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]

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [4][9]. Core Views - The company reported a slight decline in revenue and net profit for 2024, with operating income at 189.4 billion yuan, down 1.85% year-on-year, and net profit attributable to shareholders at 19.32 billion yuan, down 1.08% year-on-year [4]. - The coal business remains the primary revenue driver, accounting for 84.51% of total revenue, with both production and sales increasing despite a decrease in average selling prices [5][6]. - The company is focused on a full industrial chain layout in coal, coal power, coal chemical, and new energy, which is expected to stabilize operational performance and enhance valuation [8][9]. Market Performance - As of March 25, 2025, the company's closing price was 10.49 yuan, with a market capitalization of 1390.83 billion yuan [2]. - The stock reached a yearly high of 15.92 yuan and a low of 9.77 yuan [2]. Financial Data - Basic earnings per share for 2024 were reported at 1.46 yuan, with a diluted earnings per share also at 1.46 yuan [3]. - The return on equity (ROE) was 12.98%, reflecting a decrease of 1.20 percentage points year-on-year [3]. - The company’s total assets were 3579.65 billion yuan, with net assets of 1519.11 billion yuan, showing year-on-year increases of 2.5% and 5.4%, respectively [4]. Future Projections - Expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.38 yuan, 1.55 yuan, and 1.77 yuan, respectively [9]. - The price-to-earnings (P/E) ratios for the same years are estimated at 7.6, 6.8, and 5.9 times [9].

Investment Rating - The report maintains a "Buy-A" rating for the company [3][6]. Core Insights - The company is a leader in domestic CPU and DCU markets, benefiting from the rapid growth driven by domestic CPU and AI computing demand [3][5]. - The company has established significant technological and ecological advantages through its partnership with AMD, allowing it to produce competitive CPU and DCU products [3][4]. - The domestic CPU market is projected to reach a scale of hundreds of billions, with substantial room for domestic replacement [4][31]. Summary by Sections Company Overview - Founded in 2014, the company gained AMD technology authorization in 2016 to initiate CPU product development, evolving into a leader in the CPU and DCU sectors [15][19]. - The management team has a strong background in major chip manufacturers, enhancing the company's technological capabilities [19][21]. CPU Market Analysis - The domestic CPU market is estimated to be worth over 100 billion, with significant potential for domestic alternatives [4][31]. - The company's CPU products, based on the x86 architecture, have shown superior performance compared to competitors, maintaining a leading position in the domestic market [4][43]. DCU Market Analysis - The company's DCU products are positioned to benefit from the growing demand for AI computing, with expectations of significant performance improvements in upcoming product iterations [5][6]. - The DCU architecture is highly compatible with international AI frameworks, facilitating seamless integration into existing systems [5][6]. Financial Projections - The company is expected to achieve net profits of 2.945 billion, 4.228 billion, and 5.647 billion for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 52.5%, 43.6%, and 33.6% [6][8]. - The revenue is projected to grow from 6.012 billion in 2023 to 23.546 billion by 2027, reflecting a compound annual growth rate of 89.1% over the past six years [8][22]. Valuation Analysis - The report provides a detailed valuation analysis, indicating a price-to-earnings ratio (P/E) of 111.31 for 2025, decreasing to 58.06 by 2027, suggesting a favorable long-term investment outlook [6][8].

Investment Rating - The report maintains an "Accumulate-A" investment rating for the company [4][9]. Core Views - The company reported a slight decline in revenue and net profit for 2024, with operating income at 189.40 billion yuan, down 1.85% year-on-year, and net profit attributable to shareholders at 19.32 billion yuan, down 1.08% year-on-year [4]. - The coal business remains the primary revenue driver, accounting for 84.51% of total revenue, with both production and sales increasing despite a decrease in average selling prices [5][6]. - The company is focused on a full industry chain layout in coal, coal power, coal chemical, and new energy, which is expected to stabilize operational performance and enhance valuation [8]. Market Performance - As of March 25, 2025, the company's closing price was 10.49 yuan, with a market capitalization of 1390.83 billion yuan [2]. - The stock reached a yearly high of 15.92 yuan and a low of 9.77 yuan [2]. Financial Data - Basic earnings per share for 2024 were reported at 1.46 yuan, with a return on equity of 12.98% [3]. - The company’s total assets as of the end of 2024 were 3579.65 billion yuan, reflecting a year-on-year increase of 2.5% [4]. - The net cash flow from operating activities was 341.40 billion yuan, down 20.5% year-on-year [4]. Future Projections - Expected earnings per share for 2025, 2026, and 2027 are projected to be 1.38 yuan, 1.55 yuan, and 1.77 yuan respectively, with corresponding price-to-earnings ratios of 7.6, 6.8, and 5.9 [9][11]. - Revenue is expected to grow gradually, with projections of 192.10 billion yuan in 2025, 199.45 billion yuan in 2026, and 211.90 billion yuan in 2027 [11][15].

通信 周跟踪（20250317-20250323） 领先大市-A(维持) 通信行业近一年市场表现 视 角 ： 重 视 推 理 与 端 侧 - 周 跟 踪 （20250310-20250316） 2025.3.18 跟踪：AGI 第三阶段初见端倪，算力 token 消耗量快速提升 2025.3.11 行业动向： 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 邮箱：sunyuewen@sxzq.com 2025 年 3 月 26 日 行业研究/行业周报 投资要点 1）GTC2025 英伟达更新 Roadmap，通信依然是未来几年最重要的价值增 量。 资料来源：最闻 相关报告： 【山证通信】—— GTC 前瞻另一个 【山证通信】山西证券通信行业周 1.1 从 GB300 NVL72 到 Vera Rubin NVL576，一年一代进化路径清晰。英 伟达表示，首先将从 2025 下半年起提供基于 Blackwell Ultra（GB300）的产品， 包括 GB300 ...