增量车型进入定点环节。同时，人形机器人、机器狗等领域客户属 于公司重点拓展的赛道之一，公司正在对接相关客户，以谐波磁场电机方案为基础，针对直线关节电 机、旋转关节电机、灵巧手电机定制化开发解决方案。 盈利预测：考虑到行业竞争压力加剧，我们将2025-2027 年公司归母净利润下调为2.2/2.7/3.4 亿元，对 应42/35/28 倍PE，维持"买入"评级。 风险提示：原材料价格波动；客户销量不及预期；行业竞争加剧。 事件：公司发布2025 年半年报。2025 年H1，公司实现收入4.3 亿元，同比-7%，归母净利润0.9 亿元， 同比-27%。其中2025Q2，公司实现收入2.3 亿元，同比+2%，环比+11%，归母净利润0.4 亿元，同 比-16%，环比+3%。 业绩符合预期，开拓 ...

事件：公司发布2024 年报。2024 年，公司实现收入9.6 亿元，同比+4%，归母净利润2.1 亿元，同比 +6%。2024Q4，公司实现收入2.6 亿元，同比-1%，环比+7%，归母净利润0.5 亿元，同比-4%，环比 +5%。 业绩符合预期，多元化客户结构助力业绩增长。2024 年全球新能源汽车销量1753 万辆，同比+22%，其 中中国销量1227 万辆，同比+38%。特斯拉2024 年全球销量179 万辆，同比-1%。多元化客户结构助力 公司业绩增长，2024 年收入最终同比+4%。同时，公司已在隐形门把手和充电小门领域实现"电机+执 行器"的产品拓展，电机业务2024 年实现收入4.3 亿元，同比+17%，占收入比45%，未来有望向集成度 更高的系统产品发展，并且在更多的应用场景上发掘"1+N"的产品开拓机会。 2024H1，L3+级别的Robotaxi、无人快递物流小车等自动驾驶商业化应用加速落地，带来ADAS 智能清 洗系统增量需求。公司相关产品已通过客户对Waymo、美团、小马智行、滴滴、菜鸟、北美新能源客 户等终端进行适配交样，目前主动感知清洗产品已取得部分定点，预计会有更多的增量车型进 ...

Group 1: Macro Insights - The report analyzes five historical low-price cycles in China, the US, and Japan, identifying that the core issue of sustained low prices is demand, and emphasizes the need for coordinated policies to elevate prices, with demand policies being the most critical [3] - It suggests five policy measures to promote reasonable price recovery in China, including fiscal policy requiring a broad deficit rate of 12.8%, further easing in real estate, monetary policy adjustments, consumption stimulation, and supply-side structural reforms in key industries [3] Group 2: Financial Engineering - The report discusses the challenges of low-risk premiums and low-interest environments for absolute return strategies, proposing a bottom-up approach to asset allocation that emphasizes strategy configuration over market timing [4] - It highlights that since 2018, multi-asset income strategies have shown robust performance with an annualized return of 8.7% and a maximum drawdown of only 2.8% [4] Group 3: Automotive Sector - Hengshuai Co., Ltd. - Hengshuai Co., Ltd. reported a revenue of 960 million yuan in 2024, a year-on-year increase of 4%, and a net profit of 210 million yuan, up 6% [6] - The company has diversified its customer base, contributing to revenue growth, and has expanded its product offerings in the electric motor sector, achieving a revenue of 430 million yuan from electric motors, a 17% increase [7] - The company is advancing in the ADAS intelligent cleaning sector and is strategically positioning itself in the robotics market, leveraging its technological expertise [8] Group 4: Construction and Decoration - Northern International - Northern International has seen significant growth in profitability, with improved gross margins driving net profit increases, and is expanding its investment projects, including a 720 million yuan increase for a photovoltaic project in Bosnia [9] - The forecast for net profit from 2025 to 2027 is 1.18 billion, 1.32 billion, and 1.45 billion yuan, respectively, with a projected growth rate of 13%, 12%, and 9% [9] Group 5: Real Estate - Greentown China - Greentown China achieved a revenue of 158.55 billion yuan in 2024, a year-on-year increase of 20.7%, but net profit decreased by 37.9% due to significant impairment losses [11][12] - The company has made substantial impairment provisions, including 4.039 billion yuan in asset impairment losses, which has impacted overall profit performance [12] - Future performance is expected to stabilize as the company focuses on high-quality land acquisitions and has a strong liquidity position backed by state-owned enterprise support [13] Group 6: Computer Sector - Yonyou Network - Yonyou Network reported a revenue of 9.153 billion yuan in 2024, a decrease of 6.57%, and a net loss of 2.061 billion yuan, a decline of 113.13% [14] - The company is focusing on enhancing operational efficiency and increasing its subscription model, which is expected to lead to a turnaround despite current external pressures [14] - The revenue forecast for 2025 to 2027 is approximately 10.167 billion, 11.195 billion, and 12.307 billion yuan, with net profits projected to improve over the years [14]