(Source: Zheshang Securities Research Institute).

【Zheshang Machinery Qiu Shiliang / Wang Huajun / He Jiakai / Ji Xinyue】Obi Zhongguang: The company is a global leader in 3D vision technology, one of the best tracks in the competitive pattern of humanoid robots, and has benefited from the outbreak of the humanoid robot industry.

【Zheshang Computer Liu Wenshu/Tong Fei/Ye Guangliang】Kingsoft Office: The leading domestic office software, the entrance of the WPS card slot office scene, and the DeepSeek open source promotes the acceleration of AI landing.

【Zheshang Science and Technology Innovation & Overseas Strategy Wang Yang/Chen Hao】Special study on overseas market strategy: The A-share pharmaceutical sector has a high allocation cost performance, catalyzed by AI empowerment and the rise of U.S. stocks, and attaches great importance to the fermentation of the AI medical market.

01 Important recommendation

【Zheshang Machinery Qiu Shiliang / Wang Huajun / He Jiakai / Ji Xinyue】Obi Zhongguang (688322) Company Depth: A global leader in 3D vision, one of the best tracks in the competitive pattern of humanoid robots

1. Mechanical-Obi Zhongguang (688322).

2. Recommendation logic:

The company is a global leader in 3D vision technology and one of the best tracks in the competitive landscape of humanoid robots.

1) Exceeding expectations:

The market believes that the company's main competitor in the field of humanoid robot vision solutions is Intel, and the company is small in scale and difficult to compete with overseas giants.

We believe that: (1) the company is one of the few companies in the world that has mastered the core technology of 3D vision and has the mass production capacity of million-level area array 3D vision sensors, and its technical strength is leading in the industry; (2) The company's products are widely used in more than 1,000 customers, including Ant Group, China Mobile and other industry leaders, and its products are widely recognized by customers; (3) The company continues to invest in R&D and has obtained a total of 950 patents; In addition, we continue to launch cutting-edge products such as ToF cameras, binocular structured light cameras, SPAD chips, and lidars focusing on robotics and AI vision application scenarios, and the product matrix has been continuously upgraded. (4) The rapid development of the 3D vision industry has not entered the stage of stock competition, and the relationship between companies is dominated by competition and cooperation, which is also illustrated by the technical cooperation between the company and international giants such as Microsoft and NVIDIA.

2) Drivers:

The company has entered the supply chain of humanoid robot enterprises at home and abroad, and the orders have exceeded expectations; The increase in shipments of AIoT, consumer electronics and other equipment drove the company's performance growth.

3) Earnings Forecast and Valuation:

It is estimated that in 2024-2026, the company's operating income will be 560/805/1220 million yuan, the growth rate of operating income will be 55.58%/43.80%/51.47%, the net profit attributable to the parent will be -60/16/140 million yuan, the growth rate of net profit attributable to the parent company will be -/-/764.60%, the earnings per share will be -0.15/0.04/0.35 yuan, and the PE will be 50/35/23 times.

3. Catalyst:

Mass production of humanoid robots accelerated; The value of the humanoid robot vision solution has been increased; The company's product breakthrough speed and order landing speed exceeded expectations.

4. Risk factors:

the risk of changing the vision scheme of humanoid robots; Supply chain risk.

Report date: February 20, 2025

Report Details:

【Zheshang Computer Liu Wenshu/Tong Fei/Ye Guangliang】Kingsoft Office (688111) Company Comments: The core of AI applications, 600 million monthly active people embrace the innovation of Deepseek

1. Computer-Kingsoft Office (688111).

2. Recommendation logic:

Kingsoft Office is a leading domestic office software, and with the access to the DeepSeek R1 model, the commercialization of the company's AI applications is expected to exceed expectations.

1) Exceeding expectations:

Market expectations: The company mainly benefits from the trend of localization of office software under the trend of information and innovation, and the current penetration rate of office software such as WPS has been high, and it is difficult for products to have exponential growth space.

We believe that Deepseek as an open-source leading AI model has greatly promoted the penetration and rich application of China's AI industry, and belongs to China's "GPT moment", so the degree of benefit of Chinese AI application companies may exceed the stage of GPT3.5 in 2023, and Kingsoft Office, as the office counterpart of the four major AI applications (office, finance, medical care, and education), has a use scenario that gives better play to Deepseek's text capabilities, which is expected to promote the improvement of WPS AI experience.

2) Drivers:

DeepSeek open-source R1 model and AI commercialization acceleration.

3) Earnings Forecast and Valuation:

It is estimated that from 2024 to 2026, the company's operating income will be 5244/6451/7925 million yuan, the growth rate of operating income will be 15.11%/23.01%/22.84%, the net profit attributable to the parent will be 1549/1855/2369 million yuan, the growth rate of net profit attributable to the parent company will be 17.58%/19.74%/27.71%, the earnings per share will be 3.35/4.01/5.12 yuan, and the PE will be 111/93/73 times.

3. Catalyst:

New functions based on DeepSeek models have been introduced in applications such as domestic basic large models and WPS, and the cost of AI inference has been reduced.

4. Risk factors:

The commercialization of AI products is less than expected, the progress of AI technology is less than expected, the promotion of information innovation is less than expected, and the risk of intensified market competition.

Report date: February 22, 2025

Report Details:

02 Important points

【Zheshang Science and Technology Innovation & Overseas Strategy Wang Yang/Chen Hao】Special Research on Overseas Market Strategy: The wind is coming, and the market fermentation of AI medical care is attached

1. Field: Science and Technology Innovation & Overseas Strategy

2. Core viewpoint:

Recently, there have been frequent bull stocks in the AI medical field in the US stocks, and we believe that this is worth paying attention to as a catalyst for the trend of AI medical in A-shares.

1) Market Perception:

The market believes that the healthcare sector is undervalued.

2) Change in perspective: more optimistic

3) Drivers:

On the one hand, from the perspective of historical trends, the A-share pharmaceutical sector and the U.S. pharmaceutical sector show a strong positive correlation. On the other hand, in the field of AI applications, the stock price trend of U.S. stocks in related fields has a certain catalysis for A-shares. Second, the industry catalysis of AI medical care is intensive. Through the analysis of the A-share pharmaceutical sector and the science and technology pharmaceutical sector, it can be found that the stock price, valuation and fund holdings of the pharmaceutical sector are at a historical low.

4) Differences with the market:

Different from the perspective of the market. We believe that from the perspective of catalysts, the current AI medical sector has ushered in intensive catalysis from the three aspects of micro, meso, and macro. At the micro level, AI products in the medical field are currently released at a high frequency, and the performance of related companies is beginning to show. At the mesoscopic level, the existing medical system has gradually become AI-based. At the macro level, the U.S. macro data has a certain positive catalyst for the pharmaceutical sector. Further analysis of the A-share pharmaceutical sector and the science and technology pharmaceutical sector shows that the stock price, valuation and fund holdings of the pharmaceutical sector are at historical lows.

3. Risk Warning:

The economic recovery has not been as good as expected. The industry is not progressing as expected. The effectiveness of the laws of history is weakened.

Report date: February 21, 2025

Legal Notices and Risk Warnings

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