Investment Rating - The report maintains a "Buy-B" rating for the company [1][8] Core Views - The company has seen continuous growth in high-end product sales and possesses a rich reserve of core technologies [1] - The demand for powder products has surged due to the increasing need for computing power, driven by the explosion of AI technology and a rebound in storage chips [4] - The company achieved a revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit of 251 million yuan, up 44.47% year-on-year [4] Financial Performance - The company’s gross margin for 2024 was 40.38%, an increase of 1.12 percentage points year-on-year, primarily due to the growth of high-margin spherical powder products [5] - The sales volume of spherical silicon micro-powder reached 36,739 tons in 2024, a year-on-year increase of 42.29%, with an average selling price of 14,941 yuan per ton, up 4.6% year-on-year [4][5] - The company’s R&D expenditure accounts for 6.3% of its revenue, with ongoing projects aimed at high-end applications in international markets [6] Future Projections - The company is expected to achieve net profits of 298 million yuan, 346 million yuan, and 381 million yuan for the years 2025, 2026, and 2027, respectively [8] - Corresponding to the closing price of 57.55 yuan on March 27, the projected P/E ratios for 2025, 2026, and 2027 are 36, 31, and 28 times, respectively [8] Market Position - The company is well-positioned to benefit from the ongoing demand in the semiconductor industry, with global semiconductor sales projected to reach 628 billion USD in 2024, a year-on-year increase of 19% [4]

Investment Rating - The report maintains a "Buy-B" rating for the company [1][5] Core Views - The company achieved an annual revenue of 960 million yuan in 2024, representing a year-on-year increase of 34.94%, and a net profit attributable to the parent company of 251 million yuan, up 44.47% year-on-year [1] - The demand for the company's spherical powder products has surged due to the increasing need for computing power, with global semiconductor sales projected to reach 628 billion USD in 2024, a 19% year-on-year increase [2] - The company has a strong pipeline of high-end products and a rich core technology reserve, with R&D expenses accounting for 6.3% of revenue [3] Financial Performance - In Q4 2024, the company reported a revenue of 267 million yuan, a quarter-on-quarter increase of 6.5%, while the net profit attributable to the parent company was 66 million yuan, a decrease of 1.3% quarter-on-quarter [1] - The company's gross margin for 2024 was 40.38%, an increase of 1.12 percentage points year-on-year, driven by the growth of high-margin spherical powders [2] - The projected net profits for 2025, 2026, and 2027 are 298 million yuan, 346 million yuan, and 381 million yuan, respectively, with corresponding P/E ratios of 36, 31, and 28 times based on the closing price of 57.55 yuan on March 27 [5][12] Product and Market Development - The company has successfully launched high-end products such as Lowα spherical silica and LowDf ultra-fine spherical silica, which have been certified by overseas clients for advanced packaging applications [2] - The sales volume of spherical silicon micro powder reached 36,739 tons in 2024, a year-on-year increase of 42.29%, with an average selling price of 14,941 yuan per ton [2] - The company is actively advancing research projects in high-end copper-clad laminates, packaging materials, and thermal conductive materials [3]

3 月 24 日，公司发布《2024 年年度报告》，2024 年实现营业总收入 456.48 亿元，同比增长 10.03%；归母净利润 60.72 亿元，同比增长 26.77%。其中， 2024Q4 实现营业总收入 133.73 亿元，同环比分别+41.69%/+3.87%；归母净 利润为 23.79 亿元，同环比分别+75.09%/+45.33%。 其他化学原料 卫星化学（002648.SZ） 买入-B(维持) 新产能增强产业链一体化优势，研发投入持续加码 2025 年 3 月 27 日 公司研究/公司快报 公司近一年市场表现 事件描述 事件点评 市场数据：2025 年 3 月 27 日 收盘价（元）： 22.21 年内最高/最低（元）： 22.36/14.65 流通A股/总股本（亿）： 33.66/33.69 流通 A 股市值（亿）： 747.70 提质增效，盈利水平整体提升。分板块来看，2024 年，公司功能化学品、 高分子材料、新能源材料分别实现收入 217.07、119.87、8.41 亿元，分别同 比增长 1.96%、0.60%、80.77%，新能源材料迅猛发展。其中，功能化学品 和高分子材料毛利 ...

其他化学原料 卫星化学（002648.SZ） 买入-B(维持) 新产能增强产业链一体化优势，研发投入持续加码 2025 年 3 月 27 日 公司研究/公司快报 公司近一年市场表现 事件描述 投资建议 预计公司 2025-2027 年 EPS 分别为 2.19/ 2.45/ 2.66，对应公司 3 月 27 请务必阅读最后股票评级说明和免责声明 1 3 月 24 日，公司发布《2024 年年度报告》，2024 年实现营业总收入 456.48 亿元，同比增长 10.03%；归母净利润 60.72 亿元，同比增长 26.77%。其中， 2024Q4 实现营业总收入 133.73 亿元，同环比分别+41.69%/+3.87%；归母净 利润为 23.79 亿元，同环比分别+75.09%/+45.33%。 事件点评 市场数据：2025 年 3 月 27 日 收盘价（元）： 22.21 年内最高/最低（元）： 22.36/14.65 流通A股/总股本（亿）： 33.66/33.69 流通 A 股市值（亿）： 747.70 提质增效，盈利水平整体提升。分板块来看，2024 年，公司功能化学品、 高分子材料、新能源材料分别实 ...

太阳能板块近一年市场表现 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 605117.SH | 德业股份 | 买入-A | 【山证太阳能】1-2 月光伏新增装机 39.5GW，产业链价格持续结构性上涨 2025.3.24 【山证太阳能】财政部发布清洁能源发 展专项资金管理办法，产品价格结构性 上涨 2025.3.17 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 太阳能 202502 光伏行业月度报告 同步大市-A(维持) 2025 年 1-2 月光伏新增装机同比增长 7.5%，组件出口额同比下降 2 ...

太阳能 202502 光伏行业月度报告 同步大市-A(维持) 2025 年 1-2 月光伏新增装机同比增长 7.5%，组件出口额同比下降 2025 年 3 月 27 日 行业研究/行业月度报告 太阳能板块近一年市场表现 投资要点： 国内光伏新增装机：1-2 月新增装机同比增长，环比有所下滑。根据国 家能源局数据，2025 年 1-2 月国内光伏新增装机约 39.47GW，同比增长 7.5%， 环比 2024 年 12 月下降 44.2%。 组件出口：根据海关总署数据，2025 年 1、2 月组件出口额分别为 164.6 亿元、119.6 亿元，同比分别-24.1%、-39.8%，环比分别+17.1%、-27.4%。 1-2 月累计出口额 284.2 亿元，同比-31.6%。根据 Infolink，2024 年 12 月国 内光伏组件出口量 16.63GW，同比+3%，环比+9%。12 月全球前五大单一出 口市场依序为巴西、荷兰、印度、沙特与西班牙，单月合计出口量约占全球 市场的 42%。2024 年 1-12 月国内组件累计出口 235.93GW，同比+13%。 相关报告： 逆变器出口：1、2 月逆变器出口额 ...

云软件服务 广联达（002410.SZ） 增持-A(首次) 业务转型成效初显，降本增效推动业绩高增 2025 年 3 月 27 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 年 月 3 | 日 26 | | | --- | --- | --- | | 收盘价（元）： | | 14.11 | | 年内最高/最低（元）： | | 16.25/8.35 | | 流通 股/总股本（亿 A | | 15.88/16.52 | | 股）： | | | | 流通 A 股市值（亿）： | | 224.11 | | 总市值（亿）： | | 233.09 | | 年 基础数据：2024 | 月 12 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.15 | | 摊薄每股收益(元)： | | | 0.15 | | 每股净资产(元)： | | | 3.68 | | 净资产收益率(%)： | | | 4.45 | 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@szxq.com 3 月 24 日，公司发 ...

| 市场数据：2025 年 3 | 月 | 日 26 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 14.11 | | 年内最高/最低（元）： | | | 16.25/8.35 | | 流通 股/总股本（亿 A | | | 15.88/16.52 | | 股）： | | | | | 流通 A 股市值（亿）： | | | 224.11 | | 总市值（亿）： | | | 233.09 | | 年 基础数据：2024 | 月 12 | 日 31 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 0.15 | | 摊薄每股收益(元)： | | | 0.15 | | 每股净资产(元)： | | | 3.68 | | 净资产收益率(%)： | | | 4.45 | 云软件服务 广联达（002410.SZ） 增持-A(首次) 业务转型成效初显，降本增效推动业绩高增 2025 年 3 月 27 日 公司研究/公司快报 公司近一年市场表现 事件描述 方闻千 执业登记编码：S0760524050001 邮箱：fangwenqian@s ...

研究早观点 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 | 3,368.70 | -0.04 | | 深证成指 | 10,643.82 | -0.05 | | 沪深 300 | 3,919.36 | -0.33 | | 中小板指 | 6,652.20 | 0.23 | | 创业板指 | 2,139.90 | -0.26 | | 科创 50 | 1,029.05 | -0.26 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2025 年 3 月 27 日 星期四 【今日要点】 【行业评论】通信：山西证券通信行业周跟踪：GTC 之后，依然看好 海外算力链 【公司评论】海光信息(688041.SH)：海光信息（688041.SH）：国产 CPU 和 DCU 双领军，信创+AI 驱动高速成长 【山证煤炭】中煤能源（601898.SH）年报点评：-全产业链布局助力 业绩稳定，成长与价值兼具央企龙头 【公司评论】派林生物( ...

Investment Rating - The report maintains a "Buy-A" rating for the company [1] Core Views - The company is a leader in domestic CPU and DCU markets, benefiting from significant technological and ecological advantages, particularly through its partnership with AMD [3][4] - The domestic CPU market is projected to reach a scale of hundreds of billions, with substantial room for domestic replacement as the government increases support for domestic innovation [4][30] - The company is expected to see rapid growth in net profit from 2025 to 2027, with projected figures of 2.945 billion, 4.228 billion, and 5.647 billion respectively, reflecting year-on-year growth rates of 52.5%, 43.6%, and 33.6% [6][8] Summary by Sections Company Overview - Established in 2014, the company has developed into a leading player in the CPU and DCU sectors by leveraging AMD's technology and its own R&D capabilities [15][19] - The management team has significant experience from major tech firms, enhancing the company's strategic direction and innovation capabilities [19][21] CPU Market Analysis - The company’s CPU products, based on AMD's Zen1 architecture, have consistently outperformed competitors in terms of performance and ecosystem compatibility, particularly in the x86 architecture [42][44] - The domestic CPU market is estimated to be worth over 100 billion, with a growing trend towards domestic products due to increasing government support for local innovation [4][30] DCU Market Analysis - The company’s DCU products are positioned to benefit from the rising demand for AI computing power, with the upcoming deep computing product expected to significantly enhance performance [5][6] - The DCU architecture is highly compatible with existing CUDA ecosystems, facilitating easier integration with international AI frameworks [5][6] Financial Projections and Valuation - The company’s revenue is projected to grow from 6.012 billion in 2023 to 23.546 billion by 2027, with a compound annual growth rate of 89.1% over the past six years [8][22] - The gross margin is expected to improve steadily, reflecting the benefits of scale and product innovation, with a forecasted gross margin of 64.3% by 2027 [8][24]