AI 投资“软硬兼施”，优选强业绩韧性资产

Core Insights - AI investment strategy is shifting from "hardware first" to "hardware and software combined," focusing on resilient performance assets as the market rebounds due to strong policy support and capital expenditure from major players [5][7]. - The report emphasizes the importance of prioritizing high-performance assets during the earnings season, as hardware investments are expected to yield quicker returns on financial statements [5][7]. Investment Strategy by Sector - AI Infrastructure: Companies like Alibaba, ByteDance, and Tencent are expected to benefit from high industry sentiment and gradual financial realization in AI infrastructure, including IDC, AI chips, and AI servers [9]. - SaaS: The SaaS sector is anticipated to see upgrades in product functionality and business models, leveraging large models like DeepSeek for subscription-based services in both C-end and B-end markets [9]. - Smart Vehicles: 2025 is projected to be a pivotal year for smart driving, with increased adoption of L2+ level intelligent driving hardware in vehicles priced below 150,000 yuan, leading to higher overall industry sales [9]. - AI-Enhanced Hardware: The emergence of small-sized models and distilled models is expected to enhance the intelligence of edge AI hardware significantly [10]. - AI in Industrial Intelligence: AI is predicted to become a key theme in industrial software, particularly in areas like simulation twins and power prediction, where early entrants will gain advantages [10]. - AI in Productivity Tools: The open-source ecosystem is expected to foster innovation in productivity tools, enhancing product stickiness and ARPU for companies in the office and creative sectors [10]. - AI in Capital Markets: The A-share market's trading volume has seen a significant increase, leading to a demand for AI-assisted trading software and investment research capabilities [10]. - AI in Healthcare IT: The integration of AI in healthcare is expected to reduce the workload of medical documentation and improve diagnostic accuracy, opening new opportunities for domestic healthcare IT development [10]. - AI in Public Safety: The "Safe China" initiative is driving demand for AI solutions in public safety, creating opportunities for companies in this sector [10]. - AI in Insurance: The insurance IT sector is shifting focus towards channel and management systems, with generative AI expected to enhance marketing efficiency [10]. - AI in Military and Defense: The military sector is expected to see reduced upstream pressure and increased demand for information technology solutions [10]. - Trustworthy Software: The new wave of government and industry trustworthiness initiatives is expected to accelerate revenue growth for foundational software companies [11]. - AI in 5G Applications: The recovery of consumer electronics and advancements in AI-enabled smart terminals are anticipated to drive innovation in this sector [11]. - AI in Education: Sales of educational devices are showing strong growth, indicating a robust market for AI-enhanced learning tools [11]. - AI in Legal Services: The legal sector is expected to see increased demand for AI-driven solutions across various client segments [11]. - AI in Payment Systems: The recovery of consumer confidence is likely to boost payment transaction volumes, creating opportunities for AI in payment technologies [11]. - AI in Government Services: The transition to AI-driven government IT solutions is expected to enhance efficiency and effectiveness in public administration [11]. Company Performance Forecasts - Haiguang Information: Projected net profit for 2024 is 1.931 billion yuan, with a 53% year-on-year increase, and Q1 2025 net profit forecasted between 493 million to 603 million yuan, reflecting a growth of 71% to 109% [12]. - Xiechuang Data: Expected to achieve a net profit of 681 million to 833 million yuan in 2024, a year-on-year increase of 137% to 190%, with Q1 2025 net profit forecasted at 197 million to 241 million yuan [12]. - Ninebot: Anticipated net profit for 2024 is 1.087 billion yuan, with a year-on-year increase of 82%, and Q1 2025 net profit expected to be between 177 million to 217 million yuan [12]. - Invid: Projected net profit for 2024 is between 481 million to 513 million yuan, with a year-on-year increase of 40% to 49%, and Q1 2025 net profit forecasted at 81 million to 99 million yuan [12]. - Oulutong: Expected to achieve a net profit of 249 million to 289 million yuan in 2024, with a year-on-year increase of 27% to 48%, and Q1 2025 net profit forecasted at 45 million to 66 million yuan [12]. - Stone Technology: Projected net profit for 2024 is 1.981 billion yuan, with a slight decline of 3%, and Q1 2025 net profit expected to be between 359 million to 439 million yuan [12]. - Ying Shi Network: Expected to achieve a net profit of 504 million yuan in 2024, with a year-on-year decrease of 11%, and Q1 2025 net profit forecasted at 130 million to 158 million yuan [12]. - Desai Xiwai: Projected net profit for 2024 is 2.005 billion yuan, with a year-on-year increase of 30%, and Q1 2025 net profit expected to be between 442 million to 481 million yuan [12]. - Rui Ming Technology: Expected to achieve a net profit of 280 million to 297 million yuan in 2024, with a significant year-on-year increase of 175% to 191%, and Q1 2025 net profit forecasted at 90 million to 101 million yuan [12]. - Hua Ce Navigation: Projected net profit for 2024 is 565 million to 585 million yuan, with a year-on-year increase of 26% to 30%, and Q1 2025 net profit expected to be between 124 million to 134 million yuan [12]. - Hongyuan Wulian: Expected to achieve a net profit of -3 million yuan in 2024, with a significant year-on-year increase of 96%, and Q1 2025 net profit forecasted at 0 to 5 million yuan [12]. - Tonghuashun: Projected net profit for 2024 is 1.823 billion yuan, with a year-on-year increase of 30%, and Q1 2025 net profit expected to be between 100 million to 160 million yuan [12]. - Kingsoft Office: Expected to achieve a net profit of 1.645 billion yuan in 2024, with a year-on-year increase of 25%, and Q1 2025 net profit forecasted at 404 million to 440 million yuan [12].