Core Insights - The global demand for AI computing power is experiencing unprecedented explosive growth, while the process of domestic substitution is accelerating [1] - The A-share market is witnessing significant development in three major technology sectors: computing power, CPO (Co-Packaged Optics), and PCB (Printed Circuit Board) [1] Group 1: Computing Power Infrastructure - Gansu Qingyang has successfully deployed a domestic 100,000-card intelligent computing cluster, utilizing a fully autonomous architecture and Ascend chips, marking a significant advancement in China's computing power infrastructure [1] - This achievement breaks international technological barriers and signifies a leap from "usable" to "optimal" computing power infrastructure [1] Group 2: CPO Technology - CPO technology integrates optical modules with chip packaging, significantly reducing signal transmission losses and greatly enhancing the energy efficiency and bandwidth of data centers and AI servers [1] - Morgan Stanley predicts that the CPO market will surge from $8 million in 2023 to $9.3 billion by 2030, with a staggering compound annual growth rate (CAGR) of 172% [3] Group 3: PCB Market - The PCB sector is also showing strong growth, driven by the rapid increase in AI inference demand, with applications in servers, switches, and optical modules [3] - Prismark forecasts that the AI server PCB market will achieve a CAGR of 32.5% from 2023 to 2028 [3] Group 4: Investment Opportunities - ZTE Corporation is actively pursuing a "computing power network" strategy, providing comprehensive ICT infrastructure solutions and has won multiple domestic intelligent computing center projects [4] - ZTE has collaborated with NVIDIA to develop a 51.2T CPO switch, setting a new industry record for single-chip bandwidth, which is already applied in Meta's data center [4] - Huada Technology, a leading AI server PCB supplier, has orders booked until 2026 and has made significant breakthroughs in 800G optical module PCB signal integrity [4] - Shengyi Technology, the second-largest copper-clad laminate manufacturer globally, holds over 20% market share in the high-frequency and high-speed CCL market and has achieved a 99.5% yield rate for 800G optical modules [5] - The company has also developed high thermal conductivity PCBs for liquid-cooled servers, successfully applied in the 100,000-card intelligent computing cluster in Qingyang [5] - The top potential stock, H3C, leads the domestic switch market and ranks among the top three globally in AI server shipments, having launched the 51.2T 800G CPO silicon optical switch [4][5]

点击注册小程序 查看完整报告 特别申明： 在数据中心领域，公司继续提升在网络基础设施领域的创新能力，推动数据中心基础设施建设发展：凭借 对场景和行业的价值赋能，AI-FlexiForce 智算中心网络解决方案实现大规模交付，获"年度影响力解决方 案奖"；携手中移动共同发布自主技术知识产权的 AIGC 智算网络新标准，推动国内智算网络技术体系发 展。2024年公司在关键领域连连突破，成功推出了TH5交换机、51.2T CPO交换机、全球性能领先的 400G/800G LPO光模块的创新产品矩阵等创新解决方案。 公司积极拓展在信创、视联网、车联网等领域的AI应用 （1）信创：公司基于华为最新麒麟 9000C 芯片打造的"升华"系列整机，助力党政、国企、教育、医疗等 行业实现信创智能化升级；持续深化与兆芯、飞腾等生态伙伴的战略合作，发布多个形态的信创整机产 品。 （2）视联网：多款 AI 语音核心产品正式获颁工信部电信设备进网许可证，提升了在运营商市场和行业专 网的竞争力。在政务办公、医疗、金融等多行业实现突破：智慧医疗解决方案批量性落户山东、上海、北 京等省份的国家区域医疗中心；金融相关解决方案中标建设银行总行集 ...

Core Viewpoint - The company reported a revenue of 16.758 billion yuan for 2024, reflecting a year-on-year increase of 5.35%, while the net profit attributable to shareholders was 405 million yuan, down 4.76% year-on-year [1] Group 1: Financial Performance - The company achieved Q4 revenue of 4.872 billion yuan, a slight increase of 0.34% year-on-year, with a net profit of 142 million yuan, up 16.22% year-on-year [1] - The gross margin for Q4 was 38.13%, showing a quarter-on-quarter increase of 6.29 percentage points [1] Group 2: Product and Market Development - The company made significant breakthroughs in network infrastructure products, particularly in the data center sector, enhancing its innovation capabilities [2] - The AI-FlexiForce intelligent computing center network solution was delivered on a large scale and won the "Annual Influential Solution Award" [2] - The company launched innovative products such as the TH5 switch, 51.2T CPO switch, and leading global 400G/800G LPO optical modules [2] Group 3: AI Applications Expansion - In the field of trusted computing, the company developed the "Shenghua" series machines based on Huawei's Kirin 9000C chip, aiding various sectors in achieving intelligent upgrades [2] - The company received telecom equipment access licenses for multiple AI voice core products, enhancing competitiveness in the operator market and industry private networks [3] - The company made strides in smart medical solutions, which were implemented in national regional medical centers across provinces like Shandong, Shanghai, and Beijing [3] Group 4: Market Outlook and Profit Forecast - The company adjusted its net profit forecasts for 2025 and 2026 downwards by 39% and 42% to 510 million yuan and 622 million yuan, respectively, while introducing a new forecast of 728 million yuan for 2027 [3] - The company maintains a "buy" rating, anticipating growth opportunities from AI intelligent computing center networks and increased demand for white-label switches in data centers driven by operator investments [3]