Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [3][10]. Core Viewpoints - The company is positioned as a rare player in the domestic CPU and NPU market, with a projected net profit of 0.92 to 1.04 billion yuan for 1H25, representing a year-on-year growth of 50% to 70% [1]. - The AI subsidiary has secured multiple orders and is compatible with various domestic GPUs, enhancing its market position [1]. - The investment in Yizhi Electronics aims to strengthen the AI industry chain, with the company expected to hold a 10% stake post-investment [2]. - The upcoming TF9000 series from Yizhi Electronics is anticipated to be a high-performance, cost-effective chip for AI computing, which aligns with the company's strategic goals [3]. Financial Projections - Revenue is expected to grow from 30 billion yuan in 2025 to 36 billion yuan in 2027, with net profits projected at 2.1 billion yuan in 2025 and 3.3 billion yuan in 2027 [3][5]. - The report forecasts a significant increase in earnings per share, from 0.39 yuan in 2024 to 1.32 yuan in 2027, reflecting strong growth potential [5][8]. - The price-to-earnings ratio is projected to decrease from 78 in 2024 to 23 in 2027, indicating improving valuation metrics over time [5][8].

[Suzhou Hesheng New Material Co., Ltd. 2025 Semi-Annual Performance Forecast](index=1&type=section&id=苏州禾盛新型材料股份有限公司%202025%20年半年度业绩预告) [Expected Performance for the Current Period](index=1&type=section&id=一%E3%80%81本期业绩预计情况) The company anticipates significant profit growth in the first half of 2025, with net profit attributable to shareholders expected to increase by 50% to 70% | Item | Current Reporting Period (Jan 1 - Jun 30, 2025) | Prior Year Period | | :--- | :--- | :--- | | **Net Profit Attributable to Shareholders of the Listed Company** | Profit: 91.91 million CNY - 104.16 million CNY | Profit: 61.27 million CNY | | Year-over-year Change | **Growth 50.00% ～ 70.00%** | - | | **Net Profit Attributable to Shareholders of the Listed Company After Deducting Non-Recurring Gains and Losses** | Profit: 92.54 million CNY - 104.87 million CNY | Profit: 61.69 million CNY | | Year-over-year Change | **Growth 50.01% ～ 70.00%** | - | | **Basic Earnings Per Share** | Profit: 0.37 CNY/share ～ 0.42 CNY/share | Profit: 0.25 CNY/share | [Pre-Audit Status of Performance Forecast](index=1&type=section&id=二%E3%80%81业绩预告预审计情况) This performance forecast is unaudited by a CPA, but the company has pre-communicated with its annual audit firm, with no disagreements - This performance forecast has not been pre-audited by a certified public accountant, but the company has pre-communicated with the accounting firm providing annual audit services, and there are no disagreements between the parties[4](index=4&type=chunk) [Explanation of Performance Changes](index=1&type=section&id=三%E3%80%81业绩变动原因说明) The expected net profit growth for H1 2025 is primarily due to enhanced supply chain management, leading to improved product gross margin - The company expects the increase in net profit for the first half of 2025 to be primarily due to strengthened supply chain management, which has driven an increase in product gross margin compared to the same period last year[5](index=5&type=chunk) [Other Explanations](index=2&type=section&id=四%E3%80%81其他说明) This performance forecast is a preliminary estimate, with final data subject to the official semi-annual report, and investors are advised to note investment risks - This performance forecast is a preliminary estimate by the company's finance department, and the final financial data will be subject to the company's officially disclosed 2025 semi-annual report, reminding investors to be aware of investment risks[6](index=6&type=chunk)

证券代码：002290 证券简称：禾盛新材 公告编号：2025-028 苏州禾盛新型材料股份有限公司 一、拟减持股东的基本情况 截至本公告日，上述股东持股情况如下： | 股东姓名 | 职务 | 总持股数量（股） | 占公司总股本比例 | | --- | --- | --- | --- | | 梁旭 | 董事长 | 225,000 | 0.0907% | | 郭宏斌 | 董事、总经理 | 225,000 | 0.0907% | | 吴亮 | 董事 | 200,000 | 0.0806% | | 周万民 | 财务负责人 | 200,000 | 0.0806% | | 王文其 | 董事会秘书、副总经理 | 112,500 | 0.0453% | | | 合计 | 962,500 | 0.3879% | 二、减持计划的主要内容 (一）本次减持计划相关情况 1、本次减持的原因：个人资金需求 关于董事长、董事和高级管理人员减持股份的预披露公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 特别提示： 持有苏州禾盛新型材料股份有限公司（以下简称"公司"、"本公 ...

Group 1 - The company, He Sheng New Materials (002290), announced that its chairman, Liang Xu, along with other executives, plans to reduce their shareholding by a total of no more than 240,600 shares, which accounts for 0.0970% of the company's total equity [1] - The share reduction will be conducted through centralized bidding within three months after the announcement, starting 15 trading days from the disclosure date [1] - The selling price of the shares will be determined based on the market price at the time of the reduction [1]

Core Viewpoint - The company, He Sheng New Materials, announced that its chairman and senior management plan to reduce their holdings by up to 240,625 shares, representing 0.0970% of the total share capital, due to personal financial needs [1] Group 1 - The reduction will occur within three months after a 15 trading day period following the announcement [1] - The shares will be sold through centralized bidding, with the selling price determined by market conditions [1] - The reduction plan complies with relevant laws and regulations and will not significantly impact the company's governance structure or future operations [1]

Investment Rating - The report maintains a "Recommended" rating for the company [6] Core Views - The company plans to invest 250 million yuan to acquire a 10% stake in Yizhi Electronics, which has a pre-investment valuation of 2.25 billion yuan [1] - Yizhi Electronics focuses on high-end computing chips, specializing in the research, design, and sales of processors for servers and workstations, and has developed two series of products [1][2] - The company has a strong customer base and has established solid partnerships with several well-known GPU developers, enhancing its capabilities in AI, cloud computing, and edge computing [2] - The subsidiary, Haixi Technology, aims to integrate AI infrastructure and services, supporting Yizhi Electronics in reaching downstream customers more effectively [3] Financial Projections - The company is expected to achieve revenues of 3 billion yuan in 2025, 3.33 billion yuan in 2026, and 3.61 billion yuan in 2027, with corresponding net profits of 208 million yuan, 284 million yuan, and 328 million yuan [4][5] - The projected P/E ratios for 2025, 2026, and 2027 are 41x, 30x, and 26x respectively, indicating a positive outlook for the company's earnings growth [4][5]

Summary of the Conference Call Company and Industry Overview - **Company**: 和胜新材 (He Sheng New Materials) - **Industry**: Artificial Intelligence and High-Performance Composite Materials - **Subsidiaries**: 海希技术 (Hai Xi Technology) and 易之电子 (Yi Zhi Electronics) Key Points and Arguments 1. **Investment in AI**: 和胜新材 has invested in 海希技术 to enter the AI sector, focusing on domestic AI chips and providing servers and AI integrated machines for intelligent computing centers. Clients include major internet companies like ByteDance and Tencent [2][3] 2. **Market Demand**: The market shows significant demand for domestic AI integrated machines, with the price for the DeepThink 六七 1 full version hardware deployment ranging from 2.5 million to 5 million yuan [2][5] 3. **Strategic Partnerships**: 海希技术 has a two-year agreement with 图耀 (Tu Yao) to deliver 800 AI integrated machines, having already procured 80 units [2][5] 4. **Investment in 易之电子**: 和胜新材's investment in 易之电子 aims to reduce costs and enhance market competitiveness, focusing on ARM and RISC-V architecture chips [2][6] 5. **Product Performance**: 易之电子's TF7,000 chip, based on ARM A8 architecture and 7nm process, is favored for its cost-effectiveness and low energy consumption, already supplying to Tencent Games and undergoing tests with ByteDance [2][7][9] 6. **Domestic Replacement Progress**: The pace of domestic replacement has accelerated, with 海希技术 adapting to most suppliers, including R1 and V3 versions, showing faster-than-expected progress [2][11] 7. **AI Model Development**: The DeepSeek model has driven the development of domestic large models, with applications rapidly expanding in downstream industries [2][5] 8. **Cost Sensitivity**: The adoption of integrated machines by internet giants is influenced by cost sensitivity, with 和胜新材's DeepSeek model offering a competitive price advantage [2][10] 9. **Energy Efficiency**: The Manycore 64 deep neural network accelerator box developed by 易之电子 shows energy efficiency advantages, particularly in lightweight models, achieving over 83% efficiency compared to mainstream GPUs like NVIDIA's A100 and H100 [2][12] 10. **Adaptation to Domestic Ecosystem**: The GPU from 易之电子 demonstrates high adaptation efficiency with the Deepseek21 large model, supporting the domestic ecosystem migration [2][13][14] Additional Important Information - **Company Background**: 和胜新材, established in 2002 and listed in 2009, is a leading supplier of high-performance composite materials, focusing on innovative material research and market expansion [3] - **Future Outlook**: The company is optimistic about the overall market scale and growth potential in both traditional and AI-related sectors, supported by favorable industry policies [3][10]

Group 1 - Shanghai Yizhi Electronic Technology Co., Ltd. (Yizhi Electronics) is planning a new round of financing, with He Sheng New Materials (002290) intending to participate by investing 250 million yuan, which will give He Sheng a 10% stake in Yizhi Electronics at a pre-investment valuation of 2.25 billion yuan [1] - Yizhi Electronics has launched two series of ARM server processor chips, including the TF16000 and TF7000 series, targeting applications in visual AI, edge computing, AI, cloud computing, IoT, and information services [1][2] - Yizhi Electronics is developing the third-generation TF9000 series hybrid computing chip, optimized for general cloud computing and AI intelligent computing, expected to offer high performance and cost-effectiveness [2] Group 2 - He Sheng New Materials views the investment in Yizhi Electronics as a further attempt in the AI field, building on previous collaborations, including a joint venture established in March 2024 focused on AI chip development [3] - The partnership between He Sheng New Materials and Yizhi Electronics is expected to enhance their business cooperation, with Yizhi's ARM CPU supporting He Sheng's AI applications and He Sheng facilitating Yizhi's product reach to downstream customers [3] - He Sheng New Materials plans to collaborate closely with domestic hardware suppliers to improve AI computing chip performance, focusing on enhancing computing speed and reducing energy consumption [4]

Mergers and Acquisitions - He Sheng New Materials plans to invest 250 million yuan in high-end server processor chip design company Yizhi Electronics, acquiring a 10% stake [1] - Xing Sen Technology intends to participate in the purchase of a 24% stake in its subsidiary, Guangzhou Xingke Semiconductor, for a base price of 320 million yuan [2] - Dinglong Co. plans to acquire an 8% stake in its subsidiary, Dinghui Microelectronics, for 240 million yuan, increasing its ownership from 91.35% to 99.35% [3] Shareholding Changes - Hai Te Biological's director plans to reduce holdings by up to 180,000 shares, representing 0.14% of the total share capital, due to personal financial needs [4] - Chaojie Co. shareholders plan to collectively reduce their holdings by up to 3.73%, with specific reductions from three shareholders [5] - CIMC Vehicles' shareholders plan to reduce their holdings by up to 12 million shares, or 0.64% of the total share capital [6] Risk Matters - Meili Cloud's shareholder, China Metallurgical Paper Industry Group, has been applied for bankruptcy reorganization, holding 11.38% of the company's shares, which are all judicially frozen [7] - *ST Yazhen's stock has been suspended for review after experiencing significant price fluctuations, with a cumulative increase of 107.83% over 26 trading days [8] - Beikong Technology's static and rolling P/E ratios are higher than the industry average, indicating potential overvaluation [9]

Group 1 - Xinyu Securities clarified that it has not received any written or verbal information regarding a merger with Huafu Securities, and there are no significant undisclosed matters related to the merger [2] - Keda Li plans to jointly invest with Weichuang Electric and others to establish Suzhou Yizhi Intelligent Drive Technology Co., Ltd. with a registered capital of 50 million yuan, where Keda Li will contribute 15 million yuan for a 30% stake [2] - Shuangliang Energy signed a sales contract worth 450 million yuan for a green hydrogen production system, which is expected to positively impact the company's assets and net profit [3] Group 2 - Hesheng New Materials intends to invest 250 million yuan in Yizhi Electronics, acquiring a 10% stake in a company specializing in ARM server processor chips [4] - Junshi Biosciences received acceptance for a clinical trial application for JT118 injection, a vaccine aimed at preventing monkeypox virus infection [5] - Tinci Materials plans to invest approximately 2.8 million USD to build an integrated production base for electrolytes and raw materials in Morocco, with an annual production capacity of 150,000 tons [6] Group 3 - Beikong Technology's static and rolling P/E ratios are higher than the industry average, indicating potential overvaluation [7] - Qingdao Bank announced that Qingdao Guoxin Group intends to increase its stake in the bank to a maximum of 19.99% through its subsidiaries, pending regulatory approval [8] - Xiamen Airport reported an 8.34% year-on-year increase in passenger throughput for May, while Hubei Energy's power generation increased by 2.27% [9]