资料来源：最闻 相关报告： 电子 行业周报（20250512-20250516） 领先大市-A(维持) AI 增长持续投入，华为鸿蒙折叠 PC 开启 PC 形态革命 2025 年 5 月 22 日 行业研究/行业周报 电子行业近一年市场表现 投资要点 AI 和国产替代两大主线布局-山西证券 电子行业周跟踪 2025.5.14 握国产替代和自主可控机会-山西证券电 子行业周跟踪 2025.4.29 执业登记编码：S0760523050002 邮箱：gaoyuyang@sxzq.com 邮箱：dongwendan@sxzq.com 市场整体：本周（2025.5.12-2025.5.16）市场大盘整体上涨，上证指数涨 0.76%，深圳成指涨 0.52%，创业板指涨 1.38%，科创 50 跌 1.10%，申万电子 指数跌 0.75%，Wind 半导体指数跌 1.27%。外围市场，费城半导体指数涨 10.20%，台湾半导体指数涨 5.13%。细分板块中，周涨跌幅前三为消费电子 （+1.12%）、光学光电子（+0.26%）、元件（+0.19%）。从个股看，涨幅前五 为：精研科技（+20.53%）、ST 宇顺（+20.4 ...

Investment Rating - The report assigns an investment rating of "Buy-A" for the company [6] Core Views - The company is expected to experience a significant recovery in net profit from 2025 to 2027, with projected figures of 5.7 billion, 9.1 billion, and 16.6 billion respectively, corresponding to a dynamic P/E ratio of 30 times in 2025 [6] - The company has a solid industry position, with high-purity quartz sand domestic substitution becoming imperative due to rising trade protectionism and the need for localization in semiconductor applications [5][6] Financial Performance Summary - In 2024, the company reported a revenue of 1.21 billion, a year-on-year decline of 83.2%, and a net profit of 334 million, down 93.4% year-on-year [3][10] - For Q1 2025, the company achieved a revenue of 250 million, a decrease of 35.5% year-on-year, but a significant quarter-on-quarter increase of 155.3%, with a net profit of 50 million [3] - The revenue from quartz rods in 2024 was 970 million, down 21.2% year-on-year, with a gross margin of 43.9% [4] - The revenue from quartz sand in 2024 was 210 million, down 96.4% year-on-year, with a gross margin of 54.4% [4] Market Data Summary - As of May 22, 2025, the closing price of the stock was 31.50 yuan, with a market capitalization of 17.063 billion [2] - The stock reached a yearly high of 46.50 yuan and a low of 21.58 yuan [2] - The company has a total share capital of 542 million, all of which are circulating A-shares [2] Future Projections - The company is expected to see a recovery in revenue, with projections of 1.56 billion in 2025, 2.21 billion in 2026, and 3.36 billion in 2027, reflecting a year-on-year growth of 29.1%, 41.6%, and 52.0% respectively [10] - The gross margin is expected to improve from 55.4% in 2025 to 65.4% in 2027 [10]

Investment Rating - The report adjusts the investment rating of the company to "Accumulate-A" [4][10]. Core Views - The company reported a slight increase in revenue and profit for 2024, achieving revenue of 840 million yuan, a year-on-year growth of 2.8%. The transmission product line saw a revenue decline of 3.5% to 720 million yuan, primarily due to a slowdown in domestic transmission network investments. In contrast, the data and access product line revenue surged by 70% to 100 million yuan, driven by strong demand for DCI subsystem products since the second half of 2024 [4][5]. - The first quarter of 2025 showed a slight revenue increase to 200 million yuan, but net profit decreased by 36.8% year-on-year to 20 million yuan, reflecting challenges in performance expectations [4][5]. - The DCI market in North America is experiencing strong demand, with the company holding competitive advantages in DCI optical and electrical layers. The company has completed the development of a full range of DCI equipment and is actively expanding production capacity [6][10]. Financial Data Summary - The company’s projected revenue for 2025 is 1.25 billion yuan, with net profit expected to reach 139 million yuan, reflecting a year-on-year growth of 38% [10][12]. - The gross margin is expected to improve gradually, with projections of 31.7% in 2025 and 33.3% in 2026 [12][14]. - The company’s earnings per share (EPS) is forecasted to be 1.15 yuan in 2025, increasing to 2.38 yuan by 2027 [12][14].

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 [1]. Core Views - The company's revenue for 2024 reached 23.86 billion yuan, a year-on-year increase of 122.6%, with a net profit of 5.17 billion yuan, up 137.9% [1]. - In Q1 2025, the company reported revenue of 6.67 billion yuan, reflecting a quarter-on-quarter increase of 37.8% and a year-on-year increase of 1.9% [1]. - The company is expected to benefit from sustained global AI infrastructure investments and increasing bandwidth demands for AI chips, projecting net profits of 8.35 billion yuan, 10.72 billion yuan, and 13.31 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 61.5%, 28.4%, and 24.1% [9]. Summary by Sections Financial Performance - The company achieved a gross margin of 33.8% and a net margin of 22.5% in 2024, both showing improvement due to the increased shipment of high-end products [1]. - In Q1 2025, the net profit margin improved by 2 percentage points due to a higher proportion of high-end products and cost reductions [1][3]. Market Position and Demand - The company is positioned to meet the growing demand for optical modules, with a projected production capacity of 20.88 million units in 2024, a year-on-year increase of 113.7% [3]. - The company is expected to be a leading supplier in the global silicon photonics module market by 2025, surpassing Intel [4]. Investment and Growth Outlook - The report highlights a significant increase in capital expenditures (CAPEX) from major clients like Microsoft, META, Google, and Amazon, which is expected to rise by 37% to 30.55 billion USD in 2025 [3]. - The domestic market is also showing explosive growth potential, with a projected market size of 6.5 billion USD by 2029, driven by AI server and network equipment demands [8]. Valuation Metrics - The company's dynamic price-to-earnings (P/E) ratio is currently in a low range, suggesting potential for price appreciation [9]. - The projected earnings per share (EPS) for 2025 is 7.55 yuan, with a P/E ratio of 12.5 [11].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index [4][8]. Core Views - The company reported a revenue of 79.02 billion yuan for 2024, a year-on-year increase of 2.22%, while the net profit attributable to shareholders decreased by 25.23% to 1.572 billion yuan [4][10]. - The company is experiencing a strong momentum in AI-related business, with significant growth in international operations and a focus on domestic AI server demand [6][8]. - The financial burden from the acquisition of a minority stake in Xinhua San has impacted short-term profits, but the company is optimizing its capital structure through a potential dual listing [5][8]. Financial Performance Summary - For 2024, the company achieved a revenue of 79.02 billion yuan, with a net profit of 1.572 billion yuan, reflecting a decline in profitability [4][10]. - In Q1 2025, the company reported a revenue of 20.79 billion yuan, a year-on-year increase of 22.25%, while the net profit was 349 million yuan, down 15.75% year-on-year [4][10]. - The company's gross margin for 2024 was 17.39%, influenced by changes in revenue structure and increased costs associated with AI server sales [5][10]. Business Growth and Market Position - The company’s revenue from the Xinhua San segment reached 55.074 billion yuan in 2024, a year-on-year increase of 6.04%, with international business growing by 32.44% [6][8]. - The company has expanded its global service coverage to 181 countries and regions, with over 2,900 certified overseas partners [6][8]. - The inventory value reached 43.7 billion yuan in Q1 2025, a year-on-year increase of 54.82%, indicating strong demand for AI servers [7][10]. Profitability Forecast and Valuation Analysis - The company is projected to achieve net profits of 1.812 billion yuan, 2.450 billion yuan, and 3.164 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 15.3%, 35.2%, and 29.2% [8][10]. - The estimated P/E ratios for the upcoming years are 38.0 for 2025, 28.1 for 2026, and 21.8 for 2027, reflecting a positive outlook on earnings growth [10][12].

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 [1][8]. Core Insights - The company has demonstrated robust operational performance, with a significant revenue increase of 67.7% year-on-year in 2024, reaching 3.25 billion yuan, and a net profit growth of 84.1%, amounting to 1.34 billion yuan [1][10]. - The first quarter of 2025 shows continued growth, with revenues of 950 million yuan, reflecting a 29.1% quarter-on-quarter increase, although net profit decreased by 8.0% [1][10]. - The company is positioned to benefit from the growing demand for its 1.6T and CPO products, with expectations of substantial revenue contributions from these segments in the near future [3][7]. Financial Performance Summary - In 2024, the company achieved revenues of 3.25 billion yuan, with a year-on-year growth of 67.7%, and a net profit of 1.34 billion yuan, up 84.1% [1][10]. - The revenue forecast for 2025 is projected at 5.21 billion yuan, with a year-on-year growth of 60.1%, and net profit expected to reach 2.08 billion yuan, reflecting a growth of 55.1% [10][12]. - The gross margin is anticipated to improve, with a forecast of 56.7% for 2025, compared to 57.2% in 2024 [10][12]. Market Position and Strategic Advantages - The company is a key player in the supply chain for Nvidia's CPO products, which are expected to drive new growth as the market expands [7]. - The establishment of a factory in Thailand enhances the company's position in the silicon photonics supply chain, allowing for reduced tariff impacts and increased production capabilities [4][7]. - The company is focusing on high-speed data communication and silicon photonics products, which are expected to see increased demand due to the growth of AI and data communication markets [3][4].

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 [1][5]. Core Insights - The company achieved a revenue of 3.25 billion yuan in 2024, representing a year-on-year growth of 67.7%, and a net profit of 1.34 billion yuan, up 84.1% year-on-year [1]. - The first quarter of 2025 showed steady operations with a revenue of 950 million yuan, a quarter-on-quarter increase of 29.1%, and a net profit of 340 million yuan, reflecting a year-on-year growth of 21.1% [1]. - The company is positioned as a key player in the silicon photonics supply chain, with its Thai factory now operational and expanding production capabilities [3][4]. Financial Performance - In 2024, the company’s active and passive product lines generated revenues of 1.66 billion yuan (up 121.9% year-on-year) and 1.58 billion yuan (up 33.2% year-on-year), respectively [2][5]. - The projected net profits for 2025, 2026, and 2027 are 2.08 billion yuan, 2.88 billion yuan, and 3.24 billion yuan, respectively, with corresponding EPS of 3.75, 5.19, and 5.84 [5][7]. - The gross margin is expected to improve, with a forecast of 56.7% in 2025, up from 54.3% in 2023 [7][9]. Market Position and Growth Drivers - The company is a significant participant in the CPO supply chain for NVIDIA, which is expected to drive new growth as the market expands [4]. - The demand for passive components is anticipated to surge due to the AI data communication market, despite some pressure in traditional telecom markets [2][3]. - The company’s unique position in the silicon photonics industry, along with its partnerships and product offerings, is expected to facilitate market expansion [3][4].

Investment Rating - The report assigns an investment rating of "Buy-A" for the company [6] Core Views - The company is expected to experience a significant recovery in net profit from 2025 to 2027, with projected figures of 5.7 billion, 9.1 billion, and 16.6 billion respectively, indicating a dynamic P/E ratio of 30 times for 2025 [6] - The company has a solid industry position, with high-purity quartz sand domestic substitution becoming imperative due to rising trade protectionism and the need for localization in semiconductor applications [5][6] Financial Performance Summary - In 2024, the company reported a revenue of 1.21 billion, a year-on-year decline of 83.2%, and a net profit of 334 million, down 93.4% year-on-year [3][10] - For Q1 2025, the company achieved a revenue of 250 million, a decrease of 35.5% year-on-year, but a significant quarter-on-quarter increase of 155.3% [3] - The gross margin for quartz rods was 43.9% in 2024, down 11.7 percentage points year-on-year, while quartz sand's gross margin was 54.4%, down 39.8 percentage points year-on-year [4][10] Market Data Summary - As of May 22, 2025, the closing price of the company's stock was 31.50 yuan, with a market capitalization of 17.063 billion [2] - The company has a total share capital of 542 million shares, with a basic and diluted earnings per share of 0.10 yuan [2] Future Projections - Revenue is expected to rebound to 1.56 billion in 2025, with a year-on-year growth of 29.1%, and further increase to 2.21 billion in 2026 and 3.36 billion in 2027 [10] - The net profit is projected to grow significantly, with a year-on-year increase of 72.1% in 2025, 59.3% in 2026, and 81.7% in 2027 [10]

Investment Rating - The investment rating for the company is "Buy-B" (maintained) [1] Core Views - The company reported a revenue of 79.02 billion yuan for 2024, a year-on-year increase of 2.22%, but a decline in net profit by 25.23% to 1.572 billion yuan. The first quarter of 2025 showed a revenue increase of 22.25% year-on-year to 20.79 billion yuan, while net profit decreased by 15.75% to 349 million yuan [4][6] - The company is experiencing increased financial expenses due to the acquisition of a 30% minority stake in Xinhua San, which has led to a rise in the debt ratio to 82.8% [5][6] - The company is focusing on optimizing its capital structure through a dual listing in Hong Kong, which is expected to alleviate debt burdens [5][6] Financial Performance - In 2024, the company achieved a gross margin of 17.39%, influenced by the rising share of AI server revenue and changes in revenue structure [5] - The company’s revenue from Xinhua San reached 55.074 billion yuan in 2024, a year-on-year increase of 6.04%, with international business revenue growing by 32.44% [6][7] - The company’s inventory value reached 43.7 billion yuan in Q1 2025, a year-on-year increase of 54.82%, indicating strong growth momentum in server revenue [7] Profit Forecast and Valuation Analysis - The company is expected to benefit from domestic computing power investments, with projected net profits of 1.812 billion yuan, 2.450 billion yuan, and 3.164 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 15.3%, 35.2%, and 29.2% [8][10] - The estimated revenue for 2025 is 89.081 billion yuan, with a year-on-year growth of 12.7% [10] - The company’s P/E ratio is projected to decrease from 38.0 in 2025 to 21.8 in 2027, indicating an improving valuation outlook [12]

Investment Rating - The report maintains a "Buy-A" rating for the company [1][8] Core Views - The company reported a significant increase in revenue and net profit for 2024, with revenue reaching 23.86 billion yuan, a year-on-year growth of 122.6%, and net profit at 5.17 billion yuan, up 137.9% [1][10] - The first quarter of 2025 showed continued growth, with revenue of 6.67 billion yuan, a quarter-on-quarter increase of 37.8%, and net profit of 1.58 billion yuan, up 56.8% year-on-year [2][10] - The company is expected to benefit from the ongoing demand for AI infrastructure and the increasing bandwidth requirements for AI chips, projecting net profits of 8.35 billion yuan, 10.72 billion yuan, and 13.31 billion yuan for 2025, 2026, and 2027 respectively [8][10] Summary by Sections Financial Performance - In 2024, the company achieved a gross margin of 33.8% and a net margin of 22.5%, both showing improvement due to the increased shipment of high-end products [1][10] - The first quarter of 2025 saw a net profit margin increase of 2 percentage points, attributed to a higher proportion of high-end products and improved cost efficiency [2][3] Market Position and Growth - The company is positioned to be a leading supplier in the global silicon photonics module market by 2025, surpassing previous leaders like Intel [4][8] - The domestic market is also showing strong growth, with a projected revenue of 3.15 billion yuan in 2024, a year-on-year increase of 91.3% [7][8] Production Capacity and Demand - The company plans to ramp up production capacity significantly, with a target of 20.88 million optical modules in 2024, reflecting a year-on-year increase of 113.7% [3][8] - The company’s fixed asset value reached 5.91 billion yuan in the first quarter of 2025, indicating robust demand for inventory [3][8] Future Outlook - The report anticipates a continued increase in capital expenditures from major clients like Microsoft, META, Google, and Amazon, which are expected to rise by 37% to 30.55 billion USD in 2025 [3][8] - The company is also expanding into automotive optical electronics, with a revenue of 760 million yuan in 2024, a significant increase of 128.1% [7][8]