山西证券：研究早观点-20250206

Market Overview - The domestic market indices showed mixed performance, with the Shanghai Composite Index closing at 3,229.49, down by 0.65%, while the Shenzhen Component Index rose slightly by 0.08% to 10,164.22 [4]. Industry Commentary: Communication - The report highlights the dual advancements in model innovation and engineering optimization within the communication sector, particularly focusing on the "Stargate" supercomputing initiative announced by the U.S. government, which aims to invest $500 billion over four years [8]. - Meta's planned capital expenditure for AI-related projects is projected to be between $60 billion and $65 billion, significantly higher than previous estimates, indicating a strong commitment to enhancing AI capabilities [8]. - The report emphasizes the increasing demand for AI computing power, driven by the proliferation of AI applications and a competitive "AI arms race" among major cloud service providers [9]. Company Commentary: Juhua Co., Ltd. (600160.SH) - Juhua Co., Ltd. is expected to achieve a net profit attributable to shareholders of between 1.87 billion and 2.1 billion yuan for 2024, with a significant improvement in the refrigerant segment, which is projected to see a 22.61% increase in export volume [13]. - The company’s refrigerant sales are anticipated to reach 314.38 thousand tons, with a revenue increase of 29.84% year-on-year, driven by improved demand in the downstream appliance and automotive markets [13]. - The report notes that the supply of refrigerants is expected to remain tight due to quota optimization and increased demand, which will support pricing power in the market [17]. Investment Recommendations - The report suggests focusing on opportunities in the North American AI computing chain and related technological innovations, including AI infrastructure, power distribution, and cooling solutions [12]. - It also recommends attention to domestic computing investments, particularly in ASIC chips and high-density interconnects, as the demand for AI applications continues to grow [12]. - For Juhua Co., Ltd., the projected earnings per share (EPS) for 2024-2026 are estimated at 0.73, 1.16, and 1.34 yuan, respectively, with a "Buy-B" rating maintained based on the current market price [14].