Core Insights - A-share listed companies are actively engaging in the embodied intelligence sector, driven by policy guidance and market demand, showcasing a diversified layout path [1][3] - The global embodied intelligence market is projected to reach 19.525 billion by 2025, with China's market expected to be 5.295 billion, accounting for approximately 27% of the global market [3] Company Activities - Jiangsu Baoxin Technology Co., Ltd. plans to invest 18 million in Suzhou Jicui Intelligent Manufacturing Robotics Co., Ltd., acquiring an 81.82% stake, which will be included in its consolidated financial statements [1] - Shanghai New Times Electric Co., Ltd. aims to launch a general controller for embodied intelligence and humanoid robots by the end of 2025, with ongoing prototype development [1] - Guangzhou Zhonghaida Satellite Navigation Technology Co., Ltd. has secured contracts for IMU products from two domestic embodied intelligence robot companies, marking its entry into the core component supply chain [2] - Jiangsu Boyun Plastic Industry Co., Ltd. is increasing R&D investment to focus on emerging fields such as low-altitude economy and embodied intelligence robots while maintaining its advantages in traditional sectors [2] Industry Trends - Companies are building public platforms to tackle common technical challenges in the industry, such as the establishment of a training center for embodied intelligence robots by Tianqi Automation Engineering Co., Ltd. [2] - The industry is shifting from speed of layout to depth of technology and implementation capability, with companies possessing core technology reserves and practical experience likely to gain competitive advantages [3] - A three-tier support system has emerged from national strategy guidance, local industrial support, and capital market backing, particularly in regions like the Yangtze River Delta and Pearl River Delta [3] Long-term Outlook - As technology evolves and ecosystems mature, embodied intelligence is expected to transition from industrial auxiliary tools to primary social service entities, reshaping production methods and lifestyles [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Insights - The company is a leading player in the IMU sector, with significant growth potential in the fields of unmanned logistics, intelligent driving, and humanoid robotics [1][4] - The launch of the E6 unmanned logistics vehicle by Jiushi at a price of 20,000 yuan is expected to accelerate the growth of the unmanned logistics market [2] - The company has received multiple certifications, including the German TÜV Rheinland ISO 26262 for automotive functional safety, and is in mass production of high-precision inertial navigation products, indicating a strong position in the passenger vehicle market [3] - The humanoid robotics sector is anticipated to see substantial growth in 2025, with the company already achieving small-scale supply of IMU for humanoid robots [4] - The company reported a revenue of 142 million yuan in Q1 2025, a year-on-year increase of 39.02%, and a net profit of 3 million yuan, marking a significant turnaround [5] Financial Summary - Revenue projections for 2025-2027 are 636 million, 816 million, and 1,003 million yuan, with corresponding growth rates of 50.19%, 28.35%, and 22.89%, respectively [6] - The forecasted net profit for the same period is 56.86 million, 78.44 million, and 94.62 million yuan, with growth rates of - and 37.95%, 20.62% [6] - The company is expected to achieve a compound annual growth rate (CAGR) of 33% from 2025 to 2027 [6]

Core Insights - Company reported a revenue of 423 million yuan for 2024, representing a year-on-year growth of 20.36% [1] - In Q1 2025, company achieved a revenue of 142 million yuan, with a significant year-on-year increase of 39.02% [1] - The company turned a profit with a net profit of 2.957 million yuan in Q1 2025, compared to a loss in the same period last year [1] Business Overview - Company specializes in intelligent testing equipment for automotive powertrains, testing services for new energy vehicle powertrains, and intelligent driving-related businesses [1] - Focus areas include high-precision inertial navigation products and intelligent driving testing services [1] Product Development - Company has developed a series of inertial navigation and high-precision positioning products, leveraging proprietary technologies such as inertial device research and high-precision satellite positioning algorithms [1][2] - IMU products are crucial for various industries, including humanoid robotics, intelligent driving, and aerospace, providing essential stability and precision [1] Market Position - High-precision inertial navigation products have entered mass production, meeting the demands of intelligent driving vehicle manufacturers and enhancing vehicle positioning accuracy [2] - Collaborations with leading robotics companies focus on algorithms and hardware development for humanoid robots, resulting in small batch supply of IMU products [2] R&D and Innovation - Company has seen continuous growth in R&D investment, holding 22 invention patents, 86 utility model patents, 3 design patents, and 132 software copyrights as of December 31, 2024 [2] - Plans to expand influence in three core areas: new energy vehicle powertrain testing services, intelligent driving, and intelligent testing equipment for powertrains [2]