Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has significant growth potential in the commercial vehicle information technology sector, with a notable increase in product value due to continuous technological iterations. Compared to its US counterpart, Samsara, the company's valuation is significantly lower, indicating potential for upward valuation adjustments in the future [1][3]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 2.777 billion yuan, a year-on-year increase of 63.45%, and a net profit attributable to shareholders of 290 million yuan, up 184.50%. In Q1 2025, the company reported revenue of 515 million yuan, a year-on-year increase of 2.53%, and a net profit of 101 million yuan, up 89.60% [3][8]. - The company's domestic revenue in 2024 was 693 million yuan, a year-on-year increase of 14.80%, while overseas revenue reached 1.281 billion yuan, up 44.99%. Revenue from commercial vehicle information technology products was 1.671 billion yuan, an increase of 25.99% [8]. Market Expansion and Strategy - The company has established a localized marketing network and a dual-brand strategy, particularly making strides in the European commercial vehicle market, which has enhanced its competitiveness in international markets. Plans are in place to establish subsidiaries in more countries and regions to deepen its global business network [8]. - The company is committed to a global strategy, with significant improvements in production efficiency and quality control at its smart factory in Vietnam, which has gained recognition from clients in various regions [8]. Research and Development - The company continues to invest in R&D, with R&D expenses amounting to 284 million yuan in 2024, a year-on-year increase of 15.14%. The R&D expense ratio decreased from 16.57% in 2023 to 14.37% in 2024, indicating improved efficiency [8]. - The company has integrated AI algorithms with 5G and vehicle networking technologies, transitioning its products from "passive monitoring" to "active warning" and "active intervention," aligning better with industry demands for safety and efficiency [8]. Profitability Forecast - The company is expected to achieve net profits of 406 million yuan, 526 million yuan, and 717 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 40%, 30%, and 36%. The corresponding price-to-earnings ratios are projected to be 21, 17, and 12 times [8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 49.00 [1] Core Insights - The company achieved significant breakthroughs in its pre-installation business, leading to rapid profit growth in Q1 2025 [1][6] - In 2025, the company reported total revenue of 2.777 billion yuan, a year-on-year increase of 63.45%, and a net profit attributable to shareholders of 290 million yuan, up 184.50% year-on-year [4][7] - The company's main business revenue reached 1.974 billion yuan in 2025, growing by 32.73%, with overseas revenue showing a remarkable increase of 44.99% [5] Financial Performance - The company’s gross profit margin improved to 47.95%, an increase of 2.85 percentage points year-on-year [5] - R&D expenses for 2024 were 284 million yuan, a 15.14% increase, while the R&D expense ratio decreased from 16.57% in 2023 to 14.37% in 2024 [5] - The company’s Q1 2025 gross margin was 47.71%, reflecting a year-on-year increase of 5.49 percentage points [5] Revenue Forecast - The company is projected to achieve revenues of 2.634 billion yuan, 3.394 billion yuan, and 4.242 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 413 million yuan, 590 million yuan, and 797 million yuan for the same years [6][7]

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 50.39 CNY [7]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 2.777 billion CNY, a year-on-year increase of 63.45%. The net profit attributable to shareholders was 290 million CNY, up 184.50% year-on-year [1]. - In Q1 2025, the company reported revenue of 515 million CNY, a 2.53% increase year-on-year, and a net profit of 101 million CNY, reflecting an 89.60% year-on-year growth [1]. - The company has strategically divested its low-margin electronic product processing subsidiary, leading to a notable increase in gross margin, which reached 47.7% in Q1 2025, up 4.2 percentage points year-on-year [2]. - The company is actively embracing AI technology, launching the "Vision Zero Booster" safety solution, which integrates AI with hardware for comprehensive safety management [3]. - The dual policy drive from domestic and international markets is accelerating the company's global market expansion, particularly in the commercial vehicle safety and information sectors [4]. - The company is expected to benefit from the integration of AI technology and its extensive industry experience, with projected net profits of 449 million CNY, 611 million CNY, and 793 million CNY for 2025, 2026, and 2027, respectively [4]. Financial Summary - For 2024, the company reported total revenue of 2,777 million CNY, with a projected revenue decrease of 8.7% to 2,536 million CNY in 2025, followed by a recovery to 3,217 million CNY in 2026 and 4,005 million CNY in 2027 [6][10]. - The net profit attributable to shareholders is forecasted to grow from 290 million CNY in 2024 to 449 million CNY in 2025, 611 million CNY in 2026, and 793 million CNY in 2027, indicating a strong growth trajectory [6][10]. - The earnings per share (EPS) are projected to increase from 1.64 CNY in 2024 to 2.53 CNY in 2025, reaching 3.45 CNY in 2026 and 4.47 CNY in 2027 [6][10].

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 50.39 CNY [7]. Core Insights - The company achieved significant growth in 2024, with revenue reaching 2.777 billion CNY (up 63.45% year-on-year), and net profit attributable to shareholders at 290 million CNY (up 184.50% year-on-year) [1]. - In Q1 2025, the company reported revenue of 515 million CNY (up 2.53% year-on-year) and a net profit of 101 million CNY (up 89.60% year-on-year) [1]. - The company is actively embracing AI technology, launching the "Vision Zero Booster" solution aimed at enhancing safety through AI and hardware integration [3]. - The company has divested its low-margin electronic product processing subsidiary, leading to a significant increase in gross margin, which reached 47.7% in Q1 2025, up 4.2 percentage points year-on-year [2]. - The company is positioned to benefit from domestic and international policy support, particularly in the commercial vehicle safety and information technology sectors, with a focus on expanding its global market presence [4]. Financial Summary - The company forecasts net profits of 449 million CNY, 611 million CNY, and 793 million CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.53 CNY, 3.45 CNY, and 4.47 CNY [4][6]. - The projected PE ratios for the company are 20, 15, and 11 for the years 2025, 2026, and 2027 respectively [4][6]. - The company’s revenue is expected to decline to 2.536 billion CNY in 2025 before rebounding to 3.217 billion CNY in 2026 and 4.005 billion CNY in 2027 [6][11].

Core Insights - The company achieved a revenue of 2.78 billion in 2024, representing a year-on-year growth of 63.5%, with a net profit attributable to shareholders of 290 million, up 184.5% [1] - In Q1 2025, the company reported a revenue of 510 million, a 2.5% increase year-on-year, and a net profit of 100 million, reflecting an 89.6% growth [1] Revenue and Profit Growth - The company’s domestic business stabilized while overseas business experienced high growth, driving significant revenue and profit increases [1] - The company’s revenue projections for 2025-2027 are 2.634 billion, 3.387 billion, and 4.295 billion respectively, with net profits expected to be 391 million, 506 million, and 663 million [4] Operational Efficiency and Profitability - The company’s operational efficiency and profitability have improved, with a non-GAAP net profit margin of 9.7% in 2024, up 4.3 percentage points year-on-year [2] - In Q1 2025, the non-GAAP net profit margin reached 15.6%, an increase of 5.8 percentage points, driven by improved gross margins and reduced expense ratios [2] Business Segmentation and Growth - In 2024, the company saw significant growth across various sectors, with pre-installation business growing by 119.8% and other businesses by 279% [3] - Domestic revenue was 693 million, a 14.8% increase, while overseas revenue reached 1.281 billion, up 44.99% [3] Future Outlook - The company is expected to maintain a "buy" rating, with projected earnings per share (EPS) of 2.21, 2.86, and 3.74 for 2025-2027, corresponding to price-to-earnings (PE) ratios of 23, 17, and 13 [4]

深圳市锐明技术股份有限公司 2022 年股票期权激励计划预留授予第二批次第二个行权期 | 姓名 | 职务 | 获授的股票 | 第二个行权期可 | 本次可行 | 可行权数量占当 | | --- | --- | --- | --- | --- | --- | | | | 期权数量 | 行权数量（万 | 权比例 | 前公司总股本的 | | | | （万份） | 份） | | 比例 | | 核心管理人员及核心 | | | | | | | 技术（业务）人员 | | 48.50 | 24.25 | 50% | 0.14% | | （38 | 人） | | | | | 注：（1）因公司 2022 年股票期权激励计划预留授予第二批次第一个行权期、首次授予部分第二个行 权期及预留授予第一批次第二个行权期尚处于自主行权阶段，上表中"当前公司总股本"采用公司截至 2025 年 4 月 18 日的总股本数量。 （2）本次激励计划的激励对象不包括公司独立董事、监事及单独或合计持有公司 5%以上股份的股东 或实际控制人及其配偶、父母、子女。 （3）上表数据已剔除离职人员。 二、核心管理人员及核心技术（业务）人员名单 | 序号 | 姓名 ...

证券代码：002970 证券简称：锐明技术 公告编号：2025-022 深圳市锐明技术股份有限公司 关于注销 2022 年股票期权激励计划 部分已授予但尚未行权的股票期权的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市锐明技术股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召 开第四届董事会第十一次会议、第四届监事会第十一次会议，分别审议通过了 《关于注销 2022 年股票期权激励计划部分已授予但尚未行权的股票期权的议 案》，根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）等法 律法规、公司《2022 年股票期权激励计划（草案修订稿）》（以下简称"《激 励计划》"）的规定以及公司 2022 年第一次临时股东大会的授权，同意公司注 销 2022 年股票期权激励计划（以下简称"本次激励计划"）部分已授予但尚未 行权的 1.50 万份股票期权。具体事项公告如下： 一、本次激励计划已履行的相关审批程序和信息披露情况 1、2022 年 5 月 25 日，公司第三届董事会第九次会议和第三届监事会第九 次会议审议通过了《关于〈公司 ...

证券代码：002970 证券简称：锐明技术 公告编号：2025-023 深圳市锐明技术股份有限公司 关于 2022 年股票期权激励计划预留授予第二批次 第二个行权期行权条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 深圳市锐明技术股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召 开第四届董事会第十一次会议、第四届监事会第十一次会议，分别审议通过了《关 于 2022 年股票期权激励计划预留授予第二批次第二个行权期行权条件成就的议 案》。根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深 圳市锐明技术股份有限公司 2022 年股票期权激励计划（草案修订稿）》（以下 简称"《激励计划》"）的相关规定及公司 2022 年第一次临时股东大会的授权， 公司董事会认为本次激励计划预留授予第二批次第二个行权期行权条件已经成 就。现将有关事项说明如下： 一、本次激励计划已履行的相关审批程序和信息披露情况 公司 2022 年股票期权激励计划（以下简称"本次激励计划"或"2022 年激 励计划"）预留授予第二批次第 ...

证券代码：002970 证券简称：锐明技术 公告编号：2025-024 深圳市锐明技术股份有限公司 关于注销 2024 年股票期权激励计划 部分已授予但尚未行权的股票期权的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市锐明技术股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日 召开第四届董事会第十一次会议、第四届监事会第十一次会议，分别审议通过 了《关于注销 2024 年股票期权激励计划部分已授予但尚未行权的股票期权的 议案》，根据《上市公司股权激励管理办法》（以下简称"《管理办法》"） 等法律法规、公司《2024 年股票期权激励计划（草案）》（以下简称"《激励 计划》"）的规定以及公司 2023 年年度股东大会的授权，同意公司注销 2024 年股票期权激励计划（以下简称"本次激励计划"）部分已授予但尚未行权的 3.00 万份股票期权。具体事项公告如下： 一、本次激励计划已履行的相关审批程序和信息披露情况 1、2024 年 4 月 22 日，公司第三届董事会第二十四次会议和第三届监事会 第二十三次会议分别审议通过了《关于<深圳市锐 ...

证券代码：002970 证券简称：锐明技术 公告编号：2025-025 深圳市锐明技术股份有限公司 关于 2024 年股票期权激励计划 第一个行权期行权条件成就的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 深圳市锐明技术股份有限公司（以下简称"公司"）于 2025 年 4 月 23 日召 开第四届董事会第十一次会议、第四届监事会第十一次会议，分别审议通过了《关 于 2024 年股票期权激励计划第一个行权期行权条件成就的议案》。根据《上市公 司股权激励管理办法》（以下简称"《管理办法》"）、《深圳市锐明技术股份 有限公司 2024 年股票期权激励计划（草案）》（以下简称"《激励计划》"）的 相关规定及公司 2023 年年度股东大会的授权，公司董事会认为本次激励计划第一 个行权期行权条件即将成就。现将有关事项说明如下： 一、本次激励计划已履行的相关审批程序和信息披露情况 1、2024 年 4 月 22 日，公司第三届董事会第二十四次会议和第三届监事会第 二十三次会议分别审议通过了《关于<深圳市锐明技术股份有限公司 2024 年股票 公司 ...