相关报告： 通信 山证通信 2025 年投资策略 领先大市-A(维持) 云上铜光星辰大海，AI 物联网企绘未来 2025 年 4 月 10 日 行业研究/行业年度策略 通信板块近一年市场表现 | 资料来源：最闻 | | | | --- | --- | --- | | 首选股票 | | 评级 | | 000063.SZ | 中兴通讯 | 增持-A | | 000938.SZ | 紫光股份 | 买入-B | | 002130.SZ | 沃尔核材 | 买入-A | | 000988.SZ | 华工科技 | 买入-A | | 688205.SH | 德科立 | 买入-B | | 300308.SZ | 中际旭创 | 买入-A | | 300502.SZ | 新易盛 | 买入-A | | 300394.SZ | 天孚通信 | 买入-A | | 603236.SH | 移远通信 | 增持-A | | 300638.SZ | 广和通 | 买入-B | | 300762.SZ | 上海瀚讯 | 买入-B | | 600941.SH | 中国移动 | 买入-A | | 601728.SH | 中国电信 | 买入-A | | 6 ...

通信 山证通信 2025 年投资策略 领先大市-A(维持) 云上铜光星辰大海，AI 物联网企绘未来 2025 年 4 月 10 日 行业研究/行业年度策略 通信板块近一年市场表现 | 首选股票 | | 评级 | | --- | --- | --- | | 000063.SZ | 中兴通讯 | 增持-A | | 000938.SZ | 紫光股份 | 买入-B | | 002130.SZ | 沃尔核材 | 买入-A | | 000988.SZ | 华工科技 | 买入-A | | 688205.SH | 德科立 | 买入-B | | 300308.SZ | 中际旭创 | 买入-A | | 300502.SZ | 新易盛 | 买入-A | | 300394.SZ | 天孚通信 | 买入-A | | 603236.SH | 移远通信 | 增持-A | | 300638.SZ | 广和通 | 买入-B | | 300762.SZ | 上海瀚讯 | 买入-B | | 600941.SH | 中国移动 | 买入-A | | 601728.SH | 中国电信 | 买入-A | | 600050.SH | 中国联通 | 买入-A ...

集成电路 普冉股份（688766.SH） 增持-A(维持) 产品结构持续优化，盈利能力稳中有升 2025 年 4 月 10 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年度报告。2024 年全年公司实现营业收入 18.04 亿元， 同比增长 60.03%，实现归母净利润 2.92 亿元，同比增长 705.74%。Q4 单季 度公司实现营业收入 4.37 亿元，同比增长 21.45%，环比下降 7.09%；实现 归母净利润 0.68 亿元，同比增长 26.94%，环比下降 23.77%。 事件点评 | 基础数据：2024 年 | 12 月 | 31 日 | | | --- | --- | --- | --- | | 基本每股收益(元)： | | | 2.78 | | 摊薄每股收益(元)： | | | 2.78 | | 每股净资产(元)： | | | 21.00 | | 净资产收益率(%)： | | | 13.19 | 资料来源：最闻 行业温和复苏，公司把握增量市场机遇，营收创新高。2024 年存储价格 走势前高后低，市场需求温和复苏，行业伴有一定结构性增长机会，公司根 据客户需求 ...

集成电路 普冉股份（688766.SH） 增持-A(维持) 产品结构持续优化，盈利能力稳中有升 2025 年 4 月 10 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2024 年年度报告。2024 年全年公司实现营业收入 18.04 亿元， 同比增长 60.03%，实现归母净利润 2.92 亿元，同比增长 705.74%。Q4 单季 度公司实现营业收入 4.37 亿元，同比增长 21.45%，环比下降 7.09%；实现 归母净利润 0.68 亿元，同比增长 26.94%，环比下降 23.77%。 事件点评 市场数据：2025 年 4 月 9 日 行业温和复苏，公司把握增量市场机遇，营收创新高。2024 年存储价格 走势前高后低，市场需求温和复苏，行业伴有一定结构性增长机会，公司根 据客户需求及时进行技术和产品创新，不断开拓市场和客户，营收实现公司 成立以来的新高，达 18.04 亿元，同比增长 60.03%。同时，公司把握增量市 场机遇，提高产品渗透率，其中存储系列芯片出货 67.72 亿颗，同比上升 33.09%，实现营业收入 14.17 亿元，同比增长 40.10%，"存储+"系列芯 ...

Group 1 - The North Exchange 50 index experienced a decline of 2.74% in March, which is less than the declines of the ChiNext (-3.07%) and the Sci-Tech Innovation Board (-3.46%), while maintaining a year-to-date increase of 22.48% [2][10][12] - The trading volume in March reached 789.935 billion yuan, a month-on-month increase of 39.30%, with an average daily trading volume of 37.616 billion yuan, also up by 19.40% [2][12] - The median PE (TTM) of the North Exchange is 40.30 times, down from the February peak of 42.46 times, but still higher than the ChiNext (35.01 times) and the Sci-Tech Innovation Board (33.79 times) [2][15][19] Group 2 - In March, 33 companies disclosed annual reports, with 21 companies reporting revenue growth and 19 companies reporting net profit growth; 30 companies announced dividend plans, including 9 companies announcing stock transfers [3][19] - Companies such as Teris and Haineng Technology announced share repurchase plans, indicating confidence in their own development and injecting positive signals into the market [3][26] - 16 companies announced shareholder reduction plans, involving companies like Xun'an Technology and Weida Optoelectronics [3][28] Group 3 - The North Exchange is expected to launch ETF products, with the first likely to be introduced in the third quarter of this year, which may attract new capital [3][35] - The review process for new stock listings has accelerated, with only one company, Kaifa Technology, listed in March, while 80 companies updated their review status [3][38] - Major contracts were announced by companies such as Koru Intelligent Control and Qiuguan Cable, with significant contract values indicating ongoing business activity [3][35]

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,186.81, up by 1.31% [2] Industry Commentary Communication Sector - The recent escalation of global tariff disputes has led to increased market volatility, with the U.S. imposing a 10% tariff on all trade partners, and some countries facing tariffs as high as 49%. This has raised concerns about supply chain disruptions and inflation, potentially leading to a recession in the U.S. [5] - In response, the Chinese government announced a 34% tariff on U.S. imports, which may impact the communication equipment manufacturing sector. However, there is optimism regarding a rebound in overseas exports and opportunities in domestic chip replacement [5][6] - The risk exposure from tariffs is considered manageable, as the direct export to the U.S. for certain products is limited. Companies have adjusted their supply chains to mitigate tariff impacts [5] - The focus on domestic demand and supply chain security is emphasized, with operators expected to benefit from AI investments and the restructuring of business value [6] Chemical Raw Materials - The U.S.-China tariff policies present both challenges and opportunities, particularly in the context of domestic material replacement and self-sufficiency [7] - The emphasis is on accelerating the domestic production of high-performance materials to reduce reliance on imports, especially in sectors like semiconductors [10] Company Commentary Xiechuang Data (300857.SZ) - The company reported a revenue of 7.41 billion yuan for 2024, marking a 59.08% year-on-year increase, with a net profit of 692 million yuan, up 140.80% [10][12] - The growth is driven by the company's focus on computing power services, with significant contributions from data storage and AIoT terminal businesses [14] - The company is positioned to benefit from the increasing demand for cloud computing and AI services, with plans to invest up to 3 billion yuan in server procurement to enhance its computing power rental services [14] Investment Recommendations - Key companies to watch include China Mobile, China Unicom, and China Telecom for their roles in the communication sector, as well as semiconductor material companies for their potential in domestic production [8][10] - The report suggests that the domestic tourism retail sector will benefit from the new "immediate refund" tax policy for outbound travelers, which is expected to enhance consumer spending [20][21]

通信 周跟踪（20250331-20250406） 领先大市-A(维持) ——全球关税摩擦升级，把握自主可控和科技内需板块 2025 年 4 月 9 日 行业研究/行业周报 【山证通信】山西证券通信行业周 跟踪：OFC2025 即将召开，关注财报季 高景气板块 2025.4.1 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 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 投资要点 行业动向： 通信行业近一年市场表现 资料来源：最闻 相关报告： 跟踪：GTC 之后，依然看好海外算力链 2025.3.26 1）美国"对等关税"引发全球资本市场避险情绪 4 月 2 日，美国单方面宣布"对等关税"政策，对所有贸易伙伴征收 10%关 税，部分国家税率高达 49%。市场对于全球供应链断裂、通胀飙升以及由此导致 美国经济衰退的担忧引发市场的避险情绪持续下行。4 月 4 日，国务院关税税则 委员会宣布了对美反制措施，对原产于美国的所有 ...

通信 周跟踪（20250331-20250406） 领先大市-A(维持) ——全球关税摩擦升级，把握自主可控和科技内需板块 2025 年 4 月 9 日 行业研究/行业周报 通信行业近一年市场表现 资料来源：最闻 相关报告： 【山证通信】山西证券通信行业周 跟踪：OFC2025 即将召开，关注财报季 高景气板块 2025.4.1 跟踪：GTC 之后，依然看好海外算力链 2025.3.26 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 赵天宇 执业登记编码：S0760524060001 邮箱：zhaotianyu@sxzq.com 投资要点 行业动向： 1）美国"对等关税"引发全球资本市场避险情绪 4 月 2 日，美国单方面宣布"对等关税"政策，对所有贸易伙伴征收 10%关 税，部分国家税率高达 49%。市场对于全球供应链断裂、通胀飙升以及由此导致 美国经济衰退的担忧引发市场的避险情绪持续下行。4 月 4 日，国务院关税税则 委员会宣布了对美反制措施，对原产于美国的所有 ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a strong potential for price appreciation in the coming months [1][7]. Core Insights - The company achieved a revenue of 7.41 billion yuan in 2024, representing a year-on-year growth of 59.08%, and a net profit of 692 million yuan, which is a significant increase of 140.80% compared to the previous year [3][9]. - The company's business segments, including data storage, AIoT terminals, server remanufacturing, and computing cloud services, are all experiencing rapid growth, contributing to an overall improvement in profitability [4][5]. - The gross margin for 2024 reached 17.36%, an increase of 3.79 percentage points from the previous year, driven by a higher proportion of high-margin businesses and improved supply chain management [4]. Financial Performance - The company reported a basic earnings per share (EPS) of 2.83 yuan for 2024, with projections for EPS of 4.43, 5.80, and 7.47 yuan for 2025, 2026, and 2027 respectively [2][7]. - The net profit margin for 2024 was 9.27%, up by 3.13 percentage points from the previous year, indicating enhanced operational efficiency [4][9]. - The company is expected to continue its growth trajectory, with projected revenues of 10.19 billion yuan in 2025, 13.18 billion yuan in 2026, and 16.76 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 37.5% from 2024 to 2025 [9][11]. Business Segments - The data storage segment generated 4.46 billion yuan in revenue in 2024, a year-on-year increase of 54.98%, supported by investments in self-developed storage chips and server storage [4]. - The AIoT terminal segment saw revenues of 2.26 billion yuan, growing by 60.82%, with notable contributions from cloud video platforms and overseas smart security [4]. - The server remanufacturing business is expanding its production capacity, while the computing cloud services are establishing partnerships with leading companies in various sectors [5][6].

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a strong expected performance relative to the benchmark index [1][7]. Core Insights - The company achieved a revenue of 7.41 billion yuan in 2024, representing a year-on-year growth of 59.08%. The net profit attributable to shareholders reached 692 million yuan, a significant increase of 140.80% year-on-year [3][9]. - The company's data storage business saw a revenue of 4.46 billion yuan, growing by 54.98%, while the AIoT terminal business generated 2.26 billion yuan, up by 60.82% [4]. - The gross margin improved to 17.36%, an increase of 3.79 percentage points from the previous year, driven by a higher proportion of high-margin businesses and cost management [4]. Financial Performance - The company is projected to achieve earnings per share (EPS) of 4.43, 5.80, and 7.47 yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings (P/E) ratios of 20.52, 15.68, and 12.17 [7][9]. - The net profit margin for 2024 was 9.27%, an increase of 3.13 percentage points compared to the previous year [4][9]. - The company plans to invest up to 3 billion yuan in server procurement to enhance its computing power rental services, with a global network of 25 supercomputing centers established [5][9]. Business Segments - The data storage segment is expanding due to investments in self-developed storage chips and server storage for computing power [4]. - The AIoT terminal segment is growing rapidly, with significant contributions from cloud video platforms and overseas smart security [4]. - The server remanufacturing business is also gaining traction, with increasing sales and production capacity [4]. Future Outlook - The company is positioned to benefit from the growing demand for intelligent computing centers and computing power leasing, with partnerships established with leading enterprises in various sectors [5][6]. - The overall revenue forecast for the company is expected to reach 10.19 billion yuan in 2025, with a year-on-year growth rate of 37.5% [9].