Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [3][6]. Core Views - The company achieved a total operating revenue of 381 million yuan in 2024, representing a year-on-year growth of 18.99%. However, the net profit attributable to the parent company decreased by 27.68% to 41.57 million yuan [3][5]. - The company is focusing on the domestic industrial software sector and is a leader in domestic CAE software. It is actively pursuing a strategy of domestic substitution [5]. - The planned acquisition of 51% of Likong Technology is expected to enhance the company's business scope and improve its financial statements. Likong Technology specializes in industrial software for intelligent manufacturing [5]. - The upcoming launch of physical AI products is anticipated to provide significant growth opportunities, with the company positioned to benefit from the high demand in this sector [5]. Financial Summary - The company reported a total revenue of 381 million yuan for 2024, with a projected compound annual growth rate (CAGR) of approximately 39% for revenue from 2024 to 2026 [5][7]. - The forecasted net profits for 2024, 2025, and 2026 are 42 million yuan, 84 million yuan, and 138 million yuan, respectively [6][7]. - The earnings per share (EPS) for the same period are expected to be 0.47 yuan, 0.95 yuan, and 1.55 yuan, with corresponding price-to-earnings (P/E) ratios of 163.5, 80.5, and 49.3 [6][7].

分析师：杨阳 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 证券研究报告 人形机器人 报告日期：2025 年 03 月 03 日 区域机器人产业发展加速，人形机器人运动能力突破 ——人形机器人行业专题研究周报 华龙证券研究所 最近一年走势 《 Figure 推 出 Helix,1X 发 布 NEO Gamma 人形机器人—人形机器人行业 专题研究周报》2025.02.26 加速布局—人形机器人行业周报》 2025.02.17 兵 买 马 — 人 形 机 器 人 行 业 周 报 》 2025.02.11 摘要： 请认真阅读文后免责条款 5 . 投资评级：推荐（维持） 行情回顾：2025 年 2 月 24 日至 2025 年 2 月 28 日，人形机器人 指数涨跌幅-5.17%。同期沪深 300 涨跌幅-2.22%，上证综指涨跌 幅-1.72%，深证成指涨跌幅-3.46%，创业板指涨跌幅-4.87%，科 创 50 涨跌幅-1.46%。 区域机器人产业发展加速，北京亦庄计划 2 年内采购超千台人形 机器人 ...

策略研究报告 证券研究报告 策略报告 报告日期：2025 年 3 月 2 日 制造业 PMI 重回扩张区间 ——A 股投资策略周报告 华龙证券研究所 A 股市场走势(2024/02/08-2025/02/28) 姓 名：朱金金 执业证书编号：S0230521030009 邮 箱：zhujj@hlzq.com 整时把握机会》2025.03.03 本面数据验证或存在期待》2025.02.26 到政策"助攻"》2025.02.24 摘要（核心观点）： 制造业 PMI 重回扩张区间。2 月制造业 PMI 为 50.2%，较上月回升 1.1%， 制造业景气回升，主要原因为春节后企业陆续复工复产，生产经营活动加 快。有以下几个方面表现：(1)产需指数均回升。(2)价格指数继续上升。(3) 大型企业 PMI 重回扩张区间。中小型企业 PMI 低于 50%，并较上月有所回 落。(4)重点行业 PMI 不同程度上升。装备制造业和高技术制造业 PMI 分别 为 50.8%和 50.9%，较上月上升 0.6%和 1.6%，位于扩张区间。 美国 1 月核心 PCE 符合预期。2 月 28 日美国经济分析局数据，美国 1 月 PCE ...

证券研究报告 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 《AI 短剧创作迎来新机遇：昆仑万维 SkyReels-V1 模型—传媒行业周报》 2025.02.24 2025.02.21 传媒 报告日期：2025 年 03 月 01 日 火爆—传媒行业周报》2025.02.21 腾讯云"混元+DeepSeek"赋能 20+行业，加速 AI 落地 ——传媒行业周报 摘要： 请认真阅读文后免责条款 混元+DeepSeek「双模」驱动，腾讯云助推 20+行业精准适配 AI 场景。截至 2 月 25 日，来自政务、金融、教育、消费电子、医 疗、零售等 20 多个行业的企业或单位，已通过腾讯云接入 DeepSeek-R1。借助腾讯云大模型知识引擎，重庆农商行成为全 国首批接入 DeepSeek-R1 的金融机构，也是首家用腾讯云大模型 知识引擎搭建 DeepSeek-R1 联网应用的金融机构。荣耀已正式接 入 DeepSeek，是安卓首家接入 DeepSeek-R1 的手机厂商。基于腾 讯云的基础设施服务，荣耀 YO ...

证券研究报告 汽车 报告日期：2025 年 03 月 03 日 小米 SU7 Ultra 上市，关注产业链机会 ——汽车行业周报 执业证书编号：S0230523110001 邮箱：yangy@hlzq.com 执业证书编号：S0230124020003 邮箱：lihy@hlzq.com 《行业合力推动智驾平权，L3 商用化加 速 多 车 企 布 局 — 汽 车 行 业 周 报 》 2025.02.24 加 速 整 合 &扩 张 — 汽 车 行 业 周 报 》 2025.02.17 加速推进智驾平权—汽车行业事件点评 报告》2025.02.11 摘要： 请认真阅读文后免责条款 5 . 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 分析师：杨阳 本周观点：小米 SU7 Ultra 上市，关注产业链机会。小米 SU7 Ultra 正式上市，售价 52.99 万元，较预售价 81.49 万元大幅降低。动力 系统方面，SU7 Ultra 配备 1548Ps 超级三电机系统，0-100km/h 加速时间 1.98s，最高时速达 350km/h，CLTC 续航达 630km，充 电倍率 5.2C，电池充电从 10% ...

证券研究报告 邮箱：pengq@hlzq.com 《春节后需求逐渐恢复，关注需求改善 带来的价格回升—建筑材料行业周报》 2025.02.17 情况—建筑材料行业月报》2025.01.21 《淡季将至需求下行，关注供给侧积极 变 化 — 建 筑 材 料 行 业 11 月 月 报 》 2024.12.20 摘要： 请认真阅读文后免责条款 建筑材料 报告日期：2025 年 03 月 02 日 春节后水泥需求缓慢恢复，关注供需两侧积极变化 ——建筑材料行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080002 建材行业：国务院总理李强 2 月 10 日主持召开国务院常务会议， 研究化解重点产业结构性矛盾政策措施，讨论《中华人民共和国 国家发展规划法（草案）》。会议指出，要坚持从供需两侧发力， 标本兼治化解重点产业结构性矛盾等问题，促进产业健康发展和 提质升级。供需两侧发力有望推动建材行业供需格局改善，带动 行业估值回升，维持建材行业"推荐"评级。 分析师：彭棋 相关阅读 水泥行业：本周（2025.2.22-2025.2.28）全国水泥市场价格环比继 续回落 0.4%。 ...

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].