SIASUN(SZ:300024)2025-05-14 03:09Investment Ratings - Zhaowei Machinery & Electronic: Not rated [1] - Honor Electronics: Not rated [2] - Kingdee: Buy [3] - Marketing Force: Not rated [5] Core Insights - Zhaowei Machinery & Electronic is expected to achieve over 20% year-on-year sales growth in 2025, driven by the electric vehicle (EV) segment and localization trends, despite potential softness in consumer electronics [1] - Honor Electronics anticipates over 30% year-on-year revenue growth from its data center power supply segment in 2025, following an 80% year-on-year growth in 2024, primarily due to high-power products for GPU servers [2] - Kingdee aims for breakeven in FY25E with low-teen year-on-year top line growth, supported by strong order momentum in the large enterprise segment, while facing uncertainties in the SME segment [3] - Marketing Force's "All-in-one" machine and AI agents are expected to be key growth drivers, with AI agents potentially increasing average revenue per user (ARPU) by 10-20% for SME customers [5][6] Summary by Sections Zhaowei Machinery & Electronic - Management projects over 20% sales growth in 2025, supported by partnerships with domestic OEMs in the EV segment and advancements in humanoid robots, although consumer electronics demand may soften [1] Honor Electronics - The company achieved 80% year-on-year revenue growth in 2024 for its data center power supply segment, with a forecast of over 30% growth in 2025, and holds approximately 30% market share in GPU server power supplies [2] Kingdee - Kingdee's management reiterated a target for breakeven in FY25E, with expectations of low-teen year-on-year growth and improved gross and operating profit margins, while the SME segment faces uncertainties [3][4] Marketing Force - The "All-in-one" machine powered by DeepSeek's LLM is seeing strong demand, and AI agents are expected to enhance revenue streams significantly for both SME and key account customers [5][6] AI Industry Trends - The LLM industry is focusing on improving reasoning models and developing AI agents, which are anticipated to drive demand for computing power significantly [7][8] - The introduction of standardized protocols like MCP is expected to support the ecosystem for AI agents, with hardware supply chains preparing for market growth [8] Liquid Cooling Industry - The liquid cooling market in China is experiencing intense competition, with a shift towards more sustainable technology solutions expected to benefit market leaders [9][10][11] Cloud Computing Industry - The non-AI cloud market remains competitive, while AI cloud services are identified as a key growth engine for leading tech companies [12][13]