Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,186.81, up by 1.31% [2] Industry Commentary Communication Sector - The recent escalation of global tariff disputes has led to increased market volatility, with the U.S. imposing a 10% tariff on all trade partners, and some countries facing tariffs as high as 49%. This has raised concerns about supply chain disruptions and inflation, potentially leading to a recession in the U.S. [5] - In response, the Chinese government announced a 34% tariff on U.S. imports, which may impact the communication equipment manufacturing sector. However, there is optimism regarding a rebound in overseas exports and opportunities in domestic chip replacement [5][6] - The risk exposure from tariffs is considered manageable, as the direct export to the U.S. for certain products is limited. Companies have adjusted their supply chains to mitigate tariff impacts [5] - The focus on domestic demand and supply chain security is emphasized, with operators expected to benefit from AI investments and the restructuring of business value [6] Chemical Raw Materials - The U.S.-China tariff policies present both challenges and opportunities, particularly in the context of domestic material replacement and self-sufficiency [7] - The emphasis is on accelerating the domestic production of high-performance materials to reduce reliance on imports, especially in sectors like semiconductors [10] Company Commentary Xiechuang Data (300857.SZ) - The company reported a revenue of 7.41 billion yuan for 2024, marking a 59.08% year-on-year increase, with a net profit of 692 million yuan, up 140.80% [10][12] - The growth is driven by the company's focus on computing power services, with significant contributions from data storage and AIoT terminal businesses [14] - The company is positioned to benefit from the increasing demand for cloud computing and AI services, with plans to invest up to 3 billion yuan in server procurement to enhance its computing power rental services [14] Investment Recommendations - Key companies to watch include China Mobile, China Unicom, and China Telecom for their roles in the communication sector, as well as semiconductor material companies for their potential in domestic production [8][10] - The report suggests that the domestic tourism retail sector will benefit from the new "immediate refund" tax policy for outbound travelers, which is expected to enhance consumer spending [20][21]

通信 周跟踪（20250331-20250406） 领先大市-A(维持) ——全球关税摩擦升级，把握自主可控和科技内需板块 2025 年 4 月 9 日 行业研究/行业周报 【山证通信】山西证券通信行业周 跟踪：OFC2025 即将召开，关注财报季 高景气板块 2025.4.1 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 投资要点 行业动向： 通信行业近一年市场表现 资料来源：最闻 相关报告： 跟踪：GTC 之后，依然看好海外算力链 2025.3.26 1）美国"对等关税"引发全球资本市场避险情绪 4 月 2 日，美国单方面宣布"对等关税"政策，对所有贸易伙伴征收 10%关 税，部分国家税率高达 49%。市场对于全球供应链断裂、通胀飙升以及由此导致 美国经济衰退的担忧引发市场的避险情绪持续下行。4 月 4 日，国务院关税税则 委员会宣布了对美反制措施，对原产于美国的所有 ...

通信 周跟踪（20250331-20250406） 领先大市-A(维持) ——全球关税摩擦升级，把握自主可控和科技内需板块 2025 年 4 月 9 日 行业研究/行业周报 通信行业近一年市场表现 资料来源：最闻 相关报告： 【山证通信】山西证券通信行业周 跟踪：OFC2025 即将召开，关注财报季 高景气板块 2025.4.1 跟踪：GTC 之后，依然看好海外算力链 2025.3.26 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 张天 执业登记编码：S0760523120001 邮箱：zhangtian@sxzq.com 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 投资要点 行业动向： 1）美国"对等关税"引发全球资本市场避险情绪 4 月 2 日，美国单方面宣布"对等关税"政策，对所有贸易伙伴征收 10%关 税，部分国家税率高达 49%。市场对于全球供应链断裂、通胀飙升以及由此导致 美国经济衰退的担忧引发市场的避险情绪持续下行。4 月 4 日，国务院关税税则 委员会宣布了对美反制措施，对原产于美国的所有 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a strong potential for price appreciation in the coming months [1][7]. Core Insights - The company achieved a revenue of 7.41 billion yuan in 2024, representing a year-on-year growth of 59.08%, and a net profit of 692 million yuan, which is a significant increase of 140.80% compared to the previous year [3][9]. - The company's business segments, including data storage, AIoT terminals, server remanufacturing, and computing cloud services, are all experiencing rapid growth, contributing to an overall improvement in profitability [4][5]. - The gross margin for 2024 reached 17.36%, an increase of 3.79 percentage points from the previous year, driven by a higher proportion of high-margin businesses and improved supply chain management [4]. Financial Performance - The company reported a basic earnings per share (EPS) of 2.83 yuan for 2024, with projections for EPS of 4.43, 5.80, and 7.47 yuan for 2025, 2026, and 2027 respectively [2][7]. - The net profit margin for 2024 was 9.27%, up by 3.13 percentage points from the previous year, indicating enhanced operational efficiency [4][9]. - The company is expected to continue its growth trajectory, with projected revenues of 10.19 billion yuan in 2025, 13.18 billion yuan in 2026, and 16.76 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 37.5% from 2024 to 2025 [9][11]. Business Segments - The data storage segment generated 4.46 billion yuan in revenue in 2024, a year-on-year increase of 54.98%, supported by investments in self-developed storage chips and server storage [4]. - The AIoT terminal segment saw revenues of 2.26 billion yuan, growing by 60.82%, with notable contributions from cloud video platforms and overseas smart security [4]. - The server remanufacturing business is expanding its production capacity, while the computing cloud services are establishing partnerships with leading companies in various sectors [5][6].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a strong expected performance relative to the benchmark index [1][7]. Core Insights - The company achieved a revenue of 7.41 billion yuan in 2024, representing a year-on-year growth of 59.08%. The net profit attributable to shareholders reached 692 million yuan, a significant increase of 140.80% year-on-year [3][9]. - The company's data storage business saw a revenue of 4.46 billion yuan, growing by 54.98%, while the AIoT terminal business generated 2.26 billion yuan, up by 60.82% [4]. - The gross margin improved to 17.36%, an increase of 3.79 percentage points from the previous year, driven by a higher proportion of high-margin businesses and cost management [4]. Financial Performance - The company is projected to achieve earnings per share (EPS) of 4.43, 5.80, and 7.47 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 20.52, 15.68, and 12.17 [7][9]. - The net profit margin for 2024 was 9.27%, an increase of 3.13 percentage points compared to the previous year [4][9]. - The company plans to invest up to 3 billion yuan in server procurement to enhance its computing power rental services, with a global network of 25 supercomputing centers established [5][9]. Business Segments - The data storage segment is expanding due to investments in self-developed storage chips and server storage for computing power [4]. - The AIoT terminal segment is growing rapidly, with significant contributions from cloud video platforms and overseas smart security [4]. - The server remanufacturing business is also gaining traction, with increasing sales and production capacity [4]. Future Outlook - The company is positioned to benefit from the growing demand for intelligent computing centers and computing power leasing, with partnerships established with leading enterprises in various sectors [5][6]. - The overall revenue forecast for the company is expected to reach 10.19 billion yuan in 2025, with a year-on-year growth rate of 37.5% [9].

资料来源：最闻 相关报告： 漆证书，赢创和科思创 IPDI 供应遭遇异 常-新材料周报（250324-0328）2025.3.31 【山证新材料】嘉澳环保 SAF 适航认证 落地，国内民航 SAF 第二阶段试点启动- 新材料周报（250317-0321） 2025.3.24 冀泳洁 博士 化学原料行业近一年市场表现 新材料 新材料周报（250331-0404） 领先大市-B(维持) 中美关税政策危中有机，国产替代+自主可控重要性凸显 邮箱：wangrui1@sxzq.com 申向阳 邮箱：shenxiangyang@sxzq.com 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 执业登记编码：S0760524090001 2025 年 4 月 9 日 行业研究/行业周报 摘要 市场与板块表现：本周新材料板块下跌。新材料指数跌幅为 2.82%，跑赢创 业板指 0.90%。近五个交易日，合成生物指数上涨 3.10%，半导体材料下跌 0.28%， 电子化学品上涨 0.52%，可降解塑料下跌 0.90%，工业气体上涨 4.31%，电池化 学品下跌 4.37%。 产业链周 ...

李召麒 执业登记编码：S0760521050001 研究早观点 2025 年 4 月 9 日 星期三 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | | --- | --- | --- | --- | | 上证指数 | 3,145.55 | 1.58 | 道快速增长 | | 深证成指 | 9,424.68 | 0.64 | | | 沪深 300 | 3,650.76 | 1.71 | | | 中小板指 | 5,884.19 | -0.78 | | | 创业板指 | 1,840.31 | 1.83 | | | 科创 50 | 940.09 | 1.72 | | | 资料来源：最闻 | | | | 分析师： 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 【行业评论】电子：山西证券电子行业周跟踪-特朗普宣布实施"对等 关税"措施，看好电子行业自主可控机会 【行业评论】非银行金融：行业周报（20250331-20250406）：-监管持续细 化业务办法，关注极端事件冲击下波动 【公司评论】华鲁恒升(600426.SH)：华鲁恒升-化工巨头 ...

投资要点 电子行业近一年市场表现 资料来源：最闻 相关报告： 产设备技术突破密集落地-山西证券电子 行业周跟踪 2025.4.2 【山证电子】存储行业复苏信号持续放 大，华为 PuraX 阔折叠正式发布-山西证 券电子行业周跟踪 2025.3.25 高宇洋 电子 周跟踪（20250331-20250404） 领先大市-A(维持) 特朗普宣布实施"对等关税"措施，看好电子行业自主可控机会 2025 年 4 月 8 日 行业研究/行业周报 分析师： 研究助理： Omdia：人工智能催生强劲需求 2024 年半导体市场收入激增约 25%。2024 年是半导体市场创纪录的一年，Omdia 数据显示，半导体市场 2024 年的收入 激增约 25%，达到 6830 亿美元。这一急剧增长归功于人工智能相关芯片的强 劲需求，尤其是人工智能 GPU 中使用的高带宽内存(HBM)，这使得内存领域 的年增长率达到 74%。在经历了充满挑战的 2023 年之后，存储器的反弹帮助 提升了整体市场。特朗普宣布实施"对等关税"措施。美东时间周三(4 月 2 日)，美国总统特朗普在白宫签署两项关于所谓"对等关税"的行政令，宣布 美国对所有贸 ...

| 收盘价（元）： | 20.53 | | --- | --- | | 年内最高/最低（元）： | 31.90/19.73 | | 流通A股/总股本（亿）： | 21.19/21.23 | | 流通 A 股市值（亿）： | 435.07 | | 总市值（亿）： | 435.90 | | 资料来源：最闻 | | 基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 1.84 | | --- | --- | | 摊薄每股收益(元)： | 1.84 | | 每股净资产(元)： | 15.46 | | 净资产收益率(%)： | 12.73 | | 资料来源：最闻 | | 李旋坤 执业登记编码：S0760523110004 邮箱：lixuankun@sxzq.com 王金源 邮箱：wangjinyuan@sxzq.com 氮肥 华鲁恒升（600426.SH） 买入-B(维持) 化工巨头业绩稳健增长，荆州项目贡献增量 2025 年 4 月 8 日 公司研究/公司快报 事件描述 3 月 29 日，公司发布《2024 年年度公告》，2024 年实现营业总收入 342.26 亿元，同比+25.55%；归母净 ...

Investment Rating - The report maintains a "Buy-B" rating for the company Hualu Hengsheng (600426.SH) [5][14]. Core Views - The chemical giant shows steady growth in performance, with the Jingzhou project contributing to incremental gains [6]. - In 2024, the company achieved total operating revenue of 34.226 billion yuan, a year-on-year increase of 25.55%, and a net profit attributable to shareholders of 3.903 billion yuan, up 9.14% year-on-year [7][9]. - The company has a strong sales channel, with stable growth in the sales volume of major products [10]. Financial Performance - For 2024, the company reported a total operating revenue of 342.26 billion yuan, with a gross margin of 18.71% and a net margin of 12.21%, both showing a decline compared to the previous year [9]. - The revenue breakdown by product includes new materials and renewable energy products at 16.433 billion yuan (up 6.19%), chemical fertilizers at 7.297 billion yuan (up 28.55%), acetic acid and derivatives at 4.070 billion yuan (up 98.34%), and organic amine products at 2.511 billion yuan (down 6.12%) [9]. - The company’s net asset return rate is 12.73% with a diluted earnings per share of 1.84 yuan [3]. Future Projections - The company is expected to achieve net profits of 4.258 billion yuan, 4.924 billion yuan, and 5.656 billion yuan for the years 2025, 2026, and 2027 respectively, corresponding to price-to-earnings ratios of 10, 9, and 8 times [12]. - The report highlights the company's integrated industrial chain layout and cost control advantages as key growth drivers for future performance [12]. Market Position - The company has significantly improved its market share in liquid ammonia and acetic acid, while maintaining a leading position in organic amine products [10]. - The company’s subsidiary in Jingzhou achieved a revenue of 7.498 billion yuan in 2024, marking a 501% year-on-year increase [11].