Investment Rating - The report upgrades the investment rating to "Buy" [1][6] Core Views - The company has demonstrated rapid revenue and profit growth, with 2024 revenue reaching 9.162 billion yuan, a year-on-year increase of 52.40%, and net profit of 1.931 billion yuan, up 52.87% year-on-year [5] - The growth is attributed to the expansion of the market for Haiguang CPU products and the rapid iteration of Haiguang DCU products [5] - The company is positioned as a leader in high-end CPU and DPU processors, benefiting from the dual drivers of "Xinchuang + AI" [5][6] Financial Performance Summary - Main revenue projections for 2023A to 2027E are as follows: - 2023A: 6.012 billion yuan - 2024A: 9.162 billion yuan - 2025E: 14.209 billion yuan - 2026E: 20.334 billion yuan - 2027E: 27.169 billion yuan [4][9] - Net profit projections for the same period are: - 2023A: 1.263 billion yuan - 2024A: 1.931 billion yuan - 2025E: 2.979 billion yuan - 2026E: 4.339 billion yuan - 2027E: 5.692 billion yuan [4][9] - The company’s gross margin for 2024 is reported at 63.72%, an increase of 4.05 percentage points year-on-year [5] Market Position and Valuation - The company’s target market capitalization is set at 426.2 billion yuan, based on a projected price-to-sales (P/S) ratio of 30 for 2025 [6] - The report indicates that the company is expected to achieve a P/E ratio of 118.22 for 2025, decreasing to 61.86 by 2027 [4][9] - The company’s contract liabilities reached 903 million yuan by the end of 2024, indicating strong demand in the downstream market [5]

Investment Rating - The investment rating for the company is "Buy" with the rating maintained [1][12] Core Views - The report highlights strong growth in overseas business and continuous revenue generation from new products, indicating a positive outlook for the company's future performance [3][4][8] - The company achieved a revenue of 2.745 billion yuan in 2024, representing a year-on-year growth of 23.35%, and a net profit of 631 million yuan, with a growth of 20.07% [5][7] - The company has a robust order backlog, with new contracts signed amounting to 3.718 billion yuan in 2024, reflecting a year-on-year increase of 7.71% [5][8] Financial Performance - The company's main revenue is projected to grow from 2.225 billion yuan in 2023 to 3.326 billion yuan in 2025, with a compound annual growth rate (CAGR) of approximately 16% [3][8] - The net profit attributable to shareholders is expected to increase from 525 million yuan in 2023 to 733 million yuan in 2025, indicating a strong growth trajectory [3][8] - The earnings per share (EPS) is forecasted to rise from 1.068 yuan in 2023 to 1.491 yuan in 2025 [3][8] Product and Market Development - The company has seen significant growth in its electric monitoring terminal products, with revenue reaching 830 million yuan in 2024, a 79.28% increase [5][8] - The overseas business revenue reached 421 million yuan in 2024, marking an impressive year-on-year growth of 85.40% [5][8] - The company has established over 10 overseas subsidiaries and sales offices, enhancing its international presence [5][8] Research and Development - The company invested 241 million yuan in R&D in 2024, a 5.95% increase from the previous year, with a focus on innovation and new product development [8] - New products contributed 1.338 billion yuan in revenue, accounting for 49% of the main business income, with AI products making up 30% of new product revenue [8] Shareholder Returns - The company plans to distribute a cash dividend of 5.2 yuan per 10 shares, totaling 255 million yuan, which represents 40.48% of the net profit attributable to shareholders [5][8] - Since its listing, the company has distributed a total of 704 million yuan in cash dividends and repurchased shares worth approximately 200 million yuan [8] Valuation - The company is expected to achieve a price-to-earnings (P/E) ratio of 30-35 times for 2025, with a reasonable price range estimated between 44.7 yuan and 52.2 yuan [8]

| 2025 年 03 月 03 日 | | | --- | --- | | 评级 | 买入 | | | 评级变动 维持 | | 交易数据 | | | 当前价格（元） | 39.32 | | 52 周价格区间（元） | 32.33-50.30 | | 总市值（百万） | 19333.06 | | 流通市值（百万） | 19333.06 | | 总股本（万股） | 49168.52 | | 流通股（万股） | 49168.52 | | 涨跌幅比较 | | % 1M 3M 12M 威胜信息 9.96 7.20 21.13 通信设备 -4.46 -3.68 20.42 -13% 7% 27% 47% 67% 2024-03 2024-06 2024-09 2024-12 2025-03 威胜信息 通信设备 杨甫 分析师 执业证书编号:S0530517110001 yangfu@hnchasing.com 1 威胜信息（688100.SH）三季报跟踪：海外业务 提速增长，新产品营收持续放量 2024-10-25 2 威胜信息（688100.SH）半年报跟踪：海外业务 高增长，现金流表现佳 2024-08-16 3 威 ...

证券研究报告 固定收益报告 关注两会定调，哑铃策略或占优 可转债周报（3.3-3.7） 2025 年 03 月 03 日 中证转债-上证指数走势图 -30% -10% 10% 30% 24-02 24-04 24-06 24-08 24-10 24-12 25-02 上证指数 中证转债 刘文蓉 分析师 执业证书编号:S0530523070001 liuwenrong@hnchasing.com 相关报告 1 可转债周报（2.24-2.28）：科技内部轮动或加 快，转债关注交易节奏 2025-02-24 2 可转债周报（2.17-2.21）：转债估值相对高位， 关注结构性行情 2025-02-17 3 可转债周报（2.10-2.14）：转债估值有支撑， 关注科技主题方向 2025-02-11 投资要点 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 二级市场跟踪。1）转债跟随正股上涨。截至 2 月 28 日，上证指数 周环比下跌 1.72%，收于 3320.9 点；上证转债周环比下跌 0.68%，收 于 378.57 点；中证转债周环比下跌 0.89%，收于 429.87 点；深证转 债周环比下跌 1 ...

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3324.21, up by 0.22%, while the ChiNext Index fell by 0.29% to 2190.08 [2][4] - The total market capitalization of the Shanghai Composite Index is 633,095 million, with a price-to-earnings (PE) ratio of 11.82 and a price-to-book (PB) ratio of 1.25 [3] Industry Dynamics - Alibaba's DAMO Academy is accelerating its layout in high-performance AI RISC-V architecture, indicating a strong push towards open-source chip technology [28][30] - UBTECH is conducting the world's first multi-robot collaborative training in a 5G smart factory, showcasing advancements in humanoid robotics and group intelligence [31][33] - The China Academy of Information and Communications Technology (CAICT) is hosting a seminar on AI glasses, highlighting the growing interest and development in this sector [34][35] - SKC introduced a glass substrate for AI data centers at MWC2025, which is expected to enhance data processing speed and reduce power consumption significantly [36][37] Company Updates - Salted Fish (002847.SZ) announced the completion of share reduction by its management, with a total of 3,991,050 shares reduced, accounting for 1.46% of the total share capital [38][39] - Gree Electric (000651.SZ) plans to increase its shares by 10.5 billion to 21 billion yuan, reflecting confidence from its major shareholder [40][41] - Three Squirrels (300783.SZ) has established a wholly-owned subsidiary focusing on the coffee category, indicating a strategic expansion into new product lines [42][43] - East China Pharmaceutical (000963.SZ) received approval for a supplemental application for a children's indication of a monoclonal antibody, enhancing its product portfolio [44][45]

主要指数表现（涨跌幅%） | 指数名称 | 60 日 | 年初至今 | | --- | --- | --- | | 上证指数 | -0.92 | -0.92 | | 中证基金 | 0.88 | 0.88 | | 股票基金 | 2.63 | 2.63 | | 混合基金 | 3.03 | 3.03 | | 债券基金 | -0.21 | -0.21 | | 货币基金 | 0.24 | 0.24 | 刘飞彤 分析师 执业证书编号:S0530522070001 liufeitong@hnchasing.com 相关报告 1 基金市场周报（20250210-20250214）：本周宽 基指数跟踪产品发行数量居首 2025-02-10 2 基金市场周报（20250205-20250207）：可关注 建信基金新发产品 2025-02-06 3 基金市场周报（20250106-20250110）：可关注 吴国清新发产品 2025-01-07 基金周度报告 2025 年 03 月 03 日 上证指数-上证基金指数走势图 -11% -1% 9% 19% 29% 2024-03 2024-06 2024-09 2024-12 基金指 ...

证券研究报告 2025 年 03 月 03 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3320.90 | -1.98 | | 深证成指 | 10611.24 | -2.89 | | 创业板指 | 2170.39 | -3.82 | | 科创 50 | 1078.80 | -4.22 | | 北证 50 | 1306.98 | -4.32 | | 沪深 300 | 3890.05 | -1.97 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 634864 | 496352 | 11.82 | 1.25 | | 深证成指 | 223317 | 188999 | 21.90 | 2.26 | | 创业板指 | 60793 | 48327 | 33.08 | 4.21 | | 科创 50 | 37237 | 23840 | 52.15 | 4.56 | | 北 ...

策略点评 证券研究报告 全国两会召开临近，关注消费及顺周期方向 财信证券宏观策略周报（3.3-3.7） 2025 年 03 月 02 日 上证指数-沪深 300 走势图 -11% -1% 9% 19% 29% 2024-03 2024-06 2024-09 2024-12 上证指数 沪深300 黄红卫 分析师 执业证书编号:S0530519010001 huanghongwei@hnchasing.com 相关报告 1 财信证券宏观策略周报（2.24-2.28）：如何看待 这一轮科技股行情的逻辑？2025-02-23 2 财信证券宏观策略周报（2.17-2.21）：DeepSeek 行情从普涨走向聚焦，关注传媒及 AI 应用 2025- 02-16 3 财信证券宏观策略周报（2.10-2.14）：春季躁动 行情开启，逢低配置科技成长 2025-02-09 投资要点 此报告仅供内部客户参考 请务必阅读正文之后的免责条款部分 上周（2.24-2.28)股指表现为，上证指数下跌 1.72%，收报 3320.9 点，深证成 指下跌 3.46%，收报 10611.24 点，中小 100 下跌 3.78%，创业板指下跌 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has demonstrated significant revenue growth, achieving an operating income of 1.447 billion yuan in 2024, a year-on-year increase of 85.40%, and a net profit attributable to shareholders of 733 million yuan, up 144.65% [6][8] - The company continues to expand its product pipeline and market presence, launching innovative products such as the world's first eye area anti-aging regeneration material based on "self-assembly root technology" [6][8] - The company is actively pursuing international market opportunities, having secured patent authorizations in countries like the USA, South Korea, Japan, and Brazil, which enhances its global competitiveness [7][8] Financial Performance Summary - The company's main revenue is projected to grow from 3.90 billion yuan in 2022 to 24.05 billion yuan in 2026, with corresponding net profits increasing from 1.09 billion yuan to 12.04 billion yuan over the same period [4][8] - Earnings per share (EPS) are expected to rise from 1.23 yuan in 2022 to 13.60 yuan in 2026, reflecting strong growth potential [4][8] - The price-to-earnings (P/E) ratio is forecasted to decrease from 184.86 in 2022 to 16.77 in 2026, indicating improving valuation metrics as the company scales [4][8]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant growth in revenue and net profit, with a year-on-year revenue increase of 85.40% and a net profit increase of 144.65% for the 2024 fiscal year [6] - The core product, Wei Yi Mei® recombinant type III humanized collagen dry fiber, has achieved over 2 million clinical injections since its launch in June 2021, demonstrating strong market validation [6] - The company is expanding its product pipeline and has launched the world's first eye anti-aging regeneration material based on "self-assembly root technology" [6] - The company is actively pursuing overseas market expansion and has secured patents in multiple countries, enhancing its global competitiveness [7] Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 14.44 billion, 19.03 billion, and 24.05 billion yuan, respectively, with year-on-year growth rates of 85.07%, 31.76%, and 26.42% [8] - Net profit projections for the same years are 7.29 billion, 9.44 billion, and 12.04 billion yuan, with growth rates of 143.14%, 29.54%, and 27.49% [8] - Earnings per share (EPS) are projected to be 8.24 yuan, 10.67 yuan, and 13.60 yuan for 2024, 2025, and 2026, respectively [8] Market Position - The company is positioned as a leader in the domestic recombinant collagen market, with a unique product offering and first-mover advantage [8] - The report highlights the company's ongoing efforts to diversify its collagen technology applications across various medical and aesthetic fields [6][8]