Investment Rating - The report maintains a "Strong Buy" rating for the computer industry, indicating a positive outlook compared to the market [3]. Core Insights - The domestic AI chip industry has made significant breakthroughs, with the launch of the HarmonyOS PC expected in May 2025, which is anticipated to enhance the competitive landscape for domestic software and hardware manufacturers [3][59]. - The integration of AI technologies is accelerating, with DeepSeek's latest updates showing substantial improvements in model performance, and OpenAI planning to release new models soon [4][60][78]. - The EDA industry is experiencing consolidation, with major acquisitions indicating a trend towards increased concentration among leading firms [4]. Summary by Sections Industry Data - In the first two months of 2025, the software industry generated revenues of 1.90 trillion yuan, reflecting a year-on-year growth of 9.9%, slightly down from 10.0% in 2024 [12][13]. - The integrated circuit (IC) design sector showed the highest growth within the software industry, with a year-on-year increase of 13.5% [17]. Domestic Production - As of January-February 2025, the domestic integrated circuit localization rate reached 26%, up 4 percentage points from 2024 [3][34]. - The domestic AI chip sector is witnessing continuous breakthroughs in both training and inference capabilities, with significant advancements reported by companies like Huawei and Ant Group [43][44]. AI Developments - DeepSeek has released a new version of its model, DeepSeek-V3-0324, which has shown improved performance metrics compared to previous versions [62]. - OpenAI is set to launch new models, including GPT-5, which is expected to enhance its competitive position in the AI market [78]. Electronic Design Automation (EDA) - The EDA industry is seeing increased activity in mergers and acquisitions, which is likely to accelerate the growth of leading companies in the sector [4]. Liquid Cooling Market - The liquid cooling server market in China is projected to grow at a compound annual growth rate of 47% over the next five years, driven by demand from the internet, telecommunications, and government sectors [49][51]. HarmonyOS PC Launch - The upcoming launch of the HarmonyOS PC in May 2025 is expected to significantly impact the domestic operating system landscape, enhancing the push for localization in software [59].

计算机 分析师：唐月 登记编码：S0730512030001 tangyue@ccnew.com 021-50586737 国产 AI 芯片实现重要突破，积极关注 5 月鸿蒙 PC 问世 ——计算机行业月报 证券研究报告-行业月报 强于大市(维持) 计算机相对沪深 300 指数表现 相关报告 《计算机行业深度分析：AI 时代下，算力产 业的发展趋势及河南概况》 2025-03-31 《计算机行业月报：国内算力投入明显加 快，平台企业借势积极入局》 2025-03-13 《计算机行业深度分析：三大要素齐发力， AI 应用步入全面加速期》 2025-03-07 联系人：李智 电话： 0371-65585629 投资要点： （1）国产化：2025 年 1-2 月，我国集成电路国产化率 26%，较 2024 年提升 4 PCT。目前中美执行了新的关税政策，美国将浪潮 集团旗下 6 家公司、宁畅信息、中科可控旗下的服务器品牌 Suma 放入实体清单，又要求 H20 芯片在出口至中国时需要"无 限期"申请许可证，利好国产 GPU 厂商。同时，硅基流动联合 华为云基于 CloudMatrix 384 超节点昇腾云服务和高性 ...

分析师：张刚 登记编码：S0730511010001 资料来源：聚源，中原证券研究所 -13% -7% -2% 4% 9% 15% 20% 26% 2024.04 2024.08 2024.12 2025.04 上证指数 深证成指 | 国内市场表现 | 指数名称 | 昨日收盘价 | 涨跌幅(%) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上证指数 | 3,276.00 | 0.26 | 深证成指 | 9,774.73 | -0.85 | | | | 创业板指 | 2,022.77 | -0.47 | 沪深 | 300 | 3,772.82 | 0.31 | | | 上证 | 50 | 2,443.97 | -0.52 | 科创 | 50 | 891.46 | 0.14 | | 创业板 | 50 | 1,924.26 | -0.67 | 中证 | 100 | 3,611.99 | 0.31 | | 中证 | 500 | 5,556.86 | -0.82 | 中证 | 1000 | 6,116.76 | 0.33 | | 国证 | ...

电信运营Ⅱ 分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 算力服务快速增长，派息率稳步提升 ——中国联通(600050)年报点评 证券研究报告-年报点评 增持(维持) 市场数据(2025-04-15) | 收盘价(元) | 5.41 | | --- | --- | | 一年内最高/最低(元) | 6.82/4.42 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 1.04 | | 流通市值(亿元) | 1,664.49 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 5.18 | | 每股经营现金流(元) | 2.87 | | 毛利率(%) | 23.42 | | 净资产收益率_摊薄(%) | 5.48 | | 资产负债率(%) | 45.19 | | 总股本/流通股(万股) | 3,126,442.53/3,076,6 | B 股/H 股(万股) 0.00/0.00 相关报告 《中国联通(600050)季报点评：联通云快速发 展，净利润双位数增长》 2024-10-31 联系人：李智 ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company, indicating a potential increase in stock price relative to the market index [1][4][7] Core Views - The company achieved an operating revenue of 182.069 billion yuan in 2024, representing a year-on-year growth of 3.38%, while the net profit attributable to the parent company was 13.033 billion yuan, down 22.49% year-on-year [4][6] - The company is actively addressing global economic uncertainties by enhancing its global channel layout and improving operational efficiency through digitalization [4][6] - The company has a robust project pipeline, including new materials and fine chemicals, which supports long-term growth prospects [4][6] Summary by Sections Financial Performance - In 2024, the company reported a polyurethane sales volume of 5.64 million tons, up 15.34% year-on-year, and a petrochemical product sales volume of 5.47 million tons, up 15.89% year-on-year [4][6] - The average price for pure MDI and polymer MDI in 2024 was 19,037 yuan/ton and 17,297 yuan/ton, reflecting a year-on-year decrease of 5.28% and an increase of 8.18%, respectively [4][6] - The overall gross profit margin for the year was 16.16%, down 0.61 percentage points year-on-year, primarily due to increased R&D expenses and significant impairment losses [4][6] Future Outlook - The company expects earnings per share (EPS) of 4.53 yuan and 5.73 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings (PE) ratios of 12.42 and 9.82 based on the closing price of 56.26 yuan on April 15 [4][6] - The company is focusing on expanding its fine chemicals and new materials business, with several projects set to launch, including a 20,000-ton POE and a 48,000-ton citral facility [4][6] - The report highlights the company's transition from a polyurethane leader to a major player in new materials, leveraging its petrochemical business for competitive advantages [4][6]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1][3]. Core Viewpoints - The company achieved an operating income of 27.199 billion yuan in 2024, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 9.637 billion yuan, up 38.11% year-on-year [1][6]. - The report highlights that the company's investment banking business net income and investment income (including fair value changes) have increased, while the proportion of net income from brokerage and asset management businesses has decreased [2][7]. - The company is expected to benefit from capital market reforms and policies aimed at increasing long-term capital inflows, with projected EPS of 1.18 yuan and 1.24 yuan for 2025 and 2026, respectively [3][29]. Summary by Sections Financial Performance - In 2024, the company proposed a cash dividend of 4.00 yuan per share (before tax), with a total dividend payout ratio of 39.46% of the net profit attributable to shareholders, an increase of 6.76 percentage points year-on-year [6]. - The weighted average return on equity (ROE) for 2024 was 7.44%, an increase of 1.78 percentage points year-on-year [1][6]. Business Segments - The net income from the investment banking business increased by 37.46% year-on-year, while the net income from asset management decreased by 10.91% due to reduced comprehensive fee rates [2][18]. - The company’s brokerage business net income increased by 14.46% year-on-year, with a slight recovery in market share [2][10]. Investment Performance - The company achieved a significant increase in investment income (including fair value changes) of 99.11% year-on-year, reflecting strong performance in both equity and fixed income self-operated businesses [2][23]. - The company’s two-margin balance increased by 16.52% year-on-year, with a market share of 5.56%, while the stock pledge scale decreased significantly [2][24]. Future Outlook - The company is expected to maintain a strong position in the market, with anticipated growth in both equity and fixed income sectors, supported by its brand and research advantages [3][29]. - The projected P/B ratios for 2025 and 2026 are 0.90 and 0.86, respectively, indicating potential for price appreciation [3][33].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][27] Core Views - The company's performance in 2024 was impacted by the photovoltaic business, with total revenue declining by 15.23% year-on-year to 19.15 billion yuan, and net profit decreasing by 29.33% to 1.31 billion yuan [7][10] - Despite the challenges in the photovoltaic sector, the company has shown significant improvement in operating cash flow, which turned positive at 4.39 billion yuan, attributed to increased sales collections and reduced cash payments for raw materials [10] - The company maintains a strong position in the photovoltaic encapsulant market, with a global market share of around 50%, and a sales volume of 2.81 billion square meters, up 24.98% year-on-year [10][13] - The company is expanding its overseas production capacity in Thailand and Vietnam to mitigate international trade risks and ensure sales in foreign markets [10] - The electronic materials and functional films segment is expected to become a new growth driver, with significant sales increases in photosensitive dry films and aluminum-plastic films [10][13] Financial Summary - The company's gross profit margin for photovoltaic encapsulants was 14.72%, showing a slight increase of 0.12 percentage points year-on-year, despite a significant drop in sales price [10] - The projected net profits for 2025, 2026, and 2027 are estimated at 1.51 billion, 1.81 billion, and 2.12 billion yuan respectively, with corresponding diluted EPS of 0.58, 0.69, and 0.81 yuan [12][13] - The company’s financial ratios indicate a return on equity (ROE) of 7.97% for 2024, with expectations for gradual improvement in the following years [12][13]

乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 新能源驱动业绩扭亏，关注新车表现 ——赛力斯(601127)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-15) | 收盘价(元) | 134.40 | | --- | --- | | 一年内最高/最低(元) | 144.75/71.36 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.55 | | 流通市值(亿元) | 2,029.15 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.12 | | 每股经营现金流(元) | 14.91 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 48.48 | | 资产负债率(%) | 87.38 | | 总股本/流通股(万股) | 163,336.61/150,978.2 | | | 2 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -18% -6 ...

乘用车Ⅱ 分析师：龙羽洁 登记编码：S0730523120001 longyj@ccnew.com 0371-65585753 新能源驱动业绩扭亏，关注新车表现 ——赛力斯(601127)年报点评 证券研究报告-年报点评 买入(首次) 市场数据(2025-04-15) | 收盘价(元) | 134.40 | | --- | --- | | 一年内最高/最低(元) | 144.75/71.36 | | 沪深 300 指数 | 3,761.23 | | 市净率(倍) | 16.55 | | 流通市值(亿元) | 2,029.15 | | 基础数据(2024-12-31) | | | 每股净资产(元) | 8.12 | | 每股经营现金流(元) | 14.91 | | 毛利率(%) | 26.15 | | 净资产收益率_摊薄(%) | 48.48 | | 资产负债率(%) | 87.38 | | 总股本/流通股(万股) | 163,336.61/150,978.2 | | | 2 | B 股/H 股(万股) 0.00/0.00 个股相对沪深 300 指数表现 资料来源：中原证券研究所，聚源 相关报告 -18% -6 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company achieved an operating income of 27.199 billion yuan in 2024, a year-on-year increase of 16.74%, and a net profit attributable to shareholders of 9.637 billion yuan, up 38.11% year-on-year [1][6] - The company plans to distribute a cash dividend of 4.00 yuan per share (before tax) for the year [1] - The company’s investment income (including fair value changes) increased significantly by 99.11% year-on-year, contributing positively to overall performance [2][22] Summary by Relevant Sections Financial Performance - In 2024, the company reported a net profit of 9.637 billion yuan, with a basic earnings per share (EPS) of 1.15 yuan, reflecting a year-on-year increase of 38.55% [1][6] - The weighted average return on equity (ROE) was 7.44%, an increase of 1.78 percentage points year-on-year [1][6] Business Segments - The proportion of net income from investment banking and investment income increased, while the share from brokerage and asset management decreased [2][7] - The company’s brokerage business net income increased by 14.46% year-on-year, with a market share of 3.86% [2][10] - The investment banking segment saw a net income increase of 37.46% year-on-year, despite a decline in equity financing [2][12] Future Projections - The company expects EPS of 1.18 yuan and 1.24 yuan for 2025 and 2026, respectively, with corresponding book value per share (BVPS) of 16.96 yuan and 17.91 yuan [3][28] - The price-to-book (P/B) ratios are projected to be 0.90 and 0.86 for 2025 and 2026, respectively [3][28] Market Position - The company maintained its position as the third-largest in the industry for non-monetary public fund holdings and ranked in the top ten for both domestic equity and debt underwriting [3][28] - The company’s asset management business showed a total asset management scale of 253.5 billion yuan, a year-on-year increase of 23.87% [18][19]