Group 1: Industry Outlook and Company Strategy - The urbanization process in China has shifted towards optimizing existing resources and high-quality development, focusing on improving transportation efficiency, safety, resilience, and sustainability [3] - The company aims to enhance its core competitiveness and achieve sustained revenue growth by positioning itself as a "new generation urban transportation intelligent product and technology company," targeting emerging sectors like low-altitude economy and intelligent networking [3] - The company plans to invest approximately 10% of its revenue annually in R&D, with a focus on AI data platforms and intelligent products related to the low-altitude economy [3] Group 2: Business Development and Market Expansion - The company's new generation urban transportation solutions have been implemented in key cities across China and regions like Hong Kong and the UAE, with over 50% of new contracts signed in 2024 coming from outside the local area [5] - In 2024, the company secured nearly 350 million in projects in the UAE and is currently negotiating additional projects in Saudi Arabia, the UAE, and Singapore [5] - The company is committed to becoming a global leader in urban transportation solutions, with a strategy of "Shenzhen benchmark + national replication + international output" [4] Group 3: Financial Performance and Future Projections - The company's net profit for 2024 was reported at 110 million [5] - All three main business segments are currently profitable, and the management is focused on optimizing operations to enhance profitability and return value to investors [5] - The company is considering a name change to reflect its transformation from an engineering design and consulting firm to a leader in big data, software, and AI solutions [6]

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 178 million yuan, representing a year-on-year growth of 44.56% and a quarter-on-quarter growth of 11.38%. The net profit attributable to shareholders was -27 million yuan, with a year-on-year increase of 44.23% and a quarter-on-quarter increase of 71.34% [1] - Revenue growth was primarily driven by increased demand from end customers compared to the same period last year, along with the outsourcing of certain products in the audio coil motor driver chip product line starting from Q4 2024, which significantly boosted revenue [1] - The expansion of the consolidated scope due to the acquisition of the controlling subsidiary Zinitix Co., Ltd. in 2024 also contributed to the increase in operating scale [1] - The company saw a significant reduction in losses, attributed to an increase in gross margin and improved management efficiency [1] Group 2: Product Development and Market Positioning - The company launched customized DC/DC chip products for silicon anode batteries, enhancing the endurance of smart electronic devices such as AI phones and AI glasses. These products have been successfully integrated into the supply chains of major global brands like Xiaomi, Lenovo, and Vivo, contributing significantly to revenue [2] - In the automotive electronics sector, the company's automotive-grade DC/DC chips have been incorporated into Qualcomm's smart cockpit automotive platform, leading to shipments to renowned automotive manufacturers such as Audi, Hyundai, Kia, and others [2] - The company has developed core power supply chips for CPU, GPU, and DSP with revolutionary architecture and superior load transient response, capable of delivering continuous output currents of up to 50A and efficiencies exceeding 90%, meeting the demands of AI servers for compact and efficient power modules [2] Group 3: Strategic Acquisitions - In August 2024, the company completed the acquisition of Zinitix, adding a sensor chip product line and quickly entering the touch IC market, enhancing its capabilities in smart terminal solutions. Zinitix achieved revenue of approximately 268 million yuan in 2024, a 64% increase year-on-year, and turned a profit [3] - The company plans to acquire Chengxin Micro to integrate resources in power management, motor chips, and MOSFETs, addressing technological gaps in AC-DC chip technology. The complementary strengths of both companies are expected to accelerate expansion in the automotive electronics sector [3] Group 4: Investment Outlook - The company has a strong financial reserve, positioning it well to seize industry consolidation opportunities and achieve leapfrog development. The diversified product matrix and cutting-edge technology layout are viewed positively [4] - Revenue projections for 2025-2027 are estimated at 933 million yuan, 1.161 billion yuan, and 1.370 billion yuan, respectively, with current price-to-sales ratios of 5.72, 4.60, and 3.90 times [4]

Group 1: Event Overview - The 8th Digital China Construction Summit opened in Fuzhou, focusing on "Digital China: New Chapters in 25 Years of Progress" and showcasing achievements over the past 25 years through forums, competitions, and interactive experiences [1] - The summit featured over 100 interactive projects and more than a hundred intelligent robot products, highlighting advancements in digital technology [1] Group 2: Company Highlights - Shida Group showcased its DeepSeek AI integrated machine, which combines hardware, models, and software ecosystems to provide "zero-threshold" intelligent services for various sectors including government, education, and finance [2] - The DeepSeek AI integrated machine addresses previous technological barriers and costs, facilitating intelligent teaching and effective student management [2][3] Group 3: Strategic Developments - The Fujian Provincial Computing Power Ecological Alliance was officially launched, allowing Shida Group to enhance resource utilization efficiency and promote collaborative innovation in computing power technology [1][6] - The alliance aims to create a collaborative ecosystem that integrates various stakeholders, including chip manufacturers and cloud service providers, to enhance the competitiveness of the digital economy in Fujian [8] Group 4: Market Position and Future Plans - Shida Group has secured significant projects, including a 20.98 million yuan bid for the Kelong Cloud Intelligent Computing Center and an 8.116 million yuan project for the Fuzhou Gulou District Intelligent Computing Center [9] - The company plans to increase R&D investment and accelerate the integration of computing power with big data, IoT, and AI technologies, aiming for high-quality development in the digital economy [10]

Core Insights - Jiangsu's total electricity consumption reached 199.262 billion kWh in Q1, marking a year-on-year increase of 1.4% driven by high-end manufacturing and new energy industries [1] - The high-end manufacturing sector, particularly in shipbuilding and biomedicine, shows significant growth, with electricity consumption in the biomedicine sector increasing by 23% and shipbuilding by over 9% [2] - The data service industry in Jiangsu outperformed national growth rates, with a 41.4% increase in electricity consumption, highlighting the region's digital economy expansion [3] Group 1: High-End Manufacturing - Jiangsu's shipbuilding industry is focusing on high-value vessels, with a 9% increase in electricity consumption, supported by advanced technologies [2] - The biomedicine sector is experiencing a cluster development effect, with a 23% increase in electricity consumption due to enhanced R&D investment and policy support [2] - The aerospace industry in Jiangsu saw a 23.6% increase in electricity consumption, benefiting from technological advancements and a robust industrial ecosystem [2] Group 2: Digital Economy - The national average for internet and related services electricity consumption grew by 25.7%, with Jiangsu's data service industry growing by 41.4%, indicating strong digital economic growth [3] - Data services account for 84% of the electricity consumption in internet-related services, contributing 95.8% to the growth in this sector [3] - The demand for electricity in the smart computing industry is rapidly increasing, with new capacity applications growing nearly 2.9 times year-on-year [3] Group 3: Green Energy Transition - Jiangsu's total installed capacity of renewable energy reached 94.84 million kW, making it the largest power source in the province [6] - The wind energy equipment manufacturing sector saw a 52.5% increase in electricity consumption, reflecting the province's commitment to green energy development [6] - The share of clean energy in Jiangsu's total electricity consumption has exceeded 30%, up from less than 5% before 2003 [7] Group 4: Carbon Footprint Management - A new carbon footprint public service platform has been launched in Jiangsu, allowing over 500 key enterprises to calculate their carbon emissions throughout the product lifecycle [8] - This initiative supports Jiangsu's efforts in green transformation and demonstrates China's commitment to global carbon neutrality [8]

在位于新疆克拉玛依市的丝路新云绿色算力中心，新疆克融云算数字科技有限公司机房里服务器指示灯 交替闪烁，320个已投入使用的机柜支撑着一个个数字化场景的高效运转。"目前算力中心建成的算力规 模超5600P。不同于传统的空调制冷，机房采用了全新风直接蒸发制冷技术，年电能利用效率低于1.2， 成功实现了节能降耗的目标。"新疆克融云算数字科技有限公司IDC主管黄梦飞说。 2024年8月，丝路新云绿色算力中心一期项目在新疆克拉玛依云计算产业园区投运。克拉玛依市以云计 算产业园为依托，培育了一批数字化企业落地，全疆首个智算中心在克拉玛依云计算产业园区启用，智 能算力规模持续扩大。截至目前，克拉玛依市已建成6座大型数据中心，6.5万个标准机柜，存力达 6200PB，智能算力规模达1.7万P，成为全疆首个算力规模超万P的城市。 "2024年3月我们的算力规模只有500P，目前智算规模已达到1666P。"中国移动克拉玛依分公司解决方案 经理何静介绍，2024年3月，全疆首个智算中心——中国移动（克拉玛依）智算中心在克拉玛依云计算 产业园区启用，总投资5亿多元，规划1.4万个机柜。"目前我们的使用率达到了75%，今年还有更多的 ...

在业务方面，传统IDC市场需求处于缓慢恢复阶段，公司敏锐且果断地对早期交付的低功率数据中心进 行升级改造，阶段性加大优惠力度，迅速斩获新增订单，已于2024年底逐步恢复上架。AIDC市场因AI 技术的高速发展而井喷式爆发，公司通过"引流策略"吸引众多头部AI客户入驻，AIDC业务收入达到约 14.51亿元，同比增长21.03%，成为公司发展的第二增长曲线。 公司继续夯实业务发展根基，扩增土地能耗等核心资源要素。截至2024年末，能耗指标储备较2023年末 增加约130%，为业务稳健发展提供了有力保障。在电力供应保障方面，京津冀园区自建的高等级 220kV变电站顺利投运，使得园区电力供应能力大幅增加，其他园区也在积极推进变电站的建设和申请 报批程序。 凭借前瞻性的全国战略布局，润泽科技在京津冀、长三角、大湾区等六大核心区域，规划完成了七个 AIDC智能算力基础设施集群，累积拥有61栋智算中心、约32万架机柜资源储备，基本完成了全国"一体 化算力中心体系"框架布局，并荣获多项荣誉，彰显了其在行业中的领先地位。 公司坚定执行"四大战略"，充分发挥"六大优势"，依托前瞻性战略布局加速构建全国多园区智算集群， 京津冀、 ...

Group 1: AI and Business Transformation - The company has been engaged in AI and data center development for 18 years, evolving from traditional data centers to green low-carbon data centers and now to intelligent computing centers [2][3]. - The integration of "AI+AV" technology enhances traditional video conferencing services and creates smart screens and exhibition halls for various industries [3][4]. - The company is focusing on AI applications in healthcare, cultural tourism, and education, with significant investments in AI-enabled solutions [5]. Group 2: Product Development and Market Strategy - The company has successfully developed an intelligent voice-controlled video conferencing product, set to launch in the second half of 2024, aimed at improving meeting experiences [4][5]. - The "smart screen" product, integrating AI interaction and content management, is expected to be completed by 2025, addressing traditional screen limitations [4][5]. - The company plans to establish a dual-channel sales system and strengthen industry partnerships to enhance market presence and brand exposure [4][5]. Group 3: Competitive Advantages - The company's core competitive advantages include proprietary technologies, innovative products, craftsmanship, and a strong research and development spirit [7]. - Recent project wins in the southern market, totaling nearly 80 million yuan, demonstrate the company's successful expansion strategy [7][8]. - The company aims to replicate its southern market success across other regions, enhancing overall business scale [7][8]. Group 4: Financial Performance and R&D Investment - The company plans to distribute a cash dividend of 0.102 yuan per 10 shares, based on positive revenue growth and profitability in 2024 [8]. - In 2024, the company will invest 35.16 million yuan in R&D, accounting for 6.56% of its revenue, focusing on AI-enabled multimedia and green computing technologies [8][9]. - The company is implementing strict receivables management to mitigate risks and ensure efficient cash flow [9].

Group 1 - The report highlights that AI Agents are accelerating penetration across various industries and may become the primary mode of human-machine collaboration, with three models identified: embedding, copilot, and agent mode, with the agent mode being the most efficient [3][9][10] - In 2022, China's data output reached 8.1ZB, growing by 22.7% year-on-year, and is projected to reach approximately 9.5ZB in 2023, making it the second-largest data producer globally [18][20] - The report identifies 15 companies on the Beijing Stock Exchange involved in AI applications, including AiRong Software (AI finance), Guozi Software (AI-enabled data assets), and Huaxin Yongdao (AI governance) [24][25] Group 2 - The median price-to-earnings (P/E) ratio for the new energy industry increased by 0.51% to 45.7X, while the electronic equipment industry's P/E ratio rose from 51.8X to 52.0X [34][59] - The report notes that the median P/E ratio for the machinery equipment industry decreased from 52.4X to 50.9X, and the information technology industry's P/E ratio fell from 61.6X to 59.3X [41][47] - The report mentions that the total market value of the new energy industry decreased from 468.4 billion to 465.3 billion, with notable stock performance from companies like QiuGuan Cable (+17.39%) and YiNeng Power (+5.75%) [59][61] Group 3 - The report states that the total market value of the electronic equipment industry decreased from 1195.1 billion to 1164.8 billion, with the median market value rising from 21.8 billion to 23.2 billion [36][37] - The machinery equipment industry's total market value fell from 972.7 billion to 939.7 billion, with the median market value decreasing from 19.5 billion to 18.7 billion [42][44] - The report indicates that the total market value of the information technology industry decreased from 878.1 billion to 858.4 billion, while the median market value remained unchanged at 24.5 billion [49][50] Group 4 - The report highlights that Kairun Intelligent Control Co., Ltd. won a bid for an electrification project in an African country, with a contract value of 732.121 million USD [63]

证券研究报告·北交所报告·北交所定期报告 北交所定期报告 20250310 中国信通院正式启动多模态智能体技术规范 编制工作 风险提示：个股盈利不及预期，行业竞争加剧，贸易摩擦加剧，政策不 及预期等。 2025 年 03 月 10 日 证券分析师 朱洁羽 执业证书：S0600524080003 yuhy@dwzq.com.cn 研究助理 薛路熹 执业证书：S0600123070027 xuelx@dwzq.com.cn 研究助理 武阿兰 执业证书：S0600124070018 wual@dwzq.com.cn 相关研究 《市场交投活跃，政策利好推动板块 上涨》 2025-03-09 执业证书：S0600520090004 zhujieyu@dwzq.com.cn 证券分析师 易申申 执业证书：S0600522100003 yishsh@dwzq.com.cn 证券分析师 余慧勇 《设立国家"航母级"创业投资引导 基金，推出债券市场的科技板》 2025-03-06 东吴证券研究所 1 / 7 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] 资本市场新闻：1）财政部有关负 ...