AI 数智化领先厂商，切入储存迎新机 开普云(688228) 开普云（688228.SH）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 杨林(分析师) | 021-23183969 | yanglin2@gtht.com | S0880525040027 | | 魏宗(分析师) | 021-23180000 | weizong@gtht.com | S0880525040058 | | 钟明翰(研究助理) | 021-38031383 | zhongminghan@gtht.com | S0880124070047 | 本报告导读： 公司作为国内 AI 数智化的行业领先者，收购金泰克切入储存业务，随着储存芯片行 业迎来长期景气周期，叠加公司 AI+能源业务协同发力，未来业绩增速有望超预期。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- ...

投资要点： 投资建议：首次覆盖，给予"增持"评级，公司储存芯片+AI算力+能源协同发力，并购金泰克有望打开 AI 存储成长曲线。若假设金泰克并购成功完成，预计2025-2027 年开普云传统主业的收入分别为 7.19/9.53/11.91 亿元，金泰克的收入分别为38.40/72/100 亿元，按照PE 和PS 估值，最终给予公司2025 年传统业务175 倍PE，金泰克存储业务80 倍PE 估值，合理估值为202.23 亿元人民币，按发行股份前的 总股本摊薄对应目标价299.52 元。 25H1 盈利能力显著修复，研发投入筑牢技术护城河。公司2024 年短期业绩承压后，2025 年H1 收入约 1.60 亿元，同比增长2.99%，归母净利润约378 万元，同比大增123%，成功扭亏为盈，前期延迟项目逐 步落地带动恢复。AI 算力及大模型业务表现亮眼，2024 年实现收入1.24 亿元，较上年同比提升 949.4%。 本报告导读： 公司作为国内AI 数智化的行业领先者，收购金泰克切入储存业务，随着储存芯片行业迎来长期景气周 期，叠加公司AI+能源业务协同发力，未来业绩增速有望超预期。 AI 算力与数智能源产品 ...

Group 1: AI Technology Integration - AI technology is deeply integrated into various industries such as manufacturing, healthcare, and education, accelerating its entry into production lines and daily life, becoming a crucial support for the development of new productive forces [1][5] Group 2: Company Developments - Fulin Precision (富临精工) announced a significant investment in its subsidiary Jiangxi Shenghua New Materials, with Fulin investing 1 billion yuan and CATL investing 2.56 billion yuan to enhance their strategic partnership [1] - Following this announcement, Fulin Precision's stock surged, reaching a new high since 2022, with a market capitalization approaching 38 billion yuan [1] Group 3: AppLovin Performance - AppLovin, a leading AI application company, saw its stock price rise by 6.34% to a record high of $712.36 per share, with a year-to-date increase of 119.98%, bringing its market capitalization to approximately $240.96 billion [3] - Analysts from Oppenheimer and UBS have significantly raised AppLovin's target price, reflecting confidence in its non-gaming advertising business and long-term growth potential [3][4] Group 4: AI Application Stocks - A report indicated that 14 AI application concept stocks in the A-share market have doubled in value this year, with notable performers including Siquan New Materials, Kaipu Cloud, and Hongjing Technology [6][8] - Siquan New Materials has seen a staggering increase of 424.96% this year, focusing on thermal management products for emerging industries [8] Group 5: Future Growth Potential - A total of 43 AI application concept stocks are expected to have a net profit growth rate exceeding 20% in the next two years, with 21 stocks showing an upside potential of over 13% based on the latest closing prices [9][10] - Newguodu is highlighted as having the highest upside potential at 40.16%, driven by its expansion into various industry clients and AI business layout [10]