点击小程序查看报告原文 行业配置观点：成长占优有望延续，关注景气行业 近期市场表现出较强的结构性特征，热点集中在成长板块。 由于前期市场成交迅速放大、交易集中，8月底后A股市场进入盘整震荡期，但不乏结构亮 点。海外AI算力的强劲需求持续被印证，中国能源转型目标较为清晰，在全球产业链上的定位决定了中国以制造业大国的角色参与技术革命，我们认为推 动制造升级将是中长期趋势，正在催化股票市场的结构性机会。 市场有望延续稳健表现，关注"十五五"规划建议。 展望节后，十一假期期间港股表现和出行数据相对平稳，国内外AI产业进展密集发布、国内工业企业 利润增速回暖，节后"十五五"规划市场政策预期有望升温，我们认为去年924以来A股震荡上涨趋势有望延续。 分别看各大类行业的景气表现：1）能源及基础材料：有色金属延续涨势，其余周期品价格表现分化，钢铁、石化化工、建材等行业稳增长工作方案发 布，有望推动供给趋于理性。 9月动力煤、水泥指数、玻璃指数价格分别上涨1.3%、0.6%、2.4%，焦煤、焦炭、螺纹钢、铁矿石、化工指数分别下跌 2.2%、1.2%、2.0%、0.9%、1.3%，有色金属、钢铁、石化化工、建材等行业2025~2 ...

Core Insights - The communication equipment industry experienced a revenue growth of 12.7% year-on-year in Q2 2025, indicating a recovery that began in Q4 2023, with AI computing power emerging as a new growth engine [1][2] - The net profit for the communication equipment sector grew by 19.0% year-on-year in Q2 2025, reflecting strong profitability amid the transition of growth drivers [1][2] Financial Summary and Outlook - The overall revenue for communication equipment in Q2 2025 increased by 12.7% year-on-year, with growth accelerating from Q4 2023 to Q3 2024, indicating a successful transition between old and new growth drivers [2] - The net profit attributable to the parent company in Q2 2025 rose by 19.0% year-on-year, showing consistent growth in Q1 and Q2 2025 after a decline in Q4 2024 [2] Key Industry Segments to Watch - The optical device segment saw a remarkable revenue growth of 72.81% year-on-year in Q2 2025, with net profit growth of 133.5%, driven by increased global demand for AI and optical modules [3] - The Internet of Things (IoT) sector continued to show good revenue growth in Q2 2025, confirming the ongoing recovery trend, with companies benefiting from the long-term trend of interconnected devices [3] - The fiber optic cable sub-sector reported a revenue increase of 16.5% year-on-year in Q2 2025, although net profit declined by 9.6% [4] - The main equipment sector reversed its downward trend in Q1 and Q2 2025, driven by strong demand for computing power, despite challenges in operator capital expenditures [5] - The satellite industry generated revenue of 1.12 billion yuan in Q2 2025, down 17.0% year-on-year, but is expected to enter a phase of regular launches following the establishment of satellite internet [5] - The Beidou and military communication sectors reported revenue of 5.31 billion yuan in Q2 2025, a decline of 7.1% year-on-year, but are anticipated to recover with new equipment entering service [5] Investment Recommendations - The company suggests focusing on investment opportunities in "AI + overseas expansion + satellite" sectors, particularly in optical modules and devices, as well as domestic computing power lines [6] - Key recommendations include companies in the optical device sector such as Zhongji Xuchuang and Tianfu Communication, and in the server and switch PCB sectors like Huadian Co. and ZTE [7] - The report highlights the potential of the satellite internet industry and encourages monitoring developments in this area [6][10]

以下文章来源于鲜枣课堂 ，作者伯恩 扫码加我本人微信 17世纪，世界上第一家股份制公司诞生。伴随着工业革命以及全球化的进程，公司在各行各业的 地位与日俱增。它们占据着资本﹑技术﹑人才，如同一个个帝国盘踞在历史舞台上，上演着兴盛和 衰败的传说。 今年7月，《财富》世界500强出炉。通信设备商只有两家上榜，分别是华为和思科。通信行业也 曾是"天下英雄，如过江之鲫"，如今却低调了很多。历史是有记忆的，本文以时间为切片，以五年 为跨度，梳理从2000年至今，各大通信设备商在500强的座次变化，从一个侧面展现行业的兴衰更 替。 鲜枣课堂 . 学通信，学5G，就上鲜枣课堂！ 我已加入"维权骑士"（rightknights.com）的版权保护计划。 我是芯片超人花姐，入行20年，有50W+芯片行业粉丝。 有很多不方便公开发公众号的， 关于芯片买卖、关于资 源链接等， 我会分享在朋友圈 。 具体排名如下图： 01 2000年——千禧的繁荣 20世纪90年代，电信行业刚经历完一段爆炸式的增长。以爱立信为例，它一度占据了2G(GSM)领 域40%的市场份额。诺基亚的手机市场份额全球第一，远比其网络设备业务光鲜靓丽。 2000年共 ...

Core Viewpoint - Huayuan Securities has initiated coverage on ZTE Corporation (00763), recognizing it as the fourth largest telecommunications equipment supplier globally, with a stable operator network business and a promising second growth curve from computing and terminal businesses, assigning a "Buy" rating [1] Business Segments - **Connection Business**: The operator network business remains stable, achieving a gross margin of 52.94% in H1 2025, serving as a significant cash flow source. The company is proactively advancing 5G-A technology and promoting the deployment of 400G optical networks [2] - **Computing Business**: The emergence of AI large models has generated substantial demand for computing power. The company is seizing this opportunity by expanding its computing infrastructure-related business, which includes servers, storage, switches, and data center products. In H1 2025, revenue from the government and enterprise sector doubled, making it a core growth driver for the company [2] - **Terminal Business**: The company adheres to the "AI for All" philosophy, continuously expanding the application of AI technology in terminal devices, particularly in the smartphone sector. In H1 2025, the company launched the world's first full-size AI smartphone, Nubia Z70 Ultra, which is expected to enhance user experience and increase the shipment volume of AI terminal products [2]

Core Viewpoint - Huayuan Securities has initiated coverage on ZTE Corporation (00763), recognizing it as the fourth largest telecommunications equipment supplier globally, with a stable operator network business and a promising second growth curve from computing and terminal businesses, assigning a "Buy" rating [1] Business Segments - **Connection Business**: The operator network business remains solid, achieving a gross margin of 52.94% in H1 2025, serving as a significant cash flow source. The company is also advancing in 5G-A technology and promoting the deployment of 400G optical networks [2] - **Computing Business**: The emergence of AI large models has created substantial demand for computing power. The company is seizing this opportunity by expanding its computing infrastructure-related business, which includes servers, storage, switches, and data center products. In H1 2025, revenue from the government and enterprise sector doubled, making it a core growth driver [2] - **Terminal Business**: The company is implementing the "AI for All" concept, continuously expanding AI technology applications in terminal devices, particularly in the smartphone sector. In H1 2025, the company launched the world's first full-size AI smartphone, Nubia Z70 Ultra, which is expected to enhance user experience and increase AI terminal product shipments [2]

Investment Rating - The investment rating for the company is "Buy" (首次) [6] Core Views - The company is expected to benefit from the AI trend, with its computing and terminal businesses likely to initiate a new growth phase [6] - The company has a solid market position, ranking fourth globally and second domestically in the telecommunications equipment market, with an 11% market share [8] - The company is transitioning towards a "connectivity + computing" model, with significant growth in its enterprise business, particularly in server and storage products [8] Financial Performance Summary - Revenue projections for the company are as follows: - 2023: 124,251 million RMB - 2024: 121,299 million RMB - 2025E: 138,475 million RMB - 2026E: 156,636 million RMB - 2027E: 174,408 million RMB - The expected growth rates for revenue are: - 2024: -2.38% - 2025E: 14.16% - 2026E: 13.11% - 2027E: 11.35% [7] - The projected net profit attributable to the parent company is: - 2023: 9,326 million RMB - 2024: 8,425 million RMB - 2025E: 8,380 million RMB - 2026E: 8,937 million RMB - 2027E: 10,379 million RMB - The expected growth rates for net profit are: - 2024: -9.66% - 2025E: -0.54% - 2026E: 6.65% - 2027E: 16.14% [7] - The company’s earnings per share (EPS) projections are: - 2024: 1.76 RMB - 2025E: 1.75 RMB - 2026E: 1.87 RMB - 2027E: 2.17 RMB [7] Business Segments - The company is focusing on three main business areas: operator networks, government and enterprise business, and consumer products [8] - The operator network business has a stable foundation, with a gross margin of 52.94% in the first half of 2025, serving as a significant cash flow source [8] - The enterprise business has seen a doubling in revenue, driven by increased investment in computing infrastructure by domestic and international clients [8] - The terminal business is expanding with the introduction of AI technology in devices, including the launch of the Nubia Z70 Ultra, the world's first AI phone with embedded DeepSeek-R1 [8] Valuation and Comparables - The projected net profits for 2025-2027 are 83.80 billion RMB, 89.37 billion RMB, and 103.79 billion RMB, respectively [8] - The current price-to-earnings (P/E) ratios are projected to be 17.57, 16.45, and 14.17 for 2025, 2026, and 2027, respectively [8] - Comparable companies' average P/E for 2025 is 45.40 [8]

Group 1 - The core point of the news is that Shenzhen Flingcos Communication Technology Co., Ltd. experienced a stock price drop of 5.02%, with a current share price of 118.80 yuan and a total market capitalization of 8.238 billion yuan [1] - The company, established on April 16, 1999, specializes in the research, development, production, and sales of network equipment, primarily operating under ODM/OEM models [1] - The revenue composition of the company's main business includes 78.42% from switch products, 16.96% from routers and wireless products, 4.00% from communication equipment components, and 0.62% from automotive electronics [1] Group 2 - From the perspective of fund holdings, the Guoshou Anbao Fund has a significant position in Flingcos, with its Guoshou Anbao Stable Hong Mixed A fund holding 8,000 shares, representing 1.32% of the fund's net value [2] - The fund has a total scale of 33.7229 million yuan and has achieved a year-to-date return of 12.94% [2] - The fund manager, Tang Xiaotian, has been in position for 1 year and 201 days, with the fund's total asset size at 2.133 billion yuan [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage, with expectations of growth driven by AI and computing power initiatives [5][8]. Core Insights - The company is positioned as a global leader in integrated information and communication technology solutions, with a stable market share in the telecommunications equipment sector [7][11]. - The company is transitioning towards a "connectivity + computing power" model, capitalizing on the demand for AI infrastructure and services [11][60]. - The report highlights the company's strong performance in the first half of 2025, with revenue reaching 71.55 billion yuan, a year-on-year increase of 14.51%, driven by significant growth in its government and enterprise business [7][26]. Summary by Sections Market Performance - The company's closing price is 45.80 yuan, with a total market capitalization of approximately 219.09 billion yuan [3]. Financial Forecast and Valuation - Projected revenues for 2023 to 2027 show a slight decline in 2024, followed by a recovery with expected growth rates of 14.16%, 13.11%, and 11.35% in subsequent years [6][63]. - The estimated net profit for 2025 is 8.38 billion yuan, with a corresponding PE ratio of 26.14 [6][63]. Business Segments - The company operates in three main segments: operator networks, government and enterprise, and consumer business, with a focus on enhancing its AI capabilities across these areas [18][60]. - The operator network business remains a cash cow with a gross margin of 52.94%, while the government and enterprise segment is experiencing rapid growth, with a projected revenue increase of 80% in 2025 [28][60]. Strategic Initiatives - The company is investing heavily in R&D, with a cumulative expenditure of 117.07 billion yuan from 2019 to 2024, focusing on servers, switches, terminals, and chips [28][60]. - The introduction of self-developed chips, including the "Zhu Feng" series CPU and "Ding Hai" DPU, is expected to enhance the company's competitive edge in AI and computing power [54][57]. Competitive Position - The company ranks fourth globally in the telecommunications equipment market, with a market share of 11% in 2023, indicating a solid competitive position [7][11]. - The report compares the company's valuation favorably against peers, with a 2025 PE average of 39.58 for comparable companies [8][64].

Core Viewpoint - The recent disbandment of the chip division at TP-LINK (普联技术) indicates a strategic shift within the company, particularly following a rapid layoff in its WiFi chip department just months prior. This move reflects the company's focus on core technologies amidst increasing competition in the WiFi market. Summary by Sections - The chip division of TP-LINK has been completely disbanded, following a previous layoff in June at its overseas subsidiary, Lianzhou International, which also faced significant job cuts in its WiFi chip department [1][5][6]. - The layoffs at Lianzhou International were rapid, with the process from notification to completion taking only half a day. The compensation scheme for affected employees follows an N+3 standard for those with over a year of service, N+2 for six months to a year, and N+1 for less than six months [2][5]. - The layoffs primarily affected key positions in the WiFi front-end module (FEM) development, which is crucial for connecting WiFi chips to antennas. Despite the layoffs, TP-LINK is not exiting the WiFi chip market entirely but is reallocating resources to focus on core chip technology development [5][6]. - The company has struggled to commercialize its self-developed chip technology since forming its chip team in 2021, continuing to rely on external suppliers like MediaTek and Qualcomm for solutions [5].

Group 1: Product Structure and Market Expansion - The company is optimizing its product structure while expanding production capacity and enhancing its market presence, focusing on servers, automotive electronics, base stations, switches, PCs, storage, and consumer electronics for revenue generation in the first half of 2025 [2][3] - The company has actively diversified its customer resources in data centers, servers, AIPC, and automotive electronics, adapting to market changes and expanding its customer base [3] Group 2: Share Buyback Program - As of August 31, 2025, the company has repurchased 2,888,300 shares, accounting for 0.9101% of the total share capital, with a total transaction amount of 90,039,741.52 yuan (excluding transaction fees) [3] - The maximum buyback price was adjusted from 39.4 yuan per share to 53.35 yuan per share during the board meeting on August 11, 2025, reflecting confidence in the company's future development [3] Group 3: Thailand Factory Operations - The Thailand factory commenced production in 2024 and is currently in the capacity ramp-up phase, serving as a key support point for the company's global capacity layout [3] - The factory aims to leverage local resources, policies, and logistics advantages while increasing investments in technology research and development, equipment upgrades, and talent training to enhance production capacity and technical level [3]