Investment Rating - The report assigns an "Accumulate-A" rating to the company, indicating a positive outlook for its stock performance in the near term [1][8]. Core Insights - The company's business transformation is showing initial results, with cost reduction and efficiency improvements driving significant growth in performance [1]. - In 2024, the company achieved a revenue of 6.24 billion yuan, a year-on-year decrease of 4.93%, while the net profit attributable to shareholders increased by 116.19% to 250 million yuan [4][5]. - The construction industry remains sluggish, but recent policy measures are expected to gradually revive the sector, enhancing the company's revenue growth prospects [5]. - The company has optimized its business structure and implemented cost control measures, resulting in a gross margin of 84.33%, an increase of 1.82 percentage points year-on-year [5][6]. Financial Performance Summary - The company reported a net profit margin of 4.36% in 2024, up 2.53 percentage points from the previous year [5]. - The digital cost business generated revenue of 4.99 billion yuan, a decrease of 3.55%, while the digital construction business saw revenue of 787 million yuan, down 8.71% [6]. - The company is focusing on improving operational quality by shifting from scale to quality in its product offerings, which has led to a gross margin of 35.87% in the digital construction segment, up 4.40 percentage points [6]. - The company is expanding its overseas market presence, achieving revenue of 203 million yuan from international operations, a growth of 5.07% [6]. Earnings Forecast - The company is projected to have earnings per share (EPS) of 0.32, 0.38, and 0.46 for the years 2025, 2026, and 2027, respectively [7]. - Corresponding price-to-earnings (P/E) ratios for these years are expected to be 44.70, 36.72, and 30.58 based on the closing price of 14.11 yuan on March 26 [7].

| 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].

Investment Rating - The report maintains an "Outperform" rating for the telecommunications industry [1]. Core Insights - The telecommunications sector is expected to be a significant value increment in the coming years, as highlighted by NVIDIA's updated roadmap during GTC 2025 [3]. - The evolution from GB300 NVL72 to Vera Rubin NVL576 shows a clear path of advancement, with substantial improvements in performance metrics [4][14]. - The report emphasizes the increasing importance of copper connections, optical modules, and liquid cooling in driving value growth within the industry [6][16]. Summary by Sections Industry Trends - NVIDIA's GTC 2025 roadmap indicates that communication remains a critical area for value growth in the next few years [3]. - The introduction of Blackwell Ultra products, starting in the second half of 2025, will enhance performance significantly, with NVL72 achieving 1.1 EFLOPS and Vera Rubin reaching up to 50 PFLOPS [4][14]. - The report notes that the bandwidth for single GPU packages is expected to double annually, indicating a robust growth trajectory for communication technologies [5][15]. Investment Recommendations - The report suggests focusing on companies involved in copper connections, optical modules, and AI server technologies, as these areas are projected to see substantial demand growth [8][18]. - Key companies to watch include Unisplendour, Ruijie Networks, and Guangxun Technology in the domestic market, and NewEase, Tianfu Communication, and Zhongji Xuchuang in the overseas market [19]. - The report highlights the anticipated increase in capital expenditures from major players like Alibaba, Tencent, and ByteDance, which is expected to benefit the industry [18]. Market Overview - The overall market experienced a decline during the week of March 17-23, 2025, with the Shanghai Composite Index dropping by 1.60% and the Shenzhen Component Index falling by 2.65% [8][31]. - Among the sub-sectors, the controller and operator segments showed resilience, with increases of 2.2% and 1.4%, respectively [8][21]. - Notable stock performances included Dongtu Technology and Hengtong Optic-Electric, which saw gains of 18.38% and 4.08% [31].

Investment Rating - The report maintains an "Outperform" rating for the communication industry [1]. Core Insights - The communication sector is expected to be a significant value increment in the coming years, as highlighted by NVIDIA's updated roadmap for GTC2025 [3][15]. - The evolution from GB300 NVL72 to Vera Rubin NVL576 shows a clear path of advancement, with substantial improvements in performance metrics such as FP4 inference capabilities and memory [4][15]. - The report emphasizes the increasing value of copper connections, optical modules, and liquid cooling systems, driven by advancements in GPU technology [5][17]. Summary by Sections Industry Dynamics - NVIDIA's roadmap indicates that communication will remain a crucial area for value growth over the next few years, with products like Blackwell Ultra and Vera Rubin showcasing significant performance enhancements [3][15]. - The transition to measuring GPU counts by die rather than package has led to a notable increase in communication bandwidth, with projections showing annual growth rates of at least 100% for single-package bandwidth [5][16]. Investment Recommendations - The report suggests focusing on companies involved in copper connections, optical modules, and power supply systems, as these areas are expected to see increased demand due to technological advancements [6][19]. - For domestic computing power, companies like Unisplendour, Ruijie Networks, and Guangxun Technology are highlighted as key players to watch, alongside international firms such as NewEase and Tianfu Communication [20][19]. Market Overview - The overall market experienced a decline during the week of March 17-23, 2025, with major indices such as the Shanghai Composite Index dropping by 1.60% [9][19]. - Specific sectors like controllers and operators showed resilience, with gains of 2.2% and 1.4%, respectively, while the communication index fell by 3.85% [19][32]. Company Performance - Notable stock performances included Eastcom and Hengtong Optic-Electric, which saw increases of 18.38% and 4.08%, respectively, while companies like Guangxun Technology and Kingsoft faced significant declines [32][19].

Investment Rating - The report assigns a "Buy-B" rating for the company, marking its first coverage [5]. Core Insights - The company has shown significant growth in revenue and profit, with a compound annual growth rate (CAGR) of 22.1% in revenue from 860 million yuan to 2.33 billion yuan from 2018 to 2023, and a CAGR of 50.2% in net profit from 80 million yuan to 610 million yuan during the same period [3][19]. - The company is expanding its plasma collection capacity and product offerings, which are expected to drive long-term growth [4][19]. - The domestic market for immunoglobulin and blood products is growing, with the company positioned to capture a larger market share due to increasing demand and limited domestic supply [4][51]. Summary by Sections 1. Company Growth and Resource Expansion - The company has rapidly expanded its plasma collection stations and resources through mergers and acquisitions, particularly with the integration of subsidiaries Guangdong Shuanglin and Paisfiko [16][19]. - The company has a diverse product portfolio with 11 blood product varieties, ranking it among the top in the industry [40][69]. 2. Market Demand and Product Development - There is a strong demand for immunoglobulin and albumin products, with significant room for domestic product substitution as the market is currently dominated by imports [4][47]. - The company is actively developing new products, including the fourth-generation immunoglobulin and various coagulation factor products, which are expected to enhance its market position [4][71]. 3. Financial Projections and Valuation - Revenue projections for 2024-2026 are estimated at 2.91 billion yuan, 3.32 billion yuan, and 3.81 billion yuan, respectively, with corresponding net profits of 760 million yuan, 860 million yuan, and 980 million yuan [5][6]. - The company is expected to maintain a favorable price-to-earnings (P/E) ratio, projected at 21.1, 18.6, and 16.4 for the years 2024, 2025, and 2026, respectively [5][6].