m 2025 年 10 月 21 日 沈嘉婕 H70455@capital.com.tw 目标价(港币) 660 公司基本资讯 | 产业别 | 电力设备 | | --- | --- | | H 股价(2025/10/20) | 528.00 | | 恒生指数(2025/10/20) | 25,858.8 | | 股价 12 个月高/低 | 610.5/0 | | 总发行股数(百万) | 4,562.85 | | H 股数(百万) | 155.92 | | H 市值(亿元) | 0.00 | | | 厦门瑞庭投资 | | 主要股东 | 有限公司 | | | (22.46%) | | 每股净值(元) | 68.87 | | 股价/账面净值 | 7.67 | | 一个月 三个月 | 一年 | | 股价涨跌(%) 4.55% 23.69% | N/A | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | | --- | --- | --- | --- | | 2025-5-21 | 336 | 买进 | | | 产品组合 | | | | | 动力电池 | | | 74% | 股价相对大盘走势 C o m p a ...

2025 年 10 月 20 日 朱吉翔 C0044@capitalcom.tw A 股目标价(人民币) 1300.0 | | | 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 公司基本资讯 产业别 电子 A 股价(2025/10/17) 1281.12 上证指数(2025/10/17) 3839.76 股价 12 个月高/低 1595.88/402.79 总发行股数(百万) 418.35 A 股数(百万) 418.35 A 市值(亿元) 5359.57 主要股东 陈天石(28.57%) 每股净值(元) 27.04 股价/账面净值 47.38 一个月 三个月 一年 股价涨跌(%) -7.6 115.7 257.8 近期评等 | | | | 产品组合 | | --- | | 100% 云端智能芯片和加 | | 速卡 | 机构投资者占流通 A 股比例 .............................................................接续下页 ................... ...

Investment Rating - The report maintains a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% from the current price [6][8]. Core Insights - The company achieved a revenue of 65.76 billion RMB in the first three quarters of 2025, with a year-over-year growth of 1.2%. The net profit attributable to shareholders was 9.32 billion RMB, reflecting a year-over-year increase of 14.9% [6]. - The company has shown improvement in operating cash flow, which reached 13.7 billion RMB, a significant year-over-year increase of 426.1%. This improvement is attributed to the active collection of accounts receivable, which decreased by 6 billion RMB year-over-year [6]. - The report anticipates a recovery in performance driven by policy support starting in the second half of 2024, with a focus on expanding business in various sectors and the implementation of AI products [6]. - Gross margin improved to 45.7% in Q3 2025, up by 1.4 percentage points year-over-year, primarily due to inventory destocking and the rollout of AI products [6]. Summary by Sections Company Performance - For Q3 2025, the company reported a revenue of 23.94 billion RMB, a year-over-year increase of 0.7%, and a net profit of 3.66 billion RMB, up 20.3% year-over-year [6]. - The company’s domestic business is currently under pressure from the overall economic environment, while overseas business is expected to continue its positive growth trend [6]. Financial Projections - The company is projected to achieve net profits of 13.5 billion RMB, 14.86 billion RMB, and 16.52 billion RMB for the years 2025, 2026, and 2027, respectively, with year-over-year growth rates of 12.7%, 10.1%, and 11.1% [6][8]. - Earnings per share (EPS) are expected to be 1.47 RMB, 1.62 RMB, and 1.80 RMB for the same years, with corresponding price-to-earnings (P/E) ratios of 22X, 20X, and 18X [6][8]. Market Context - The company’s stock price as of October 17, 2025, was 33.06 RMB, with a target price set at 36 RMB, indicating a potential upside [2][3]. - The stock has shown a year-to-date increase of 22.5%, with a 12-month high of 34.78 RMB and a low of 26.09 RMB [3].

Investment Rating - The report assigns a "Trading Buy" rating to the company, indicating a potential upside of 5% to 15% from the current price [3][11]. Core Insights - The company reported a revenue of 9.49 billion RMB for the first three quarters of 2025, representing a year-on-year growth of 54.7%. The net profit attributable to shareholders was 1.96 billion RMB, up 28.6% year-on-year [8]. - The third quarter saw a revenue of 4.03 billion RMB, with a year-on-year growth of 69.6%, although profit performance was slightly below expectations due to a decline in gross margin [8]. - The company is optimistic about future performance, driven by the rapid growth of its DCU products and a favorable market environment for domestic computing power due to trade conflicts [8]. Summary by Sections Company Overview - The company operates in the communication industry, with a current A-share price of 228.25 RMB and a market capitalization of 530.53 billion RMB [2]. Financial Performance - For the first three quarters of 2025, the company achieved a gross margin of 60.03%, which is a decline of 8.9 percentage points year-on-year. The increase in sales expenses to 3.18% also impacted profitability [8]. - The company expects net profits for 2025 to reach 3.20 billion RMB, with a year-on-year growth of 65.81% [10]. Product Portfolio - The company's product mix is heavily weighted towards high-end processors, accounting for 99.92% of its offerings, with technical services making up the remaining 0.08% [4]. Market Outlook - The report highlights the potential for growth in the CPU and DCU product lines, driven by the "信创+AI" initiative and increasing domestic demand for computing power due to geopolitical factors [8].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [3][8]. Core Insights - The company has shown robust revenue growth, with a 21% year-on-year increase in revenue for the first three quarters of 2025, reaching RMB 3.86 billion. The net profit attributable to shareholders was RMB 330 million, reflecting an 18.2% increase year-on-year [8]. - The third quarter saw a revenue of RMB 1.43 billion, a 15.9% increase year-on-year, although the net profit decreased by 6.6% to RMB 130 million due to prior investment income in Q3 2024 [8][11]. - The company is expected to maintain strong growth in both domestic and international markets, with a focus on enhancing brand influence and expanding product offerings [11]. Financial Performance Summary - For the fiscal year ending December 31, 2025, the company is projected to achieve a net profit of RMB 479 million, a 21.67% increase from the previous year. The earnings per share (EPS) is expected to be RMB 1.57 [10]. - The price-to-earnings (P/E) ratio is projected to decrease from 40 in 2024 to 34 in 2025, indicating a more attractive valuation as earnings grow [10]. - The company’s revenue is forecasted to grow from RMB 5.62 billion in 2025 to RMB 6.92 billion in 2026, reflecting a strong upward trend in sales [15]. Market Position and Shareholder Information - The company operates primarily in the pet food sector, with 70.16% of its revenue coming from pet snacks, 24.78% from pet food, and 5.06% from pet supplies [3]. - Major shareholders include Yantai Zhongxing Biological Technology Co., Ltd., holding 24.02% of the shares [2]. - Institutional investors hold 6.1% of the circulating A-shares, while general corporations hold 62.6% [4].

近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2022-03-23 | 325.40 | 区间操作 | | 2023-02-27 | 288.71 | 买进 | | 2024-01-04 | 340.88 | 区间操作 | 2025 年 10 月 13 日 何利超 H70529@capital.com.tw 目标价(元) 400 公司基本资讯 | 产业别 | | 计算机 | | --- | --- | --- | | A 股价(2025/10/10) | | 297.00 | | 上证指数(2025/10/10) | | 3897.03 | | 股价 12 个月高/低 | | 407.31/235.22 | | 总发行股数(百万) | | 463.18 | | A 股数(百万) | | 463.18 | | A 市值(亿元) | 1375.64 | | | 主要股东 | | 金山办公应用 | | | | 软件有限公司 | | | | (51.47%) | | 每股净值(元) | | 25.12 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [3][8]. Core Insights - The company is expected to benefit significantly from a partnership between OpenAI and AMD, which plans to deploy a total of 6GW of AMD chips, starting with 1GW in the second half of next year. This collaboration is projected to generate nearly $100 billion in revenue for AMD over the coming years, with the company being a key packaging and testing supplier for AMD [3][6]. - The company's net profit forecasts for 2025, 2026, and 2027 are adjusted to 1.09 billion, 1.85 billion, and 2.71 billion RMB, respectively, reflecting year-on-year growth rates of 61%, 69%, and 47% [3][5][6]. - The current stock price corresponds to price-to-earnings (PE) ratios of 56, 33, and 23 for the years 2025, 2026, and 2027, respectively [3][6]. Financial Summary - The company achieved a revenue of 13.04 billion RMB in the first half of 2025, marking a year-on-year increase of 17.7%. The net profit for the same period was 410 million RMB, up 27.7% year-on-year [6]. - For the fiscal years 2023 to 2027, the projected net profits are as follows: 169 million USD in 2023, 678 million USD in 2024, 1.094 billion USD in 2025, 1.85 billion USD in 2026, and 2.71 billion USD in 2027, with corresponding year-on-year growth rates [5][10]. - The company's earnings per share (EPS) are forecasted to be 0.11 USD in 2023, 0.45 USD in 2024, 0.72 USD in 2025, 1.22 USD in 2026, and 1.79 USD in 2027, reflecting significant growth [5][10].

2025 年 10 月 9 日 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-08-25 | 149.82 | 买进 | | 2025-08-04 | 94.49 | 买进 | | 2025-05-21 | 87.59 | 买进 | | 2023-01-19 | 57.18 | 买进 | 产品组合 | 芯片量产业务 | 43.4% | | --- | --- | | IP 授权使用费 | 33.5% | | 芯片设计业务 | 17.8% | | 特许权使用费 | 5.3% | 机构投资者占流通 A 股比例 基金 29.7% 股价相对大盘走势 a C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . | C0044@capital.com.tw | | | --- | --- | | 朱吉翔 目标价 | 250 元 | 公司基本资讯 | 产业别 | 电子 | | --- | --- | | A 股价(2025/9/30) | 183.00 | | 上证指数(2025/9/30) | 3882. ...

| 产业别 | | 电气设备 | | | --- | --- | --- | --- | | A 股价(2025/9/28) | | | 135.18 | | 深证成指(2025/9/28) | | 13209.00 | | | 股价 12 个月高/低 | | 168.33/41.14 | | | 总发行股数(百万) | | | 240.20 | | A 股数(百万) | | | 206.82 | | A 市值(亿元) | | | 279.59 | | 主要股东 | | 深圳前海兆威 | | | | | 金融控股有限 | | | | | 公司(35.44%) | | | 每股净值(元) | | | 13.69 | | 股价/账面净值 | | | 9.87 | | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 10.5 28.6 224.9 | | | | 近期评等 | | | | | 2025 年 09 月 29 日 | | | --- | --- | | 赵旭东 | | | H70556@capital.com.tw | | | 目标价(元) | 160 | 公司基本信息 | 出刊日期 | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [4][6]. Core Insights - The company is a leading global manufacturer of optical connection products, with a strong position in the passive optical device sector, particularly in MPO connectors, which are crucial for data center construction [6]. - The company's revenue for the first half of 2025 reached 828 million RMB, representing a year-on-year increase of 62.5%, while net profit grew by 118.0% to 173 million RMB [6]. - The demand for MPO connectors is expected to surge due to the growth of the CPO industry, with the company positioned to benefit significantly from this trend [6]. - The company has established a production base in Yunnan, which began operations in Q1 2025, and is expected to ramp up production capacity in the latter half of 2025 and into 2026 [6]. - The report forecasts net profits for 2025-2027 to be 477 million, 782 million, and 1.147 billion RMB, respectively, with corresponding year-on-year growth rates of 83%, 64%, and 47% [8]. Summary by Sections Company Overview - The company operates primarily in the communication industry, with a market capitalization of 21.791 billion RMB and a current stock price of 113.38 RMB [1]. Financial Performance - In the first half of 2025, the company achieved a gross margin of 38.94%, an increase of 7.11 percentage points year-on-year, driven by high-margin product demand and improved production capabilities [6]. - The report provides a detailed financial forecast, projecting significant revenue growth from 2.292 billion RMB in 2025 to 5.383 billion RMB by 2027 [10]. Market Position and Strategy - The company has a comprehensive production capability across the entire supply chain, including the development of key components such as ceramic inserts and MPO connectors, which enhances its competitive edge [6]. - The establishment of a production facility in Vietnam is aimed at meeting the increasing demand from overseas clients and mitigating trade risks, further supporting the company's growth trajectory [6].