山西证券研究早观点-2025-04-03

Core Insights - The report highlights a positive outlook for NAND Flash prices in Q2 2025, driven by production cuts and inventory replenishment in the consumer electronics sector [5][8] - The semiconductor equipment industry is witnessing significant technological breakthroughs from domestic companies, reshaping the global market landscape [5][8] - The coal import data indicates a marginal slowdown in growth, with a notable decrease in import prices compared to the previous year [7][9] Industry Commentary - Electronics: The NAND Flash prices are expected to rise in Q2 2025 due to reduced production and increased demand from consumer electronics brands [5] - Coal: The coal import volume for January-February 2025 shows a year-on-year increase of 2%, but the average import price has decreased by 11.14% compared to the previous year [9][10] Company Analysis - Guanghe Technology (001389.SZ): The company reported a revenue of 3.734 billion yuan in 2024, a year-on-year increase of 39.43%, driven by the growing demand for AI infrastructure [13][14] - Babi Foods (605338.SH): The company achieved a revenue of 1.671 billion yuan in 2024, with a net profit increase of 29.42%, supported by the expansion of franchise stores and large customer channels [16][17] - Kema Technology (301611.SZ): The company leads the domestic market in advanced ceramic components for semiconductors, with a revenue CAGR of 18% from 2021 to 2023 [20][21] - ZTE Corporation (000063.SZ): The company reported a revenue of 121.299 billion yuan in 2024, a decrease of 2.38%, with a focus on expanding its AI and edge computing business [25][28] Investment Recommendations - The report suggests focusing on storage chip design and packaging leaders due to the anticipated price recovery in NAND Flash [8] - It recommends investing in domestic semiconductor equipment and materials companies, as well as those involved in AI infrastructure [8] - For coal companies, it highlights the potential for stable high-dividend stocks and suggests monitoring companies like China Shenhua and Shaanxi Coal and Energy [12]