Shanxi Securities·2025-04-17 02:30Core Insights - The report highlights the ongoing impact of tariff policies on the communication and semiconductor industries, emphasizing the resilience of the Chinese supply chain and the potential for recovery in communication equipment manufacturing due to recent tariff exemptions from the U.S. [7][11] - The report suggests a focus on domestic demand and self-sufficiency in technology as a strategic direction, particularly in high-end chips and computing power, driven by initiatives like the OISA industry chain plan [7][11] - The performance of specific companies such as 聚灿光电 and 聚辰股份 is noted, with significant revenue and profit growth attributed to market demand and product structure improvements [15][17] Industry Commentary - The communication industry is experiencing a recovery phase, with the U.S. tariff exemption on certain products expected to benefit the communication equipment sector, particularly for items like optical modules and routers [7][11] - The semiconductor industry is under pressure from fluctuating U.S. tariff policies, which are affecting market confidence and investment sentiment [7][11] - The basic chemical industry is also impacted by tariff disputes, but there is potential for domestic substitution and recovery in high-end materials and green chemistry sectors [9][11] Company Analysis - 聚灿光电 reported a 21.80% year-on-year increase in revenue for Q1 2025, reaching 731 million yuan, with a net profit growth of 27.72% [15] - 聚辰股份 achieved a remarkable 46.17% increase in revenue for 2024, totaling 1.028 billion yuan, with net profit soaring by 189.23% [17] - 聚胶股份 is seeing significant overseas growth, with a 30.03% increase in overseas revenue, and is expected to benefit from declining shipping costs [20][21] Investment Recommendations - The report recommends focusing on companies that are positioned to benefit from tariff corrections and domestic technology initiatives, including 聚灿光电, 聚辰股份, and 聚胶股份 [10][19] - It suggests monitoring companies involved in high-end chip production and those with diversified global operations to mitigate tariff impacts [10][11]