研究早观点 2025 年 5 月 15 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 | 3,403.95 | 0.86 | | 深证成指 | 10,354.22 | 0.64 | | 沪深 300 | 3,943.21 | 1.21 | | 中小板指 | 6,407.77 | 0.58 | | 创业板指 | 2,083.14 | 1.01 | | 科创 50 | 1,013.77 | 0.41 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】电子：山西证券电子行业周跟踪-电子板块景气复苏，围 绕 AI 和国产替代两大主线布局 【行业评论】计算机：机器人产业趋势持续强化，重视上下游投资机 会 【行业评论】非银行金融：行业周报（20250506-20250511）：-公募改 革持续推进，专项货币政策再扩容 【公司评论】时代新材(600458.SH)：时代新材 2024 年年报及 ...

电子 行业周报（20250505-20250509） 领先大市-A(维持) 电子板块景气复苏，围绕 AI 和国产替代两大主线布局 2025 年 5 月 14 日 行业研究/行业周报 电子行业近一年市场表现 投资要点 资料来源：最闻 相关报告： 【山证电子】人工智能高质量发展，把 握国产替代和自主可控机会-山西证券电 子行业周跟踪 2025.4.29 坚定看好国产替代、自主可控等板块-山 西证券电子行业周跟踪 2025.4.23 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.5.05-2025.5.09）市场大盘整体上涨，上证指数涨 1.92%，深圳成指涨 2.29%，创业板指涨 3.27%，科创 50 跌 0.60%，申万电子 指数涨 0.64%，Wind 半导体指数跌 0.92%。外围市场，费城半导体指数涨 1.58%，台湾半导体指数涨 0.05%。细分板块中，周涨跌幅前三为其他电子 （+4.33%）、元件（+3.96%）、消费电子（+3.73%）。从个股看，涨幅前五为： 慧为智 ...

2025 年 5 月 14 日 公司研究/公司快报 公司近一年市场表现 | 年 月 市场数据：2025 5 | 日 13 | | --- | --- | | 收盘价（元）： | 11.78 | | 年内最高/最低（元）： | 14.90/8.52 | | 流通A股/总股本（亿）： | 8.03/8.24 | | 流通 A 股市值（亿）： | 94.57 | | 总市值（亿）： | 97.12 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.18 | | 摊薄每股收益(元)： | | | 0.18 | | 每股净资产(元)： | | | 8.53 | | 净资产收益率(%)： | | | 2.36 | 冀泳洁 博士 执业登记编码：S0760523120002 邮箱： yong @ x q. om 王锐 执业登记编码：S0760524090001 邮箱：w ng u 1@ x q. om 研究助理： 申向阳 邮箱： h nx ngy ng@ x q. om 新材料 时代新材（600458.SH） 买入- ...

新材料 时代新材（600458.SH） 买入-A(维持) | 年 月 市场数据：2025 5 | 日 13 | | --- | --- | | 收盘价（元）： | 11.78 | | 年内最高/最低（元）： | 14.90/8.52 | | 流通A股/总股本（亿）： | 8.03/8.24 | | 流通 A 股市值（亿）： | 94.57 | | 总市值（亿）： | 97.12 | | 年 基础数据：2025 | 月 3 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.18 | | 摊薄每股收益(元)： | | | 0.18 | | 每股净资产(元)： | | | 8.53 | | 净资产收益率(%)： | | | 2.36 | 资料来源：最闻 冀泳洁 博士 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 研究助理： 申向阳 风电叶片销量高速增长，汽车业务实现扭亏为盈 2025 年 5 月 14 日 公司研究/公 ...

电子 行业周报（20250505-20250509） 领先大市-A(维持) 电子板块景气复苏，围绕 AI 和国产替代两大主线布局 2025 年 5 月 14 日 行业研究/行业周报 电子行业近一年市场表现 投资要点 资料来源：最闻 相关报告： 握国产替代和自主可控机会-山西证券电 子行业周跟踪 2025.4.29 坚定看好国产替代、自主可控等板块-山 西证券电子行业周跟踪 2025.4.23 高宇洋 【山证电子】人工智能高质量发展，把 【山证电子】关税政策不确定性持续， 行业新闻：苹果 AI 在华布局新进展。苹果 A 有望在 OS 18.6 系统中首 次在中国大陆启用部分功能，百度文心一言提供核心云端智能引擎，阿里负 责内容合规审核。特朗普拟撤销拜登 A 芯片出口限制。特朗普政府计划撤销 拜登政府的芯片出口限制，通过与各国谈判签署"政府间许可协议"决定出口 配额，英伟达、甲骨文等公司股价因此上涨。英伟达推新版 H20 芯片应对美 禁令。美国限制 H20 芯片对华出口后，英伟达计划 7 月发布降级版 H20 芯片， 性能大幅降级，这是其维持中国市场份额的尝试。英伟达首席执行官黄仁勋 于上月访华，强调将优化符合监 ...

"分销+产品"双轮驱动，企业级存储国产替代需求增长 其他电子零组件Ⅲ 香农芯创（300475.SZ） 买入-A(首次) 公司发布 2024 年年报及 2025 年一季度报告。2024 年全年公司实现营业 收入 242.71 亿元，同比增长 115.40%；实现归母净利润 2.64 亿元，同比下降 30.08%。2025 年第一季度公司实现营业收入 79.06 亿元，同比增长 243.33%； 实现归母净利润 0.17 亿元，同比增长 18.66%。 事件点评 市场数据：2025 年 5 月 13 日 收盘价（元）： 32.20 年内最高/最低（元）： 45.19/22.92 流通A股/总股本（亿）： 4.40/4.58 流通 A 股市值（亿）： 141.76 受益于服务器需求持续增长和存储行业复苏，公司营收创历史新高。 2024 年全年公司实现营业收入 242.71 亿元，同比增长 115.40%；2025 年第 一季度公司实现营业收入 79.06 亿元，同比增长 243.33%。公司 2024 年及 2025 年一季度营业收入均创同期新高，主因系人工智能等相关半导体需求持续激 增和电子产品复苏的推动，带动公 ...

Investment Rating - The report assigns a "Buy-A" rating to the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company has experienced significant revenue growth, with a 115.40% year-on-year increase in 2024, reaching 24.271 billion yuan, and a remarkable 243.33% growth in the first quarter of 2025, achieving 7.906 billion yuan [2][3]. - Despite the revenue growth, the company's net profit for 2024 decreased by 30.08% to 264 million yuan, primarily due to inventory impairment and declining storage prices impacting profitability [3][10]. - The company is well-positioned to benefit from the increasing demand for enterprise-level storage solutions, particularly in the context of artificial intelligence and data center developments, which are expected to drive future profit growth [4]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 24.271 billion yuan, a 115.40% increase from the previous year, while the net profit was 264 million yuan, down 30.08% [2][10]. - For the first quarter of 2025, revenue reached 7.906 billion yuan, reflecting a 243.33% year-on-year growth, with a net profit of 17 million yuan, up 18.66% [2][3]. Profitability Metrics - The gross margin for 2024 was 4.3%, a decrease of 1.51 percentage points year-on-year, and the net margin was 1.06%, down 2.27 percentage points [3][10]. - In the first quarter of 2025, the gross margin further declined to 1.98%, a drop of 3.31 percentage points, while the net margin was 0.17%, down 0.29 percentage points [3]. Future Outlook - The company is advancing its proprietary brand "Haipu Storage," with successful development of enterprise-level DDR4, DDR5, and Gen4 eSSD products, which are now in mass production [4]. - The report anticipates that the enterprise storage segment will become a new profit growth point, driven by increased collaboration with clients in data centers and server fields [4]. Valuation and Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.51 yuan, 1.87 yuan, and 2.19 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 21.3, 17.2, and 14.7 [5][10].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][8] Core Views - The company's revenue for 2024 reached 6.695 billion yuan, a year-on-year increase of 86.46%, while the net profit attributable to shareholders was 161 million yuan, up 125.82% year-on-year. However, in Q1 2025, the company reported a revenue of 1.543 billion yuan, a decline of 10.62% year-on-year, and a net loss of 197 million yuan, a decrease of 217.87% year-on-year [2][4] - The decline in Q1 2025 performance is attributed to lower-than-expected demand in H2 2024 and a drop in storage prices, compounded by a high base effect from Q1 2024. However, since March 2025, storage prices have shown a clear upward trend due to proactive production cuts by manufacturers and a balanced supply-demand situation driven by AI demand [4][5] - The company is actively expanding its AI edge products, leveraging self-developed main control chips, firmware algorithms, and advanced packaging capabilities to create differentiated competitive advantages. The rapid growth in AI edge products is expected to continue, particularly with the anticipated increase in AI glasses production [5][6] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 6.695 billion yuan, with a year-on-year growth of 86.46%. The net profit attributable to shareholders was 161 million yuan, reflecting a growth of 125.82% year-on-year. For Q1 2025, the revenue was 1.543 billion yuan, down 10.62% year-on-year, and the net profit was -197 million yuan, a decline of 217.87% year-on-year [2][4][10] Market Trends - The report highlights a new cycle of storage price increases alongside accelerated demand for AI edge products. The company is expected to benefit from this trend, with Q1 2025 potentially marking the bottom of its performance [4][5] Product Development - The company has launched various high-performance storage products for AI applications, including UFS, LPDDR5/5X, and ePOP series products, which have been adopted by major brands in the smart wearable sector. The revenue from emerging AI edge sectors is projected to exceed 1 billion yuan in 2024, representing a year-on-year growth of approximately 294% [5][6] Future Outlook - The company anticipates that its wafer-level advanced packaging project will commence production in H2 2025, enabling it to offer comprehensive storage and advanced packaging solutions, which are expected to significantly enhance its value proposition [6][7][8]

Investment Rating - The report assigns an "A" rating for the stocks of Zhongkong Technology (688777.SH) and Xiechuang Data (300857.SZ), indicating a "Buy" recommendation [3]. Core Insights - The human-shaped robot industry is transitioning from the technology validation phase to mass production, with significant advancements in algorithm models, which are considered the "brain" of robots [7]. - Major companies, including Tesla and 1X, are accelerating the development and deployment of humanoid robots, with Tesla aiming to produce 1 million Optimus robots within five years [5][6]. - Traditional manufacturing sectors, such as automotive and home appliances, are increasingly investing in humanoid robotics, exemplified by Chery and Midea's recent developments [6]. Summary by Sections Market Performance - The computer industry has shown notable market performance over the past year, with a focus on the humanoid robot sector [2]. Industry Trends - The report highlights the strengthening trends in the humanoid robot industry, with various exhibitions showcasing cutting-edge developments and expanding product influence [6]. Investment Opportunities - The report suggests focusing on companies with competitive advantages in humanoid robot algorithm models, such as iFlytek, CloudWalk Technology, and Shengtong Co., as well as hardware and software firms with deep industry experience [7].

Investment Rating - The report maintains an "Add-A" investment rating for the company [1][8] Core Views - The company experienced significant revenue growth in 2024, achieving 6.695 billion yuan, a year-on-year increase of 86.46%, and a net profit of 161 million yuan, up 125.82% [3][4] - In Q1 2025, the company reported a revenue of 1.543 billion yuan, a decline of 10.62% year-on-year, and a net loss of 197 million yuan, a decrease of 217.87% [3][4] - The decline in Q1 performance is attributed to lower-than-expected demand in H2 2024 and a drop in storage prices, compounded by a high base effect from Q1 2024 [4] - The report suggests that Q1 2025 may represent the bottom of the company's performance, with a recovery expected due to rising storage prices and increased demand from AI applications [4][5] Financial Performance - The company’s basic and diluted earnings per share (EPS) for 2024 were -0.46 yuan, with a net asset value per share of 5.35 yuan and a return on equity (ROE) of -8.91% [2] - Forecasted EPS for 2025, 2026, and 2027 are 1.03 yuan, 1.79 yuan, and 2.57 yuan respectively, with corresponding price-to-earnings (PE) ratios of 61.2, 35.2, and 24.6 [8][10] - The company is expected to see a revenue increase to 8.546 billion yuan in 2025, representing a year-on-year growth of 27.6% [10] Market Trends and Strategic Positioning - The company is actively expanding its AI edge products, including high-performance storage technologies for AI smartphones, AIPC, and AI glasses, with a projected revenue exceeding 1 billion yuan in 2024 from these products, a growth of approximately 294% year-on-year [5] - The report highlights the company's competitive advantage through self-developed main control chips, firmware algorithms, and advanced packaging capabilities [5][6] - The company is advancing its wafer-level packaging project, expected to be operational in H2 2025, which will enhance its service offerings in the integrated storage and advanced packaging market [6][7]