深圳市今天国际物流技术股份有限公司 投资者关系活动记录表 编号：2025-003 证券代码：300532 证券简称：今天国际 | | □特定对象调研 □媒体采访 | □分析师会议 | | | --- | --- | --- | --- | | 投资者关系活动 | □业绩说明会 □新闻发布会 | | □路演活动 | | 类别 | □现场参观 其他 年度深圳辖区上市公司投资 ☑ 2025 | | | | | 者网上集体接待日 | | | | 活动形式 | 现场 网上 电话会议 ☐ ☑ ☐ | | | | 参与单位名称及 | 通过全景网"投资者关系互动平台"（https://ir.p5w.net）参与公司本 | | | | 人员姓名 | 次集体接待日活动的广大投资者 | | | | 时间 | 2025 年 11 月 20 日 (周四) 下午 15:40-17:00 | | | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | | | | 董事长 邵健锋先生 | | | | 上市公司接待人 | 独立董事 赵桂荣先生 | | | | 员姓名 | 副总裁、董事会秘书 杨金平先生 ...

Group 1: Economic and Industrial Cooperation - Ulsan is recognized as South Korea's "industrial capital," being a core area for the petrochemical, shipbuilding, and automotive industries, housing major companies like Hyundai Heavy Industries and Hyundai Motor Group [2][3] - The bilateral trade between China and South Korea has been steadily growing since the establishment of diplomatic relations in 1992, with China being South Korea's largest trading partner [6] - Local companies in Ulsan are eager to expand into the Chinese market, exemplified by SDNT Corporation's collaboration with Tianjin Langyu Robot Co., which produces automated guided vehicles (AGVs) for heavy industries [6][7] Group 2: Cultural and Historical Ties - Ulsan has a rich history linked to whaling, with efforts to transform its historical whaling port into an ecological tourism destination after the global ban on commercial whaling [2] - The Korean-Chinese Economic and Cultural Education Association promotes grassroots exchanges, highlighting the importance of personal relationships in fostering cooperation between the two nations [9][10] - The association's president, Kim Kyung-dae, emphasizes the need for mutual trust and understanding to enhance collaboration, reflecting a long-standing tradition of friendship between the two countries [11][12] Group 3: Technological Collaboration - AI and addressing demographic changes are key topics at the APEC meeting, with Ulsan focusing on leveraging AI for urban transformation in response to aging and declining population challenges [3] - The collaboration between SDNT and Tianjin Langyu showcases how Chinese technology can meet the demands of South Korean industries, enhancing efficiency and flexibility in production [7] - The interest in emerging technologies, such as AI and robotics, indicates a growing space for cooperation between South Korean and Chinese companies in these sectors [3][6]

Core Insights - Shenzhen is actively exploring sustainable development paths under the "dual carbon" goals, with the recent forum focusing on "AI empowering urban green development" [1][14] - The Longgang District showcased its innovative practices and industrial ambitions in the green low-carbon sector through a "four-wheel drive" model at the forum [1][14] Group 1: Forum Highlights - The 2025 Carbon Peak and Carbon Neutrality Forum and Shenzhen National Low Carbon City Forum were held, emphasizing global collaboration for a green future [1] - The forum served as an annual event for green urban development, positioning Shenzhen as a national and international leader in this area [1] Group 2: Product Exhibition - The "Carbon Seeking New Future" exhibition featured 137 products from various companies, highlighting Shenzhen's technological advancements and innovative practices in green low-carbon development [4] - A city-level new municipal energy system model was created, showcasing 63 products from 37 companies, focusing on a new infrastructure operating system based on energy, logistics, aerial, and computational capabilities [4][10] Group 3: Innovation Showcase - The "Bay Area T-stage" event presented four innovative technologies, including special materials for space applications and advanced power generation technologies [5][7] - The launch of the flexible perovskite battery by Runshiwa Group and Ben Shu Optical Energy was highlighted, showcasing its lightweight and high-efficiency power generation capabilities [7] Group 4: Investment and Projects - A total of 10 quality projects were signed at the "2025 Shenzhen Green Low Carbon Industry Special Investment Promotion Conference," with a total investment of 60 billion yuan, covering various sectors including new energy and hydrogen energy [8][9] - National Energy Group Guangdong Company and China General Nuclear Power Corporation are establishing a strong presence in Longgang, focusing on smart nuclear power and digital transformation [9] Group 5: Policy and Governance - The Longgang District released the "Longgang New Municipal Green Intelligent System White Paper," addressing traditional municipal infrastructure challenges and proposing innovative solutions [10] - The district's policies aim to support high-quality development in the green low-carbon industry through targeted financial incentives and customized services for enterprises [9][10] Group 6: Future Vision - Longgang is committed to integrating AI with green development, showcasing a vision for future living, homes, and cities through immersive experiences [12][13] - The district's initiatives aim to enhance urban governance and promote efficient resource allocation, contributing to a modernized urban management approach [13][14]

Event Overview - The company released its Q3 2025 report, showing a revenue of 2.604 billion yuan for the first three quarters, a year-on-year increase of 50.90% [2] - The net profit attributable to shareholders reached 355 million yuan, up 40.53% year-on-year, while the net profit excluding non-recurring items was 342 million yuan, an increase of 48.65% [2] Q3 Performance Highlights - Q3 2025 revenue was 942 million yuan, reflecting a year-on-year growth of 55.72% and a quarter-on-quarter increase of 2.93% [3] - The company achieved a net profit of 128 million yuan in Q3, up 40.90% year-on-year but down 1.19% quarter-on-quarter [3] - The gross margin for Q3 was 25.99%, with a slight year-on-year increase of 1.45 percentage points and a quarter-on-quarter decrease of 0.36 percentage points [3] Business Development - The company established a wholly-owned subsidiary, Wuhu Ruixiang Intelligent Robot Co., Ltd., to accelerate its robotics layout, responding to local government policies promoting humanoid robots [4] - The automotive manufacturing equipment business continues to see growth in new orders, with an order backlog of 4.38 billion yuan as of H1 2025, a 13.59% increase from the end of the previous year [5] Future Projections - Revenue projections for 2025-2027 are estimated at 3.55 billion, 4.26 billion, and 5.12 billion yuan, respectively, with net profits of 480 million, 580 million, and 680 million yuan [6] - The company expects to benefit from the ramp-up of production capacity in its lightweight components business, which has entered mass production [5][6]

Core Insights - The 2025 Carbon Peak and Carbon Neutrality Forum will be held in Shenzhen, focusing on "AI Empowering Urban Green Development" and gathering global wisdom to discuss a sustainable future [2] - The event will feature a combination of exhibitions and investment matchmaking, showcasing innovative low-carbon technologies and facilitating collaboration among enterprises [2][6] Group 1: Exhibition Highlights - The "New Municipal" exhibition area will present a real-life model of a city-level energy system, featuring 63 products from 37 companies, showcasing the innovative "New Municipal" framework of Longgang District [3] - The exhibition will cover five core areas, including smart parks, new energy, sanitation battery swapping, unmanned logistics, and low-altitude economy, illustrating the comprehensive green transformation path of Longgang [4] Group 2: Future Home Exhibition - The "Future Home" exhibition area will display 72 green low-carbon innovative products from 44 companies, divided into four experiential scenarios that demonstrate the application of green technologies in future living [5] - Scenarios include AI integration, smart home systems, low-carbon manufacturing, and innovative materials, highlighting the synergy of technology, culture, and low-carbon concepts [5] Group 3: Investment and Collaboration - An investment promotion conference will take place on October 28, focusing on low-carbon industries, featuring project signings and the release of a white paper on the construction of a green intelligent system [6] - This dual approach of exhibition and investment aims to accelerate the transformation of innovative technologies and promote the development of new productive forces in Longgang [6]

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on the closing price of 38.17 yuan on October 24, 2025, corresponding to PE ratios of 17, 14, and 12 for the years 2025, 2026, and 2027 respectively [4][6]. Core Insights - The company reported strong performance in Q3 2025, with revenue of 942 million yuan, a year-on-year increase of 55.72%, and a net profit of 128 million yuan, up 40.90% year-on-year [1][2]. - The robust growth in revenue is attributed to strong demand in the equipment business, particularly driven by major client Chery's sales, which reached 747,644 units, a 14.64% increase year-on-year [2]. - The establishment of a wholly-owned subsidiary for robotics indicates an accelerated layout in the robotics sector, responding to local government policies promoting humanoid robots [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.604 billion yuan, a 50.90% increase year-on-year, and a net profit of 355 million yuan, up 40.53% [1]. - Q3 2025 gross margin was 25.99%, with a net margin of 15.61%, reflecting slight changes due to product mix [2]. Business Development - The company has a strong order backlog in its equipment business, with 4.38 billion yuan in orders as of H1 2025, a 13.59% increase from the previous year [3]. - The lightweight component business has entered mass production, with several models now in production, which is expected to further enhance performance [3]. Future Projections - Revenue projections for 2025, 2026, and 2027 are 3.545 billion yuan, 4.255 billion yuan, and 5.120 billion yuan respectively, with corresponding net profits of 481 million yuan, 581 million yuan, and 679 million yuan [5][9]. - The expected EPS for the same years is 2.30 yuan, 2.77 yuan, and 3.25 yuan, indicating a positive growth trajectory [5][9].

Group 1 - The company, TBEA Co., Ltd. (600089.SH), currently does not engage in the robotics business [1] - The company has implemented robotics, mechanical arms, and AGVs in its manufacturing digital workshops and coal mining areas to achieve reduced manpower and enhance production efficiency [1] - The use of these technologies also aims to improve safety in mining areas [1]

Core Viewpoint - The company, TBEA, confirmed that it is not involved in the robotics business but is utilizing robots, mechanical arms, and AGVs in its manufacturing digital workshops and coal mining areas to enhance production efficiency and improve safety in mining operations [1] Group 1 - The company is currently not engaged in the robotics sector [1] - The company is implementing automation technologies such as robots and AGVs in its manufacturing and mining operations [1] - The focus on automation aims to achieve reduced manpower requirements and increased safety in coal mining [1]

Core Viewpoint - Hikvision has expanded its industrial strategy from security to a comprehensive industrial ecosystem, leveraging its technological advancements in "IoT perception + AI" to enhance manufacturing processes and create new value opportunities [3][4][31]. Group 1: Industrial Entry and Development - Hikvision's entry into the industrial sector is not a mere trend-following move but a natural evolution of its technological capabilities, having started with industrial cameras as early as 2015 [12][13]. - The company has developed a product matrix of over 30,000 hardware models, integrating various sensing technologies to address the digitalization needs of the industrial sector [13][20]. - China's industrial landscape, with its vast and diverse manufacturing base, is experiencing a pressing need for digital transformation to improve quality, efficiency, and cost reduction [15][16]. Group 2: Technological Integration - The synergy between "IoT perception" and AI forms a competitive advantage for Hikvision, enabling it to tackle numerous challenges in industrial digitalization [18][24]. - Hikvision's comprehensive sensing capabilities allow it to monitor critical equipment conditions, ensuring predictive maintenance and operational continuity [20][21]. - The company has successfully implemented its integrated sensing technologies in various industries, such as coal and metal, demonstrating significant improvements in operational efficiency and safety [22][30]. Group 3: Practical Applications and Industry Impact - Hikvision has utilized its own manufacturing base as a testing ground for its digitalization technologies, creating a model for other industries to follow [28][29]. - The company has achieved notable advancements in quality control and logistics through its AI-driven solutions, significantly enhancing operational accuracy and efficiency [34]. - Hikvision's ongoing commitment to innovation in "IoT perception + AI" positions it as a key player in the industrial digitalization landscape, driving the transition from basic digitalization to advanced intelligent manufacturing [31][33].

Summary of Forklift Industry Conference Call Industry Overview - The forklift industry is experiencing a significant growth trend in the unmanned forklift segment, with leading companies like Hangcha and Heli actively investing in this area and collaborating with technology firms such as Jiushi Intelligent and Xidi Zhijia to develop relevant technologies [1][3][5] - The global market for forklifts is showing a demand split, with retail, e-commerce, and logistics accounting for approximately 50% of the market share. Domestic sales are recovering due to policy-driven demand for upgrades, while exports continue to grow steadily [1][6] Key Insights - The unmanned forklift segment is expected to see substantial growth in the second half of 2025, with a low penetration rate currently but significant potential for expansion. The year 2025 is referred to as the "Year of Unmanned Forklifts" [3][9] - Lithium battery-driven large forklifts have seen sales growth exceeding 40%, with the lithium battery penetration rate for large models rising to over 30% since 2018. The trend of lithium battery replacing internal combustion engines is expected to continue [1][7] - The unmanned forklift industry is characterized by low penetration and high growth, driven by technological advancements such as laser navigation and machine vision, as well as economic benefits [3][12] Company Developments - Hangcha has made significant progress in unmanned technology, owning Guozhi Robotics and collaborating with Huawei to develop intelligent solutions. Heli is also partnering with various tech companies to advance unmanned technology [5][19] - Both companies are expected to be among the first to achieve mass production of robots, supported by favorable policies [5][20] Market Dynamics - The demand for traditional and lithium battery-driven electric forklifts is showing clear differentiation, with a notable recovery in domestic sales driven by policy support [6][19] - The average price of AGVs has decreased significantly from 600,000 yuan in 2018 to 220,000 yuan in 2023, while the average price of unmanned forklifts remains lower than that of AGVs, indicating a potential for cost reduction and margin improvement [13] Future Outlook - The development of unmanned mining trucks and unmanned logistics vehicles presents vast opportunities, with these devices capable of performing complex tasks in industrial settings [8] - The industry is expected to see a market opportunity worth hundreds of billions, providing a chance for valuation re-evaluation for related companies [8][20] Financial Performance - Heli is projected to achieve a performance of 1.6 billion yuan next year, corresponding to a 12x valuation, while Hangcha is expected to reach 2.5 billion yuan, corresponding to a 15x valuation. Both companies have significant growth potential, with estimates suggesting a 50% increase in market value [19][20] Conclusion - The unmanned forklift segment is poised for rapid growth, driven by technological advancements and favorable market conditions. Companies like Hangcha and Heli are well-positioned to capitalize on these trends, with strong potential for valuation increases and market share expansion [20][21]