广电运通集团股份有限公司 投资者关系活动记录表 编号：2025009 | 投资者关系活 | ☑特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 动类别 | □业绩说明会 □新闻发布会 □路演活动 | | 5 | ☑现场参观 □其他 月 21 日 | | | 前海畅誉基金 谢国飞、胡晓华 广州灏达投资 资香莲 金鹰基金 邱文辉 深圳嘉亿资管 陈超君 山岳基金 许煜彦 | | | 中天汇富基金 何佑胜 致道投资 林志诚、黄安祺 广州或恪投资 吴永柱 | | | 复朴投资 杨创侨 恒顺资产 张华雄 冠丰投资 杨欢 | | | 科珹资本 刘春霞 华兴银行 苟旭 壹心控股集团 李冠英 | | 活动参与人员 | 珠海金丰创晟投资 李晓荣 中国基业投资基金 戴宗健 | | | 恒生银行中国有限公司 陈运璇 聿禹科技创新投资 叶茵瑜 | | | 以上共 20 人次（排名不分先后） | | | 上市公司接待人员： | | | 副总经理、董事会秘书 谢华 证券事务代表 王英 | | | 高级投资者关系经理 胡瑞娟、王格 | | 时间 | 2025 年 5 月 21 日 | | 地点 | 广州市高新技术产 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of $133.02 based on a 20X PE for 2026 [4]. Core Views - The company is a leading manufacturer of ASIC servers and Ethernet switches, benefiting from the growth in AI inference demand, particularly from major cloud service providers in North America [2][3]. - The company is expected to recover from a short-term decline in server revenue due to Google's TPU product transition, with anticipated growth resuming in the second half of 2025 [2]. - The company is actively expanding its customer base for ASIC servers, having become a supplier for Meta and secured a project with a leading commercial AI company [2][3]. Summary by Sections 1. Deep Layout in ASIC Servers and Ethernet Switches - The importance of inference computing power is increasing, and the ASIC industry chain is expected to benefit from this trend [14]. - The company is positioned to benefit from the volume growth of ASIC servers and the expansion of its customer base, particularly with Google and Meta [27][31]. - The Ethernet switch business is poised to grow due to the trend of AI Ethernet networking, with increased demand for high-speed switches [32]. 2. Transition from EMS to ODM - The company is shifting from an EMS model to an ODM model, which is expected to enhance customer binding and improve profitability [47]. - The revenue from the hardware platform solutions (ODM) is projected to grow significantly, contributing to overall revenue growth [50][52]. - The company's gross margin and operating profit margin have been steadily increasing due to the growth of its ODM business [52]. 3. ASIC Industry and Company Alpha - The company is well-positioned in the ASIC server and Ethernet ODM switch market, benefiting from industry trends and new customer acquisitions [3][4]. - The company’s net profit is forecasted to grow significantly over the next few years, with expected profits of $593 million, $765 million, and $871 million for 2025, 2026, and 2027 respectively [4][8]. - The company is expected to gain market share as it expands its customer base and increases the complexity of its products [31]. 4. Profit Forecast and Investment Recommendations - The company’s revenue is projected to grow from $7.96 billion in 2023 to $15.89 billion in 2027, with a compound annual growth rate (CAGR) of approximately 14.1% [8]. - The EBITDA is expected to increase from $467 million in 2023 to $1.296 billion in 2027, reflecting strong operational performance [8].

Core Viewpoint - Huibo Yuntong (301316.SZ) is making a strategic move to acquire a controlling stake in Baode Computing through a combination of equity and cash, aiming to enhance its capabilities in the AI sector and create a synergistic "soft and hard integration" ecosystem [1][2]. Company Overview - Established in 2009, Huibo Yuntong initially focused on software technology services, particularly mobile intelligent terminal testing, and has since expanded into various fields including digital transformation services and AI solutions [3]. - The company went public on the Shenzhen Stock Exchange's Growth Enterprise Market in October 2022 and has since engaged in multiple acquisitions to strengthen its position in the financial technology sector [4]. Recent Financial Performance - In 2024, Huibo Yuntong's revenue reached 1.743 billion yuan, marking a 28% year-on-year increase, while its net profit after non-recurring items was 70.24 million yuan, indicating a need for improved profitability [10]. - The financial technology segment has become a significant growth driver, with revenue from this sector reaching 465 million yuan in 2024, up 35.62% year-on-year, accounting for 26.66% of total revenue [5]. Acquisition Details - The acquisition of Baode Computing involves purchasing 67.91% of its shares from 59 transaction parties, with the remaining shares held by Baode's current major shareholders [2]. - The deal is seen as a critical step for Huibo Yuntong to establish a "soft and hard integration" solution, enhancing its technological capabilities in AI hardware and software [8][9]. Market Position and Strategy - Baode Computing, founded in 1997, has established itself in the server market, particularly in the AI sector, ranking third in the Ascend series and fourth in the Kunpeng series of servers in 2024 [7]. - The acquisition is expected to create a comprehensive solution combining computing power, algorithms, and application scenarios, positioning Huibo Yuntong competitively in the market [8]. Challenges and Risks - Baode Computing faces unresolved issues related to a betting agreement and administrative penalties against its former chairman and board members, which could complicate the acquisition process and integration efforts [15][16]. - The ongoing challenges in Baode's IPO process, including overlapping business scopes and the need for further verification of related party transactions, may impact the overall success of the acquisition [14][15].

Economic Growth and Industrial Performance - In April, China's industrial added value above designated size grew by 6.1% year-on-year, marking a relatively fast growth rate for 2024 [1] - The service production index increased by 6% year-on-year, with information and business services showing stable growth, outpacing the overall service sector [1] Domestic Demand and Consumption - Social retail sales of consumer goods rose by 5.1% year-on-year in April, driven by the effects of the old-for-new consumption policy, which contributed 1.4 percentage points to the total growth [2] - Fixed asset investment grew by 4% year-on-year from January to April, with equipment and tool purchases increasing by 18.2%, contributing 64.5% to the overall investment growth [2] High-tech Manufacturing and New Production Capacity - The added value of high-tech manufacturing above designated size increased by 10% year-on-year, outpacing the overall industrial growth by 3.9 percentage points [4] - Key sectors such as aerospace equipment manufacturing and integrated circuit manufacturing saw significant growth, with increases of 21.4% and 21.3% respectively [4] Digital and Green Transformation - The added value of digital product manufacturing grew by 10% in April, with smart device manufacturing and electronic components experiencing accelerated growth [6] - New energy vehicles and lithium-ion batteries for vehicles showed remarkable production increases of 38.9% and 61.8% respectively [6] Consumer Market Trends - The retail sales of household appliances and audio-visual equipment surged by 38.8%, while furniture and communication equipment also saw significant growth [10] - Online retail sales of physical goods increased by 5.8% year-on-year, reflecting a growing trend in e-commerce [10] Policy Impact on Consumption - The implementation of the old-for-new consumption policy and improvements in the consumption environment have significantly boosted the consumer market [12] - The demand for green and upgraded consumption continues to rise, contributing to the stability and recovery of the consumer market [12]

Core Viewpoint - Huibo Yuntong's stock has reached a limit-up, with a latest price of 34.8 yuan per share and a total market value of 14.06 billion yuan, indicating strong market interest and investor confidence [1][2]. Company Acquisition - Huibo Yuntong plans to acquire 67.91% of Baode Computer's shares through a combination of issuing shares and cash payments to 59 transaction parties, including Leshan High-tech Investment [4][5]. - The share issuance price for this transaction is set at 20.26 yuan per share [5]. Financial Performance - Baode Computer reported revenues of 9.27 billion yuan and a profit of 199 million yuan for 2023, with projected revenues of 10 billion yuan and profits of 230 million yuan for 2024 [7]. - Huibo Yuntong's revenues for 2023 and 2024 are expected to be 1.359 billion yuan and 1.743 billion yuan, respectively, with net profits of 82.45 million yuan and 65.59 million yuan [8]. Market Position and Strategy - The acquisition is expected to create synergies between Huibo Yuntong and Baode Computer, enhancing their customer resource sharing and overall market competitiveness [11]. - Baode Computer is a leading player in the domestic AI server industry, participating in significant projects such as the 17 billion yuan server procurement by China Telecom [11]. - Huibo Yuntong aims to develop a comprehensive "soft and hard integration" solution, leveraging its extensive client base, including major companies like ByteDance and Xiaomi [12]. Future Outlook - The collaboration with Baode Computer is anticipated to accelerate the implementation of domestic computing power solutions, particularly through partnerships with companies like Huawei [13]. - Future profit projections for Huibo Yuntong indicate a potential increase in net profits to 106 million yuan, 141 million yuan, and 188 million yuan from 2025 to 2027, with current valuations suggesting room for growth [13].

Group 1 - Xiaomi announced the upcoming launch of its self-developed 3nm processor chip, Xuanjie O1, becoming the fourth company globally to release a 3nm mobile processor after Apple, Qualcomm, and MediaTek [1] - This development marks a significant breakthrough in 3nm chip design in mainland China, enhancing Xiaomi's negotiating power with chip suppliers [1] Group 2 - NVIDIA introduced the NVIDIA RTX PRO server at the COMPUTEX 2025, designed to accelerate the transformation of enterprise IT data centers into AI factories [2] - The server supports up to eight RTX PRO 6000 Blackwell GPUs and integrates NVIDIA BlueField-3 data processing units (DPU) and PCIe Gen 6 switches, positioning itself as a core component for AI factories [2] - NVIDIA aims to solidify its core position amid uncertainties regarding the sustainability of data center spending [2] Group 3 - The Ministry of Industry and Information Technology and eight other departments issued a joint opinion to accelerate the high-quality development of the technology service industry [3] - The focus will be on comprehensive development in areas such as research and development, technology transfer, and enterprise incubation, promoting the integration of advanced green technologies [3] - Key implementation aspects include building regional collaborative mechanisms, cultivating interdisciplinary talents, and protecting intellectual property rights to avoid the hollowing out of high-end services [3]

Investment Rating - The report initiates coverage with a "Buy" rating for Huibo Yuntong [5] Core Views - Huibo Yuntong is positioned as a rising star in the domestic digital infrastructure sector through its acquisition of Baode Computer, a leader in the domestic server market [2][41] - The company has shown strong revenue growth, with a projected revenue of 1.743 billion yuan in 2024, representing a 28% year-on-year increase [3][4] - The management team has confidence in the company's growth trajectory, focusing on financial technology and leveraging its strong client base [3][30] Summary by Sections Company Overview - Established in 2009, Huibo Yuntong provides software outsourcing and terminal testing services, initially focusing on the telecommunications sector and later expanding into internet, finance, and automotive industries [1][10] - The company has built a robust client ecosystem, including major players like ByteDance, Alibaba, and China Bank [2][24] Acquisition of Baode Computer - The planned acquisition of Baode Computer aims to enhance Huibo Yuntong's capabilities in the domestic computing power sector, particularly in AI and server solutions [2][41] - Baode Computer is a leading provider in the domestic server market, holding significant market shares in ARM servers and AI servers [2][44] Financial Performance and Projections - Revenue is expected to grow from 1.743 billion yuan in 2024 to 3.667 billion yuan by 2027, with a compound annual growth rate (CAGR) of 26% from 2020 to 2024 [4][72] - The net profit attributable to shareholders is projected to increase from 66 million yuan in 2024 to 188 million yuan by 2027 [4][72] - The company maintains a stable gross margin around 24% across its business segments [30][73] Strategic Focus - Huibo Yuntong is strategically focusing on the financial IT sector, with significant growth in revenue from this segment, expected to increase by 50% annually from 2025 to 2027 [22][71] - The company has established long-term partnerships with major financial institutions, enhancing its market position [22][71] Valuation and Investment Recommendation - The current market valuation suggests potential for growth, with projected price-to-earnings (PE) ratios of 111, 83, and 62 for 2025, 2026, and 2027 respectively [3][4] - The report emphasizes the company's unique position in the market and the potential for significant appreciation in value following the successful acquisition of Baode Computer [3][4]

关于GB300，尽管市场信息显示其将沿用GB200的Bianca主板而非新型Codelia主板，但根据 Jefferies 与供应链的沟通，这一计划尚未最终确定。目前仍存在多种并行解决方案。预计GB300的时间表保 持不变，即2025年第四季度小批量生产，2026年第一季度进入量产阶段。 根据Jefferies的一份研报，GB200在2025年第一季度的总出货量仅为约1,500台，远低于最初预测的 3,800台。对于2025年第二季度，Jefferies已将预估出货量从之前的7,200台下调至6,000台。同时，将 2025年GB200的出货量预测调整为：NVL72机型24,000台，NVL36机型12,000台。 GPU+FPGA 我们这有H200/B200/RTX5090/FPGA不错的资源，有兴趣的朋友可以加微信或者进小程 序商城选购： 知识星球 Jefferies预计，良率将从4月开始提升，关键组件短缺问题也将自4月起逐步缓解。2025年第二季度 GB200的出货量将显著高于第一季度。广达（Quanta）公布的4月销售额为新台币1,540亿元，环比下 降20%，但同比增长58%，占富邦证券（Fubon ...

Group 1: CPI Analysis - In April, the Consumer Price Index (CPI) increased by 0.1% month-on-month and decreased by 0.1% year-on-year, with the core CPI remaining stable [1] - The rise in CPI was driven by a recovery in food prices and travel service prices, with food prices up 0.2% month-on-month, exceeding seasonal levels by 1.4 percentage points [2] - The decline in CPI year-on-year was primarily influenced by a 4.8% drop in energy prices, with gasoline prices down 10.4%, contributing approximately 0.38 percentage points to the year-on-year decline [1][2] Group 2: PPI Analysis - The Producer Price Index (PPI) decreased by 0.4% month-on-month and 2.7% year-on-year, with the year-on-year decline widening compared to the previous month [1][3] - The Producer Purchase Price Index fell by 2.7% year-on-year, with a month-on-month decline of 0.6%, indicating increased price pressure in upstream materials due to external demand shocks [3] - Specific sectors such as coal mining and black metal mining continued to see price declines, while non-ferrous metal prices experienced a slight increase [3] Group 3: Policy Impact and Future Outlook - The government has intensified macro policies to promote consumption, leading to improved supply-demand relationships in certain industries, resulting in narrowed price declines [4] - High-tech industries are experiencing price increases, with wearable device manufacturing prices up 3.0% and aircraft manufacturing prices up 1.3% [4] - Analysts expect CPI to maintain a moderate trend due to domestic policy shifts towards expanding demand, while PPI may still face downward pressure amid various influencing factors [5]

Core Viewpoint - The article discusses the changes in the Consumer Price Index (CPI) and Producer Price Index (PPI) in April, highlighting a shift in CPI from a decline to an increase, while PPI remains stable in its decline. The analysis indicates that various factors, including food prices and international commodity prices, are influencing these trends. CPI Analysis - In April, the CPI changed from a decrease of 0.4% in the previous month to an increase of 0.1%, with a year-on-year decrease of 0.1% remaining unchanged from the previous month [1][2] - The core CPI increased by 0.2% month-on-month and rose by 0.5% year-on-year, maintaining stability [1][3] - Food prices rose by 0.2% month-on-month, exceeding seasonal levels by 1.4 percentage points, with beef prices increasing by 3.9% due to reduced imports [5] - Travel service prices saw significant increases, with airfares up by 13.5% and hotel prices up by 4.5%, contributing approximately 0.10 percentage points to the CPI increase [5][3] - Year-on-year, energy prices fell by 4.8%, with gasoline prices down by 10.4%, significantly impacting the CPI [5] PPI Analysis - The PPI decreased by 0.4% month-on-month, with the decline rate consistent with the previous month [6][7] - The decline in PPI is attributed to international factors affecting domestic prices, particularly in the oil and gas extraction sector, which saw a 3.1% decrease [9] - Seasonal declines in energy prices, particularly in coal mining, also contributed to the PPI decrease, with coal prices down by 3.3% [9] - Some industries are experiencing improved supply-demand relationships, leading to a narrowing of price declines, such as in the black metal smelting and non-metal mineral products sectors [10] Industry Trends - High-tech industries are driving price increases in related sectors, with wearable smart device manufacturing prices rising by 3.0% year-on-year [10][11] - Policies promoting consumption and equipment upgrades are showing effects, with prices in consumer goods and equipment manufacturing sectors experiencing reduced declines [10] - The diversification of trade is expanding markets, leading to price increases or reduced declines in certain export industries, such as integrated circuit packaging [11]