Industry Outlook - The offshore wind power industry is expected to accelerate development due to the resolution of issues such as navigation and sea use conflicts, contributing significant capacity from 2025 to 2026 [2] - Future industry growth will focus on three main directions: large-scale turbine development for cost reduction, deep-sea development as a new growth area, and the integration of "offshore wind power +" models [2] Company Performance - The company has established multiple production bases across key offshore wind power regions, including Zhejiang, Guangdong, and Jiangsu, effectively meeting production capacity needs [4] - The offshore wind power industry has faced a downturn from 2021 to 2023 due to project delays caused by sea use approvals and navigation coordination, but these issues are gradually being resolved, leading to potential growth [5] Financial Projections - The company anticipates a growth in main business revenue and profitability by 2025, with a projected increase in revenue compared to 2024 [6] - As of the end of 2024, the company has approximately CNY 4.88 billion in unfulfilled revenue obligations expected to be recognized in 2025 [6] Cash Flow and Management - The company has seen a significant increase in cash inflows from operating activities in 2024 and Q1 2025, attributed to improved sales collection management and increased contract liabilities from new projects [7] Strategic Development - The company is expanding its production capacity with the construction of the second phase of the Qidong project, which aligns with its "Two Seas Strategy" and supports national deep-sea technology initiatives [8] - The company is committed to its "offshore + overseas" strategy, focusing on deep-sea market product development and expanding both domestic and international market presence [8]

Core Insights - The marine economy in China showed a positive trend in Q1 2025, with a total marine GDP of 2.5 trillion yuan, reflecting a year-on-year growth of 5.7%, surpassing the national GDP growth rate by 0.3 percentage points [1] Marine Tourism - The marine tourism sector achieved a value-added output of 384.2 billion yuan in Q1, marking a year-on-year increase of 7.5% [2] Shipbuilding Industry - Key shipbuilding indicators such as new ship orders, completed ships, and hand-held orders remained stable, with a significant year-on-year growth in hand-held orders [2] - Major shipbuilding companies maintained strong production levels, indicating a stable development trend in the marine shipbuilding industry [2] Marine Oil and Gas Exploration - Significant breakthroughs were made in marine oil and gas exploration, including the discovery of a billion-ton oil field in the South China Sea and high-yield oil and gas flows in the Beibu Gulf [3] - Marine crude oil and natural gas production increased by 1.7% and 13.8% year-on-year, respectively [3] Marine Clean Energy - The offshore wind power sector saw a 1.4% increase in power generation and a 41.6% rise in newly connected capacity year-on-year [3] - The construction of the "blue granary" continued, with marine aquaculture production increasing by 4.5% year-on-year [3] Carbon Capture Technology - Progress was made in carbon capture technology, with the first offshore floating production storage vessel equipped with carbon capture and storage facilities completed [4] Marine Trade - The total import and export volume of marine trade increased by 0.1% year-on-year, demonstrating resilience amid global economic challenges [5] - The export of high-end, intelligent, and green marine products grew by 10.8%, with wind turbine exports rising by 43.2% [5] Port Development - Over 50 automated terminals have been established, maintaining a global lead in port automation [5] - Smart and green port initiatives are advancing, with successful local deployments of advanced systems in major ports like Ningbo Zhoushan and Tianjin [5] Expansion of Shipping Routes - New international shipping routes have been established, enhancing the connectivity of Chinese ports with global markets [6]

Core Viewpoint - The company reported lower-than-expected annual performance for 2024, primarily due to delays in power station transfers and increased asset impairment losses, but maintains a strong position in the offshore wind sector and a leading layout in Europe, sustaining a "buy" rating [1] Group 1: Financial Performance - In 2024, the company achieved revenue of 27.158 billion yuan, a year-on-year decrease of 3.43%, and a net profit attributable to shareholders of 346 million yuan, down 8.12% year-on-year [1] - In Q4, the company reported revenue of 6.922 billion yuan, with year-on-year and quarter-on-quarter declines of 1.29% and 17.99% respectively, and a net profit of -462 million yuan, indicating a shift from profit to loss [1] - For Q1 2025, the company recorded revenue of 7.704 billion yuan, reflecting a year-on-year increase of 51.78% and a quarter-on-quarter increase of 11.30%, with a net profit of 302 million yuan, showing a year-on-year decrease of 0.70% but a significant quarter-on-quarter increase of 165.33% [2] Group 2: Market Outlook - The government has emphasized the development of offshore wind power and identified deep-sea technology as a strategic emerging industry, which is expected to support high growth in installed capacity [2] - The company is well-positioned as a domestic leader in offshore wind, with a strong order backlog expected to be gradually delivered, enhancing profitability through effective cost control and improved operational efficiency [2] - In Europe, increased policy support for offshore wind is anticipated to drive significant growth in installed capacity, with a forecast of 11.8 GW of new installations by 2030, corresponding to a CAGR of 28.6% from 2025 to 2030 [3] Group 3: Profit Forecast and Valuation - Due to potential impacts from new energy market entry and reduced grid electricity prices, the company has adjusted its assumptions for electricity prices and gross margins, leading to a downward revision of net profit forecasts for 2025-2027 [4] - The projected net profits for 2025, 2026, and 2027 are 2.206 billion yuan, 3.130 billion yuan, and 3.992 billion yuan, respectively, with reductions of 13.5% and 10.6% for 2025 and 2026 [4] - The company is assigned a target price of 13.58 yuan based on a 14x PE ratio for 2025, reflecting its solid leadership in offshore wind and advantageous positioning in the European market [4]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 7.4 billion, 10.7 billion, and 12.1 billion respectively, corresponding to PE ratios of 18, 13, and 11 [4]. Core Insights - The company reported a revenue of 1.35 billion in 2024, a year-on-year decline of 19.6%, but achieved a net profit of 0.66 billion, marking a return to profitability [2]. - In Q1 2025, the company saw a significant revenue increase of 251% year-on-year, reaching 4.36 billion, although net profit decreased by 13.3% to 0.64 billion [2]. - The overall demand for offshore wind in China was below expectations in 2024, leading to a slight decline in overall shipments and a decrease in gross margin by approximately 2.1 percentage points [2]. - The company is expected to benefit from an increase in project deliveries, with a gross margin of approximately 15.05% in Q1 2025, up about 10 percentage points year-on-year [3]. - The company has established multiple production bases across key regions, positioning itself to fully benefit from the growth in the domestic offshore wind sector [3]. Summary by Sections Performance Review - In 2024, the company achieved a revenue of 1.35 billion, down 19.6% year-on-year, while net profit was 0.66 billion, returning to positive figures [2]. - Q1 2025 revenue reached 4.36 billion, a 251% increase year-on-year, but net profit fell 13.3% to 0.64 billion [2]. Operational Analysis - The offshore wind demand in China was lower than expected in 2024, impacting overall shipments and leading to a decline in gross margin [2]. - The company’s revenue from pile foundations decreased by 22.7% to approximately 0.85 billion, with a gross margin of 4.29%, down 6.0 percentage points [2]. - The tower business generated 3.2 billion in revenue, down 18.7%, but gross margin improved by 4.38 percentage points to 7.9% [2]. - The company’s revenue from the guide frame business increased by 6.8% to 1.37 billion, with a gross margin of 4.79%, up 10.28 percentage points [2]. Profit Forecast and Valuation - The forecast for net profit from 2025 to 2027 is 7.4 billion, 10.7 billion, and 12.1 billion, with corresponding PE ratios of 18, 13, and 11 [4].

行业报告 | 行业研究周报 通信 证券研究报告 AI 产业发展持续向好，海风和卫星通信展现积极进展 本周（04.21-04.25）行业动态： 垣信卫星与泰国国家电信达成战略合作 2025 年 4 月 24 日，上海垣信卫星与泰国国家电信正式签订战略合作框架协议，双 方将以深化商业航天及低轨卫星互联网业务合作为基础，携手推动泰国数字经济发 展。双方合作围绕卫星互联网与垂直行业的融合，探索新技术市场空间，通过市场 化运营实现互利共赢，共同开发低轨卫星新商业模式。 2GW 海上风电投资项目签约 近日，阿塞拜疆总统伊尔哈姆·阿利耶夫来华进行国事访问期间，中能建海外投资 有限公司副总经理与阿塞拜疆能源部副部长代表双方签署阿塞拜疆 2GW 海上风电 投资项目实施协议。本次签约的项目位于阿塞拜疆首都巴库东部里海海域，场址距 离陆地最近距离约 26 公里，场址面积约为 545 平方公里。 本周（04.21-04.25）投资观点： 近期进入公司年报业绩期，同时由于外部政治环境动荡扰动，市场波动较为剧烈， 整体情绪较为低落。但我们仍然看好 AI 行业作为年度投资主线，后续伴随着 DeepSeek R2/V4 等以及包括 Agen ...

Core Viewpoint - The city of Rushan is focusing on enhancing urban vitality and innovation by developing a "micro-ecology" for youth talent, addressing their growth and development needs through various platforms and mechanisms [1] Group 1: Industry Focus and Talent Development - The establishment of four major innovation bases in the new energy sector, including a training base and a research center, has attracted over 30 high-level innovative talents and more than 500 young scientific talents [3] - A comprehensive talent retention mechanism has been implemented, with companies like Hengbang Mining aiming to recruit over 400 young talents in 2024 [3] - Collaboration with vocational schools has led to the training of 12,000 high-skilled talents, with plans to add 40 self-evaluation enterprises and train an additional 800 skilled talents by 2025 [3] Group 2: Research and Development Platforms - The city has leveraged provincial-level postdoctoral workstations and innovation practice bases, bringing in 17 full-time postdoctoral researchers and 12 flexible doctoral talents through project cooperation [4] - Participation in various competitions has resulted in attracting 127 industry talents, with local individuals winning awards in the Shandong Provincial Entrepreneurship Competition [4] - Partnerships with educational institutions have facilitated the nurturing of over 300 young talents, with a consistent increase in graduate retention rates exceeding 5% [4] Group 3: Rural Revitalization and Talent Utilization - The city has identified and utilized local "experts" to support new industries, resulting in over 26,000 people benefiting from initiatives in agriculture and tourism [5] - The return of educated individuals has spurred the emergence of new farmers and the development of various agricultural sectors, with 46 university graduates returning to contribute [5] - Collaborations with experts have enhanced product development and sales channels, significantly increasing the brand value of local oyster products to nearly 20 billion [5] Group 4: Youth Attraction and Retention Strategies - The "Ideal City, Dream Rushan" initiative has successfully attracted 2,933 young talents through targeted recruitment events and partnerships with educational institutions [7] - A special fund of 8 million yuan has been established to support youth talent policies, resulting in over 1,200 million yuan in subsidies for more than 800 young graduates [7] - The formation of a talent service alliance has improved the ecological environment for youth, with the construction of additional talent apartments and various community activities benefiting over 3,000 young individuals [7]

Economic Growth - In 2024, Yangjiang achieved a GDP of 162.96 billion yuan, with a growth rate of 3.5% [1] - Fixed asset investment grew by 10.7%, ranking first in Guangdong province [1] - The total foreign trade import and export volume increased by 17.7%, ranking third in the province [1] Financial Support - By the end of 2024, the total loan balance of financial institutions in Yangjiang reached 210.55 billion yuan, a year-on-year increase of 10.5%, ranking second in the province [1] - Loans to enterprises, medium to long-term loans for manufacturing, and agricultural loans grew by 20.6%, 61.4%, and 15.9% respectively, all ranking first in the province [1] Green Finance - Yangjiang is recognized as Guangdong's first electric power energy city, with a total installed capacity of over 21 million kilowatts, and over 70% of this from clean energy [2] - By 2024, the balance of green loans reached 54.33 billion yuan, a year-on-year increase of 10.9%, with 80% directed towards clean energy [2] Technology Finance - In 2024, the balance of technology loans in Yangjiang exceeded 50 billion yuan, with intellectual property pledge financing reaching 3.66 billion yuan, a significant increase of 62.6% [3] - The establishment of a technology financial service center and various financial product innovations have supported over 600 technology enterprises [3] Industrial Innovation - Yangjiang has established several funds, including a mother fund for high-quality industrial development and a venture capital fund for the region, which has attracted over 4 billion yuan in total capital investment [4] - The cross-border e-commerce business volume increased fourfold in 2024, with significant contributions from cross-border financial services [4]

Group 1 - Shandong's GDP is projected to reach 9.86 trillion yuan in 2024, with a year-on-year growth of 5.7% [4] - Shandong ranks first in the number of national-level manufacturing champions and strategic emerging industry clusters, and second in the number of "China's Top 500 Enterprises" [4] - The province is accelerating its transition towards new, green, marine, and future-oriented industries [4] Group 2 - Shandong is recognized for its comprehensive industrial system and is deepening its industrial economy as a top priority, focusing on technological innovation [5] - The province is home to significant technological advancements, including the Fuxing high-speed train and deep-sea drilling platforms [5] Group 3 - The digital economy accounts for over 49% of Shandong's GDP, with the "AI + Industrial Internet" model enhancing manufacturing capabilities [6] - Qingdao Lingzhi Electronics is a leading global supplier of appliance control boards, utilizing a digital production system built on the Haier Kaos Industrial Internet platform [6][8] Group 4 - Shandong is pushing for innovation in various sectors, with a focus on robotics and AI, as seen in the success of Aobo (Shandong) Intelligent Robot Co., which achieved over 1 billion yuan in sales [13] - The province's R&D investment grew by 9.4% in 2024, with enterprises contributing 88.5% of total R&D spending, the highest in the country [15] Group 5 - Shandong is enhancing its role in the Yellow River basin's ecological protection and high-quality development, establishing inland ports and promoting logistics efficiency [16][18] - The province's port, Rizhao, handled a cargo throughput of 552 million tons in 2024, marking a 5.7% increase [18] Group 6 - Shandong is committed to building a modern marine economy, with significant growth in offshore wind power orders, which accounted for nearly 40% of total orders in 2024 [20] - The province has established six marine characteristic industrial clusters with a total output value exceeding 80 billion yuan [22] Group 7 - Shandong is designated as a pilot area for green, low-carbon, and high-quality development, achieving a historic shift where renewable energy generation surpassed coal power in 2024 [24] - The province has made significant improvements in environmental quality, including a 5.1% reduction in PM2.5 concentration [24] Group 8 - Shandong is implementing reforms to enhance technology transfer efficiency, with over 1,000 technology achievements traded since the launch of the Shandong Technology Market [25] - The province is actively promoting high-level opening-up, with initiatives to support cross-border e-commerce and international trade [26][28]

Core Insights - The report highlights the emergence of new product cycles for Dongshan Precision, focusing on foldable screens, robotics, and smart glasses, indicating a strategic shift towards innovative technologies [3][7]. Company Summaries Dongshan Precision (002384.SZ) - In 2024, Dongshan Precision is projected to achieve revenue of 36.79 billion yuan, a year-on-year increase of 9.33%, while the net profit attributable to shareholders is expected to decline by 44.55% to 1.09 billion yuan due to operational adjustments in the LED business [7]. - The company anticipates a significant recovery in Q1 2025, with net profit forecasted between 434 million and 463 million yuan, representing a year-on-year growth of 50%-60% [7]. - The demand for PCB and precision components is expected to rise due to the expansion of AI applications in ICT infrastructure and consumer products, leading to an increase in average selling prices (ASP) [7]. - Revenue projections for 2025 and 2026 are 43.6 billion and 50.7 billion yuan, respectively, with net profits expected to reach 3.8 billion and 4.8 billion yuan, reflecting substantial growth rates of 248.6% and 26.4% [7]. Huakin Technology (603296.SH) - Huakin Technology has established itself as a leading ODM manufacturer in the global smart hardware sector, with a diversified product structure that includes smartphones, laptops, and data center products [3]. - The company is expanding into new application areas such as servers, automotive electronics, and robotics, driven by the increasing demand for AI computing power and smart vehicle technologies [3]. - Revenue forecasts for 2024-2026 are 109.25 billion, 129.36 billion, and 152.09 billion yuan, with net profits projected at 2.88 billion, 3.41 billion, and 4.05 billion yuan, indicating growth rates of 28.0%, 18.4%, and 17.6% [3]. Hongcheng Environment (600461.SH) - Hongcheng Environment is experiencing growth in both revenue and profit, supported by an improving operational management and a robust cash flow [7]. - The company is expected to benefit from the expansion of its business segments, with net profits projected at 1.28 billion, 1.36 billion, and 1.44 billion yuan for 2025-2027 [7]. Bojun Technology (300926.SZ) - Bojun Technology is set to benefit from the release of core customer models and the ramp-up of new product capacities, with Q1 2025 net profit expected to be between 130 million and 160 million yuan, reflecting a year-on-year increase of 30%-60% [9]. - The company is focusing on lightweight and electronic components, enhancing its production capabilities and expanding into new product areas such as white body and battery packs [10].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [5] Core Viewpoints - The AI industry is expected to remain a key investment theme for the year, with significant developments anticipated in AI models and applications, particularly with the upcoming release of GPT-4.1 and related technologies [2][10] - The report emphasizes the importance of the "AI + overseas expansion + satellite" investment opportunities, highlighting the potential in sectors such as optical modules, liquid cooling, and domestic computing power [19][20] - The government’s focus on deep-sea technology and the North Star satellite industry is seen as a catalyst for growth in these sectors [2][19] Summary by Sections 1. Artificial Intelligence and Digital Economy - Key recommendations include companies in optical modules and optical devices such as Zhongji Xuchuang, Xinyi Sheng, and Tianfu Communication [3][23] - For switch server PCBs, recommended companies include Hudian Co., ZTE, and Unisplendour [3][23] - Emphasis on undervalued, high-dividend companies like China Mobile, China Telecom, and China Unicom [3][23] - AIDC and cooling solutions are highlighted with key recommendations for companies like Yingweike and Runze Technology [3][23] - AIGC applications and edge computing power are recommended for companies like Guohua Tong and Meige Intelligent [3][23] 2. Marine Wind and Submarine Cables - Key recommendations for marine wind and submarine cable companies include Hengtong Optic-Electric, Zhongtian Technology, and Dongfang Cable [4][24] - The report notes a recovery in overseas expansion and concentration on leading companies such as Huace Navigation and Weisheng Information [4][24] 3. Satellite Internet and Low-altitude Economy - The report highlights the acceleration of low-orbit satellites and the low-altitude economy, recommending companies like Huace Navigation and Haige Communication [5][25] - Suggested companies for attention include Chengchang Technology and Zhenlei Technology [5][25] 4. Recent Industry Dynamics - The AI industry is experiencing rapid advancements, with OpenAI's upcoming GPT-4.1 model expected to enhance multimodal reasoning capabilities [10][12] - The National Development and Reform Commission is seeking public opinion on the Satellite Navigation Regulations, which is expected to support the development of the Beidou satellite industry [13][14]