事件： 4 月25 日公司发布2025 年一季度报告，2025 年一季度公司实现营业收入33.47 亿元，同比增长 18.28%，归母净利润2.78 亿元，同比增长181.53%。 投资建议： 我们预计公司2025 年~2027 年收入分别为139.68 亿元、164.54亿元、194.16 亿元，归母净利润分别为 13.21 亿元、16.74 亿元、21.26 亿元，给予25 年25 倍PE，对应六个月目标价10.96 元，维持"买入-A"投 资评级。 风险提示：行业需求不及预期；新产品研发导入不及预期；市场竞争加剧；地缘政治风险。 2024 年报披露，公司抓住AI 算力建设大趋势，对冷板式液冷和浸没式液冷进行战略布局，是目前是市 场上少数实现全面提供核心部件铝冷板、关键材料氟化冷却液以及冷板式和浸没式液冷解决方案的头部 企业，能提供"系统级—机柜级—服务器级"液冷全链条解决方案和产品。公司不断延伸拓展业务线，年 报披露，公司与韶关市政府开展战略合作，计划入驻华南地区唯一的国家级数据中心集群——韶关数据 中心集群，建设数据中心液冷设备制造、超级电容研发基地。年报披露，公司与中际旭创战略合作，共 建智算中心液 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance in the AI wave [4][6]. Core Insights - The company reported a revenue of 109.88 billion yuan for 2024, a year-on-year increase of 28.76%, and a net profit attributable to shareholders of 2.93 billion yuan, up 8.10% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 34.99 billion yuan, reflecting a significant year-on-year growth of 115.65%, primarily driven by the ramp-up of high-performance computing products [1]. - The gross margin for Q1 2025 was 8.42%, which decreased by 5.40 percentage points year-on-year due to the lower margins of high-performance computing products, although it showed a slight increase of 0.15 percentage points compared to the previous quarter [1]. Summary by Sections Intelligent Terminal Business - The intelligent terminal segment generated revenue of 35.32 billion yuan in 2024, a growth of 17.19%, accounting for 32.14% of total revenue, with a gross margin of 9% [2]. - The company completed the acquisition of 80% of Yiluda, which is expected to enhance its customer base in the wearable technology sector [2]. High-Performance Computing and Networking - The high-performance computing segment achieved revenue of 63.22 billion yuan in 2024, a year-on-year increase of 28.79%, representing 57.54% of total revenue, with a gross margin of 7.77% [3]. - The company successfully delivered high-performance network switches aimed at AI clusters, becoming a core supplier for several leading domestic cloud service providers [3]. Automotive Electronics and AIoT - The automotive and industrial products segment saw revenue of 1.56 billion yuan in 2024, a remarkable growth of 91.09%, with a gross margin of 19.20% [4]. - The AIoT and other businesses generated revenue of 4.67 billion yuan, a substantial increase of 187.93%, with a gross margin of 15.29% [4]. Financial Forecast - The company is expected to achieve net profits of 3.68 billion yuan, 4.59 billion yuan, and 5.54 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 15, and 12 times [5][7].

近日，深圳私募基金业协会在深圳证监局、罗湖区政府的联合指导下，组织召开了私募量化机构调研座谈会， 诚奇资产、博普资产、凯丰投资、进化论资产、世纪前沿、茂源量化等16家头部量化机构齐聚一堂。 券商中国记者获悉，此次参加座谈会的量化私募主要以各家量化机构的技术总监为主，议题包括私募量化机构 在AI时代挑战与机遇，量化机构的算力应用情况以及对深圳（罗湖）建设算力中心规划的建议。据了解，深 圳正在大力推动算力建设，加速从"传统资管重镇"向"全球量化创新枢纽"升级，打造量化投资新高地。 16家头部量化齐聚一堂 随着DeepSeek的火爆，深耕机器学习领域的私募量化行业备受瞩目！ DeepSeek和梁文锋的横空出世，使得整个量化行业备受鼓舞。汇聚诸多量化私募的深圳，正在积极"链接"多 方资源，打造私募量化行业良好发展生态。 近期，深圳私募基金业协会走访诚奇资产、凯丰投资等头部私募机构，了解机构在日常运营发展、人才招聘培 养、人工智能运用等多方面的现状及难点，听取机构意见建议，探索出台相关支持政策精准化解机构发展难 题。 2月27日，在深圳证监局、罗湖区政府指导下，私募协会组织召开私募量化机构调研座谈会。诚奇资产、博普 资 ...