Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company is a leader in the HVDC (High Voltage Direct Current) solutions market, showing strong profit growth. In 2024, it achieved a revenue of 1.96 billion yuan, a year-on-year increase of 26.1%, and a net profit of 110 million yuan, up 178.5% year-on-year [2][4]. - The company is expected to benefit significantly from the increasing penetration of HVDC solutions, particularly in data center power systems, which accounted for 34.1% of its revenue in 2024, reflecting a 13.7 percentage point increase year-on-year [4][5]. - The company has established a strong presence in both domestic and international markets, with overseas sales growing by 257.9% in 2024. It plans to continue expanding its overseas business, focusing on communication power and data center power products [5]. Financial Performance - The company reported a revenue of 1.96 billion yuan in 2024, with a projected revenue of 2.67 billion yuan for 2025, representing a year-on-year growth of 36.2% [9]. - The net profit for 2024 was 110 million yuan, with expectations of 209 million yuan for 2025, indicating a growth rate of 90.5% [9]. - The gross margin is projected to improve from 26.2% in 2024 to 28.4% in 2025, reflecting operational efficiency [9]. Market Position - The company is positioned as a leading player in the HVDC sector, with significant applications in large internet cloud computing data centers and third-party colocation data centers [4]. - The company has a competitive edge with its direct current Panama products, maintaining a leading position in operational capacity and technical specifications [4]. Future Projections - The report forecasts earnings per share (EPS) of 0.37 yuan for 2025, 0.56 yuan for 2026, and 0.79 yuan for 2027, with corresponding price-to-earnings (P/E) ratios of 44.1, 29.1, and 20.7 respectively [6][9].

Investment Rating - The report assigns a "Buy-B" rating for the company, indicating a positive outlook for its stock performance in the coming months [6]. Core Insights - The company has demonstrated strong revenue growth, achieving a revenue of 1.96 billion yuan in 2024, a year-on-year increase of 26.1%, and a net profit of 110 million yuan, up 178.5% year-on-year [4][5]. - The company is a leader in the HVDC (High Voltage Direct Current) solutions industry, benefiting from the increasing penetration of direct current solutions [4]. - The company has established significant partnerships with major clients, including large internet cloud computing data centers, enhancing its market position [4]. Financial Performance - In 2024, the company reported a revenue of 1.96 billion yuan, with a net profit of 110 million yuan, reflecting a substantial increase compared to the previous year [4][9]. - For Q1 2025, the company achieved a revenue of 390 million yuan, a year-on-year increase of 11.1%, although it experienced a quarter-on-quarter decline of 50.4% [4]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.37 yuan, 0.56 yuan, and 0.79 yuan respectively, indicating a positive growth trajectory [6]. Market Position and Strategy - The company has a diversified revenue stream, with data center power systems contributing 34.1% to its revenue in 2024, followed by power operation systems at 24.4% and communication power systems at 15.6% [4]. - The company is expanding its overseas market presence, with a significant increase in export revenue, which grew by 257.9% in 2024 [5]. - The establishment of a wholly-owned subsidiary in Singapore aims to enhance the company's global footprint and drive growth in international markets [5].

Investment Rating - The automotive industry is rated as "Leading the Market - A" [1] Core Insights - The report highlights the acceleration of Robotaxi commercialization, with companies like Nvidia and Pony.ai expanding their fleets and services [3][6] - Significant growth in Robotaxi services is noted, with Baidu's "LuoBo Kuaipao" achieving over 1.4 million rides in Q1 2025, a 75% year-on-year increase [4] - The report emphasizes the potential for high-level autonomous driving technologies to gain traction in 2025, driven by regulatory support and technological advancements [7] Summary by Sections Market Performance - The automotive industry has shown a robust performance over the past year, with key stocks such as Jingwei Hirun and China Automotive Technology receiving "Buy - A" and "Increase - A" ratings respectively [2] Company Developments - Nvidia is applying its AI models to autonomous vehicles, partnering with Mercedes to launch a fleet using its end-to-end autonomous driving technology [3] - Pony.ai plans to expand its Robotaxi fleet to 1,000 vehicles by the end of 2025, with a reported revenue of 123 million yuan (approximately 17.3 million USD) from Robotaxi services, marking a 200% year-on-year growth [3] - WeRide reported a revenue of 16.1 million yuan from Robotaxi services in Q1 2025, contributing 22.3% to its total revenue [5] Investment Recommendations - The report suggests focusing on companies benefiting from advancements in intelligent driving chips, such as Horizon Robotics and Black Sesame Technologies [7] - It also highlights the potential for domestic Tier 1 suppliers to replace imports and deepen customer relationships through core product offerings [7] - The report recommends monitoring companies like Pony.ai and WeRide for their prospects in high-level autonomous driving and Robotaxi services [7]

汽车 行业周报（20250512-20250518） 领先大市-A(维持) 2025 年 5 月 29 日 行业研究/行业周报 汽车行业近一年市场表现 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 688326.SH | 经纬恒润 | 增持-A | | 601965.SH | 中国汽研 | 买入-A | 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 邮箱：jiaguochen@sxzq.com 国内外公司纷纷加码，Robotaxi 商业化有望提速 投资要点 英伟达正在将其 AI 模型应用于自动驾驶汽车：5 月 19 日，英伟达 CEO 黄仁勋在台北国际电脑展表示，英伟达正在将其 AI 模型应用于自动驾驶汽 车，与梅赛德斯在全球范围内推出一支车队，使用英伟达的端到端自动驾驶 技术，今年即可实现。 25 年底小马智行 Robotaxi 车队规模将扩大到千台：5 月 20 日，小马智 行发布 2025Q1 财报。财报显示，小马智行第一季度总营收为 1.02 亿元（1398 万美元），同比增长 12%；其中 Robota ...

研究早观点 执业登记编码：S0760521050001 电话：010-83496307 2025 年 5 月 29 日 星期四 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,339.93 | -0.02 | | 深证成指 | 10,003.27 | -0.26 | | 沪深 300 | 3,836.24 | -0.08 | | 中小板指 | 6,248.77 | -0.54 | | 创业板指 | 1,985.38 | -0.31 | | 科创 50 | 970.64 | -0.23 | | 资料来源：最闻 | | | 分析师： 李召麒 邮箱：lizhaoqi@sxzq.com 【今日要点】 【山证新股】新股周报（2025.05.26-2025.05.30）-5 月份创业板新股首 日涨幅和开板估值下降，主板威高血净上市 【行业评论】化学原料：新材料周报（250519-0523）-人形机器人格斗 大赛正式开赛，轻量化 PEEK 材料有望高速发展 【山证通信】华测导航（300627.SZ）-全球化、低空、具身智能共同发 ...

Investment Rating - The report assigns a "Buy-A" rating for Huace Navigation (300627.SZ) [1] Core Views - Huace Navigation achieved a revenue of 3.251 billion yuan in 2024, representing a year-on-year growth of 21.38%, and a net profit of 583 million yuan, up 29.89% year-on-year [4][10] - The satellite navigation industry is experiencing significant growth, with the global GNSS downstream market expected to increase from 260 billion euros in 2023 to 580 billion euros by 2033 [5] - The company has a strong competitive advantage in high-precision navigation positioning technology, with a well-structured business layout across four key sectors [18][23] Financial Performance - In Q1 2025, the company reported a revenue of 789 million yuan, a year-on-year increase of 27.91%, and a net profit of 143 million yuan, up 38.50% year-on-year [4] - The company's revenue is projected to grow to 3.985 billion yuan in 2025, with a net profit of 740 million yuan, reflecting a growth rate of 26.8% [11][10] - The gross margin for 2024 is expected to be 58.1%, with a net margin of 17.9% [34][41] Business Segments - The Resources and Public Utilities segment is projected to generate 1.425 billion yuan in revenue in 2024, a 26.41% increase year-on-year [26] - The Construction and Infrastructure segment is expected to achieve 1.053 billion yuan in revenue, growing by 8.97% year-on-year [27] - The Geographic Information segment is anticipated to reach 589 million yuan in revenue, reflecting a 38.44% increase year-on-year [28] - The Robotics and Autonomous Driving segment is forecasted to generate 185 million yuan in revenue, up 15.53% year-on-year [29] Market Outlook - The domestic satellite navigation and positioning service industry is projected to grow to 536.2 billion yuan in 2023, with a year-on-year growth of 7.09% [5] - The demand for high-precision navigation positioning is expected to expand due to advancements in robotics, autonomous driving, and urban infrastructure [5][9] Research and Development - The company has invested significantly in R&D, with over 1,000 intellectual property applications, including more than 400 invention patents [32] - R&D efforts focus on high-precision GNSS algorithms, laser radar technology, and autonomous driving solutions [32][31] Valuation - The estimated P/E ratios for 2025, 2026, and 2027 are 33.5, 26.4, and 20.9 respectively, indicating a favorable valuation outlook [10][41]

Investment Rating - The report assigns a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the near term [1][9]. Core Insights - The company has demonstrated stable revenue growth, with a reported revenue of 3.251 billion yuan in 2024, reflecting a year-on-year increase of 21.38%. The net profit attributable to shareholders reached 583 million yuan, up 29.89% year-on-year [2][9]. - The satellite navigation industry is experiencing significant growth, with the global GNSS downstream market expected to increase from 260 billion euros in 2023 to 580 billion euros by 2033, indicating a robust demand for high-precision navigation solutions [4][9]. - The company has a well-structured business model with four main segments: Resources and Public Utilities, Construction and Infrastructure, Geographic Information, and Robotics and Autonomous Driving, each contributing to overall growth [5][22]. Financial Performance - In 2024, the company achieved a revenue of 3.251 billion yuan, with a compound annual growth rate (CAGR) of 23.2% over five years. The net profit for the same year was 583 million yuan, with a CAGR of 33.3% [22][9]. - The company’s gross margin for 2024 was reported at 58.1%, showing a slight increase from the previous year [10][33]. - The earnings per share (EPS) for 2025 is projected to be 1.35 yuan, with a price-to-earnings (P/E) ratio of 33.5 based on the closing price on May 28, 2025 [9][40]. Business Segments - The Resources and Public Utilities segment generated 1.425 billion yuan in revenue in 2024, a year-on-year increase of 26.41%, with a gross margin of 54.71% [6][25]. - The Construction and Infrastructure segment reported a revenue of 1.053 billion yuan, up 8.97% year-on-year, with a gross margin of 68.41% [7][26]. - The Geographic Information segment achieved a revenue of 589 million yuan, reflecting a significant growth of 38.44% year-on-year, with a gross margin of 53.1% [8][27]. - The Robotics and Autonomous Driving segment generated 185 million yuan in revenue, an increase of 15.53% year-on-year, with a gross margin of 41.95% [8][28]. Market Outlook - The report highlights the ongoing technological advancements in 5G, cloud computing, big data, AR, AI, and IoT, which are expected to drive the demand for high-precision navigation solutions [8][9]. - The domestic market for satellite navigation and positioning services is also growing, with a reported industry scale of 536.2 billion yuan in 2023, up 7.09% year-on-year [4][9].

通信终端及配件 亿联网络（300628.SZ） 增持-B(首次) 云办公终端保持高增，AI 导入有望打开新增长点 2025 年 5 月 28 日 公司研究/动态分析 事件描述： 公司近一年市场表现 | 市场数据：2025 年 | 5 月 | 28 日 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 35.23 | | 总股本（亿股）： | | | 12.64 | | 流通股本（亿股）： | | | 7.23 | | 流通市值（亿元）： | | | 254.74 | | 基础数据：2025 年 3 月 | 31 日 | | | --- | --- | --- | | 每股净资产（元）： | | 7.52 | | 每股资本公积（元）： | | 0.73 | | 每股未分配利润（元）： | | 5.39 | | 资料来源：最闻 | | | 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S07605240600 ...

Investment Rating - The report assigns an "Add-B" rating to the company, indicating a positive outlook for its stock performance in the near term [7]. Core Insights - The company has demonstrated strong revenue growth, with a reported revenue of 56.21 billion yuan in 2024, reflecting a year-on-year increase of 29.28%. The net profit for the same period was 26.48 billion yuan, up 31.72% year-on-year [4][23]. - The introduction of AI technology is expected to open new growth avenues, particularly in the company's cloud office terminals and meeting products, which are gaining traction in the market [5][25]. - The company is focusing on enhancing product quality and expanding sales channels, particularly in the business headset segment, which saw a revenue increase of 62.98% year-on-year in 2024 [5][6]. Financial Performance - In 2024, the company achieved a net profit margin of 47.10%, an increase of 0.87 percentage points year-on-year [4]. - The projected net profits for 2025-2027 are 30.53 billion yuan, 35.87 billion yuan, and 41.78 billion yuan, respectively, with year-on-year growth rates of 15.3%, 17.5%, and 16.5% [7][8]. - The company's earnings per share (EPS) are expected to rise from 2.42 yuan in 2025 to 3.31 yuan by 2027, indicating a strong growth trajectory [8]. Product and Market Strategy - The company is enhancing its meeting products, which accounted for 35.52% of total revenue in 2024, with plans to launch new AI-driven solutions in 2025 [4][6]. - The cloud office terminal segment is also expanding, with a focus on improving sound quality and noise cancellation features in its business headsets [5][6]. - The desktop communication terminal segment remains competitive, with a revenue of 30.82 billion yuan in 2024, despite a slight decline in market share [6][7]. Market Position and Competitive Advantage - The company is recognized as a leading provider of communication and collaboration solutions, leveraging AI and other advanced technologies to enhance its product offerings [15][25]. - The company maintains a strong R&D focus, with an investment of 5.59 billion yuan in 2024, representing 9.95% of its revenue, which supports its competitive edge in the market [28][32]. - The company’s diverse product lines cater to various communication needs, ensuring a comprehensive solution for enterprise clients [32][33].

新股研究 新股周报（2025.05.26-2025.05.30） 5 月份创业板新股首日涨幅和开板估值下降，主板威高血净上市 2025 年 5 月 28 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，5 月份科创板新股首日涨幅和开板估值均下降 周内新股市场活跃度下降，近 6 个月上市新股周内共有 13 只股票录得正涨幅(占比 26.53%，前值 68.75%)。 科创板：上周科创板无新股市。周内汉邦科技、佳驰科技录得周涨幅超 5%，思看科技、 海博思创、先锋精科录得周跌幅超-5%。 创业板：上周创业板太力科技上市，上市首日涨幅 163.93%，首日开板估值 56.02 倍。周 内宏工科技、恒鑫生活等录得周涨幅超 10%，太力科技、泽润新能录得周跌幅超-10%。 沪深主板：上周沪深主板威高血净上市，上市首日涨幅 88.64%，首日开板估值 44.94 倍。 周内肯特催化、天有为录得周涨幅超 1%，威高血净、天和磁材录得周跌幅超-10%。 山西证券新股研究团队 新股周期：4 月份创业板首航新能/泰禾股份/宏工科技/众捷汽车，主板中国瑞林/泰鸿万 立/信凯科技/肯特催化/天有为/江顺科技上市，创业板新股首 ...