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]

Group 1 - The article highlights that 11 listed companies, including Jie Rui Co., Zhongke Shuguang, and Haiguang Information, have received over 90 institutional visits in the past month, indicating strong investor interest [1] - Haiguang Information and Zhongke Shuguang both had 341 institutional visits, drawing attention due to the termination of their merger plan, yet they plan to maintain independent operations while collaborating on core areas [1][2] - Zhongke Shuguang focuses on CPU and DCU chips, establishing a leading position in domestic core chips, while Haiguang Information emphasizes integrated computing infrastructure and high-end chip design [2] Group 2 - Weichuang Electric, Fule New Materials, and Changan Automobile have also attracted significant institutional interest, with visit counts of 141, 135, and 125 respectively, all linked to their developments in robotics [1][2] - Weichuang Electric is advancing in the robotics field with a comprehensive layout, recently launching various new products including micro motors and intelligent components for mobile robots [3] - Fule New Materials has redefined TPU architecture for robotics, focusing on integrating computing capabilities into electronic skin, enhancing interaction and safety [4] Group 3 - Changan Automobile is strategically developing its robotics business with a "1+N+X" approach, focusing on humanoid robots and various applications across different scenarios [4] - The company aims to integrate the robotics industry supply chain, covering components, software services, and infrastructure, to enhance its smart mobility and automotive robotics offerings [4]

证券日报网讯 12月12日，中科曙光在互动平台回答投资者提问时表示，截至12月10日，公司股东总户 数为357405户。 （文章来源：证券日报） ...

证券日报网讯 12月12日，广电运通在互动平台回答投资者提问时表示，根据公司发布的2025年前三季 度报告，公司已实现营业总收入79.06亿元，同比增长11.08%，各项业务稳步发展。公司始终以提升经 营业绩和内在价值为核心，并通过持续分红等方式积极回报股东。 （编辑 丛可心） ...

（记者 王晓波） 截至发稿，智明达市值为70亿元。 每经头条（nbdtoutiao）——实施城乡居民增收计划、降准降息等工具灵活高效运用、增加普通高中学 位……深度解读中央经济工作会议 每经AI快讯，智明达（SH 688636，收盘价：40.5元）12月12日晚间发布公告称，公司第四届第二次董 事会会议于2025年12月12日在公司会议室以现场结合通讯方式召开。会议审议了《关于变更注册资本及 修订 <公司章程> 并办理工商变更登记的议案》等文件。 2024年1至12月份，智明达的营业收入构成为：嵌入式计算机占比99.46%，其他业务占比0.54%。 ...

精伦电子公告称，因排版问题，对12月13日披露的上交所问询函回复中2025年3季度前五名应收账款本 年发生额数据进行更正。主要是第2名、第3名、第4名客户的年初余额由负数更正为正数，分别 从-846.88万元、-660.14万元、-639.96万元更正为846.88万元、660.14万元、639.96万元，其他内容保持 不变。 ...

Core Viewpoint - The computer equipment sector experienced a slight increase of 0.57% on December 12, with Huihan Co., Ltd. leading the gains. The Shanghai Composite Index closed at 3889.35, up 0.41%, while the Shenzhen Component Index closed at 13258.33, up 0.84% [1]. Group 1: Stock Performance - Huihan Co., Ltd. (301600) closed at 136.26, with a significant increase of 8.83% and a trading volume of 41,800 shares, amounting to a transaction value of 556 million [1]. - Tiandi Digital (300743) saw a rise of 7.80%, closing at 18.66 with a trading volume of 102,500 shares, resulting in a transaction value of 188 million [1]. - Jiayuan Technology (301117) increased by 6.14%, closing at 58.60 with a trading volume of 269,700 shares, leading to a transaction value of 1.514 billion [1]. - Daotong Technology (688208) rose by 4.16%, closing at 35.31 with a trading volume of 164,400 shares, resulting in a transaction value of 575 million [1]. - Nova Star Cloud (301589) increased by 3.96%, closing at 160.00 with a trading volume of 11,900 shares, leading to a transaction value of 190 million [1]. Group 2: Declining Stocks - Zhongfu Information (300659) experienced a decline of 10.07%, closing at 16.88 with a trading volume of 447,100 shares, resulting in a transaction value of 815 million [2]. - Dahua Intelligent (002512) fell by 7.60%, closing at 6.69 with a trading volume of 2,952,200 shares, leading to a transaction value of 2.061 billion [2]. - Xiling Information (300588) decreased by 5.50%, closing at 27.67 with a trading volume of 76,100 shares, resulting in a transaction value of 216 million [2]. - Tianmai Technology (300807) saw a decline of 4.49%, closing at 48.08 with a trading volume of 154,100 shares, leading to a transaction value of 261 million [2]. - Shuguang Digital Innovation (920808) dropped by 4.44%, closing at 74.22 with a trading volume of 39,300 shares, resulting in a transaction value of 294 million [2]. Group 3: Capital Flow - On that day, the computer equipment sector experienced a net outflow of 1.939 billion from institutional funds, while retail investors saw a net inflow of 1.958 billion [2].

每经AI快讯，有投资者在投资者互动平台提问：请问公司完成了国资委的目标考核了吗？谢谢！ 广电运通（002152.SZ）12月12日在投资者互动平台表示，公司生产经营状况一切正常，公司会一如既 往做好经营管理工作，稳步提升经营业绩，为公司内在价值提供支撑。 （记者 贾运可） ...

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook based on its dual-driven strategy of "eSports + Trustworthy Innovation" and the introduction of AI PC and AI smart glasses products [5][9]. Core Insights - The company is positioned to benefit from the gradual recovery of the PC market, entering a commercial market renewal cycle, with a projected increase in global desktop and laptop shipments [8][18]. - The company has established itself as a significant player in the eSports hardware sector, focusing on high-performance gaming PCs and peripherals, while also expanding into the Trustworthy Innovation sector with products widely adopted across various industries [33][50]. - The integration of AI technology into its product offerings is a key focus, with the launch of AI-enabled PCs and smart glasses aimed at enhancing user experience and operational efficiency [50][63]. Summary by Relevant Sections Market Performance - The company's stock closed at 24.73 yuan, with a market capitalization of 2,473 million yuan and a circulating market value of 2,440.23 million yuan. The annual high and low prices were 48.62 yuan and 19.88 yuan, respectively [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 2,555 million yuan in 2023, 2,955 million yuan in 2024, and 3,275 million yuan in 2025, with a compound annual growth rate of 10.82% from 2024 to 2025. The net profit attributable to shareholders is expected to be 34 million yuan in 2023, 21 million yuan in 2024, and 27 million yuan in 2025 [6][9]. - The price-to-earnings (P/E) ratios are projected to be 71.71 in 2023, 115.03 in 2024, and 91.48 in 2025, indicating a high valuation relative to earnings [6][9]. Business Strategy - The company aims to establish 100 top-tier agents and 100 industry-leading users as part of its dual-track strategy to enhance market penetration [7]. - The focus on AI technology and high-performance hardware is expected to create a second growth curve, with significant investments in product development and brand enhancement [11][50]. Product Development - The company has launched several new products, including the RTX50 series gaming laptops and AI smart glasses, which are designed to meet the evolving needs of users in various sectors [50][63]. - The AI smart glasses, Aura AI, support advanced features such as real-time translation and image recognition, marking a significant step in the integration of AI into consumer electronics [63]. Customer Base - The top five customers accounted for 68.36% of total revenue in 2024, with significant contributions from Haier Group and other major distributors [42][44]. R&D and Innovation - The company has a robust pipeline of R&D projects, with 166 patents filed, focusing on enhancing product competitiveness and user experience [51][52]. Market Trends - The global PC market is expected to stabilize, with a projected shipment of 67.4 million units in Q2 2025, reflecting a year-on-year growth of 7.4% [18][19]. Competitive Landscape - Major competitors include Lenovo, Dell, HP, and ASUS, with Lenovo holding a significant market share in the global PC market [19][25]. This comprehensive analysis highlights the company's strategic positioning, financial outlook, and product innovation, indicating a favorable investment opportunity in the evolving tech landscape.

证券日报网12月11日讯智明达在12月1日-12月10日回答调研者提问时表示，公司商业航天业务从2022年 初星载嵌入式计算机研制开始，2024年开始涉足商业火箭、卫星地面站，2025年开始研发卫星终端设 备。在商业航天领域，公司的产品已经应用于卫星载荷、卫星地面设备和运载火箭综合控制等多个领 域，为客户提供高性能、低成本、高可靠的嵌入式设备。公司商业航天嵌入式计算机模块主要用于商业 航天电子信息系统主电子对抗、通信、遥控遥测，产品主要通过大数据AI智能计算为卫星通信、遥控 遥测、信号对抗、信号探测服务。公司的客户主要为各大科研院所，预计2025年商业航天产品的收入同 比将有高速的增长，未来几年还将继续保持高增长态势。 （文章来源：证券日报） ...