Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [2] Core Views - The company has shown steady growth in its main business of cross-border e-commerce, with significant innovation and upgrades in AI applications [5] - In 2024, the company achieved operating revenue of 1.661 billion yuan, a year-on-year increase of 9.31%, and a net profit attributable to shareholders of 451 million yuan, up 19.09% year-on-year [3][5] - The AI business has demonstrated remarkable growth, with a revenue increase of 287.20% year-on-year [5] Financial Performance Summary - For 2024, the company reported revenues from various segments: - China Manufacturing Network: 1.356 billion yuan (up 8.78%) - New Insurance Business: 116 million yuan (up 2.12%) - Cross-border Business: 92 million yuan (up 6.70%) - Agency Business: 43 million yuan (down 4.87%) - AI Business: 24 million yuan (up 287.20%) - Other: 29 million yuan (up 36.32%) [5] - The company’s gross margin and net margin improved, with gross margin at 80.29% and net margin at 27.38%, reflecting an increase of 0.84 percentage points and 2.21 percentage points year-on-year, respectively [5] - The company’s operating income for Q4 2024 was 455 million yuan, a year-on-year increase of 13.62%, with a net profit of 93 million yuan, up 15.12% [3][5] Future Earnings Forecast - The company is expected to achieve operating revenues of 1.928 billion yuan, 2.170 billion yuan, and 2.431 billion yuan for 2025, 2026, and 2027, respectively, representing year-on-year growth rates of 16.08%, 12.54%, and 12.05% [6] - The net profit attributable to shareholders is projected to be 548 million yuan, 652 million yuan, and 753 million yuan for the same years, with growth rates of 21.43%, 18.91%, and 15.57% [6][7] Valuation Metrics - The price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are estimated to be 26.4X, 22.2X, and 19.2X, respectively [6][7] - The company’s return on equity (ROE) is forecasted to be 18.96% in 2025, increasing to 19.34% in 2026 [7]

证券研究报告 有色金属 报告日期：2025 年 02 月 28 日 高端 MLCC 镍粉放量，光伏无银化加速推进 ——博迁新材（605376.SH）点评报告 华龙证券研究所 最近一年走势 | 当前价格（元） | 41.81 | | --- | --- | | 52 周价格区间（元） | 17.76-42.85 | | 总市值（百万元） | 10,937.50 | | 流通市值（百万元） | 10,937.50 | | 总股本（万股） | 26,160.00 | | 流通股（万股） | 26,160.00 | | 近一月换手（%） | 55.69 | 点评报告 盈利预测简表 | 预测指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 747 | 689 | 948 | 1,338 | 1,581 | | 增长率（%） | -23.02 | -7.72 | 37.61 | 41.14 | 18.16 | | 归母净利润（百万元） | 153 | -32 | 86 | 276 ...

Investment Rating - The report maintains a "Recommended" investment rating for the AI industry, particularly highlighting the DeepSeek model's low pricing and high performance compared to global top models [4][5]. Core Insights - DeepSeek has gained global attention due to its low-cost, high-performance model, DeepSeek-R1, which was released on January 20, 2025. This model utilizes reinforcement learning techniques and matches the performance of OpenAI's o1 model in various tasks [4][10]. - The report emphasizes the long-term growth potential of domestic computing power demand, with cloud services being the most direct beneficiaries. Major tech companies are expected to significantly increase their capital expenditures in response to the competitive landscape created by DeepSeek [4][28]. - The report suggests that the introduction of DeepSeek will democratize AI technology, allowing companies of various sizes to access advanced AI capabilities, thus stimulating growth in the AI sector [4][5]. Summary by Sections 1. DeepSeek Model Launch - DeepSeek-R1 was launched as a competitive alternative to OpenAI's o1 model, featuring a pricing structure that is significantly lower, approximately 1.8% to 3.7% of OpenAI's pricing for input and output tokens [4][10]. - The model's performance in reasoning tasks has been validated through extensive testing, demonstrating its capabilities in mathematics, coding, and natural language processing [4][15]. 2. Computing Power Demand - The report forecasts a long-term increase in demand for domestic computing power, driven by the advancements in AI models like DeepSeek. This shift is expected to create a more equitable landscape for companies in the AI field [4][27]. - Major tech companies, including Microsoft, Alphabet, Amazon, and Meta, are projected to increase their capital expenditures to at least $320 billion in 2025, up from $246 billion in 2024, focusing on data center construction and cloud services [28]. 3. Cloud Services - The global cloud infrastructure service market grew by 22% in 2024, reaching $330 billion, with generative AI contributing significantly to this growth [33]. - DeepSeek's innovations are expected to enhance the cost-effectiveness of deploying AI models, thereby attracting more companies to utilize AI technologies [36][37]. 4. Edge AI - The report highlights the potential for rapid development in edge AI applications, driven by the reduced inference costs associated with DeepSeek's models. This advancement is anticipated to accelerate deployment timelines across various application scenarios [40][41]. 5. AI Applications - The report indicates that AI is poised to empower traditional SaaS and IaaS business models, stimulating consumer demand and leading to a potential explosion in AI applications [53]. - The integration of DeepSeek into popular platforms like WeChat is expected to create a significant user base and enhance the monetization of AI technologies [54].

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [2] Core Views - The company reported a revenue of 12.514 billion yuan for 2024, representing a year-on-year increase of 21.61%, while the net profit attributable to shareholders decreased by 5.24% to 419 million yuan [3][5] - The company is a global leader in photovoltaic silver paste, with a market share of 34.40% in 2023, and plans to invest 1.2 billion yuan in a new high-end photovoltaic electronic materials base project in Changzhou, which will have an annual production capacity of 3,000 tons of electronic-grade silver powder [5] - The acceleration of silver-free photovoltaic technology and the introduction of copper paste are expected to create growth opportunities for the company, as it has successfully reduced the silver content and cost of its HJT silver-coated copper paste products [5] Financial Summary - The company’s revenue and profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 12.514 billion yuan, net profit of 419 million yuan - 2025: Revenue of 14.831 billion yuan, net profit of 675 million yuan - 2026: Revenue of 16.730 billion yuan, net profit of 797 million yuan - The projected P/E ratios for 2024-2026 are 29.3, 18.2, and 15.4 respectively, indicating a reasonable valuation compared to comparable companies [6][5]

| | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3324.49 | -0.93 | | 深证成指 | 10617.26 | -1.61 | | 中小 100 | 6621.55 | -1.04 | | 创业板指 | 2182.57 | -1.98 | | 沪深 300 | 3912.78 | -0.88 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44556.34 | 0.02 | | 纳斯达克 | 20041.26 | 0.07 | | 标普 500 | 6129.58 | 0.24 | | 英国富时 100 | 8766.73 | -0.01 | | 日经 225 | 39181.95 | -0.23 | | 恒生指数 | 22976.81 | 1.59 | | | 货币市场 | | | | 收盘(点) | 涨跌幅(%) | | 美元离岸人民币 | 7.2787 | 0.04 | | 欧元兑美元 | 1.0448 | 0.03 | | 美元兑日元 | 151.9205 | -0.1 ...

偶倒 0680 2025 年第 27 期，总第 1826 期（电子版） 2025 年 2 月 18 日 星期二 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 分化不改变震荡上行趋势 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3355.83 | 0.27 | | 深证成指 | 10791.06 | 0.39 | | 中小 100 | 6690.81 | 0.07 | | 创业板指 | 2226.62 | 0.51 | | 沪深 300 | 3947.4 | 0.21 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44546.08 | -0.37 | | 纳斯达克 | 20026.77 | 0.41 | | 标普 500 | 6114.63 | -0.01 | | 英国富时 100 | 8768.01 | 0.41 | | 日经 225 | 39166.12 | -0.02 | | 恒生指数 | 22616.23 | -0.02 | | | 货币市场 | | ...

偶倒 0680 2025 年第 29 期，总第 1828 期（电子版） 2025 年 2 月 20 日 星期四 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 强势反弹 情绪回暖 周三市场全天震荡反弹，创业板指领涨，北证 50 指数涨超 5%。沪深两 市全天成交额 1.72 万亿，较上个交易日缩量 781 亿。 海外市场指数 盘面上，市场热点轮番活跃，个股普涨，全市场超 4600 只个股上涨， 逾 200 股涨超 9%。 从板块来看，机器人概念股再度爆发，长盛轴承等多股创历史新高。芯 片股震荡走高，韦尔股份等涨停。 DeepSeek、算力等方向迎来修复，平治信息等 10 余股涨停。 板块方面，人形机器人、半导体、可控核聚变、算力等板块涨幅居前， 银行等少数板块下跌。 截至收盘，沪指涨 0.81%，深成指涨 1.46%，创业板指涨 2.03%。 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3351.54 | 0.81 | | 深证成指 | 10772.65 | 1.46 | | 中小 100 | 6704 ...

偶倒 0680 2025 年第 30 期，总第 1829 期（电子版） 2025 年 2 月 21 日 星期五 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 硬科技主线强者恒强 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3350.78 | -0.02 | | 深证成指 | 10794.55 | 0.2 | | 中小 100 | 6736.15 | 0.47 | | 创业板指 | 2225.58 | -0.06 | | 沪深 300 | 3928.9 | -0.29 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 44176.65 | -1.01 | | 纳斯达克 | 19962.36 | -0.47 | | 标普 500 | 6117.52 | -0.43 | | 英国富时 100 | 8662.97 | -0.57 | | 日经 225 | 38599.57 | -0.2 | | 恒生指数 | 22576.98 | -1.6 | | | 货币市场 | | ...

偶倒 0680 2025 年第 31 期，总第 1830 期（电子版） 2025 年 2 月 24 日 星期一 （本刊物为中风险等级产品，敬请投资者参阅正文后的免责声明） 一、市场分析 放量突破 把握结构性行情 | | 沪深指数 | | | --- | --- | --- | | | 收盘(点) | 涨跌幅(%) | | 上证指数 | 3379.11 | 0.85 | | 深证成指 | 10991.37 | 1.82 | | 中小 100 | 6858.69 | 1.82 | | 创业板指 | 2281.51 | 2.51 | | 沪深 300 | 3978.44 | 1.26 | | | 海外市场指数 | | | | 收盘(点) | 涨跌幅(%) | | 道琼斯 | 43428.02 | -1.69 | | 纳斯达克 | 19524.01 | -2.2 | | 标普 500 | 6013.13 | -1.71 | | 英国富时 100 | 8659.37 | -0.04 | | 日经 225 | 38776.94 | 0.26 | | 恒生指数 | 23477.92 | 3.99 | | | 货币市场 | ...

Market Analysis - The market shows a trend of oscillation upwards despite differentiation among sectors, with major indices experiencing slight increases. The Shanghai Composite Index closed at 3355.83 points, up 0.27%, while the Shenzhen Component Index rose by 0.39% to 10791.06 points [2][7] - The total trading volume in the Shanghai and Shenzhen markets reached 1.94 trillion yuan, an increase of 226.5 billion yuan compared to the previous trading day [4] Sector Performance - AI application stocks remain active, with significant gains in sectors such as Tencent Cloud, AI healthcare, and education. Notable stocks include Donghua Software, which saw a surge, and several stocks in the robotics sector hitting their daily limit [4][6] - Conversely, sectors such as film and television experienced collective adjustments, with stocks like Light Media dropping over 10% [5][6] Financing Data - As of February 14, the financing balance on the Shanghai Stock Exchange was reported at 941.35 billion yuan, an increase of 0.77 billion yuan from the previous trading day. The Shenzhen Stock Exchange's financing balance was 896.69 billion yuan, a decrease of 0.18 billion yuan, leading to a total of 1.838 trillion yuan across both exchanges, an increase of 0.59 billion yuan [9] Investment Insights - The report indicates a strong correlation between A-shares and Hong Kong stocks, with the latter entering a technical bull market. The report suggests that the AI sector remains a strong investment theme, while the robotics sector is expected to recover after recent adjustments [10] - The report highlights the potential for significant opportunities in the AI and cloud service sectors, particularly with the deployment of DeepSeek models in government systems, which may accelerate the growth of cloud service providers [14] Concept Highlights - In January, global consumer spending on mobile games reached an estimated $7.27 billion, a 4% increase from the previous month. Tencent's "Honor of Kings" saw its monthly revenue nearly double, driven by new skin releases and promotional events [13] - The report emphasizes the importance of seasonal events in driving revenue growth in the mobile gaming sector, particularly in the Chinese market during the Lunar New Year [13] Future Events - Key upcoming events include Nvidia's announcement of its 2024 earnings on February 19, and Apple's shareholder meeting on February 25, which may impact related sectors [18]