（编辑 袁冠琳） 证券日报网讯 新开普10月16日在互动平台回答投资者提问时表示，公司已完成支付终端、安防终端、 水电能源终端的全品类国产化布局，同时服务器（含虚拟化软件）、操作系统、数据库等也完成了信创 适配。 ...

Core Insights - The article discusses the innovative efforts of a group in Argentina called "Electronic Waste Explorers," which repurposes electronic waste into functional devices, highlighting the intersection of charity, science, and creativity [1][3] - Argentina generates approximately 520,000 tons of electronic waste annually, ranking fifth in the Americas, following the United States, Brazil, Mexico, and Canada [1] - The group was founded in 2019 and has grown rapidly during the pandemic, focusing on salvaging and refurbishing old devices to donate to those in need [1] Group Activities - The group conducts workshops to teach children how to create simple devices like temperature sensors from electronic waste, emphasizing hands-on experience over purchasing new products [3] - They recently held an annual event in Buenos Aires, featuring workshops on reviving discarded smartphones and demonstrating repurposed electronic devices [1] Concerns and Criticism - Members of the group criticize the "planned obsolescence" strategy employed by companies, which leads to products being designed for early disposal [3] - There is a concern about the impact of smartphones on social relationships and mental health among the youth in Argentina, indicating a broader societal issue linked to electronic consumption [3]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a potential upside of over 15% relative to the benchmark index [6]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 180 million to 240 million yuan for H1 2025, representing a year-on-year growth of 43.8% to 91.8% [1]. - The strong growth in net profit is primarily driven by the accelerated construction of data centers in the internet sector and improved operational efficiency [2]. - The company continues to explore applications for digital currency in cross-border payments, positioning itself as a key player in the digital finance landscape [3]. - The strategic transformation towards "ICT and AI application solutions" is ongoing, with multiple AI application scenarios being explored [4]. - The projected net profits for 2025, 2026, and 2027 are estimated at 550 million, 720 million, and 880 million yuan respectively, with corresponding PE ratios of 26, 20, and 16 [4]. Summary by Sections Financial Performance - For H1 2025, the company anticipates a net profit of 180 million to 240 million yuan, with a growth rate of 43.8% to 91.8% year-on-year [1]. - The second quarter is expected to show a net profit of 140 million to 200 million yuan, reflecting a year-on-year increase of 41.4% to 91.8% and a quarter-on-quarter growth of 227.3% to 369.8% [1][2]. Market Position - The company has maintained its leading position in the 200G/400G data center switch market in China for 13 consecutive quarters, indicating strong market dominance [2]. - The company secured a 21% share in a recent procurement by China Mobile for data center switches, amounting to 350 million yuan [2]. Strategic Initiatives - The subsidiary, Ascend Information, is actively involved in the digital currency sector and is exploring cross-border payment applications [3]. - The company is focusing on AI applications and has launched various innovative solutions in the metaverse and smart retail sectors [4]. Financial Projections - The company forecasts revenues of 16.758 billion yuan for 2024, with a growth rate of 5.3%, and expects revenues to reach 30.12 billion yuan by 2027, with a growth rate of 20.9% [5][10]. - The projected net profit for 2024 is 405 million yuan, with a decline of 4.8%, followed by significant growth in subsequent years [5][10].

Core Viewpoint - Newcap's 2024 annual report shows steady growth in revenue and profit, with a focus on expanding its presence in the smart campus and government enterprise sectors, leveraging technological advancements and policy support [1][2][3] Financial Performance - The company achieved operating revenue of 984 million yuan and a net profit attributable to shareholders of 110 million yuan, representing a year-on-year increase of 2.51% [1] - The net profit after deducting non-recurring gains and losses was 105 million yuan, up 3.97% year-on-year [1] - Operating cash flow net amount reached 272 million yuan, a significant increase of 126.64% year-on-year [1] - The company plans to distribute a cash dividend of 0.80 yuan per 10 shares (including tax) [1] Market Position and Expansion - Newcap holds over 40% market share in the domestic smart campus sector, serving more than 1,000 universities including Tsinghua University and Peking University [1] - The company has expanded its "Code Card Face" solution to nearly 40 new university clients, with nearly 50 upgrade projects for existing clients [1] - In the non-campus market, the company has leveraged its technology to expand into government and agricultural sectors, with smart government solutions accounting for 15.08% of revenue [2] R&D and Technological Advancements - In 2024, the company invested 186 million yuan in R&D, representing 18.89% of its operating revenue [2] - Newcap established an AI research institute in Shanghai and launched the "Xingpu Model" for the education sector, enhancing campus management efficiency [2] - The company reported significant growth in hardware sales, with over 160,000 smart water control devices shipped and nearly 60,000 IoT smart water meters supplied [2] Policy and Future Outlook - The release of the "Education Power Construction Plan" supports ongoing investment in educational information technology, providing a long-term growth avenue for the company's core business [3] - Newcap aims to increase investment in smart campus and government enterprise solutions while expanding into new business areas for sustainable growth [3]