Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance in 2024 met market expectations, with significant revenue and profit growth driven by the acquisition of AsiaInfo Technology, resulting in a turnaround from loss to profit [2] - The network security business achieved revenue of 1.71 billion yuan in 2024, a year-on-year increase of 6.37%, with a gross margin of 61.35%. The net profit attributable to shareholders was -91 million yuan, indicating a substantial reduction in losses, reflecting improvements in internal business quality and efficiency [2] - The newly added digital intelligence business contributed 1.885 billion yuan in revenue and 100 million yuan in net profit, becoming a core driver for revenue and performance expansion [2] - The revenue structure of the network security business continues to optimize, with standardized product revenue growing by 7.4%, increasing its share to 47.3% of total network security revenue, which in turn improved the gross margin by 13.53 percentage points to 61.35% [3] - The company has achieved positive cash flow in its network security business, with a net operating cash flow increase of 425 million yuan year-on-year, reflecting effective receivables management and cost control [3] - The company is strategically positioned in high-barrier sectors such as telecommunications and finance, maintaining a leading market share in terminal security and ranking among the top three in cloud host security [3] - The company is actively following AI trends, integrating AI technology with security scenarios, and has established a dual-engine model of "Security + Digital Intelligence" [4] - The financial forecast for 2025-2027 estimates revenues of 8.468 billion, 9.313 billion, and 10.534 billion yuan, with net profits of 102 million, 153 million, and 215 million yuan respectively, reflecting a long-term growth potential driven by structural and efficiency improvements in the network security business and AI integration [5]

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a revenue of 1.154 billion yuan for 2024, a year-on-year increase of 2.70%, and a net profit attributable to shareholders of 74.15 million yuan, up 10.52% year-on-year. However, in Q4 2024, revenue decreased by 6.83% year-on-year to 417 million yuan, while net profit increased by 9.71% to 37.4 million yuan. In Q1 2025, revenue dropped by 32.09% year-on-year to 117 million yuan, resulting in a net loss of 25.53 million yuan due to seasonal factors and order execution cycles [1][6] Summary by Sections Transportation Sector - In 2024, the company's revenue from the transportation sector reached 701 million yuan, accounting for 61% of total revenue, with a year-on-year increase of 5.68% and a gross margin of 55.63%, up 9.2 percentage points. The total fixed asset investment in railways increased by 11.3% year-on-year, reaching a historical high. The China National Railway Group plans to put into operation 2,600 kilometers of new lines in 2025, a 160% increase compared to 2024. The company made significant progress in international market expansion, winning multiple overseas railway projects worth millions [2] Government and Defense Market - Revenue from the government and defense market was 194 million yuan in 2024, a year-on-year decrease of 32.49%. In contrast, revenue from the financial and other sectors increased by 49.47% to 259 million yuan. The overall revenue decline was attributed to short-term market pressures in the domestic government and defense sectors. However, with ongoing government debt resolution and personnel adjustments in defense, stability is expected in the future. The company is also expanding its core capabilities into emerging fields such as smart civil aviation, digital energy, and intelligent finance, successfully cultivating multiple growth points and diversifying its revenue structure [3] 5G-R Development - The Ministry of Industry and Information Technology is steadily advancing the 5G-R initiative, with the company successfully passing the 5G-R circular track test, laying a solid foundation for subsequent field testing. In April 2025, the Ministry approved the 5G-R field test frequency, which will accelerate the implementation of 5G-R under high-speed and heavy-load conditions [4] AI and Railway Integration - The digital transformation of the railway industry presents significant market opportunities for the company. In 2024, the company won several multi-million yuan AI application projects, including a data intelligence analysis system based on AI language models and a centralized management cloud platform for video monitoring. In February 2025, the company collaborated with Huawei to complete the full-stack localization deployment of the DeepSeek model, creating intelligent solutions for the railway industry [5] Profit Forecast and Valuation - The company's transportation business remains stable, but there is uncertainty regarding revenue and orders in the government and defense sectors. The forecast for net profit attributable to shareholders for 2025-2027 is 83 million, 108 million, and 147 million yuan, respectively, representing year-on-year growth of 11%, 31%, and 36%. The corresponding P/E ratios for these years are projected to be 58, 45, and 33 times [6]

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a revenue of 353 million yuan in 2024, with a year-on-year growth of 13%, while the net profit attributable to shareholders was -124 million yuan. In Q1 2025, the company reported a revenue of 126 million yuan, a significant increase of 84% year-on-year, and a net profit of 13 million yuan, marking a turnaround from losses [1][5] - The satellite business has become a significant revenue source for the company, with deep involvement in the construction of the Qianfan satellite constellation. The company has launched 90 satellites and plans to enhance its launch capacity and explore reusable rocket technology to reduce costs [2][3] - The company has established strong relationships with its top two clients in the satellite sector, which together account for 43% of its revenue. It is focusing on developing customized low-power products and has made significant progress in satellite communication technology [3] - The defense information technology sector is expected to grow, with the company’s military communication business anticipated to recover. The Chinese defense budget is projected to reach 1.67 trillion yuan in 2024, reflecting a 7.2% increase [4] - The company is actively investing in research and development, particularly in the unmanned communication field, and has made progress in 5G and terminal communication projects [4] Financial Summary - The company forecasts net profits of 105 million yuan, 246 million yuan, and 446 million yuan for 2025, 2026, and 2027 respectively, with a projected PE ratio of 129 for 2025 [5][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company's revenue met expectations, but financial expenses temporarily suppressed profit release. The company achieved an operating income of 79.024 billion yuan in 2024, a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.572 billion yuan, a year-on-year decrease of 25.23% [1][6] - The subsidiary, New H3C, benefited from domestic AI infrastructure, with its revenue growing by 6.04% to 55.074 billion yuan in 2024, and a significant increase of 26.07% in Q1 2025 [2] - The company experienced a substantial increase in inventory and contract liabilities, indicating potential overstocking of AI GPU chips, which may lead to exceeding expectations in AI server market share and profitability [3] Financial Performance - In Q1 2025, the company reported an operating income of 20.79 billion yuan, a year-on-year increase of 22.25%, but a net profit decrease of 15.75% [1] - Financial expenses rose significantly due to the acquisition of New H3C, with Q1 2025 financial expenses reaching 386 million yuan, an increase of 310 million yuan from Q1 2024 [4] - The company forecasts net profits of 2.14 billion yuan, 2.81 billion yuan, and 3.13 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 34, 26, and 23 [6] Strategic Developments - The company is advancing its H-share listing, which may alleviate financial pressure and support global expansion efforts [5] - New H3C's international business grew by 32% in 2024 and 72% in Q1 2025, indicating strong growth potential in overseas markets [5]

证券研究报告 | 宏观专题研究 | 中国宏观 联储且行且看，"滞胀"风险增加 ──5 月美联储议息会议传递的信号 核心观点 本月美联储对通胀和就业市场的风险评估均有所上行，认为失业率和通胀双双走高的 滞胀风险正在逐步增加。相机抉择的模式下整体政策立场中性。展望未来： 降息方面，预计年内联储整体仍将保持较强政策定力，潜在的"滞胀"趋势下，我们 认为联储的政策重心或将聚焦于通胀。主要原因在于经济虽有下行压力但劳动力供给 端约束或使得失业率仍在中性目标附近。在此背景下，我们预计联储将保持政策定力， 在下半年逐季降息，每次 25BP。但 6 月议息会议，尤其是对等关税明朗化以前能否降 息存在较强不确定性。 数量型政策方面，预计金融稳定将是下半年联储政策。当前美股、美债均存在一定流 动性压力，一旦因特朗普的政策反复导致外资撤离继而引发美国资产大幅波动，则联 储的缩表可能暂停。如果 10 年美债利率再次冲击 5%，不排除联储启动紧急购债稳定 市场。 ❑ "滞胀"风险评估增加，政策路径且行且看 利率区间方面，美联储按兵不动符合会前市场定价，联邦基金目标利率维持在 4. 25%-4. 50%区间；议息声明中，相较 1 月联储 ...

证券研究报告 | 浙商早知道 报告日期：2025 年 05 月 08 日 浙商早知道 2025 年 05 月 08 日 ：王禾 执业证书编号：S1230512110001 ：021-80105901 ：wanghe@stocke.com.cn 市场总览 重要观点 【浙商宏观 李超/费瑾】宏观专题研究：货币政策再宽松驱动股债双牛——20250507 3、资金 http://www.stocke.com.cn 1/3 请务必阅读正文之后的免责条款部分 大势：5 月 7 日上证指数上涨 0.8%，沪深 300 上涨 0.61%，科创 50 上涨 0.36%，中证 1000 上涨 0.14%，创业板指 上涨 0.51%，恒生指数上涨 0.13%。 行业：5 月 7 日表现最好的行业分别是国防军工（+3.7%)、银行（+1.49%)、基础化工（+1.15%)、房地产（+1.06%)、 石油石化（+0.91%)，表现最差的行业分别是传媒（-0.56%)、计算机（-0.42%)、电子（-0.37%)、社会服务（-0.24%)、 医药生物（-0.12%)。 资金：5 月 7 日全 A 总成交额为 15051 亿元，南下资金净 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's revenue for 2024 is projected to be 43.65 billion yuan, with a year-over-year growth of 0.32%. The net profit attributable to shareholders is expected to be 17.90 billion yuan, reflecting a year-over-year increase of 1.62% [2] - The IDC business showed steady development, generating revenue of 29.14 billion yuan in 2024, down 7.56% year-over-year, while the AIDC business achieved revenue of 14.51 billion yuan, up 21.03% year-over-year [4][5] - The company is expanding its energy consumption resources, with a 130% increase in energy consumption indicators compared to the end of 2023, and plans to deliver additional computing centers in 2025 [6] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 43.65 billion yuan, with a net profit of 17.90 billion yuan. The fourth quarter of 2024 saw a revenue of 9.08 billion yuan, down 45.64% year-over-year, and a net profit of 2.77 billion yuan, down 56.89% year-over-year [2] - For Q1 2025, the company achieved a revenue of 11.98 billion yuan, representing a year-over-year increase of 21.40%, while the net profit was 4.30 billion yuan, down 9.29% year-over-year [3] Business Segments - The IDC business generated 29.14 billion yuan in revenue for 2024, with a gross margin of 47.53%, down 6.93 percentage points year-over-year. The company has completed upgrades to several low-power data centers, which are expected to recover and generate new orders [4] - The AIDC business reported a revenue of 14.51 billion yuan in 2024, with a gross margin of 51.75%, up 18.65 percentage points year-over-year. The company is focusing on building new-generation intelligent computing centers to meet the growing demand [5] Growth Prospects - The company has a robust order backlog and plans to deliver five additional computing centers in 2025, totaling approximately 420MW. The focus will be on regions with high economic development and significant computing demand [6] - The company is also progressing with public REITs, having initiated the issuance process at the end of 2023, which is expected to enhance its financing capabilities [11] Profitability Forecast - The company aims for significant profit growth, with net profit targets set at 27.28 billion yuan, 31.83 billion yuan, and 36.37 billion yuan for 2025, 2026, and 2027 respectively, indicating a growth rate of 50%, 75%, and 100% compared to 2024 [12] - The projected net profits for 2025, 2026, and 2027 are 26.90 billion yuan, 33.12 billion yuan, and 41.02 billion yuan, with corresponding P/E ratios of 31, 25, and 20 [13]

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 1.32 billion yuan in Q1 2025, representing a year-on-year increase of 10.6%. However, the net profit attributable to the parent company decreased by 14.0% year-on-year to 130 million yuan, while the net profit after deducting non-recurring items increased by 8.2% year-on-year to 120 million yuan [1][2] Summary by Sections Revenue Growth - The revenue growth in Q1 was primarily driven by the consolidation of Roman's financials and the expansion of the national subsidy for small household appliances. The online retail sales of health pots, rice cookers, and steamers saw significant year-on-year increases of 38.4%, 13.0%, and 19.0%, respectively, during the period from December 30, 2024, to March 30, 2025 [2] Profitability Improvement - The company's net profit margin in Q1 was 9.8%, which is a decrease of 2.8 percentage points year-on-year but an increase of 3.2 percentage points quarter-on-quarter. The gross profit margin decreased by 1.7 percentage points year-on-year to 36.8%. The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio improved year-on-year by 2.6, 0.4, 0.7, and -0.2 percentage points, respectively [3] Profit Forecast and Valuation - The expansion of national subsidies for small household appliances is expected to benefit the company, along with cost optimization that may lead to improved profit margins. The forecasted net profits attributable to the parent company for 2025-2027 are 400 million, 440 million, and 470 million yuan, representing year-on-year growth rates of 39.8%, 8.9%, and 7.7%, respectively. The corresponding price-to-earnings ratios at the current stock price are projected to be 18x, 17x, and 15x [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company demonstrates strong operational resilience and is expected to continue delivering on its "Three New and Two Transformations" strategy [1] - The successful issuance of REITs marks the beginning of a new chapter in light asset operations, with significant funds raised to enhance the company's growth potential [2] - The CSO business has shown sustained high growth, expanding from retail to hospital channels, indicating strong momentum [3] - The new retail and new medical sectors are entering a new phase of expansion, enhancing the company's ability to reach end consumers [4] - The company's profitability is expected to improve due to the contribution from Pre-REITs and innovative strategies, despite some temporary increases in expenses [5] - The operating quality has seen a slight decline, but there are positive trends anticipated for improvement [6] Summary by Sections Performance - In 2024, the company achieved total revenue of 151.81 billion yuan, a year-on-year increase of 1.11%, and a net profit attributable to shareholders of 2.51 billion yuan, up 15.33% [1] - In Q1 2025, total revenue reached 42.02 billion yuan, a 3.82% increase year-on-year, with net profit soaring by 80.38% to 970 million yuan [1] Growth Potential - The REITs issuance has successfully launched, raising 1.158 billion yuan, which is expected to accelerate the company's intelligent warehousing upgrades and high-margin business expansion [2] - The CSO business generated sales of 19.27 billion yuan, with a 19.59% growth in pharmaceutical CSO sales after adjusting for high base effects [3] Profitability - The overall gross margin for 2024 was 7.80%, a slight decrease of 0.27 percentage points, while Q1 2025 saw a gross margin of 7.33%, an increase of 0.13 percentage points [5] - The net profit margin for 2024 was 1.65%, up approximately 0.21 percentage points, with Q1 2025 showing a significant increase to 2.31%, up 0.98 percentage points [5] Operating Quality - The net cash flow from operating activities in 2024 was 3.083 billion yuan, a decrease of 35.07% year-on-year, primarily due to increased procurement payments [6] - The company anticipates improvements in operating cash flow due to changes in customer and channel structures [6] Financial Forecast and Valuation - Revenue projections for 2025-2027 are 1632.94 billion yuan, 1764.63 billion yuan, and 1900.79 billion yuan, with corresponding growth rates of 7.56%, 8.06%, and 7.72% [12] - Expected net profits for the same period are 2.84 billion yuan, 3.18 billion yuan, and 3.54 billion yuan, with growth rates of 13.13%, 12.08%, and 11.21% [12]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The risks of trust, AMC, and commercial leasing licenses held by financial holding platforms are relatively high. The risks at the trust end may mainly come from the capital pool business. Although most trust risks are controllable, tail risks cannot be excluded [1]. - The financial license situation of financial holding platforms determines their competitiveness, profitability, and risks. Bank, securities, insurance, and financial leasing institutions are strictly regulated with controllable risks, while trust, AMC, and commercial leasing industries are more risky [2]. - The capital pool business of trusts is caused by factors such as arbitrage space from maturity mismatch, internal operational convenience, market demand, and covering up defaulted assets. The scale of the capital pool business can be observed from aspects like the non - performing ratio of inherent assets, the scale of financing products in actively managed trusts, and regulatory penalty tickets [3]. - As of the end of April 2025, the outstanding trust ABS - type assets in the bond market totaled 403.61 billion yuan. Trust ABS products generally have low default risks, but caution is needed when the credit enhancement is provided by trust institutions. The risks of most trusts are controllable, but tail risks exist [6]. 3. Summary According to Relevant Catalogs 3.1 Focus on the Holding License Situation of Financial Holding Groups - Financial holding platforms obtain investment income by holding/ controlling financial institutions. The quantity, type, quality, and control status of financial licenses directly affect their competitiveness, profitability, and risks [13]. - The report sorted out 9 types of financial licenses held by 23 central enterprise financial holding platforms and 38 local financial holding platforms. Bank, securities, insurance, and financial leasing institutions are strictly regulated, with standardized operations and controllable risks. In contrast, trust, AMC, and commercial leasing licenses are more risky [2][13]. - The reasons for the high risks of trust, AMC, and commercial leasing industries include lower regulatory standardization, the risk of occupying parent - company funds, and being in an industry trough due to macro - economic environment, regulatory policies, and market competition [2][14]. 3.2 Risks at the Trust End May Mainly Come from the Capital Pool Business - Some trust companies with default risks, such as Sichuan Trust and Anxin Trust, were involved in illegal operations of capital pool business, leading to liquidity and default risks [19]. - The capital pool business is characterized by "rolling issuance, collective operation, maturity mismatch, and separate pricing", which may cause the blurring of the boundary between trust property and company assets and the risk of fund misappropriation. It is caused by maturity mismatch arbitrage, internal operational convenience, market demand, and covering up defaulted assets [19]. - In principle, trust companies do not have the obligation to provide rigid payment for trust products. However, due to the illegal nature of the capital pool business, trust companies usually need to bear the payment obligation, mainly through restructuring and discounted payment [3]. - The scale of the capital pool business is difficult to observe directly from financial statements. It can be roughly inferred from the non - performing ratio of inherent assets (the higher the ratio, the larger the possible scale of the capital pool business), the scale of financing products in actively managed trusts (the higher the scale and proportion, the higher the risk), and regulatory penalty tickets [3][21][24]. 3.3 Risks of Trust - Related Standard Bonds Are Controllable - As of the end of April 2025, the outstanding trust ABS - type assets in the bond market totaled 403.61 billion yuan, with several trusts having a scale of over 30 billion yuan [30]. - Trust ABS products have independent underlying assets and are isolated from other trust company assets. Some products also have external credit enhancement measures, so they generally have low default risks. However, caution is needed when the credit enhancement is provided by trust institutions [30]. - The bond - issuing parent companies of trusts are mainly financial holding platforms, banks, and investment holding groups, with a total outstanding bond scale of 8.93 trillion yuan. After excluding several large state - owned banks, the outstanding balance is 1.43 trillion yuan. Most trust risks are controllable, but tail risks exist. Among them, the bond credit spread of Wukuang Capital (Wukuang Trust) widened significantly, but there is no substantial credit risk [33][34].