一年获30余座奖项、一批城市地标项目竣工——2025年，启迪设计（300500）（300500.SZ）在巩固品 牌行业影响力的同时，更有一批涵盖超算中心、高新科技园区、医疗、教育、文旅等领域的重点项目竣 工投用，其项目版图已从苏州辐射全国，展现出其作为民营勘察设计龙头企业的综合实力与发展韧性。 该智算中心项目是公司继苏州国科数据中心、长三角数字金融数据中心、太仓大数据产业园等项目之 后，在AI新基建领域的又一重大成果。凭借公司多年的积累，可为智算中心等算力建设项目提供优质 专业的设备采购、实施交付、系统运维等总包建设服务，本合同的顺利履行将对公司未来的业务发展及 经营业绩产生积极影响。 品牌影响力持续攀升是启迪设计本年度核心亮点之一。公司连续12年蝉联中国十大民营勘察设计企业， 成功入选 "2025年度建筑中国 十大民营建筑设计品牌"，品牌价值在行业内持续深化。作为"国家建筑绿 色低碳技术创新中心示范工程"，启迪设计大厦成为企业技术集成与绿色理念的重要展示窗口，引领行 业低碳转型方向。 国际舞台上，启迪设计全年累计收获30余座国内外奖杯，技术与设计水准获全球认可：启迪设计大厦、 长三角工业芯谷荣获2024美国 ...

Core Insights - The successful listing of Muxi Co., Ltd. on the Sci-Tech Innovation Board demonstrates an efficient practice model for deepening reforms and supporting national technological innovation strategies, with a listing time of only 116 days from application to approval [1][2] - Muxi's first-day stock performance reflects strong market expectations and recognition of its independent R&D capabilities and future growth potential in the high-performance GPU chip sector, with a market capitalization exceeding 332 billion yuan [1][2] - The company raised a total of 4.197 billion yuan through its IPO, with funds allocated primarily for the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [1] Company Performance - Muxi Co., Ltd. achieved a peak stock price of 895 yuan on its first trading day, closing at 829.9 yuan, allowing investors who received shares to potentially earn nearly 400,000 yuan [1] - The company has received significant investment from state-owned enterprises, including a strategic investment of 500 million yuan from Pudong Venture Capital Group, which has strengthened its financial reserves during critical periods [2] Industry Context - The rapid development of domestic GPU companies is highlighted by the recent performance of Muxi and the previous listing of Moer Thread, which has faced stock price volatility and potential risks of market over-exuberance [3] - The competitive landscape for domestic GPU manufacturers is challenging, with major players like NVIDIA and AMD holding significant market shares in the AI industry, approximately 66% and 5% respectively, while Huawei's HiSilicon accounts for about 23% [4]

Core Concept - The concept of "One Person Entrepreneur" (OPE) suggests that with the support of AI, an individual can perform tasks that previously required a full team, thus redefining productivity and organizational structures [1][2][3]. Group 1: OPE and AI Integration - OPE represents a new entrepreneurial mindset where individual capabilities are significantly enhanced by AI, leading to blurred professional boundaries and restructured organizational forms [1][2]. - A case study within Microsoft illustrates that an employee completed a project in one week for $5, which traditionally required a team of 7-8 people and $2-3 million over several months [1][8]. - The integration of AI tools like ChatGPT and Copilot allows individuals to take on multiple roles, effectively functioning as a complete team [7][19]. Group 2: Future Opportunities - Zhang Qi identifies three trillion-dollar opportunities structured in a pyramid: the base is the individual value released by OPE, the middle layer is AI infrastructure, and the top layer is the digital population dividend from carbon-silicon integration [2][27][28]. - The concept of AI new infrastructure is introduced, emphasizing the need for a complete technological overhaul to support the exponential growth of AI interactions [28]. Group 3: Organizational Changes - Companies are expected to evolve from hierarchical structures to smaller, networked units, where tasks are distributed and managed by AI [30][31]. - The future workforce will likely include both carbon-based and silicon-based entities, necessitating new management and organizational definitions [30][36]. Group 4: Management Mindset - A growth mindset is crucial for leaders to adapt to the rapid changes brought by AI, focusing on learning and collaboration rather than competition with AI [31][37]. - Companies should embrace the idea that individual employee capabilities will be amplified, influencing productivity and organizational design [37].

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [3][17]. Core Insights - The company has launched the world's first single-cabinet 640-card super node, ScaleX640, which is designed to enhance AI infrastructure [2]. - The financial projections show a significant increase in revenue and net profit, with a forecasted net profit of 2.652 billion yuan in 2025, representing a year-on-year growth of 38.8% [2][3]. - The report emphasizes the company's technological leadership in intelligent computing infrastructure and its competitive product offerings [6]. Financial Summary - **Revenue Forecast**: - 2024: 13,148 million yuan - 2025: 14,161 million yuan (7.7% growth) - 2026: 15,771 million yuan (11.4% growth) - 2027: 17,863 million yuan (13.3% growth) [2][7] - **Net Profit Forecast**: - 2024: 1,911 million yuan - 2025: 2,652 million yuan (38.8% growth) - 2026: 2,984 million yuan (12.5% growth) - 2027: 3,349 million yuan (12.2% growth) [2][7] - **Earnings Per Share (EPS)**: - 2024: 1.31 yuan - 2025: 1.81 yuan - 2026: 2.04 yuan - 2027: 2.29 yuan [2][7] - **Valuation Metrics**: - Price-to-Earnings (P/E) ratio for 2026 is projected at 62 times [6]. - Price-to-Book (P/B) ratio for 2026 is projected at 7 times [6]. Product and Technology Highlights - The ScaleX640 super node features a high-density architecture that significantly enhances computing power and energy efficiency, achieving a 20-fold increase in computing density compared to similar products [6]. - The product utilizes advanced liquid cooling technology, optimizing PUE (Power Usage Effectiveness) and supporting low-carbon transformation [6]. - The open architecture of ScaleX640 reduces the barriers for domestic intelligent computing applications, promoting a collaborative ecosystem [6].

Core Viewpoint - Qidi Design Group Co., Ltd. reported significant growth in revenue and net profit for the first three quarters of 2025, driven by its involvement in urban renewal and AI infrastructure projects [2] Financial Performance - The company achieved a revenue of 682 million yuan and a net profit attributable to shareholders of 43.6 million yuan for the first three quarters, marking a year-on-year increase of 355% and 341% respectively [2] - In Q3 alone, the revenue was 226 million yuan, with a net profit of 15.02 million yuan, reflecting a year-on-year growth of 138.64% and 140.47% respectively [2] Project Involvement - Qidi Design participated in the "Suzhou Sports Center Smart Renovation Project," showcasing its comprehensive design and consulting capabilities across multiple disciplines [3] - The renovated Suzhou Sports Center is positioned as a key asset for promoting fitness, sports economy, and cultural consumption in the city [3] - The company has also been recognized for several urban planning projects in Suzhou, receiving recommendations for two first-class and two second-class cases in the 2025 Excellent Land Space Planning Selection [3] AI and Digital Infrastructure - The company secured the "Henan Airport Intelligent Computing Center Phase III Project," with a total signed construction price of 860 million yuan and operational revenue of 1.03 billion yuan, marking another achievement in the digital technology and AI infrastructure sector [4] - AI technology is being integrated into various business segments, enhancing efficiency and promoting the development of green and energy-saving technologies [4]

Core Viewpoint - The company is transitioning from being known as a "map provider" and "automotive player" to an "AI player" with the rebranding to "SEEWAY.AI" announced by CEO Cheng Peng at the 2025 EVOLUTION conference [2][3] Strategic Upgrade - The transition signifies a shift in focus towards AI, which is seen as a core driver for evolving vehicles from mere functional carriers to "emotionally intelligent mobile entities" [5] - The company emphasizes the importance of AI in restructuring product logic from functionality to emotional value, marking a key direction for smart vehicle evolution [5] AI Infrastructure - The AI infrastructure consists of three core layers: 1. Data Compliance Layer: Addresses geographic information desensitization, personal privacy protection, and national security [5] 2. Data Enhancement Layer: Automates 90% of data processing tasks through self-developed labeling lines and content recognition models [5] 3. AI Training Layer: Provides a comprehensive toolchain for simulation testing and model iteration, supporting closed-loop optimization [5] Safety and Compliance - As the automotive industry moves towards a "software-defined" era, safety is becoming a fundamental prerequisite for innovation, transitioning from a cost burden to a global market entry qualification [7] Capital Structure and Investments - The company plans to invest in PhiGent Robotics Limited (Jianzhi Cayman), acquiring a 39.14% stake, positioning it as the largest shareholder but not the controlling shareholder [8] - This investment aims to leverage synergies in the intelligent driving sector, enhancing the company's competitive edge [8] - The company has secured 5.85 million new intelligent driving solutions from 2024 to the first half of 2025, covering over 20 mainstream automakers and 100 models [8] IPO Developments - The company’s subsidiary, Siwei Zhili, has submitted an IPO application to the Hong Kong Stock Exchange, with the company holding a 45.32% voting power [9] - Successful IPOs of both Siwei Zhili and Jianzhi Cayman could establish a capital landscape under the "Siwei Tuxin" brand [9] Fastest Growing Subsidiaries - Among the company's investments, the fastest-growing subsidiaries are Liufen Technology and Siwei Zhili, with Liufen Technology having opened up new scenarios through strategic cooperation with Zhiyuan Robotics [10]

Core Viewpoint - Four-dimensional Tushin is transitioning from "automotive" to "AI" as part of its brand strategy upgrade to "SEEWAY.AI" [1][3] Group 1: Strategic Transition - The company has evolved from "map provider" to "automotive" since 2002 and is now moving towards becoming an "AI" entity [3] - AI is seen as a core driver for transforming vehicles from "functional carriers" to "emotionally intelligent mobile entities" [5] Group 2: AI Infrastructure - The AI infrastructure consists of three core layers: data compliance, data enhancement, and AI training, aimed at optimizing product logic and enhancing data processing [5] - The infrastructure connects the company's vast map data resources and supports the iteration of core products and business model innovation [5] Group 3: Investment and Market Position - The company plans to invest in PhiGent Robotics Limited, acquiring a 39.14% stake, positioning it as the largest shareholder [7][8] - The partnership aims to leverage resources in the intelligent driving sector, with significant contracts already secured for 585,000 intelligent driving solutions [8][9] Group 4: Future Prospects - If the IPOs of both Four-dimensional Tushin's subsidiaries, ZhiLian and JianZhi, are successful, a "Four-dimensional Tushin" capital landscape will emerge [9] - The company anticipates a significant financial data increase by 2027, indicating strong future growth potential [1]

Core Viewpoint - Four-dimensional Tushin is transitioning from "automobile person" to "AI person" as part of its brand strategy upgrade to "SEEWAY.AI" [1][3] Group 1: Strategic Upgrade - The company has evolved from "map person" to "automobile person" since 2002 and is now moving towards becoming an "AI person" [3] - AI is seen as a core driver for transforming vehicles from "functional carriers" to "emotionally intelligent mobile entities" [5] Group 2: AI Infrastructure - The AI infrastructure consists of three core layers: data compliance, data enhancement, and AI training [5] - The data compliance layer addresses geographic information desensitization and personal privacy protection [5] - The data enhancement layer automates 90% of data processing tasks, while the AI training layer supports a full chain of tools for simulation testing and model iteration [5] Group 3: Capital Structure and Investments - The company plans to invest in PhiGent Robotics Limited, acquiring a 39.14% stake, making it the largest shareholder [7][8] - The partnership aims to leverage resources in the intelligent driving sector to enhance core competitiveness [7] - Four-dimensional Tushin's stock price was reported at 9.23 yuan per share, with a market capitalization of 21.9 billion yuan [9]

Core Viewpoint - Four-dimensional Map is transitioning from "Automobile People" to "AI People" as part of its brand strategy upgrade to "SEEWAY.AI" [2][4] Strategic Upgrade - The company has evolved from "Map People" to "Automobile People" since 2002, and is now moving towards becoming "AI People" [5] AI Infrastructure - The AI new infrastructure consists of three core layers: 1. Data Compliance Layer: Addresses geographic information desensitization, personal privacy protection, and national security issues 2. Data Enhancement Layer: Automates 90% of data processing tasks through self-developed labeling production lines and content recognition models 3. AI Training Layer: Provides a complete toolchain for simulation testing and model iteration, supporting closed-loop optimization [7] Safety in Software-Defined Era - As the automotive industry transitions to a "software-defined" era, safety is becoming a fundamental prerequisite for innovation, shifting from a cost burden to a global market entry qualification [9] Capital Structure and Acquisitions - The company plans to invest in PhiGent Robotics Limited, acquiring a 39.14% stake, positioning it as the largest shareholder but not the controlling shareholder [11] - The acquisition aims to enhance the company's core competitiveness in the intelligent driving sector, with a projected 585,000 new intelligent driving solutions covering over 20 mainstream automakers [11] - If the IPOs of both Four-dimensional Smart Link and PhiGent Robotics are successful, a "Four-dimensional Map" capital structure will emerge [12] Market Performance - As of September 23, the company's stock price was 9.23 CNY per share, with a market capitalization of 21.9 billion CNY [13]

Investment Rating - The report assigns a rating of "Buy" to the company with a target price of 47.95 CNY [5][11][20] Core Insights - The company is positioned as a leader in overlay welding technology, actively expanding into the AI and oil and gas infrastructure sectors, with expectations of entering a high growth phase over the next 3-5 years [2][11][19] - The company has a strong financial outlook, with projected revenues increasing significantly from 5.51 billion CNY in 2025 to 16.78 billion CNY by 2027, alongside a substantial rise in net profit [18][19] Summary by Sections 1. Investment Recommendations - The company is expected to achieve earnings per share (EPS) of 0.60, 1.37, and 2.27 CNY for the years 2025, 2026, and 2027 respectively, indicating a robust growth trajectory [11][18] - The revenue from waste incineration and other businesses is projected to account for 68.5% and 31.5% of total revenue in 2024 [15] 2. Company Overview - Established in 2007, the company has developed advanced overlay welding technology and has a strong foothold in the waste incineration market, with a market penetration rate of 40% in domestic waste incineration boiler markets by 2021 [23][30] - The company has successfully expanded its product offerings to include high-end structural components and pressure vessels, catering to various industries including energy and chemicals [26][30] 3. Financial Performance - The company’s total revenue is forecasted to fluctuate from 6.04 billion CNY in 2023 to 4.60 billion CNY in 2024, before rebounding to 5.51 billion CNY in 2025 [17][18] - The gross profit margin is expected to improve gradually, reaching 31.36% by 2027 [18] 4. Market Opportunities - The company is strategically positioned to benefit from the increasing demand for gas turbine heat recovery systems and oil and gas composite pipes, with significant market potential projected in these areas [11][19][20] - The global market for bimetallic composite pipes is expected to grow significantly, driven by the oil and gas sector, which is anticipated to account for approximately 73% of the market by 2030 [11][19] 5. Competitive Landscape - The company faces competition primarily from established players in the oil and gas composite pipe market, but its unique technology and strategic partnerships may provide a competitive edge [11][19][20] - The report highlights the importance of the company's partnerships and joint ventures in expanding its market reach and technological capabilities [35][36]