FiberHome(600498) 长江证券·2025-02-16 09:17Investment Rating - The report maintains a "Buy" rating for the company [10][11]. Core Insights - The company’s subsidiary, Changjiang Computing, has launched multiple versions of the DeepSeek model integrated machine solutions, significantly promoting the rapid implementation of large models in vertical fields [10][11]. - Recently, Changjiang Computing, in collaboration with Ascend and Huawei Cloud teams, successfully assisted a state-owned bank in completing the localized inference service deployment of the DeepSeek V3 model [10][11]. - The company is positioned strongly in the optical communication market, with accelerated development in AI business, indicating a solid market presence and growth potential [10][11]. Summary by Sections Event Description - Changjiang Computing, a subsidiary of the company, has released a full series of DeepSeek integrated machine solutions [4]. Event Commentary - The DeepSeek solutions include single-machine distillation deployment and multi-machine full deployment, showcasing advanced hardware configurations and optimized system architecture to meet diverse enterprise needs for large-scale AI applications [10]. - The successful deployment of the DeepSeek V3 model in the financial sector highlights the importance of data security and rapid business response, setting a successful precedent for the application of large models in vertical industries [10]. Financial Forecast and Investment Recommendations - The company is expected to see significant growth in net profit from 700 million to 1.36 billion yuan from 2024 to 2026, with year-on-year growth rates of 38%, 48%, and 32% respectively [10][11]. - The projected price-to-earnings ratios for 2024, 2025, and 2026 are 39x, 26x, and 20x, respectively, reinforcing the recommendation to buy [10][11].