证券研究报告 | 公司点评 | 通信设备 佳讯飞鸿(300213) 报告日期：2025 年 05 月 08 日 AI+铁路核心标的，5G-R 加速落地 ——佳讯飞鸿 2024 年报及 2025 一季报点评报告 投资要点 ❑ 事件：公司发布 2024 年年报及 2025 年一季报，2024 年公司实现营收 11.54 亿 元，同比+2.70%；归母净利 7415 万元，同比+10.52%。其中，24Q4 实现收入 4.17 亿元，同比-6.83%；归母净利润 3740 万元，同比+9.71%。 25Q1，公司实现收入 1.17 亿元，同比-32.09%；归母净亏损 2553 万元，主要系 一季度为铁路装备行业和公司淡季，叠加公司部分订单执行周期影响导致一季度 收入下滑，亏损有所扩大。 ❑ 交通行业：铁路投资高位增长，海外拓展重大突破 ❑ 盈利预测与估值 公司交通业务基本盘稳固，但政府及国防领域收入/订单存在不确定性，因此我 们预计 25-27 年公司归母净利润分别为 0.83、1.08、1.47 亿元，同比+11%、 +31%、+36%，对应 25-27 年 PE 分别为 58、45、33 倍，维持"买入"评级 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company's performance is under short-term pressure due to declining gross margins and impairment provisions, with a revenue of 7.757 billion yuan in 2024, down 4.71% year-over-year, and a net profit of 315 million yuan, down 37.90% year-over-year [1] - The data center business is experiencing rapid growth, with revenue of 3.152 billion yuan in 2024, up 14.07% year-over-year, contributing 40.63% to total revenue [3] - The company is actively innovating in data center products and solutions, with a significant increase in orders in 2025, particularly in AI computing scenarios [4] - The smart energy business has shown a significant improvement in profitability, with a gross margin increase of 6.82 percentage points year-over-year [6] - The renewable energy sector is steadily developing, with a revenue of 3.608 billion yuan in 2024, despite a year-over-year decline of 15.98% [7] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 7.757 billion yuan, with a year-over-year decrease of 4.71%, and a net profit of 315 million yuan, down 37.90% year-over-year [1] - For Q1 2025, the company achieved a revenue of 1.216 billion yuan, up 2.73% year-over-year, and a net profit of 69 million yuan, down 6.26% year-over-year [2] Data Center Business - The data center business generated revenue of 3.152 billion yuan in 2024, with a year-over-year increase of 14.07%, and accounted for 40.63% of total revenue [3] - The company has introduced innovative products for AI computing scenarios and has seen a rapid increase in orders in 2025 [4] Smart Energy Business - The smart energy segment reported revenue of 922 million yuan in 2024, down 9.01% year-over-year, but with a gross margin of 41.06%, up 6.82 percentage points year-over-year [6] Renewable Energy Business - The renewable energy segment generated revenue of 3.608 billion yuan in 2024, down 15.98% year-over-year, with a gross margin of 16.78%, down 3.94 percentage points year-over-year [7] Profit Forecast and Valuation - The company is expected to see net profits of 654 million yuan, 814 million yuan, and 988 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 35, 28, and 23 [13]

亚信安全(688225) 报告日期：2025 年 05 月 08 日 并购驱动高增长，AI 原生筑壁垒 ——亚信安全 2024 年报&2025Q1 点评 事件： 证券研究报告 | 公司点评 | 软件开发 点评： ❑ 业绩符合预期，并购亚信科技实现营收和利润增厚 公司 2024 年营收和业绩表现符合市场预期，公司通过并购亚信科技实现了营收 和利润的显著增厚，实现扭亏为盈。分业务来看，公司 2024 年网络安全业务实 现营收收入 17.10 亿元，同比增长 6.37%，毛利率达到 61.35%，归母净利润-0.91 亿元，亏损大幅缩窄，体现内生业务提质增效；数智业务作为新增板块，并表贡 献 18.85 亿元收入，1 亿元归母净利润，成为营收和业绩扩张的核心驱动力。 ❑ 网安业务收入结构持续优化，现金流率先实现转正 公司主业网络安全业务呈现结构优化与效率提升的双重特征。具体而言，标准化 产品营收同比增长 7.4%，在网安业务收入占比提升至 47.3%，并拉动网安业务 毛利率同比提升 13.53pcts 至 61.35%；解决方案类业务与安全服务业务在网安业 务收入占比分别为 37.1%和 15.6%，安全服务业务占 ...

证券研究报告 | 公司点评 | 其他电源设备Ⅱ 减值影响业绩，数据中心产品呈现快速增长 ——科华数据 24 年年报&25 年一季报点评报告 投资要点 ❑ 受毛利率下滑及减值计提影响，业绩短期承压 24 年公司实现营收 77.57 亿元，YOY-4.71%；归母净利润 3.15 亿元，YOY -37.90%；毛利率 25.20%，同比-2.14pct；计提信用、资产减值损失共计 2.58 亿 元，相比去年同期增加 1.16 亿元，主要系计提应收账款坏账和存货跌价损失增 加；销售/管理/研发/财务费用率分别为 7.94%/3.47%/6.51%/0.81%，同比分别 -1.13/+0.26/+0.75/-0.09pct，整体费用率稳中有降，同比-0.2pct，研发投入持续加 大。截至 24 年底，公司在建工程 4.19 亿元，比 24 年初增长 182%，主要为数据 中心及厂房建设等投入增加，预计将助力后续公司收入持续增长。 25Q1 公司实现营收 12.16 亿元，YOY+2.73%；归母净利润 0.69 亿元，YOY -6.26%；毛利率为 30.14%，同比-2.12pct；销售/管理/研发/财务费用率分别 ...

源杰科技(688498) 报告日期：2025 年 05 月 08 日 25Q1 快速增长，数通占比持续提升 ——源杰科技 2024 年年报&2025 年一季报点评 投资要点 ❑ 25Q1 快速增长，打造电信+数通双引擎 2024 年，公司营收 2.52 亿元，同比+74.6%，归母净利润-0.06 亿元，同比- 131.5%。毛利率 33.32%，同比-8.56pct。净利率-2.43%，同比-15.92pct。2025 年 Q1，公司营收 0.84 亿元，同比+40.5%，归母净利润 0.14 亿元，同比+35.9%，毛 利率 44.64%，同比+9.8pct，净利率 16.97%，同比-0.57pct。费用端持续向研发和 销售倾斜。公司在深耕电信市场的基础上，积极把握 AI 发展带来的数通市场机 遇，加速向"电信+数通"双轮驱动的高端光芯片解决方案供应商转型。 ❑ 数通业务占比有望持续提升，CW 光源批量出货 2024 年，公司数据中心及其他业务实现营收 4804 万元，同比+919%，毛利率为 71.04%，同比-13.9pct。在 AI 算力需求爆发的背景下，公司在 AI 数据中心市场 实现突破，尤其 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company is experiencing a structural breakthrough through strategic focus and technological innovation, with significant growth in data security, domestic innovation, and Managed Security Services (MSS) despite overall revenue pressure [2] - Cost reduction measures have led to a significant improvement in operational quality, with a 45.01% reduction in net loss year-on-year, and the company achieved positive operating cash flow for the first time since 2021 [3] - AI technology is being leveraged to enhance both product efficiency and management processes, contributing to a notable increase in revenue from AI-related products [4] Revenue Performance - In 2024, the company reported total revenue of 2.04 billion yuan, a year-on-year decrease of 5.87%, with a net loss of 198 million yuan [7] - For Q4 2024, revenue was 898 million yuan, down 6.7% year-on-year, while the net profit was 138 million yuan, a decline of 21.38% [7] - In Q1 2025, the company achieved revenue of 311 million yuan, a year-on-year increase of 10.8%, with a net loss of 111 million yuan [7] Business Segment Performance - The company's data security business saw new product contract amounts increase by over 40%, with specific products like API security and network DLP growing by 200% and 150% respectively [8] - The domestic innovation business benefited from accelerated domestic substitution, with revenue increasing by 78% [8] - The MSS business, empowered by AI, experienced a 25% revenue growth [8] Financial Forecast - The company is projected to achieve revenues of 2.15 billion, 2.27 billion, and 2.42 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to reach 47.25 million, 125.80 million, and 171.55 million yuan [10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's performance in 2024 met market expectations, with significant revenue and profit growth driven by the acquisition of AsiaInfo Technology, resulting in a turnaround from loss to profit [2] - The network security business achieved revenue of 1.71 billion yuan in 2024, a year-on-year increase of 6.37%, with a gross margin of 61.35%. The net profit attributable to shareholders was -91 million yuan, indicating a substantial reduction in losses, reflecting improvements in internal business quality and efficiency [2] - The newly added digital intelligence business contributed 1.885 billion yuan in revenue and 100 million yuan in net profit, becoming a core driver for revenue and performance expansion [2] - The revenue structure of the network security business continues to optimize, with standardized product revenue growing by 7.4%, increasing its share to 47.3% of total network security revenue, which in turn improved the gross margin by 13.53 percentage points to 61.35% [3] - The company has achieved positive cash flow in its network security business, with a net operating cash flow increase of 425 million yuan year-on-year, reflecting effective receivables management and cost control [3] - The company is strategically positioned in high-barrier sectors such as telecommunications and finance, maintaining a leading market share in terminal security and ranking among the top three in cloud host security [3] - The company is actively following AI trends, integrating AI technology with security scenarios, and has established a dual-engine model of "Security + Digital Intelligence" [4] - The financial forecast for 2025-2027 estimates revenues of 8.468 billion, 9.313 billion, and 10.534 billion yuan, with net profits of 102 million, 153 million, and 215 million yuan respectively, reflecting a long-term growth potential driven by structural and efficiency improvements in the network security business and AI integration [5]

AI+铁路核心标的，5G-R 加速落地 ——佳讯飞鸿 2024 年报及 2025 一季报点评报告 证券研究报告 | 公司点评 | 通信设备 佳讯飞鸿(300213) 报告日期：2025 年 05 月 08 日 投资要点 ❑ 事件：公司发布 2024 年年报及 2025 年一季报，2024 年公司实现营收 11.54 亿 元，同比+2.70%；归母净利 7415 万元，同比+10.52%。其中，24Q4 实现收入 4.17 亿元，同比-6.83%；归母净利润 3740 万元，同比+9.71%。 25Q1，公司实现收入 1.17 亿元，同比-32.09%；归母净亏损 2553 万元，主要系 一季度为铁路装备行业和公司淡季，叠加公司部分订单执行周期影响导致一季度 收入下滑，亏损有所扩大。 ❑ 交通行业：铁路投资高位增长，海外拓展重大突破 2024 年公司交通行业收入 7.01 亿元，收入占比 61%，同比+5.68%，毛利率 55.63%，同比+9.2pct。2024 年，铁路固定资产总投资同比增长 11.3%，创历史新 高。国铁集团提出，2025 年计划投产新线 2600 公里，较 2024 年计划投产增长 16 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company achieved a revenue of 353 million yuan in 2024, with a year-on-year growth of 13%, while the net profit attributable to shareholders was -124 million yuan. In Q1 2025, the company reported a revenue of 126 million yuan, a significant increase of 84% year-on-year, and a net profit of 13 million yuan, marking a turnaround from losses [1][5] - The satellite business has become a significant revenue source for the company, with deep involvement in the construction of the Qianfan satellite constellation. The company has launched 90 satellites and plans to enhance its launch capacity and explore reusable rocket technology to reduce costs [2][3] - The company has established strong relationships with its top two clients in the satellite sector, which together account for 43% of its revenue. It is focusing on developing customized low-power products and has made significant progress in satellite communication technology [3] - The defense information technology sector is expected to grow, with the company’s military communication business anticipated to recover. The Chinese defense budget is projected to reach 1.67 trillion yuan in 2024, reflecting a 7.2% increase [4] - The company is actively investing in research and development, particularly in the unmanned communication field, and has made progress in 5G and terminal communication projects [4] Financial Summary - The company forecasts net profits of 105 million yuan, 246 million yuan, and 446 million yuan for 2025, 2026, and 2027 respectively, with a projected PE ratio of 129 for 2025 [5][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company's revenue met expectations, but financial expenses temporarily suppressed profit release. The company achieved an operating income of 79.024 billion yuan in 2024, a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.572 billion yuan, a year-on-year decrease of 25.23% [1][6] - The subsidiary, New H3C, benefited from domestic AI infrastructure, with its revenue growing by 6.04% to 55.074 billion yuan in 2024, and a significant increase of 26.07% in Q1 2025 [2] - The company experienced a substantial increase in inventory and contract liabilities, indicating potential overstocking of AI GPU chips, which may lead to exceeding expectations in AI server market share and profitability [3] Financial Performance - In Q1 2025, the company reported an operating income of 20.79 billion yuan, a year-on-year increase of 22.25%, but a net profit decrease of 15.75% [1] - Financial expenses rose significantly due to the acquisition of New H3C, with Q1 2025 financial expenses reaching 386 million yuan, an increase of 310 million yuan from Q1 2024 [4] - The company forecasts net profits of 2.14 billion yuan, 2.81 billion yuan, and 3.13 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 34, 26, and 23 [6] Strategic Developments - The company is advancing its H-share listing, which may alleviate financial pressure and support global expansion efforts [5] - New H3C's international business grew by 32% in 2024 and 72% in Q1 2025, indicating strong growth potential in overseas markets [5]