Investment Rating - The industry investment rating is "Positive (Maintain)" [5] Core Viewpoints - Despite a lack of major catalysts in the computing power sector recently, the iteration speed of AI models remains rapid, with multimodal and agent applications expected to consume more computing power, thereby sustaining the industry's prosperity [3] - Domestic policies favoring self-controlled computing power and data security requirements are leading to increased attention and procurement of domestic AI chips and integrated machines [3] Summary by Sections Capital Expenditure and Demand - Major internet companies and telecom operators are significantly increasing their capital expenditure (Capex) in computing power, with Tencent's 2024 Capex exceeding 76.7 billion yuan, a 221% year-on-year increase, and accounting for 12% of its revenue [8] - China Telecom plans to invest 21.96 billion yuan in cloud and computing power, a 22% increase year-on-year, while China Unicom plans to invest 18 billion yuan, up 28% [8] Model and Application Iteration - The launch of OpenAI's image generation application has led to overwhelming demand, causing the company to limit usage to alleviate GPU overload [8] - The complexity of applications, such as the agent application Manus, indicates a high computing power cost, with tasks consuming significant resources [8] Policy and Market Growth - Shanghai aims for its intelligent computing cloud industry to exceed 200 billion yuan by 2027, with a target of achieving 200 EFLOPS in computing power, where self-controlled computing power should account for over 70% [8] - Other cities like Shenzhen are also setting specific goals for the intelligent computing sector [8] Investment Recommendations - For domestic computing power, recommended stocks include Haiguang Information (688041, Buy), Cambrian-U (688256, Not Rated), and Zhongke Shuguang (603019, Buy) [3] - In the computing service and IDC sector, recommended stocks include Hainan Huatie (603300, Buy) and others [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Insights - The company has shown steady improvement in gross margin and has fully integrated intelligent driving technology into its vehicles [1] - Revenue and profit forecasts have been adjusted, with EPS estimates for 2025-2027 set at 1.27, 1.50, and 1.84 RMB respectively, maintaining a target price of 20.65 HKD [2] - The company aims for a sales target of 2.71 million vehicles in 2025, representing a 24.5% year-on-year growth [9] Financial Performance Summary - For 2023, the company reported revenue of 179,204 million RMB, with a year-on-year growth of 21.1% [4] - The gross margin for 2024 is projected to be 15.9%, an increase of 0.6 percentage points from the previous year [9] - The net profit attributable to the parent company for 2024 is expected to reach 16,632 million RMB, reflecting a significant year-on-year growth of 213.3% [4][9] - The company plans to distribute a final dividend of 3.3 HKD per 10 shares to all shareholders [9] Sales and Market Position - Total vehicle sales reached 2.1767 million units in 2024, marking a 32.0% increase year-on-year, with new energy vehicle sales growing by 91.9% [9] - The company has set ambitious sales targets for its brands, with specific goals for 吉利 (Geely), 极氪 (Zeekr), and 领克 (Lynk & Co) [9] Future Outlook - The company is set to launch a new cycle of electric vehicles in 2025, with multiple new models planned under its upgraded Galaxy brand [9] - The integration of advanced intelligent driving systems across all new models is expected to enhance the company's competitive edge in the market [9]

Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company achieved a net profit of 2.261 billion yuan in 2024, representing a year-on-year growth of 6.37%, despite a 14.79% decline in revenue to 61.811 billion yuan [8]. - The advanced steel products significantly contributed to profit growth, with a gross margin of 17.17% for advanced steel materials, which accounted for 46.56% of the total gross profit from steel products [8]. - The company set a target price of 6.02 yuan based on a 1.27X PB valuation for 2025, reflecting an upward adjustment in the forecasted net asset per share for 2025-2027 [2][9]. Financial Summary - Revenue for 2023 was 72.543 billion yuan, with a projected decrease to 61.811 billion yuan in 2024, followed by a slight recovery to 64.364 billion yuan in 2025 [3]. - The gross profit margin is expected to improve from 11.9% in 2024 to 12.9% in 2025, indicating a positive trend in profitability [3]. - The net profit attributable to the parent company is forecasted to grow from 2.261 billion yuan in 2024 to 2.927 billion yuan in 2027, with a corresponding increase in earnings per share from 0.37 yuan to 0.47 yuan [3][9]. Market Performance - The company achieved record export volumes, with a 25% increase in export volume to 150.5 million tons in 2024, highlighting its strong position in the international market [8]. - The stock price as of March 28, 2025, was 4.74 yuan, with a 52-week high of 5.33 yuan and a low of 3.88 yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to see steady improvement in gross margin and has fully integrated intelligent driving technology into its vehicles [1] - The revenue and profit forecasts have been adjusted, with EPS estimates for 2025-2027 set at 1.27, 1.50, and 1.84 RMB respectively, maintaining a target price of 19.05 RMB or 20.65 HKD [2] Financial Performance Summary - For 2023, the company reported revenue of 179,204 million RMB, with a year-on-year growth of 21.1% - The operating profit for 2023 was 3,806 million RMB, reflecting a growth of 4.3% - The net profit attributable to the parent company was 5,308 million RMB, with a slight increase of 0.9% - The gross margin for 2023 was 15.3%, with a net margin of 3.0% and a return on equity (ROE) of 6.6% [4][10][11] Sales and Growth Projections - The company aims for a total sales target of 271,000 vehicles in 2025, representing a year-on-year growth of 24.5% - The sales targets for the brands are set at 200,000 for Geely, 32,000 for Zeekr, and 39,000 for Lynk & Co, with respective growth rates of 19.8%, 44.1%, and 36.6% [9][10] Brand and Product Development - The company plans to launch five new energy models under the Galaxy brand in 2025, alongside several updated models, all equipped with advanced intelligent driving systems [9][10] - The sales of new energy vehicles reached 88.82 million units in 2024, marking a 91.9% increase, with new energy vehicles accounting for 40.8% of total sales [9] Market Position and Valuation - The company is positioned within the automotive and components industry in China, with a market capitalization of 168,281 million HKD [5] - The price-to-earnings (P/E) ratio is projected to decrease from 27.5 in 2023 to 7.9 by 2027, indicating an attractive valuation [4][11]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.22 CNY [5]. Core Views - The company is expected to see improvements in its automotive parts business margins and is focusing on advancements in its robotics business [1]. - The revenue, gross margin, and expense ratios have been adjusted, with new profit forecasts for 2025-2027 indicating net profits of 3.666 billion, 4.246 billion, and 4.748 billion CNY respectively [2]. Financial Summary - **Revenue Forecasts**: - 2023: 24,558 million CNY - 2024: 27,947 million CNY (up 13.8% YoY) - 2025: 34,640 million CNY (up 23.9% YoY) - 2026: 39,396 million CNY (up 13.7% YoY) - 2027: 43,972 million CNY (up 11.6% YoY) [4][10] - **Profitability Metrics**: - Gross Margin: 27.6% in 2023, expected to remain stable through 2027 - Net Profit Margin: 11.9% in 2023, projected to decline slightly to 10.6% by 2025 [4][10] - **Earnings Per Share (EPS)**: - 2023: 0.78 CNY - 2024: 0.83 CNY - 2025: 0.98 CNY - 2026: 1.14 CNY - 2027: 1.27 CNY [4][10] - **Valuation Ratios**: - Price-to-Earnings (PE) Ratio: Expected to decrease from 37.9 in 2023 to 23.3 in 2027 - Price-to-Book (PB) Ratio: Expected to decrease from 6.2 in 2023 to 4.1 in 2027 [4][10] Business Segments - **Automotive Parts Business**: - Revenue of 113.87 billion CNY in 2024, up 14.9% YoY, with a gross margin of 27.64% [10]. - **Refrigeration and Air Conditioning Business**: - Revenue of 165.61 billion CNY in 2024, up 13.1% YoY, with a gross margin of 27.35% [10]. - **Robotics Business**: - The company is nearing mass production of humanoid robots, which is expected to open new growth opportunities [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 114.55 HKD [5][10]. Core Insights - The company is expected to see significant growth in earnings per share (EPS), with projections of 2.47, 3.09, and 3.52 CNY for the years 2024 to 2026, respectively, reflecting an upward adjustment from previous estimates [2][10]. - The company is solidifying its leading position in mobile and automotive optical technology, with a focus on product development and market expansion [1]. Financial Performance Summary - Revenue is projected to grow from 31,832 million CNY in 2023 to 47,033 million CNY in 2026, with a compound annual growth rate (CAGR) of approximately 10% [4]. - Operating profit is expected to rebound significantly, from 750 million CNY in 2023 to 3,797 million CNY in 2026, indicating a strong recovery [4]. - Net profit attributable to the parent company is forecasted to increase from 1,099 million CNY in 2023 to 3,856 million CNY in 2026, with a notable growth rate of 146% in 2024 [4][9]. - The gross margin is anticipated to improve from 14.5% in 2023 to 19.0% in 2026, reflecting enhanced operational efficiency [4]. Business Segment Performance - The optical components business is expected to grow by approximately 23% in revenue, driven by a 13% increase in automotive lens shipments and the successful launch of new high-performance products [9]. - The mobile lens segment is projected to maintain its global market leadership, with a 13% increase in shipments, supported by advancements in product technology [9]. - The optoelectronic products segment is forecasted to grow by about 21%, with significant improvements in product structure and market share [9].

Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company achieved a net profit of 2.261 billion yuan in 2024, representing a year-on-year growth of 6.37%, despite a 14.79% decline in revenue to 61.811 billion yuan [8]. - The advanced steel products significantly contributed to profit growth, with a gross margin of 17.17% for advanced steel materials, which accounted for 46.56% of the total gross profit from steel products [8]. - The company set a target price of 6.02 yuan based on a 1.27X PB valuation for 2025, reflecting an upward adjustment in the forecast for specialized plate sales [9]. Financial Summary - **Revenue**: 2023 revenue was 72.543 billion yuan, projected to decrease to 61.811 billion yuan in 2024, with a forecasted recovery to 64.364 billion yuan in 2025 [3][12]. - **Net Profit**: The net profit for 2023 was 2.125 billion yuan, expected to rise to 2.461 billion yuan by 2025, with a growth rate of 8.8% [3][12]. - **Earnings Per Share (EPS)**: EPS is projected to increase from 0.34 yuan in 2023 to 0.40 yuan in 2025 [3][12]. - **Gross Margin**: The gross margin is expected to improve from 10.6% in 2023 to 12.9% in 2025 [3][12]. - **Net Margin**: The net margin is projected to rise from 2.9% in 2023 to 3.8% in 2025 [3][12]. - **Return on Equity (ROE)**: ROE is expected to increase from 8.1% in 2023 to 8.9% in 2025 [3][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 114.55 HKD [5][10]. Core Insights - The company is expected to see significant growth in earnings per share (EPS), with projections of 2.47, 3.09, and 3.52 CNY for the years 2024 to 2026, respectively, reflecting an upward adjustment from previous estimates [2][10]. - The company is solidifying its leading position in mobile and automotive optical technology, with a focus on product development and market expansion [1]. Financial Performance Summary - Revenue is projected to grow from 31,832 million CNY in 2023 to 47,033 million CNY in 2026, representing a compound annual growth rate (CAGR) of approximately 10% [4]. - Operating profit is expected to rebound significantly, from 750 million CNY in 2023 to 3,797 million CNY in 2026, indicating a strong recovery [4]. - Net profit attributable to the parent company is forecasted to increase from 1,099 million CNY in 2023 to 3,856 million CNY in 2026, with a notable growth rate of 146% in 2024 [4][9]. - The gross margin is anticipated to improve from 14.5% in 2023 to 19.0% in 2026, reflecting enhanced operational efficiency [4]. Business Segment Performance - The optical components business is expected to grow by approximately 23% in revenue, driven by a 13% increase in automotive lens shipments and the successful launch of new high-performance products [9]. - The mobile lens segment is projected to maintain its global market leadership, with a 13% increase in shipments, supported by advancements in product technology [9]. - The optoelectronic products segment is forecasted to grow by about 21%, with significant improvements in product structure and market share [9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 38.22 CNY [5][2] Core Views - The company's revenue and profit forecasts have been adjusted, with net profits projected to be 3.66 billion CNY, 4.25 billion CNY, and 4.75 billion CNY for 2025, 2026, and 2027 respectively [2] - The automotive parts business is expected to see marginal improvements, while the robot business is anticipated to accelerate [10] - The company has achieved a revenue of 27.95 billion CNY in 2024, representing a year-on-year growth of 13.8% [10] Financial Information - Revenue projections for 2025, 2026, and 2027 are 34.64 billion CNY, 39.40 billion CNY, and 43.97 billion CNY respectively, with corresponding growth rates of 23.9%, 13.7%, and 11.6% [4] - The gross margin for the automotive parts business improved to 27.64% in 2024, up 0.5 percentage points year-on-year [10] - The net profit margin is projected to be 10.6% in 2025, with a return on equity (ROE) of 17.6% [4][10] Business Segments - The automotive parts segment generated revenue of 113.87 billion CNY in 2024, with a growth of 14.9% [10] - The refrigeration and air conditioning business maintained steady growth, achieving revenue of 165.61 billion CNY in 2024, a 13.1% increase [10] - The robot production is nearing mass production, with Tesla aiming to produce 5,000 units of the Optimus robot in 2025 [10]

金融工程 | 动态跟踪 14 只科创综指相关基金产品获批，全 球首支代币化货币市场 ETF 面世 风险提示 报告发布日期 2025 年 03 月 30 日 | 一、基金市场热点跟踪 3 | | --- | | 二、基金发行动态 3 | | 2.1 新成立基金 4 | | 2.2 新发行基金 5 | | 2.3 基金经理变更 6 | | 三、基金业绩表现 7 | | 3.1 上周业绩 7 | | 3.2 年初至今业绩 8 | | 四、场内基金动态 9 | | 风险提示 12 | | | | 杨怡玲 | yangyiling@orientsec.com.cn | | --- | --- | --- | --- | | 研究结论 | | 1111111111 | 执业证书编号：S0860523040002 | | | | 邱蕊 | 021-63325888*5091 | | ⚫ | 基金市场热点跟踪：1. 14 只科创综指相关基金产品获批：3 月 27 日，11 只科创综 | | qiurui@orientsec.com.cn | | | 指场外指数增强基金和 3 只场外指数基金正式拿到监管批文，该批产品均于 2 ...