Shenwan Hongyuan Securities·2025-06-30 01:12Group 1: Giant Network (002558.SZ) - The company has improved R&D efficiency and stabilized performance since 2023, with a 50-70% efficiency increase in the art segment due to AI integration, and a projected 11% decrease in per capita R&D expenses in 2024 [12][10] - The gaming segment is expected to see growth with new titles like "Supernatural" and "Five Thousand Years," which are anticipated to expand the user base significantly [12][10] - The company has raised profit forecasts for 2025-2027, with expected net profits of 19.1 billion, 24.2 billion, and 27.1 billion respectively, reflecting strong potential for revenue growth [12][10] Group 2: Hengxin Life (301501) - The company specializes in paper and plastic food service products, with a focus on biodegradable options, and has seen a CAGR of 30.4% in revenue and 40.1% in net profit from 2021 to 2024 [11][15] - Hengxin Life has a comprehensive supply chain and strong customer relationships, with biodegradable products expected to account for 54.7% of revenue in 2024 [11][15] - The food service market is projected to grow, with China's retail sales in the restaurant sector expected to reach 5.57 trillion yuan in 2024, indicating strong demand for the company's products [11][13] Group 3: Qingyi Optoelectronics (688138) - The company focuses on semiconductor materials, particularly photomasks, with a stable annual growth rate of over 20% [16][14] - The market for semiconductor photomasks is significant, with a projected market share increase for the company, particularly in advanced process nodes [16][14] - Revenue forecasts for 2025-2027 are set at 14.2 billion, 17.6 billion, and 21.3 billion respectively, with corresponding net profits of 2.50 billion, 3.41 billion, and 4.38 billion, indicating robust growth potential [16][14]