润建股份 20250505 摘要 • 润建股份 2025 年一季度营收 23.79 亿元，同比增长 11%，净利润受股 权激励费用和存货计提影响同比下降，但剔除相关因素后仍实现增长。算 力网络业务营收同比增长 72%，成为主要增长引擎。 • 截至 2025 年一季度末，公司在手订单总额约 195 亿元，其中 2025 年预 计确认 85 亿元。通信订单占比最高，其次是能源和信息订单，算力订单 相对较少但增长迅速。 • 公司调整存货计提规则，导致一季度利润受到影响，但由于客户主要为央 国企，预计未来可冲回。此举虽短期影响利润，但体现了公司审慎的财务 策略。 • 公司加大 AI 领域投资，南宁五象云谷一期已建成，并预留二期地块，计划 建设万卡集群。与西木计算等合作，推出基于 RISC-V 架构的 NPU 技术， 并与多家国产算力厂商合作。 • 高端 AI 算力服务器价格持续上涨，公司提前储备，具备供应和价格优势。 与国家超算中心、头部运营商及互联网大厂合作，建设全球最大的单体 AIDC 项目。 Q&A 润建股份在 2024 年的业绩表现如何？各业务板块的情况如何？ 2024 年润建股份整体业绩表现较好，绝大部分业 ...

Core Viewpoint - Lumen reported a quarterly loss of $0.13 per share, which was better than the Zacks Consensus Estimate of a loss of $0.29, indicating a significant earnings surprise of 55.17% [1] Financial Performance - The company posted revenues of $3.18 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 2.71%, although this represents a decline from $3.29 billion in the same quarter last year [2] - Over the last four quarters, Lumen has exceeded consensus EPS estimates three times and topped revenue estimates four times [2] Stock Performance - Lumen shares have declined approximately 33.3% since the beginning of the year, contrasting with the S&P 500's decline of 5.3% [3] - The current Zacks Rank for Lumen is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.25 on revenues of $3.08 billion, and for the current fiscal year, it is -$1.11 on revenues of $12.39 billion [7] - The trend of estimate revisions for Lumen is mixed, which could change following the recent earnings report [6] Industry Context - The Diversified Communication Services industry, to which Lumen belongs, is currently ranked in the top 35% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Telus, another company in the same industry, is expected to report quarterly earnings of $0.15 per share, reflecting a year-over-year decline of 21.1% [9]

中国银河（601881）证券股份有限公司赵良毕,洪烨近期对润建股份（002929）进行研究并发布了研究报告 《2025Q1营收双位数增长，算力网络生态良好》，给予润建股份买入评级。 证券之星数据中心根据近三年发布的研报数据计算，东北证券韩金呈研究员团队对该股研究较为深入，近三 年预测准确度均值为19.43%，其预测2025年度归属净利润为盈利11.21亿，根据现价换算的预测PE为10.91。 最新盈利预测明细如下： 通信网络基石牢筑，算力网络生态良好。分业务看，2024年公司通信网络与数字网络营业收入占比分别约 49.7%与26.6%，算力网络营业收入同比高增约71.7%。通信网络方面，2024年公司实现运营商业务数字化产 品赋能，在广东、江苏、贵州等多个省份中标，数字网络方面，围绕通信、教育、能源、园区管理、企业管 理等领域，打造超60款智能体应用，取得"某央企知识管理大模型开发服务"等典型项目，能源网络方面，由 于部分项目未达收入确认条件对业绩形成主要拖累，服务与储备的风力、光伏、储能项目装机总容量超 20GW，完成能源行业巡检作业里程超43万公里，新能源巡检作业规模累计超1.7GW，通信光伏、铁塔高温整 ...

证券研究报告 | 2025年04月30日 润泽科技（300442.SZ） 优于大市 积极储备稀缺能耗资源，稳步推进智算中心建设交付 润泽科技 2024 年总营业收入 43.65 亿元，同比上升 0.32%；归母净利润 17.9 亿元，同比上升 1.62%；扣非归母净利润 17.78 亿元,同比上升 4.07%。公司 2025 年一季度单季营收 11.98 亿元，同比上升 21.4%，环比上升 32%；归母 净利润 4.3 亿元，同比下降 9%，环比上升 55.5%。2024 年，董事会提议， 拟向全体股东按每 10 股派发现金红利 1.288 元（含税）。 公司正经历 IDC 向 AIDC 升级阵痛期，业绩短期承压。2024 年公司 IDC 业务 实现营收29.14亿元（占收比66.8%），同比下降7.6%，IDC业务毛利率47.53%， 同比减少 6.9pct。IDC 业务短期承压主要原因为：对早期的多栋低功率数据 中心进行升级改造，改造期间不形成服务费用，但同时折旧费用仍在发生。 公司目前已逐步恢复上架，截止 2025 年 3 月末改造的数据中心计费机柜总 功率已超改造前的 90%。 公司 AIDC 业务 ...

联合研究丨港股公司深度丨中国通信服务（0552.HK） [Table_Title] 稳中有进，向新而行 %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% 报告要点 [Table_Summary] 得益于运营商和非运营商集客回款质量较好，且公司将大量低毛利承包业务分包，公司在手现 金充裕，自由现金流稳中有升。近年来，公司每股派息逐年提升，派息率保持稳中有升，2024 年派息率为 42%，派息率提升弹性较大。公司依托运营商持续稳固业绩基本盘，乘算力建设的 东风，在战略新兴及 ACO 业务的不断发力，扣非增速近三年保持约双位数增长，结合公司稳 中向好的派息比例，当前估值具备吸引力。 分析师及联系人 [Table_Author] 张弛 于海宁 张智杰 SAC：S0490520080022 SAC：S0490517110002 SAC：S0490522060005 SFC：BUT917 SFC：BUX641 温筱婷 袁志芃 龚子逸 SAC：S0490524100002 请阅读最后评级说明和重要声明 2 / 26 research.95579.com 2 中国通信 ...

Group 1 - The core investment strategy of Honghu Fund in Q1 2025 involved significant increases in holdings of Yili Co. and Shaanxi Coal, while maintaining its position in China Telecom [1][5][8] - Honghu Fund's holdings include 1.53 billion shares of Yili Co. valued at 4.289 billion yuan, and 1.16 billion shares of Shaanxi Coal valued at 2.304 billion yuan as of the end of Q1 2025 [5][8] - The fund's investment in China Telecom remained unchanged, with a holding of 760 million shares valued at 5.979 billion yuan, reflecting an increase in market value due to stock price appreciation [5][8] Group 2 - The fund's sector allocation shows a distribution of 47.56% in communication services, 34.12% in data services, and 18.33% in coal mining [4][3] - The total number of stocks held by Honghu Fund is three, with two stocks increased and one stock unchanged in Q1 2025 [3][5] - The insurance capital market is experiencing a significant increase in long-term stock investments, with the scale rising from 500 billion yuan to 1.62 trillion yuan, indicating a growing trend of insurance funds entering the equity market [10][11]

@ JIN10.COM 金十数据 | 一个交易工具 JIN10.COM -0.06(-0.83%) -0.15(-2.86%) -0.11 (-2.83%) 保险 中国太保 中国平安 120 中国人保 011 3104.52亿市值 2882.25亿市值 9301.79亿市值 4.85亿成交额 10.62亿成交额 2.56亿成交额 51.08 7.02 29.96 -0.27(-0.89%) +0.08(+0.16%) -0.09(-1.27%) 酸酒行业 贵州茅台 山西汾酒 五粮液 5015.81亿市值 19515.03亿市值 2477.38亿市值 25.68亿成交额 5.64亿成交额 8.08亿成交额 1553.50 129.22 203.07 +9.50(+0.62%) +0.08(+0.04%) -0.33(-0.25%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2401.71亿市值 2970.12亿市值 3493.25亿市值 11.77亿成交额 14.92亿成交额 8.93亿成交额 150.29 711.48 449.61 -4.81(-1.06%) +6.48(+0.92%) +0.19 ...

4月29日，第八届数字中国建设峰会在福建福州启幕。中国移动以"智焕新生 共创AI+时代"为主题参 展，"新动力量"进一线宣讲活动，通过实景直播、专家访谈与技术解码等方式亮相。 会展中心里，一群特殊的"管家"——中国移动家庭服务机器人家族。跟上中国移动"新动力量"宣讲员的 脚步，对话机器人团队成员，解码具身智能背后的"钢铁匠心"。 从样机到量产，让家庭机器人走入千家万户 发布会后，团队收到了不少来自养老院、学校、营业厅等场景的订单，这让他们看到了社会对机器人的 需求，同时也清醒地认识到，成功发布仅仅是起点，从"工程样机"到"量产交付"，产品需求调研是第一 步，也是关键一步。 从精密的声光学模组到严苛的射频设计，每一个机器人零部件的定义与设计，都经历了反复的验证与优 化。全流程跟踪打样，无数次的硬件调试，团队在组装工厂一待就是一个月，攻克了众多难题，锚 定"量产"这一目标，通过点滴积累，让机器人走出实验室，走上生产线，最终走入千家万户。 宣讲员了解到，此次峰会上，中国移动还邀请了众多产业链合作伙伴，开展具身智能产业论坛。中国移 动具身智能产业创新中心总经理程宝平向宣讲员介绍，中国移动不仅仅是"造机器人"，更是要充 ...

Company Performance - On April 28, the company disclosed its 2024 annual report and the Q1 2025 performance report, showing a total revenue of 1.443 billion yuan for 2024. The first quarter of 2025 demonstrated significant growth, with a revenue of 342 million yuan and a net profit attributable to shareholders of 10.52 million yuan, marking a year-on-year increase of 287.38% [2][3] Business Development - The company leverages its advantages in the telecommunications sector to collaborate with telecom operators and cloud service providers in computing power services. As of the report date, it has signed computing power service orders exceeding 1.8 billion yuan, with an additional 460 million yuan in orders that are pending contract signing. Several projects have already delivered computing power server hardware and are currently providing services to clients, generating monthly service fees [3] Industry Trends - The demand for computing power is increasing, driven by the rapid adoption of open-source large models like DeepSeek. According to IDC's report, the scale of intelligent computing power in China is expected to reach 725.3 billion billion operations per second (EFLOPS) in 2024, representing a year-on-year growth of 74.1%, which is more than three times the growth rate of general computing power (20.6%). The market size is projected to be 19 billion USD, with a year-on-year increase of 86.9% [3]

Core Insights - Zhejiang province is enhancing its economic cooperation with the Middle East, particularly in infrastructure, energy transition, and digital innovation, leveraging strategic complementarities [1][2] - In 2024, the trade volume between Zhejiang and Middle Eastern countries is projected to reach $83.1 billion, with Saudi Arabia, UAE, and Turkey accounting for over 60% of this trade [1] - The Middle East is becoming a significant market for Zhejiang enterprises, driven by its unique advantages such as energy transition, infrastructure development, a youthful population, and emerging market openness [2] Trade and Economic Cooperation - Zhejiang's trade with the UAE has seen substantial growth, with the province being the largest contributor to China's trade with the UAE [2] - The UAE is promoting a favorable business environment with incentives like no minimum investment, no personal income tax, and low tariffs to attract foreign investment [2] - Trade relations between Zhejiang and Turkey are also expanding, with potential collaboration in fintech, digital platforms, and clean technology [2] Investment Opportunities - Saudi Arabia is driving investments in infrastructure, renewable energy, water resources, mining, and manufacturing, creating unprecedented opportunities for Chinese enterprises [4] - The Saudi Vision 2030 plan aims to enhance governance, economic prosperity, and social vitality, encouraging digitalization and economic diversification [4] - Over 150 Chinese enterprises are currently engaged in trade cooperation in Saudi Arabia, with a focus on engineering, logistics, and e-commerce [6] Service Alliance - The "Zhejiang Going Global" service alliance has been established to support Zhejiang enterprises in international markets by providing a platform for information sharing and resource integration [6] - The alliance includes 30 member organizations from various sectors, aiming to offer comprehensive and diversified support for businesses venturing abroad [6]