没有股票账户的投资者可关注国泰上证科创板芯片ETF发起联接C（024854），国泰上证科创板芯片 ETF发起联接A（024853）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 8月11日午后，科创芯片ETF国泰（589100）涨超1.1%。 东海证券指出，北美四大云厂商2025Q2财报显示云业务营收持续高增，资本开支不断上行，反映出云 厂商在算力需求呈指数级暴增的背景下超前布局的决心。微软2025财年智能云业务增长26%，Azure增 速达39%，全年资本支出预计突破1200亿美元；Meta二季度资本开支同比涨幅达100%，全年资本开支 范围上调至660亿～720亿美元；亚马逊Q2云计算业务营收首次突破300亿美元，同比增长17.5%。电子 行业本周跑赢大盘，需求处于温和复苏阶段，存储芯片价格自2025年2月起波动 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [4][6]. Core Views - The company has robust technical reserves and is experiencing significant growth in profitability, driven by the increasing demand for computing hardware and a higher proportion of high-speed products in its revenue structure [2][3]. - The company is positioned as a leading supplier of optical modules, with a diverse product matrix that includes capabilities for 100G, 200G, 400G, and 800G optical modules, catering to various applications such as telecommunications and data centers [3][4]. Financial Performance Summary - In 2024, the company achieved a revenue of 86.47 billion yuan, representing a year-on-year growth of 179.15%, and a net profit of 28.38 billion yuan, up 312.26% year-on-year [1]. - For Q1 2025, the company reported a revenue of 40.52 billion yuan, a year-on-year increase of 264.13%, and a net profit of 15.73 billion yuan, reflecting a year-on-year growth of 384.54% [1][2]. - The gross margin improved significantly, with a 13.73 percentage points increase in 2024 to reach 44.72%, and further increased to 48.66% in Q1 2025 [2][4]. Growth Projections - The company is expected to benefit from the expansion of computing power demand, with projected revenues of 170.58 billion yuan, 225.83 billion yuan, and 273.51 billion yuan for 2025, 2026, and 2027 respectively [4]. - Corresponding net profits are forecasted to be 54.43 billion yuan, 72.12 billion yuan, and 88.74 billion yuan for the same years, with PE ratios of 21, 16, and 13 times respectively [4].