股票研究 /[Table_Date] 2025.05.22 2025-06-19 [Table_Market] [Table_Balance] 本报告导读： 随着公司 AI 投入阶段性成果已现，传统优势行业稳健增长以及新兴行业需求涌现， 叠加海外市场加速拓展以及整体商业模式快速优化，未来业绩增速或超预期。 投资要点： | 风险提示：技术升级迭代不及预期、市场竞争加剧的风险。 | | | | | | | --- | --- | --- | --- | --- | --- | | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 8,620 | 9,139 | 10,314 | 11,280 | 12,466 | | (+/-)% | 30.1% | 6.0% | 12.9% | 9.4% | 10.5% | | 净利润（归母） | 1,102 | 1,117 | 1,272 | 1,472 | 1,738 | | (+/-)% | 38.1% | 1.4% | 13.9% | 15.7% | 18.1% | ...

Core Insights - The company aims to become a global leader in industrial AI, emphasizing the use of AI to promote sustainable industrial development [1] - The chairman indicated that 2025 will be a critical period for strategic transition, with increased R&D investment in AI leading to short-term performance pressure but potential for explosive growth in technology conversion [1][3] - The company has developed the TPT model, achieving significant application breakthroughs in various industrial scenarios, enhancing system self-control rates and reducing emissions and energy consumption [2][4] Group 1 - The company has a unique advantage in the industrial AI era, as industrial control systems serve as the hardware foundation for AI implementation [2] - The company has accumulated over 100EB of industrial data across 100,000 control systems, making it a leader in real-time industrial data [2] - The company has committed to reducing carbon emissions by nearly 2 billion tons over the past decade, showcasing its focus on sustainability [3] Group 2 - The company is actively transitioning to an industrial AI company, exploring opportunities in the industrial AI sector and integrating its product offerings [3][4] - The company has established a leading "1+2+N" AI-driven enterprise operation technology architecture, focusing on core capabilities of "AI + Data" [4] - The company is investing in humanoid robotics, aiming to integrate these technologies into the manufacturing sector to enhance safety, quality, and efficiency [4]

Core Viewpoint - The company is accelerating its strategic transformation towards becoming an industrial AI company, enhancing its global presence, and entering the humanoid robot market [1][4]. Financial Performance - In the previous year, the company achieved a revenue of 9.139 billion yuan, a year-on-year increase of approximately 6%, and a net profit attributable to shareholders of 1.117 billion yuan, up 1.38% year-on-year [1]. - Excluding the impact of GDR foreign exchange gains and losses, the net profit attributable to shareholders was 1.092 billion yuan, representing a year-on-year growth of 9.60% [1]. Strategic Initiatives - The year 2025 is identified as a critical period for the company's strategic shift, with increased R&D investment in AI technology leading to short-term performance pressure but positioning the company for future growth [1]. - The company has launched innovative products such as the UCS universal control system and the TPT temporal industrial model, aimed at enhancing AI applications in process industries [2]. Product Innovations - The UCS system reduces cabinet room space by 90%, shortens construction time by 50%, and increases communication speed by over 100 times, representing a revolutionary innovation in control systems [2]. - The TPT model achieves a self-control rate of over 95%, reduces nitrogen oxide emissions by 5%, and decreases coal consumption by over 3.1%, providing significant economic benefits to clients [2]. Market Outlook - According to Omdia, the AI software market is expected to experience explosive growth, reaching a scale of 218 billion USD by 2029, driven by the integration of industrial AI models and agents [3]. - The company is actively promoting the development and application of TPT and robotics, anticipating these technologies will drive new growth [3]. Humanoid Robotics - The company has invested in the Zhejiang Humanoid Robot Innovation Center, which has launched two generations of humanoid robots and is moving towards mass production [4]. - The company has introduced the "Plantbot" solution, integrating AI and robotics to enhance perception, decision-making, and execution capabilities [4]. Global Expansion - In 2024, the company's overseas revenue reached 749 million yuan, a year-on-year increase of 118.27%, accounting for 8.25% of total revenue [5]. - The company has established 21 subsidiaries and 5 new 5S stores in various regions, enhancing the global influence of the SUPCON brand [5]. Strategic Partnerships - The company has formed deep collaborations with international clients such as Saudi Aramco and Petronas in various fields including control systems and industrial software [6]. - The company is pursuing acquisitions and partnerships to support its strategic transformation towards industrial AI and robotics [6].

SCOTTSDALE, Ariz., May 21, 2025 (GLOBE NEWSWIRE) -- Caliber (NASDAQ: CWD), a real estate investor, developer, and manager, announced today the successful closing of a $22.5 million refinance for the DoubleTree by Hilton Hotel in Tucson, Arizona. The property is held within Caliber’s Tax-Advantaged Opportunity Zone Fund. Citi provided the funding and Arriba Capital served as the financial advisor on the cash-out refinance. Proceeds from the transaction will be used to further strengthen the asset and support ...

2024年，科创板公司创新要素加速汇聚，创新动能积厚成势，助力我国赢得全球科技竞争主动权。据统 计，超八成科创板公司核心产品聚焦进口替代及自主可控，超380家公司的850余项产品或技术达到国际 先进水平，在集成电路、生物医药、高端装备等关键领域实现突破，有力支撑了国家高水平科技自立自 强的战略布局。 厚植"创新力"与"技术库" 自设立以来，科创板始终坚守"硬科技"定位，高研发投入、高技术产出已成为科创板公司的鲜明特征之 一。 年报数据显示，科创板去年研发投入总额达到1680.78亿元，超过净利润的2.5倍，同比增长6.4%，最近 3年复合增速达10.7%；研发投入占营业收入比例中位数达12.6%，持续领跑A股各板块，其中107家公司 连续3年研发强度超20%。 截至2024年末，科创板已汇聚研发人员24万人，研发人员占员工总数比例近三成。全年新增发明专利2 万项，累计形成发明专利超12万项，中芯国际、信科移动等龙头企业专利储备均超万项。累计138家次 公司牵头或参与的项目荣获国家科技进步奖、国家技术发明奖等重要奖项；超六成公司入选国家级专精 特新企业，64家跻身单项冠军企业行列。 科技成果正在加速走出实验室， ...