Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,372.55, down 0.25% [2] - The Shenzhen Component Index closed at 10,843.73, down 0.50%, while the ChiNext Index fell by 1.31% to 2,205.31 [2] New Stock Market Insights - The new stock market activity has decreased, with 23 stocks recording positive gains, representing 56.10% of new listings over the past six months, down from 60.47% [5] - In February, the issuance price-to-earnings (PE) ratio for the ChiNext board decreased, while the main board's PE ratio increased [5] Industry Commentary: Communication Sector - DeepSeek released an overview of its inference system, discussing the upper and lower limits of computing power [6] - The report highlights the strong demand for DeepSeek's Blackwell, with revenue reaching $11 billion in the fourth fiscal quarter [7] Fixed Income Market Insights - The fixed income market showed a marginal easing in liquidity, with expectations for interest rates to trend downward [9] - The report indicates that the overall issuance of government bonds increased significantly, with a total issuance of 9,775.60 million yuan in February [14] Derivative Research: Yunda Convertible Bonds - Yunda's convertible bonds are rooted in a growth industry, with a projected increase in express delivery volume to 1.9 billion pieces and revenue to 1.5 trillion yuan by 2025 [15][16] - The company has shown a significant reduction in core operating costs, with a year-on-year decrease of 24.58% in Q2 2024 [18] Derivative Research: Nanjing Pharmaceutical Convertible Bonds - Nanjing Pharmaceutical is positioned for steady growth in the pharmaceutical distribution sector, benefiting from an aging population and changing disease patterns [19][20] - The company has established long-term partnerships with over 2,000 medical institutions, creating a regional entry barrier [20] Company Analysis: Longxun Co., Ltd. - Longxun Co., Ltd. reported a 44.21% increase in revenue to 466 million yuan for 2024, with a net profit growth of 40.62% [23] - The company is expanding its market presence in ultra-high-definition displays and automotive electronics, with a focus on R&D investment [24] - Longxun's market share in the automotive chip sector has significantly increased, with successful mass production of several chips for major automotive companies [24][25]

Market Activity - New stock market activity has decreased, with 23 stocks (56.10%) recording positive gains in the past week, down from 60.47% previously[2] - In February, the issuance PE of the ChiNext board decreased, while the main board's issuance PE increased[2] Sector Performance - No new stocks were listed on the Sci-Tech Innovation Board last week, with Haibo Sichuang recording a weekly gain of over 10%[12] - The ChiNext board also had no new listings, with Yingsite gaining over 10% while Top Cloud Agriculture and Huihan shares fell approximately 10%[18] - The main board saw no new listings, with Tianhe Magnetic Materials gaining over 10% and Hong Sifang dropping over 2%[23] Valuation Trends - The issuance PE for the Sci-Tech Innovation Board in January was 23.30 times, down from 31.05 times in December[14] - The main board's issuance PE in February was 18.88 times, up from 15.78 times in January[25] - The ChiNext board's issuance PE in February was 16.61 times, down from 28.03 times in January[18] Fundraising Statistics - Since the beginning of 2023, 324 new stocks have been listed, raising a total of 401.48 billion yuan, with the Sci-Tech Innovation Board accounting for 161.86 billion yuan, the ChiNext board for 139.72 billion yuan, and the main board for 99.90 billion yuan[10]

新股研究 新股周报（2025.03.03-2025.03.07） 新股市场活跃度下降，2 月份创业板发行 PE 下降 2025 年 3 月 7 日 策略研究/定期报告 投资要点： 科创板：上周科创板无新股上市。周内海博思创录得周涨幅超 10%，合合信息、益诺思、先锋精科 录得周跌幅超-5%。 创业板：上周创业板无新股上市。周内英思特录得周涨幅超 10%，托普云农、慧翰股份等录得周跌 幅约-10%。 沪深主板：上周沪深主板无新股上市。周内天和磁材录得周涨幅超 10%，红四方录得周跌幅超-2%。 新股周期：12 月份科创板佳驰科技/先锋精科、创业板英思特/博苑股份/博科测试/蓝宇股份，主板中 力股份/国货航上市，三大板块新股首日涨幅和开板估值均下降，发行 PE 均上升。1 月份科创板赛 分科技/思看科技/兴福电子/海博思创、创业板黄山谷捷/钧崴电子/惠通科技/超研股份、主板天和磁 材/富岭股份/亚联机械上市，科创板/主板新股首日涨幅和开板估值均下降，创业板新股首日涨幅和 开板估值上升。2 月份创业板新股发行 PE 下降，主板新股发行 PE 上升。 投资建议： 山西证券新股研究团队 近端已上市重点新股： 2023/ ...

Investment Rating - The report maintains an "Outperform" rating for the communication industry, indicating an expected performance exceeding the benchmark index by over 10% [1]. Core Insights - Nvidia's FY25Q4 financial results met expectations, with data center revenue reaching $35.6 billion, a 93% year-over-year increase. The company anticipates first-quarter revenue of approximately $43 billion, with a gross margin of 70.6% [2][12]. - DeepSeek's recent open-source projects aim to enhance AI infrastructure, showcasing a high return on investment (ROI) for its inference system, which generated $562,000 in a single day with a profit margin of 545% [3][13]. - The report discusses the upper and lower limits of computing power investments, emphasizing that while DeepSeek's infrastructure may not be universally replicable, there remains significant demand for high-capacity components like 800G optical modules and super-node copper connections [5][15]. Summary by Sections Industry Trends - Nvidia's strong performance in the data center segment and the robust demand for its Blackwell architecture are highlighted, with a notable 66% year-over-year revenue growth in China for FY25 [2][12]. - The report suggests that the computing power investment landscape is shifting towards larger firms due to economies of scale, with a focus on high-performance components [5][15]. Investment Recommendations - The report recommends monitoring specific companies within the IDC and optical module sectors, including Runze Technology, Guanghua Technology, and others, as potential investment opportunities [16]. Market Overview - The overall market experienced a decline during the week of February 24 to February 28, 2025, with the communication index dropping by 9.64%. However, certain segments like controllers and wireless RF showed positive performance [7][16]. Notable Developments - DeepSeek's introduction of five innovative projects during its open-source week is expected to drive further investment in computing power, despite concerns about its impact on Nvidia's GPU demand [3][13]. - The report also notes significant investments by Alibaba in cloud and AI infrastructure, totaling over 380 billion yuan, marking a historic investment in the sector [31].

Investment Rating - The report assigns a rating of AA+ to Yunda Convertible Bond (127085.SZ) [1] Core Views - Yunda is positioned in a growth industry with a promising outlook, driven by e-commerce demand, policy guidance, and technological upgrades in the express delivery sector [3] - The company's stock valuation is at its lowest point in the past five years, with a total market capitalization of 21.396 billion and a PE TTM of 13.4x [2] - The report highlights the company's effective cost control measures, which have led to a significant reduction in core operating costs [4] Summary by Sections Yunda Convertible Bond Analysis - As of March 5, 2025, the bond has a balance of 2.45 billion, a remaining term of 4.10 years, and a closing price of 110.53, with a conversion premium of 78.68% and a pure bond premium of 7.38% [1] - The report anticipates a continued supply-demand imbalance in the convertible bond market due to a decrease in issuance and an increase in strong redemption maturities [4] Express Delivery Industry Overview - The express delivery industry in China has consistently shown growth since 2008, with projected business volume reaching 174.5 billion pieces and revenue of 1.4 trillion yuan in 2024, representing year-on-year increases of 21% and 13% respectively [3] - The State Post Bureau forecasts that by 2025, the business volume will reach 190 billion pieces and revenue will hit 1.5 trillion yuan [3] Company Performance and Valuation - Yunda's PE and PB ratios are at their lowest since its listing, attributed to ongoing price wars in the express delivery sector and rising costs from social security contributions [4] - Despite short-term performance concerns, the company has reduced capital expenditures to around 25%, maintains a strong cash position, and has a declining debt-to-asset ratio, indicating robust debt repayment capacity [4] - The reasonable valuation range for Yunda Convertible Bond is estimated between 111 and 121 yuan, assuming no changes in the underlying stock price [5]

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company achieved a revenue of 466 million yuan in 2024, representing a year-on-year growth of 44.21%, and a net profit of 144 million yuan, up 40.62% [1][3] - The company has significantly increased its market share in the automotive chip sector and is focusing on high-definition display and automotive electronics [4][9] - The company plans to expand its product matrix and enhance R&D investments to support new product development [5][9] Financial Performance - In Q4 2024, the company reported a revenue of 132 million yuan, a 31.04% increase year-on-year, and a net profit of 50 million yuan, up 56.21% [1][3] - The overall gross margin for 2024 was 55.48%, an increase of 1.48 percentage points, while the expense ratio decreased by 3.81 percentage points to 29.90% [3][4] - The company’s R&D expenses reached 100 million yuan, accounting for 21.45% of revenue, reflecting a 34.14% increase [3][4] Product Development and Market Position - The company’s revenue from video bridge and processing chips was 426 million yuan, accounting for 91.42% of total revenue, with a growth of 43.35% [4] - The company has established a dedicated automotive chip division to focus on automotive entertainment systems and advanced driver-assistance systems (ADAS) [4][9] - The company has successfully launched several automotive chips that have passed AEC-Q100 testing and are now in mass production for various well-known automotive brands [4][9] Future Projections - Revenue projections for 2025-2027 are 708 million yuan, 1.046 billion yuan, and 1.516 billion yuan, respectively, with net profits expected to be 203 million yuan, 294 million yuan, and 414 million yuan [9][11] - The report anticipates a steady increase in earnings per share (EPS) from 1.98 yuan in 2025 to 4.05 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 61.0X to 29.9X [9][11]

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [3][8]. Core Insights - The company reported a revenue of 466 million yuan in 2024, representing a year-on-year growth of 44.21%, and a net profit of 144 million yuan, up 40.62% [3][4]. - The company has significantly increased its market share in the automotive chip sector and is focusing on high-definition display and automotive electronics [4][5]. - The company is expanding its product matrix and enhancing its R&D capabilities, particularly in the automotive electronics and high-performance computing sectors [5][8]. Financial Performance - In Q4 2024, the company achieved a revenue of 132 million yuan, a 31.04% increase year-on-year, and a net profit of 50 million yuan, up 56.21% [3][4]. - The overall gross margin for 2024 was 55.48%, an increase of 1.48 percentage points, while the operating expense ratio decreased by 3.81 percentage points to 29.90% [4][10]. - The company’s R&D expenses reached 100 million yuan, accounting for 21.45% of revenue, reflecting a 34.14% increase [4][10]. Revenue and Profit Forecast - The projected revenues for 2025, 2026, and 2027 are 708 million yuan, 1.046 billion yuan, and 1.516 billion yuan, respectively, with corresponding net profits of 203 million yuan, 294 million yuan, and 414 million yuan [8][10]. - The expected EPS for the same years is 1.98 yuan, 2.88 yuan, and 4.05 yuan, with P/E ratios of 61.0X, 42.1X, and 29.9X, respectively [8][10].

Group 1 - The report highlights the 2025 government work report's focus on stabilizing economic growth and enhancing consumer confidence, emphasizing the importance of domestic demand and consumption as key drivers for economic recovery [6][8] - The GDP growth target for 2025 is set at around 5%, with a consumer price index (CPI) increase target of approximately 2%, indicating a stable economic outlook despite previous years' low inflation rates [6][8] - The macroeconomic policies are described as proactive and collaborative, aiming to dynamically adjust based on changing circumstances to enhance effectiveness and predictability [6][8] Group 2 - The report discusses the significant growth in Haiguang Information (688041.SH), with a revenue increase of 52.40% year-on-year, reaching 9.162 billion yuan, and a net profit increase of 52.87%, totaling 1.931 billion yuan [8][9] - The company has seen a substantial rise in contract liabilities, reaching 903 million yuan, compared to only 2.85 million yuan the previous year, indicating strong demand and pre-orders from clients [13] - The report notes that the company's gross margin improved to 63.72%, up 4.05 percentage points year-on-year, driven by increased sales volume and a higher proportion of high-margin products [13]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][6] Core Views - The company achieved a revenue of 9.162 billion yuan in 2024, representing a year-on-year increase of 52.4%, with a net profit of 1.931 billion yuan, also up by 52.9% [3][4] - The company is expected to benefit from the domestic replacement of CPU and AI chips, with projected EPS for 2025-2027 at 1.27, 1.82, and 2.43 respectively [6] Financial Performance - In 2024, the company reported a gross margin of 63.72%, an increase of 4.05 percentage points from the previous year, driven by higher sales volumes of CPU and DCU products [5] - The net profit margin for 2024 was 29.65%, up by 1.36 percentage points year-on-year [5] - The company’s total liabilities increased significantly, with contract liabilities reaching 903 million yuan by the end of 2024, compared to only 2.85 million yuan the previous year [4] Business Segments - The CPU segment is expected to continue its rapid growth, supported by the acceleration of domestic innovation [4] - The DCU segment has completed full compatibility with several leading domestic internet companies, positioning it for further market share growth due to tightening US chip export controls [4] Future Projections - Revenue is projected to grow to 13.146 billion yuan in 2025, with a year-on-year growth rate of 43.5% [8] - The company anticipates a continued increase in gross margin, reaching 63.9% in 2025 [8] - The net profit is expected to rise to 2.945 billion yuan in 2025, reflecting a year-on-year growth of 52.5% [8]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][5] Core Views - The company achieved a significant revenue growth of 52.40% year-on-year, reaching 9.162 billion yuan in 2024, with a net profit increase of 52.87% to 1.931 billion yuan [2][3] - The company's CPU and DCU products are positioned in the top tier domestically, benefiting from the domestic substitution of CPU and AI chips [5] Financial Performance - In 2024, the company reported a gross margin of 63.72%, an increase of 4.05 percentage points from the previous year, driven by higher sales volumes of CPU and DCU products [4] - The net profit margin for 2024 was 29.65%, up 1.36 percentage points year-on-year [4] - The company’s contract liabilities surged to 903 million yuan by the end of 2024, compared to only 2.85 million yuan at the end of the previous year, indicating strong demand [3] Business Segments - CPU: The company is expected to maintain rapid growth in its CPU business as the domestic market accelerates [3] - DCU: The company has completed full compatibility with several leading domestic internet firms, and its market share is expected to grow further due to tightening US chip export controls [3] Future Projections - The company forecasts earnings per share (EPS) of 1.27, 1.82, and 2.43 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 128.66, 89.62, and 67.10 [5][7]