11月18日，工业和信息化部办公厅印发《高标准数字园区建设指南》（以下简称《指南》），为数字经 济时代的产业载体升级划定明确方向，也为算力等核心支撑领域带来发展新机遇。 在政策持续加码的背景下，上市公司作为产业创新主力军顺势加速算力布局。业内人士指出，凭借政策 的助力、深厚的技术积淀、稳定的产能优势与多元的产业协同能力，相关企业将在智能算力规模高速增 长的浪潮中抢占发展先机。 政策助力持续加码 上市公司积极布局 当前，算力行业正迎来高速增长期。国际数据公司（IDC）与浪潮信息（000977）此前联合发布的 《2025年中国人工智能计算力发展评估报告》显示，预计2023年至2028年中国智能算力规模年复合增长 率达46.2%。 在此背景下，多家上市公司积极加大算力领域投资与布局，成为行业发展的重要推动力量。 据芯原微电子（上海）股份有限公司披露，公司2025年第三季度新签订单15.93亿元，同比大幅增长 145.80%，其中AI（人工智能）算力相关的订单占比约65%。 江苏中天科技（600522）股份有限公司日前在互动平台回复提问时表示，采用VCSEL、EML、硅光三 种技术路线的全系列400G光模块均已规模量 ...

Core Viewpoint - The company reported its 2024 annual results and Q1 2025 results, showing a revenue increase but a decline in net profit for 2024, while Q1 2025 performance met expectations [1][2]. Financial Performance - In 2024, the company achieved a revenue of 48.055 billion yuan, a year-on-year increase of 6.63%, and a net profit attributable to shareholders of 2.838 billion yuan, a year-on-year decrease of 8.94% [1]. - For Q1 2025, the company reported a revenue of 9.756 billion yuan, a year-on-year increase of 18.37% but a quarter-on-quarter decrease of 28.99%. The net profit attributable to shareholders was 628 million yuan, a year-on-year decrease of 1.33% but a quarter-on-quarter increase of 19.06% [1]. Business Segment Performance - In 2024, the power transmission segment generated a revenue of 19.785 billion yuan, a year-on-year increase of 18.18%, with a gross margin of 15.15%, up 0.18 percentage points [1]. - The optical communication and network segment achieved a revenue of 8.094 billion yuan, a year-on-year increase of 11.19%, with a gross margin of 25.14%, down 1.98 percentage points [1]. - The new energy materials segment reported a revenue of 7.003 billion yuan, a year-on-year decrease of 2.85%, with a gross margin of 7.32%, down 4.02 percentage points [1]. - The marine series generated a revenue of 3.644 billion yuan, a year-on-year decrease of 2.59%, with a gross margin of 24.45%, down 2.21 percentage points [1]. Order Backlog and Growth - As of April 23, 2025, the company had a substantial order backlog of approximately 31.2 billion yuan in the energy network sector, including about 13.4 billion yuan in marine series, 14 billion yuan in grid construction, and 3.8 billion yuan in new energy [2]. - The marine international business has shown growth for three consecutive years, successfully delivering projects such as the European 66kV long-length submarine cable and signing contracts for long-length three-core submarine cables in Vietnam [2]. Research and Development - The company is actively pursuing new directions in the optical fiber communication field, including joint research on hollow-core fibers and the development of bend-insensitive four-core fibers for data centers [2]. - Innovations in the communication cable sector include the new "13/8" spread spectrum leakage cable, and the company has successfully achieved mass production of high-speed copper cables [2]. - In the computing infrastructure area, the company is conducting in-depth research on next-generation liquid cooling technology for data centers, resulting in a composite liquid cooling solution [2]. Investment Outlook - The company is expected to achieve net profits of 3.956 billion yuan, 4.641 billion yuan, and 5.029 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 39.4%, 17.3%, and 8.4% respectively. The expected EPS for these years is 1.16, 1.36, and 1.47 yuan [2].