Investment Rating - The report assigns a rating of 5.7 out of 10 for the IPO of the company, suggesting a recommendation for subscription based on the potential growth in AI computing demand and the company's strong technological barriers and order reserves [16]. Core Insights - The company focuses on general-purpose graphics processing unit (GPGPU) chips and intelligent computing solutions, which are critical for AI model training and inference, positioning itself as a key player in the AI infrastructure market [1]. - The company has achieved significant revenue growth, with projected revenues of RMB 3.37 billion in 2024 and RMB 589 million in the first half of 2025, supported by a strong order backlog totaling RMB 20.63 billion [2][5]. - The Chinese intelligent computing chip market is expected to reach USD 50.4 billion by 2025, indicating substantial growth potential for the company, which aims to capture approximately 0.2% of the market share [3][9]. Company Overview - The company has developed a complete solution comprising hardware systems and software platforms, including PCIe cards, OAM modules, and servers, which enhance energy efficiency in data centers [2]. - The company is the first in China to adopt 2.5D chip packaging technology for dual AI computing bare chips, showcasing its advanced technological capabilities [1][4]. - The company holds a robust patent portfolio with 613 patents granted and 972 pending, indicating strong technical reserves [4]. Industry Status and Prospects - The market is characterized by a concentration of leading players, with the top two companies holding 94.4% of the market share, providing a unique competitive space for the company [3]. - The domestic competition in the intelligent computing chip sector is expected to grow, with local companies projected to increase their market share from 20% in 2024 to 60% by 2029, benefiting the company as a local core enterprise [9]. Advantages and Opportunities - The company has a strong technical barrier and iterative capability, with a high proportion of R&D personnel (83%) and significant investment in R&D, exceeding 70% of total operating expenses from 2022 to 2024 [4]. - The company has a solid order reserve, with 24 unfulfilled binding orders valued at RMB 822 million and additional sales agreements worth RMB 1.241 billion, indicating strong revenue certainty for the future [5]. Commercialization Progress - The company has begun generating revenue from its intelligent computing solutions in 2023, with a steady increase in customer quality, moving from small trial customers to leading enterprises in the ICT and data center sectors [2][5]. - The company operates under a fabless model, focusing on core design and solution integration, allowing for flexible supply chain responses to customer needs [5].

Investment Rating - The report suggests a cautious subscription for the company [2] Core Insights - The company develops General-Purpose Graphics Processing Unit (GPGPU) chips and AI computing solutions, providing essential computational power for artificial intelligence (AI) [2] - The company's GPGPU-based solutions have strong performance and efficiency in training and inference of large language models (LLMs), giving it a competitive edge in the domestic market [2] - The Chinese smart computing chip market is expected to reach USD 50.4 billion by 2025, with the company aiming for a market share of approximately 0.2% [2] - The global smart computing chip market is projected to grow from USD 6.6 billion in 2020 to USD 119 billion by 2024, with a compound annual growth rate (CAGR) of 106.0% [2] - The company’s revenue for 2022 to 2024 is projected to be RMB 0.5 million, RMB 62.03 million, and RMB 336.8 million, with net losses of RMB -1,474.31 million, RMB -1,743.95 million, and RMB -1,538.1 million respectively [2] - The GPGPU market has significant long-term growth potential and is currently in a rapid development phase [2] - The company's Hong Kong IPO valuation is approximately 117 times price-to-sales (PS) for 2024, leading to a recommendation for cautious subscription due to unclear profitability timeline [2]

证 券 研 究 报 告 禾赛-W（02525.HK）深度研究报告 强推（首次） 激光为炬，照见智驾与端侧 AI 的感知基石 [主要财务指标 Indicator_FinchinaSimpleHKNon] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 2,077 | 3,030 | 4,177 | 5,823 | | 同比增速(%) | 10.7% | 45.9% | 37.9% | 39.4% | | 归母净利润(百万元) | -102 | 358 | 488 | 887 | | 同比增速(%) | 78.5% | 449.6% | 36.4% | 81.7% | | Non-GAAP 净利润(百万元) | 14 | 478 | 602 | 995 | | 同比增速(%) | | 3,391.5% | 26.0% | 65.3% | | 每股盈利(元) | -0.66 | 2.29 | 3.13 | 5.68 | | 市盈率(倍) | -203 | 69 | 51 | 28 | | 市盈率(N ...

Investment Rating - The report adjusts the investment rating for the company to "Buy" [1][7]. Core Insights - The company has launched an equity incentive plan and management share buyback, indicating confidence in long-term business development [1][7]. - The company is currently in a strategic adjustment phase, actively promoting strategic upgrades to support long-term growth, with expectations of gradually restoring same-store sales growth and increasing store opening pace [1][7]. - The recent equity incentive plan aims to bind key talent and enhance motivation, while the management's share buyback reflects their confidence in the company's future [7]. Financial Data and Valuation - The company’s main revenue for 2023 is projected at 11,392 million, with a year-on-year growth of 1%. However, a decline is expected in 2024 and 2025, with revenues of 10,273 million and 8,553 million respectively, reflecting a decrease of 10% and 17% [2][11]. - The adjusted net profit for 2025 is forecasted to be -363 million, with a gradual recovery expected in 2026 and 2027, reaching 17 million and 73 million respectively [2][11]. - The earnings per share (EPS) is expected to be -0.25 in 2025, with a recovery to 0.01 in 2026 and 0.05 in 2027 [2][11]. - The company’s total market capitalization is approximately 3.5 billion HKD, with a current share price of 1.76 HKD [3]. Shareholder Information - The major shareholder, Yu Huiyong, plans to increase his stake by purchasing up to 10 million H shares within the next 12 months, currently holding approximately 36.8% of the company’s issued shares [7].

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The strategic partnership with Huatu aims to explore various areas including investment cooperation, corporate governance, technology development, distribution channel collaboration, industry self-regulation, and customer service [1]. - The collaboration is expected to enhance market share and restore profitability due to the complementary strengths of both leading companies in the industry [2]. - The AI product matrix is continuously expanding, with significant sales achievements, including over 14,000 units sold in a single day for the AI question-answering system class [2]. - The company plans to increase its AI R&D investment by 30% annually and collaborate with top institutions to build an educational large model laboratory [2]. Financial Summary - The projected revenues for 2025, 2026, and 2027 are estimated at 2.67 billion, 2.78 billion, and 2.98 billion RMB respectively, with adjusted net profits of 298 million, 375 million, and 445 million RMB [3][4]. - The adjusted net profit growth rates are expected to be -17.9% in 2025, 25.9% in 2026, and 18.7% in 2027 [4][11]. - The company’s P/E ratios for the next three years are projected to be 15.3x, 12.1x, and 10.2x respectively [4][11].

九方智投控股 （09636.HK） 2025 年 12 月 22 日 投资评级：买入（维持） | 日期 | 2025/12/19 | | --- | --- | | 当前股价(港元) | 50.250 | | 一年最高最低(港元) | 84.050/20.300 | | 总市值(亿港元) | 235.35 | | 流通市值(亿港元) | 235.35 | | 总股本(亿股) | 4.68 | | 流通港股(亿股) | 4.68 | | 近 3 个月换手率(%) | 46.19 | 股价走势图 科技与投研赋能，加速平台化转型 ——港股公司首次覆盖报告 财务摘要和估值指标 | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 1,965 | 2,306 | 3,771 | 3,960 | 4,625 | | YOY(%) | 6.2 | 17.3 | 63.5 | 5.0 | 16.8 | | 净利润(百万元) | 191 | 272 | 1,193 | 1,101 | ...

Investment Rating - The report assigns an "Outperform" rating to BaiRong Cloud, indicating an expected relative return exceeding 10% over the next 12-18 months [14]. Core Insights - BaiRong Cloud launched its ResultsCloud platform, which aims to transform the business model from "selling tools" to "selling outcomes" through three major technological innovations and a RaaS (Results-as-a-Service) model [1][6]. - The introduction of silicon-based employees (AI Agent-like applications) represents a fundamental shift in production factors, moving from human reliance to human-machine collaboration [1][6]. - The company plans a three-phase strategy: consolidating fintech advantages and improving silicon-based employee standards from 2025-2026, expanding into vertical sectors like healthcare and education from 2027-2028, and becoming a global leader in silicon-based productivity by 2029-2030 [2][6]. Summary by Sections Technological Innovations - The ResultsCloud platform features a three-layer architecture: AI Infra reasoning engine, AgentOS lifecycle management, and AgentStore commercialization applications [2]. - The AI Infra reasoning engine enhances inference performance by 300% compared to general frameworks, while AgentOS allows for rapid deployment of silicon-based employees within two weeks [2]. Product Offerings - The AgentStore has launched four key products: 1. BaiYing for customer service and marketing, improving customer satisfaction by 40% 2. BaiCai for recruitment, reducing hiring cycles to 28 days and increasing productivity by 5 times 3. BaiJian for cross-border legal and tax services, enhancing efficiency by 90% and reducing costs by 70% 4. BaiZhi for knowledge production, compressing cycles to 4 days and boosting efficiency by 400% [2]. Strategic Importance - The large-scale application of silicon-based employees is expected to redefine core competitiveness in enterprises, with early adopters of human-machine collaboration gaining a competitive edge in the digital economy [3][6]. - BaiRong Cloud's transition from a model service provider to a rental provider of AI employees could lead to a disruptive transformation in the B-end AI and software industries, expanding its business scope beyond finance [3][6].

研究报告 Research Report 21 Dec 2025 H&H 国际控股 Health and Happiness International Holdings (1112 HK) 首次覆盖：高端家庭营养与健康产品的领先企业 A leading enterprise in high-end family nutrition and health products: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 合生元超预期复苏，婴配粉增长强劲。Biostime（合生元）作为 H&H 集团的核心母婴营养品牌，自 1999 年创立以来，始终专注于婴幼儿 营养与健康领域。其产品以"奶粉+营养品"双轮驱动，精准切入免 疫、过敏等高价值赛道。婴幼儿配方奶粉为品牌拳头产品，营养补充 品以益生菌系列为主要代表。25Q1-Q3，H&H 集团 BNC 业务实现营收 39.7 亿元，同比+24.0%，其中单三季度收入达 14.7 亿元，同比 +90.6%，增速远超集团整体业务水 ...

证券研究报告 | 公司深度 | 文娱用品 康耐特光学(02276) 报告日期：2025 年 12 月 21 日 全球光学树脂镜片龙头，XR 眼镜赛道卡位稀缺 ——康耐特光学深度报告 投资要点 ❑ 盈利预测与估值 我们预计公司 2025~2027 年收入分别为 23.01、26.16、29.79 亿元（同比 +11.3%、+13.7%、+13.8%），归母净利润 5.5、6.8、8.2 亿元（同比+29%、 +23%、+20%），对应 PE 分别为 42x、34x、29x，若考虑 2026 年智能眼镜业务贡 献利润增量（若贡献 2 亿增量对应约 9 亿利润，27x），估值仍具性价比。首次覆 盖，给予"买入"评级。 ❑ 风险提示 关税波动超出预期，下游需求不及预期，智能眼镜合作推进不及预期。 | 财务摘要 | | | | | | --- | --- | --- | --- | --- | | [单位Table_Forcast] /百万 | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 2061 | 2301 | 2616 | 2979 | | (+/-) (%) | 17% | ...

Investment Rating - The report maintains a "Strong Buy" rating for Li Ning [4] Core Views - Since Q4 2025, the company has accelerated its layout in new products and channels, with positive market feedback on new running shoes featuring the latest super-bounce capsule technology [1][8] - The company has opened its first outdoor specialty store and a flagship store in Beijing, indicating a strategic expansion into new market segments [3] - With channel inventory returning to a healthy level, the company is expected to see a turnaround in operations in 2026, supported by aggressive marketing and major events [1][10] Inventory and Product Structure - As of Q3 2025, the channel inventory has decreased to a controllable level of 4-5 months, with 82% of inventory being new products under 6 months [2] - The product structure is healthy, with 77% of the company's inventory also consisting of new products under 6 months [2] Store Expansion - The total number of Li Ning stores reached 6,132 by the end of Q3 2025, with a net increase of 33 stores from the previous quarter [3] - The company has also increased its focus on outdoor and premium product lines, with new store openings catering to diverse consumer needs [3] Financial Performance and Projections - Total revenue for 2023 is projected at 27,696 million yuan, with a growth rate of 6%, while 2025 revenue is expected to remain flat at 28,744 million yuan [9][24] - Net profit for 2025 is estimated at 2,395 million yuan, reflecting a decline of 21% year-on-year, but is expected to recover in subsequent years [9][24] - The report anticipates a gradual recovery in revenue growth starting in 2026, driven by new product launches and enhanced marketing efforts [10] Shareholder Activity - The controlling shareholder has been actively increasing their stake in the company, which is seen as a positive signal for corporate governance and long-term investment value [10][11]