| 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 98,574 | 100,954 | 101,156 | 115,773 | 131,529 | | 增长率 yoy（%） | -6.0 | 2.4 | 0.2 | 14.5 | 13.6 | | 归母净利润（百万元） | 1,088 | 2,665 | 3,456 | 4,212 | 5,038 | | 增长率 yoy（%） | -37.8 | 144.9 | 29.7 | 21.9 | 19.6 | | ROE（%） | 3.2 | 7.6 | 9.1 | 10.0 | 10.8 | | EPS 最新摊薄（元） | 0.31 | 0.76 | 0.99 | 1.21 | 1.44 | | P/E（倍） | 95.2 | 38.9 | 30.0 | 24.6 | 20.6 | | P/B（倍） | 3.4 | 3.1 | 2.9 | 2.6 | 2.3 | 资料来源：公司财报，长城证券产业金融研究院 证券研究 ...

Core Viewpoint - Huizhou aims to accelerate the innovation and development of the artificial intelligence and robotics industry through a comprehensive action plan, targeting significant growth in various sectors by 2027 [2] Group 1: Industry Development Goals - By 2027, the output value of intelligent terminal products is expected to reach approximately 400 billion yuan, with core components of artificial intelligence achieving around 45 billion yuan and breakthroughs in high-end electronic new materials reaching about 15 billion yuan [2] - The plan includes the establishment of over 200 typical application scenarios for artificial intelligence and robotics, and the formation of more than three industrial clusters in the region [2] Group 2: Talent and Funding Support - The establishment of an artificial intelligence and robotics industry guidance fund is proposed to attract social capital to key areas of the industry chain, focusing on early, small, long-term, and hard technology investments [3] Group 3: Action Plans - The action plan includes ten major initiatives, such as enhancing the supply of AI smartphones and wearable devices, with a goal of gathering no less than 300 enterprises in the AI terminal industry chain by 2027 [5][6] - Support for leading companies in developing high-energy density batteries and other products to upgrade intelligent equipment manufacturing, aiming to gather over 100 intelligent equipment enterprises by 2027 [7][8] - The cultivation of high-end electronic new materials, including copper-clad laminates and aluminum foils, with support for companies to enhance their competitiveness in these sectors [9] Group 4: Core Component Development - The plan emphasizes the construction of an artificial intelligence component industry cluster, focusing on industries such as intelligent terminals and new energy storage, with support for various enterprises to expand their production capabilities [10] Group 5: AI Computing and Support Infrastructure - The establishment of a green computing center in the Greater Bay Area is planned, focusing on AI computing power to support applications and training in the region [11] Group 6: Innovation and Application - The goal is to cultivate over 500 high-tech enterprises in the AI sector by 2027, promoting the application of AI technologies across various industries [12][13] - The plan aims to create over 20 benchmark enterprises in digital applications, driving deep applications of AI in sectors like government services and manufacturing [13] Group 7: Data and Ecosystem Development - The initiative includes the creation of a national pilot for industry data space, focusing on high-value data sets in manufacturing and intelligent connected vehicles, with a target of nurturing over 50 data-driven enterprises by 2027 [15]

Industry Overview - The audio-visual electronics industry is a core area of the digital economy and consumer upgrade, experiencing dual drivers of technological iteration and market demand [1] - China is the largest producer and consumer of audio-visual electronics globally, with an industry scale projected to reach 2.53 trillion yuan (approximately 350 billion USD) in 2024, accounting for 42% of the global market share, with a year-on-year growth of 11.2%, surpassing the global average growth rate [1] Future Projections - The China Electronic Information Industry Development Research Institute predicts that the scale of the audio-visual electronics industry in China will exceed 4 trillion yuan by 2027, with a compound annual growth rate (CAGR) of 15.6% from 2024 to 2027 [2] Key Segments - Major contributing sectors include display panels (38% share), smart TVs (22% share), and VR/AR devices (15% share) [2] Company Highlights - Digital Video Technology provides 4K/8K ultra-high-definition video processing solutions [3] - Leyard holds the largest global market share in LED displays, with Micro LED direct display products entering mass production [4]

Group 1 - The automotive industry is facing supply chain pressures, prompting 16 major car manufacturers to limit payment terms to suppliers within 60 days, coinciding with the implementation of a new regulation aimed at protecting small and medium-sized enterprises (SMEs) [2] - The automotive sector is experiencing a competitive environment similar to that seen in the home appliance and mobile phone industries, where aggressive pricing strategies have led to market instability and only a few companies with core technologies and brand value have survived [2][4] - The need for industries to balance scale expansion with quality upgrades is critical, with brand building becoming a key focus for high-quality development [2] Group 2 - Former Sinopec Chairman Fu Chengyu emphasized the importance of not sacrificing long-term benefits for short-term gains, warning against practices that could harm SMEs, such as prolonged payment terms and price reductions [3] - The home appliance industry, particularly in Guangdong Shunde, is under pressure despite its mature supply chain, with ODM factories facing order uncertainty and profit compression due to aggressive pricing competition [4][5] Group 3 - The home appliance industry's supply chain is characterized by a "pyramid" structure, where brand owners exert pricing power, leading to cost pressures on suppliers and ultimately resulting in product homogenization and quality risks [5][6] - The dominance of leading brands in the home appliance sector has resulted in a significant profit squeeze for many SMEs, with net profit margins declining over the years [6] Group 4 - The restructuring of the supply chain is urgent, requiring collaboration between large enterprises and SMEs to break the cycle of exploitation and promote high-quality development driven by both brand and technology [7] - Major companies are encouraged to adopt a role as enablers rather than exploiters, fostering innovation and resilience within the supply chain [7] Group 5 - Companies like Midea and Haier are taking steps to empower SMEs through platforms that provide resources and support for brand development and innovation [8] - The acquisition of brands by SMEs, such as Jiahe Intelligent's purchase of the German audio brand Beyerdynamic, represents a strategic move towards establishing a presence in high-end markets [9] Group 6 - The Chinese government is implementing policies to support the growth of specialized SMEs, including financial incentives and resources for technology upgrades [11] - The internationalization of supply chains is seen as a way to alleviate domestic pressures, with companies like BYD and CATL establishing production bases in Europe to enhance local service and reduce costs [13]