Group 1: Product Development and Innovation - Significant breakthroughs in medium PLC U200 with physical point capacity and dual rack structure [2] - Successful development and market application of intelligent needle valves for gas fields [2] - Completion of next-generation intelligent load products with enhanced adaptability and communication capabilities [2] - Launch of intelligent analysis module on EIIP platform, receiving positive user feedback [2] Group 2: 2025 Business Strategy - Focus on expanding market scale by leveraging "Industry 4.0" and "domestic substitution" opportunities [3] - Increased R&D investment to build a core technology system and explore AI applications in the oil and gas sector [3] - Improvement of management efficiency through enhanced performance management and cost control [3] Group 3: Financial Performance and Challenges - 2024 net profit was negative due to economic changes, intense market competition, and unmet project expectations [3] - Business scale limited by ongoing investments in market expansion and product development [3] - 2024 saw a decrease in business but an increase in gross profit due to focus on high-margin projects [6] Group 4: Future Plans and Market Positioning - Commitment to long-term operations by focusing on core business and enhancing the industrial chain [3] - Plans to enhance digital oil service industry chain and develop high-performance drilling tools [5] - Development of a fully domestic M200 PLC control system set for market launch in 2025 [6] Group 5: Competitive Advantages - PLC products designed for high stability and versatility, suitable for harsh environments [6] - Continuous improvement of safety products with new features and enhanced system integration [6]

据介绍，联想凌拓的业务战略重点体现在三个方面。首先，公司始终专注于数据存储管理基础设施这一核心定位，自去年九、十月起加快产品迭代节奏，全 线产品性能翻番，性价比显著提升。其次，为满足中国市场对 "国产化" 和 "安全可控" 的迫切需求，联想凌拓在产品命名、研发体系、本地生态对接以及供 应链管理上投入大量资源，构建了可控的本地供应链和强大的本地化服务体系。最后，AI 领域的应用成为重中之重，联想凌拓已部署端到端的完整方案， 覆盖数据管理在 AI 全流程中的各个环节，并提供多套定制化方案以适应不同行业和场景的需求。 杨旭总结道："联想凌拓今年的战略可归纳为'快速迭代更新产品、深化国产化与可控供应链布局、实现 AI 场景端到端覆盖'。" 随后，杨旭详细介绍了 "联想问天" 品牌的推出背景和战略意义。他表示，在国产化、自主可控成为市场核心诉求的当下，联想凌拓需要一个更聚焦于本地 自主研发与供应链安全的品牌。"联想问天" 系列将与联想凌拓其他子品牌协同发力，形成互补、同向发展的格局。 联想ThinkSystem 继续代表全球领先的存储系列，而 "联想问天" 则专注于国产化、自主可控，从研发到零部件采购、供应链管理再到本 ...

Core Viewpoint - Company reported Q1 2025 revenue of $2.25 billion, a 1.8% increase quarter-over-quarter, but below the previous guidance of 6%-8% [1] Group 1: Financial Performance - Q1 2025 showed an increase in wafer shipments by 15% quarter-over-quarter, with capacity utilization rising by 4.1 percentage points to 89.6%, but average selling price (ASP) decreased by 9% [1] - Gross margin remained stable at 22.5% [1] - Company guidance for Q2 2025 indicates a revenue decline of 4%-6% and a gross margin forecast of 18%-20%, both lower than Bloomberg consensus estimates [1][2] Group 2: Market Demand and Production Capacity - Strong domestic demand is expected to benefit the company, particularly in the simulation and other sectors [1][2] - The main 8-inch and 12-inch factories are operating near full capacity, with stable shipment expectations for Q2 [2] - The company anticipates that the ASP decline is due to a one-time issue related to joint venture factory operations and equipment validation, which is expected to be resolved gradually in the second half of the year [1][2] Group 3: Industry Impact and Valuation - The impact of tariffs on overall industrial revenue is considered minimal, at less than 1% [3] - Demand visibility extends to the end of Q3, with expectations for continued full capacity, while Q4 demand remains uncertain [3] - The company maintains target prices of HKD 63 for Hong Kong shares and RMB 119 for A-shares, reflecting a premium of 103% for A/H shares [3]

证券研究报告·宏观报告·宏观深度报告 宏观深度报告 20250512 新动能驱动"科特估"为资本市场"排头兵" [Table_Summary] ◼ 新旧动能转换下，内需扩张迫在眉睫： 关税战是一场遭遇战、持久战，全球需求承压："遭遇战"之下，各国 的应对方式和手段在贸易战后期的很长一段时间内都将影响各自经济 增长的实际走向。中美的"大国之争"在美国内在经济问题和全球经济 增长问题暂未得到明显缓解之前仍将持续，"关税战"可能将是一场"持 久战"，作为以打促谈的手段，关税的议题可能将贯穿较长的时间周期。 关税战不仅是短期的贸易摩擦，更对全球经济结构造成深远影响，进一 步抑制全球投资与消费需求。 科技产业经济占比提升，经济新动能打开内需新市场：截至 2024 年底， 数字经济核心产业增加值占国内生产总值比重 10%左右。2022 年，中 国的 KTI 制造业产出比 2012 年翻了一倍多，全球份额从 2012 年的 22% 增至 2022 年的 34%。数字经济技术应用和数字产品制造是引领当前经 济发展的主要方向，也是激发内需潜力、驱动产业创新、塑造发展新优 势的主要抓手，而科技相关服务业目前占比相对低，与海外主流 ...

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 蒋佳霖/孙乾/杨本鸿/陈鑫/张旭光/杨海盟/桂杨 本周观点聚焦 周观点 继续重点布局 AI 应用及国产化 继续积极布局 AI 应用与国产化。 展望下半年，板块业绩有望持续改善；前期"对等关税"及业绩窗口期带来的风 险偏好下降正不断修复，当前建议积极挖掘阿尔法投资机会，重点布局 AI 应用及国产化。从中短期来看，包括 0519 鸿蒙 PC 正式发布、 0519 微软 Build 开发者大会、 0520 谷歌 I/O 开发者大会将陆续召开，可关注产业边 际变化。 月历效应对 5/6 月份均较友好。 临近半年末，市场出于对常规扰动项的考虑，对加仓具有强风偏属性的计算机板 块有所顾虑。我们统计了 2010 年以来的数据，计算机的月历效应对半年末的时间窗口相对友好。在收益率中值 为正的月份中，按照胜率及收益率中值由大到小综合排序，依次为 2 月、 11 月、 6 月、 10 月、 5 月，其中 5/6 月的胜率分别为 53% 、 60% ，收益率中值分别为 0.03% 、 2.26% 。 持续关注鸿蒙 PC 的产业进展。 华为于 0508 官宣搭载 HarmonyOS5 ...

Group 1: Financial Performance - The gross profit margin slightly declined in Q1 due to increased competition and lower market demand, with the incremental business's gross profit margin under pressure [2][3] - The ratio of incremental to existing business remained at 1:1, but the low-margin incremental business in the mechanical seal sector increased compared to the same period last year [2] - The overall economic environment is expected to maintain pressure on incremental business margins, but further declines are unlikely as they are already at low levels [2] Group 2: International Business Development - The company maintains a positive outlook on international market growth, although growth rates may slow in 2025 due to geopolitical factors and increased business volume [3] - The technological gap between the company's products and international brands has narrowed, with some products now surpassing international standards [3] - The company offers competitive pricing and superior after-sales service, enhancing its value proposition in the international market [3] Group 3: Market Strategy and Expansion - The company is focusing on market expansion in existing sectors like petrochemicals while exploring new markets such as pharmaceuticals, paper manufacturing, and industrial wastewater treatment [4] - Continuous optimization of internal management and cost control is being pursued to enhance operational efficiency and support market growth [3] - The company aims to explore new business models and develop differentiated products to increase market penetration [4] Group 4: Risks and Challenges - The mechanical seal market has high customer retention, making it difficult for competitors to replace existing products [5] - The value of mechanical seals is relatively low compared to total project investment, leading to high customer loyalty based on reliability and timely after-sales service [5] - The company is gradually increasing its market share against foreign brands in the existing market due to ongoing domestic technological advancements [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is increasing its R&D efforts to meet the domestic demand wave and is expected to make progress in high-end products [1] - The company's revenue for 2024 is projected to be 1.08 billion yuan, with a year-on-year growth of 4.3%, while the net profit attributable to shareholders is expected to be a loss of 68.27 million yuan, reflecting a significant increase in loss compared to the previous year [7] - The gross margin has improved due to the ramp-up of high-end products and cost optimization, with a gross margin of 40.1% in 2024, up 3.9 percentage points year-on-year [7] - The company is focusing on high-end chip delivery and expanding its customer base, with significant progress in high-end flagship chip products for large-scale data centers and cloud services [7] - R&D investment reached 430 million yuan in 2024, a year-on-year increase of 36.4%, indicating a strong commitment to innovation and product development [7] Financial Summary - Total revenue is forecasted to reach 1.35 billion yuan in 2025, with a growth rate of 25.04% [1] - The net profit is expected to improve significantly by 2027, reaching 102.34 million yuan, with a staggering growth rate of 1,270.62% [1] - The company's latest closing price corresponds to a price-to-sales ratio of 20.2 for 2025, indicating a favorable valuation for potential investors [1]

聚焦科技周期：A 股电子业绩与苹果启示 20250505 摘要 • 中国科技股年初至今涨幅落后于美国科技股，但若从 Deepseek 发布时算 起，中国资产表现更优。资本开支上行周期确认后，中国科技公司业绩增 速有望超越美国同行，但需关注美国 AI 应用落地情况。 • 美股科技公司中，特斯拉、苹果和英伟达表现不佳，而阿里巴巴、比亚迪 和小米等中国公司表现强劲，反映了中国资产重估和 AI 驱动的上行周期机 会。需关注中美关税谈判对半导体行业的影响。 • 公募基金显著增持港股科技七巨头，电子股仓位持续上升，同时规避与苹 果相关的消费电子。进口替代成为投资主线，从 AI 芯片扩散至代工和模拟 芯片领域。南下资金流入港股金额显著增加。 • 半导体设备行业一季度收入增速达 36%，国产化率提升至近 30%。海外 设备公司在中国区收入下降，中国设备公司收入上升，形成剪刀差。预计 设备类股票将保持强劲增长。 • 消费电子领域一季度收入增长 19%，利润增长 23%，受益于苹果提前出 货。但二季度产能利用率可能下降。小米预计将保持强劲增长，与联想一 起实现约 20%的增长。 Q&A 2025 年第一季度科技行业整体表现如何？ ...

Summary of Conference Call Notes Company and Industry Involved - The discussion revolves around **兆易创新 (GigaDevice)**, a company in the **semiconductor industry**, specifically focusing on **customized storage solutions**. Core Points and Arguments - **Customized Storage Advantage**: GigaDevice has a leading position in customized storage due to advanced processes and production capacity. Only a few global players, including three overseas giants and a few manufacturers in mainland China and Taiwan, possess the necessary technology and capacity, creating a favorable competitive landscape [1] - **Focus on HBM and DDR5**: While overseas giants concentrate on High Bandwidth Memory (HBM) and DDR5 technologies, GigaDevice has a first-mover advantage in customized storage solutions [1] - **Domestic DRAM Leadership**: GigaDevice leverages the production capacity of domestic DRAM leaders, which enhances its process performance compared to Taiwanese manufacturers [1] - **Client Proximity and Customization**: The company emphasizes its closeness to domestic clients, which facilitates better execution of customized projects. In the context of HBM export restrictions, there is a high demand for domestic solutions in AI application scenarios [2] - **Strong Adaptability in SoC**: GigaDevice's customized storage solutions are well-adapted to various domestic smartphone manufacturers and well-known SoC (System on Chip) companies, indicating strong compatibility and adaptability [2] - **International Competitiveness**: The engagement with international SoC leaders suggests that GigaDevice's products possess international competitiveness, allowing the company to further penetrate the core mobile ecosystem [2] Other Important but Possibly Overlooked Content - **Market Trends**: The increasing demand for domestic solutions in AI applications highlights a shift towards localization in technology supply chains, particularly in the semiconductor sector [2] - **Strategic Partnerships**: The company's collaboration with both domestic and international partners showcases its strategic approach to expanding its market presence and enhancing product offerings [2]

点击上方"公众号"可订阅哦！ 兴业证券计算机小组 重点布局 AI 应用及国产化。 从细分领域来看，在当前的位置，综合考虑产业本身的迭代催化、后续的政策发力 方向、订单的落地节奏等因素，建议重点布局 AI 及国产化，以及 eCall 及金融科技。其中，上述领域中，从受 业绩影响的维度来看，对 5 月的风险偏好改善相对更敏感的是 AI 应用及国产化；同时考虑到产业的催化密度， 预计 AI 应用将最为核心。 国内 AI 产业持续加速发展。 自 4 月底以来，国内 AI 产业正迎来密集催化。 4 月 25 日，中共中央政治局就加 强人工智能发展和监管进行集体学习； 4 月 28 日，阿里巴巴发布了最新 Qwen3 模型； 4 月 30 日，小米开源 推理大模型 Xiaomi MiMo ，同日 DeepSeek 开源了最新的数学定理证明专用模型 DS-Prover-V2-671B 。后 续，包括 DS-R2 等在内的大模型进展值得期待。 风险提示：板块业绩不达预期；下游需求存在景气度不稳定的风险；科技创新可能带来短期业绩下降。 注：文中报告节选自兴业证券经济与金融研究院已公开发布研究报告，具体报告内容及相关风险提示等详 ...