随着生成式AI的快速发展，机器人产业的技术得到显著提升，人形机器人也逐渐受到各界的广泛关 注，各路资本纷纷入局，其中不乏手机厂商。 不过，对于此前市场广为流传的2025年为人形机器人商用元年的说法，专业人士向证券时报.e公司记者 表示，此时谈为人形机器人商用元年仍为时尚早。 手机企业纷纷跨界 从整个机器人产业来看，目前，第三方研究普遍认为，全球机器人的产业产值，在2030年有望突破950 亿元。 "我们认为可能还会更高，它的产值主要来自德国、日本、中国、美国等传统强国。中国未来会在机器 人领域扮演重要的角色，无论从技术角度还是需求角度，因此这是一个非常庞大的蓝海市场，而从目前 行业格局来看，它没有传统巨头，且七成为新创厂商，所以大家起步都差不多，企业如果有意愿跨入这 一领域并不难，这也是手机厂商纷纷进军机器人领域的原因之一。"曾伯楷说。 近日，荣耀官宣进军机器人领域。据介绍，荣耀的这款机器人跑步速度已经达到4m/s，打破了之前的机 器人行业纪录。此前，荣耀招聘服务号上，曾公开招聘多名具身智能方向的正式员工及实习生。 "我们的机器人跑得比其他企业的快，主要是算法优势，而且现在我们每天晚上都拉着机器人去爬山训 练 ...

Core Insights - The 2025 Global AI Terminal Exhibition showcased over 40 AI technology products, attracting more than 10,000 visitors daily in the Shenzhen Huaqiangbei area [1] Group 1: AI Hardware and Applications - Huaqiangbei demonstrated its "full industry chain capability" in the "AI hardware + large model" sector, transforming ordinary hardware through deep secondary development to integrate AI models like DeepSeek and ChatGPT, enabling real-time interaction capabilities [4][5] - In the "AI + consumer electronics" sector, Huaqiangbei's products rival international brands while offering personalized services at significantly lower prices, such as a mixed reality product with 8K display technology priced 50% lower than Apple's Vision Pro [5] - The "Chinese AI" sector saw breakthroughs with the "Feilong Master" AI phone, featuring the world's first "Hongmeng Brain" Chinese AI operating system, which addresses AI interaction challenges in the Chinese language [5] Group 2: AI in Healthcare - The wearable ED treatment device from Hainisi (Shenzhen) Information Technology Co., Ltd. represents a significant innovation, converting large hospital equipment into compact home-use devices, filling a gap in the domestic smart medical device market [6] Group 3: Ecosystem and Innovation - Huaqiangbei's "one-kilometer full industry chain ecosystem" allows efficient completion of all production stages within a short distance, facilitating rapid transformation of ideas into reality [7] - The "one-week full-process rapid manufacturing circle" enables quick product development and global launch, supported by a robust modular supply chain and new business models like cross-border e-commerce [8] - Over 110,000 business entities operate in Huaqiangbei, supported by a collaborative ecosystem that integrates land, talent, technology, capital, and policy, fostering innovation and growth of both large and small enterprises [8] Group 4: Future Directions - Huaqiangbei is focusing on "integrated innovation, collaborative innovation, efficient innovation, and global innovation" as it transitions from "China's electronic first street" to a hub for new productivity [9]

智能硬件业务营业收入为571.99 亿元，同比下降2.57%，因部分毛利率相对较低的项目进入生命周期中 后段，但VR/MR 产品销量显著增长，带动该板块毛利率同比提升1.90 个百分点。IDC 数据显示，2024 年全球VR/MR 设备出货量760 万台，同比增加12%，公司作为核心供应商将持续受益。 卡位布局XR 行业，长期趋势与短期拐点兼具。公司积极横向拓展消费电子业务，从可穿戴设备、智能 音箱迈入VR/AR 行业，各项业务形成良好共振，使得公司成为虚拟现实行业集声、光、电为一体的精 密制造龙头企业，卡位布局"零件+整机"，大客户资源及先发优势显著。在5G 时代与AI 潮流的融合 下，VR/AR 头显最具成为下一代智能人机交互终端设备的潜力，有望重塑信息获取方式。龙头的积极 布局与开发有望推动虚拟现实行业高速演进，公司具有VR/AR 产品关键零部件、模组的设计与制造能 力，凭借平台化优势充分受益。预计公司2025-2027 年EPS 分别为1.02、1.21、1.44，维持公司"买入"评 级。 风险提示 1、VR/AR 出货不及预期； 2、消费电子行业需求疲软； 事件描述 3 月26 日，歌尔股份公司发布 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The company has returned to growth in 2024, with a revenue of 1009.54 billion yuan, a year-on-year increase of 2.41%. The net profit attributable to shareholders reached 26.65 billion yuan, up 144.93% year-on-year, while the net profit excluding non-recurring items was 23.93 billion yuan, reflecting a growth of 178.30% [2][6]. - In Q4 2024, the company achieved a revenue of 313.08 billion yuan, marking a year-on-year growth of 27.13% and a quarter-on-quarter increase of 6.99%. The net profit for this quarter was 3.20 billion yuan, up 63.23% year-on-year, although it saw a significant quarter-on-quarter decline of 71.45% [2][6]. - The company’s precision components and smart acoustic products have shown strong performance, with revenues of 150.51 billion yuan and 262.96 billion yuan respectively, growing by 15.9% and 8.7% year-on-year. The smart hardware segment experienced a slight decline of 2.6% due to product lifecycle adjustments [12]. - The company is strategically positioned in the XR industry, benefiting from the integration of 5G and AI trends, with expectations for significant growth in VR/AR headsets as the next generation of smart human-computer interaction devices [12]. Financial Summary - The company’s earnings per share (EPS) are projected to be 1.02, 1.21, and 1.44 for the years 2025, 2026, and 2027 respectively [12]. - The gross margin for the electronic components business improved by 2.21 percentage points to 11.14% in 2024, driven by a higher proportion of high-margin components and improved production efficiency [12]. - The company’s total assets are expected to grow from 82,707 million yuan in 2024 to 104,221 million yuan by 2027, indicating a robust financial outlook [18].