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].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1][11]. Core Views - The company is experiencing short-term performance pressure, but its power supply business is expected to gain momentum [5]. - The U.S. export restrictions on NVIDIA H20 and similar AI chips are seen as a positive development for the domestic AI chip industry, which may benefit the company's server power module business [6][11]. - The company has established a dual business model focusing on "sawing + power supply," which includes new categories such as new energy smart photovoltaic/storage power and data center power [5]. Financial Performance - In 2024, the company reported a revenue of 1.731 billion yuan, a year-on-year decrease of 6.16%, and a net profit attributable to shareholders of 50.41 million yuan, down 62.11% [4][11]. - The first quarter of 2025 saw a revenue of 355 million yuan, a decline of 20% year-on-year, with a net profit of 15 million yuan, down 53.24% [4][11]. - The company forecasts revenues of 2.103 billion yuan, 2.839 billion yuan, and 4.003 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.46, 0.88, and 1.49 yuan [11][13]. Market Trends - The penetration rate of AIPC (AI Personal Computer) is gradually increasing, with global shipments reaching 8.8 million units in Q2 2024 and expected to rise to 15.4 million units by Q4 2024 [10]. - The company is recognized as a leading ODM manufacturer in the domestic market, having increased R&D investments since 2021 and successfully developed new AIPC power supply products [10]. Business Outlook - The company’s server power module production line began operations in Q4 2023, with production efficiency steadily improving [9]. - The domestic AI server penetration is anticipated to increase, which is expected to empower the company's data center power business [9][11].

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Insights - The company is experiencing short-term performance pressure, with a focus on its power supply business showing potential for future growth. The dual business model of "saw cutting + power supply" is being established [5][9]. - The recent U.S. export restrictions on NVIDIA H20 and similar AI chips are expected to create opportunities for domestic AI chip manufacturers, which may benefit the company's server power module business [6][11]. - The AIPC (AI Personal Computer) penetration rate is gradually increasing, with expectations for both volume and price growth in AIPC power supply products [10]. Financial Performance Summary - In 2024, the company reported a total revenue of 1.731 billion yuan, a year-on-year decrease of 6.16%, and a net profit attributable to shareholders of 50 million yuan, down 62.11% [4][11]. - The forecast for 2025-2027 indicates revenues of 2.103 billion, 2.839 billion, and 4.003 billion yuan respectively, with corresponding EPS of 0.46, 0.88, and 1.49 yuan [11][13]. - The company is expected to see a significant recovery in net profit, with growth rates projected at 130.9% in 2025 and 93.2% in 2026 [13]. Market Position and Strategy - The company has established a strong foothold in the power supply sector, particularly in high-power applications such as smart photovoltaic/storage power and data center power solutions [5][9]. - The launch of the first commercial intelligent computing node in the Guangdong-Hong Kong-Macao Greater Bay Area signifies the company's commitment to enhancing its capabilities in the AI computing space [8]. - The company is recognized as a leading ODM manufacturer in the AIPC sector, with ongoing development of new power supply products tailored to customer demands [10].

编号：2025-001 证券代码：002843 证券简称：泰嘉股份 湖南泰嘉新材料科技股份有限公司 投资者关系活动记录表 |  投资者关系活 | 特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 其他 | | 参与单位名称 | 国联民生证券、万泰华瑞投资、洪昌投资、青岛长铭、深圳前海向阳、 | | 及人员姓名 | 上海水璞私募基金、华泰保兴基金等机构分析师、研究员与基金经理等 | | | 共计 9 人。 | | 时间 | 2025 年 4 月 28 日 | | 地点 | 长沙市望城区泰嘉路 68 号公司会议室 | | 上市公司接待 人员姓名 | 董事会秘书谭杰伦、证券事务代表谭永平 | | | 一、公司董事会秘书谭杰伦向投资者简要介绍公司业务与发展历 程 | | | 二、主要问答交流事项 | | | 1、公司 2024 年度和 2025 年一季度业绩下降的原因是什么？ | | | 答：2024 年度，公司实现营业收入 173,098.43 万元，同比下降 | | 投资者关系活 | 6.16%， ...

证券代码：002843 证券简称：泰嘉股份 公告编号：2025-034 | 股东 名称 | 是否为控股股东 或第一大股东及 | 本次解除质 押股份数量 | 占其所持 股份比例 | 占公司总 股本比例 | 起始日 | | 解除日期 | | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行动人 | （万股） | | | | | | | | | 长沙 | 是 | 450 | 7.64% | 1.77% | 2023 月 25 | 年 7 日 | 2025 月 23 | 年 4 日 | 中信建投证券 | | 正元 | | 247 | 4.19% | 0.97% | 2024 | 年 7 | 2025 | 年 4 | 股份有限公司 | | | | | | | 月 24 | 日 | 月 23 | 日 | | | | 合计 | 697 | 11.83% | 2.74% | -- | | -- | | -- | 三、股东股份累计被质押的情况 股东 名称 是否为控 股股东及 其一致行 动人 本次质 押数量 （万股） 占其所 ...

平安证券股份有限公司 关于湖南泰嘉新材料科技股份有限公司 向特定对象发行股票并上市之保荐总结报告书 根据中国证监会《证券发行上市保荐业务管理办法》和《深圳证券交易所上 市公司自律监管指引第 13 号——保荐业务》等有关法律法规的要求，平安证券 股份有限公司（以下简称平安证券或保荐人）作为湖南泰嘉新材料科技股份有限 公司（以下简称泰嘉股份、发行人或公司）2023 年向特定对象发行股票的保荐 人，履行持续督导责任期间至 2024 年 12 月 31 日。根据《证券发行上市保荐业 务管理办法》《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等 相关规定，出具本持续督导保荐总结报告书。 一、保荐人及保荐代表人承诺 三、发行人基本情况 | 发行人名称 | 湖南泰嘉新材料科技股份有限公司 | | --- | --- | | 证券代码 | 002843.SZ | | 注册资本 | 万元 25,224.1516 | | 注册地址 | 长沙市望城经济技术开发区泰嘉路 68 号 | | 主要办公地址 | 长沙市望城经济技术开发区泰嘉路 68 号 | | 法定代表人 | 方鸿 | | 实际控制人 | 方鸿 | | 联 ...

湖南泰嘉新材料科技股份有限公司 内部控制审计报告 天职业字[2025]12575-1 号 录 目 内部控制审计报告- -1 您可使用手机"扫一扫"或近入"注册会计师行业统一流管平台（http://acc.mcf.gov.cn）"进行查查 您可使用手机"扫一扫"或近入"注册会计师行业统一监管平台（http://acc.mc.f.gov.cn）"进行查查 " 内部控制审计报告 天职业字[2025]12575-1 号 湖南泰嘉新材料科技股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了湖 南泰嘉新材料科技股份有限公司(以下简称"泰嘉股份")2024年 12 月 31 日的财务报告内部 控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指引》 的规定,建立健全和有效实施内部控制,并评价其有效性是泰嘉股份董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 内部控制审计报告(续) 天职业字[20 ...

湖南泰嘉新材料科技股份有限公司 控股股东及其他关联方资金占用情况的专项说明 天职业字[2025]12575-3 号 录 目 控股股东及其他关联方资金占用情况的专项说明- l 2024 年度非经营性资金占用及其他关联资金往来情况汇总表- 2 您可使用手机"扫一扫"或进入"注册会计师行业统一流管平台（http://aco.mof.gov.cn）"进行查询 "拉干机"扫一扫"或进入"注册会计师行业统一流管平台（http:///ac.mof.gov.cn）"进行查询 控股股东及其他关联方资金占用情况的专项说明 天职业字[2025]12575-3 号 湖南泰嘉新材料科技股份有限公司董事会: 我们审计了湖南泰嘉新材料科技股份有限公司(以下简称"泰嘉股份")财务报表,包 括2024年12月31日的合并资产负债表及资产负债表、2024年度的合并利润表及利润表、合并 现金流量表及现金流量表、合并所有者权益变动表及所有者权益变动表以及财务报表附注, 并于2025年4月24日签署了标准无保留意见的审计报告。 根据中国证监会、公安部、国资委、中国银保监会《上市公司监管指引第8号 -- 上市公 司资金往来、对外担保的监管要求》和证券交 ...

平安证券股份有限公司 关于湖南泰嘉新材料科技股份有限公司 2024 年度持续督导保荐工作报告 | 保荐人名称：平安证券股份有限公司 | 被保荐公司简称：泰嘉股份（002843） | | --- | --- | | 保荐代表人姓名：周超 | 联系电话：0755-22626601 | | 保荐代表人姓名：董蕾 | 联系电话：0755-22626601 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 次 0 | | 2、督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止关 | | | 联方占用公司资源的制度、募集资金管理制度、内控制度、 | 是 | | 内部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | ...