AI 应用主升浪，买哪些公司？20260112 摘要 AI 应用行情持续向好：受益于大模型新动态及板块前期调整，计算机板 块在 2 月上涨概率高，建议加仓 AI 算力，目前仓位较低。 合合信息多维成长：从 OCR 公司转型为多模态公司，海外市场表现良好， 全球月活跃用户约 1.89 亿，海外收入贡献逐季加速，PS（市销率）相 对较低，增长空间大，坚定推荐。 卓翼信息定位 AI Q 点赛道：全球 Talkies 总消耗量中，AI Q 点占据 50%的比例，是用户活跃度最高的细分领域，公司股权激励显示出对相 关业务发展的强烈信心，坚定看好。 金山办公估值弹性：当前估值处于历史底部分位值附近，AI 月活跃用户 已达 5,000 万以上，第三季度业绩呈现明显拐点加速趋势，是需要重点 配置的重要标的。 汉得信息 AI 落地能力强：与火山系紧密合作，在大型国央企和特大型企 业中的 AI 落地需求反应迅速，订单获取能力强，业绩稳定性强，市场认 可度高，未来成长性和股票表现值得看好。 Q&A 计算机行业近期表现如何？AI 应用的持续性和投资机会如何？ 上一周，整个计算机行业表现突出，指数上涨了 8.49%，成交量显著增加，市 ...

[Table_Title] 证券研究报告/公司深度报告 扫描全能王在月活用户规模、品牌知名度、用户口碑等方面具备先发优势。（1） 平均月活：扫描全能王 2023 年平均月活为 1.45 亿，远高于其他竞品（4-6624 万）；（2）用户体验：AppStore 上的 iOS 中国区评分为 4.9，iOS 美国区评分也 为 4.9，合计评分个数超 600 万，远远超过竞品 APP（2.6-123.6 万）；（3）品 牌知名度：用户在 APPStore 中更多的是直接搜"扫描全能王"，而非"扫描"等功 能词，说明用户角度扫描全能王就是扫描的代名词。 公司具备持续创新和产品化能力。1)创始人及核心团队均相关领域技术人员出 身，拥有领域内领先的学术资源，公司在 OCR-STR-模式识别赛道未来仍大有可 为；2)研发人员比例高，持续创新寻找新场景下的应用落地(如蜜蜂试卷、大模 型数据清洗等)，产品矩阵有望进一步拓宽。 海外市场空间广阔。23 年国内市场付费用户渗透率 0.53%，但在巴西、印尼、 墨西哥仅为 0.11%、0.08%、0.07%，我们预计随新兴国家数字化水平提升，对移 动办公、文档扫描的需求和付费意愿有望进 ...

Group 1: Company Research Insights - Southern Fund recently conducted research on 9 listed companies, focusing on their strategic directions and performance metrics [1][2][3][4][5][6][7][8][9] - Potevio Technology is focusing on satellite internet and has established a joint laboratory with Xidian ISN for low-orbit satellite communication products [1] - Longi Green Energy reported a main revenue of 32.813 billion yuan, a year-on-year decrease of 14.83%, while its net profit attributable to shareholders was -2.569 billion yuan, an increase of 50.88% year-on-year [2] - Hehe Information is accelerating new product launches and focusing on AI product strategies, with over 60% of its workforce in R&D [3] - Zoomlion is cautiously optimistic about market demand, with a significant increase in overseas revenue by approximately 15% [4] - Aotwei's semiconductor equipment gross margin is low due to long acceptance cycles, but it expects improvement with increased orders for aluminum wire bonding machines [5] - Jingzhida achieved a revenue of 444 million yuan in the first half of 2025, a year-on-year increase of 22.68%, with over 70% of revenue from semiconductor business [6] - Zhongke Lanyun reported a sales revenue of 444.45 million yuan in Q2, with a quarter-on-quarter growth of 21% [7] - Youyou Green Energy's revenue reached 720 million yuan in the first half of 2025, with a slight year-on-year increase of 0.11% [8] - Fuan Energy's total assets were 19.906 billion yuan, with an operating income of 15.338 billion yuan in the first half of 2025, maintaining stable growth [9] Group 2: Financial Performance Metrics - Longi Green Energy's second-quarter revenue was 19.161 billion yuan, a year-on-year decrease of 8.12%, with a net profit of -1.133 billion yuan, an increase of 60.66% [2] - Zoomlion's mid-term dividend payout exceeded 60%, reflecting a long-term stable return philosophy [4] - Aotwei's gross margin is expected to improve as it expands into advanced packaging and solid-state battery equipment [5] - Jingzhida's new orders are gradually increasing its market share, with a focus on high-end testing machines [6] - Zhongke Lanyun's net profit reached 86.2341 million yuan in Q2, with a quarter-on-quarter growth of 92.10% [7] - Youyou Green Energy's overall gross margin was 29.6%, with overseas sales gross margin at 55.1% [8] - Fuan Energy's cash flow from operating activities was 686 million yuan, a year-on-year increase of 602.45% [9]

Core Viewpoint - The company, Hehe Information, has successfully completed its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, focusing on artificial intelligence and big data, with a revenue growth of 21% in 2024 and significant investments in R&D [1][6]. Group 1: Financial Performance - In 2024, the company's revenue increased by 21%, with R&D expenses exceeding 400 million yuan, marking a 36% increase from the previous year [1][3]. - The intangible assets primarily consist of self-developed data resources, with a book value of 45.51 million yuan, representing 94.52% of total intangible assets [1][2]. - The company's R&D expenses have been consistently above 200 million yuan annually, with a notable increase to 390 million yuan in 2024 [3][5]. Group 2: R&D Investment and Focus - The company has focused its R&D investments on AI and big data technology, enhancing product capabilities and user experience across its offerings [4][6]. - R&D expenses are primarily allocated to employee salaries, which account for 73% of total R&D costs, with an average salary of 510,000 yuan per employee in 2024 [5][6]. - The company has accumulated 128 patents, indicating a strong commitment to innovation and technology development [6]. Group 3: Data Asset Development - Hehe Information has developed two main types of data assets: foundational data and knowledge data, which are created through extensive data processing and analysis [2][9]. - The company is currently working on several projects aimed at enhancing its data asset capabilities, including a commercial big data SaaS platform and a data governance project [8]. - The potential for growth in the data industry is significant, with the company positioned to leverage its extensive data resources for high-value applications [9].

Key Insights - The report highlights a selection of stocks for May, including companies like SF Holding, Jitu Express, and Guizhou Moutai, indicating potential investment opportunities in various sectors [1] - The report emphasizes the need for the power equipment industry to adapt to the increasing demand for grid expansion and upgrades due to the rise of new energy installations and data centers [7][8] - The report notes that the AI text recognition and commercial big data sectors are experiencing growth, with companies like Hehe Information positioned to benefit from increasing user demand and favorable policies [11][13] Group 1: Power Equipment Industry - The global power system is facing new challenges, necessitating upgrades and expansions in the grid to accommodate rising electricity demand from new energy sources and emerging technologies [7] - The report anticipates significant investment in high-voltage transmission lines, with over 20 new lines expected to be operational by 2025, which will drive demand for related equipment [8] - The domestic and international push for distribution network upgrades is expected to increase transformer demand, with China holding a 35% share of global transformer production [9] Group 2: AI and Big Data Sector - Hehe Information is recognized as a leading player in AI text recognition, with a strong C-end user base and a growing market presence, particularly in the commercial big data space [11][12] - The company has seen consistent revenue growth, with a projected annual compound growth rate of 16.5% in the smart text recognition service market from 2023 to 2030 [12] - The synergy between B-end and C-end services is expected to enhance the company's competitive edge, with a focus on expanding into overseas markets [13] Group 3: Wind Power Industry - The report indicates that Haile Wind Power is positioned to benefit from the gradual release of offshore wind installation demand, despite facing challenges in 2024 due to project delays [19][21] - The company reported a significant revenue increase of 251.5% year-on-year in Q1 2025, reflecting improved performance as offshore projects commence [21] - The report highlights the company's robust production capacity and ongoing expansion plans, which are expected to support future growth in the offshore wind sector [21]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5][3]. Core Insights - The company, Hehe Information, is a leading player in the C-end productivity software market, driven by AI and overseas expansion [3][8]. - The company has a strong user base and brand influence, with expectations for continued growth in both C-end and B-end business segments [8][16]. - Revenue and profit margins have shown consistent improvement, with a projected revenue growth rate of 24.2% for 2025 [21][5]. Summary by Sections Company Overview - Hehe Information specializes in AI text recognition and commercial big data, having developed popular apps like "CamScanner" and "CamCard" [8][16]. - The company has been operational since 2006, focusing on text recognition and image processing technologies [16]. Financial Performance - From 2018 to 2024, the company's revenue increased from 196 million RMB to 1.438 billion RMB, with a compound annual growth rate (CAGR) of 39.39% [21][24]. - The net profit turned from a loss of 79 million RMB in 2018 to a profit of 401 million RMB in 2024, with a gross margin improvement from 72.54% to 84.28% [21][24]. Business Segments - The company's main revenue sources are from intelligent text recognition and commercial big data services, with the former contributing 84.53% of total revenue in 2024 [22][30]. - The "CamScanner" app generated 982 million RMB in revenue, accounting for 68.31% of the intelligent recognition segment [22][30]. Market Position and Growth Potential - The global market for intelligent text recognition services is expected to grow from 12.56 billion USD in 2023 to 32.9 billion USD by 2030, with a CAGR of approximately 14.8% [43][46]. - The Chinese market for intelligent text recognition services is projected to grow at a CAGR of 16.5%, outpacing global growth rates [43][46]. Product Development and Innovation - The company is expanding its product offerings, including new educational software aimed at the C-end market, which may become a new growth driver [8][16]. - The company has established a strong foothold in the B-end market, serving over 130 Fortune 500 companies and implementing solutions across nearly 30 industries [8][16].