Core Viewpoint - The company is focusing on expanding its business in the government sector, actively participating in AI applications and products for government AI construction [1] Group 1: Business Focus - Government services are one of the key areas for the company's expansion [1] - The company’s AI applications and products are being utilized in various government departments, including customs, public security, and judicial prisons [1] Group 2: Technology Support - The Changqingyun AI hyper-converged all-in-one machine supports the DeepSeek model for out-of-the-box and localized deployment [1] - The DeepSeek-R1 model has been deployed in multiple official government intranets, ensuring that government data remains within the domain [1] - This deployment provides a solid technical foundation for government AI applications [1]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company, Jiechuang Intelligent, focuses on smart security and smart city applications, leveraging IoT, cloud computing, big data, and AI technologies to create high-performance computing and intelligent solutions [4][5]. - In Q1 2025, the company reported a total revenue of 172 million yuan, a year-on-year increase of 5.45%, and a net profit attributable to the parent company of 14 million yuan, reflecting a significant growth of 911.82% [4]. - The company has faced challenges in 2024, transitioning from profit to loss due to reduced investments in digital upgrades by government and large enterprises, leading to a cautious approach in project undertakings [4]. Company Overview - Latest closing price: 18.24 yuan - Total shares: 1.54 billion, circulating shares: 1.02 billion - Total market capitalization: 2.8 billion yuan, circulating market capitalization: 1.9 billion yuan - 52-week high/low: 23.57/11.03 yuan - Debt-to-asset ratio: 31.2% - Price-to-earnings ratio: 456.00 - Largest shareholder: Sun Chao [3]. Financial Projections - Expected EPS for 2025-2027: 0.85, 1.36, 1.77 yuan, with corresponding P/E ratios of 24.21, 15.13, and 11.58 [10]. - Projected revenue growth rates for 2025-2027 are 65.44%, 36.13%, and 29.57% respectively, with a forecasted net profit of 130.45 million yuan in 2025 [12][15].

Suspension and Resumption of Trading - Xinlaifu plans to acquire 100% equity of Guangzhou Jinnan Magnetic Materials, resulting in stock suspension [1] - Gelun Electronics intends to acquire 100% equity of Ruicheng Chip Micro and 45.64% equity of Naneng Micro, leading to stock resumption [1] Mergers and Acquisitions - Huafeng Chemical plans to acquire Huafeng Synthetic Resin and Huafeng Thermoplastics for 6 billion yuan, focusing on the polyurethane industry [2] - Baota Industrial has terminated its plan to issue shares for asset acquisition and will significantly adjust its major asset restructuring plan [2] - Wolong Real Estate intends to sell 90% equity of Shanghai Mining, which is expected to constitute a major asset restructuring [2] - Meijin Energy has terminated its major asset restructuring, which originally planned to acquire stakes in multiple coal mining companies [2] - Guosen Securities' application for share issuance to acquire Wanhua Securities has been accepted [3] Share Buybacks and Increases - China Chemical's controlling shareholder plans to increase holdings by 300 million to 600 million yuan [4] - Wentai Technology intends to repurchase shares worth 200 million to 400 million yuan [5] - Changfei Fiber plans to repurchase shares valued at 160 million to 320 million yuan [5] - Jiangling Motors aims to repurchase shares worth 150 million to 200 million yuan [6] Investment Cooperation and Operational Status - Honghe Technology plans to raise no more than 999.5 million yuan for high-performance glass fiber production line and other projects [7] - Ganfeng Lithium has signed a cooperation development letter of intent with LAR for the Pozuelos-Pastos Grandes salt lake basin in Argentina [7] - Xianhui Technology has signed sales contracts worth approximately 684 million yuan with CATL [8] - Wansheng Intelligent plans to change its business scope to include integrated circuit design and chip-related services [9] - Weiteng Electric intends to establish a joint venture with Deep Bay and Shanghai Panxing for high-speed optical communication products [10] - ST Tianwo has had its stock trading delisted risk warning and other risk warnings revoked [11] Performance Changes - Jiechuang Intelligent expects a net profit of 12 million to 17 million yuan in Q1, a year-on-year increase of 790.54% to 1161.6% [12] - China Re expects a net profit of 11.652 billion to 13.445 billion yuan in Q1, a year-on-year increase of 30% to 50% [13] - Huagong Technology anticipates a net profit of 390 million to 440 million yuan in Q1, a year-on-year increase of 34.54% to 51.79% [13] - Zijin Mining expects a net profit of 10.17 billion yuan in Q1, a year-on-year increase of 62.39% [14] - Meg Intelligent anticipates a net profit of 40 million to 52 million yuan in Q1, a year-on-year increase of 518.53% to 704.09% [14] - Hunan Gold expects a net profit of 32.5 million to 37.4 million yuan in Q1, a year-on-year increase of 100% to 130% [14] - Sanmei Co. expects a net profit of 36.9 million to 42.5 million yuan in Q1, a year-on-year increase of 139.41% to 177.71% [14] - Keli Sensor anticipates a net profit of 68.18 million to 82.5 million yuan in Q1, a year-on-year increase of 58.48% to 91.76% [14] - Shengnong Development expects a net profit of 13 million to 16 million yuan in Q1, returning to profitability [14] - *ST Aonong expects a net profit of 20 million to 30 million yuan in Q1, returning to profitability [15]