Market Overview - On March 7, 2025, the A-share market showed a trend of oscillation and correction, with all three major indices closing lower. The Shanghai Composite Index fell by 0.25% to 3372.55 points, the Shenzhen Component Index decreased by 0.5% to 10843.73 points, and the ChiNext Index experienced the largest drop, closing at 2205.31 points, indicating significant short-term adjustment pressure on technology growth stocks [1][2]. Market Factors - During the Two Sessions, there was a dense release of policy signals, but the market remains cautious regarding the implementation of specific details. Additionally, external disturbances such as a significant drop in U.S. tech stocks (Nasdaq down 2.61%) and the European Central Bank's interest rate cuts have led to a decrease in global risk appetite, putting pressure on the A-share technology sector [2]. Sector Analysis Strong Performing Sectors - The non-ferrous metals sector led the market, with companies like Huayu Mining, Hunan Gold, and Zhuhai Group hitting the daily limit. The price of antimony products surged, with antimony prices reaching 183,000 yuan/ton on March 7, up approximately 28.87% from 142,000 yuan/ton in early February. This reflects strong demand growth for antimony products [3]. - The AI agent concept saw a boost from the release of the first general-purpose agent application "ManusAI," with stocks like Newcap and Dahua Technology hitting the daily limit. The market anticipates that AI technology is entering the engineering implementation phase, supported by increasing demand for computing power [3]. Weak Performing Sectors - The solid-state battery sector faced declines, with companies like Shanghai Xiba and Delong Co. dropping over 8%. The market is skeptical about the commercialization progress of the technology, leading funds to shift towards more certain cyclical and technology sectors [4]. - The real estate and financial sectors showed weak performance due to economic slowdown and policy regulation, reflecting market caution towards traditional industries [5]. Market Outlook - In the short term, caution is advised, with a focus on policy and performance verification. The State-owned Assets Supervision and Administration Commission has emphasized the need for value reassessment of central enterprises, and the central bank's liquidity easing stance may make undervalued blue-chip stocks a safe haven. The upcoming quarterly report season may pose risks for high-profile sectors like artificial intelligence, which could face performance verification pressure [6]. - In the medium to long term, three main lines of focus are suggested: 1. Technology growth sectors, particularly AI, computing power, and robotics, which may see a new round of market activity if innovations like Manus AI continue to materialize [7]. 2. Consumer recovery and high-end manufacturing, with sectors like automotive parts and non-ferrous metals benefiting from domestic demand recovery and global supply chain restructuring [7]. 3. Policy-driven opportunities in areas such as information technology innovation, state-owned enterprise reform, and "China Special Valuation" themes, where undervalued central enterprises may experience valuation recovery [7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 9.16 billion yuan in 2024, representing a year-on-year growth of 52.4%, with a net profit of 1.93 billion yuan, also up by 52.7% year-on-year [7] - Significant increase in R&D investment, with R&D personnel growing from 1,641 to 2,157, and R&D expenses rising from 1.99 billion yuan to 2.91 billion yuan [7] - The company is well-positioned to benefit from the increasing capital expenditure (CapEx) from major clients like Alibaba, which plans to invest 380 billion yuan over the next three years [7] - The demand for CPUs is expected to improve, particularly in the government and enterprise sectors, which may boost the company's performance in 2025 [7] - The company is recognized for its leading products in both CPU and DCU markets, with a positive outlook on revenue growth driven by domestic AI chip demand [7] Financial Summary - Total revenue forecast for 2024 is 9.16 billion yuan, with projected growth rates of 40.96% and 43.84% for 2025 and 2026 respectively [1][8] - The net profit forecast for 2024 is 1.93 billion yuan, with expected growth rates of 50.52% and 49.58% for 2025 and 2026 respectively [1][8] - The earnings per share (EPS) is projected to be 0.83 yuan for 2025, increasing to 2.51 yuan by 2027 [1][8] - The company’s P/E ratio is expected to decrease from 192.59 in 2024 to 63.73 in 2027, indicating improving valuation [1][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 9.16 billion yuan in 2024, representing a year-on-year growth of 52.4%, slightly above the forecast median of 9.12 billion yuan [7] - The net profit attributable to the parent company for 2024 is projected to be 1.93 billion yuan, also reflecting a year-on-year increase of 52.7% [7] - Significant increases in R&D investment were noted, with R&D personnel growing from 1,641 to 2,157, and R&D expenses rising from 1.99 billion yuan to 2.91 billion yuan [7] - The report highlights the positive impact of major clients' capital expenditures on the company's growth prospects, particularly in the AI and cloud infrastructure sectors [7] - The company is positioned to benefit from the upcoming bidding opportunities in the government and state-owned enterprises' information technology projects in 2025 [7] - The report anticipates a marginal improvement in CPU demand and emphasizes the advantages of the company's DCU architecture in AI applications [7] - The net profit forecasts for 2025 and 2026 have been slightly adjusted upwards to 2.91 billion yuan and 4.35 billion yuan, respectively, with a new forecast for 2027 set at 5.84 billion yuan [7] Financial Summary - The total revenue forecast for 2024 is 9.16 billion yuan, with a projected growth rate of 52.4% [8] - The net profit attributable to the parent company is expected to reach 1.93 billion yuan in 2024, with a growth rate of 52.87% [8] - The earnings per share (EPS) for 2024 is estimated at 0.83 yuan, with a P/E ratio of 192.59 [8] - The company's total assets are projected to be 31.84 billion yuan by 2025, with a debt-to-equity ratio of 20.68% [8] - The operating cash flow for 2024 is expected to be 977 million yuan, with a net increase in cash of -2.08 billion yuan [8]

Macro - The People's Bank of China (PBOC) plans to lower the reserve requirement ratio and interest rates based on domestic and international economic conditions, indicating there is room for further reduction [2] - The PBOC will collaborate with the China Securities Regulatory Commission (CSRC) and the Ministry of Science and Technology to launch a "Technology Board" in the bond market to support technological innovation [2] - The National Development and Reform Commission (NDRC) will soon implement a plan to boost consumption and will introduce specific measures to address structural contradictions in key industries [10][12] Domestic Stock Market - A-shares experienced a strong rally, with the Shanghai Composite Index rising by 1.17% to 3381.1 points, driven by the TMT sector [13] - The Hong Kong stock market also saw significant gains, with the Hang Seng Index up 3.29% to 24369.71 points, led by AI-related stocks [13] - The CSRC reported a notable increase in the scale of public equity funds, which grew from 6.3 trillion yuan to 7.7 trillion yuan, accounting for 24% of the total public fund scale [20] Financial - The CSRC noted a rapid development in equity funds, with 459 new equity funds registered since September, representing 70% of all registered funds during that period [20] - The issuance of special government bonds to support state-owned banks' capital replenishment will be implemented in phases [21] Industry - The Chinese government aims to develop the nuclear technology application industry, targeting an annual economic output of 400 billion yuan by 2026 [25] - The China Aerospace Science and Technology Corporation plans to implement Mars sample return missions by around 2030 [26] Overseas - U.S. President Trump signed an amendment to tariffs on products under the USMCA, exempting them from tariffs until April 2 [3] - The European Central Bank (ECB) has lowered its deposit facility rate by 25 basis points to 2.5%, marking the fifth consecutive rate cut [31]

Market Performance - The A-share market saw all three major indices rise, with the Shanghai Composite Index up by 1.05%, the Shenzhen Component Index increasing by 1.75%, and the ChiNext Index leading with a 2.15% gain, reaching a recent high [1] - The Hong Kong market also strengthened, with the Hang Seng Technology Index expanding its early gains to 4.87%, and the Technology 30 ETF (513160) rising over 5%, with a trading volume exceeding 720 million yuan [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2 trillion yuan, significantly increasing from the previous day, indicating heightened market activity [1] Sector Highlights - Key sectors leading the market included AI applications, computing power, and domestic innovation concepts: - In AI applications, stocks like Hand Information and Coolte Intelligence hit the daily limit, while Dingjie Smart saw gains exceeding 10% [2] - The computing power sector saw stocks such as Hainan Huatie and Tuo Wei Information reach the daily limit, reflecting strong market demand for computing infrastructure [2] - The domestic innovation sector included stocks like Zhiyuan Interconnection and Fanwei Network, which also hit the daily limit, driven by policy support for domestic alternatives [2] - In the Hong Kong market, technology stocks like Mingyuan Cloud and Kingdee International rose by over 24% and 20%, respectively, indicating concentrated capital interest in tech leaders [2] Manus AI Breakthrough - The core driver of today's market recovery was the launch of Manus AI, the world's first general-purpose AI agent developed by the startup Monica, which surpassed OpenAI's models in the GAIA benchmark test [3] - Manus AI features disruptive capabilities, including: - Full-process task handling, allowing it to independently plan, execute, and deliver results without human intervention [3] - Multi-scenario application, demonstrated in fields such as recruitment and financial analysis, providing decision support through API integration with authoritative data sources [3] - Open-source and ecosystem expansion plans, aiming to foster community development and accelerate penetration into the consumer market through collaborations with platforms like Douyin [3] - The launch of Manus AI is viewed as a "D-Day" moment for China's AI sector, reshaping market perceptions of AI application boundaries and boosting investor confidence through a combination of policy, technology, and capital [3][4] Structural Market Trends - The release of Manus AI ignited enthusiasm for the technology sector, marking a transition of AI technology from "tool assistance" to "autonomous collaboration" [5] - Short-term beneficiaries include sectors like domestic innovation, computing power, and AI applications, driven by policy benefits and technological iterations [5] - Long-term focus should be on the practical effects of commercialization and the evolution of the global competitive landscape [5] - Investors are advised to pay attention to two types of targets: platform technology companies with vertical scene integration capabilities (e.g., Kingdee International, Fanwei Network) and infrastructure suppliers for computing power and data services (e.g., Tuo Wei Information, Hainan Huatie) [5]

Investment Rating - The report upgrades the investment rating to "Buy" [1][6] Core Views - The company has demonstrated rapid revenue and profit growth, with 2024 revenue reaching 9.162 billion yuan, a year-on-year increase of 52.40%, and net profit of 1.931 billion yuan, up 52.87% year-on-year [5] - The growth is attributed to the expansion of the market for Haiguang CPU products and the rapid iteration of Haiguang DCU products [5] - The company is positioned as a leader in high-end CPU and DPU processors, benefiting from the dual drivers of "Xinchuang + AI" [5][6] Financial Performance Summary - Main revenue projections for 2023A to 2027E are as follows: - 2023A: 6.012 billion yuan - 2024A: 9.162 billion yuan - 2025E: 14.209 billion yuan - 2026E: 20.334 billion yuan - 2027E: 27.169 billion yuan [4][9] - Net profit projections for the same period are: - 2023A: 1.263 billion yuan - 2024A: 1.931 billion yuan - 2025E: 2.979 billion yuan - 2026E: 4.339 billion yuan - 2027E: 5.692 billion yuan [4][9] - The company’s gross margin for 2024 is reported at 63.72%, an increase of 4.05 percentage points year-on-year [5] Market Position and Valuation - The company’s target market capitalization is set at 426.2 billion yuan, based on a projected price-to-sales (P/S) ratio of 30 for 2025 [6] - The report indicates that the company is expected to achieve a P/E ratio of 118.22 for 2025, decreasing to 61.86 by 2027 [4][9] - The company’s contract liabilities reached 903 million yuan by the end of 2024, indicating strong demand in the downstream market [5]

Investment Rating - The industry investment rating is "stronger than the market" (预计6个月内，行业指数表现强于市场表现5%以上) [32] Core Views - The DeepSeek open-source week has concluded, accelerating the application of large models across various industries [2][3] - The competition among global large models remains intense, providing strong support for the continuous growth of AI computing power [8][11] - NVIDIA's FY25Q4 performance is strong, with robust demand on the inference side of the Blackwell architecture [13][15] Summary by Sections Industry News and Commentary - The DeepSeek open-source week launched five open-source software library projects covering computation, communication, and storage, which will facilitate the replication of DeepSeek-V3/R1 by global developers [2][5] - The release of models like Grok-3, Claude 3.7 Sonnet, and GPT-4.5 indicates ongoing fierce competition in the global large model market, which is expected to elevate the capabilities of these models [9][11] - NVIDIA reported FY25Q4 revenue of $39.3 billion, a 12% quarter-over-quarter increase and a 78% year-over-year increase, driven primarily by data center business growth [13][14] Investment Recommendations - The report suggests a positive outlook for the computer industry, anticipating dual improvements in performance and valuation due to accelerating demand recovery [28] - Recommended stocks include: - Innovation and Creation Sector: Haiguang Information, Longxin Zhongke, Zhongke Shuguang, Kingsoft Office, Dameng Data, Foxit Software, Taiji Co., Ltd. - Huawei Supply Chain: Digital China, with a focus on Tuo Wei Information, Kirin Information Security, Runhe Software, and others - AI Sector: Strong recommendations for Zhongke Chuangda, Shengshi Technology, and Qiming Star, among others - Low-altitude Economy: Recommended stocks include Da Tong Technology and others - Financial IT Sector: Strong recommendation for Hengsheng Electronics, with additional suggestions for Tonghuashun and others [28]

证券简称：华信永道证券代码：837592 北京市海淀区北太平庄路 18 号城建大厦 A 座 12 层 华信永道（北京）科技股份有限公司 华信永道（北京）科技股份有限公司招股说明书（申报稿） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐人（主承销商） 长春市生态大街 6666 号 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发 行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-2 声明 发行人及全体 ...

证券简称：华信永道证券代码：837592 北京市海淀区北太平庄路 18 号城建大厦 A 座 12 层 华信永道（北京）科技股份有限公司 华信永道（北京）科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐人（主承销商） 长春市生态大街 6666 号 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自主判断 ...

证券简称： 华信永道 证券代码： 837592 北京市海淀区北太平庄路 18 号城建大厦 A 座 12 层 华信永道（北京）科技股份有限公司 华信永道（北京）科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐人（主承销商） 长春市生态大街 6666 号 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、 投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实 陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负 责；投资者自 ...