截至2025年3月28日收盘，嘉环科技（603206）报收于18.48元，较上周的19.45元下跌4.99%。本周，嘉 环科技3月24日盘中最高价报19.45元。3月28日盘中最低价报18.15元。嘉环科技当前最新总市值54.81亿 元，在通信服务板块市值排名19/40，在两市A股市值排名2657/5140。 本周关注点 公司公告汇总：嘉环科技赎回并续投1亿元闲置募集资金进行现金管理 公司公告汇总 嘉环科技赎回了之前向中信银行南京城中支行购买的10,000.00万元共赢慧信汇率挂钩人民币结构性存款 08987期，并获得理财收益198,082.19元。随后，公司再次使用10,000.00万元闲置募集资金购买了共赢智 信汇率挂钩人民币结构性存款A00473期，产品期限22天，预计年化收益率1.05%-2.35%，收益起计日为 2025年4月1日，到期日为2025年4月23日。公司募集资金总额为110,863.90万元，扣除发行费用后净额为 103,357.20万元。截至2024年12月31日，募集资金余额为1,947.80万元。公司将合理利用闲置募集资金进 行现金管理，提高资金使用效率，为公司及股东获取更多投资回 ...

Core Viewpoint - The China Securities Digital Economy Theme Index has shown a decline of 0.14% recently, reflecting the overall performance of listed companies involved in the digital economy sector [1][2]. Group 1: Index Performance - The China Securities Digital Economy Theme Index has decreased by 6.42% over the past month, increased by 6.35% over the last three months, and has risen by 1.24% year-to-date [2]. - The index was established on December 30, 2016, with a base point of 1000.0 [2]. Group 2: Index Composition - The top ten weighted companies in the index are: Dongfang Caifu (8.13%), SMIC (6.58%), Huichuan Technology (5.65%), Northern Huachuang (5.27%), Cambricon (5.01%), Haiguang Information (4.96%), Weir Shares (4.17%), Hikvision (4.15%), Zhongke Shuguang (3.59%), and iFlytek (3.35%) [2]. - The index's holdings are divided between the Shanghai Stock Exchange (50.40%) and the Shenzhen Stock Exchange (49.60%) [2]. Group 3: Industry Breakdown - The industry composition of the index shows that Information Technology accounts for 78.28%, Finance for 8.13%, Industry for 7.87%, Communication Services for 3.79%, and Consumer Discretionary for 1.93% [2]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Public funds tracking the digital economy include: Pengyang China Securities Digital Economy Theme Link A, Pengyang China Securities Digital Economy Theme Link C, Huaan China Securities Digital Economy Theme Link A, Huaan China Securities Digital Economy Theme Link C, Huaan China Securities Digital Economy Theme ETF, and Pengyang China Securities Digital Economy Theme ETF [3].

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company has demonstrated steady revenue growth, with total revenue reaching 1,040.8 billion yuan in 2024, a year-on-year increase of 3.1%. The net profit attributable to shareholders was 138.4 billion yuan, up 5.0% year-on-year, and free cash flow increased by 22.9% to 151.7 billion yuan [1][6]. - The digital transformation efforts have shown significant results, with digital transformation revenue reaching 278.8 billion yuan, a growth of 9.9% year-on-year, accounting for 31.3% of the main business revenue [2][6]. - The company is focusing on enhancing shareholder returns, with a dividend payout ratio of 73% and plans to increase cash distributions to over 75% of net profit in the next three years [5][6]. Summary by Sections Financial Performance - In 2024, the company's main business revenue was 889.5 billion yuan, a 3.0% increase year-on-year. The total revenue was 1,040.8 billion yuan, with a net profit of 138.4 billion yuan, reflecting a 5.0% growth [1][6]. - The company achieved a free cash flow of 151.7 billion yuan, marking a 22.9% increase [1]. Market Segments - **Personal Market**: Revenue reached 483.7 billion yuan, with mobile customers exceeding 1 billion, and 5G network customers at 552 million, a penetration rate of 55.0% [2]. - **Family Market**: Revenue was 143.1 billion yuan, an 8.5% increase, with broadband customers reaching 278 million [3]. - **Government and Enterprise Market**: Revenue grew by 8.8% to 209.1 billion yuan, with significant growth in mobile cloud services [3]. - **Emerging Markets**: Revenue was 53.6 billion yuan, with international business revenue at 22.8 billion yuan, a 10.2% increase [3]. Digital Transformation - The company has made substantial progress in digital transformation, with digital revenue accounting for 31.3% of main business revenue, up 1.9 percentage points from the previous year [2]. - The CHBN (Consumer, Home, Business, New) strategy has been effectively implemented, with HBN contributing 45.6% to main business revenue [2]. Capital Expenditure and Infrastructure - In 2024, capital expenditure was 164 billion yuan, with a focus on 5G networks and computing power [4]. - The company has established over 2.4 million 5G base stations and is leading in the development of AI and computing infrastructure [4]. Future Outlook - The company aims for steady revenue growth and profit increase in 2025, with specific targets for each market segment [5]. - The projected net profit for 2025 is 145.3 billion yuan, with continued focus on digital transformation and market expansion [6].

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a double-digit growth in net profit, with a total revenue of 389.59 billion yuan in 2024, representing a year-on-year increase of 4.6%. The net profit attributable to shareholders reached 9.03 billion yuan, up 10.5% year-on-year [1][6] - The company's focus on integrated communication and intelligent network services is expected to drive high-quality development and new breakthroughs in the future [6] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 389.59 billion yuan, with service revenue of 345.98 billion yuan, marking a 3.2% increase year-on-year. The total profit reached 25.09 billion yuan, and the net profit attributable to shareholders was 9.03 billion yuan, reflecting a 10.5% growth [1][11] - The weighted average return on equity increased to 5.5% [1] Business Segments - The revenue from integrated communication services grew by 1.5% year-on-year, accounting for 76% of service revenue. The user base reached 470 million, with a net increase of 19.52 million users. The IoT connections exceeded 620 million, with a net increase of 13 million [2] - The intelligent network services revenue increased by 9.6% year-on-year, contributing 24% to service revenue. Cloud revenue was 68.6 billion yuan, up 17.1%, while data center revenue reached 25.9 billion yuan, up 7.4% [2] Investment Strategy - The company adopted a precise and moderate investment strategy, with capital expenditure of 61.37 billion yuan in 2024, a decrease of 17% year-on-year. However, investment in computing power increased by 19% [4] - The mobile network coverage reached 99%, benefiting millions of users, and the number of mobile network base stations exceeded 4.5 million [4] Shareholder Returns - The company proposed a final dividend of 0.0621 yuan per share (before tax), with a total annual dividend of 0.1580 yuan per share, reflecting a year-on-year increase of 19.7% [5] - For 2025, the company anticipates a fixed asset investment of around 55 billion yuan, with a 28% increase in computing power investment [5] Profit Forecast - The forecast for net profit attributable to shareholders for 2025-2027 is 9.87 billion yuan, 10.77 billion yuan, and 11.71 billion yuan, respectively, with a maintained "Accumulate" rating [6][11]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6]. Core Views - The company reported a steady revenue growth of 3.1% year-on-year, reaching 1,040.8 billion yuan in 2024, with a net profit of 138.4 billion yuan, reflecting a 5.0% increase [1][6]. - The digital transformation efforts have shown significant results, with digital transformation revenue growing by 9.9% to 278.8 billion yuan, accounting for 31.3% of the main business revenue [2][6]. - The company aims to enhance shareholder returns with a dividend payout ratio of 73% and plans to increase cash distributions to over 75% of net profit in the next three years [5][6]. Financial Performance Summary - **Revenue**: 2024 revenue reached 1,040.8 billion yuan, a 3.1% increase from the previous year [1][11]. - **Net Profit**: The net profit attributable to shareholders was 138.4 billion yuan, up 5.0% year-on-year [1][11]. - **Free Cash Flow**: Free cash flow increased by 22.9% to 151.7 billion yuan [1]. Business Segment Performance - **Personal Market**: Revenue of 483.7 billion yuan, with mobile customers exceeding 1 billion, and 5G network customers reaching 552 million [2][3]. - **Home Market**: Revenue of 143.1 billion yuan, with broadband customers growing to 278 million, including 99 million gigabit broadband customers [3]. - **Government and Enterprise Market**: Revenue of 209.1 billion yuan, with significant growth in mobile cloud services [3]. - **Emerging Markets**: Revenue of 53.6 billion yuan, with international business revenue of 22.8 billion yuan [3]. Capital Expenditure and Infrastructure Development - The company completed capital expenditures of 164 billion yuan in 2024, focusing on 5G networks and computing power [4]. - The company has established over 2.4 million 5G base stations and aims to enhance its computing power network significantly [4]. Future Outlook - The company targets steady revenue growth and profit increases for 2025, with specific goals for customer growth across various segments [5][6]. - The projected net profit for 2025 is estimated at 145.3 billion yuan, with continued growth expected in subsequent years [6][11].

金融界4月1日消息，A股三大指数收盘涨跌不一，中证沪港深500下游指数 (沪港深500下游，H30563)报 4779.69点。 数据统计显示，中证沪港深500下游指数近一个月上涨0.99%，近三个月上涨12.97%，年至今上涨 12.97%。 据了解，"中证沪港深主题指数系列基于中证沪港深互联互通综合指数样本和中证沪港深 500 指数样 本，同时结合中证行业分类的主题定义，选取相应主题指数样本，从多种主题投资的角度反映了在沪港 深三地上市的互联互通范围内证券的整体表现。"该指数以2004年12月31日为基日，以1000.0点为基 点。 资料显示，该指数系列样本每半年调整一次，样本调整实施时间分别为每年6月和12月第二个星期五的 下一交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个 定期调整日前，权重因子一般固定不变。特殊情况下将对该指数系列样本进行临时调整。当样本退市 时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处 理。当中证沪港深互联互通综合指数和中证沪港深500指数样本发生变动时，将进行相应调整。 从中证沪港深500下游指数 ...

Financial Performance - The company reported a basic earnings per share of -0.0300 yuan for 2024, a decrease of 160% compared to 0.0500 yuan in 2023 [1] - The net profit for 2024 was -0.3 billion yuan, representing a decline of 162.5% from 0.48 billion yuan in 2023 [1] - The return on equity (ROE) for 2024 was -1.62%, down 161.83% from 2.62% in 2023 [1] - Operating revenue decreased to 25.02 billion yuan in 2024, a drop of 5.94% from 26.6 billion yuan in 2023 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 75.1022 million shares, accounting for 10.85% of the circulating shares, with a decrease of 6.0424 million shares compared to the previous period [1] - Notable changes in the top shareholders include the exit of Yu Qiaoying, Liu Jun, Xu Gang, and Qu Zhixin, while new entrants include Chen Xi, Hui Jianhai, Jiang Ping, and Du Yuhong [2] Dividend Policy - The company has announced no distribution or capital increase for the current period [1]

Core Viewpoint - The company has adjusted its 2025 net profit forecast down by 6.1% to 3.683 billion yuan due to unexpected declines in capital expenditure from downstream operators, while introducing a net profit forecast of 3.762 billion yuan for 2026 [1] Group 1: Financial Performance - The company's 2024 revenue and net profit fell below expectations, with operating revenue at 150 billion yuan (up 0.9% year-on-year) and net profit at 3.61 billion yuan (up 0.6% year-on-year) [2] - In the second half of 2024, operating revenue was 75.59 billion yuan (up 0.2% year-on-year) and net profit was 1.48 billion yuan (down 4.4% year-on-year) [2] Group 2: Market Segments - Revenue from the operator market grew by 2.3% to 83.6 billion yuan, while the customer market revenue declined by 2.0% to 62.2 billion yuan, and overseas market revenue increased by 22.3% to 4.2 billion yuan [3] - The company has seen a 29% year-on-year increase in new contracts for strategic emerging businesses, with revenue from China Telecom growing by 8.7% [3] - The customer market's new contracts increased by over 6% to approximately 93 billion yuan, with strategic emerging business contracts growing by over 32% [3] Group 3: Cost Management and Profitability - The company's operating costs increased by 0.8% year-on-year, while gross margin improved by 0.1 percentage points to 11.7% [4] - Research and development expenses were 5.57 billion yuan (up 0.3% year-on-year), focusing on strategic emerging fields [4] - The company's return on equity (ROE) decreased by 0.4 percentage points to 8.2% [4] Group 4: Cash Flow and Dividends - The company reported a net cash flow from operating activities of 6.221 billion yuan (up 16.1% year-on-year) and free cash flow of 5.21 billion yuan (up 20.1% year-on-year) [5] - The company maintained a dividend payout ratio of 42%, unchanged from the previous year [5]

Core Viewpoint - The company, Holiwo, has experienced a significant decline in both revenue and net profit in its latest quarterly report, indicating potential challenges in its business performance within the telecommunications services industry [1][2]. Company Overview - Holiwo's closing stock price is 32.53 yuan, down 3.47%, with a rolling price-to-earnings (PE) ratio of 163.75 times and a total market capitalization of 2.366 billion yuan [1]. - The company operates in four main business areas: electromagnetic measurement systems, electromagnetic field simulation and analysis, phased array products, and general testing services [1]. - Holiwo provides systems, software, and services for simulation and measurement in radar and wireless communication fields, with key products including calibration measurement systems, radar cross-section measurement systems, RF measurement systems, and 5G base station antenna OTA measurement systems [1]. Financial Performance - For the third quarter of 2024, Holiwo reported revenue of 188 million yuan, a year-on-year decrease of 16.54%, and a net profit of 10.35 million yuan, down 44.09% [2]. - The company's gross profit margin stands at 36.69% [2]. Industry Comparison - In the telecommunications services industry, Holiwo's PE ratio of 163.75 is significantly higher than the industry average of 24.88 and the median of 96.74, placing it at the 36th position among its peers [1][2]. - The industry average market capitalization is 81.86 billion yuan, with the median at 41.93 billion yuan, indicating that Holiwo operates in a highly competitive environment [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6] Core Views - The company achieved a revenue of 1,040.8 billion yuan in 2024, representing a year-on-year growth of 3.1%, with a net profit of 138.4 billion yuan, up 5.0% year-on-year [1] - The company is focusing on enhancing its AI capabilities and expanding its integrated "network + cloud + DICT" solutions, which has led to significant growth in the government and enterprise market [2] - The company plans to increase its dividend payout ratio to over 75% in the coming three years, reflecting its commitment to shareholder returns [2] Financial Performance - In 2024, the company reported an EBITDA of 333.7 billion yuan, a decrease of 2.3% year-on-year, while operating cash flow increased by 3.9% to 315.7 billion yuan [1] - The company’s capital expenditure (Capex) for 2024 was 164.0 billion yuan, down 9.0% year-on-year, with a planned Capex of 151.2 billion yuan for 2025, a decrease of 7.8% [2] - The company’s revenue projections for 2025-2027 are 1,070.8 billion yuan, 1,098.1 billion yuan, and 1,125.9 billion yuan, with expected growth rates of 2.9%, 2.6%, and 2.5% respectively [3] Market Segments - The consumer market revenue reached 483.7 billion yuan in 2024, with a mobile customer base exceeding 1 billion, including 552 million 5G customers, achieving a penetration rate of 55.0% [1] - The government and enterprise market revenue grew by 8.8% year-on-year to 209.1 billion yuan, with a customer base of 32.59 million [2]