Company Overview - The company, Si Rui Pu, is engaged in the research and sales of integrated circuit design, focusing on high-performance, high-quality, and high-reliability products [4][18] - The main business includes the development and sales of analog and mixed-signal integrated circuits, covering various applications such as new energy, automotive, communication, industrial, and healthcare [4][18] Financial Performance - In the first quarter of 2025, the company achieved operating revenue of 421.79 million yuan, a year-on-year increase of 110.88% and a quarter-on-quarter increase of 13.59% [34] - The net profit attributable to shareholders was 15.56 million yuan, marking a turnaround from losses [34] - The gross profit margin for the first quarter was 46.43%, showing a slight year-on-year decline but a quarter-on-quarter improvement [34] Industry Context - The global semiconductor market is projected to reach a size of 627.6 billion USD in 2024, reflecting a growth of 19.1% compared to 2023 [14] - The domestic integrated circuit industry in China is expected to see double-digit growth in both production and export volumes in 2024, with significant contributions from sectors like AI and smart vehicles [15][16] - The analog chip market is anticipated to grow to 79.43 billion USD in 2024, driven by demand from consumer electronics, automotive electronics, and industrial control [16][17] Technological Trends - The company is focusing on high-performance and low-power designs, as well as high integration and multi-functionality in its analog chip offerings [20][21] - Innovations in manufacturing processes and packaging technologies are being pursued to enhance product performance and reliability [22] Market Applications - The company’s products are widely used in various sectors, including communication, automotive, and industrial automation, with a growing demand for analog chips in 5G technology and electric vehicles [23][25][28] - The renewable energy sector, particularly solar and energy storage, is expected to drive further demand for analog chips due to the increasing installation of solar power systems and energy storage solutions [26][27]

流动性方面，5G通信ETF盘中换手0.76%，成交4545.89万元。拉长时间看，截至4月28日，5G通信ETF近1月日均成交1.61亿元。 4月29日，A股市场热点分散，宠物经济、光芯片、机器人等概念表现活跃，截至14:01，中证5G通信主题指数(931079)上涨0.20%，成分股兆易创新(603986) 上涨7.20%，移远通信(603236)上涨3.64%，崇达技术(002815)上涨3.13%，光环新网(300383)上涨2.93%，卓胜微(300782)上涨2.08%。5G通信ETF(515050)多 空胶着，最新报价0.98元。拉长时间看，截至2025年4月28日，5G通信ETF近1年累计上涨4.38%。 天风证券表示，看好AI行业作为年度投资主线，后续伴随着DeepSeek R2/V4等以及包括Agent、多模态方面相关进展，仍然看好AI行业以及围绕AIDC产业链 的持续高景气。整体上我们积极看好25年或成为国内AI基础设施竞赛元年以及应用开花结果之年。中美AI均进展不断，同时推理端持续推进。建议持续关 注AI产业动态及AI应用的投资机会。此外，政府工作报告首次纳入"深海科技"，海风看到25年 ...

[Table_Main] 行业研究|电信服务 证券研究报告 电信服务行业周报 2025 年 4 月 29 日 [Table_Title] 多个 AI agent 内测上线，主动权益基金减配通信 ——通信行业周报 [Table_Summary] 报告要点： 市场整体行情及通信细分板块行情回顾 周行情：本周（2025.4.21-2025.4.25）上证综指上涨 0.56%，深证 成指上涨 1.38%，创业板指上涨1.74%。本周申万通信上涨 1.32%。 考虑通信行业的高景气度延续，AI、5.5G 及卫星通信持续推动行业 发展，我们给予通信行业"推荐"评级。 细分行业：本周（2025.4.21-2025.4.25）通信板块三级子行业中， 通信网络设备及器件上涨幅度最高，涨幅为 5.62%，通信应用增值服 务回调幅度最高，跌幅为 3.52%，本周各细分板块主要呈上涨趋势。 个股方面：本周（2025.4.21-2025.4.25）通信板块涨幅板块分析方 面 ， 仕佳光子 （ 66.54% ） 、 武 汉 凡 谷 （ 28.87% ） 、 新易盛 （22.22%）涨幅分列前三。 Q1 主动权益型公募持仓：2025Q1 ...

Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, with a focus on expanding into emerging markets such as commercial satellite communication, smart automotive, and smart home sectors [1] Group 1: Financial Performance - In 2024, the company achieved a revenue of 8.744 billion yuan, a year-on-year increase of 15.85% [1] - The net profit attributable to shareholders reached 662 million yuan, reflecting a year-on-year growth of 26.89% [1] - For Q1 2025, the company anticipates gradual improvement in operations starting from Q2 despite short-term impacts from external uncertainties [1] Group 2: Business Expansion - The company is actively exploring new markets in commercial satellite communication, smart automotive, and smart home sectors, enhancing its second growth curve [1] - In the commercial satellite communication sector, the company has made significant breakthroughs and is expanding its business scale, becoming a key supplier in the satellite field [2] - The company has successfully supplied products to major North American clients and plans to engage with more large manufacturers in the future [2] Group 3: Strategic Focus Areas - The government has emphasized the development of smart connected vehicles, marking a shift in the automotive industry towards intelligent mobility [3] - The company has increased its focus on smart automotive business, securing qualifications from domestic and international manufacturers for various products [3] - In the smart home market, the global market size is projected to reach 155.8 billion USD in 2024, with a compound annual growth rate of 21.52% from 2017 to 2024 [4] - The company is leveraging its core products to establish a leading position in the smart home and IoT sectors, with significant advancements in various applications [4] Group 4: Future Outlook - The company plans to continue investing in consumer electronics, commercial satellite communication, and smart automotive sectors while exploring emerging fields such as 6G, 7G, data centers, artificial intelligence, and humanoid robots [4]

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit for 2024, while Q1 2025 performance met expectations [1][2]. Financial Performance - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.94% [1]. - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year increase of 18.37% but a quarter-on-quarter decrease of 28.99%. The net profit attributable to shareholders was 628 million yuan, a year-on-year decrease of 1.33% but a quarter-on-quarter increase of 19.06% [1]. Business Segment Performance - In 2024, the power transmission segment generated a revenue of 19.785 billion yuan, a year-on-year increase of 18.18%, with a gross margin of 15.15%, up 0.18 percentage points [1]. - The optical communication and network segment achieved a revenue of 8.094 billion yuan, a year-on-year increase of 11.19%, with a gross margin of 25.14%, down 1.98 percentage points [1]. - The new energy materials segment reported a revenue of 7.003 billion yuan, a year-on-year decrease of 2.85%, with a gross margin of 7.32%, down 4.02 percentage points [1]. - The marine series generated a revenue of 3.644 billion yuan, a year-on-year decrease of 2.59%, with a gross margin of 24.45%, down 2.21 percentage points [1]. Order Backlog and Growth - As of April 23, 2025, the company had a substantial order backlog of approximately 31.2 billion yuan in the energy network sector, including about 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [2]. - The marine international business has shown growth for three consecutive years, successfully delivering projects such as the European 66kV long-length submarine cable and signing contracts for long-length three-core submarine cables in Vietnam [2]. Research and Development - The company is actively pursuing new directions in the optical fiber communication field, including joint research on hollow-core fibers and the development of bend-insensitive four-core fibers for data centers [2]. - Innovations in the communication cable sector include the new "13/8" spread spectrum leakage cable, and the company has successfully achieved mass production of high-speed copper cables [2]. - In the computing infrastructure area, the company is conducting in-depth research on next-generation liquid cooling technology for data centers, resulting in a composite liquid cooling solution [2]. Investment Outlook - The company is expected to achieve net profits of 3.956 billion yuan, 4.641 billion yuan, and 5.029 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 39.4%, 17.3%, and 8.4% respectively. The expected EPS for these years is 1.16, 1.36, and 1.47 yuan [2].

Core Viewpoint - The company experienced a significant decline in revenue and net profit in 2024, but showed a strong recovery in early 2025 with substantial growth in revenue and a reduction in losses [1][2]. Financial Performance - In 2024, the company reported revenue of 2.748 billion yuan, a year-on-year decrease of 22.91%, and a net profit attributable to shareholders of 59.0374 million yuan, down 69.29% [1]. - The first quarter of 2025 saw revenue rise to 352 million yuan, an increase of 347.5% year-on-year, with net losses narrowing from 49.76 million yuan to 16.76 million yuan [2]. - The fourth quarter of 2024 showed a revenue of 1.952 billion yuan, up 67.29% year-on-year, and a net profit of 133 million yuan, a staggering increase of 1720.15% [2]. Profitability Metrics - The gross margin for 2024 was 22.64%, a decline of 2.17 percentage points, while the net margin was 3.24%, down 3.78 percentage points [3]. - In the first quarter of 2025, the gross margin improved to 27.91% [3]. Future Outlook - The company anticipates achieving a revenue of 5 billion yuan and a total profit of 300 million yuan in 2025, with significant growth in related transactions [2]. - Projected revenues for 2025-2027 are 5.198 billion, 6.535 billion, and 7.832 billion yuan, with net profits of 305 million, 401 million, and 485 million yuan respectively [4]. Strategic Initiatives - The company is focusing on enhancing its position in navigation and control, and is investing in emerging industries such as digital industry, smart manufacturing, and next-generation military communication [3].

Group 1: ZTE Information - ZTE Information has approximately 7,000 active users for SnapDevelop and plans to release a paid commercial version in the future [1] - EazyDevelop, which focuses on rapid development using AI technology, will support MCP calls and is set to launch a free trial version [1] - Baidao Software has made breakthroughs in RISC-V firmware and is collaborating with major companies like Huawei and Lenovo [1] Group 2: Boji Pharmaceutical - Boji Pharmaceutical's new orders for 2024 are projected to be 1.515 billion yuan, a year-on-year increase of 30.07% [2] - The company aims for a revenue target of 682 million yuan for 2025, with a focus on clinical business and technology transfer services [2] - The company is exploring AI applications in clinical trial processes and has seen a 20% growth in traditional Chinese medicine CRO orders [2] Group 3: Kehua Data - Kehua Data's revenue for 2024 is expected to be 7.757 billion yuan, a decrease of 4.71% year-on-year, with a net profit of 315 million yuan [3] - The intelligent computing center business has seen a revenue increase of 14.07%, while the new energy business revenue has decreased by 15.98% [3] - The company plans to enhance its intelligent computing center business and has completed a convertible bond project for future funding [3] Group 4: Tongyu Communication - Tongyu Communication's growth in the first quarter is attributed to increased overseas revenue and contributions from satellite communication [4] - The company is focusing on R&D in satellite communication and 5G integrated antennas, achieving significant results [4] - Future plans include targeting high-end markets and leveraging overseas advantages to assist domestic satellite manufacturers [4]

机器之心报道 机器之心编辑部 近日，ISCA Fellow 2025 入选结果揭晓！ ISCA Fellow 是由国际语音通讯协会（International Speech Communication Association，ISCA）设立的荣誉称号，旨在表彰在语音通信科学与技术领域做出杰出贡献 的会员，包括研究人员、工程师和学者。 该奖项设立于 2007 年，每年新晋 Fellow 不超过当年 ISCA 会员总数的千分之三，确保稀有性和权威性。 自设立以来，ISCA Fellow 人数已经超过 100 人。ISCA Fellow 2025 入选者共有 8 位，包括以下三位华人学者： 华人入选者 俞凯 个人简介： 俞凯，思必驰联合创始人、首席科学家，上海交通大学特聘教授，清华大学本科、硕士，剑桥大学博士。入选国家级重大人才工程，国家自然科学基 金委优青，上海市「东方学者」特 聘 教 授 。IEEE 信号处理学会会议理事会 (Conference Board) 和会员理事会 (Membership Board) 理事，IEEE Speech and Language Processing Technical C ...

• 通宇通信 2024 年扣非净利润同比大幅增长 91.59%，经营活动现金流显 著改善，毛利率提升至 22.21%，费用减少 1,295 万元，显示出较强的盈 利能力恢复态势。海外业务收入增长 20.27%至 4.3 亿元，卫星通信业务 收入达 4,280.02 万元，成为新的增长点。 • 2025 年一季度，通宇通信营收同比增长 6.08%至 2.5 亿元，归母净利润 同比增长 128%至 1,118.2 万元，扣非净利润增长 157%至 386.81 万元。 海外收入占比达到历史新高 53%，主要受益于中东、东南亚和俄罗斯市场 的增长，以及卫星通信业务的贡献。 • 通宇通信积极布局卫星通信全产业链，已交付 12 个地面终端项目，预计 2025 年交付更多。自主研发的高铁动车卫星通信产品、星载相控阵天线 产品、低轨相控阵终端产品已进入样品或小批量交付阶段，低轨相控阵终 端产品性能达到行业先进水平。 • 公司持续加大研发投入，2024 年研发投入近 9,000 万元，占总收入近 10%，未来将重点投入卫星通信领域，包括低轨与高轨卫星互联技术、地 面站天线、星载相控阵天线及 Wi-Fi 标准，旨在形成空天地一 ...

美国联邦通信委员会（FCC）开始评估卫星通信频段共享制度。 ...