证券代码：300113 证券简称：顺网科技 杭州顺网科技股份有限公司投资者关系活动记录表 | | 特定对象调研 | □分析师会议 | | --- | --- | --- | | 投资者关系 | □媒体采访 | □业绩说明会 | | 活动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | | 2025 年 08 | 月 22 日 | | | | 开源证券、万和证券、东方证券、中信建投证券、方正证券、浙商 | | | | 证券、华安基金、交银基金、广发基金、金鹰基金、永赢基金、天 | | | | 弘基金、国投瑞银基金、中欧基金、汇添富基金、国联安基金、光 | | | | 大保德信基金、金信基金、泰聚基金、明世伙伴基金、兴银基金、 | | | | 建信基金、博时基金、全天侯基金、歌汝基金、民生加银基金、泰 | | | | 信基金、安联基金、富国基金、创金合信基金、新华基金、西部利 | | | | 得基金、摩根士丹利基金、银河基金、长安基金、上海勤辰私募基 | | | | 金、北京国际信托、太平养老保险、长江养老保险、上海人寿保险、 | | | | 中邮人寿保险、中国人寿资管、平安资 ...

丨证券研究报告丨 公司研究丨点评报告丨三人行（605168.SH） [Table_Title] 汽车客户投放减少拖累营收，新业务落地进展积 极 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% %% %% 报告要点 [Table_Summary] 公司公布 2025 半年报：2025 年上半年，公司实现营业收入 16.57 亿元，同比下滑 13.36%， 实现归母净利润 1.44 亿元，同比增长 10.83%；其中 25Q2 公司实现营业收入 8.40 亿元，同比 下滑 13.93%，实现归母净利润 0.71 亿元，同比下滑 13.15%。公司紧扣广告主业，积极拓展 增量，同时积极围绕新质生产力开展新业务，体育彩票新业务有望迎来突破性进展。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 公司公布 2025 半年报：2025 年上半年，公司实现营业收入 16.57 亿元，同比下滑 13.36%， 实现归母净利润 1.44 亿元，同比增长 10.83%，实现扣非归母净利润 1.27 亿元，同比增长 4.56%；其中 25Q2 公司实现营业收入 8. ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [5]. Core Viewpoints - The company is positioned as a leader in the optical communication industry, leveraging its comprehensive product offerings and technological advancements to capture growth opportunities in both optical communication and computing services [1][2][3]. - The growth in demand for data driven by artificial intelligence and big data is expected to significantly boost the company's server business, particularly in the context of China's "East Data West Computing" strategy [3][4]. - The company has a strong focus on research and development, continuously innovating to enhance its product matrix and maintain its competitive edge in the market [4][34]. Summary by Sections Technology + Industry, Layout of Optical Communication and Computing Services - The company is the only global entity integrating "optical communication systems, optical fibers and cables, and optoelectronic devices," with a complete product range serving over 100 countries [1][13]. - The company has established production bases and R&D centers in Southeast Asia, South America, and Europe, ensuring a broad service coverage [13][17]. - The revenue has shown a growth trend from 2018 to 2023, with a compound annual growth rate (CAGR) of 5.13% [21][22]. Optical Communication: Industry Leader - The company has maintained a leading technological advantage in the optical communication sector, with significant innovations in multi-core fiber technology and underwater communication solutions [2][42]. - The introduction of new products, such as the G.654.E multi-core fiber, has set domestic records for transmission capacity [2][36]. - The company is actively involved in the development of submarine cable solutions, providing comprehensive services in marine communication networks [41][42]. Computing Services: Benefiting from AI and Big Data - The server market in China is projected to grow significantly, with a market size of 218.68 billion yuan in 2023, reflecting a year-on-year increase of 13.0% [3][4]. - The company has launched a series of self-developed server products, achieving breakthroughs in high-end liquid cooling technology [3][34]. - The computing and storage business has seen a compound annual growth rate exceeding 50% in recent years, indicating strong growth potential [34]. Profit Forecast and Investment Recommendations - The company is expected to benefit from the ongoing digital transformation trends in China, with projected net profits for 2025-2027 of 945.43 million, 1,179.44 million, and 1,421.91 million yuan respectively [4][5]. - The report anticipates a continuous improvement in gross margins due to the diversified product matrix and ongoing technological advancements [4][34].

Core Insights - The key challenge for companies in leveraging AI capabilities lies in effectively utilizing computing power rather than merely possessing it, with a growing demand for specialized, value-driven computing services [2][4] - The recent WAIC highlighted a significant transformation in the industry, with a more complete supply chain and an explosion of vertical models, indicating a restructuring of the computing service market [2][4] Group 1: Market Dynamics - The computing service market is characterized by a "demand-driven" nature, where businesses are increasingly measuring computing value based on business outcomes rather than raw performance metrics like FLOPS [3][7] - The release of ChatGPT in late 2022 triggered a global AI boom, leading to a tenfold increase in computing demand as major companies initiated large model projects, while supply constraints and chip bans exacerbated the market's supply-demand imbalance [4][6] Group 2: Value Creation - Pure computing power does not generate value; it must be complemented by service layers that enhance usability and efficiency, transforming raw computing into effective AI productivity [5][6] - Companies are shifting their focus from merely having usable computing power to seeking high-quality, efficient computing services that meet their specific business needs [5][6] Group 3: Cost and Quality Assessment - Companies often misjudge computing costs by assuming 100% utilization rates, while actual usage can be significantly lower, leading to a substantial discrepancy in cost assessments [6][7] - There is a prevalent issue of resource misallocation, where financially strong companies hoard high-end chips for simple tasks, while those with limited budgets opt for low-performance computing, ultimately hindering operational efficiency [6][7] Group 4: Service Models - The emergence of "expert services" in the computing service market aims to align computing resources with actual business needs, emphasizing the importance of accurate resource selection and architecture design [7][8] - After resource selection, companies require reliable foundational services, including real-time monitoring and data analysis, to optimize performance and address issues promptly [8][9] Group 5: Hybrid Solutions - Companies are encouraged to consider hybrid cloud solutions, where they can maintain a basic level of computing for daily operations and leverage public cloud resources for unexpected demands, thus optimizing costs [9]

Group 1 - The company plans to jointly invest with a professional institution to establish Jiaxing Yudao Shuke Equity Investment Partnership (Limited Partnership) [1] - The company's subscribed capital contribution to Yudao Shuke is 15.45 million yuan, accounting for 59.9767% of the total investment [1]

Core Viewpoint - Guofang Group (601086.SH) plans to jointly invest in the establishment of Jiaxing Yudao Digital Technology Equity Investment Partnership (Limited Partnership) with professional institutions, contributing a subscribed capital of 15.45 million yuan, accounting for 59.9767% of the partnership [1] Investment Details - The partnership will exclusively invest in Shishi Technology (Pinghu) Co., Ltd., with an investment amount of 25.76 million yuan. The funds will be used for the company's ongoing research and development, expanding the sales team, and supplementing working capital [1]

Group 1 - The company plans to jointly invest in a partnership named Jiaxing Yudao Digital Technology Equity Investment Partnership (Limited Partnership) with professional institutions, with a subscribed capital contribution of 15.45 million yuan, accounting for 59.9767% of the partnership [1] - The partnership will exclusively invest in Shi Shi Technology (Pinghu) Co., Ltd., with an investment amount of 25.76 million yuan, aimed at supporting the company's ongoing research and development, expanding the sales team, and supplementing working capital [1] - The target company provides computing power services, charging customers for computing power leasing and sales service fees [1]

Core Viewpoint - The announcement from Hongjing Technology reveals that the company has been procuring NVIDIA chips through a related party, Deepbo Information, which is controlled by the spouse of a senior executive, raising questions about the nature of the transactions and the company's disclosure practices [1][2][5]. Group 1: Company Transactions - Hongjing Technology announced a procurement of NVIDIA chips worth 55.368 million yuan from Deepbo Information between October 1, 2023, and December 31, 2023 [1][2]. - The company reported a significant increase in its orders for 2024, achieving 2.317 billion yuan, a year-on-year growth of 113% [2]. - Deepbo Information is described as an elite partner of NVIDIA and has a history of partnerships with major tech companies like IBM and Microsoft [2]. Group 2: Executive Relationships - The executive involved is Xu Chi, who serves as both a director and vice president of Hongjing Technology, and his spouse, Qiu Zhibin, is the largest shareholder of Deepbo Information [1][3]. - Xu Chi has been with Hongjing Technology since 2002 and has held various positions, indicating a long-standing relationship with the company [3]. Group 3: Market Conditions and Procurement Strategy - Hongjing Technology stated that due to geopolitical factors, high-performance servers and chips have been in short supply, necessitating the use of Deepbo Information for procurement [4]. - The company indicated that the transaction was essential due to the urgency and confidentiality required in the current market conditions [4]. - The procurement through Deepbo Information was a strategic decision to navigate regulatory constraints imposed by NVIDIA's home country [4]. Group 4: Disclosure and Compliance Issues - Hongjing Technology previously did not recognize Deepbo Information as a related party in its IPO prospectus, which has raised concerns about its internal compliance and disclosure processes [5]. - The company acknowledged that the identification of Deepbo Information as a related party was only discovered during a recent internal review [5].

Core Insights - The company, Parallel Technology, reported significant growth in its 2025 semi-annual report, with operating revenue reaching 458 million yuan, a year-on-year increase of 69.3% [1] - The net profit attributable to shareholders was 5.08 million yuan, up 20% year-on-year, while the net profit after deducting non-recurring gains and losses was 4.51 million yuan, reflecting a 19.5% increase [1] - The basic earnings per share were 0.09 yuan, representing a year-on-year growth of 28.57%, and the net operating cash flow was 39.26 million yuan, up 323% [1] Business Development - The company focuses on computing power services as its core business, deepening collaborations with various computing resource providers, including national supercomputing centers and telecom operators [2] - It aims to expand its computing resource pool through joint cluster construction, providing secure, user-friendly, and cost-effective supercomputing cloud services to support China's scientific research [2] - The company enhances its infrastructure design and implementation capabilities for large-scale training scenarios, optimizing support library components to deliver high-performance computing power [2] Strategic Partnerships - On May 27, the company signed a framework cooperation agreement with Alibaba Cloud to jointly develop domestic computing power centers and create a public cloud computing ecosystem [3] - The collaboration focuses on the large-scale application of AI technologies in research, education, and industry, exploring new ecosystems for computing power accessibility and AI synergy [3] - The company also integrated the Zhiyu open-source GLM-Z1 series inference models into its MGaS platform to provide more efficient intelligent solutions [3] Asset Acquisition - The company announced plans to purchase AI computing power servers, storage, and switch equipment from Shandong Zhengyun Information Technology Co., Ltd., with a total procurement amount not exceeding 71.5 million yuan [4] - The acquisition is aimed at expanding the company's self-owned computing resource pool, with the equipment being essential for normal production operations [4]

Focus Events - The Ministry of Science and Technology released the "Ethical Guidelines for the Research and Development of Driving Automation Technology," emphasizing the need for automated driving systems to respect life and minimize harm in unavoidable traffic accidents [1] Company News - *ST Yilian received a disciplinary notice from the Shanghai Stock Exchange for failing to report restricted funds of 1 billion and overreporting cash and cash equivalents by the same amount in its 2023 semi-annual report [3] - Zhongfu Information announced that its chairman and general manager, Wei Dongxiao, has been detained, but the company has arranged for management continuity during this period [14] - The company Kai Long announced that it is not involved in the "Yaxia Hydropower Project," despite market speculation [15] - Shenzhen Energy plans to invest 7.897 billion in the construction of the Shantou Honghaiwan VI offshore wind power project, with 1.581 billion from its own funds [25] - Lixun Precision announced plans to issue H-shares for listing on the Hong Kong Stock Exchange, aiming to raise funds for production capacity expansion and technological development [27][28] Industry Dynamics - The Ministry of Agriculture and Rural Affairs reported that China's pig farming industry has shown consistent profitability for 14 months, with measures taken to prevent drastic production fluctuations and price drops [6] - The National Development and Reform Commission is focusing on enhancing cooperation between state-owned and private enterprises, addressing issues of competition and supply chain collaboration [5] - The World Steel Association reported a 5.8% year-on-year decline in global crude steel production in June, with China's production down by 9.2% [13]