禾盛新材（002290.SZ）动态点评 ➢ 投资建议：预计公司 25-27 年分别实现收入 30/33/36 亿元，实现归母利润 2.1/2.8/3.3 亿元，对应 2025 年 06 月 12 日收盘价 P/E 分别为 41/30/26x。考 虑禾盛新材通过多年的精细化运营，同时子公司海曦技术有望受益于国产 AI 大 模型，我们认为公司主业在行业政策支持下有望稳步增长，子公司海曦技术在人 工智能、云计算、5G 等产业趋势下，相关订单有望加速落地。看好公司业务前 景，维持"推荐"评级。 ➢ 熠知电子聚焦高端计算芯片。熠知电子的主营业务是研发、设计和销售应用 于服务器、工作站等计算、存储设备中的高端处理器，同时为客户提供丰富的芯 片产品解决方案。熠知电子专注于高端处理器的研发、设计与技术创新，掌握了 高端处理器设计、高端处理器 SOC 架构设计、处理器安全、处理器验证、高主 频与低功耗处理器实现、先进工艺物理设计、先进封装设计、基础软件等关键技 术。熠知电子建立了完善的高端处理器的研发环境和流程，产品性能逐代提升， 功能不断丰富，目前针对不同的应用场景已经推出了两大系列产品，即包括一代 TF16000 系列融合 ...

和胜新材通过投资海希技术，切入人工智能领域，海希技术以国产化 AI 芯片为基础，提供面向智算中心的服务器、AI 一体机及相关服务，客户 包括字节跳动、腾讯等互联网龙头厂商，已实现基于鸿蒙操作系统的 DeepSec AI 模型接入。 海希技术与图耀达成两年内交付 800 台 AI 一体机协议，并已采购 80 套， 其 DeepThink 六七 1 满血版硬件配置终端企业部署单价在 250 至 500 万之间，显示出市场对国产 AI 一体机的需求潜力。 和胜新材投资易之电子，旨在降低海希技术成本，提高市场竞争力，并 看好 ARM 架构芯片及 RISC-V 架构芯片的未来应用场景，易之电子的 TF7,000 芯片已向腾讯游戏供货，并通过字节跳动测试。 易之电子的 TF7,000 芯片基于 ARM A8 架构，采用 7 纳米制程，应用 于智能中心、超算中心、一体机及边缘计算设备，其性价比和低能耗优 势受到互联网大厂的青睐，并积极与国内 GPU 公司进行适配。 国产替代进度加快，海希技术与绝大多数供应商进行了适配，包括 R1 和 V3 版本，以及蒸馏版和满血版，进展超预期，但具体财务数据不便 透露。 Q&A 和胜新材近 ...

Group 1 - Shanghai Yizhi Electronic Technology Co., Ltd. (Yizhi Electronics) is planning a new round of financing, with He Sheng New Materials (002290) intending to participate by investing 250 million yuan, which will give He Sheng a 10% stake in Yizhi Electronics at a pre-investment valuation of 2.25 billion yuan [1] - Yizhi Electronics has launched two series of ARM server processor chips, including the TF16000 and TF7000 series, targeting applications in visual AI, edge computing, AI, cloud computing, IoT, and information services [1][2] - Yizhi Electronics is developing the third-generation TF9000 series hybrid computing chip, optimized for general cloud computing and AI intelligent computing, expected to offer high performance and cost-effectiveness [2] Group 2 - He Sheng New Materials views the investment in Yizhi Electronics as a further attempt in the AI field, building on previous collaborations, including a joint venture established in March 2024 focused on AI chip development [3] - The partnership between He Sheng New Materials and Yizhi Electronics is expected to enhance their business cooperation, with Yizhi's ARM CPU supporting He Sheng's AI applications and He Sheng facilitating Yizhi's product reach to downstream customers [3] - He Sheng New Materials plans to collaborate closely with domestic hardware suppliers to improve AI computing chip performance, focusing on enhancing computing speed and reducing energy consumption [4]

Mergers and Acquisitions - He Sheng New Materials plans to invest 250 million yuan in high-end server processor chip design company Yizhi Electronics, acquiring a 10% stake [1] - Xing Sen Technology intends to participate in the purchase of a 24% stake in its subsidiary, Guangzhou Xingke Semiconductor, for a base price of 320 million yuan [2] - Dinglong Co. plans to acquire an 8% stake in its subsidiary, Dinghui Microelectronics, for 240 million yuan, increasing its ownership from 91.35% to 99.35% [3] Shareholding Changes - Hai Te Biological's director plans to reduce holdings by up to 180,000 shares, representing 0.14% of the total share capital, due to personal financial needs [4] - Chaojie Co. shareholders plan to collectively reduce their holdings by up to 3.73%, with specific reductions from three shareholders [5] - CIMC Vehicles' shareholders plan to reduce their holdings by up to 12 million shares, or 0.64% of the total share capital [6] Risk Matters - Meili Cloud's shareholder, China Metallurgical Paper Industry Group, has been applied for bankruptcy reorganization, holding 11.38% of the company's shares, which are all judicially frozen [7] - *ST Yazhen's stock has been suspended for review after experiencing significant price fluctuations, with a cumulative increase of 107.83% over 26 trading days [8] - Beikong Technology's static and rolling P/E ratios are higher than the industry average, indicating potential overvaluation [9]

Group 1 - The company He Sheng New Materials plans to invest 250 million yuan in Yizhi Electronics, acquiring a 10% stake post-investment [1] - Yizhi Electronics is one of the few companies in China that has commercially launched ARM server processor chips, with its TF7000 series achieving advanced performance levels domestically [1] - The products of Yizhi Electronics are designed to cover multiple scenarios including artificial intelligence, cloud computing, and edge computing, integrating top AI algorithms and advanced process technologies [1] Group 2 - Yizhi Electronics is a core enterprise in the domestic CPU sector, focusing on the ARM architecture and providing industry application solutions through its intelligent hardware platform [1]