将投中网设为"星标⭐"，第一时间收获最新推送 从寒武纪到摩尔线程，也包括后面即将登陆资本市场的另外三条 "GPU 小龙 " ，以及上游的半导体设备和揪心的光刻机，大 概勾勒出了最核心的科技国产替代叙事。 2023 年后，趁着 AI 大模型的东风，算力自主可控才逐渐成了明牌。但实际上，明 牌也不意味着没有一波三折。 要论最近风头最盛"小登"投资人，那必须还是摩尔线程。 年初，我写过一篇文章， 《错过寒武纪的投资人，都在抢摩尔线程老股》 ，发布日期是 2025 年 1 月 10 日。当时搅动投 资人心神的，主要有这么几个线索： 作者丨 张楠 来源丨 投中网 今年资本市场有意思， " 小登 "" 中登 "" 老登 " 炒得不可开交，就连一些产业内部，也时不时互相攻讦一番。原因么，自 然是科技、消费、周期股等各个板块表现差异巨大，乃至于划分出了鲜明的阶级。 | 代表行业 | 年内涨跌幅 | | 代表个股 | | | --- | --- | --- | --- | --- | | 小登股 | | | | | | 机器人 | 72.43% | 卧龙电驱 | 大洋电机 | 三花智控 | | 237.01% | | | 97 ...

Investment Rating - The investment rating for the company is "Buy" [2] Core Insights - The upcoming product launch will feature the SoC chip "Xuanjie o1," making the company the fourth globally to release a self-developed 3nm mobile chip, following Apple, Qualcomm, and MediaTek. The company has invested over 13.5 billion RMB in R&D for this chip as of April 2025, with a projected investment of over 6 billion RMB for the year [1][2] - The launch of the Xiaomi 15S Pro, equipped with the Xuanjie o1 chip, is expected to enhance product competitiveness in the AI era, similar to the differentiation seen in Apple and Huawei products that utilize self-developed chips and operating systems [1] - The YU7 launch is anticipated to generate significant pre-orders, with expectations of over 150,000 orders within 24 hours, given the SUV market's larger size compared to the sedan market [1] - Revenue forecasts for 2025-2027 are projected at 481.84 billion RMB, 636.48 billion RMB, and 716.47 billion RMB, with year-on-year growth rates of 31.7%, 32.1%, and 12.6% respectively. Adjusted net profits are expected to be 41.64 billion RMB, 61.34 billion RMB, and 65.60 billion RMB, with growth rates of 52.9%, 47.3%, and 6.9% [1][2] - The company is valued at a reasonable market capitalization of 1.46 trillion HKD, with a target price of 56.28 HKD per share, based on a 20x PE for its main business and a 3x PS for its smart vehicle segment [1] Financial Summary - The company's projected revenue for 2025 is 481.84 billion RMB, with a year-on-year growth of 32%. The adjusted net profit for the same year is expected to be 32.20 billion RMB, reflecting a growth of 36% [2][7] - The earnings per share (EPS) for 2025 is estimated at 1.24 RMB, with a P/E ratio of 40.59 [2][7] - The total assets are projected to reach 494.41 billion RMB by 2025, with total liabilities of 233.50 billion RMB, resulting in a debt-to-equity ratio of 47.23% [7]