Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 81.02 [8][19]. Core Insights - The company is accelerating its globalization strategy, highlighted by the acquisition of Czech IMI, which will serve as a strategic foothold in Europe [3][16]. - The company has successfully secured new orders from major global clients such as BMW, Mercedes-Benz, and Ford, indicating strong demand for its products [2][14]. - The company aims to enhance its product offerings in automotive electronics and develop new domain control products, focusing on expanding its customer base [2][13]. Summary by Sections Acquisition of Czech IMI - The company announced the acquisition of 100% of Czech IMI for EUR 9.426 million to enhance its overseas market presence and production capabilities [3][16]. - This acquisition will establish a factory in the Czech Republic, serving as a strategic base for the company in Europe and facilitating the production of global platform client orders [3][17]. Globalization Strategy - The company has been actively promoting new products and technologies to European and American clients, achieving significant results in recent years [2][14]. - In 2024, the company expects to generate over RMB 1.2 billion in sales from new projects, with a significant portion coming from overseas clients [14][15]. - The company plans to continue expanding its global footprint by targeting new business opportunities and enhancing its existing client relationships [15][19]. Financial Forecast - The report forecasts revenues of RMB 78.3 billion, RMB 101.5 billion, and RMB 125.6 billion for 2025, 2026, and 2027 respectively, with net profits of RMB 10.5 billion, RMB 14.38 billion, and RMB 18.37 billion [5][19]. - The company is expected to maintain a PE ratio of 31 times for 2025, reflecting strong growth potential [5][19].

Investment Rating - The report assigns a "Buy" rating for the company [4]. Core Views - The acquisition of Ningbo Semiconductor by Guokewai marks a new phase for the company, enhancing its capabilities in the semiconductor industry [2][40]. - Ningbo Semiconductor is a leading domestic foundry specializing in RF front-end, MEMS, and high-voltage analog devices, with significant technological advancements in BAW filter manufacturing [2][28]. - The report estimates Ningbo Semiconductor's valuation to be between 7.34 billion to 9.18 billion yuan based on its production capacity [3][48]. Summary by Sections Acquisition Details - Guokewai plans to acquire 94.366% of Ningbo Semiconductor through a combination of share issuance and cash payment [1][16]. - The acquisition is expected to enhance Guokewai's production capabilities in high-end filters and MEMS, creating a dual-driven model of digital chip design and analog chip manufacturing [46]. Ningbo Semiconductor Overview - Ningbo Semiconductor focuses on specialized process semiconductor foundry services, providing customized chip solutions in RF front-end, MEMS, and high-voltage analog devices [20][26]. - The company has established strategic partnerships with leading domestic mobile communication terminal companies, breaking through technological barriers in BAW filter manufacturing [28][30]. Financial Projections - Revenue projections for Guokewai from 2024 to 2026 are estimated at 2.406 billion, 2.907 billion, and 3.485 billion yuan, respectively, with net profits of 148 million, 236 million, and 308 million yuan [3][40]. - The report anticipates a significant increase in revenue and profit margins as the company capitalizes on the acquisition and expands its market presence [42][46]. Market Potential - The global RF filter market is valued at approximately 10 billion USD, with a low domestic production rate, indicating substantial growth potential for Ningbo Semiconductor [32][34]. - The demand for RF filters is expected to rise significantly with the proliferation of 5G technology, which requires more filters per device compared to previous generations [33][34].

Investment Rating - The report upgrades the investment rating to "Buy" [8] Core Views - The company is expected to benefit from the recovery of the heavy truck industry due to the scrapping and replacement policy, which is projected to drive heavy truck sales to exceed 1 million units in 2025 [6][33] - The company’s high-margin products are gaining traction, with significant growth anticipated in the large-bore engine and data center segments, leading to improved profitability [8][29] - The company is accelerating its transformation in six key areas, including new energy, digitalization, and export markets, aiming for substantial revenue growth in the coming years [8][45] Summary by Sections AIDC Engine Outlook - The AIDC engine market is characterized by high barriers to entry, with domestic manufacturers like Weichai making significant breakthroughs [16] - The demand for AIDC engines is rapidly increasing, but supply is constrained due to limited production capacity [25][24] - The company’s large-bore engine business is entering a high-growth phase, with sales of over 8,100 units expected in 2024, reflecting a 20% year-on-year increase [29] Heavy Truck Industry Recovery - The inclusion of natural gas and National IV trucks in the scrapping subsidy program is expected to stimulate heavy truck sales significantly [33] - The company holds a 59.6% market share in natural gas heavy truck engines, positioning it well for growth as the scrapping policy takes effect [36] - The penetration rate of clean energy vehicles is projected to increase, leading to a more balanced market among diesel, natural gas, and new energy vehicles [42] Annual Performance Highlights - In 2024, the company reported revenue of 215.69 billion yuan, with a net profit of 11.40 billion yuan, marking a 26.51% increase year-on-year [49] - The engine segment's profit margin improved by 4.80 percentage points, driven by higher sales of high-value products [55] - The company’s subsidiaries, including Shaanxi Heavy Truck and KION, reported significant profit increases, contributing positively to overall performance [57] Profit Forecast and Investment Recommendations - The company is projected to achieve net profits of 12.68 billion, 14.64 billion, and 16.51 billion yuan from 2025 to 2027, with respective growth rates of 11.21%, 15.47%, and 12.75% [8][11] - The price-to-earnings ratio is expected to decrease from 10.38X in 2025 to 7.98X in 2027, indicating an attractive valuation for investors [8][11]

核心技术获得特等奖，下游需求复苏与核 聚变项目推进下各业务有望同步迎来增量 ⚫ 根据行业需求情况下调营收与毛利率，调整 25、26 年 EPS 为 1.60、1.97 元（前值 为 1.92、2.49 元），新增 27 年 EPS 为 2.41 元。参考可比公司 25 年估值水平，对 应 25 年 42 倍 PE，目标价 67.20 元，维持买入评级。 风险提示：行业需求不及预期；产品价格下降风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,159 | 4,612 | 6,028 | 7,337 | 8,839 | | 同比增长 (%) | -1.6% | 10.9% | 30.7% | 21.7% | 20.5% | | 营业利润(百万元) | 870 | 1,007 | 1,318 | 1,633 | 2,001 | | 同比增长 (%) | -29.7% | 15.7% | 30.9% | 23.9% | 22.5% | | 归属母公 ...

证券研究报告 | 公司深度 | IT 服务Ⅱ 优刻得(688158) 报告日期：2025 年 06 月 05 日 从响应 DeepSeek 看优刻得，云计算价值重估进行时 ——优刻得深度报告 投资要点 ❑ 中国领先的第三方云计算服务商 公司是中国领先的第三方云计算服务商，以 IaaS（计算、存储、网络）、PaaS （数据库、缓存、容器）为核心，持续拓展大数据、人工智能等高附加值产品， 构建了完整的云计算产品矩阵。服务模式分为公有云、混合云与私有云，2024年 分别占收入比例为 50.61%、34.93%、3.50%。其中，公有云客户以移动互联、互 动娱乐、企业服务等互联网客户为主；混合云及私有云客户包括金融、政府机构 等。管理层专业背景深厚，董事长曾获"上海市科学技术奖一等奖"、"中国通 信学会科学技术奖（科技进步类）一等奖"等称号，曾在华为、腾讯等企业任 职，可引领公司快速响应行业变化、把握行业趋势。 ❑ DeepSeek 降低模型部署门槛，云计算厂商受益推理需求增加 DeepSeek 推出 R1 系列模型并遵循 MIT 开源协议，模型参数量仅为 660B，并提 供 1.5B-70B 系列蒸馏模型，大幅度降 ...

"一体"：石膏板消费属性增强，持续降本+扩品类+出海 石膏板市场规模约为 150-200 亿元，公司市占率（产量口径）近七 成。公司近年来致力增强石膏板消费属性，加大渠道布局、增加宣 传力度、提升高端产品占比。主导业务继续重点关注：①降本， 2024 年石膏板单位成本为 3.71 元/平米，同比下降 0.19 元/平米。 ②扩品类，发力轻钢龙骨、粉末砂浆等"石膏板+"业务，拟投资 建设的石膏纤维板可用于内墙和隔墙。③出海，公司于 2017 年启 动全球化布局，2023 年加速推进，主要聚焦东南亚、中亚、中东、 欧洲和环地中海四大区域，25Q1 国际化业务收入、净利润同比分 别增长 73.00%、143.08%。 "两翼"：防水+涂料规模逆势扩张 2019 年公司确定"一体两翼"战略目标，当年通过联合重组进入 防水材料业务领域。公司防水卷材收入规模已达行业前 3。涂料同 样收并购为主，建筑涂料方面，2023 年底联合重组嘉宝莉（持股 78.34%，2024 年 2 月并表），涂料年产能由 10.3 万吨提升至 130 万吨以上，2024 年嘉宝莉业绩承诺完成率 81.27%。工业涂料方面， 2021 年、202 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 23.88 [5][8]. Core Insights - The company is actively expanding its overseas market presence and has a strong pipeline of new products, including the anticipated internal testing of the AI emotional companion application "EVE" [1][4]. - The successful launch of new games, such as "Dragon Valley World" and "Digital Monster: Source," has garnered significant market attention, indicating the company's ability to leverage classic IPs and innovate gameplay [2]. - The company's overseas mobile game "Party Beast Control" achieved top rankings in various regions shortly after its launch, showcasing its effective market strategy and user growth potential [3]. Summary by Sections Product Performance - The new game "Dragon Valley World" topped the App Store free games chart on its first day of public testing and remains a strong performer in the iOS action game category [2]. - "Digital Monster: Source" has also gained traction, ranking 73rd in the iOS adventure game category as of June 3, 2025 [2]. Overseas Expansion - The company launched "Party Beast Control" in Hong Kong, Taiwan, and Macau, achieving top download rankings in these regions [3]. - "MU Immortal" was released in over 100 countries, topping the RPG free charts in Canada and Germany, indicating successful international market penetration [3]. AI Technology Integration - The company is investing in AI technology, with the upcoming "EVE" game expected to enhance user engagement through multi-platform interactions [4]. - The new brand "Warm Star Valley Dream Journey" combines AI technology with interactive experiences, aiming to attract a broader audience [4]. Financial Forecast - The company forecasts net profits of RMB 20.4 billion, RMB 24.1 billion, and RMB 27.3 billion for 2025, 2026, and 2027 respectively, with a PE ratio of 25X for 2025 [5][7]. - Revenue is projected to grow from RMB 4.295 billion in 2023 to RMB 6.910 billion by 2027, reflecting a compound annual growth rate [7][19].

核心技术获得特等奖，下游需求复苏与核 聚变项目推进下各业务有望同步迎来增量 核心观点 事件：公司的 EAST 大科学装置千秒级稳态高参数等离子体关键技术及工程应用成果获 得安徽省科学技术进步奖特等奖。 盈利预测与投资建议 ⚫ 根据行业需求情况下调营收与毛利率，调整 25、26 年 EPS 为 1.60、1.97 元（前值 为 1.92、2.49 元），新增 27 年 EPS 为 2.41 元。参考可比公司 25 年估值水平，对 应 25 年 42 倍 PE，目标价 67.20 元，维持买入评级。 风险提示：行业需求不及预期；产品价格下降风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,159 | 4,612 | 6,028 | 7,337 | 8,839 | | 同比增长 (%) | -1.6% | 10.9% | 30.7% | 21.7% | 20.5% | | 营业利润(百万元) | 870 | 1,007 | 1,318 | 1,6 ...

公司报告 | 首次覆盖报告 科泰电源（300153） 证券研究报告 发电机组龙头，把握数据中心发展机遇 以电力设备业务为核心，形成"一主两翼"的业务格局。公司成立于 2002 年，主要以电力设备板块为核心业务。作为高新技术企业，公司向多领域 投资布局，形成了"以电力设备业务为核心，以节能环保和新能源业务为 两翼"的业务格局。 基本数据 A 股总股本(百万股) 320.00 流通 A 股股本(百万股) 318.33 A 股总市值(百万元) 9,148.80 流通 A 股市值(百万元) 9,101.06 每股净资产(元) 2.77 资产负债率(%) 53.86 作者 电力设备需求增长乐观，数据中心为柴油发动机业务带来增长机遇。 公司发挥供应链与品牌优势，把握市场机遇。 盈利预测与估值：预计 2025-2027 年公司总营收分别为 21.25/27.73/35.73 亿元，同增 67%/30%/29%； 归母净利润分别为 2.76/3.76/4.75 亿元，同比 +689%/+36%/+26%。考虑公司目前在高端柴油发电机行业的龙头地位，给 予公司 2025 年 45X PE，对应公司目标价为 38.81 元，首次 ...

⚫ 预测 2025-2027 年归母净利润 80.30、94.71、113.13 亿元，维持可比公司 25 年平 均 PE 估值 21 倍，目标价 17.01 元，维持买入评级。 风险提示 长安福特销量低于预期、长安马自达销量低于预期、长安自主品牌销量低于预期、行业 价格战影响盈利。 公司主要财务信息 深蓝、阿维塔均实现同比高增长，新能源 车比重提升 核心观点 ⚫ 盈利预测与投资建议 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 151,298 | 159,733 | 180,654 | 200,457 | 219,509 | | 同比增长 (%) | 24.8% | 5.6% | 13.1% | 11.0% | 9.5% | | 营业利润(百万元) | 10,447 | 6,624 | 8,395 | 9,919 | 11,868 | | 同比增长 (%) | 36.9% | -36.6% | 26.7% | 18.2% | 19.6% | | 归属母公司净利润( ...