证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 事件：美国 AI 基础设施服务商 CoreWeave 自 3 月末上市以来，股价 不到两月实现涨幅 156.9%的优异表现；同时 5 月初至 5 月 23 日涨幅 达 148.8%。根据首次上市以来首次披露的财报，公司 25Q1 营收 9.8 亿美元，同比增长 420%，市场预期 8.5 亿美元；公司 25 全年营收指 引为 49-51 亿美元，同比增长超 360%。 【公司定位：英伟达支持，新兴云计算服务提供商】 公司成立于 2017 年，目前为提供 GPU 云服务的 AI 基础设施提供商， 英伟达为其主要支持者之一。公司通过租赁英伟达高端 GPU 芯片（如 H100、Blackwell 架构产品），为 OpenAI、微软、Meta 等客户提供高 性能算力支持。截至 2024 年底，其全球 32 个数据中心部署超 25 万 块英伟达 GPU，接近 Meta 的囤卡规模。根据英伟达最新 13G 报告， 英伟达持有 CoreWeave2418 万股，比例为 7%，为其主要支持者之一。 深度绑定微软、英伟达等科技巨头。公司下游 ...

Core Views - The A-share market experienced a collective decline on Friday, with the Shanghai Composite Index down 0.3%, the Shenzhen Component down 0.69%, and the ChiNext Index down 0.87. The total trading volume in the Shanghai and Shenzhen markets was 11,918.86 billion [2][7] - In terms of industry performance, beauty care, banking, and textile and apparel sectors led the gains, while electronics, computers, and defense industries faced declines. Concept sectors such as ST stocks, fentanyl, and sugar substitutes saw significant increases, while sectors like Sci-Tech innovation new stocks, storage chips, and DRG/DIP concepts faced declines [2][7] - The Hang Seng Index rose by 0.4%, while the Hang Seng Technology Index fell by 0.93%. In overseas markets, the Dow Jones fell by 0.29%, the S&P 500 decreased by 0.07%, and the Nasdaq remained unchanged [2][7] Important News - The high-level China-U.S. economic and trade talks held in Geneva from May 10 to 11 were described as candid, in-depth, and constructive, achieving important consensus and substantial progress. Both sides agreed to establish a consultation mechanism for economic and trade discussions [3][8] - The National Bureau of Statistics released April CPI and PPI data, indicating that the CPI rose by 0.1% month-on-month after a 0.4% decline in the previous month, while the year-on-year decline remained at 0.1%. The core CPI increased by 0.2% month-on-month and 0.5% year-on-year. The PPI fell by 0.4% month-on-month and 2.7% year-on-year, with the year-on-year decline widening by 0.2 percentage points compared to the previous month [3][8] Industry Analysis - The pharmaceutical sector has shown a divergence in performance since the beginning of the year, with the overall performance of various sub-sectors under pressure. Focus is on structural opportunities in the pharmaceutical sector, particularly in innovation, overseas expansion, and self-sufficiency [9] - The pharmaceutical index has outperformed the CSI 300 index by 3.76 percentage points, with the pharmaceutical sub-sectors showing varied performance. The chemical preparation sub-sector has increased by 8.90%, while medical services and pharmaceutical commerce have seen increases of 2.79% and 0.41%, respectively [10] - The overall revenue and net profit of the pharmaceutical sector are expected to decline in 2024 and Q1 2025, with several sub-sectors experiencing pressure on profit margins. However, the medical research outsourcing sector showed promising growth in Q1 2025 [11][12] Investment Recommendations - The pharmaceutical sector is expected to face overall revenue and net profit declines in 2024 and Q1 2025, with a focus on sub-sectors that show revenue growth, such as medical research outsourcing and hospitals. The chemical pharmaceutical sector has performed well in the secondary market, with attention on innovation-driven, domestic substitution, and policy immunity themes [13] - In the electronics sector, the SW electronics industry saw an increase in fund heavy positions in Q1 2025, with a focus on semiconductor self-sufficiency and AI computing applications. The top ten heavy stocks are primarily from the semiconductor and consumer electronics sectors, indicating institutional interest in self-sufficient semiconductor stocks [14][15] - Investment opportunities are highlighted in semiconductor self-sufficiency, AI computing, and AI edge applications, with a recommendation to focus on domestic semiconductor manufacturers and the growing demand for domestic computing capabilities [16]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record high operating performance, with total revenue of 4.6 billion yuan in 2024, a year-on-year increase of 30%, and a net profit attributable to shareholders of 450 million yuan, up 32% year-on-year [1] - The cooling business for data centers has seen a revenue increase of 49% year-on-year, reaching 2.4 billion yuan, which now accounts for 53% of total revenue [1] - The energy storage cooling business has also shown growth, with revenue of 1.7 billion yuan, a 17% increase year-on-year, and a significant contribution from energy storage applications [2] - The company is positioned as a leader in the energy storage cooling industry, having delivered a comprehensive liquid cooling solution for high-density energy storage systems [2] - Future revenue projections for 2025-2027 are estimated at 6.2 billion, 7.9 billion, and 9.9 billion yuan, with net profits of 610 million, 780 million, and 960 million yuan respectively, indicating a strong growth trajectory [2] Financial Summary - In 2024, the company reported total revenue of 4.6 billion yuan, with a year-on-year growth rate of 30% [4] - The net profit attributable to shareholders for 2024 was 450 million yuan, reflecting a 32% increase year-on-year [4] - The projected earnings per share (EPS) for 2025 is 0.82 yuan, with a price-to-earnings (P/E) ratio of 38.6 times [4] - The company’s return on equity (ROE) is expected to rise to 18.4% by 2025 [4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record high operating performance, with total revenue of 4.6 billion yuan in 2024, a year-on-year increase of 30%, and a net profit attributable to shareholders of 450 million yuan, up 32% year-on-year [1] - The cooling business for data centers is showing steady growth, with revenue reaching 2.4 billion yuan in 2024, a 49% increase year-on-year, and accounting for 53% of total revenue [1] - The energy storage cooling business is recovering, with revenue of 1.7 billion yuan in 2024, a 17% increase year-on-year, and a gross margin of 31% [2] - The company is positioned as a leader in the energy storage cooling industry, having delivered a comprehensive liquid cooling solution for high-density energy storage systems [2] - Future revenue projections for 2025-2027 are estimated at 6.2 billion, 7.9 billion, and 9.9 billion yuan, with net profits of 610 million, 780 million, and 960 million yuan respectively, corresponding to P/E ratios of 39, 30, and 24 times [2] Financial Summary - In 2024, the company reported total revenue of 4.6 billion yuan, with a year-on-year growth rate of 30% [4] - The net profit attributable to shareholders for 2024 was 450 million yuan, reflecting a year-on-year increase of 32% [4] - The company's gross margin for the cooling business was 27% in 2024, down from 32% in 2023 [1] - The projected earnings per share (EPS) for 2025 is 0.82 yuan, increasing to 1.29 yuan by 2027 [4] - The return on equity (ROE) is expected to rise from 15.5% in 2024 to 21.5% in 2027 [4]

Investment Rating - The report maintains a "Recommended" rating for the industry [13] Core Insights - The launch of the CloudMatrix 384 marks a significant milestone for domestic AI computing power, indicating a breakthrough year for local computing capabilities [3][4] - CloudMatrix 384 demonstrates superior performance metrics compared to Nvidia's GB200 NVL72, with BF16 performance reaching 300 PFLOPS, which is 1.7 times that of GB200 [10][11] - The deployment of CloudMatrix 384 is expected to drive demand across the supply chain, benefiting companies involved in power supply, thermal management, and semiconductor manufacturing [13] Summary by Sections Product Launch and Performance - The CloudMatrix 384, featuring 384 Ascend 910C chips, has been officially launched, showcasing a significant performance upgrade in AI model training and inference capabilities [4][6] - In a model training scenario, the CloudMatrix 384 achieved an iteration speed 1.8 times faster than the H100 cluster, highlighting its efficiency in handling large-scale AI workloads [5][10] Technical Specifications - The Ascend 910C chip integrates 53 billion transistors and supports mixed-precision computing, achieving a die-to-die bandwidth of 500GB/s [6] - The system architecture has been optimized for large-scale clusters, utilizing a flat topology to reduce latency and enhance interconnectivity among GPUs [7][8] Market Implications - The successful commercial deployment of CloudMatrix 384 is anticipated to provide a foundation for CSP manufacturers and accelerate the scaling of AI infrastructure [5][13] - The report suggests monitoring specific companies within the supply chain, including semiconductor manufacturers and thermal management firms, as they are likely to benefit from increased demand due to the deployment of CloudMatrix 384 [13]

Group 1: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism has successfully created a "cultural IP + tourism + technology" full industry chain layout through asset restructuring and strategic transformation, promoting deep integration and innovation in the cultural tourism industry [2][11] - The company faced challenges in its animation business from 2019 to 2020, resulting in a 45.02% revenue decline in 2020. However, it leveraged its rich animation IP resources to achieve a strategic transformation and enhance profitability, with 2023 revenue reaching 722 million yuan, a year-on-year increase of 55.81% [2][11] - The company has expanded its tourism assets across regions such as "Daxiangxi," "Dahuangshan," "Dachengyu," and "Danangling," forming a national chain of scenic spots and enhancing brand value through diversified offerings [3][11] Group 2: Lexin Technology - Lexin Technology is a small but robust IoT chip design manufacturer with a stable operating team and a concentrated shareholding structure, which enhances team motivation and operational stability [4][11] - The company has established a competitive advantage by developing low-power, high-performance chips based on the open-source RISC-V architecture, which better meets the needs of AI devices at the edge [4][12] - Lexin's ecosystem includes a rich developer community of over 3 million global developers, supporting mainstream IoT applications and creating a platform effect that drives growth [12] Group 3: Tonghua Jinma - Tonghua Jinma has shifted from relying on mergers and acquisitions to innovation-driven high-quality development, focusing on R&D breakthroughs and asset optimization [17][19] - The company is advancing a new drug for Alzheimer's treatment, with a projected peak sales potential of around 7 billion yuan, addressing a significant market need for new therapies [17][19] - The company has a target market capitalization of 22.2 billion yuan, indicating a potential upside of 26% from its current market value, with a "buy" rating assigned [19] Group 4: China Duty Free Group - China Duty Free Group reported a 16.38% decline in revenue for 2024, with net profit down 36.4%, reflecting challenges in the duty-free market [21] - The company is expanding its city duty-free store projects in response to policy changes, aiming to enhance its market presence [21][24] - Despite the challenges, the company is focusing on digital transformation and member engagement to improve customer experience and retention [24]

Group 1 - The report emphasizes the focus on "April Decision" under the economic context, indicating a shift from expectation-driven trading to fundamental pricing, with economic data, performance realization, and policy changes forming a "stress test" framework for stock prices [4][6][9] - The report highlights a selection of "golden stocks" across various sectors, including mechanical, electronic, environmental, coal and steel, computing, electric new energy, media internet, and pharmaceuticals, with detailed financial metrics provided for each [2][6][72] - The report suggests that the "April Decision" may lead to increased volatility in high-odds growth stocks, while larger, value-oriented stocks tend to perform better historically during this period [4][6] Group 2 - For the mechanical sector, the report recommends Niuwei Co., which is positioned as a global leader in industrial valves, benefiting from strong demand in LNG and marine industries, with expected overseas order growth of over 30% in the first half of 2024 [9][10][11] - In the electronic sector, Tianyue Advanced is highlighted for its core role in AR glasses components, with anticipated demand growth driven by major tech companies' product launches [15][16][17] - The environmental sector's Huanlan Environment is noted for its strong dividend growth and improved cash flow from debt resolution, with significant operational scale expansion through acquisitions [20][21][24] - In the coal and steel sector, Shanjin International is expected to benefit from rising gold prices amid economic stagnation risks, with a strong production outlook and low cost per gram of gold [27][29][30] - Dongtu Technology in the computing sector is recognized for its advanced operating system and AI-driven robotics, positioning it well for future growth in industrial automation [33][34][35] - Keda Li in the electric new energy sector is projected to maintain strong profit growth driven by high lithium battery demand, with a favorable valuation outlook [38][39][41] - XGIMI Technology in the media internet sector is expected to see revenue growth from domestic recovery and international expansion, particularly in the automotive sector [44][45][48] - In the pharmaceutical sector, Sanofi Pharmaceutical is noted for its solid fundamentals and multiple new product launches, contributing to revenue diversification [50][51][53] - Innovent Biologics is highlighted for its robust pipeline and international expansion potential, with several new drugs expected to drive revenue growth [55][56][61] - Zoli Pharmaceutical is recognized for its steady growth in traditional Chinese medicine products and successful new product launches, with ambitious profit targets [65][66][68]

Group 1: Key Recommendations - The report recommends increasing holdings in the food and beverage sector, particularly in liquor and consumer goods, as the market shows signs of rationality and recovery [2][34] - Dragon Source Power is highlighted for its high wind power installation ratio, benefiting from improved wind conditions and long-term profitability potential through asset upgrades [6][7] - The electronics sector is expected to see significant growth due to the rising demand for AI testing machines, driven by the increase in GPU and HBM chip production [9][10] - The steel industry, particularly CITIC Special Steel, is noted for its performance in adjusting product structure and maintaining profitability despite industry challenges [12][13] - The construction sector is projected to experience a 7.3% year-on-year increase in infrastructure funding in 2025, with recommendations for undervalued high-dividend state-owned enterprises [16][17] - Zijin Mining is expected to achieve record high performance due to rising gold and copper prices, with significant production increases anticipated in 2025-2026 [20][23] Group 2: Industry Insights - The food and beverage industry is experiencing a rational phase, with a notable decrease in participation at trade fairs, indicating a shift towards more stable market conditions [4][34] - In the liquor segment, post-holiday sales have remained stable, with major brands maintaining price stability, suggesting a potential for steady growth in Q1 2025 [4][35] - Consumer goods are showing signs of recovery, with improvements in beer and soft drink sales, particularly in the packaging water segment [5][34] - The wind power sector is poised for short-term profitability improvements due to favorable wind conditions and ongoing upgrades to older wind farms [6][7] - The electronics testing machine market is expected to grow significantly, with domestic manufacturers poised to benefit from the AI infrastructure boom [9][10] - The construction industry is set to benefit from increased funding and a more proactive fiscal policy, leading to a positive outlook for infrastructure projects [16][17]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The computing hardware sector has shown strong performance this year, particularly in terms of market attention, although it has underperformed compared to the application side. Companies like Nvidia have seen stock price corrections due to concerns over demand for high-performance chips [2][3] - Innovations from Deepseek have reduced reliance on traditional high-performance chips, raising concerns about short-term demand contraction for computing power, despite potential long-term demand growth [3][4] - Major cloud service providers are actively developing proprietary AI chips, which could pose competition to the GPU market. Companies like Google, Amazon, and Microsoft are increasing their chip output, while Meta collaborates with TSMC on specialized chips [3][6] - The PCB sector is benefiting from high-growth areas such as AI computing and smart driving, with several companies reporting impressive earnings. The demand for advanced HDI products is increasing due to the need for high-speed and stable communication [3][5] - The CCL market is experiencing price adjustments driven by rising demand in automotive electronics and AI products, alongside increases in raw material prices. Different CCL manufacturers need to adapt to ensure smooth cost transmission [3][9] Summary by Sections Section: Computing Hardware - The computing hardware sector has seen a strong market performance this year, particularly in terms of attention, but has underperformed relative to application sectors. Nvidia and other GPU manufacturers have faced stock price corrections due to concerns over demand [2][3] - Deepseek's innovations have led to a reduced dependency on high-performance chips, raising concerns about short-term demand contraction for computing power, despite the potential for long-term demand growth [3][4] Section: PCB Sector - The PCB sector has shown strong performance, with several companies reporting impressive earnings. The demand for advanced HDI products is increasing due to the need for high-speed and stable communication in AI servers and other applications [3][5] Section: CCL Market - The CCL market is undergoing price adjustments, influenced by rising demand in automotive electronics and AI products, as well as increases in raw material prices. Manufacturers need to adapt to ensure effective cost transmission [3][9] Section: AI Chip Development - Major cloud service providers are actively developing proprietary AI chips, which could pose competition to the GPU market. Companies like Google, Amazon, and Microsoft are increasing their chip output, while Meta collaborates with TSMC on specialized chips [3][6]

Group 1: Data Center Industry Insights - The company has established numerous successful cases in the data center sector, providing comprehensive product solutions to meet the demands of power distribution monitoring and management [1] - The rapid development of AI technology significantly boosts investment in data centers, with major tech companies increasing their capital expenditures in this area for 2025 [1] - Traditional data centers face substantial renovation needs to meet the requirements of AI data centers, indicating a growing market demand [1] Group 2: Impact of New Energy Policy - The recent notice from the National Development and Reform Commission emphasizes the acceleration of a new power system and the establishment of a green, low-carbon development mechanism [2] - Microgrids can sell excess renewable energy during high electricity prices and store energy or purchase from the main grid during low prices, enhancing economic returns [2] - The cost of renewable energy generation is subject to market fluctuations, posing challenges for cost control in microgrids [2] Group 3: Technological and Operational Challenges - Microgrids require precise forecasting of renewable energy generation and load demands, necessitating the use of smart energy management systems [2] - The development of power electronics technology is crucial for the flexible connection of microgrids to the main grid, enhancing performance and reliability [2] - The intermittency and volatility of renewable energy generation increase the difficulty of power balance in microgrids, highlighting the importance of energy storage systems [2] Group 4: Market Competition and Development - Microgrids must improve operational efficiency and service quality to compete as independent market entities in the electricity market [2] - The policy encourages technological innovation and industry upgrades in microgrids, attracting more enterprises to participate in their construction and operation [2] - The company's EMS 3.0 core functions align with electricity reform policies, becoming essential for commercial users looking to engage in market transactions [2]