Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Keda Guokong, is a leading provider of data intelligence products and services in China, originating from the University of Science and Technology of China. It focuses on digital applications, products, and operations, driving digital transformation for industry clients [3][9]. - The company has successfully won a storage project with China Telecom, showcasing its technical strength in the energy storage sector. This project is expected to enhance its market share in data centers and computing power [4]. - Keda Guokong has a strategic investment in Guoyi Quantum, indicating a deep commitment to the quantum technology industry chain, which is expected to play a significant role in its future growth [5][6]. - The company is actively developing AI applications, leveraging its core technologies to create intelligent platforms that enhance operational efficiency across various sectors [7][8]. Company Overview - The latest closing price of the company's stock is 29.12 yuan, with a total market capitalization of 8.5 billion yuan [2]. - The company has a total share capital of 291 million shares, with 277 million shares in circulation [2]. - The company reported a total revenue of 1.038 billion yuan for the third quarter, a year-on-year decrease of 41.51%, and a net profit attributable to shareholders of -47 million yuan, a decline of 173.36% year-on-year [3]. Financial Projections - The company is projected to achieve earnings per share (EPS) of 0.10, 0.37, and 0.55 yuan for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 296.87, 78.74, and 53.18 [9][12]. - Revenue is expected to decline to 2.26 billion yuan in 2024 before rebounding to 3.184 billion yuan in 2025 and 4.110 billion yuan in 2026, reflecting a growth rate of 40.88% in 2025 [12][15]. Strategic Initiatives - The company is advancing its AI+ strategy, integrating AI technologies into various applications, including customer service and smart logistics, to enhance operational efficiency [7][8]. - Keda Guokong's storage solutions are already in use with over one million new energy vehicles and large-scale storage systems, indicating a strong foothold in the market [4].

证券研究报告：社会服务|点评报告 行业投资评级 强于大市|维持 | 行业基本情况 | | | | --- | --- | --- | | 收盘点位 | | 8745.19 | | 52 | 周最高 | 9343.57 | | 52 | 周最低 | 5985.5 | 行业相对指数表现（相对值） -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2024-03 2024-05 2024-08 2024-10 2024-12 2025-03 社会服务 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李鑫鑫 SAC 登记编号:S1340525010006 Email:lixinxin@cnpsec.com 近期研究报告 《百胜中国（9987.HK）：经营稳健， 效率提升，韧性十足》 - 2025.03.11 三问三答再看政策，全面看好消费机会 ⚫ 事件 近日，中共中央办公厅、国务院办公厅印发《提振消费专项行动 方案》，并发布通知，要求各地区各部门结合实际认真贯彻落实。为大 力提振消费，全方位扩大国内需求，以增收减负提升消费能力，以高 质量供给创造有效需求，以优化消 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report emphasizes a comprehensive approach to boosting consumption through a recent policy initiative that includes 30 key tasks across eight areas aimed at enhancing consumer confidence and income levels [9][10] - The report outlines three rounds of consumption stimulus policies, highlighting their increasing specificity and direct impact on consumer behavior [5][6][11] - The expected transition from "short-term stabilization" to "full recovery" in consumer spending is anticipated as a gradual process influenced by consumer confidence and income expectations [11][13] Summary by Sections Industry Overview - The closing index for the industry is 8745.19, with a 52-week high of 9343.57 and a low of 5985.5 [1] Policy Analysis - The first round of policies initiated in August 2024 focused on stimulating consumption through financial support and incentives [5] - The second round in September 2024 introduced targeted measures such as consumption vouchers and employment policies to directly address consumer pain points [6] - The third round, initiated in March 2025, is characterized by a more comprehensive approach, addressing various dimensions of consumer support [10] Market Outlook - The report predicts a gradual recovery in consumer spending, with a shift from essential goods to discretionary spending as consumer confidence improves [15][17] - The investment strategy is categorized into three phases, focusing on different types of stocks based on their recovery potential and market conditions [17][18] Investment Recommendations - Short-term investment opportunities are identified in sectors such as dining, travel, and alcohol, while long-term opportunities are seen in cyclical sectors [21][22] - Specific companies highlighted for investment include Yum China, Haidilao, and various tourism and hotel companies [22]

Economic Overview - Economic data for January-February indicates a rebalancing of supply and demand, with demand recovering and production marginally declining, leading to a narrowing supply-demand gap[11] - The weighted year-on-year growth rate of investment, retail, and exports is 4.35%, up 0.61 percentage points from December 2024, primarily driven by investment and retail recovery[11] Consumer Trends - Retail sales growth for January-February is 4%, slightly below the consensus expectation of 4.5% and lower than the 5.5% growth from the previous year[12] - The year-on-year growth rate of retail sales above designated size improved to 4.3%, while below designated size retail sales growth slowed to 3.82%[15] - Consumption of automobiles, home appliances, and audio-visual equipment showed marginal declines, while communication equipment and furniture consumption saw marginal increases[18] Real Estate Investment - Real estate investment showed a marginal improvement with a cumulative year-on-year decline of 9.8%, recovering 0.8 percentage points from the previous value[23] - The total land transaction price in 100 major cities reached 300.89 billion yuan, a year-on-year increase of 46.39%[26] Policy Initiatives - The "Consumption Promotion Special Action Plan" was issued, outlining 30 key tasks to stimulate consumption, focusing on new consumption scenarios and fiscal support for child-rearing[38] - The central government allocated 10.34 trillion yuan for transfer payments, with an expected 70% used to boost consumption, potentially increasing consumption growth by approximately 0.9 percentage points[48] Export Outlook - There is potential for better-than-expected export growth, particularly with the recovery of the EU economy and possible adjustments in US-China relations[49] - Historical data suggests that China's exports to the EU and ASEAN may offset declines in exports to the US, as seen in 2019[50]

Group 1 - The current A-share market is characterized by a strong influence of individual investors, with the pricing power in their hands, indicating a retail-driven market environment [5][29]. - Since September 24, 2024, the correlation between the net inflow of margin trading and the performance of the entire A-share index has reached 79.5%, significantly higher than the historical average of 65%, highlighting the increasing impact of margin trading on market dynamics [5][22]. - The personal investor sentiment indicator is currently at a high level, suggesting that individual investors are likely to respond positively to potential good news, allowing for a more aggressive investment stance in the A-share market [5][33]. Group 2 - The report draws parallels between the current market dynamics and previous retail-driven market phases, particularly noting similarities with the market behavior observed in October 2010 and the spring rally of 2011 [34][40]. - The report emphasizes that the current market is experiencing a structural bull market, particularly in small-cap and technology sectors, driven by retail investor enthusiasm and policy expectations [5][20]. - The focus on expanding domestic demand is highlighted as a core objective for the year, with consumer sectors likely to receive continuous policy support, while traditional consumption upgrades may face challenges [7][29]. Group 3 - The report suggests that the market's performance will be tested during the earnings season, with the overall pressure on A-share earnings indicated by the PPI not recovering in early 2025 [7]. - The report indicates that the market is likely to see a rotation from growth styles to sectors with stronger policy stimulus expectations, particularly in consumer goods such as snacks, soft drinks, and beauty products [7][29]. - The historical analysis of previous market phases shows that after periods of heightened trading activity, the market typically returns to a consolidation phase, suggesting potential volatility ahead [34][38].

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a sales revenue of 17.907 billion yuan in 2024, representing a year-on-year growth of 32.39%, and a net profit attributable to shareholders of 1.878 billion yuan, up 34.29% year-on-year [5][6] - The global demand for packaging substrates is gradually recovering, driving the introduction of new products. The packaging substrate business achieved a revenue of 3.171 billion yuan, a year-on-year increase of 37.49%, accounting for 17.71% of total revenue [6] - The PCB business generated a revenue of 10.494 billion yuan in 2024, reflecting a year-on-year growth of 29.99%, and accounted for 58.60% of total revenue [7] - The company is capitalizing on opportunities in the computing power and automotive electronics markets, with automotive electronics orders growing over 50% for the third consecutive year [7] Financial Projections - The company is expected to achieve revenues of 21.511 billion yuan, 25.042 billion yuan, and 29.680 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 2.571 billion yuan, 3.091 billion yuan, and 3.684 billion yuan for the same years [8][10] - The projected growth rates for revenue are 20.13%, 16.41%, and 18.52% for the years 2025, 2026, and 2027 respectively [10] - The earnings per share (EPS) are forecasted to be 5.01 yuan, 6.03 yuan, and 7.18 yuan for 2025, 2026, and 2027 respectively [10] Company Overview - The latest closing price of the company's stock is 138.49 yuan, with a total market capitalization of 71 billion yuan [4] - The company has a debt-to-asset ratio of 41.7% and a price-to-earnings (P/E) ratio of 50.73 [4] - The largest shareholder is China Aviation International Holdings [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Insights - The company reported a sales revenue of 17.907 billion yuan in 2024, representing a year-on-year growth of 32.39%, and a net profit attributable to shareholders of 1.878 billion yuan, which is a 34.29% increase year-on-year [5] - The global demand for packaging substrates is gradually recovering, driving the introduction of new products. The packaging substrate business achieved a revenue of 3.171 billion yuan, up 37.49% year-on-year, accounting for 17.71% of total revenue [6] - The PCB business generated a revenue of 10.494 billion yuan in 2024, reflecting a year-on-year growth of 29.99%, and accounted for 58.60% of total revenue [7] - The company is expected to achieve revenues of 21.511 billion yuan, 25.042 billion yuan, and 29.680 billion yuan in 2025, 2026, and 2027 respectively, with net profits of 2.571 billion yuan, 3.091 billion yuan, and 3.684 billion yuan for the same years [8] Financial Summary - The company’s total market capitalization is 71 billion yuan, with a total share capital of 5.13 billion shares and a circulating share capital of 5.12 billion shares [4] - The company’s earnings per share (EPS) for 2024 is 3.66 yuan, with projected EPS of 5.01 yuan, 6.03 yuan, and 7.18 yuan for 2025, 2026, and 2027 respectively [10] - The company’s price-to-earnings (P/E) ratio is 50.73, with projected P/E ratios of 37.83, 27.63, 22.98, and 19.28 for the years 2025, 2026, and 2027 respectively [4][10]

证券研究报告：宏观报告 2025 年 3 月 16 日 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 核心观点 近期研究报告 《政策协同发力，消费驱动与产业升 级双轮驱动》 - 2025.03.06 宏观研究 （1）实体经济融资需求回暖，新动能支撑韧性 第一，从实体经济信贷需求来看，实体经济呈现企稳向好特点， "成色"足，实属不易。社融口径的投向实体经济的信贷好于去年同 期，亦好于季节性表现，仅弱于 2023 年同期。 第二，仅从非银行业金融机构新增人民币贷款来看，今年资本市 场表现"成色"足。1-2 月非银行业金融机构新增人民币贷款为 836 亿元，较去年同期减少 3458 亿元。 第三，中长期贷款同比缩量，从资金投向来看，房地产投资和基 建投资放缓或是拖累。 实体经济融资需求企稳，新动能支撑韧性 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 对比全口径金融机构贷款同比增速与剔除房地产和基建贷款的金融 机 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report indicates a significant rebound in the agricultural sector, with the agricultural index rising by 2.84%, ranking 8th among 31 primary industries [4][12] - The report highlights a stalemate in the supply-demand dynamics of live pigs, while the price of white chickens is rebounding [5][6] Summary by Sections Industry Overview - The closing index stands at 2556.61, with a 52-week high of 2927.53 and a low of 2110.64 [2] - The relative performance of the agricultural index shows a decline of 19% [2] Livestock Industry Tracking Live Pigs - The average price of live pigs is 14.52 yuan/kg, remaining stable compared to the previous week [5][18] - The report notes that the supply of pigs is ample, with producers actively selling due to low price expectations [5][21] - The report suggests focusing on companies with cost advantages, recommending leading firms such as Muyuan Foods and Wens Foodstuff Group, as well as smaller firms like Juxing Agriculture and Huatong Foods [21] White Chickens - The price of white feather chicken chicks has increased to 3.0 yuan/chick, with an average profit of 0.2 yuan per chick [6][28] - The price of meat chickens has risen to 3.62 yuan/kg, reflecting an increase of 8.7% [6][28] - The report emphasizes the importance of domestic breeding and notes that the supply chain remains robust despite some fluctuations [29] Crop Industry Tracking - Sugar prices have surged to 6130 yuan/ton, increasing by 90 yuan/ton [32] - The price of soybeans has slightly decreased to 3624 yuan/ton, down by 1.8% [34] - Cotton prices have shown minor fluctuations, currently at 14924 yuan/ton, up by 0.31% [34] - Corn prices have increased slightly to 2198 yuan/ton, up by 32 yuan/ton [34]

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The agricultural sector has shown a significant rebound, with the agricultural index rising by 2.84%, ranking 8th among 31 primary industries [4][12] - The pig market is experiencing a narrow fluctuation, with the average price of pigs at 14.52 CNY/kg, remaining stable compared to the previous week [5][18] - The white chicken market is seeing a price rebound, with the price of chicken seedlings increasing to 3.0 CNY per chick, and the price of meat chickens rising to 3.62 CNY per jin, an increase of 8.7% [6][28] Summary by Sections Market Performance - The agricultural sector index has increased by 2.84%, outperforming the Shanghai and Shenzhen 300 indices, which rose by 1.59% and 1.39% respectively [12] - The agricultural sub-sectors, particularly meat chicken and pig farming, have rebounded significantly, with increases of 4.83% and 2.93% respectively [14][16] Livestock Industry Chain Tracking Pigs - The pig price is in a narrow fluctuation, with the average price at 14.52 CNY/kg, and the market is under supply pressure due to increased outflow from breeding groups [5][18] - The profitability for self-bred pigs is around 35 CNY per head, while purchasing piglets incurs a loss of 35 CNY per head [19] - The breeding stock is showing slight fluctuations, with a cautious increase in production capacity expected [20][21] White Chickens - The price of white feather chicken seedlings has risen to 3.0 CNY per chick, with an average profit of 0.2 CNY per chick [6][28] - The price of meat chickens has increased to 3.62 CNY per jin, driven by supply shortages and low prices [6][28] - The supply chain remains robust, with a significant increase in the number of breeding stocks, indicating a stable supply for 2025 [29] Planting Industry Chain Tracking - Sugar prices have risen to 6130 CNY/ton, an increase of 90 CNY/ton [32] - Soybean prices have shown a slight decline, with the price at 3624 CNY/ton, down by 1.8% [34] - Corn prices have slightly increased to 2198 CNY/ton, up by 32 CNY/ton [34]