Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Insights - The company achieved a record high revenue of 3.798 billion yuan in 2024, representing a year-on-year growth of 32.32%, and a net profit of 268 million yuan, up 36.92% [1][4]. - In Q1 2025, the company reported revenue of 888 million yuan, a year-on-year increase of 27.65%, with a net profit of 50 million yuan, growing by 59.06% [1]. - The data center power business saw significant growth, with revenue reaching 1.459 billion yuan in 2024, up 79.95%, driven by high-power server power products [3][4]. Summary by Sections Financial Performance - The company reported a historical high in revenue for 2024, with Q4 revenue reaching 1.134 billion yuan, a year-on-year increase of 40.97% [2]. - The overall gross margin for 2024 was 21.36%, an increase of 1.64 percentage points from the previous year [2]. Business Segments - The high-power server power business contributed significantly to revenue, with 780 million yuan in revenue, a staggering growth of 536.88% year-on-year, accounting for 53.48% of the data center power business [3]. - The company has established strong relationships with major domestic server manufacturers and is benefiting from the trend of domestic AI server power [3]. Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been revised upwards to 340 million yuan and 457 million yuan, respectively, reflecting a growth of 16% and 17% [4]. - The report projects a net profit of 578 million yuan for 2027 [4]. Key Financial Metrics - The company’s revenue is expected to grow from 2.870 billion yuan in 2023 to 4.609 billion yuan in 2025, with a compound annual growth rate of 21.38% [5]. - The projected earnings per share (EPS) for 2025 is 3.19 yuan, with a price-to-earnings (P/E) ratio of 32 [5][14].

Group 1: Market Adjustment Insights - The current adjustment level of the US stock market is expected to be significantly higher than in 2011 but weaker than in 2000 due to the AI industry's turning point and high valuations[1] - The adjustment is primarily driven by the leading industry's transition phase, with high valuations impacting the adjustment level[2] Group 2: Industry Development Patterns - Emerging industries face a critical turning point when upstream penetration rates approach 40%, as seen in the PC and mobile internet eras[2] - For AI, the upstream computing power investment growth is slowing as it nears a 40% penetration rate, leading to dual pressure on valuations and profits for related companies[3] Group 3: Valuation Metrics - Current valuation metrics indicate that the US stock market's total market value to GDP ratio is around 200%, similar to the year 2000[3] - The Shiller P/E ratio for the S&P 500 is currently close to 40 times, indicating high valuation levels compared to historical standards[3] Group 4: Macro Factors - Macro events are not the primary cause of adjustments but can act as triggers; for instance, trade tensions are seen as a potential trigger for the current AI turning point[4] - Historical examples show that macroeconomic events like the European debt crisis and continuous Fed rate hikes have previously triggered market adjustments during turning points[4] Group 5: Risk Factors - Potential risks include the AI industry's development falling short of expectations and the diminishing effectiveness of historical patterns[5]

2025 年 04 月 26 日 关键验证期后的变与不变 ——申万宏源策略一周回顾展望(25/04/21-25/04/26) 证券分析师 傅静涛 A0230516110001 fujt@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 韦春泽 A0230524060005 weicz@swsresearch.com 联系人 程翔 (8621)23297818× chengxiang@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 证 券 研 究 报 告 一 周 回 顾 展 望 ⚫ 一、A 股政策预期保持稳定的三个条件：1. 增量政策布局的保留空间。2. 存量政策加速 落地执行。3. 政府债券发行加速，为三季度稳增长储备资源。4 月政治局会议存量政策 "用好用足"，增量政策"备足预案"，资本市场"稳定"基础上还要"活跃"，全面覆 盖市场期待。政策关键验证期，A 股预期将保持稳定。 ⚫ 4 月 25 日政治局会议召开，政策布局全面契合市场期待。 ...

Core Insights - The company, Lanke Technology, reported strong financial performance for Q1 2025, achieving a revenue of 1.222 billion yuan, a year-on-year increase of 65.78%, and a net profit of 525 million yuan, up 135.14% [2] - The sales revenue from interconnect chips reached 1.139 billion yuan, reflecting a growth of 63.92% year-on-year, with multiple operational metrics hitting historical highs [2] - The gross margin for interconnect chips increased to 64.50%, up 3.57 percentage points year-on-year, indicating high business quality [2] Financial Performance - The company achieved a net profit of 602 million yuan when excluding the impact of share-based payments, resulting in a net profit margin approaching 50% [2] - The interconnect chip sales revenue and net profit have shown consistent quarter-on-quarter growth for eight consecutive quarters, demonstrating resilience in the company's development [2] - As of April 22, 2025, the company has over 1.29 billion yuan in hand orders for interconnect chips expected to be delivered in Q2 2025, with new orders continuing to flow in [2] Product Development - The company successfully passed the CXL2.0 compliance test for its CXLMXC chip and is now listed among the first batch of CXL2.0 compliant suppliers [3] - New products such as PCIe6.x/CXL3.x Retimer chips and second-generation MRCD/MDB sets have been developed, expanding the product matrix [3] - The sales revenue for three high-performance interconnect chips reached 135 million yuan in Q1 2025, marking a year-on-year growth of 155% [3] Strategic Focus - The company has set long-term strategic goals for the next five to ten years, aiming to become a leading global designer of all-interconnect chips, focusing on the interconnect chip sector [4] - Plans include advancing DDR memory interface product iterations, enhancing core technology R&D in PCIe/CXL interconnects, and exploring Ethernet and optical interconnect fields [4] - The company will actively seek investment and acquisition opportunities to align business expansion with strategic goals [4] Market Outlook - Analysts believe that as computing power increases, the demand for interconnect chips will grow, making the interconnect chip market a promising blue ocean [5] - The interconnect demand within AI systems, including between chips, server chassis, clusters, and data centers, highlights the potential for significant market growth [5] - With strong technical capabilities and industry experience, the company is well-positioned to capitalize on opportunities in this emerging market [5]

摘要 真话白话说财经，理财不说违心话 --这是第1339 篇白话财经- - 今天，A股三大指数出现分化，沪指收跌，创业板指涨超1%。 （图片来源：东方财富APP，统计截至2025/4/23，不作投资推荐） 两市成交额继续放量，超1.23万亿，盘面上，金价下跌导致贵金属板块下跌，首届具身智能机器人运动会将于4月24日至26日，机器人板块大涨。 分析人士认为，A股市场下行风险可控，上涨有空间，配置价值进一步提升。 规模超3.4万亿！基金TOP20重仓股名单 随着基金一季报披露完毕，基金的最新动向备受关注。 1、规模：主动基金规模重回增长。 一季度，A股市场回暖，投资者风险偏好提升，主动基金规模重回增长，主动基金规模回升356亿元至3.46万亿元。 1、今天，A股震荡分化，创业板指涨超1%。机器人板块大涨，黄金股回调。 2、基金最新TOP20重仓股名单曝光！主动管理基金规模重回净增，超3.4万亿！加仓科技等板块。 3、基金经理调仓透露未来方向！如何做好资产配置？ （图片来源：兴业证券研究所《 基金一季报的八大看点 》，发布时间：2025/4/23，不作投资推荐） 2、个股：加仓科技，基金重仓股TOP20名单。 从仓 ...

今年以来，此前表现稳健债券市场迎来大幅回调，而股票市场春节后在科技股带领下迎来上涨，又在近 期"对等关税"冲击下开启震荡。在此背景下，兼具控制波动与追求弹性双重属性的固收多策略产品再度 受到市场广泛关注。 Wind数据显示，截至4月18日，超六成的"固收+"基金年内单位净值增长率为正。此外，近200只基金的单位 净值在4月创出成立以来新高。 展望后市，多位基金经理认为，"固收+"策略有望继续斩获收益，基金管理人将进一步加强产品布局，产品规 模有望持续扩容。 转债资产贡献净值弹性 需要注意的是，目前市场观点普遍认为，债券利率已经下行至非常低的位置，债券资产未来能为投资者贡献的 收益有限，对权益资产的配置成为"固收+"基金的重要一环。 根据已披露的一季报，一季度，对于股票和可转债资产配置较多的基金取得较好回报。 如一季度净值上涨超6%的中欧可转债，一季度转债资产占基金净资产比到99%。该基金一季报表示，受益于 权益市场风险偏好的提升，一季度转债市场整体震荡上行，中证转债指数和等权指数上涨3%—4%左右，整体 表现不错。转债今年的贝塔价值可以从两个方面来理解：债券端，纯债在当前利率环境下波动加大，带来的是 夏普比率 ...

证券研究报告：计算机 | 公司点评报告 发布时间：2025-04-18 股票投资评级 买入 |首次覆盖 网宿科技(300017) CDN 龙头，有望受益 AI 产业发展 l 全面聚焦 CDN 及边缘计算，有望受益于 AI 发展 公司成立于 2000 年 1 月，致力于成为全球领先的 IT 基础平台 服务提供商。近年来，公司秉承深耕主业，精细化运营的经营思路进 行战略优化，全面聚焦 CDN 及边缘计算、安全两大核心业务。公司边 缘计算平台 ECP 融合计算、网络、存储等核心能力，让用户在网络边 缘获得快速、智能且安全的体验；网宿安全着力于打造 WAAP 全站防 护体系，SASE 办公安全一体化体系以及综合安全服务体系，满足企业 在线生产和在线办公的体验和安全。4 月 14 日，公司发布《2025 年 限制性股票激励计划（草案）》，拟向 287 名激励对象授予限制性股票 合计 7,338.00万股，占本激励计划公告时公司股本总额的 3.0003%， 授予价格为每股 5.71 元。我们认为，激励计划有助于调动员工的积 极性，确保公司未来发展战略和经营目标的实现。 l 盈利水平良好，积极投入研发开拓新业务 2024 ...

戴康 CFA 广发证券发展研究中心 董事总经理（MD）、首席资产研究官 邮箱：daikang@gf.com.cn 报告摘要 ● 全球大类资产表现与宏观交易主线 ： （4.7-4.16），全球大类资产表现分化，黄金>发达>债券>新兴。（4.2- 4.4），对等关税落地当周，避险&风险资产普跌。（4.7-4.16），对等关税对于全球资产冲击的程度有所缓和， 但全球大类资产主线仍然围绕"避险交易"：避险资产的代表黄金已经率先企稳并大幅领涨；风险资产中，发达国 家和工业金属有所回补，而新兴市场表现仍偏弱。 ● 大类资产配置——新投资范式下，"全球杠铃策略"是反脆弱时代嬗变下全球资产配置的最佳应对。 我们在 25.4.9 《谋定而后动，做多的三个时机》 中提示：事件冲击的大波动中，全力做多的时机通常有三个：（1）胜 率提升—本轮要看到贸易摩擦缓和（跟踪观察）；（2）估值极便宜（中国资产不贵）；（3）流动性问题导致筹 码出清（可以是阶段性）带来机会。短期维持全球资产宜保持避险策略（中债瑞郎黄金）的判断，仍然建议以全 天候策略框架构建资产组合。中长期而言，关税强化了新范式的三大底层逻辑（逆全球化加剧、债务周期错位、 AI产 ...

【 机构观点综评 】中信证券认为，股市中具备防御属性的红利资产，或将成为资金抵御"关税风暴"的 核心避风港。国金证券指出，特朗普政府提出将短期美债置换为100年期零息超长债，市场对美债的需 求减弱。 | 恒生指数 | 20914. 69 | -8.47% -12.06% | | 4.26% | | --- | --- | --- | --- | --- | | 恒生科技 | 4900. 43 | —7.77% —16.74% | | 9.68% | | 标普500 | 5363. 36 | = 5.70% =-4.47% | | -8. 81% | | 纳斯达克 | | 16724.46 - 7.29% --4.26% -13.39% | | | | 中国债市 | | | | | | 中证全债 | 258. 66 | 0. 33% | 1.04% | 0.28% | | 中证国债 | 246. 33 | 0. 48% | 1.19% | 0.37% | | 中证企债 | 281. 44 | 0. 30% | 0.91% | 0.57% | | 中证转债 | 420. 91 | -1.70% | -3.61% ...

本文作者：刘晨明/郑恺 报告摘要 扫描下图二维码，进入今晚20:30的路演链接 一、本周一情绪集中risk-off，大盘指数跌幅较大，我们整理了2000年以来大盘单日暴跌5%以上的后续走势： 如下图，历史上单日跌超5%的后续走势可以分为两种情形： 情形一 ：一轮牛市后，会有连续多次超过5%的单日下跌，对市场没有指示意义。 情形二 ：红色五角星，一轮熊市或者震荡市后，一般不会有连续多次超过5%的单日下跌，单日大跌超过5%后，指数即接近底部，本轮更接近于情形二。 二、19年5月关税升级也带来了指数单日跌幅超过5%，后续走势对今年有参考意义 在上周周报 《不可胜在己，可胜在敌》中（点击可查看） ，我们详细论述，与上一轮中美贸易摩擦刚开始的18年相比，中美当前境遇已"今时不同往日"。 不过19年5月关税骤然升级，和今年较为相似，随后的市场表现对当前具备参考意义 ——①对关税已有心理准备，但都面临关税超预期后的业绩减记压力；②政 策基调均已转向、宏观对冲有望加码；③新一轮的科技创新周期正在孕育。 体现在关税对于指数的冲击上，18年阴跌、影响持续（也叠加了国内金融去杠杆等因素），但19年5月短期受影响后指数逐渐对关税升级 ...