Investment Rating - The report assigns an "Outperform" rating to the company with a target price of 27.20 CNY, based on a projected 2025 PE of 30 times [1][5]. Core Insights - The company is expected to benefit from the acquisition of Yili Technology, which will enhance resource integration and eliminate competition in the telecommunications procurement sector [5][26]. - The company is positioned to take advantage of the ongoing digital transformation in the energy sector, with significant investments in the power grid projected to exceed 650 billion CNY in 2025 [5][34]. - The report highlights the company's diversified business strategy aimed at reducing reliance on related party transactions, with a commitment to lower such transactions to below 50% by 2029 [5][31]. Financial Summary - Revenue is projected to grow from 7,673 million CNY in 2023 to 11,339 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of approximately 15% [3][12]. - Net profit attributable to the parent company is expected to increase from 828 million CNY in 2023 to 1,275 million CNY in 2026, with a CAGR of about 17.1% [3][12]. - The company's earnings per share (EPS) is forecasted to rise from 0.69 CNY in 2023 to 1.06 CNY in 2026 [3][12]. Business Development - The acquisition of Yili Technology is anticipated to significantly enhance the company's scale and operational performance, with Yili contributing approximately 38.7% of the company's revenue and 34.2% of its net profit in the first three quarters of 2024 [5][30]. - The company is actively pursuing a diversified business model to capitalize on opportunities in the digital transformation of the energy sector, focusing on areas such as smart energy and digital infrastructure [5][42]. - The report emphasizes the importance of digital technology in the new power system, which is crucial for achieving carbon neutrality goals and managing the complexities of energy supply and demand [8][41]. Market Position - The company is recognized as a key player in supporting the digital transformation of the State Grid, leveraging its extensive experience in the energy sector [5][42]. - The ongoing investment in high-voltage power transmission and digital infrastructure is expected to drive significant growth opportunities for the company [5][34]. - The report notes that the company has established a comprehensive business framework that includes foundational network infrastructure, computing resources, and energy application services, enhancing its competitive advantage [5][42].

Core Viewpoint - The article discusses the newly released guidelines by the Ningbo Energy Bureau for the construction and operation management of electrochemical energy storage projects, outlining specific requirements for project approval, registration, construction, acceptance, operation, and safety management [1]. Group 1: Project Classification and Management - Electrochemical energy storage projects are categorized into electrochemical energy storage stations and facilities, with the former including projects with a power capacity of 500 kW and a storage capacity of 500 kWh or more [1]. - The guidelines specify that user-side electrochemical energy storage stations (facilities) are to be managed as part of the internal distribution facilities and are generally prohibited from feeding electricity back into the public grid [1]. Group 2: Operational Requirements - Projects with a discharge power of 500 kW or more must have real-time online monitoring and remote warning control capabilities [1]. - Electrochemical energy storage stations (facilities) with a rated power of 5 MW or more are required to have on-site personnel and implement a 24-hour duty system [1]. Group 3: Safety Management - Large electrochemical energy storage stations must conduct fire drills and emergency evacuation exercises at least once every six months and perform a fire safety assessment annually [1].

Market Overview - The sales of new energy commercial vehicles reached 78,047 units in March 2025, a 50.39% increase compared to the same month last year, with a penetration rate of 22.29% [6] - For the first quarter of 2025, total sales were 159,998 units, representing a 66.06% increase year-on-year, with a penetration rate of 20.18% [6] Policy Developments - The Ministry of Transport and ten other departments released guidelines to promote the integration of transportation and energy, aiming for non-fossil energy installations along transport routes to exceed 5 million kilowatts by 2027 and for pure electric vehicles to become mainstream by 2035 [5][10] - The National Energy Administration announced measures to support the development of the private sector in the energy field, including the promotion of virtual power plants and smart microgrids [5][9] Industry Data - The sales of electric trucks surged by 78.04% year-on-year in March 2025, with a penetration rate of 15.69% [6] - Heavy-duty trucks saw a remarkable increase of 180.91% year-on-year, with a penetration rate of 19.82% [6] Company Developments - Jianghuai Automobile launched the ES9 new energy light truck in Shenzhen, targeting the logistics market with its performance and efficiency [15] - Huawei Digital Energy aims to achieve a "ten kilometers per kilowatt-hour" standard, enhancing the electric vehicle experience [19] - Weir Electric achieved a significant breakthrough in the industrialization of its X-PIN stator line, with daily output surpassing 800 units and a yield rate exceeding 92% [19] Infrastructure Initiatives - The Chengdu government issued policies to enhance electricity supply capabilities, promoting smart charging facilities [8] - The guidelines emphasize the construction of charging and hydrogen stations to support the transition to clean energy vehicles [13] Export Performance - BYD led the export of new energy buses in Q1 2025, with 945 units sold, marking a 55.43% year-on-year increase and capturing a market share of 31.53% [19]

Summary of Runjian Co., Ltd. Conference Call Company Overview - **Company**: Runjian Co., Ltd. - **Industry**: AI Computing and Telecommunications Key Points Financial Performance - In Q1 2025, Runjian reported revenue of 2.379 billion yuan, an increase of 11% year-on-year. However, net profit decreased significantly due to stock incentive costs and inventory provisions, but growth was still achieved when excluding these factors [2][4][20] - Stock incentive costs are expected to reach 250 million yuan in 2025, impacting apparent profits [4][16] - The company’s overseas business expanded rapidly, with a 75% year-on-year revenue increase in 2024, driven by digital solutions and AI applications in Southeast Asia [4][13] Business Segments - The computing network business saw a remarkable 72% year-on-year revenue growth, becoming a major growth driver [2][3] - As of Q1 2025, the total order backlog was approximately 19.5 billion yuan, with 8.5 billion yuan expected to be recognized in 2025 [6] - The telecommunications segment remained stable, while the energy segment showed faster growth due to the realization of previously stalled projects [5][15] Inventory Provisioning - The company adjusted its inventory provisioning rules, which temporarily affected profits. The new rule requires a 30% provision for items held for over two years, compared to the previous 50% for over three years [7][11] - The impact of inventory provisioning is expected to be recoverable as the majority of clients are state-owned enterprises [7][12] AI Investments and Strategies - Runjian is increasing investments in the AI sector, with the first phase of the Nanning Wuxiang Cloud Valley completed and plans for a second phase [8][19] - The company is collaborating with key clients to build the world's largest single AIDC project, showcasing its strong capabilities in AI infrastructure [9][19] - High-end AI server prices are rising, and the company has preemptively stocked up, giving it a competitive edge in supply and pricing [9][14] Market Position and Valuation - Despite short-term profit impacts from inventory provisions and stock incentives, the long-term investment value remains strong due to high-quality clients and growth potential in AI computing [20] - The company's valuation is considered low compared to peers, presenting a good investment opportunity, especially with optimistic capital expenditures from major internet firms [21][22] Challenges and Considerations - Contract terms are a primary focus, as the company aims to ensure business continuity despite rising costs in the computing server market [10] - The company is committed to high-quality clients and is cautious about service terms and pricing [10] Future Outlook - Traditional telecommunications business is expected to remain stable with slight growth, while the energy sector is projected to grow rapidly, driven by virtual power plants and energy solutions [15] - The company is optimistic about its future in the AI sector, with significant projects underway and a strong pipeline of clients [19][20]

Market Sentiment - The current market sentiment score is 60, indicating a "relatively hot" market condition, which suggests a gradual upward trend supported by recent improvements in market sentiment and policy support [6][10]. Hot Topics Tracking - **Cross-Border Payment**: The People's Bank of China has issued a plan to enhance cross-border financial services, aiming to improve service levels for enterprises going abroad and expand the CIPS network. Related stocks include Cross-Border Communication (002640) and Qingdao Kingking (002094) [7]. - **Virtual Power Plants**: The National Development and Reform Commission and the National Energy Administration have released guidelines to promote the development of virtual power plants, targeting a national adjustment capacity of over 20 million kilowatts by 2027 and over 50 million kilowatts by 2030. Related stocks include Guoneng Rixin (301162) and Kehua Data (002335) [7]. - **Duty-Free Theme**: The Ministry of Commerce and other departments have announced measures to optimize the departure tax refund policy, aiming to enhance the supply of refund goods and expand the number of duty-free stores. Related stocks include China Duty Free (601888) and Wangfujing (600859) [7]. Major Capital Inflows and Outflows - The top ten stocks with the highest net inflows include Changshan Beiming (000158.SZ) with a net inflow of 1.036 billion, Ruixin Micro (603893.SH) with 613 million, and Southern Precision (002553.SZ) with 366 million [11]. - The top ten stocks with the highest net outflows include Leo Group (002131.SZ) with a net outflow of 544 million, Industrial and Commercial Bank of China (601398.SH) with 498 million, and Sanqi Interactive Entertainment (002555.SZ) with 419 million [13]. - The top ten stocks with the highest net short selling include Kweichow Moutai (600519.SH) with 16 million, Yili Group (600887.SH) with 837 thousand, and Haiguang Information (688041.SH) with 462 thousand [14]. Industry Overview - The top ten industries with the highest net inflows include SW Computer with 210 million, SW Automotive with 194 million, and SW Machinery Equipment with 189 million [16][17]. - The top ten industries with the highest net outflows include SW Banking with -141 million, SW Non-Bank Financials with -91 million, and SW Basic Chemicals with -155 million [18].

Group 1: Energy Supply and Consumption - The National Energy Administration reported that energy supply is sufficient, consumption is growing, and the overall supply-demand situation is relaxed with stable prices showing a downward trend [1] - In the first quarter, renewable energy accounted for 90% of new installed capacity, with an increase of 76.75 million kilowatts, representing a year-on-year growth of 21% [1] - Renewable energy generation reached 816 billion kilowatt-hours in the first quarter, a year-on-year increase of 18.7%, making up 35.9% of total electricity generation [1] Group 2: Nuclear Energy Development - The operational and approved nuclear power installed capacity in China exceeds 120 million kilowatts, with a projected nuclear power generation of 450.9 billion kilowatt-hours in 2024, accounting for 4.5% of total generation [1] - The government plans to support the development of advanced nuclear technologies, including fourth-generation reactors and small modular reactors [1] Group 3: Hydrogen Energy Sector - Hydrogen energy is a key focus, with a projected production and consumption scale exceeding 36.5 million tons in 2024, making China the world's largest producer [2] - Over 600 renewable energy electrolysis hydrogen production projects are planned, and more than 540 hydrogen refueling stations have been established [2] - Approximately 24,000 fuel cell vehicles have been promoted as part of the ongoing demonstration applications [2] Group 4: Investment in Energy Sector - Energy investments have shown rapid growth, with a 12.9% year-on-year increase in investment in key energy projects in the first two months [2] - Investments in offshore wind, new energy storage, power grids, and nuclear power are growing quickly [2] Group 5: Support for Private Enterprises - The National Energy Administration has issued a notice to support private enterprises in enhancing development momentum and fair market participation [3] - Private enterprises account for over 80% of operators with more than 10,000 charging facilities, indicating their significant role in the energy sector [3] - New nuclear power projects approved recently have at least 10% shareholding from private enterprises, highlighting their increasing involvement in energy infrastructure [3]

hyzqdatemark 2025 年 05 月 05 日 证券研究报告 计算机 | 软件开发 非金融|公司点评报告 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 戴映炘 SAC：S1350524080002 daiyingxin@huayuanstock.com 市场表现： 请务必仔细阅读正文之后的评级说明和重要声明 | 基本数据 | | 年 | 月 30 | 04 | | 日 | 2025 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | 62.06 | | | 年 内 最 / 最 | 高 | | 66.06/29.86 | | 一 | | | | 低 | | （元） | | | | | | | | | | | 总市值（百万元） | | | 6,217.46 | | | | | | | | 流通市值（百万元） | ...

Group 1 - The successful demonstration of satellite laser ranging technology for the new generation lunar space laser retroreflector marks a significant breakthrough in precise measurement technology in deep space orbits, achieved by the "Tiandu No. 1" satellite navigation technology experimental team [1] - The completion of all components for the world's largest and strongest pulsed superconducting electromagnet system by the ITER organization represents a milestone achievement in fusion energy, with the final component being the sixth module of the central solenoid manufactured in the USA [1] - The engineering assembly of the compact fusion energy experimental device (BEST) has officially started two months ahead of schedule, aiming to demonstrate fusion energy generation for the first time, building on the previous EAST device [1] Group 2 - The launch of Jiangsu's first incremental distribution network virtual power plant signifies a step forward in smart energy management, with the platform integrating 26 megawatts of distributed solar power, 105 kilowatts of energy storage, and 145 megawatts of adjustable load [1]

Financial Performance - In 2024, the company achieved a revenue of 75.45 billion CNY, with a net profit of 6.47 billion CNY, reflecting a year-on-year growth of 37.69% [1] - The core business segments showed strong growth, with the automation business generating 8.56 billion CNY, a 37.5% increase year-on-year [1] - In Q1 2025, the company reported a revenue of 14.05 billion CNY, up 10.04% year-on-year, and a net profit of 1.2 billion CNY, increasing by 19.22% [2] Business Segments - The intelligent distribution and utilization business generated 43.24 billion CNY, marking a 17.06% growth [2] - The comprehensive energy and virtual power plant business achieved a revenue of 2.19 billion CNY, up 12.43% [2] - The overseas business generated 4.13 billion CNY, reflecting a 10.62% increase [2] Strategic Initiatives - The company is focusing on the automation business, particularly in areas like centralized control stations and intelligent monitoring, which have driven significant growth [2] - The company is actively expanding its virtual power plant capabilities, leveraging over 40 years of expertise in the energy sector [5] - The overseas market strategy includes products primarily in distribution networks, with successful entries into markets like Saudi Arabia and Uzbekistan [4] Future Outlook - The company plans to enhance its microgrid business, with ongoing projects in Yantai Airport and Maldives [6] - The demand for electric meters is expected to remain stable in 2025, with growth anticipated in high-end measurement segments [7] - The company is preparing for significant bidding opportunities in 2025, particularly in distribution network equipment [7] Dividend Policy - The company has approved a profit distribution plan for 2024, balancing investor returns with future growth needs [8] - A mid-term dividend plan for 2025 is under consideration, aiming for stable and sustainable shareholder value [8]

Financial Performance - In 2024, the company achieved a revenue of approximately 550 million yuan, a year-on-year increase of 20.50% [2] - The net profit attributable to shareholders was 93.59 million yuan, up 11.09% year-on-year [2] - In Q1 2025, the company reported a revenue of 145 million yuan, a growth of 40.14% compared to the same period last year [3] - The net profit attributable to shareholders for Q1 2025 was 16.60 million yuan, reflecting a 34.58% increase year-on-year [3] Industry Outlook - The company operates in the renewable energy sector, providing information technology products and services to the power market [2] - The demand for high-precision power forecasting and intelligent control products is expected to rise due to the increasing integration of renewable energy into the grid [4] - The digital transformation in the renewable energy sector is seen as a key driver for high-quality development [5] Regulatory Impact - The National Energy Administration's new guidelines emphasize the "four capabilities" (可观、可测、可调、可控) for distributed renewable energy management [7] - The recent policy changes are expected to enhance the market for power forecasting services, as new standards require distributed photovoltaic systems to provide power forecasting data [7] - The market for electricity trading is anticipated to diversify, driven by the increasing participation of various market players [9] Future Business Strategies - The company plans to enhance its service quality and capabilities in response to evolving market demands and regulatory changes [9] - The focus will be on developing the "Kuangming" renewable energy model to improve forecasting capabilities for electricity trading [9] - The company aims to expand its virtual power plant business through resource signing cooperation and investment in distributed energy resources [10][11] Market Challenges - The electricity market is expected to face challenges related to settlement rules and market information management, increasing operational costs for market participants [9] - The company recognizes the need for advanced data analytics and artificial intelligence to manage the complexities of the evolving electricity market [9]