Investment Rating - The report maintains a "Recommended" rating for the computer industry [1] Core Insights - The computer industry is showing signs of recovery as unfavorable factors from 2024 have been fully released, with overall revenue expected to improve due to increasing demand and efficiency brought by AI [6][8] - The industry is experiencing a shift towards high-end processors, servers, and liquid cooling, with revenue growth rates between 20% to 45% for these segments [7][45] - The first quarter of 2025 shows a significant year-on-year recovery in revenue and profit, indicating a potential turning point for the industry [8][53] Summary by Sections 2024 Industry Performance - Total revenue for the computer industry in 2024 reached 12,548 billion yuan, a year-on-year increase of 5.35%, while net profit was 192.96 billion yuan, down 45.18% [24] - The overall gross margin was 25.36%, a decrease of 2 percentage points year-on-year, and the net margin was 1.54%, down 1.42 percentage points [31] - The total number of employees in the industry was 1.1692 million, a slight decrease of 0.79% year-on-year, with an average revenue per employee of 1.0585 million yuan, up 5.90% [39] 2025 Q1 Performance - In Q1 2025, the computer industry reported total revenue of 2,836.14 billion yuan, a year-on-year increase of 15.65%, and net profit of 25.79 billion yuan, up 160.33% [53] - The number of companies with positive profit growth increased, while those in negative growth decreased, indicating a stabilization in profitability [8][53] Segment Analysis - High-end processors, servers, and liquid cooling segments are experiencing robust revenue growth, while the IDC sector shows stable growth despite a slowdown [7][45] - The basic software and SaaS sectors are expected to reach a performance turning point, while the industrial software and intelligent driving sectors maintain strong growth [51]

Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

| 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-038 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 第四届董事会第二十一次会议决议公告 表决情况：同意 7 票，弃权 0 票，反对 0 票。 具体内容详见同日于上海证券交易所网站（www.sse.com.cn）披露的《关于实 施 2024 年年度权益分派调整"道通转债"转股价格的公告》（公告编号：2025-039）。 2、《关于实施 2024 年年度权益分派调整回购股份价格上限的议案》 表决情况：同意 7 票，弃权 0 票，反对 0 票。 具体内容详见同日于上海证券交易所网站（www.sse.com.cn）披露的《关于实 施 2024 年年度权益分派调整回购股份价格上限的公告》（公告编号：2025-040）。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 深圳市道通科技股份有限公司（以下简称"公司"）第四届董事会第二十一次会 议于 20 ...

| 证券代码：688208 | 证券简称：道通科技 | 公告编号：2025-037 | | --- | --- | --- | | 债券代码：118013 | 债券简称：道通转债 | | 深圳市道通科技股份有限公司 2024年年度权益分派实施公告 本次利润分配及转增股本方案经公司2025 年 4 月 18 日的2024年年度股东大 会审议通过。 二、 分配、转增股本方案 1. 发放年度：2024年年度 2. 分派对象： 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 股权登记日 | 除权（息）日 | 新增无限售条件流 | 现金红利发放日 | | --- | --- | --- | --- | | | | 通股份上市日 | | | 2025/5/13 | 2025/5/14 | 2025/5/14 | 2025/5/14 | 一、 通过分配、转增股本方案的股东大会届次和日期 3. 差异化分红送转方案： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海 ...

| 601688 | 华泰证 | 5 | 2.08 | 6.01 | 1.76 | | --- | --- | --- | --- | --- | --- | | | 券 | | | | | | 603005 | 晶方科 | 5 | 1.94 | 5.46 | 9.07 | | | 技 | | | | | | 000933 | 神火股 | 7 | 1.91 | 6.53 | 4.81 | | | 份 | | | | | | 300657 | 弘信电 | 5 | 1.79 | 4.55 | 11.37 | | | 子 | | | | | | 688158 | 优刻得 | 5 | 1.78 | 5.36 | 13.31 | | 000630 | 铜陵有 | 5 | 1.71 | 8.40 | 1.58 | | | 色 | | | | | | 300382 | 斯莱克 | 5 | 1.62 | 8.36 | 24.17 | | 688208 | 道通科 | 5 | 1.50 | 5.56 | 14.00 | | | 技 | | | | | | 002558 | 巨人网 | 5 | 1.37 | 5.25 | 11. ...

重要内容提示： 深圳市道通科技股份有限公司（以下简称"公司"）2024 年年度权益分派实施后， 公司以集中竞价交易方式回购股份的价格上限由不超过人民币 63.83 元/股（含）调 整为不超过人民币 42.71 元/股（含）。 一、回购股份的基本情况 | 股票代码：688208 | 股票简称：道通科技 | 公告编号：2025-040 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 关于实施 2024 年年度权益分派调整回购股份价格上限的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 由于公司本次分红为差异化分红，每股派送现金股利（D）指根据总股本摊薄调 整后计算的每股现金股利，即本次差异化分红虚拟分派的现金红利；流通股份变动比 例（n）指根据总股本摊薄调整后计算的流通股份变动比例，即本次差异化分红虚拟 分派的流通股份变动比例。 截至本公告披露日，公司总股本为 451,878,674 股，扣减回购专用证券账户中股 份数 6,359,282 ...

一、回购股份的基本情况 2025 年 4 月 8 日，深圳市道通科技股份有限公司（以下简称"公司"）召开 第四届董事会第十九次会议，审议通过了《关于以集中竞价交易方式回购公司股 份方案的议案》，同意公司使用自有资金通过集中竞价交易方式回购公司已发行的 人民币普通股（A 股），本次回购的股份拟用于维护公司价值及股东权益。公司拟 用于本次回购的资金总额不低于人民币 1 亿元（含），不超过人民币 2 亿元（含）， 回购价格为不超过人民币 63.83 元/股（含）。本次回购实施期限为自董事会审议通 过本次回购股份方案之日起 3 个月内。具体内容详见公司分别于 2025 年 4 月 9 日和 2025 年 4 月 10 日在上海证券交易所网站（www.sse.com.cn）披露的《关于 以集中竞价交易方式回购公司股份方案的公告》（公告编号：2025-028）和《关于 以集中竞价交易方式回购公司股份的回购报告书》（公告编号：2025-029）。 | 证券代码：688208 | 证券简称：道通科技 | 公告编号：2025-041 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 ...

| 证券代码：688208 | 证券简称：道通科技 | 公告编号：2025-039 | | --- | --- | --- | | 转债代码：118013 | 转债简称：道通转债 | | 深圳市道通科技股份有限公司 关于实施 2024 年年度权益分派调整"道通转债" 转股价格的公告 调整前转股价格：33.93 元/股 调整后转股价格：22.55 元/股 转股价格调整生效日期：2025 年 5 月 14 日 见公司同日于上海证券交易所网站（www.sse.com.cn）披露的《2024 年年度权益 分派实施公告》（公告编号：2025-037）。 根据中国证券监督管理委员会关于可转换公司债券发行的有关规定和《深圳 市道通科技股份有限公司向不特定对象发行可转换公司债券募集说明书》（以下简 称"《募集说明书》"）的约定，"道通转债"发行之后，当公司发生派送股票股利、 转增股本、增发新股或配股、派送现金股利等情况（不包括因本次发行的可转债 转股而增加的股本），公司将对转股价格进行调整。 公司于 2025 年 5 月 6 日召开公司第四届董事会第二十一次会议，审议通过了 《关于实施 2024 年年度权益分派调整"道通转债 ...

北京市中伦（深圳）律师事务所 关于深圳市道通科技股份有限公司 北京市中伦（深圳）律师事务所 关于深圳市道通科技股份有限公司 差异化分红事项的 差异化分红事项的 法律意见书 二〇二五年五月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanjing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 海证券交易所上市公司自律监管指引第 7 号——回购股份（2025 年 3 月修订）》 （以下简称"《回购指引》"）等法律、法规及其他规范性文件以及《深圳市道 通科技股份有限公司章程》（以下简称"《公司章程》"）的规定，就公司 2024 年年度利润分配所涉及的差异化分红特 ...

Stock Recommendations - Donghua Testing (300354.SZ) shows strong order fulfillment and is expected to benefit from its advanced sensor capabilities, with an EPS forecast of 1.22 in 2025, up from 0.88 in 2024[3] - Daotong Technology (688208.SH) reported a 26.71% revenue growth in Q1 2025 and a 57.50% increase in net profit, maintaining a high growth trajectory[3] - Shuanghuan Transmission (002472.SZ) is expected to see continued growth in its core business driven by new energy and smart execution mechanisms, with an EPS forecast of 1.59 in 2025[3] Financial Performance Highlights - Xinyiseng (300502.SZ) achieved a revenue of 86.47 billion yuan in 2024, a 179.15% increase year-on-year, and a net profit of 28.38 billion yuan, up 312.26%[4] - Kexing Pharmaceutical (688136.SH) expanded its overseas sales network, with a projected EPS of 0.51 in 2025, significantly up from 0.16 in 2024[3] - Kaiying Network (002517.SZ) reported a revenue of 51.18 billion yuan in 2024, a 19.16% increase, and a net profit of 16.28 billion yuan, up 11.41%[5] Market Trends and Valuation - The market performance of the recommended stocks shows that Kexing Pharmaceutical had the highest increase of over 50% in the last month, while Xinyiseng and Donghua Testing had turnover rates exceeding 100%[20] - The average PE ratio for the recommended stocks is below 50, with Kexing Pharmaceutical having the highest at 170.61, indicating a potential for growth despite high valuation[20] - The largest market capitalization among the recommended stocks is for Juzhi Biological (2367.HK) at 795.15 billion yuan, followed by Xinyiseng at 636.44 billion yuan[20]