Another major milestone for MyriadCrossing $20M in volume wageredMYR / ACCMYRIAD (@MyriadMarkets):That was quick...See you at $50M.⚡️ GMYR https://t.co/9oqFD3lQWs ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by more than 15% in the next six months [16]. Core Viewpoints - The company is actively expanding into new business areas within the AI data center sector, achieving double growth in revenue and profit for the first half of 2025 [1][2]. - In the first half of 2025, the company reported revenue of 1.525 billion yuan, a year-on-year increase of 59.15%, and a net profit attributable to shareholders of 157 million yuan, up 141.64% year-on-year [2]. - The growth in net profit is attributed to steady growth across various business segments, increased order volumes, technological and process innovations, management reforms, and successful expansion into new business areas [2][3]. Financial Summary - Revenue projections for 2025-2027 are as follows: 3.018 billion yuan in 2025, 3.562 billion yuan in 2026, and 4.096 billion yuan in 2027, with respective growth rates of 25%, 18%, and 15% [4]. - Net profit attributable to shareholders is projected to be 258 million yuan in 2025, 352 million yuan in 2026, and 404 million yuan in 2027, with growth rates of 47%, 36.5%, and 14.8% respectively [4]. - The company’s latest diluted EPS is expected to be 1.25 yuan in 2025, 1.71 yuan in 2026, and 1.96 yuan in 2027 [4]. Business Development - The company is maintaining stable R&D investment, with R&D expenses amounting to 69.81 million yuan in the first half of 2025, representing 4.58% of revenue [3]. - The company is expanding its product offerings in the AI and data center communication fields, including high-speed data transmission cables and cooling connection solutions [3]. - The operational capacity of overseas factories in Mexico and the United States is continuously improving, contributing to the overall growth in orders and production efficiency [2].

Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 1.525 billion yuan, a year-on-year increase of 59.15% [1] - The net profit attributable to shareholders reached 157 million yuan, up 141.66% year-on-year [1] - The non-GAAP net profit attributable to shareholders was 148 million yuan, reflecting a 147.60% increase year-on-year [1] - For Q2 2025, revenue was 763 million yuan, growing 54.01% year-on-year and 0.27% quarter-on-quarter [1] - The net profit for Q2 was 81 million yuan, a substantial year-on-year increase of 249.68% and a quarter-on-quarter increase of 7.62% [1] - The non-GAAP net profit for Q2 was 75 million yuan, with a year-on-year growth of 292.43% and a quarter-on-quarter growth of 1.57% [1] Business Development Trends - The new energy connector segment showed steady growth, with revenue of 1.395 billion yuan in the first half of 2025, a year-on-year increase of 61.6% [2] - Gross margin improved by 0.78 percentage points to 23.34%, attributed to stable raw material prices and ongoing product upgrades and process improvements [2] - The company is expanding its global footprint, with production capacity increasing in its factories in Mexico and the United States, and new sales offices established in Silicon Valley and Germany [2] - The U.S. factory's sales continued to grow year-on-year, while the Mexican factory's losses significantly narrowed compared to the previous year [2] Emerging Business Opportunities - The company is actively expanding into AI and data center markets, providing comprehensive connectivity solutions for AI systems [3] - The product matrix includes high-speed data transmission cables and power supply solutions, with ongoing R&D in high-speed backplane systems and cable systems [3] - In the humanoid robotics sector, the company collaborates with leading firms to develop and supply a wide range of products [3] - The company is also exploring opportunities in the low-altitude economy, having completed solutions for EVTOL and industrial-grade aircraft [3] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 have been raised by 16.3% and 28.9% to 304 million yuan and 440 million yuan, respectively [4] - The current stock price corresponds to a P/E ratio of 51.9 for 2025 and 35.8 for 2026 [4] - The target price has been adjusted upwards by 73.7% to 49.5 yuan, indicating a potential upside of 12.1% from the current stock price [4]

Core Viewpoint - The use of NOA (Navigation on Autopilot) has been significantly restricted on highways, with only 68 kilometers of a 438-kilometer journey being usable, attributed to 5G signal limitations rather than direct restrictions from car manufacturers or highway authorities [1][2][5]. Group 1: NOA Usage and Limitations - Many drivers have reported a decrease in the availability of NOA on highways, with specific instances of it being downgraded to LCC (Lane Centering Control) or being completely unusable [2][4]. - The NOA system, which is a higher-level driving assistance feature, is often misused, leading to accidents and raising concerns about its safe deployment [4][7]. - There is speculation that traffic management authorities may have flagged certain road segments as hazardous, prompting car manufacturers to optimize NOA usage [5][7]. Group 2: Signal Issues and Responsibility - Car manufacturers, including Li Auto, have stated that they have not imposed restrictions on NOA usage, suggesting that external factors like 5G signal quality may be influencing its functionality [5][6]. - Highway staff have indicated that signal coverage issues could be a reason for NOA's limited use, rather than any restrictions imposed by the highways themselves [6][11]. Group 3: Safety Concerns and Driver Behavior - The rise in accidents related to the misuse of driving assistance systems has led to increased caution among drivers, with many opting to use simpler systems like ACC (Adaptive Cruise Control) instead of NOA [8][11]. - Reports indicate that a significant percentage of accidents involving driving assistance systems are due to drivers over-relying on these technologies, highlighting the need for responsible usage [11][12]. - Experts emphasize that drivers must remain engaged and aware while using assistance systems, as reliance on technology can lead to dangerous situations [10][12]. Group 4: Future Development and Industry Insights - The industry is urged to balance the convenience of driving assistance with safety, advocating for a deeper understanding of the interactions between humans, vehicles, and road systems [14]. - There is a call for the development of a robust support system that integrates advanced vehicle technology with traffic infrastructure to enhance the safety and effectiveness of driving assistance systems [14].

Group 1 - The article discusses the phenomenon of road rage, highlighting a recent incident involving a 19-year-old male who aggressively collided with a cyclist during a dispute [1][2] - The introduction of a new feature called "Road Rage Relief" by Xiaopeng Motors aims to address this issue by allowing drivers to throw toy packages at surrounding vehicles to alleviate anger [2][3] - The article traces the historical roots of road rage, suggesting that it is not a modern issue but has existed since ancient times, with examples from Roman chariot drivers to 18th-century London carriage drivers [4][5][8] Group 2 - The core cause of road rage is identified as the struggle for dominance over limited road resources, which triggers feelings of disrespect and anger among drivers [11][14] - Factors that exacerbate road rage include limited resources in congested areas, anonymity provided by vehicles, and differing perceptions of driving rules among drivers [15][16][17] - The article suggests potential solutions for road rage, including the use of advanced driver-assistance systems (ADAS) to help manage driving behavior and reduce stress [21][22][25] Group 3 - Legislative measures in various regions, such as Delaware, impose strict penalties for aggressive driving behaviors, indicating a growing recognition of the issue [27][28] - In China, the legal framework for addressing road rage includes a tiered system of penalties that escalates based on the severity of the behavior, with specific fines and potential imprisonment for serious offenses [29][30] - The article concludes that road rage has been a persistent issue throughout history, emphasizing the importance of personal responsibility in managing emotions while driving [32][33]

Investment Rating - The industry investment rating is optimistic (maintained) [1] Core Insights - The report highlights that copper interconnect technology has become a key factor in enhancing data center performance, with a growing market share due to its low cost and low power consumption advantages in short-distance connections [4][13] - The demand for high-speed copper cables is significantly driven by the AI boom, particularly with the increasing computational needs of data centers and the adoption of NVIDIA's GB200 solutions [22][41] - The report emphasizes the rapid growth of the AEC (Active Electrical Cable) sector, which is expected to achieve a compound annual growth rate (CAGR) of 45% from 2023 to 2028, indicating a robust market opportunity [26][84] Summary by Sections Section 1: Copper Interconnect Technology - Copper interconnect technology is crucial for improving data center performance, with various connection solutions available [13] - The report discusses the advantages of copper cables over fiber optics in specific applications, particularly in short-distance connections within data centers [17][18] Section 2: AI and Copper Cable Demand - The rise of generative AI models like ChatGPT has led to an exponential increase in computational power requirements, driving demand for copper interconnect solutions [22][29] - NVIDIA's GB200 architecture utilizes copper interconnects extensively, enhancing performance and reducing power consumption compared to previous solutions [41][50] Section 3: Data Center Growth and Copper Demand - Global data center energy consumption is projected to rise significantly, with copper interconnects offering low power consumption advantages [60][67] - The report notes that the increasing operational costs of data centers necessitate efficient transmission solutions, where copper interconnects provide a cost-effective alternative [63][67] Section 4: High-Speed Copper Cable Market - The high-speed copper cable market is characterized by strong internal and external demand, with diverse application scenarios [75][76] - The AEC supply chain is detailed, highlighting the importance of upstream components like chips and cables, and the involvement of major players in the industry [88][89] Section 5: Investment Recommendations - The report suggests focusing on leading companies in the copper cable connector industry, including Huafeng Technology, Ruikeda, and Lixun Precision, among others, which are well-positioned to benefit from the growing demand [6][75]

Investment Rating - The investment rating for the communication industry is "Positive" (maintained) [1] Core Insights - The report highlights that the demand for computing power is continuously increasing due to the maturity of generative artificial intelligence (AIGC) technologies, which significantly drives the growth of data centers and related industries [3][4] - Copper interconnect technology is becoming a key factor in enhancing data center performance, particularly in short-distance connections where it offers cost and power consumption advantages [4][5] - The AEC (Active Electrical Cable) technology is gaining attention as it enhances signal quality and transmission distance, making it crucial for high-speed interconnections within data centers [5][6] Summary by Sections Section 1: Copper Interconnect Technology - Copper interconnect technology is essential for improving data center performance, with various connection solutions available [14] - The report discusses the advantages and disadvantages of fiber optic and copper cable connections, emphasizing the growing market share of copper solutions in short-distance applications [15][18] Section 2: AI and Copper Cable Demand - The rise of AI models like ChatGPT and DeepSeek is driving the demand for high-speed copper cables, as these models require substantial computing power [23][29] - NVIDIA's GB200 architecture extensively utilizes copper interconnects, which are more cost-effective and energy-efficient compared to previous optical solutions [40][47] Section 3: Data Center Growth and Copper Demand - Data center energy consumption is projected to rise significantly, with global data center electricity usage expected to exceed 1,000 TWh by 2026 [56][59] - The report notes that copper interconnects are favored for their low power consumption and cost-effectiveness in meeting the diverse connectivity needs of data centers [63][64] Section 4: High-Speed Copper Cable Market - The high-speed copper cable market is expanding, with various applications including chip-to-chip connections and server interconnections [69][70] - The AEC market is expected to grow at a compound annual growth rate (CAGR) of 45% from 2023 to 2028, indicating strong demand for this technology [79][80] Section 5: Key Beneficiaries - Leading companies in the AEC industry, such as Luxshare Precision and Zhaolong Interconnect, are positioned to benefit from the growth in this sector [6][33][37]