Investment Rating - The investment rating for the company is "Buy" (maintained) [8] Core Views - The company's revenue met expectations, but financial expenses temporarily suppressed profit release. The company achieved an operating income of 79.024 billion yuan in 2024, a year-on-year increase of 2.22%, and a net profit attributable to shareholders of 1.572 billion yuan, a year-on-year decrease of 25.23% [1][6] - The subsidiary, New H3C, benefited from domestic AI infrastructure, with its revenue growing by 6.04% to 55.074 billion yuan in 2024, and a significant increase of 26.07% in Q1 2025 [2] - The company experienced a substantial increase in inventory and contract liabilities, indicating potential overstocking of AI GPU chips, which may lead to exceeding expectations in AI server market share and profitability [3] Financial Performance - In Q1 2025, the company reported an operating income of 20.79 billion yuan, a year-on-year increase of 22.25%, but a net profit decrease of 15.75% [1] - Financial expenses rose significantly due to the acquisition of New H3C, with Q1 2025 financial expenses reaching 386 million yuan, an increase of 310 million yuan from Q1 2024 [4] - The company forecasts net profits of 2.14 billion yuan, 2.81 billion yuan, and 3.13 billion yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 34, 26, and 23 [6] Strategic Developments - The company is advancing its H-share listing, which may alleviate financial pressure and support global expansion efforts [5] - New H3C's international business grew by 32% in 2024 and 72% in Q1 2025, indicating strong growth potential in overseas markets [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance showed significant growth, with revenue reaching 489 million yuan, a year-on-year increase of 958.26%, and a net profit of 22 million yuan, up 334.14% year-on-year, exceeding market expectations [1] - The growth in performance is primarily attributed to the increase in computing power leasing business, which is expected to continue benefiting from the rising demand for AI infrastructure in 2025 [8] - The company has accumulated orders worth approximately 2.9 billion yuan, with a notable increase in advance payments, indicating strong future revenue potential [8] - The report highlights that 2025 is seen as a pivotal year for AI infrastructure in China, with major international companies increasing their capital expenditures, which will positively impact the domestic computing power leasing market [8] Financial Summary - For 2023, total revenue is projected at 770.61 million yuan, with a year-on-year growth of 3.26%. The net profit is expected to be 42.22 million yuan, down 33.08% year-on-year [1] - The company forecasts a significant revenue increase to 1.19 billion yuan in 2025, representing an 81.23% year-on-year growth, with net profit expected to reach 117.70 million yuan, a 255.49% increase [1] - The earnings per share (EPS) is projected to improve from -0.69 yuan in 2024 to 1.07 yuan in 2025, reflecting a strong recovery in profitability [1] - The company's total assets are estimated to be 2.83 billion yuan in 2025, with a debt-to-asset ratio of 53.74% [9]

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ERN DE STER 行业日报 | 北交所 市场震荡调整,深海科技亮相政府工作报告 证券研究报告 2025年03月14日 北交所市场点评 -- -20250313 ● 核心结论 行情回顾:1)指数层面:3月13日北证50 收跌-3.1%,成交额达419.7 亿 元,较昨日下跌 0.6 亿元。2)个股层面:当日北交所264家公司中 112家 上涨,152 家下跌,4 家涨停。其中涨幅前五的个股分别为:凯腾精工 (+30.0%)、克莱特(+30.0%)、美心翼申(+30.0%)、坤博精工(+30.0%)、 安徽风凰(+22.6%),跌幅前五的个股分别为:天铭科技(-12.5%)、华 原股份(-11.1%)、中泰航达(-9.7%)、浩森科技(-8.7%)、威博液压(-8.5%)。 新闻汇总:1)央行:根据国内外经济金融形势和金融市场运行情况,择机 | 分析师 | | --- | | 曹森元 S0800524100001 | | 19821289688 | | caosenyuan@research.xbmail.com.cn | | 相关研究 | | 北交所:定向可转债审批加速,助力北交所再 | | -20250 ...