Investment Rating - The report maintains a "Buy-B" rating for the company [1][7] Core Views - The company achieved a revenue of 1.33 billion yuan in 2024, representing a year-on-year increase of 12.78%, and a net profit attributable to shareholders of 117 million yuan, up 19.21% year-on-year. The growth is attributed to the company's proactive expansion into overseas markets, optimization of product structure, and contributions from new industries such as commercial aerospace [2][4] - The commercial aerospace sector is driving demand for high-temperature superconducting materials, with significant satellite deployment plans and the introduction of reusable rockets expected to enhance the industry's growth [5][6] Financial Performance - In Q4 2024, the company reported a revenue of 366 million yuan, a quarter-on-quarter increase of 7.65%, and a net profit of 39 million yuan, up 77.27% quarter-on-quarter, marking a new high for both revenue and profit in a single quarter [4] - The projected net profits for 2024, 2025, and 2026 are 117 million yuan, 151 million yuan, and 212 million yuan respectively, with corresponding P/E ratios of 62, 48, and 34 [7][10] Market Data - As of February 20, 2025, the company's closing price was 9.99 yuan, with a year-to-date high of 14.59 yuan and a low of 6.72 yuan [4] - The company has a total market capitalization of 7.266 billion yuan and a circulating A-share market value of 4.179 billion yuan [5] Industry Outlook - The global electricity demand is expected to grow steadily, with an average annual growth rate of 4% from 2025 to 2027, driven by electrification in AI, data centers, and transportation [6] - The company's mid-to-high voltage electrical contact materials are positioned for growth as they are critical materials in the power distribution industry [6]

Investment Rating - The investment rating for the company is "Buy-B" and is maintained [1][5] Core Views - The company reported a revenue of 1.33 billion yuan for 2024, representing a year-on-year increase of 12.78%, and a net profit attributable to shareholders of 117 million yuan, up 19.21% year-on-year. The growth is attributed to the company's efforts in expanding overseas markets, optimizing product structure, and the gradual contribution of new industries such as commercial aerospace [2][3] - In Q4 2024, the company achieved a revenue of 366 million yuan, a quarter-on-quarter increase of 7.65%, and a net profit of 39 million yuan, up 77.27% quarter-on-quarter, marking a new high for quarterly revenue and profit [3] - The development of commercial aerospace is driving the demand for high-temperature superconducting materials, with significant satellite deployment plans from various projects, indicating a robust growth trajectory for the industry [3] - Global electricity demand is expected to grow steadily, with an average annual growth rate of 4% from 2025 to 2027, driven by electrification in AI, data centers, and transportation sectors, which will positively impact the company's mid-to-high voltage electrical contact materials [4] Financial Performance and Forecast - The company forecasts net profits attributable to shareholders of 117 million yuan in 2024, 151 million yuan in 2025, and 212 million yuan in 2026, with corresponding P/E ratios of 62, 48, and 34 times based on the closing price of 9.99 yuan on February 20 [5][8] - Revenue projections for the company are 1.33 billion yuan in 2024, 1.70 billion yuan in 2025, and 2.14 billion yuan in 2026, reflecting growth rates of 12.8%, 28.1%, and 25.8% respectively [8][11] - The gross profit margin is expected to improve from 23.0% in 2024 to 23.9% in 2026, indicating enhanced profitability [8][11]

通信 周跟踪（20250210-20250216） 领先大市-A(维持) 阿里腾讯亿级日活催化，看好国内算力主线 2025 年 2 月 21 日 行业研究/行业周报 通信行业近一年市场表现 跟踪：Deepseek 打开国内 AI 应用"iPhone 时 刻 "， 北 美 Capex 指 引 大 幅 增 长 2025.2.13 跟踪：Stargate 和 DeepSeek，大模型创新 和工程优化的双向奔赴 2025.2.5 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 孙悦文 行业动向： 苹果携手阿里今年为国内 iPhone 用户推出 apple intelligence 服务。根据华 尔街见闻报道，苹果已选择阿里作为合作商为中国版 iPhone 开发人工智能功能。 苹果 AI 会深度集成阿里通义大模型多项功能以重构照片搜索、文本重写能力， 提升摄影、文本处理等体验。我们认为，阿里通义千问作为全球最大的开源模型 族群之一已积累了充分的技术经验，同时阿里云服务全球大客户经 ...

研究早观点 2025 年 2 月 21 日 星期五 市场走势 资料来源：最闻 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 【今日要点】 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 【山证新股】新股周报（2025.02.17-2025.02.21）-新股市场活跃度下降， 1 月份创业板发行 PE 上升 【行业评论】计算机：行业快报-Grok 3 正式发布，头部模型推理性能 进一步提升 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,350.78 | -0.02 | | 深证成指 | | 10,794.55 | 0.20 | | 沪深 | 300 | 3,928.90 | -0.29 | | 中小板指 | | 6,736.15 | 0.47 | | 创业板指 | | 2,225.58 | -0.06 | | 科创 | 50 | 1,033.09 | -0.14 | 资料来源：最闻 分析师： 李召麒 研究早观点 【今 ...

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，科创板和主板发行 PE 下降。 新股研究 新股周报（2025.02.17-2025.02.21） 新股市场活跃度下降，1 月份创业板发行 PE 上升 2025 年 2 月 20 日 策略研究/定期报告 投资要点： 新股市场活跃度下降，1 月份创业板新股首日涨幅和开板估值上升 周内新股市场活跃度下降，近 6 个月上市新股周内共有 21 只股票录得正涨幅(占比 45.65%，前值 95.65%)。 科创板：上周科创板无新股上市。周内合合信息录得周涨幅超 10%，拉普拉斯录得周跌 幅超-5%。 创业板：上周创业板无新股上市。周内蓝宇股份、超研股份录得周涨幅超 10%，慧翰股 份录得周跌幅约-10%。 沪深主板：上周沪深主板无新 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the computer industry [1][11]. Core Insights - The report highlights the significant performance improvements of Grok 3, which surpasses competitors like DeepSeek V3 and GPT-4o in various benchmarks, indicating a strong potential for AI applications [3][4]. - The introduction of Grok 3 is expected to accelerate the adoption of AI applications across multiple sectors, including enterprise services, office applications, finance, education, and healthcare [6]. Summary by Sections Market Performance - The computer industry has shown strong market performance over the past year, with a focus on AI applications and their potential for widespread implementation [1]. Key Developments - Grok 3 was officially released on February 18, 2025, with enhanced features and subscription options, indicating a strategic move to capture a larger user base [2][3]. - Grok 3's performance in mathematical reasoning and scientific logic has improved by 27%-43% compared to DeepSeek V3, showcasing its advanced capabilities [3][5]. Investment Recommendations - The report suggests focusing on AI-related stocks, including: 1. AI + Enterprise Services: Kingdee International, Fanwei Network, and others 2. AI + Office: Kingsoft Office, Foxit Software, etc. 3. AI + Finance: New Wisdom Software, Tonghuashun, etc. 4. AI + Healthcare: RunDa Medical, Weining Health, etc. [6][7].

Market Overview - The domestic market indices showed an upward trend, with the Shanghai Composite Index closing at 3,351.54, up by 0.81%, and the Shenzhen Component Index closing at 10,772.65, up by 1.46% [2] Industry Commentary - The electronics sector is highlighted by Alibaba's confirmation of a partnership with Apple, which will lead to the launch of the iPhone SE4. This collaboration is expected to enhance AI capabilities in the device [3][4] - The semiconductor sector saw varied performance, with the Philadelphia Semiconductor Index rising by 3.03% while the Taiwan Semiconductor Index fell by 4.37% [4] Key Developments - ByteDance's Doubao team introduced a new sparse model architecture, UltraMem, which can reduce inference costs by up to 83% compared to MoE, significantly improving inference speed [4] - Alibaba's co-founder confirmed the partnership with Apple to provide AI servers for the Chinese market, indicating a strategic move to localize services for Apple products [4] Financial Performance - Yongxi Electronics reported a revenue of 3.605 billion yuan for 2024, a year-on-year increase of 50.76%, and a net profit of 67 million yuan, marking a return to profitability [4] - SMIC reported a revenue of 57.796 billion yuan for 2024, a 27.7% increase year-on-year, but a net profit decline of 23.3% to 3.699 billion yuan [4] Price Trends in the Photovoltaic Industry - The price of dense polysilicon remained stable at 39.0 yuan/kg, while granular silicon saw a 2.8% increase to 37.0 yuan/kg. The overall inventory of polysilicon is slowly decreasing [6] - The average price of M10 solar cells remained at 0.33 yuan/W, with a slight increase in the price of 182mm N-type solar cells to 0.285 yuan/W [6] Investment Recommendations - The report suggests focusing on domestic replacements in equipment, materials, and components, as well as high-performance chips driven by AI technology. Companies to watch include Aiko, Longi Green Energy, and others in the photovoltaic sector [8]

资料来源：最闻 2025 年 2 月 19 日 行业研究/行业周报 相关报告： 券电子行业周跟踪 2025.2.12 出口，新一轮清单涵盖多个高科技领域- 山西证券电子行业周跟踪 2025.1.21 高宇洋 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 电子 周跟踪（20250210-20250214） 领先大市-A(维持) 董雯丹 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.2.10-2025.2.14）市场大盘普遍上涨，上证指数涨 1.30%，深圳成指涨 1.64%，创业板指涨 1.88%，科创 50 涨 0.36%，申万电子 指数涨 0.27%，Wind 半导体指数跌 0.69%。外围市场，费城半导体指数涨 3.03%，台湾半导体指数跌 4.37%。细分板块中，周涨跌幅前三为模拟芯片设 计（+3.13%）、元件（+2.12%）、分立器件（+0.92%）。从个股看，涨幅前五 为利尔达（+31.66%）、昀冢科技（+29.69%）、力王股份（+26.58%）、致尚 科技（+22.73%）和利扬芯片（+20.83%）；跌幅前五为天键股份（- ...

化学原料行业近一年市场表现 资料来源：最闻 相关报告： 材料"行动计划，霍尼韦尔官宣 1 拆 3- 新材料周报（250203-0207） 2025.2.12 价标准公示，长鸿高科拟建 15 万吨生物 新材料- 新材料周报 （250113-0117） 2025.1.21 执业登记编码：S0760523120002 邮箱：jiyongjie@sxzq.com 王锐 市场与板块表现：本周新材料板块下跌。新材料指数跌幅为 0.11%，跑输创 业板指 1.99%。近五个交易日，合成生物指数上涨 6.08%，半导体材料下跌 0.75%， 电子化学品下跌 0.59%，可降解塑料上涨 2.92%，工业气体下跌 0.21%，电池化 学品上涨 2.21%。 执业登记编码：S0760524090001 邮箱：wangrui1@sxzq.com 研究助理： 申向阳 邮箱：shenxiangyang@sxzq.com 新材料 新材料周报（250210-0214） 领先大市-B(维持) 《国家重点推广低碳技术目录》公布，深交所受理美瑞新材定增材料 2025 年 2 月 18 日 行业研究/行业周报 摘要 二级市场表现 产业链周度价格跟踪 ...

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the industry [1]. Core Insights - The demand for computing power from internet giants is expected to surge, particularly with Tencent's integration of DeepSeek into WeChat, which has over 1.3 billion monthly active users. This is anticipated to drive significant growth in search capabilities and cloud demand [1]. - Alibaba's collaboration with Apple is set to accelerate capital expenditures in cloud computing, as Apple's ecosystem will generate substantial cloud computing needs. Alibaba Cloud has also upgraded its flagship model, further solidifying cloud demand [2]. - Cummins' Power System business reported a revenue increase of 22% year-on-year in Q4 2024, driven by data center applications and the mining market. The EBITDA margin improved to 18.0%, with expectations of continued growth in 2025 [3]. Summary by Sections Industry Dynamics - The global data center market is expanding due to the push from cloud computing, big data, and artificial intelligence. National policies are encouraging the development and innovation of the data center industry [4]. - The report highlights investment opportunities in the domestic supply chain related to core equipment, particularly in generator sets and liquid cooling equipment [4]. Market Performance - The report provides insights into the recent market performance of the other general machinery sector, indicating a positive trend [5].