证券研究报告 2025 年 03 月 04 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3316.93 | -0.12 | | 深证成指 | 10649.59 | 0.36 | | 创业板指 | 2196.52 | 1.20 | | 科创 50 | 1062.35 | -1.52 | | 北证 50 | 1336.70 | 2.27 | | 沪深 300 | 3888.47 | -0.04 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 633986 | 496049 | 11.81 | 1.25 | | 深证成指 | 224012 | 189683 | 21.95 | 2.27 | | 创业板指 | 61424 | 48903 | 33.42 | 4.25 | | 科创 50 | 36692 | 23565 | 51.47 | 4.48 | | 北证 5 ...

Group 1: Core Insights - The report highlights a significant increase in property sales in major cities, with Shenzhen experiencing a week-on-week increase of 87.26% in sales area from February 24 to March 2, 2025 [4][7][11] - The overall property sales area in 30 major cities increased by 40.01% week-on-week, with a year-on-year increase of 36.93% for the same period [16][18] - The report indicates a mixed performance in property sales across different city tiers, with first-tier cities showing a year-on-year increase of 17.47%, while second-tier cities saw a decrease of 13.07% [18][19] Group 2: Housing Price Dynamics - The average transaction price of new residential properties in Shanghai rose to 49,921.20 yuan per square meter, reflecting a week-on-week increase of 47.37% [33] - The national second-hand housing price index showed a decline, with first-tier cities down 9.27% year-on-year, and second-tier cities down 10.31% [33][34] - The average housing price-to-income ratio for 31 key cities stands at 19.11, with first-tier cities at 30.42 [35][36] Group 3: Inventory Situation - As of March 2, 2025, the available housing inventory in the top ten cities was 7,827.77 million square meters, with a depletion cycle of 77.43 weeks [50][51] - The national housing inventory as of December 2024 was 75,327 million square meters, reflecting a year-on-year increase of 10.60% [53][55] Group 4: Land Market Data - In the week of February 24 to March 2, 2025, 100 major cities saw a land supply of 502 plots, a week-on-week increase of 20.10%, but a year-on-year decrease of 31.79% [58] - The average land listing price in 100 major cities was 1,062.00 yuan per square meter, down 10.61% week-on-week and 14.49% year-on-year [68] - The land transaction premium rate in 100 major cities was 2.54%, a decrease of 15.85 percentage points from the previous week [69] Group 5: Real Estate Development Investment - As of December 2024, cumulative real estate development investment reached 1,002.80 billion yuan, a year-on-year decrease of 10.60% [76] - The total investment in real estate development plans was 961,721.12 billion yuan, down 5.50% year-on-year [85] - The actual funds received for real estate development in the current year totaled 1,635.02 billion yuan, reflecting a year-on-year decrease of 15.70% [88]

Market Overview - The A-share market shows a positive trend with major indices experiencing gains, particularly the Shanghai Composite Index which rose by 0.53% to close at 3341.96 points [2][7] - The overall market capitalization of the Shanghai Composite Index is 6373.85 billion, with a price-to-earnings (PE) ratio of 11.91 and a price-to-book (PB) ratio of 1.26 [3] Economic Insights - The government work report emphasizes the importance of expanding domestic demand as a key strategy for economic growth, highlighting the need for policies that stimulate consumption [10][18] - The report projects a GDP growth target of around 5% for the year, with a focus on maintaining employment and price stability [17][18] Industry Dynamics - The government is pushing for reforms in public hospitals and drug quality supervision, aiming to support the development of innovative drugs and improve medical insurance payment methods [31][32] - The railway sector is also highlighted, with a reported increase in passenger and freight volumes, indicating a robust transportation infrastructure [34] Company Developments - The report notes that Wens Foodstuff Group (温氏股份) has strategically invested in Anyou Group, aiming to create a cooperative ecosystem through complementary advantages in the animal nutrition sector [43][44] - Weisheng Information (威胜信息) reported a significant increase in overseas business, with a 79.28% revenue growth in electric monitoring terminals, indicating strong international market expansion [50][52] Investment Opportunities - The report suggests focusing on sectors supported by government policies, such as technology and consumer goods, as well as traditional industries undergoing transformation [9][10] - Companies with strong dividend yields, such as banks and utilities, are recommended for investment due to their stable returns in a low-risk environment [11]

Investment Rating - The report upgrades the investment rating to "Buy" [1][6] Core Views - The company has demonstrated rapid revenue and profit growth, with 2024 revenue reaching 9.162 billion yuan, a year-on-year increase of 52.40%, and net profit of 1.931 billion yuan, up 52.87% year-on-year [5] - The growth is attributed to the expansion of the market for Haiguang CPU products and the rapid iteration of Haiguang DCU products [5] - The company is positioned as a leader in high-end CPU and DPU processors, benefiting from the dual drivers of "Xinchuang + AI" [5][6] Financial Performance Summary - Main revenue projections for 2023A to 2027E are as follows: - 2023A: 6.012 billion yuan - 2024A: 9.162 billion yuan - 2025E: 14.209 billion yuan - 2026E: 20.334 billion yuan - 2027E: 27.169 billion yuan [4][9] - Net profit projections for the same period are: - 2023A: 1.263 billion yuan - 2024A: 1.931 billion yuan - 2025E: 2.979 billion yuan - 2026E: 4.339 billion yuan - 2027E: 5.692 billion yuan [4][9] - The company’s gross margin for 2024 is reported at 63.72%, an increase of 4.05 percentage points year-on-year [5] Market Position and Valuation - The company’s target market capitalization is set at 426.2 billion yuan, based on a projected price-to-sales (P/S) ratio of 30 for 2025 [6] - The report indicates that the company is expected to achieve a P/E ratio of 118.22 for 2025, decreasing to 61.86 by 2027 [4][9] - The company’s contract liabilities reached 903 million yuan by the end of 2024, indicating strong demand in the downstream market [5]

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][12] Core Views - The report highlights strong growth in overseas business and continuous revenue generation from new products, indicating a positive outlook for the company's future performance [3][4][8] - The company achieved a revenue of 2.745 billion yuan in 2024, representing a year-on-year growth of 23.35%, and a net profit of 631 million yuan, with a growth of 20.07% [5][7] - The company has a robust order backlog, with new contracts signed amounting to 3.718 billion yuan in 2024, reflecting a year-on-year increase of 7.71% [5][8] Financial Performance - The company's main revenue is projected to grow from 2.225 billion yuan in 2023 to 3.326 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 16% [3][8] - The net profit attributable to shareholders is expected to increase from 525 million yuan in 2023 to 733 million yuan in 2025, indicating a strong growth trajectory [3][8] - The earnings per share (EPS) is forecasted to rise from 1.068 yuan in 2023 to 1.491 yuan in 2025 [3][8] Product and Market Development - The company has seen significant growth in its electric monitoring terminal products, with revenue reaching 830 million yuan in 2024, a 79.28% increase [5][8] - The overseas business revenue reached 421 million yuan in 2024, marking an impressive year-on-year growth of 85.40% [5][8] - The company has established over 10 overseas subsidiaries and sales offices, enhancing its international presence [5][8] Research and Development - The company invested 241 million yuan in R&D in 2024, a 5.95% increase from the previous year, with a focus on innovation and new product development [8] - New products contributed 1.338 billion yuan in revenue, accounting for 49% of the main business income, with AI products making up 30% of new product revenue [8] Shareholder Returns - The company plans to distribute a cash dividend of 5.2 yuan per 10 shares, totaling 255 million yuan, which represents 40.48% of the net profit attributable to shareholders [5][8] - Since its listing, the company has distributed a total of 704 million yuan in cash dividends and repurchased shares worth approximately 200 million yuan [8] Valuation - The company is expected to achieve a price-to-earnings (P/E) ratio of 30-35 times for 2025, with a reasonable price range estimated between 44.7 yuan and 52.2 yuan [8]

| 2025 年 03 月 03 日 | | | --- | --- | | 评级 | 买入 | | | 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 39.32 | | 52 周价格区间（元） | 32.33-50.30 | | 总市值（百万） | 19333.06 | | 流通市值（百万） | 19333.06 | | 总股本（万股） | 49168.52 | | 流通股（万股） | 49168.52 | | 涨跌幅比较 | | % 1M 3M 12M 威胜信息 9.96 7.20 21.13 通信设备 -4.46 -3.68 20.42 -13% 7% 27% 47% 67% 2024-03 2024-06 2024-09 2024-12 2025-03 威胜信息 通信设备 杨甫 分析师 执业证书编号:S0530517110001 yangfu@hnchasing.com 1 威胜信息（688100.SH）三季报跟踪：海外业务 提速增长，新产品营收持续放量 2024-10-25 2 威胜信息（688100.SH）半年报跟踪：海外业务 高增长，现金流表现佳 2024-08-16 3 威 ...

证券研究报告 固定收益报告 关注两会定调，哑铃策略或占优 可转债周报（3.3-3.7） 2025 年 03 月 03 日 中证转债-上证指数走势图 -30% -10% 10% 30% 24-02 24-04 24-06 24-08 24-10 24-12 25-02 上证指数 中证转债 刘文蓉 分析师 执业证书编号:S0530523070001 liuwenrong@hnchasing.com 相关报告 1 可转债周报（2.24-2.28）：科技内部轮动或加 快，转债关注交易节奏 2025-02-24 2 可转债周报（2.17-2.21）：转债估值相对高位， 关注结构性行情 2025-02-17 3 可转债周报（2.10-2.14）：转债估值有支撑， 关注科技主题方向 2025-02-11 投资要点 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 二级市场跟踪。1）转债跟随正股上涨。截至 2 月 28 日，上证指数 周环比下跌 1.72%，收于 3320.9 点；上证转债周环比下跌 0.68%，收 于 378.57 点；中证转债周环比下跌 0.89%，收于 429.87 点；深证转 债周环比下跌 1 ...

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3324.21, up by 0.22%, while the ChiNext Index fell by 0.29% to 2190.08 [2][4] - The total market capitalization of the Shanghai Composite Index is 633,095 million, with a price-to-earnings (PE) ratio of 11.82 and a price-to-book (PB) ratio of 1.25 [3] Industry Dynamics - Alibaba's DAMO Academy is accelerating its layout in high-performance AI RISC-V architecture, indicating a strong push towards open-source chip technology [28][30] - UBTECH is conducting the world's first multi-robot collaborative training in a 5G smart factory, showcasing advancements in humanoid robotics and group intelligence [31][33] - The China Academy of Information and Communications Technology (CAICT) is hosting a seminar on AI glasses, highlighting the growing interest and development in this sector [34][35] - SKC introduced a glass substrate for AI data centers at MWC2025, which is expected to enhance data processing speed and reduce power consumption significantly [36][37] Company Updates - Salted Fish (002847.SZ) announced the completion of share reduction by its management, with a total of 3,991,050 shares reduced, accounting for 1.46% of the total share capital [38][39] - Gree Electric (000651.SZ) plans to increase its shares by 10.5 billion to 21 billion yuan, reflecting confidence from its major shareholder [40][41] - Three Squirrels (300783.SZ) has established a wholly-owned subsidiary focusing on the coffee category, indicating a strategic expansion into new product lines [42][43] - East China Pharmaceutical (000963.SZ) received approval for a supplemental application for a children's indication of a monoclonal antibody, enhancing its product portfolio [44][45]

主要指数表现（涨跌幅%） | 指数名称 | 60 日 | 年初至今 | | --- | --- | --- | | 上证指数 | -0.92 | -0.92 | | 中证基金 | 0.88 | 0.88 | | 股票基金 | 2.63 | 2.63 | | 混合基金 | 3.03 | 3.03 | | 债券基金 | -0.21 | -0.21 | | 货币基金 | 0.24 | 0.24 | 刘飞彤 分析师 执业证书编号:S0530522070001 liufeitong@hnchasing.com 相关报告 1 基金市场周报（20250210-20250214）：本周宽 基指数跟踪产品发行数量居首 2025-02-10 2 基金市场周报（20250205-20250207）：可关注 建信基金新发产品 2025-02-06 3 基金市场周报（20250106-20250110）：可关注 吴国清新发产品 2025-01-07 基金周度报告 2025 年 03 月 03 日 上证指数-上证基金指数走势图 -11% -1% 9% 19% 29% 2024-03 2024-06 2024-09 2024-12 基金指 ...

证券研究报告 2025 年 03 月 03 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3320.90 | -1.98 | | 深证成指 | 10611.24 | -2.89 | | 创业板指 | 2170.39 | -3.82 | | 科创 50 | 1078.80 | -4.22 | | 北证 50 | 1306.98 | -4.32 | | 沪深 300 | 3890.05 | -1.97 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 634864 | 496352 | 11.82 | 1.25 | | 深证成指 | 223317 | 188999 | 21.90 | 2.26 | | 创业板指 | 60793 | 48327 | 33.08 | 4.21 | | 科创 50 | 37237 | 23840 | 52.15 | 4.56 | | 北 ...