山西证券：研究早观点-20250120

Core Insights - The report highlights the recovery of the non-bank financial sector, driven by investment boosting brokerage performance, and emphasizes the importance of performance catalysts for investment value [6][7] - The report covers several companies, including Baiwei Storage, Juzan Optoelectronics, and Guanghe Technology, noting their strong performance and growth prospects in their respective sectors [6][10][14] Industry Commentary - The non-bank financial sector is experiencing a rebound, with investment activities significantly enhancing brokerage firms' performance. The report suggests that the ongoing capital market reforms will further support this trend [6][8] - The report indicates that the overall market sentiment remains cautious, with major indices experiencing slight declines, reflecting a mixed outlook for the A-share market [8] Company Analysis - Baiwei Storage (688525.SH): The company is recognized as a leader in the domestic storage module market, focusing on advanced packaging and testing. It has a diverse product range, with embedded storage, PC storage, and mobile storage contributing over 90% of its revenue. The company is expected to benefit from the recovery in the storage industry and the growing demand for AI applications [10][12] - Juzan Optoelectronics (300708.SZ): The company reported better-than-expected annual performance, with successful project launches contributing to its growth. The report highlights the company's strategic shift towards high-end products and its ability to meet market demand effectively [10][14] - Guanghe Technology: The company anticipates significant growth in net profit for 2024, driven by the ongoing evolution of general servers and the acceleration of AI applications. The report notes the company's strong client relationships and its ability to optimize product structure [14][15] Financial Projections - Baiwei Storage is projected to achieve net profits of 342 million, 584 million, and 784 million yuan for 2024-2026, representing year-on-year growth rates of 154.8%, 70.8%, and 34.2% respectively, with corresponding EPS of 0.79, 1.35, and 1.82 yuan [10][12] - Guanghe Technology expects to generate revenues of 36.11 billion, 50.47 billion, and 59.03 billion yuan from 2024 to 2026, with net profits of 6.77 billion, 8.54 billion, and 10.42 billion yuan respectively [14][15]