请务必阅读正文最后的中国银河证券股份有限公司免责声明 | | | -20% 0% 20% 40% 60% 通信 沪深300 公司深度报告 · 通信行业 中国银河证券|CGS AI 浪潮大周期,数智云应用破局 ―― 中国联通（600050.SH）深度报告 通信首席分析师:赵良毕 通信分析师:赵中兴 研究助理：刘璐 www.chinastock.com.cn 证券研究报告 3 公司深度报告 · 通信行业 中国银河证券|CGS 目录 Catalog | 一、 联通创新与股权优化,深化改革促产业链升级 | | --- | | (一） 创新不断，推动通信服务升级变革 . | | (二) 战略投资者促多元化发展, 优化股权助市场化治理 | | 深化改革持续推进,算网产业链"链主"引领作用增强 . (三) | | 二、 夯实科技 ICT, 价值重构带来估值提振 | | (一) 运营商行业基本面稳健、电信业务总量两位数增长 | | (二) 电信周期波动促运营商求新,AI 赋能加速数字化转型… | | 5G 投资结构调整，资本开支优化助力算力新业务崛起 (三) | | (四) 提质增效重回报，价值重构有望带来估值溢价 … | ...

公司点评报告 · 计算机行业 业绩短期承压, AI 浪潮下液冷龙头厚积薄发 分析师 吴砚靖 ☎: 010-66568589 网:wuyanjing@chinastock.com.cn 分析师登记编码：S0130519070001 研究助理:胡天昊 | 市场数据 | 2025-3-7 | | --- | --- | | 股票代码 | 872808.BJ | | A 股收盘价(元) | 71.21 | | 上证指数 | 3,372.55 | | 总股本(万股) | 20000 | | 实际流通 A 股(万股) | 19.460.33 | | 流通 A 股市值(亿元) | 142.42 | www.chinastock.com.cn 证券研究报告 2025 年 3 月 7 日 曙光数创 (872808.BJ) 推荐 维持评级 请务必阅读正文最后的中国银河证券股份有限公司免责声明 相对北证 50 表现图 2025-3-7 料来源：Wind，中国银河证券研究院 事件:3月3日,公司发布 2024年年度业绩报告。报告期内,公司实现营 ● 业收入 5.06 亿元,较上年同比下降 22.15%,实现归属上市公司股东的净 利润 ...

Investment Rating - The report maintains a "Recommended" rating for Zhongke Leitu (688568.SH) [1] Core Views - The company achieved a revenue of 3.257 billion yuan in 2024, representing a year-on-year growth of 29.49%, and a net profit attributable to shareholders of 352 million yuan, up 2.67% [4] - The online business segment saw significant growth, with revenue increasing by 395.44% year-on-year to 103 million yuan [4] - The company is focusing on new strategies in the low-altitude sector, which opens up new growth opportunities [4] Financial Performance Summary - **2024 Financials**: - Revenue: 3.257 billion yuan - Net Profit: 352 million yuan - Gross Margin: 49.59% [4][5] - **2025-2027 Projections**: - Expected Revenue: 4.456 billion yuan (2025), 6.013 billion yuan (2026), 7.925 billion yuan (2027) - Expected Net Profit: 480 million yuan (2025), 693 million yuan (2026), 958 million yuan (2027) - Corresponding EPS: 0.88 (2025), 1.28 (2026), 1.76 (2027) [5][7] - **Growth Rates**: - Revenue Growth: 36.81% (2025), 34.94% (2026), 31.79% (2027) - Net Profit Growth: 36.54% (2025), 44.26% (2026), 38.29% (2027) [5][7] Business Segment Performance - **Revenue by Segment in 2024**: - Special Fields: 1.003 billion yuan (+19.92%) - Government Business: 956 million yuan (+28.91%) - Enterprise Business: 256 million yuan (+10.90%) - Aerospace Measurement and Control: 288 million yuan (+25.90%) - Meteorological Ecology: 563 million yuan (+47.36%) - Online Business: 103 million yuan (+395.44%) [4] Strategic Initiatives - The company is developing the Star Map Cloud platform and has launched the Star Map Low Altitude Cloud V1.0, which aims to enhance low-altitude airspace management and services [4] - Collaborations with 15 entities have been established to expand into new low-altitude economic fields [4]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company demonstrates resilient profitability while accelerating the construction of a domestic computing power ecosystem [1][3]. - Despite a short-term revenue decline due to international circumstances and intensified industry competition, the company's overall profitability has improved through product repositioning and strategic marketing adjustments [3]. - The company has launched the DeepSeek hyper-converged integrated machine, which is expected to see rapid growth in 2025, catering to high-security clients such as state-owned enterprises and financial institutions [3]. Financial Performance Summary - For the fiscal year 2024, the company reported a revenue of 13.148 billion yuan, a year-on-year decrease of 8.40%, while the net profit attributable to shareholders was 1.911 billion yuan, an increase of 4.10% [3][4]. - The gross profit margin for 2024 was 29.16%, up by 2.9 percentage points year-on-year, with a quarterly gross margin of 32.86% in Q4 2024, reflecting a 6.15 percentage point increase from the previous year [3]. - The company forecasts net profits of 2.265 billion yuan, 2.720 billion yuan, and 3.276 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of 18.52%, 20.06%, and 20.48% [3][4][6]. Financial Metrics Forecast - Projected revenue growth rates for 2025, 2026, and 2027 are 8.01%, 10.30%, and 13.82%, respectively [4][6]. - The estimated diluted EPS for 2025, 2026, and 2027 are 1.55 yuan, 1.86 yuan, and 2.24 yuan, with corresponding P/E ratios of 46.56, 38.78, and 32.19 [4][6]. - The company is expected to maintain a gross margin of 30.67% in 2025, increasing to 32.03% by 2027 [4][6].

中国银河证券|CGS 服装+箱包双轮驱动，自由品牌重启航 - 开润股份（300577.SZ）首次覆盖报告 纺织服饰行业首席分析师：郝帅 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 正券 CGS +箱包双轮驱动,自有品牌重启船 开润股份(300577.SZ) 首次覆盖报告 核心观点 主要财务指标预测 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 3104.90 | 4099.86 | 5322.46 | 6099.15 | | 收入增长率% | 13.28 | 32.04 | 29.82 | 14.59 | | 归母净利润(百万元) | 115.62 | 390.46 | 372.71 | 452.66 | | 利润增速% | 146.69 | 237.70 | -4.55 | 21.45 | | 毛利率% | 24.35 | 23.68 | 22.89 | 23.43 | | 摊薄 EPS(元) | 0.48 | 1.63 | ...

区域发展战略月报第1期(2025年2月) 收协同是主线 区域发展战略月报第１期(2025年２月) 核心观点 2025 年 3 月 7 日 分析师 章俊 首席经济学家 ☎：010-8092-8096 网: zhangjun_yj @chinastock.com.cn 分析师登记编码：S0130523070003 张迪 ☎：010-8092-7737 网: zhangdi_yj@chinastock.com.cn 分析师登记编码：S0130524060001 风险提示 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 高质量发展背景下区域经济重要性进一步提升,为及时把握区域经济发展态 ● 势,进而洞察我国经济发展变化,我们将以主要区域发展战略为抓手,定期总 结区域发展重要会议和政策。本期为第1期(2025年2月),主要线索有四 条： 一、产业协同是主线:2月,北京、天津、河北三省市多次召开会议涉及京 ● 津冀协同发展工作,其中三场专门聚焦京津冀协同发展,且党政一把手均参 会。产业协同是核心关注点。北京提出要深化区域产业协作,天津同样提出要 加大力度推进 ...

2025年3月6日 银河观点集萃 责任编辑 周颖 ☎：010-80927635 网:zhouying_yj@chinastock.com.cn 分析师登记编码：S0130511090001 要闻 3月5日十四届全国人大三次会议开幕 每日晨报 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ● 宏观:科技消费,攻守兼备——2025 政府工作报告解读。2025年3月5日, 十四届全国人大三次会议开幕,李强总理在政府工作报告中对全年工作做出全 面部署。我们认为,面对外部较大不确定性,中国的选择是 -- "消费稳当下, 科技赢未来",以消费提振畅通经济循环,以科技创新引领产业发展。即使外 部冲击超预期,我们还可以根据形势变化动态调整政策,及时对冲、从容应对, 达到"攻守兼备"的状态。 O 策略:对 A 股市场投资的启示——2025 年政府工作报告释放哪些重要信号? 政府工作报告延续了中央经济工作会议对资本市场的政策基调,强调资本市场 的内生稳定性与资金生态的持续优化。随着存量政策加快落实,一揽子增量政 策加力推出,国内经济基本面有望呈现出逐步改善态势。在 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance in the near future [6]. Core Insights - The company has demonstrated strong revenue growth driven by innovation, with a projected revenue increase from 8.43 billion yuan in 2023 to 15.90 billion yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 24.22% [2][6]. - The net profit attributable to shareholders is expected to grow from 0.88 billion yuan in 2023 to 1.35 billion yuan in 2026, with a notable profit growth rate of 52.92% in 2023, followed by more moderate growth in subsequent years [2][6]. - The company is actively expanding its production capacity, increasing its investment in the "Sports Nutrition Food Production Base" from 126 million yuan to 309 million yuan, which will enhance its market position and supply capabilities [6][8]. Financial Forecast Summary - **Revenue Forecast**: - 2023: 8.43 billion yuan - 2024: 10.41 billion yuan (growth rate: 23.46%) - 2025: 12.80 billion yuan (growth rate: 22.96%) - 2026: 15.90 billion yuan (growth rate: 24.22%) [2][8] - **Net Profit Forecast**: - 2023: 0.88 billion yuan - 2024: 0.89 billion yuan (growth rate: 1.58%) - 2025: 1.11 billion yuan (growth rate: 23.61%) - 2026: 1.35 billion yuan (growth rate: 22.11%) [2][8] - **Earnings Per Share (EPS)**: - 2023: 0.71 yuan - 2024: 0.72 yuan - 2025: 0.89 yuan - 2026: 1.09 yuan [2][8] - **Price-to-Earnings (P/E) Ratio**: - 2024: 25.37 - 2025: 20.53 - 2026: 16.81 [2][8]

中国银河证券 CGS 专题研究报告 ESG 投资视角下两会政策解读 2025年3月5日 核心观点 马宗明 ☎:18600816533 新兴产业和未来产业。《报告》强调要开展新技术新产品新场景大规模应用示 范行动,推动商业航天、低空经济等新兴产业安全健康发展。建立未来产业投 入增长机制,培育生物制造、量子科技、具身智能、6G等未来产业。梯度培 育创新型企业,支持独角兽企业、瞪羚企业发展。 >: mazongming_yj@chinastock.com.cn 分析师登记编码:S0130524070001 王新月 雷:(8610) 80927695 区: wangxinyue yj@chinastock.com.cn 分析师登记编码:S0130522040003 风险提示:产业发展不及预期的风险;对政策理解不全面的风险。 ● www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 事件:3月5日,十四届全国人大三次会议开幕会在北京人民大会堂举行,国 ● 务院总理李强作政府工作报告(以下简称《报告》)。 分析师 总量 积极宽松,强调政策实效。更加积极的财政政策。 ...