Group 1 - The company is expected to benefit significantly from the expansion of advanced semiconductor processes in China, with orders projected to maintain over 50% growth in 2026 and entering a new market category worth billions [1] - A strategic partnership with Muxi is established, indicating the company's potential transformation into a financial AI computing platform, which could enhance its role as a hardware facilitator for the "digital RMB going abroad" initiative, thereby strengthening long-term growth prospects [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has entered a strategic partnership with Muxi to transform into a financial AI computing platform, focusing on the delivery of AI servers and integrated training machines for financial, governmental, and energy sectors [7] - The collaboration aims to enhance the integration of domestic GPU technology into banking applications, improving operational efficiency and security [7] - The company is expected to see a significant increase in revenue, with projections of 5.0 billion, 6.3 billion, and 8.0 billion RMB for 2025, 2026, and 2027 respectively, reflecting a growth rate of 15.30%, 23.98%, and 28.56% [1][7] Financial Projections - Total revenue is projected to be 426.69 million RMB in 2023, increasing to 504.38 million RMB in 2025, with a year-on-year growth of 15.30% [1] - The net profit attributable to shareholders is expected to recover from a loss of 207.97 million RMB in 2023 to a profit of 36.28 million RMB in 2025 [1] - The earnings per share (EPS) is forecasted to improve from -0.40 RMB in 2023 to 0.07 RMB in 2025 [1] Market Data - The current closing price of the stock is 11.10 RMB, with a market capitalization of 5,777.77 million RMB [5] - The stock has a price-to-earnings (P/E) ratio of 144.00 for 2024, which is expected to decrease to 67.77 by 2027 [1][8] Strategic Outlook - The partnership with Muxi is anticipated to enhance the company's capabilities in providing AI solutions, transitioning from hardware sales to a model focused on continuous service and solution revenue [7] - The company is also looking to expand its international market presence, moving from terminal exports to providing comprehensive computing solutions, which could significantly increase its market share in overseas financial sectors [7]