Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [10]. Core Viewpoints - The report highlights the increasing external uncertainties due to the fluctuating U.S. tariff policies, which significantly impact the technology sector. The recent U.S. tariff policies have caused severe fluctuations in global financial markets, with key categories like computers, smartphones, semiconductor manufacturing equipment, and integrated circuits being exempted from additional tariffs. The uncertainty surrounding U.S. tariff policies has become a major disruptive factor in global financial markets [2][4]. - The report suggests a short-term focus on the optical communication industry chain's tariff exemption situation, recommending attention to companies like Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and Taicheng Light. It also emphasizes the importance of domestic optical chip industry chain and Huawei's Ascend industry chain for domestic substitution opportunities, as well as key domestic computing power node industry chains [2][4]. - Long-term prospects are optimistic regarding domestic substitution and domestic demand opportunities, particularly in the context of increasing domestic computing power needs and the trend towards reducing reliance on North American clients [2][4]. Summary by Sections Tariff Policy Impact - The report discusses the significant impact of U.S. tariff policies on the optical communication industry, particularly affecting companies that sell to U.S. cloud service providers. If tariffs continue to rise, downstream customers may require optical module manufacturers to bear some of the tariff costs, which could squeeze product gross margins due to the limited bargaining power of midstream manufacturers [2][4]. - The increase in tariffs may lead to a split in the global ICT market supply chain, prompting companies to reassess their supply chain layouts to reduce dependence on a single market. This could also result in increased product prices, affecting global market demand and potentially leading to overcapacity in standardized products [2][4]. Short-term and Long-term Opportunities - In the short term, the report suggests focusing on undervalued optical module manufacturers that may benefit from tariff exemptions. Many manufacturers have low price-to-earnings ratios and possess long-term competitiveness in the global market. If tariffs are lifted, it would alleviate the recent impacts on the optical module industry chain [2][4]. - In the long term, the report emphasizes the trend towards domestic production of optical chips to reduce high import tariffs and associated costs. The increasing domestic demand for computing power and the need to mitigate risks from international tariff disputes highlight the importance of domestic substitution and new demand opportunities [2][4].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][3][5] Core Views - The company is a leader in photovoltaic film production, with a stable market position and expected high growth in photosensitive dry film sales [3][8] - The company's 2024 annual report shows a 29% decline in net profit attributable to shareholders, with a revenue decrease of 15.23% [8][9] - The company is expected to benefit from a recovery in photovoltaic component demand and prices, as well as strong capabilities in process control, supply chain management, and technology research and development [8][9] Financial Summary - The company’s revenue for 2024 is projected at RMB 19,147 million, down from RMB 22,589 million in 2023, reflecting a growth rate of -15.23% [7][9] - The net profit attributable to shareholders for 2024 is expected to be RMB 1,308 million, a decrease of 29.33% compared to 2023 [8][9] - The company’s earnings per share (EPS) for 2025 is forecasted to be RMB 0.68, down from the previous estimate of RMB 0.89, reflecting a reduction of 23.60% [5][7] - The projected EBITDA for 2025 is RMB 2,008 million, with a corresponding EV/EBITDA ratio of 14.3 [7][10] Business Segments - The photovoltaic film business achieved a gross margin of 14.72% in 2024, with a total shipment of 2.811 billion square meters, marking a year-on-year increase of 24.98% [8][9] - The sales of photosensitive dry film are expected to enter a high growth phase, with shipments reaching 159 million square meters in 2024, a growth of 37.97% year-on-year [8][9]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 67.89 and an industry rating of outperforming the market [1][3]. Core Views - The company's performance in 2024 is expected to decline due to the industry's market downturn, but its forward-looking multi-dimensional product layout is anticipated to benefit from the release of AI edge-side demand, justifying the "Buy" rating [3][5]. Financial Summary - The company is projected to achieve revenues of RMB 50.15 billion, RMB 56.87 billion, and RMB 64.48 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 5.42 billion, RMB 6.27 billion, and RMB 7.30 billion [5][7]. - The revenue growth rates are expected to be -16.3% in 2023, -7.0% in 2024, followed by 19.1% in 2025, and 13.4% in both 2026 and 2027 [7][8]. - The company's EBITDA is forecasted to be RMB 714 million in 2025, RMB 803 million in 2026, and RMB 906 million in 2027 [7][8]. Market Position and Strategy - The company is accelerating its layout in AI edge-side products, with a continuous improvement in its product line. The sales of computing chips in various fields are expected to grow, while the security monitoring sector may experience slight declines due to demand fluctuations [8]. - The company is focusing on the mid-to-low-end market with its T23 product and has introduced the T32 IPC chip, which is designed for high cost-performance in the security market [8]. Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 60.3, 52.1, and 44.8 respectively, indicating a potential for valuation improvement as the market stabilizes [5][7]. - The company’s net profit margin is expected to recover to 10.8% in 2025, 11.0% in 2026, and 11.3% in 2027 [8].

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company continues to focus on the general computing market, solidifying its market position and competitive advantages, leading to steady growth in performance [3][5] - The company is expected to benefit from structural demand in high-performance computing driven by AI, with significant revenue and profit growth projected for the coming years [5][8] Financial Summary - The company is projected to achieve revenues of RMB 137.53 billion, RMB 192.24 billion, and RMB 250.30 billion for the years 2025, 2026, and 2027 respectively, with corresponding net profits of RMB 31.60 billion, RMB 46.49 billion, and RMB 63.05 billion [5][7] - The earnings per share (EPS) are expected to be RMB 1.36, RMB 2.00, and RMB 2.71 for 2025, 2026, and 2027 respectively, with the current stock price corresponding to price-to-earnings (PE) ratios of 113.1, 76.8, and 56.7 for the same years [5][7] - The company reported a significant increase in revenue and net profit for 2024, with revenues of RMB 91.62 billion (up 52.4% YoY) and net profit of RMB 19.31 billion (up 52.87% YoY) [8][7] Market Position and Competitive Advantages - The company has three main technological advantages that support its growth in the AI-driven market: strong computing power, high-speed parallel data processing capabilities, and a robust software ecosystem [8][5] - The company is actively increasing inventory to meet market demand and ensure supply chain stability, with inventory reaching RMB 5.794 billion by the end of Q1 2025 [8][5]

电力设备 | 证券研究报告 — 调整盈利预测 2025 年 4 月 22 日 买入 原评级：买入 市场价格:人民币 6.66 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (2.3) (14.9) (6.6) (8.4) 相对深圳成指 (0.5) (7.6) (2.7) (15.1) 发行股数 (百万) 934.90 流通股 (百万) 628.48 总市值 (人民币 百万) 6,226.43 3 个月日均交易额 (人民币 百万) 116.10 主要股东 广州凯得投资控股有限公司 26.93% (16%) (8%) 1% 9% 18% 26% Apr-24 May-24 Jun-24 Jul-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 泰胜风能 深圳成指 资料来源：公司公告， Wind ，中银证券 以 2025 年 4 月 21 日收市价为标准 相关研究报告 《泰胜风能》20240507 《泰胜风能》20240202 《泰胜风能》20231122 中银国际证券股份有限公司 具备证券投资咨询业务资格 ...

■重点关注 【电子】思特威-W*苏凌瑶。思特威发布 2024 年年报和 2025 年一季报。公 司 2025Q1 营收 17.50 亿元，YoY+109%；毛利率 22.8%，YoY+1.5pcts。2024 年公司手机、汽车、安防业务均保持较快增长。2025 年 LOFIC+200MP 新品 有望贡献增量，汽车业务布局有望深化。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3291.43 | 0.45 | | 深证成指 | 9905.53 | 1.27 | | 沪深 300 | 3784.88 | 0.33 | | 中小 100 | 6185.22 | 1.35 | | 创业板指 | 1944.32 | 1.59 | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 有色金属 | 3.79 | 银行 | (1.23) | | 计算机 | 2.72 | 食品饮料 | (0.59) | | 美容护理 | 2.11 | 房地产 | (0.46) | ...

交通运输 | 证券研究报告 — 行业周报 2025 年 4 月 22 日 强于大市 关注低空经济赛道趋势性投资机遇。建议关注中信海直。 关注邮轮及水上轮渡主题性投资机会。建议关注渤海轮渡、海峡股份。 交通运输行业周报 美国启动港口费用和建造限制措施，东航物流 2024 年度业绩稳健增长 航运方面，美国公布针对中国船舶产业《301 调查》结论，启动港口费用和 建造限制措施；航空方面，东航物流 2024 年度业绩稳健增长，天府机场跻 身全球 30 强 ；快递方面，顺丰控股 3 月营收 236.61 亿元，一季度快递行业 业务量同比增长 21.6% 核心观点： ①美国公布针对中国船舶产业《301 调查》结论，启动港口费用和建造 限制措施。2025 年 4 月 17 日，美国贸易代表办公室（USTR）正式公布 了其对中国在海运、物流和造船领域所谓的"不合理做法"的"《301 调 查》"结果，并宣布将对相关涉中船舶及更广泛的外国船舶实施分阶段 的"港口费用"及船舶建造来源限制，标志着美方对全球航运业的新一轮 政策干预全面启动。在订单获取方面，由于美国强制 "国货国运" 政 策，要求美国出口货物逐步提高由美籍船舶运输的比 ...

计算机 | 证券研究报告 — 行业周报 2025 年 4 月 22 日 强于大市 建议关注浪潮信息、中科曙光、数据港、浙大网新等与阿里、腾讯等合 作较为紧密的企业，以及通过 API 接口提供服务、MCP 接口打通后有望 拓宽市场空间的合合信息、福昕软件等。 评级面临的主要风险 技术创新不及预期；政策推行不到位；下游需求不及预期。 相关研究报告 《计算机行业周报（4.7-4.11）》20250415 《计算机行业点评》20250210 《计算机行业点评》20250117 中银国际证券股份有限公司 具备证券投资咨询业务资格 计算机行业周报（4.14-4.18） MCP 有望加速 AI Agent 商业化落地 近日，阿里云、腾讯、谷歌等相继宣布支持 MCP 协议，MCP 应用场景扩大。 我们认为 MCP 的使用有望提升 AI 智能体开发效率和商业化落地速度。 支撑评级的要点 投资建议 | 行情回顾 | 4 | | --- | --- | | 行业新闻及公司动态 | 6 | | 行业新闻 6 | | | 公司动态 7 | | | 风险提示 | 8 | 计算机 证券分析师：杨思睿 (8610)66229321 siru ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][5][7] Core Views - The company achieved a revenue of RMB 1.643 billion in 2024, representing a year-on-year growth of 15.58%, and a net profit of RMB 307 million, up 11.44% year-on-year [5][10] - As a leading state-owned enterprise in the exhibition industry, the company continues to grow its existing business steadily through both organic growth and acquisitions [5][7] - The company is focusing on new growth areas such as artificial intelligence, low-altitude economy, sports events, pet economy, and health [10] Financial Summary - The company’s revenue projections for 2025-2027 are RMB 1.812 billion, RMB 1.989 billion, and RMB 2.152 billion, with growth rates of 10.3%, 9.8%, and 8.2% respectively [9][11] - The expected EPS for 2025-2027 is RMB 0.43, RMB 0.46, and RMB 0.49, with corresponding P/E ratios of 19.0, 17.8, and 16.5 [7][9] - The company plans to distribute a cash dividend of RMB 2.2 per 10 shares for 2024, totaling RMB 159 million, which represents 66.08% of the net profit [10]

房地产行业|证券研究报告—行业月报 2025 年 4 月 21 日 强于大市 房地产行业2025 年3 月月报 【二手房成交】 3 月楼市成交动能转弱；一二线城市住宅用地土拍溢 价率超 20% 核心观点 【新房成交】 【土地市场】 【房企】 【政策】 中央层面，1）《政府工作报告》正式发布，对于房地产的表述涵盖内容全面。我们认为本次政府工作报告中房地产相关部分基 本符合前期市场预期，对于地产的内容囊括较往年更加全面，从提振高需求到防范风险，都有了明确的表态。我们预期未来在调 减限制性政策、城中村改造、盘活存量、收储、防范风险、"好房子"建设等方面有进一步的相关政策与细则落地，从而起到改善 市场预期、推动房地产市场回稳的效果。2) 住建部两会发声，四大举措稳住楼市：a）巩固政策"组合拳"效果；b）努力实施城中 村和危旧房改造；c）推进收购存量商品房；d）推动建设"好房子"。针对"大旧改"方向，住建部提出"把 2000 年以前建成的城市 老旧小区都要纳入城市更新改造范围"，"将在去年新增 100 万套的基础上，继续扩大改造规模"，我们认为，旧改有望进一步提速 扩围，将成为 2025 年的重点工作之一。针对"收储" ...