沪指4月8日上涨1.58%，申万所属行业中，今日上涨的有23个，涨幅居前的行业为农林牧渔、商贸零 售，涨幅分别为7.81%、3.44%。计算机行业今日上涨0.76%。跌幅居前的行业为电子、汽车，跌幅分别 为1.69%、1.63%。 资金面上看，两市主力资金全天净流出601.79亿元，今日有4个行业主力资金净流入，商贸零售行业主 力资金净流入规模居首，该行业今日上涨3.44%，全天净流入资金23.04亿元，其次是农林牧渔行业，日 涨幅为7.81%，净流入资金为7.82亿元。 主力资金净流出的行业有27个，电子行业主力资金净流出规模居首，全天净流出资金129.11亿元，其次 是电力设备行业，净流出资金为65.35亿元，净流出资金较多的还有计算机、机械设备、通信等行业。 计算机行业今日上涨0.76%，全天主力资金净流出57.63亿元，该行业所属的个股共336只，今日上涨的 有221只，涨停的有2只；下跌的有112只，跌停的有9只。以资金流向数据进行统计，该行业资金净流入 的个股有59只，其中，净流入资金超5000万元的有5只，净流入资金居首的是中国软件，今日净流入资 金3.60亿元，紧随其后的是中国长城、拓维信息， ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 52.20 [1][10]. Core Insights - The company reported a significant revenue growth of 74.24% year-on-year, reaching 114.77 billion yuan in 2024, with a net profit of 2.29 billion yuan, reflecting a 28.55% increase [3][4]. - The company continues to hold a leading position in the industry, ranking second globally in server sales and first in China, as well as leading in storage installation capacity and liquid-cooled servers [4]. - The demand for AI infrastructure is expected to remain strong, with projected earnings per share (EPS) of 2.12, 2.60, and 3.12 yuan for 2025, 2026, and 2027 respectively [5][6]. Financial Performance - The company's gross margin for 2024 was 6.85%, a decrease of 3.16 percentage points from the previous year, while the net margin was 2.00%, down 0.73 percentage points [4]. - The total revenue forecast for the next few years is as follows: 142 billion yuan in 2025, 170 billion yuan in 2026, and 205 billion yuan in 2027, with growth rates of 23.73%, 19.72%, and 20.59% respectively [6][12]. - The net profit is expected to grow to 3.12 billion yuan in 2026 and 4.59 billion yuan in 2027, with growth rates of 22.75% and 19.93% respectively [8][12]. Market Position and Product Development - The company has launched several AI-related products, including the "Yuan 2.0-M32" open-source large model and the AI general server NF8260G7, positioning itself to benefit from the growing AI computing demand [4][5]. - The report highlights the increasing demand for servers driven by customer needs, contributing to the company's rapid revenue growth [4].

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - The AI chip and CPU sectors are moving towards self-sufficiency, with significant growth potential in domestic chip production as companies like Alibaba, Tencent, and Huawei increase their investments in chip development [3][10]. - The domestic software industry is expected to accelerate, with the foundational software market projected to grow from approximately 153.8 billion RMB in 2023 to 432.76 billion RMB by 2025, reflecting a compound annual growth rate (CAGR) of about 48% [48]. - The autonomous driving chip market is also seeing a shift towards domestic production, with a notable increase in the output of domestic chips as the new energy vehicle industry expands [3][10]. Summary by Sections 01: AI Hardware: AI Chips + CPUs - The U.S. has added several Chinese AI companies to its entity list, increasing the difficulty of importing related components, which emphasizes the need for self-sufficiency in the AI industry [5]. - In 2024, China's AI chip shipments are estimated at 2.7 million units, with domestic brands accounting for only 30% of the market, indicating a significant reliance on imports [15]. - The market for AI chips in China is projected to grow rapidly, with a CAGR of 66.4% from 2020 to 2024, reaching a market size of approximately 1.412 trillion RMB in 2024 [15]. 02: Accelerated Development of the Trustworthy Computing Industry - The trustworthy computing industry is expected to grow significantly, with a market size projected to reach 3.38 trillion RMB by 2025, driven by increased domestic demand and government support [48]. - The foundational software market is anticipated to see rapid growth, with key segments such as operating systems and databases showing substantial potential for domestic replacement [48][51]. 03: Domestic Autonomous Driving Chips - In 2024, the output of domestic autonomous driving chips is expected to increase, with domestic manufacturers gradually catching up in terms of technology and production capacity [3][10]. - The market for intelligent cockpit chips is also expanding, with domestic chips currently accounting for only 10% of the market, indicating significant room for growth [3][10]. 04: Investment Recommendations - The report suggests actively monitoring the trustworthy computing industry chain due to the ongoing U.S. trade policies and technology restrictions, which are likely to drive domestic production and innovation [3].

Investment Rating - The report maintains a "Recommendation" rating for the industry [5] Core Viewpoints - The emphasis on "technology domestic demand" is highlighted, with a focus on self-reliance and control as a core theme in the context of major power competition [3][10][22] - The report suggests that the domestic computing demand and self-reliance will be the main drivers for investment opportunities in the technology sector [3][22] - The report identifies key areas of focus including domestic AI computing, national software innovation (信创), military information technology, and the Harmony OS ecosystem [3][22] Summary by Sections Market Review - The Shanghai Composite Index fell by 1.37%, the SME Index by 2.93%, and the ChiNext Index by 2.95% during the week of March 31 to April 3 [30] Industry News - The report discusses the release of the national measurement list which is expected to accelerate the domestic innovation industry [14] - It notes the importance of the Harmony OS as a significant new player in the domestic operating system market, particularly in PCs [15] Company Dynamics - Highwei Technology plans to reduce its shareholding by up to 4,400,000 shares, accounting for 1% of the total share capital [27] - The report mentions that Lai Si Information has completed the registration and filing procedures for changing its legal representative [27] Investment Suggestions - The report recommends focusing on companies involved in domestic AI computing, national software innovation, military information technology, and key players in the Harmony OS ecosystem [22] - Specific companies highlighted include Haiguang Information, Cambrian, Inspur Information, China Software, and others across various segments [22][21]

Investment Rating - The report maintains a "Buy-A" rating for the company [7] Core Views - The company has seen a significant increase in contract liabilities and inventory, driven by strong demand for computing power from internet clients [1][4] - The company's revenue for 2024 reached 1147.67 billion, a year-on-year increase of 74.24%, with a net profit of 22.92 billion, up 28.55% year-on-year [3][4] - The company is expected to benefit from the ongoing demand for AI computing power from major internet companies, with projected revenues for 2025-2027 showing continued growth [5][6] Financial Performance - In 2024, the company achieved a gross margin of 6.85%, a decrease of 3.19 percentage points from the previous year, primarily due to increased revenue share from major internet clients [4] - The company's net profit margin for 2024 was 2.00%, down 0.73 percentage points year-on-year [4] - Contract liabilities increased by 491% year-on-year to 113 billion by the end of 2024, indicating strong order fulfillment [4] Future Projections - Revenue projections for 2025-2027 are 155.04 billion, 180.16 billion, and 202.21 billion respectively, with year-on-year growth rates of 35.1%, 16.2%, and 12.2% [9][11] - The expected EPS for 2025-2027 is 2.50, 2.87, and 3.02 respectively, with corresponding P/E ratios of 21.42, 18.64, and 17.71 [6][9]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating potential for valuation improvement based on its leading position in the server market and ongoing investments in AI computing [4]. Core Insights - The company achieved significant revenue growth, surpassing 100 billion yuan, with a total revenue of 114.77 billion yuan in 2024, representing a year-on-year increase of 74.24%. The net profit attributable to shareholders was 2.29 billion yuan, up 28.55% year-on-year [1][4]. - In Q4 2024, the company reported a revenue of 31.64 billion yuan, a 78.06% increase year-on-year, while the net profit was 999.7 million yuan, showing a minimal growth of 0.13% [1]. - The company is experiencing high demand in the domestic computing power sector, as evidenced by a 113% increase in inventory to 40.63 billion yuan and a rise in contract liabilities to 11.31 billion yuan from 1.91 billion yuan year-on-year [2]. - The company continues to hold a leading position in the industry, ranking second globally in server market share and first in China, while also making significant advancements in AI technology [3]. Financial Summary - The company forecasts net profits of 3.06 billion yuan, 4.15 billion yuan, and 5.41 billion yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 26, 19, and 14 [4][7]. - Revenue projections for the next three years are 150.82 billion yuan, 183.45 billion yuan, and 215.79 billion yuan, with growth rates of 31.4%, 21.6%, and 17.6% [7][8]. - The company’s gross margin is expected to improve gradually, with a projected gross margin of 7.55% by 2027 [8].

Performance Summary - In 2024, the company achieved operating revenue of 114.77 billion yuan, representing a year-over-year increase of 74.24%. The net profit attributable to shareholders was 2.29 billion yuan, up 28.55% year-over-year [1] - The gross margin for 2024 was 6.85%, a decrease of 3.19 percentage points year-over-year, while the net profit margin was 2.00%, down 0.73 percentage points year-over-year [1] - In Q4 2024, the company reported a gross margin of 7.25%, a year-over-year decrease of 3.80 percentage points but an increase of 1.62 percentage points quarter-over-quarter. The net profit margin for Q4 was 3.20%, down 2.52 percentage points year-over-year but up 1.49 percentage points quarter-over-quarter [1] Industry Outlook - The demand for computing power driven by generative AI is expected to continue expanding the domestic intelligent computing scale. By 2025, the domestic intelligent computing scale is projected to reach 1,037.3 EFLOPS, with the AI computing market size expected to reach 25.9 billion USD, reflecting a year-over-year growth of 36.2% [1] Inventory and Financial Position - As of the end of 2024, the company's advance payments amounted to 1.527 billion yuan, an increase of 1.007 billion yuan compared to Q3 2024. Inventory reached 40.633 billion yuan, up 113% from the beginning of the period, while accounts payable rose to 22.992 billion yuan, a 151% increase from the beginning of the period [2] - The company's contract liabilities stood at 11.307 billion yuan at the end of 2024, a significant increase of 491% from the beginning of the period and an increase of 8.640 billion yuan compared to Q3 2024 [2] Investment Outlook - The company focuses on the server sector with strong technical accumulation and maintains good long-term business relationships with downstream customers. As these customers expand their capital expenditures, the increase in contract liabilities indicates a growing investment in data center infrastructure, suggesting a high degree of certainty and flexibility in growth for the company [2] - Projected net profits for 2025 to 2027 are estimated at 2.619 billion yuan, 3.108 billion yuan, and 3.747 billion yuan, respectively, supported by the rapid growth in domestic AI computing demand and the company's long-term accumulation in the AI computing field, leading to a "buy" rating [2]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating a positive outlook for its stock performance in the near term [1]. Core Insights - The company has demonstrated impressive performance in 2024, achieving a revenue of 114.77 billion yuan, a year-on-year increase of 74.24%. The net profit attributable to shareholders reached 2.29 billion yuan, up 28.55% year-on-year, while the net profit excluding non-recurring items was 1.87 billion yuan, reflecting a significant growth of 67.59% [4][8]. - The company continues to focus on cloud computing, big data, and artificial intelligence, maintaining rapid growth across its various business segments. It ranks among the top globally in server and storage product market share, being the second in global server market and first in China [8]. - The company is advancing its AI capabilities with the launch of the "Yuan Brain Enterprise Intelligence" platform, which supports over 20 types of computing chips, and has introduced the "Yuan 2.0-M32" open-source large model, significantly enhancing model efficiency [8][9]. Financial Summary - For 2024, the company reported a revenue of 114,767 million yuan, with a gross profit margin of 6.85% and a net profit margin of 2.0%. The return on equity (ROE) is projected to be 11.5% [6][10]. - The company’s earnings per share (EPS) for 2024 is estimated at 1.56 yuan, with projections for 2025-2027 being 2.18 yuan, 2.74 yuan, and 3.31 yuan respectively [6][10]. - The company’s total assets are expected to grow from 71,191 million yuan in 2024 to 155,813 million yuan by 2027, while total liabilities are projected to increase from 50,860 million yuan to 123,731 million yuan in the same period [10]. Market Position and Strategy - The company is positioned as a leader in the server industry, benefiting from the growing demand for AI and big data solutions. Its comprehensive AI strategy includes innovations in liquid cooling technology and a full-stack AI capability [8][9]. - The company has implemented a "All-in Liquid Cooling" strategy, enhancing its product offerings and achieving significant energy savings in data center operations [9]. Future Outlook - The report anticipates continued growth in the company's net profit, projecting figures of 3.21 billion yuan for 2025, 4.03 billion yuan for 2026, and 4.87 billion yuan for 2027, with corresponding EPS estimates of 2.18 yuan, 2.74 yuan, and 3.31 yuan [6][10]. - The company is expected to benefit from the expanding large model industry, positioning itself well to capitalize on future opportunities in the AI sector [8].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 63 CNY per share [1][7]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 114.8 billion CNY, a year-over-year increase of 74%, and a net profit of 2.29 billion CNY, up 29% year-over-year [8]. - The company is expected to benefit from increased capital expenditures by major internet firms, which are projected to drive growth in the server industry [8]. - The company has a strong position in the server market, ranking second globally and first in China, with a notable market share in liquid-cooled servers [8]. Summary by Sections Company Overview - The company operates in the computer industry, with a current A-share price of 53.54 CNY and a market capitalization of 78.73 billion CNY [2]. - Major shareholders include Inspur Group, holding 31.93% of shares [2]. Recent Ratings - The company has received multiple "Buy" ratings in recent evaluations, with the most recent rating on October 31, 2024 [3]. Financial Performance - The company achieved a gross margin of 6.85% for 2024, with a recovery in Q4 gross margin to 7.3% [8]. - The overseas revenue for 2024 was 34.1 billion CNY, representing a 257% increase year-over-year, accounting for 29.7% of total revenue [8]. Market Trends - Major internet companies like Tencent and Alibaba are significantly increasing their capital expenditures, which is expected to sustain high demand in the server industry [8]. - The company has established a strong foothold in AI and liquid-cooled server markets, with substantial growth in sales and market share [8]. Profit Forecast - The company’s net profit is projected to reach 3.34 billion CNY in 2025 and 3.96 billion CNY in 2026, with corresponding year-over-year growth rates of 45.69% and 18.67% [10].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [7][8]. Core Insights - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching 114.8 billion RMB, a year-over-year increase of 74%, and a net profit of 2.29 billion RMB, up 29% year-over-year [8]. - The company is expected to benefit from increased capital expenditures by major internet firms, which are projected to drive demand in the server industry [8]. - The company maintains a strong position in the server market, ranking second globally and first in China, with a notable market share in liquid cooling servers [8]. Company Overview - The company operates in the computer industry, with a current A-share price of 53.54 RMB as of March 28, 2025, and a market capitalization of 78.73 billion RMB [2]. - Major shareholders include Inspur Group Co., Ltd., holding 31.93% of shares [2]. - The company has shown a stock price fluctuation over the past year, with a high of 69.6 RMB and a low of 30.58 RMB [2]. Recent Ratings - The company has received multiple "Buy" ratings in recent evaluations, with the latest rating on October 31, 2024, at a target price of 44.79 RMB [3]. - The product mix is heavily weighted towards servers and components, accounting for 99.93% of total sales [3]. Financial Performance - The company’s gross margin for Q4 2024 was reported at 6.85%, with a recovery in Q4 gross margin to 7.3%, indicating a positive trend [8]. - The overseas revenue for 2024 reached 34.1 billion RMB, a significant increase of 257% year-over-year, contributing to 29.7% of total revenue [8]. - Profit forecasts for 2025 and 2026 are 3.34 billion RMB and 3.96 billion RMB, respectively, with year-over-year growth rates of 45.69% and 18.67% [8][10].