Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - After marginal improvement in the fundamentals from January to February, it is expected that the GDP growth rate in March will decline to 5.1%, and the GDP growth rate in the first quarter will be around 5.2%. In terms of structure, the year-on-year industrial added value growth rate in March will slightly decline to 5.3%, remaining stable. Domestic demand in terms of demand is acceptable, mainly supported by the front - loaded issuance of government bonds, good fund availability, and the promotion of "two major and two new" projects supporting infrastructure and manufacturing investment. Automobile sales remain booming, but the cumulative effect of tariffs may gradually appear, and it is expected that exports will still show negative growth year - on - year on a relatively low base from last year. In terms of prices, the pattern of oversupply continues, and broad - spectrum prices still face downward pressure. It is expected that the base effect will drive the year - on - year CPI to turn positive in March, while the year - on - year PPI is expected to decline slightly. Among leading indicators, credit may see a slight recovery after the impact of debt resolution eases, and social financing will improve to some extent mainly due to the increase in government bond issuance [6]. 3. Summary by Relevant Catalogs 3.1 Economic Situation - **GDP and Industrial Added Value**: It is expected that the GDP growth rate in the first quarter will be around 5.2%, and the year - on - year growth rate of industrial added value in March will decline to 5.3%. The average values of blast furnace operating rate and cement mill operating rate in March improved year - on - year, but the month - on - month improvement of the production PMI in March was less than seasonal, and the average value of the Ping An production index in March declined. Based on regression results, the year - on - year industrial added value in March is predicted to decline to around 5.3%. The GDP year - on - year in March 2025 is predicted to be about 5.1%, and the GDP year - on - year in the first quarter is about 5.2% [7]. - **Investment**: "Two major and two new" projects support manufacturing and infrastructure investment. The construction industry PMI in March was 53.4%, showing a significant month - on - month improvement but still lower than 56.2% in the same period last year. Considering price performance and project support, it is assumed that manufacturing investment is better than seasonal on a month - on - month basis, real estate development investment is weaker than seasonal, and infrastructure investment is slightly better than the same period last year. It is expected that the cumulative year - on - year growth rates of manufacturing, real estate, and infrastructure in March will be 9.1%, - 9.5%, and 10.1% respectively; the cumulative year - on - year growth rate of fixed - asset investment is expected to decline to 4.0% [7]. - **Exports and Imports**: Due to tariff disturbances and weak external demand, it is expected that the year - on - year export growth rate will decline. Although high - frequency data shows some support, such as the month - on - month increase of the PMI new export order index in March by 0.4 percentage points, the year - on - year growth rate of port container throughput of 9.8%, and the recovery of South Korea's export year - on - year growth rate from 0.7% in February to 3.1% in March, adverse factors are accumulating, including the US imposing an additional 10% tariff on Chinese products exported to the US in March, a slight appreciation of the RMB, and weakening US retail data. It is assumed that both imports and exports are slightly lower than seasonal, and it is expected that the year - on - year export and import growth rates in March will decline to - 1.5% and - 1.9% respectively [8]. - **Consumption**: Supported by automobile sales and the expansion of the trade - in program, it is expected that the year - on - year growth rate of social retail sales will slightly decline to around 3.8%. Although the popularity of "Ne Zha 2" declined in March, with the year - on - year growth rate of movie - goers dropping to - 15.4% and the year - on - year growth rate of domestic flights dropping to - 0.8%, automobile sales and the trade - in program provide support. As of March 23, the cumulative year - on - year growth rate of passenger car sales increased from 1.0% at the end of February to 5.0%, and the "Special Action Plan for Boosting Consumption" on March 16 proposed to increase support for consumer goods trade - in [10]. 3.2 Price Situation - **CPI**: The low - base factor may drive the year - on - year CPI growth rate to turn positive. According to data from the Ministry of Agriculture and Rural Affairs, the average wholesale prices of pork, fresh vegetables, and eggs in March decreased by 5.0%, 3.8%, and 4.1% respectively on a month - on - month basis, but the decline was lower than the same period last year due to the Spring Festival date difference. It is expected that the month - on - month and year - on - year CPI in March will be - 0.1% and 0.2% respectively, and the year - on - year CPI in April - May will be 0.1% and 0.0% [11]. - **PPI**: The PPI month - on - month turns to decline and remains in the downward channel. Data from the Ministry of Commerce shows that the production material price index decreased by 0.3 percentage points on a month - on - month basis in March, and the purchase price index and ex - factory price index in the PMI sub - items also declined on a month - on - month basis, indicating that the oversupply pattern continues. It is expected that the month - on - month and year - on - year PPI growth rates in March will be - 0.2% and - 2.3% respectively; the year - on - year growth rates in April - May will be - 2.2% and - 2.4% [11]. 3.3 Financial Situation - **Credit**: In March, the impact of debt resolution eased, and credit is expected to improve slightly. The 6M national - share transfer discount rate in March increased by 21BP, better than the 30BP decrease in the same period in 2024. Considering the significant decline in the issuance scale of special refinancing bonds in March, the drag effect of debt resolution on credit has also eased. It is expected that new RMB loans in March may be supported, assuming it is basically the same as the level of the same period last year, or around 3 trillion [12]. - **Social Financing**: Government bonds in March maintained a large - scale issuance, driving the year - on - year increase in social financing. The net financing of government bonds in the Wind caliber in March was 1.4 trillion, with a year - on - year increase of about 1 trillion; the net financing of corporate bonds in the Wind caliber was about - 1200 billion, with a year - on - year decrease of about 4300 billion. It is expected that the new social financing will be 5.4 trillion, with a year - on - year growth rate of 8.3%. It is expected that the year - on - year growth rate of M2 in March will decline to 6.9%, and the M1 growth rate will be 0.3%. The excess deposit reserve ratio at the end of March is estimated to be 1.2% [12].

| 魏伟 | 投资咨询资格编号 | | --- | --- | | | S1060513060001 | | | WEIWEI170@pingan.com.cn | | 陈骁 | 投资咨询资格编号 | | | S1060516070001 | | | CHENXIAO397@pingan.com.cn | | 刘璐 | 投资咨询资格编号 | | | S1060519060001 | | | LIULU979@pingan.com.cn | | 张亚婕 | 投资咨询资格编号 | | | S1060517110001 | | | ZHANGYAJIE976@pingan.com.cn | | 郭子睿 | 投资咨询资格编号 | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 张君瑞 | 投资咨询资格编号 | | | S1060519080001 | | | ZHANGJUNRUI748@pingan.com.cn | | 陈潇榕 | 投资咨询资格编号 | | | S1060523110001 | | | CHENXIAORONG186@pingan.co ...

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 investment rating for the company is "Recommended" [1] Core Views - The company is expected to improve sales while actively optimizing its land reserve structure. Despite a decline in net profit, revenue is projected to grow, indicating a focus on operational efficiency and market positioning [4][7]. Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of 86.4 billion yuan, a year-on-year increase of 7.7%. However, the net profit attributable to shareholders was 1.04 billion yuan, reflecting a significant decline of 67.3% [4]. - The gross profit margin decreased by 4.8 percentage points to 10.5% in 2024, impacting overall profitability [7]. Sales and Market Strategy - The company aims for a sales target of 120.5 billion yuan in 2025, representing a growth of 5.2%. The contract sales for the first two months of 2025 reached 12.83 billion yuan, up 23.8% year-on-year [7]. - The company has a marketable inventory valued at approximately 235.4 billion yuan, with a focus on first-tier and key second-tier cities for land acquisitions [7]. Financial Health - The company completed equity investments of 29.46 billion yuan in 2024, with 82.7% of the new land reserves located in major cities like Beijing, Shanghai, and Guangzhou [7]. - The company maintains a healthy financial status, with a debt-to-asset ratio of 74.6% and an average borrowing cost of 3.49% [1][7]. Future Projections - Revenue is expected to continue growing, with projections of 94.2 billion yuan in 2025 and 102.2 billion yuan in 2026, reflecting a compound annual growth rate of approximately 8% [6][10]. - The earnings per share (EPS) forecast for 2025 is adjusted to 0.27 yuan, with a price-to-earnings (P/E) ratio of 18.0 times [7][10].

2025年04月01日 计算机 神州数码(000034.SZ) 公司营收实现平稳增长，自有品牌业务项目充裕 推荐 ( 维持) 股价:41.12元 公 司 报 告 行情走势图 证券分析师 | 闫磊 | 投资咨询资格编号 | | --- | --- | | | S1060517070006 | | | YANLEI511@pingan.com.cn | | 黄韦涵 | 投资咨询资格编号 | S1060523070003 HUANGWEIHAN235@pingan.com.cn 事项： 公司公告2024年年度报告。2024年，公司实现营业收入1281.66亿元，同比增 长7.14%；实现归母净利润7.53亿元，同比下降35.77%；实现扣非归母净利 润10.15亿元，同比下降19.68%。公司发布利润分配预案：以披露日前最新总 股本711,260,675股扣除回购专用账户5,389,400股后的705,871,275股为基 数，向全体股东每10股派发现金红利2.67元（含税），送红股0股（含税）， 不以公积金转增股本。 平安观点： 券 研究助理 王佳一 一般证券从业资格编号 S1060123070023 WANGJ ...

行 业 报 告 半导体 2025 年 03 月 31 日 SEMICON China 2025 动态跟踪报告 新凯来携四类产品亮相，半导体设备国产化再上新台阶 强于大市（维持） 行情走势图 证券分析师 陈福栋 投资咨询资格编号 S1060524100001 CHENFUDONG847@pingan.com.cn 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 事项： 新凯来携三十余款半导体设备亮相 SEMICON 展会，涵盖扩散、刻蚀、薄膜沉 积、量检测等领域，初步展示了其多品类、全系列的半导体设备产品矩阵。 平安观点： 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 行 业 动 态 跟 踪 报 告 证 新凯来携三十余款产品亮相 SEMICON，半导体设备国产化水平再上新台 阶。2025 年 3 月26 日-28 日，SEMICON China 2025 在上海举办。展会 期间，半导体设备新贵新凯来亮相，展出多达四大类、三十余款半导体设 备，引起业界广泛关注。新凯来本次展 ...

其 他 报 告 2025年04月01日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3336 | -0.46 | -0.40 | | 深证成份指数 | 10504 | -0.97 | -0.75 | | 沪深300指数 | 3887 | -0.71 | 0.01 | | 创业板指数 | 2104 | -1.15 | -1.12 | | 上证国债指数 | 223 | 0.00 | 0.20 | | 上证基金指数 | 6943 | -0.74 | -0.45 | 资料来源:同花顺iFinD | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23120 | -1.31 | -1.11 | | 中国香港国企指数 | 8517 | -1.05 | -1.55 | | 中国台湾加权指数 | 20696 | -4.20 | -2.73 | | 道琼斯指数 | 42002 | 1.00 ...

Investment Rating - The report maintains a "Buy" recommendation for Yuexiu Property (0123.HK) [1] Core Views - The company is expected to improve sales while actively optimizing its land reserve structure [1][7] - In 2024, the company achieved revenue of 86.4 billion yuan, a year-on-year increase of 7.7%, but the net profit attributable to shareholders decreased by 67.3% to 1.04 billion yuan [4][6] - The company aims for a sales target of 120.5 billion yuan in 2025, representing a year-on-year growth of 5.2% [7] Financial Performance - Revenue and profit projections for the upcoming years are as follows: - 2024: Revenue of 86.4 billion yuan, net profit of 1.04 billion yuan - 2025: Revenue of 94.2 billion yuan, net profit of 1.09 billion yuan - 2026: Revenue of 102.2 billion yuan, net profit of 1.14 billion yuan - 2027: Revenue of 110.4 billion yuan, net profit of 1.18 billion yuan [6][9] - The gross margin is projected to decline to 10.5% in 2024, down from 15.3% in 2023 [6][10] Land Acquisition and Financial Strategy - In 2024, the company completed equity investments of 29.46 billion yuan, with 100% of new land reserves located in first-tier and key second-tier cities [7] - The company maintains a healthy financial status, with a debt-to-asset ratio of 74.6% and an average borrowing cost of 3.49% [1][7] Market Position and Outlook - As a local state-owned enterprise in the Greater Bay Area, the company is positioned to expand its market share during the industry downturn, leveraging its financing advantages and diversified land acquisition strategies [7] - The report suggests that despite the ongoing industry adjustments, the company has the potential for growth due to its financial strengths and land reserve optimization [7][8]

Investment Rating - The report maintains an "Outperform" rating for the semiconductor equipment industry [1]. Core Viewpoints - The report highlights that the company showcased over thirty semiconductor equipment products at SEMICON China 2025, indicating a significant advancement in domestic semiconductor equipment localization [3][4]. - The exhibited products cover four major categories: diffusion, etching, thin film deposition, and measurement, demonstrating a comprehensive product matrix [3][7]. - The introduction of various advanced equipment is expected to stimulate the domestic semiconductor equipment industry, potentially alleviating supply constraints in advanced process expansion [4][37]. Summary by Sections 1. Overview of New Kailai's Showcase - New Kailai presented over thirty products at SEMICON China 2025, covering diffusion, etching, thin film deposition, and measurement, marking a significant step in the localization of semiconductor equipment [3][7]. 2. Diffusion Equipment - New Kailai launched six products in the diffusion category, including EPI and RTP devices, which support future advancements in semiconductor processes [10][12]. 3. Etching Equipment - The company introduced a range of etching devices, including CCP, ICP, and radical dry etching products, designed to meet the needs of advanced nodes [14][15]. 4. Thin Film Deposition Equipment - New Kailai's thin film deposition equipment includes PVD, CVD, and ALD series, which are capable of supporting future advanced nodes [17][20]. 5. Measurement Equipment - The report details various measurement devices, including wafer defect detection, overlay measurement, X-ray measurement, and electrical performance testing equipment, all showcasing high performance in yield, precision, and sensitivity [26][33][35]. 6. Investment Recommendations - The report suggests focusing on companies such as Zhichun Technology, Xinlai Materials, Fuchuang Precision, Xianfeng Precision, Xinyuan Micro, and SMIC, as they are expected to benefit from the advancements in semiconductor equipment [4][37].

Investment Rating - The report maintains a "Buy" recommendation for China Overseas Development (0688.HK) with a current stock price of HKD 13.9 [1]. Core Insights - The company has shown resilience in sales, ranking second in overall sales and first in equity sales within the industry, with a market share increase [5]. - The company focuses on key cities, with 85% of sales coming from first-tier and key second-tier cities, achieving significant sales records in high-end residential projects [5]. - The financial health of the company is strong, with a low average financing cost of 3.1% and a cash reserve of HKD 124.17 billion, which supports its market opportunities [5]. Financial Performance Summary - In 2024, the company reported revenue of HKD 185.15 billion, a decline of 8.6% year-on-year, and a net profit of HKD 15.64 billion, down 38.9% year-on-year, with a proposed final dividend of HKD 0.30 per share [3][5]. - The projected revenue for 2025 is HKD 194.41 billion, with a growth forecast of 5.0%, and net profit is expected to rise to HKD 16.01 billion, reflecting a 2.4% increase [4][10]. - The gross margin is projected to stabilize around 18% for the next few years, while the net margin is expected to be around 9% [10]. Sales and Market Position - The company achieved a record sales figure of HKD 387 billion for a single project, with an average selling price increase of 24.4% to HKD 33,810 per square meter [5]. - The company acquired 22 land parcels in 2024, with a total investment of HKD 80.6 billion, leading the industry in land acquisition [5]. Future Projections - The report projects a gradual recovery in sales and profitability, with EPS estimates adjusted to HKD 1.46 for 2025 and HKD 1.49 for 2026, reflecting a cautious outlook amid ongoing industry adjustments [5][10].