2025年一季报业绩进一步印证了算力产业链的高景气程度，特别是国产算力核心企业，净利润普遍大幅 增长，这反映了算力市场的旺盛需求。在业界人士看来，国产算力正处于政策利好持续释放、市场需求 爆发、技术创新突破、业绩开始兑现四重共振的关键节点，其价值实现的奇点正加速到来。 政策红利持续释放 政策作为产业发展的"方向盘"和"助推器"，在推动国产算力崛起的过程中，发挥着不可或缺的关键作 用。 2020年4月，中共中央、国务院印发《关于构建更加完善的要素市场化配置体制机制的意见》，"数 据"作为一种新型的生产要素首次被列入。2020年底，国家发展改革委等部门发布《关于加快构建全国 一体化大数据中心协同创新体系的指导意见》，提出到2025年，全国范围内数据中心形成布局合理、绿 色集约的基础设施一体化格局。 2021年5月，《全国一体化大数据中心协同创新体系算力枢纽实施方案》确定了在京津冀、长三角、粤 港澳大湾区、成渝，以及贵州、内蒙古、甘肃、宁夏等地布局建设全国一体化算力网络国家枢纽节点， 提出加快实施"东数西算"工程。2021年12月到2022年2月，"东数西算"涉及的8个国家算力枢纽节点和10 个国家数据中心集群全部 ...

Group 1 - The core viewpoint is that artificial intelligence (AI) technology is experiencing explosive growth and has become a new focus of international competition and economic development [1] - The "AI+" initiative proposed by the Central Economic Work Conference aims to cultivate future industries, with ongoing support in the government work report [1] - The demand for computing power and terminal applications is rapidly increasing, driving performance growth in listed companies within the AI industry chain [1] Group 2 - Major AI computing power companies like Haiguang Information and Inspur Information reported significant net profit growth of 52.87% and 28.55% year-on-year, respectively, with Q1 profits increasing by 75.33% and 52.78% [1] - AI storage company Zhaoyi Innovation saw a staggering net profit increase of 584.2% last year, with a 14.57% rise in Q1 [1] - In the smart wearable sector, Hengxuan Technology's net profit surged by 272.5% last year, with a remarkable 590.22% increase in Q1 [1] Group 3 - The domestic AI industry is in a rapid development phase, showing comprehensive progress in models, computing power, and applications, supported by policy initiatives [1] - Domestic top AI models are now competitive with overseas counterparts, and the supply and demand for AI computing hardware are both strong [1] Group 4 - The Chinese server market's key downstream sectors include internet, communication, and finance, which are expected to drive demand for computing power [2] - AI is becoming a core competitive advantage for major internet companies, leading to increased R&D and AI service demand for computing infrastructure [2] - Domestic AI computing chips are transitioning from usable to highly usable, with downstream clients actively collaborating with local chip manufacturers [2] Group 5 - The domestic AI industry is expected to maintain a rapid growth trend, with domestic large models quickly breaking performance barriers and sustained high demand for computing power [3] - The AI application layer is developing simultaneously, with industry application capabilities positioned in a leading global tier [3] - The future development of the domestic AI industry has vast potential, driven by technological iterations in AI software and hardware systems [3]

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

Group 1 - The core viewpoint highlights the strong performance of Shandong's capital market, with 307 out of 309 listed companies reporting their 2024 results, showcasing resilience in a complex economic environment [1] - Total operating revenue for Shandong listed companies exceeded 2.95 trillion yuan, maintaining a robust profit level, with 244 companies achieving positive profits, representing nearly 80% [1][3] - The number of companies with over 1 billion yuan in net profit increased, with 140 companies achieving this milestone, indicating effective transformation of old and new driving forces [1][3] Group 2 - The "thousand billion revenue" group expanded to 7 companies, contributing a total of 1.39 trillion yuan in revenue, accounting for 47.2% of the total revenue of Shandong listed companies [2] - Notable companies in this group include Haier Smart Home, Weichai Power, and Wanhu Chemical, with two technology firms, Inspur Information and GoerTek, also joining the ranks [2] - The industry distribution of these companies reflects the effectiveness of Shandong's "Ten Strong Industries" strategy, with representation from high-end manufacturing, energy and chemicals, and information technology [2] Group 3 - The overall profit of Shandong listed companies reached 156.75 billion yuan in 2024, with four companies achieving over 10 billion yuan in net profit, including Haier Smart Home and Yanzhou Coal Mining [3] - Traditional companies like Qingdao Beer and Hualu Hengsheng have revitalized their operations through smart upgrades, with Qingdao Beer achieving over 20% of its revenue from high-end products [3] - Emerging companies such as Zhongji Xuchuang and Jereh Holdings have demonstrated strong profitability in niche sectors like optical modules and oil and gas equipment [3] Group 4 - Four cities in Shandong, including Jinan, Zaozhuang, Jining, and Weifang, have added new companies to the A-share market, showcasing a trend of "multi-point breakthroughs and distinct characteristics" [4] - New entrants include Zhongchuang Co., focusing on middleware for various industries, and Tengda Technology, specializing in stainless steel fasteners [4] - The expansion of A-share listings across all 16 cities in Shandong indicates a comprehensive coverage and a shift towards innovation-driven core competitiveness [4]

Summary of Key Points Core Viewpoint - As of May 6, the total market financing balance reached 1.79 trillion yuan, indicating an increase of 143.81 billion yuan from the previous trading day, with notable contributions from both the Shanghai and Shenzhen stock exchanges [1]. Financing Balances - Shanghai stock exchange financing balance: 908.24 billion yuan, up by 59.40 billion yuan - Shenzhen stock exchange financing balance: 876.71 billion yuan, up by 83.55 billion yuan - Beijing Stock Exchange financing balance: 5.12 billion yuan, up by 86.21 million yuan [1]. Individual Stock Performance - On May 6, 2,239 stocks received net financing purchases, with 566 stocks having net purchases exceeding 10 million yuan, and 21 stocks exceeding 100 million yuan [1]. - Leading net purchases included: - Luxshare Precision: 228 million yuan - Runhe Software: 212 million yuan - Changshan Beiming: 199 million yuan - Other notable stocks: Inspur Information, Sichuan Changhong, and Dongfang Caifu [1][2]. Industry Concentration - The industries with the highest concentration of stocks receiving net financing purchases over 100 million yuan included: - Computer: 5 stocks - Non-ferrous metals: 3 stocks - Electronics: 3 stocks [1]. Financing Balance to Market Value Ratio - The average ratio of financing balance to circulating market value for stocks with significant net purchases was 4.78% - Stocks with the highest ratios included: - Hanyu Group: 9.63% - Guanghetong: 8.53% - Dongfang Caifu: 7.51% - Runhe Software: 7.49% [2][3]. Notable Stock Data - Top net purchases on May 6 included: - Luxshare Precision: 3.11% increase, net purchase of 227.62 million yuan - Runhe Software: 9.55% increase, net purchase of 212.02 million yuan - Changshan Beiming: 10.02% increase, net purchase of 198.69 million yuan - Other significant stocks included Inspur Information, Sichuan Changhong, and Dongfang Caifu [2][3].

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]

新质生产力持续赋能上市公司业绩增长。在人工智能、半导体、高端制造等赛道，一批上市公司在2025 年第一季度交出优异"成绩单"。 在人工智能领域，拓维信息系统股份有限公司、深圳市优博讯科技股份有限公司、中科星图股份有限公 司等多家上市公司今年第一季度归属于上市公司股东的净利润同比增长超1倍。 服务器龙头浪潮电子信息产业股份有限公司（以下简称"浪潮信息"）主业高速成长。第一季度公司实现 营业收入468.58亿元，同比增长165.31%；实现归属于上市公司股东的净利润4.63亿元，同比增长 52.78%。对于营业收入同比增长的主要原因，浪潮信息披露的公告显示，主要是客户需求增加，服务 器销售增长。 在半导体领域，有研新材料股份有限公司、江苏微导纳米科技股份有限公司、杭州长川科技股份有限公 司等多家上市公司第一季度归属于上市公司股东的净利润同比增长超1倍。 2025年一季度，A股上市公司业绩整体实现"开门红"。据《证券日报》记者梳理，截至5月6日午间，沪 深北交易所已有5391家上市公司披露了2025年一季报，其中4068家上市公司第一季度归属于上市公司股 东的净利润实现盈利，占比达75.46%。 中国电子商务专家服 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 60 CNY per share [5][6]. Core Insights - The company reported a significant revenue growth of 165.3% year-on-year in Q1 2025, reaching 4.686 billion CNY, with a net profit increase of 52.8% to 463 million CNY [6]. - The demand for computing power from internet companies is driving the company's revenue growth, while economies of scale are reducing expense ratios [6]. - Major internet firms are increasing capital expenditures on computing power, which is expected to sustain high industry demand [6]. - The company maintains a strong position in the server industry, particularly in AI and liquid-cooled servers, with a market share of 36.8% in liquid-cooled servers in China [6]. - Future earnings are projected to grow significantly, with net profits expected to reach 3.43 billion CNY in 2025, reflecting a year-on-year growth of 49.67% [8]. Summary by Sections Company Overview - The company operates primarily in the computer industry, with a market capitalization of approximately 74.77 billion CNY and a share price of 50.85 CNY as of May 5, 2025 [1]. Financial Performance - The company achieved a gross margin of 34.5% in Q1 2025, despite a year-on-year decline of 4.68 percentage points due to increased sales to internet firms [6]. - Operating cash flow increased by 265.5% year-on-year, reaching 5.803 billion CNY, attributed to improved sales collection and changes in payment schedules [6]. Market Position - The company ranks second globally and first in China in server market share, with a strong foothold in AI server technology [6]. - The report highlights the company's technological advancements, including the launch of a general-purpose server capable of running large AI models [6]. Earnings Forecast - Projected net profits for 2025-2027 are 3.43 billion CNY, 4.67 billion CNY, and 6.25 billion CNY, respectively, with corresponding year-on-year growth rates of 49.67%, 36.07%, and 33.80% [8].

Core Insights - Company reported Q1 2025 revenue of 46.858 billion yuan, a year-on-year increase of 165.31% and a quarter-on-quarter increase of 48%, marking a historical high for Q1 revenue [1] - Net profit attributable to shareholders for Q1 2025 was 463 million yuan, up 52.78% year-on-year, while the net profit excluding non-recurring items was 427 million yuan, reflecting an 80.76% year-on-year growth [1] - As of the end of Q1 2025, the company's inventory reached 45.9 billion yuan, a 13% increase quarter-on-quarter, and contract liabilities amounted to 16.2 billion yuan, a 43% increase quarter-on-quarter, indicating sustained high demand for computing power [1] Financial Performance - The company maintained good cost control with sales, management, and R&D expenses changing by -3%, +19%, and +4% year-on-year respectively, showcasing significant economies of scale [2] - The gross margin for Q1 2025 was 34.5%, down 4.63 percentage points year-on-year, impacted by uncertainties in the US-China trade environment and fluctuations in raw material prices [2] Industry Position - The company continues to lead in the liquid cooling server market, with the Chinese liquid cooling server market expected to grow rapidly, achieving a sales revenue of 2.37 billion USD in 2024, a 67% year-on-year increase [2] - The company's liquid cooling server, "Yuan Nao," achieved a sales revenue of 840 million USD in 2024, capturing a market share of 35.5% [2] Investment Outlook - Projected net profits for the company are 2.916 billion yuan, 3.806 billion yuan, and 4.706 billion yuan for 2025, 2026, and 2027 respectively, with current market valuations corresponding to PE ratios of 26, 20, and 16 times for the respective years [3] - Given the expected sustained high demand for AI computing power and the company's prominent position in the server industry, there is still room for valuation improvement [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 长江商报消息 ●长江商报记者 潘瑞冬 "国产服务器一哥"浪潮信息（000977.SZ）业绩持续高增。 根据最新披露的一季报，2025年1—3月，浪潮信息实现营业总收入468.58亿元，同比增长165.31%；归 母净利润4.63亿元，同比增长52.78%。对于业绩增长，公司表示受益于AI驱动算力需求增长，带来客户 需求增加，服务器销售增长所致。 今年一季度，公司预售客户货款增幅明显。截至2025年3月末，公司的合同负债为161.96亿元，较年初 的113.1亿元增加了43.21%。 与此同时，浪潮信息的造血能力改善明显。一季报显示，今年前3个月，公司的经营活动现金净流入 58.03亿元，而去年同期为净流出38.45亿元。 服务器需求大涨业绩高增 浪潮信息是全球领先的IT基础架构产品、方案及服务提供商，业务覆盖计算、存储、网络三大关键领 域。 业绩面上，浪潮信息连续多年业绩稳健增长，2023年受供应链压力影响，公司服务器及部件营收减少， 当年营收及净利出现双降。随着供应链压力缓解，服务器需求大涨，浪潮信息业绩企稳回升。年报显 示，2024年，公司实现营业收入11 ...