Core Viewpoint - On April 25, Shijia Photon (688313) closed at 25.98 yuan, marking an increase of 18.36% with a trading volume of 2.249 billion yuan and a turnover rate of 19.89% [2] Trading Activity - The stock was listed on the daily trading list due to a closing price increase of 15% [2] - The top five trading departments accounted for a total transaction of 591 million yuan, with a net buying amount of 41.81 million yuan [2] - The largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 148.08 million yuan, while the largest selling department was also the Shanghai-Hong Kong Stock Connect, with a selling amount of 111.31 million yuan [3] Fund Flow - The stock experienced a net outflow of 23.24 million yuan from main funds on the same day [3] - Over the past six months, the stock has appeared on the trading list five times, with an average price increase of 0.67% the day after being listed and an average increase of 14.79% over the following five days [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Views - The company reported a significant increase in revenue and profit for 2024, with total revenue reaching 599.84 billion yuan, a year-on-year increase of 25.96%, and net profit attributable to shareholders of 27.69 billion yuan, up 28.57% [1][2] - The company is experiencing rapid growth in its marine segment, with substantial orders in hand, including approximately 180 billion yuan in energy interconnection projects and 80 billion yuan in marine communication business [6] - The company is focusing on global expansion, achieving 113.21 billion yuan in overseas revenue, a 36.75% increase year-on-year, and enhancing its production capacity in various international locations [6] Financial Data and Valuation - For 2024, the company expects total revenue of 66.81 billion yuan, with a year-on-year growth of 11%, and net profit of 33.30 billion yuan, reflecting a growth rate of 20% [2][6] - The company's earnings per share (EPS) is projected to increase from 1.12 yuan in 2024 to 1.35 yuan in 2025, with a corresponding price-to-earnings (PE) ratio decreasing from 13.6 to 11.3 [2][13] - The company maintains a healthy financial position with a debt-to-asset ratio of 53.0% and a return on equity (ROE) of 9.6% [3][13]

A股三大指数早盘集体上涨，截至午盘，沪指涨0.15%，深证成指涨0.87%，创业板指涨1.07%，北证50 指数涨1.11%。全市场半日成交额7331亿元，较上日同期缩量469亿元。全市场超3800只个股上涨。 盘面上，房地产板块早盘走高， 大龙地产3分钟内直线涨停 。电力板块延续活跃，华银电力封板。 光模块、铜缆高速连接等AI硬件方向亦表现强势，仕佳光子、致尚科技涨超10%。创新药板块早盘 局部调整，江苏吴中跌停。 港股方面，恒生指数和恒生科技指数均高开高走，截至午间收盘，恒指涨1.36%，恒生科技指数涨 1.87%，国企指数涨1.29%。地产股集体走高，金辉控股盘中最高涨超80%。 地产板块再度走强 大龙地产直线涨停 地产板块25日盘中再度走强。截至午间收盘，A股南国置业、世联行、渝开发、大龙地产纷纷涨停。 大 龙地产自9时56分起直线拉升，3分钟内封住涨停。 港股市场，金辉控股盘中一度涨超80%，截至发稿涨超43%。融信中国涨超17%，远洋集团涨超11%， 中梁控股、龙湖集团等跟涨。 | | 09993 金辉控股 | | | 3.230 | +0.980 | | --- | --- | --- | -- ...

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has shown significant revenue growth, with 2024 revenue reaching 23.862 billion yuan, a year-on-year increase of 122.64%, and a net profit of 5.171 billion yuan, up 137.93% [2][11] - The demand for high-speed optical modules, particularly in the 800G and above categories, is driving performance growth, with optical communication modules generating revenue of 22.89 billion yuan in 2024, a 124.8% increase [3][5] - The AI sector is expected to continue driving rapid growth in the optical module market, with projections indicating that the global optical module market could reach 25.8 billion USD by 2029 [4][5] Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 23.862 billion yuan, with a net profit of 5.171 billion yuan, reflecting substantial growth rates of 122.64% and 137.93% respectively [2][13] - For Q1 2025, the company reported revenue of 6.674 billion yuan, a year-on-year increase of 37.82%, and a net profit of 1.583 billion yuan, up 56.83% [2] Market Trends - The demand for high-end products, particularly in data centers, is increasing, leading to a significant rise in revenue from optical communication modules [3] - The market for 800G and 1.6T optical modules is expected to grow, with predictions indicating that the market size will exceed 16 billion USD by 2029 [5] Investment Recommendations - Given the stable growth driven by AI in the optical module market and the acceleration of high-speed optical module upgrades, the market valuation is considered low. Revenue forecasts for 2025 have been adjusted to 35.925 billion yuan, with expected earnings per share of 6.85 yuan [11][13]

Core Viewpoint - CPO concept stocks are experiencing a strong upward trend, with significant gains observed in several companies [1] Group 1: Stock Performance - Shijia Photon has increased by over 10% [1] - Xinyi Sheng (300502) has risen by more than 8% [1] - Bochuang Technology (300548), Zhongji Xuchuang (300308), and Shengyi Electronics have also shown notable gains [1] Group 2: Market Activity - Dark pool funds are flowing into these stocks, indicating increased investor interest [1]

Group 1 - The well-known private equity firm Zhengyuan Investment recently conducted research on three listed companies [1] - The companies researched include Chip Motion Technology, Meirui New Materials, and Tianfu Communication [1] - Chip Motion Technology focuses on chip design and has its own packaging and testing capabilities, with external foundries for wafer fabrication [1] - Meirui New Materials has implemented an industry-leading intelligent manufacturing plan that significantly enhances production efficiency [1] - Tianfu Communication positions itself as a provider of overall solutions for optical communication devices and advanced optoelectronic packaging services [1] Group 2 - Chip Motion Technology's high-performance MEMS inertial sensors are primarily used in attitude stabilization and positioning navigation, with applications in industrial robotics [1] - Meirui New Materials' intelligent manufacturing plan spans all production stages, greatly improving manufacturing efficiency [1] - Tianfu Communication's products are widely used in telecommunications, data centers, fiber optic connections, and automotive auxiliary driving laser radar [1] - Zhengyuan Investment was established in 2015 in Shenzhen Qianhai Free Trade Zone and has a professional investment research team [1] - The firm aims to serve the development of China's real economy by connecting social capital with quality industries [1]

4月23日，新易盛（300502.SZ）召开业绩说明会。对于这家海外营收占比超过七成的上市公司，在中美 关税战背景下，投资者会上对公司海外市场业务变化等颇为关注。 就"目前有没有看到海外市场下半年算力需求的边际减弱的情况"等问题，新易盛回应表示："从目前的 市场需求及订单情况来看，公司暂没有看到今年下半年市场需求端发生变化。" 分地区来看，公司国内营业收入达18.42亿元，同比增长265.95%，占总营收的比重为21.3%；境外收入 68.05亿元，同比增长162.31%，占比78.7%。 据了解，新易盛位于新加坡、美国、泰国等境外子公司从事海外经营，其中，新易盛子公司美国新易盛 2024年的所得税税率为8.84%、20%，其余境外子公司的所得税率在17%-20%不等。 | 纳税主体名称 | 所得税税率 | | --- | --- | | 本公司 | 1 5% | | 四川新易盛 | 1 5% | | 香港新易盛 | 16.50% | | 美国新易盛 | 8.84%、21% | | 新加坡新易盛 | 17% | | 新加坡贸易 | 17% | | 新加坡投资 | 17% | | 泰国新易盛 | 20% | | ...

Core Viewpoint - The report highlights the stable performance of Yongding Co., Ltd. in 2024, with significant growth in investment income contributing to the company's profits, leading to a "buy" rating for the stock [1][4]. Financial Performance Summary - In 2024, Yongding achieved a revenue of 4.111 billion yuan, a decrease of 5.4% year-on-year, while the net profit attributable to shareholders was 61 million yuan, an increase of 42% [2]. - The first quarter of 2025 saw a revenue of 878 million yuan, a year-on-year increase of 7.5%, and a net profit attributable to shareholders of 290 million yuan, a remarkable increase of 960.6% [2][3]. - The company's non-recurring net profit for Q1 2025 was 291 million yuan, reflecting a year-on-year growth of 1230.7% [2][3]. Business Segment Performance - The optical communication segment generated 1.116 billion yuan in revenue for 2024, up 35.6% year-on-year, with a gross margin of 16.60%, an increase of 3.26 percentage points [2]. - The automotive wiring harness segment reported a revenue of 1.206 billion yuan, down 13.7% year-on-year, with a gross margin of 13.18%, a decrease of 1.03 percentage points [2]. - The power engineering segment's revenue was 1.041 billion yuan, down 30.0% year-on-year, with a gross margin of 19.08%, a decrease of 1.02 percentage points [2]. - The big data application segment saw a revenue of 59 million yuan, down 38.1% year-on-year, but with a gross margin of 61.95%, an increase of 19.99 percentage points [2]. - The superconducting and copper conductor segment achieved a revenue of 586 million yuan, up 33.3% year-on-year, with a gross margin of 10.60%, a decrease of 4.66 percentage points [2]. Investment Income and Future Outlook - The significant increase in investment income for Q1 2025 was primarily due to equity method recognition of investment income from Dongchang Investment, amounting to 292 million yuan, an increase of 287 million yuan year-on-year [3]. - The company is expanding its presence in cutting-edge fields such as optical chips and superconductors, with ongoing collaborations with various clients and a focus on enhancing production capacity [3]. Investment Recommendations - The company is expected to maintain its market position in traditional sectors while strengthening its foothold in emerging fields, with projected net profits for 2025, 2026, and 2027 at 361 million yuan, 161 million yuan, and 203 million yuan, respectively [4].

Core Viewpoint - The article emphasizes the importance of "going global" for businesses, highlighting Wuhan's proactive approach in organizing collective overseas trade missions to enhance international market presence and secure orders [1][8]. Group 1: Overview of "Going Global" Initiatives - Wuhan has initiated a "group going global" model, organizing trade missions for local companies to various countries including Germany, Spain, and the USA, resulting in over 600 overseas client connections and a cooperation intention amount exceeding 93 million USD [1][5]. - The Wuhan government has demonstrated organized and innovative strategies to navigate the complex international trade landscape, aiming to boost local businesses' confidence in foreign trade [1][8]. Group 2: Specific Company Experiences - Yutuo Laser Equipment Co., led by Chairman Xiang Guangwu, participated in the Hannover Messe in Germany, marking their first time exhibiting as a participant, which facilitated significant face-to-face negotiations and a partnership with an Italian agent [2][3]. - The company has focused on overseas markets since its inception in 2016, capitalizing on the growing domestic demand for laser cutting and welding technologies [2]. Group 3: Trade Mission Outcomes - The trade missions included four professional exhibitions and multiple supply-demand matching meetings, resulting in 480 overseas clients being received and cooperation intentions amounting to approximately 30 million USD [5]. - Notable agreements included a 16 million USD timber import deal with a Russian company and a 500,000 USD order for vending machines in Dubai [5]. Group 4: Government Support and Services - The Wuhan government has established a comprehensive service system to support businesses during the entire process of going global, focusing on pre-exhibition, during the exhibition, and post-exhibition phases [8][10]. - The government has also set up overseas economic and trade cooperation offices to provide a network of services for companies looking to expand internationally [11][13]. Group 5: Future Plans and Goals - By 2026, Wuhan plans to establish 30 overseas economic and trade cooperation offices to create a global service network for international trade [13]. - The city aims to continue expanding its overseas initiatives, targeting key regions such as the "Belt and Road" and the EU, while focusing on industries like optoelectronics, automotive, and biomedicine [16][17].

Group 1: Shijia Photon - Shijia Photon is expected to continue revenue and profit growth in Q1 2025, driven by demand for computing power and rapid growth in the data communication market [1] - The overseas revenue proportion is projected to reach 26% by the end of 2024, with an increase in Q1 2025, while gross margin improvement is attributed to resource allocation, scale effects, and customer structure adjustments [1] - Increased borrowing is due to capacity expansion, raw material reserves, equity acquisitions in industry funds, and liquidity reserves [1] - The company is developing new types of cables, including high-temperature resistant and liquid-cooled cables, to meet the growing demand from data center wiring [1] Group 2: JuGuang Technology - Changes in tariff policies have raised procurement costs for scientific instruments but present strategic opportunities for domestic manufacturers [2] - The company's business restructuring has improved gross margins and reduced costs, with plans to increase investment in advantageous business areas [2] - The subsidiary Lingxi Optoelectronics is experiencing rapid growth in contracts for high-precision greenhouse gas analyzers, indicating a positive future outlook [2] Group 3: NewEase - NewEase achieved a revenue of 8.647 billion yuan in 2024, a year-on-year increase of 179.15%, with a net profit of 2.838 billion yuan, up 312.26% [3] - In Q1 2025, revenue reached 4.052 billion yuan, and net profit was 1.573 billion yuan, reflecting growth rates of 264.13% and 384.54% respectively [3] - The company is focusing on domestic market opportunities and has a dedicated team to track progress, with no significant changes in overseas market demand observed [3]