大家好，我是沪麒麟，请动动您发财的小手指，点击右上方"关注"，不错过最新股市干货内容，点关注不迷路！ 今天三大指数早盘集体低开，开盘后基本整个上午盘面都维持一个绿盘震荡运行，临近午间收盘随着银行板块启动护盘，指数开始震荡回升翻红，午后指数 基本也是维持红盘震荡运行至收盘。截至收盘，沪指涨0.04%，深成指涨0.24%，创业板指涨0.23%，北证50指数跌0.65%。全市场成交额12217亿元，较上日 缩量154亿元。全市场超1800只个股上涨。 油气板块今天分化更严重了，除了几个前排的也就是这两天文章一直有说的龙一准油股份、龙二山东墨龙、龙三贝肯能源涨停外，后排的基本都开始下跌了 出现了亏钱效应，比如泰山石油、洲际油气、和顺石油今天都是下跌的。前排的3个今天全部晋级4连板，按照封板强度排序是准油大于墨龙大于贝肯，贝肯 今天其实一度都有挂掉的迹象，但是尾盘还能封住涨停，那么明天这3个要开始PK了，四进五中估计至少会有一家掉队。其实前排这几个操作起来像准油只 有昨天开盘给了一丝打板上车机会，手慢还是上不了，墨龙昨天今天都给了机会，贝肯昨天水下给了机会，但是操作都需要胆子大，胆小的依旧是不敢买。 当然如果没有先手， ...

（原标题：揭秘涨停 | 绑定蚂蚁集团，002015四连板） 今日（6月18日）上证指数微涨0.04%，市场全天成交1.22万亿元，连续3个交易日成交均低于1.3万亿元。电子、计算机两大行业成交额超过1000 亿元，其中电子指数涨幅1.5%，计算机指数下跌0.2%。 涨停战场：5股连续4日涨停 不含未开板新股，今日可交易A股中，收盘封死涨停的有49只，跌停有13只。另外，26股封板未遂，整体封板率为65.33%。 据证券时报•数据宝统计，收盘涨停个股中，主板有41只，创业板5只，科创板3只。以所属行业来看，涨停数量居前的行业有电子、基础化工、机 械设备行业，分别有11只、6只、4只。 从连续涨停天数看，协鑫能科、准油股份、山东墨龙、贝肯能源、金牛化工等已连收4个涨停板。 以协鑫能科(002015)为例，该股收盘股价创2024年以来新高，A股市值突破210亿元。消息面上，6月12日，在SNEC上海光伏展览会上，蚂蚁数科 与协鑫能科共同宣布成立新公司"蚂蚁鑫能"，通过深度融合蚂蚁数科在人工智能、区块链等领域的技术能力，以及协鑫能科在能源项目开发、建 设和运营管理方面的产业优势，合作打造"AI驱动的下一代新能源生态体 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 16 年 月 日 朝闻国盛 5 月社融有喜有忧，怎么看、怎么办？ 今日概览 ◼ 重磅研报 【宏观】高频半月观—地产、价格等内需指标进一步走弱——20250615 【宏观】5 月社融有喜有忧，怎么看、怎么办？——20250613 【金融工程】中证 500、中证 1000 确认日线级别上涨——20250615 【金融工程】择时雷达六面图：信用方向转为上行趋势——20250614 【固定收益】新的做多力量会来自何方？——20250615 【固定收益】资金宽松，曲线下移——流动性和机构行为跟踪—— 20250614 【固定收益】融资弱资金宽，债市继续走强——20250614 【家用电器】从绿联科技、安克创新看"浅海品类"明星公司的成长之路 ——20250615 【银行】本周聚焦—5 月社融数据：政府债支撑社融，新发放贷款利率保 持不变——20250615 【电子】胜宏科技（300476.SZ）-全球 AI PCB 龙头，深度受益 GPU+ASIC 需求提升——20250615 ◼ 研究视点 【能源】跨省跨区电力应急调度新规出台，"疆电入渝"首批电源 ...

Investment Rating - The investment rating for Shennan Circuits is "Buy" with a 12-month target price of Rmb152, indicating a potential upside of 40% from the current price of Rmb108.6 [9][12]. Core Insights - Shennan Circuits is positioned as a key supplier in the high-end PCB market in China, benefiting from domestic AI infrastructure investments, which are expected to drive robust revenue and net profit growth [9]. - The company is experiencing a strong demand for AI-related products, with overall PCB capacity utilization exceeding 90% and AI-related capacity running at full production [3][9]. - The ABF business is in the early ramp-up stage, with expectations of narrowing losses in 2025 due to cost control and increased revenue [4][9]. Summary by Sections Raw Material Costs - Raw material costs, particularly for gold and copper-related materials, are on the rise, prompting Shennan to negotiate prices with suppliers. Gold-related materials account for less than 10% of total procurement [2][9]. - Management plans to pass some of the cost increases to customers due to high overall demand and utilization levels [2]. PCB Outlook - The demand for PCBs is robust, driven by local AI needs, including AI accelerators and high-speed optical transceivers. This demand is expected to improve the product mix and gross margin outlook into 2Q~3Q25 [3][9]. ABF Business Status - The Guangzhou ABF plant reported a pre-tax loss of Rmb550 million in 2024, but management anticipates a reduction in losses for 2025, projecting revenues of over Rmb100 million [4][9]. - Monthly depreciation costs are expected to remain below Rmb30 million, with current costs at Rmb25 million [6][9]. Financial Projections - Revenue projections show a growth trajectory from Rmb17,907 million in 2024 to Rmb26,694 million by 2027, with net income expected to rise from Rmb1,879 million in 2024 to Rmb4,014 million in 2027 [7][12].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for its stock performance [1][3]. Core Views - The company, Shenghong Technology, is recognized as a leader in the AI PCB industry, with its operating performance showing significant quarterly growth. In 2024, the company achieved a revenue of 10.731 billion yuan, a year-on-year increase of 35.31%, and a net profit of 1.154 billion yuan, up 71.96% year-on-year. For Q1 2025, revenue reached 4.312 billion yuan, reflecting an 80.31% year-on-year growth, with a net profit of 921 million yuan, a staggering increase of 339.22% year-on-year [3][7][8]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 10.731 billion yuan and a net profit of 1.154 billion yuan, with respective year-on-year growth rates of 35.31% and 71.96%. For Q1 2025, revenue was 4.312 billion yuan, marking an 80.31% increase, while net profit was 921 million yuan, up 339.22% [3][7][8]. - The company plans to distribute a cash dividend of 3 yuan per 10 shares for 2024 [3]. Growth Projections - Revenue projections for 2025-2027 are as follows: 19.613 billion yuan in 2025, 23.574 billion yuan in 2026, and 26.983 billion yuan in 2027, with corresponding net profits of 4.355 billion yuan, 5.939 billion yuan, and 7.015 billion yuan [6][9]. - The company’s gross margin is expected to improve from 22.7% in 2024 to 35.4% in 2027, while net margin is projected to rise from 10.8% to 26.0% over the same period [10]. Market Position and Product Development - Shenghong Technology has established itself as a key supplier in the AI PCB market, achieving significant breakthroughs in AI-related products and maintaining a leading position in the global market for AI computing cards and data center products [7][8]. - The company has developed advanced products, including high-precision HDI boards and AI servers, and is actively expanding its product offerings in high-speed data transmission and automotive electronics [8]. Valuation Metrics - The report provides updated earnings forecasts, with the price-to-earnings (P/E) ratio projected to decrease from 55.9 in 2024 to 9.2 in 2027, indicating an attractive valuation as earnings grow [10][11].

Investment Rating - The investment rating for the company is "Recommended" [1][3] Core Views - The company has achieved significant growth in its operating performance, with a revenue of 10.731 billion yuan in 2024, representing a year-on-year increase of 35.31%, and a net profit of 1.154 billion yuan, up 71.96% year-on-year [3][7] - In Q1 2025, the company reported a revenue of 4.312 billion yuan, a remarkable year-on-year increase of 80.31%, and a net profit of 921 million yuan, which is a staggering 339.22% increase year-on-year [3][7] - The company is positioned as a leader in the AI PCB industry, capitalizing on the growing demand for AI-related products and technologies [7][10] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 10.731 billion yuan and a net profit of 1.154 billion yuan, with gross and net profit margins of 22.72% and 10.76% respectively [6][12] - For Q1 2025, the company reported a revenue of 4.312 billion yuan and a net profit of 921 million yuan, with gross and net profit margins significantly improving to 33.37% and 21.35% respectively [7][12] - The company forecasts a net profit growth of no less than 30% in Q2 2025, with a year-on-year increase of over 360% for the first half of 2025 [7] Product and Market Position - The company has achieved breakthroughs in AI-related products, including high-precision PCBs and AI servers, with a global market share leading in AI computing cards and AIDC [7][8] - The company has a comprehensive product range, including 70-layer high-precision PCBs and 28-layer HDI boards, and is actively developing next-generation products [8][10] - The company is also a major supplier for electric vehicle PCBs, expanding its client base with top-tier automotive customers [8] Future Projections - The company is expected to see continued growth, with projected net profits of 4.355 billion yuan in 2025, 5.939 billion yuan in 2026, and 7.015 billion yuan in 2027, reflecting a strong upward trend in profitability [10][12] - The price-to-earnings ratio is projected to decrease from 14.8 in 2025 to 9.2 in 2027, indicating an attractive valuation as earnings grow [12]

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][8] Core Views - The company reported a significant revenue growth of 80.31% year-on-year and a net profit increase of 339.22% year-on-year for Q1 2025, exceeding previous forecasts [6] - The company is expected to continue benefiting from AI technology advancements and data center upgrades, with projected revenues of 194.11 billion, 251.52 billion, and 301.83 billion for 2025, 2026, and 2027 respectively [6][7] Financial Performance Summary - For Q1 2025, the company achieved a revenue of 43.12 billion and a net profit of 9.21 billion, with a gross margin of 33.37%, reflecting a year-on-year increase of 13.89 percentage points [6] - The company anticipates a net profit growth of no less than 30% for Q2 2025, with a projected net profit of at least 11.97 billion [6] - The company's earnings per share (EPS) are expected to rise from 0.78 in 2023 to 5.36 in 2025, indicating strong growth potential [7] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to decrease from 98.17 in 2023 to 14.27 in 2025, suggesting an attractive valuation as earnings grow [7] - The price-to-book (P/B) ratio is expected to decline from 8.64 in 2023 to 5.13 in 2025, further indicating potential for investment [7]