【中信证券通信】推荐三条投资主线240218 一、【旭创＋天孚等】AI巨头竞逐火热，光模块龙头有望补涨！ 1、1月底到2月份，AI模型和应用端的突破加速，推动英伟达、Coherent等核心龙头年初以来涨幅接近 40％～50％，旭创、天孚涨幅只有10％～20％。 2、云巨头capex趋势向好，微软、谷歌均认可AI对核心业务增长的明显拉动，各家均表示2024年资本支 出将保持较好的增长，24-25年的增长清晰度加强。 3、短短假期，AI巨头竞逐火热：假期，GeminiUltra开放、Gemini 1.5火速推出，OpenAI取消了GPT-4 Turbo的所有每日限制、视频生成模型Sora重磅发布，巨头的火热竞逐，算力与网络升级仍是最确定的 高景气方向。 4、光模块核心龙头有望补涨：在AI模型和应用端竞逐、云厂商Capex向好的推动下，2024年1.6T加速部 署、800G新客户都是潜在的超预期机会，旭创＋天孚等有望迎来估值回升和补涨行情，坚定推荐！ 二、【中国铁塔＋运营商】优质央企持续兑现。 三、关注优质细分龙头的超跌机会：设备商＋物联网龙头等。前期市场波动，导致部分优质龙头存在明 显错杀，从价值回归的角度，推荐 ...

Core Viewpoint - The company, Heertai, is optimistic about its future development, focusing on stable growth in its main business while exploring new growth points for long-term sustainable development [1][2]. Group 1: Overseas Capacity and Market Strategy - Heertai's overseas production capacity accounts for 30% to 40% of its total global capacity, effectively mitigating risks from trade wars and ensuring operational stability [1]. - The company has no current plans to increase its stake in the emerging technology of Moer Thread, but it remains attentive to its technological developments for potential future collaboration [1]. Group 2: Robotics and Automotive Electronics - Heertai is well-prepared for the humanoid robot sector, having made technological advancements and investments in related products such as robotic vacuum cleaners and pool cleaning robots [1]. - The company has made significant progress in automotive electronics, establishing three major product systems with a full order book, showcasing its strong competitive edge in this area [1]. Group 3: Financial Performance and Growth Projections - Institutions predict Heertai's net profit growth rates for this year, next year, and 2027 to be 97.51%, 32.16%, and 32.01% respectively, indicating a potential for three consecutive years of over 30% net profit growth [2]. - The company's first-quarter performance showed over 30% revenue growth and over 75% net profit growth year-on-year, with a nearly 146% increase in net cash flow from operating activities [2]. Group 4: Research and Development - As a leading domestic smart controller enterprise, Heertai has a competitive advantage in the global smart controller industry due to its strong R&D capabilities and operational excellence [3]. - The company's R&D expenditure reached 619 million yuan in 2024, marking a historical high [3].

Core Viewpoint - The company held an earnings briefing for 2024 and Q1 2025, where significant concerns were raised regarding the collective share reduction by executives, leading to investor anxiety about the company's future prospects [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23]. Group 1: Share Reduction Concerns - The collective share reduction by executives is primarily attributed to personal financial needs and debt repayment, not a lack of confidence in the company's future [6][12][19][22][23]. - The company management reassured investors that they remain optimistic about the company's long-term development and are committed to enhancing operational performance [10][18][22][23]. - The share price has experienced significant volatility due to the reduction, raising questions about the management's commitment to investor interests [6][9][10][19][22]. Group 2: Company Performance and Strategy - The company reported stable growth in Q1 2025, with a focus on maintaining operational efficiency and enhancing profitability [10][18][20][21]. - The company is actively expanding its market presence in various sectors, including home appliances, automotive electronics, and intelligent products, while also exploring new business opportunities [17][20][21]. - The management emphasized the importance of investor communication and confidence-building measures to mitigate the impact of share reductions on market perception [10][18][22][23]. Group 3: Future Outlook - The company plans to continue investing in research and development to strengthen its competitive edge and market position [17][20][21]. - There are no immediate plans for share issuance or significant changes in capital structure, as the company focuses on stabilizing its financial health [10][18][20]. - The management is committed to enhancing investor relations and ensuring transparency in operations to foster long-term value creation for shareholders [10][18][22][23].

Group 1 - Major shareholders of various companies are planning to reduce their holdings through different trading methods, including block trades and centralized bidding [1][2][3][4][5][6] - Specific companies mentioned include Dahongli, Delinhai, and Filihua, with planned reductions ranging from 0.0157% to 3% of total share capital [1][2][3] - Notable reductions include Guochuang Precision and Guoke Military Industry, with reductions of 5,242,404 shares (2.9837%) and 9,186,322 shares (up to 3%) respectively [2][4] Group 2 - Shareholders of Jin Kai Biotechnology and Green Alliance Technology are also planning significant share reductions, with up to 3% of total share capital being sold [3][4] - The planned reductions are set to occur between June and September 2025, indicating a strategic timing for these transactions [2][3][4] - Companies like Yinxing Magnetic and Zhongci Electronics have also completed their share reduction plans, highlighting ongoing market activity [5][6]

Group 1: Company Performance and Financials - The company's overseas production capacity accounts for 30%-40% of its global total capacity [2] - The main business revenue increased from less than 1 billion to 9.659 billion in 2024 [5] - The company aims to achieve a second growth curve of 10 billion this year [9] Group 2: Management and Investor Relations - The management team emphasizes the importance of investor communication and will continue to strengthen this aspect [4] - The recent collective reduction in shareholding by management is attributed to personal financial needs, not a lack of confidence in the company's future [12] - The company is committed to maintaining stable growth and creating long-term value for shareholders [12] Group 3: Market and Strategic Initiatives - The company is actively optimizing its global procurement strategy and increasing local procurement ratios [8] - There are plans to expand into new business areas while ensuring the stability of traditional operations [20] - The company is focusing on the automotive electronics sector, with a well-structured product system and full order books [6] Group 4: Challenges and Risks - The company is monitoring the impact of the tariff war, which has not significantly affected operations so far [11] - There are ongoing concerns regarding the stability of the supply chain amid global disruptions [8] - The management acknowledges the need for effective market value management to enhance investor confidence [12]

Group 1 - Huate Gas plans to reduce its shareholding by up to 2% through block trading from June 9, 2025, to September 8, 2025, totaling no more than 2.4 million shares [1] - Huazhong Co. reported April sales of 208,200 pigs, with a revenue of 375 million yuan, showing a month-on-month decrease of 4.28% [2] - Haizheng Biomaterials intends to reduce its shareholding by up to 1% starting from June 9, 2025, due to funding needs [3] Group 2 - Lisheng Sports plans to repurchase shares worth between 20 million and 40 million yuan for employee stock ownership plans [5] - Hongjing Technology signed a service contract worth 563 million yuan for a smart computing project, lasting five years [6] - Ugreen Technology aims to participate in the pre-restructuring of Zhongzhi Real Estate, targeting 100% equity acquisition [8] Group 3 - Jingquan Hua plans to reduce its shareholding by up to 1.67% starting from June 6, 2025 [9] - New Times plans to reduce its shareholding by up to 0.3% starting from June 6, 2025 [10] - Baofeng Energy intends to repurchase shares worth between 1 billion and 2 billion yuan, with a maximum price of 22.80 yuan per share [10] Group 4 - Yuanli Co. plans to reduce its shareholding by up to 3% starting from June 6, 2025 [14] - Huakai Yibai intends to reduce its shareholding by up to 3% starting from June 6, 2025 [15] - Guangshengtang's innovative hepatitis B drug GST-HG131 has completed Phase II clinical trials, showing significant efficacy [17] Group 5 - Electric Media plans to invest 115 million yuan in a cultural technology venture capital fund, which has a total expected scale of 2 billion yuan [21] - China Merchants Port reported a total of 17.059 million TEUs in April, a year-on-year increase of 6% [23] - Changguang Huaxin plans to reduce its shareholding by up to 2% starting from June 9, 2025 [25] Group 6 - Huace Film plans to reduce its shareholding by up to 1.11% starting from June 6, 2025, to reduce debt [26] - BeiGene's HHLR Fund reduced its shareholding from 6.03% to 4.89% after selling 16 million shares [27] - Heertai plans to reduce its shareholding by up to 2.05% starting from June 6, 2025 [28] Group 7 - Biyin Lefen's director plans to reduce his shareholding by up to 491,300 shares starting from June 6, 2025, due to personal funding needs [29]

Core Viewpoint - The announcement details the planned share reduction by major shareholders and executives of Shenzhen Heertai Intelligent Control Co., Ltd, indicating a potential shift in ownership dynamics and liquidity in the market [1][2][3]. Summary by Sections Shareholder Information - Liu Jianwei, the controlling shareholder and actual controller, holds 148,475,000 shares, representing 16.1152% of the company's total shares excluding repurchased shares [1][2]. - Other key executives, including Qin Hongwu, Luo Shanshan, Liu Ming, and Zuo Qin, hold smaller stakes, with Qin holding 519,000 shares (0.0563%), Luo holding 1,065,500 shares (0.1156%), Liu holding 236,250 shares (0.0256%), and Zuo holding 20,300 shares (0.0022%) [1][2]. Planned Share Reduction - The planned share reduction will occur within three months after a 15 trading day period following the announcement, with Liu Jianwei intending to reduce his holdings by up to 18,426,671 shares (2.0000% of total shares) [3][4]. - The total planned reduction by other executives amounts to 460,263 shares, which is 0.0500% of the total shares [1][3]. Compliance and Regulations - The share reduction plan complies with relevant regulations, including the Interim Measures for the Management of Share Reduction by Shareholders of Listed Companies and the Self-Regulatory Guidelines for Listed Companies [2][4]. - There are no existing commitments from the shareholders regarding share increases or decreases, and the planned reductions do not fall under any prohibitive circumstances outlined in the regulations [4].

Group 1 - The controlling shareholder and actual controller of Heertai, Liu Jianwei, plans to reduce his holdings by no more than 18,426,671 shares, which accounts for up to 2.0000% of the company's total share capital after excluding shares in the repurchase special account [1] - Other executives, including the executive president Qin Hongwu and senior vice president Luo Shanshan, also plan to reduce their holdings, totaling no more than 460,263 shares, representing up to 0.0500% of the company's total share capital after excluding shares in the repurchase special account [1] - The reasons for the reduction include repaying pledged financing debts and personal funding needs, with the reduction to be executed through block trades or centralized bidding within three months after the disclosure of the announcement [1]

证券代码：002402 证券简称：和而泰 公告编号：2025-039 深圳和而泰智能控制股份有限公司（以下简称"公司"或"和而泰"）控股股东、实 际控制人、董事长、总裁刘建伟先生，持有公司股份 148,475,000 股（占公司当前总股本 剔除回购专用账户中股份数量后的比例为 16.1152%），计划在本减持公告披露之日起 15 个交易日之后的 3 个月内以集中竞价或大宗交易的方式减持本公司股份不超过 18,426,671 股（占公司当前总股本剔除回购专用账户中股份数量后的比例不超过 2.0000%）； 公司董事、执行总裁秦宏武先生持有公司股份 519,000 股（占公司当前总股本剔除回 购专用账户中股份数量后的比例为 0.0563%）；公司董事、高级副总裁、财经中心总经理、 董事会秘书罗珊珊女士持有公司股份 1,065,500 股（占公司当前总股本剔除回购专用账户 中股份数量后的比例为 0.1156%）；公司董事刘明先生持有公司股份 236,250 股（占公司 当前总股本剔除回购专用账户中股份数量后的比例为 0.0256%）；公司监事左勤女士持有 公司股份 20,300（占公司当前总股本剔除回购专用账户中股 ...

Core Points - The company held its 25th board meeting and 23rd supervisory board meeting on April 21, 2025, and will hold the 2024 annual shareholders' meeting on May 14, 2025, to approve the repurchase and cancellation of 274,000 restricted stocks and a capital reduction proposal [1] - Following the repurchase and cancellation, the company's registered capital will decrease from 925,080,285 yuan to 924,806,285 yuan, a reduction of 274,000 yuan, and the total number of shares will also decrease correspondingly [1] - The company will notify creditors about the capital reduction, allowing them to declare their claims within 45 days from the announcement date, ensuring that the validity of claims remains unaffected even if not declared on time [2] Summary by Sections Company Actions - The company plans to repurchase and cancel 274,000 restricted stocks granted to 9 individuals who do not meet the incentive conditions, as per the relevant regulations [1] - The registered capital will be adjusted to ensure it remains above the legal minimum after the reduction [1] Creditor Notification - Creditors are informed that they can declare their claims within 45 days of the announcement, with specific documentation required for the claim process [2] - The company outlines the necessary materials for both corporate and individual creditors to submit their claims [2]