!"ffi$%300476& A"#$ !"ffi$%AIHDI&'()*+,M./ !"#$%2025-01-23 !"ƒ$%&'()*+ ,-./% 56ffi89: 58.35 ;12<=>?/>@89: 59.80/13.86 ABC8DEB: 862.69 FGBC8DEB: 855.21 FGBHI8%: 99.13 AJK8L9: 503.4 FGJK8L9: 499.0 :;<=3>?PCB@ABCDEFGHPCBIJ%&KLMNOP %&+QRSTFGHUVWXYZ0[N\]EC^_`abUc d2023eTfYghijk%&lm\]ghnopqrstuvrsEwxyz[|]~[|]´Ä~AIÅx~>?FGH~ÇÉÑ~ÖÜáffi~8âäãuvEåçéèƒ>?uvë%&Yíìî\]ïñók %&òô[öõúY\]IytùûüQk†°“CPU~GPU”Y=¢ %&ffi()*+300h-./ 230% 180% 130% 80% 30% -20%1/244/247/2410/24 胜宏科技沪深300 0123456 &'()*%S0010523060001 +,%chenyaobo@hazq.com0123789&'()*%S0010524070001 +,%liyc@hazq.com £PzI=¢§•E¶ß®©™|~AIFGH~AIÅx´~AIPhone~AIPC~™|¨˚~[|]´Ä~[çWáÆ=¢Ucd=¢ûzØ≠(PCIe6,~Oakstream±ę~800G/1.6TU>ÓóÇÉÑ¥µ)k:; <=2024e1Ke…‹ùûüQ1.98/8EIzªº^AIÅx~AIFGHuv$çWÉÑPCIe6.0æø)¿¡Oakstream±ę= ¢;800G/1.6TÇÉÑëǬ_)¿çù1«á»112G&224GY ÉÑ=¢;$çW6Gáffi=¢;L3/L4U… À¨˚=¢UÃÕ> ?õúŒg=¢åcùû)œ–E—“”‘’÷uvCµkë©D|xèƒ)Ÿ⁄Y¤‹E:;<=º^AIFGH~AIÅx~ÇÉÑ¿çùUuvY=¢|x›fiEfl[^>Ç·‚HDI5.0mmt>ÇPCB8.0mm„‰Y¥µŸ⁄)›fiEwÂÊÁÂËÂ|x )ÈŠ¿‰|xÎÏEV$çWAIFGH~Åx~áffiuvYùûÌ $ÓÔYÖøk ÒPCBcdoÚÛ-Ùıˆ˜¯˘˙EFGHCµMÓ˚¸ 2024e1KeE˝˛ˇ!›"~gh#é$˜EPCBcdI%ıˆ˜ ¯˘˙E&'(ØY)ˇ!Ó*t+,E-‹÷e./01›"k2024e$KewÃ2Z0CµõúYˇ!/fl345⁄k2024e6˜¯YçekPrismark-7ÇPCB\]YŒñZ0õú8ñMNE9:FGH/2m!;õúYMN/˚<=E-‹>ÚFGHt2m!;CµYPCB\]?¬Ò2024eY97.81/@AèƒB2028eY142.21/@AE2023-2028eYCAGR˜CMÓV11.6%E6±8CAGRMÓY5.4%YMÓY2DÃk AI¿¡gh<=E¿¡01EWFÀPCBõúgh lmOmdiaY2mGHE(ص˛I‹Åt2m:A®©™|YGPUt9JKÓ¿¡Y>ÓMN˚LMNOEPë›QoÕcdRØSMNOkFGHPCBuvgT)FGH¿¡U0VéWWXEEuvYZ [\ç]ë3-5eE[^\ç]ë2-3ek_`aW¿¡±ęëÆbÉÑÓó~2mÉÑcd~§P‚*U¤‹ThèƒEFGHPCBuvegTfCƒ…klmgC<=YhijGHESVYFGH¿¡ESVYuvksE^CYPCBY‡2SVE^CY‰„t„Ê.8_l ¿¡YSVtEWñfCYQ⁄k ´ÄaÀ⁄t™|⁄SopåPCBcdgh ĵPCBuq[Nrxf aÀÄstóèƒEuaÀÄmBEVnvı8PCBffiqwVÉxyzÄY5~6DE9:Ä[PCBffiq |]˚>~VaâÄxEwïoÄPCBffiqYçKEÅaâÄx: YBMSmaÇÉÑÄxn(ØrTÖµPÜáàkëaÀÄâ]⁄Û -$Eäf/#éÖµFPCmjãåça£‰nE/åçéMKaâÄxYPCBffiq|]k _ À¨˚U…tstó01èƒE±8vÄéµèêîëíUabuv2]e/SoMKE(ØÄµPCBT4~8‡‰VrEÅ ¨ÄxÃÖ«ffi/>YHDI‰E9ffi(wV4~8‡‰Y3DEL3T1 ¨ÄxéµYLIDARŒÖµYHDIffi(ìí2î@8EïVäfĵPCBuqM]YrTf]k AIL?FÀ_`abghñéèƒ _`abõúE_lY[óAIt™|ÇùYrC˛ôöùI%stEudõ/úùûüQ†EY[óAIÇùY°[/Ò¢£?YÅxt[ !UèƒE#§•QVj£?YVéèƒE¶BÌá.‡Yj£ß®ß ákCounterpoint©VY[óAIÇù!]?¬/MÒ2023eY™ñ6 ¨…KMNB2027eY12.3/Æk PC6òTYux©Øt[m_`Y‹Å)¿ß±ękAIPC6VvÕ® ]±lÏYÕ®AINÑES¥è>YuµóEƒ⁄©=¶¡EÅ$XªYºäµqYæªEUøÕ®¿¡2m¬3kIDC-7EAIPCë:dPC\]:[ùYƒé.>/ëäfIe:¸Ó«ƒE/˛2027eí ÷85%E[VPC\]r¶k ü»Îø … -‹%&2024/2025/2026e0KÔˆÀdÃQ111.45/8E 146.12/8E165.06/8ÕŒœ–”—0KV11.68/8E15.51/8 t18.60/8E0KV.MN74.1%E32.8%E19.9%k^C 2024/2025/2026ePE0KV43.1/32.5/27.1DkA"#$“Ç‘Q’ …k ÷˜èH AIghSî-\E%&ùûSî-\EPCBcdÿŸ⁄¤EPCB@A1‹›fi[fl>‡ òT·G‚„ «‰:6¨8 -./012 2023A 2024E 2025E 2026E MN5O 7931 11145 14612 16506 5OPH8%: 0.6% 40.5% 31.1% 13.0% QRSTUVWX 671 1168 1551 1860 VWXPH8%: -15.1% 74.0% 32.8% 19.9% YWZ8%: 20.7% 21.1% 21.5% 21.8% ROE8%: 8.8% 13.4% 15.1% 15.4% [B5\89: 0.78 1.35 1.80 2.16 P/E 23.65 43.10 32.46 27.07 P/B 2.09 5.78 4.91 4.16 EV/EBITDA13.2423.9519.0715.95 ]^_`awindbcd/012e 0123 1456.7PCB89:;<=>ƒ@AB6 1.1CDEFGHIJKL=MNOP>ƒQR7PCBST:;<=UV;WQXYZ6 1.2[\]^_'R`=abcdef9 1.3MNegDh='iejkl9 1.4PCBmnopqr=stuvwx10 2AIy0z[|opkl12 2.1]~√[ÄÅÇÉy0zÑAIÖ^Ü9;Wáàâäãå12 2.2çéèêëCAPEXopíìêîïñóòã13 2.3AIy0zQXöõkl=ú4áà7[|ùû13 2.4ü†0¢£§•¶ãPCB7kßáன15 2.5AI™´op§•¨zÆPCB7¢£16 3䨵±ÍúØ@op¥ÆPCBßffi˝¢18 3.1]~√[±ÍPCBQXopå^18 3.2䨵±ÍfiPCB7ƒÆ18 3.3±Í7ΩÆ@ÑúØ@z•PCB[|7ª¢18 4AIÜ9úØ@zƺ≥æΩøPCB¿•kl20 4.1]~√[≥æΩøPCBopíì20 4.2¡O¬AIÇ0ÑAIPCƒ¿•úØÜ9âä7Ѻ«»21 5… Àë23 IÕªŒ%23 /0!œÉ… Àë24 4523 –œ1]~√[MN>ƒ@AB6 –œ2]~√[MN-.UV;WQX7 –œ3]~√[MNCØ”‘Ñ6.’L÷8 –œ4]~√[MN¤ÿŸd⁄¤‹2025›01fi19#fl9 –œ5]~√[MN‡ìÑkõ⁄2017-2024Q3fl10 –œ6]~√[MN ·Ñkõ⁄2017-2024Q3fl10 –œ72023-2028>ƒPCBU'å‚„‰Àë(ÂÊÁ)10 –œ82023-2028›ËÈÍUVUÎÀë11 –œ92023-2028>ƒPCBUÎuÏklÌÀë(ÊÁÓUVÔD)11 –œ10>ƒÒÚPCBUΛÛuÏklÌÀë(;WQX)=UÎÙı:ˆ˜¯˘12 –œ11]~√[y0zÑÖ^áà;W13 –œ12çéèë<fi;íìCAPEX13 –œ13êîï˙˚[.7O¸Ñ™´˝˛13 –œ14ú4ˇõ!Öy0záàÀë14 –œ15ú4"ºúØ™´áà#$14 –œ162019-2024›ú4ü†0áà%îÀë15 –œ17ü†0fi;7PCBUV&a⁄ü†0O¸Ÿd()„‰fl15 –œ18*+,fi;7™´Ñ¿•7UV-ROADMAP16 –œ19./™´01PCBº23045677¡89$„‰17 –œ20]~√[±ÍΩøPCB;W18 –œ21ú4:WÍ;ß<=Ñ>x⁄2016-2030Efl19 –œ22ú4?Æ@Aáà%zÆPCB[|ª¢19 –œ23?Æ@A;WÊàC20 –œ24]~√[≥æÔPCB;W21 –œ25¡O¬AIÇ0D%îÀë21 –œ26úØÇ0AIEÎÖ^(TOPS)22 –œ27AIPCFWàCG7HI@y022 –œ28AIPCáà%î5()Àë23 1!"Ø$%PCB&'()*+c-./0 1.10123456789:;<=>c@ABCPCBDEFGH:IJGKALMN :;<=mÂÊniíñÁ%&˛2006e7Ë‘qgÈÍÂÊ\ÂÎÏÌÓ Ô»c‚<=ÒEÒÏï’‹ú23.6¨±¤ÚEëÛÙ©8000ı®k2015e6Ë ë+¿Œ°d‰1\EiˆW˜3300476k%&ÇdÒ˘>·‚Ç~HDIPCB~FPC~j¢rC‰Yùû~Yut˙˚Euvg¸Cµ˛[|]~´Äab([|])~ [çWáÆ=¢~w2m:A~®©™|~©dß®~˝˛ˇH~‹Åù~!"!#Uõúk:;<=6CPCA$Ñ˘N«‰Ecd„%YÏl«‰RçE‰&:dåÏa£cd‡d6<'c([»K4)E3*K11)E)3*160Ã+,-‡d Î.ªN\ñlYC=–Äk %&ûñÍ…©¡=¢ùû:AtÍ…‡d=¢:AEˆñÇdùû®ÙÈ 1000®,ûñP£‰õúñµÇ”290ı/Eá10e1“:dÇ”Ÿ23”k45á 6UL¬3©7~ISO9001~ISO14001~ISO45001~IATF16949~CQC~QC080000~ :dRoHS~89u:ÉÑÚÄ~Æ;¬3ÉÑÚÄ~|]ÉÑUÃ/ÚÄ©7E1 ’“d+>[=¢‡d”~“d+89u:Ÿ-‡d”~“d+…<=©>”~“gÈͰ[ ?‡d”~“Ÿ2@AvB‡d”UCDEbk %&á6ÔF™G©>~<=Ïfi~>=¢/>vH/>H]FGY“IwJK”E Lå&M~<=~®Nt»fl“0Õ°[”E[OÌfiVcd:dKç+[çW©dß ®P™G©>EdQá1ÃeU0>ÓñlMNE2023e“”í[KçÕ6/uq(„E‹R˛2028eí[S6/(„km:;<=TP%&ƒUn –œ1]~√[MN>ƒ@AB ]^_`aTUfghijk&lbcd/012e %&uvg¸Cµ˛[|]~´Äab([|])~[çWáÆ=¢~w2m:A~®©™|~©dß®~˝˛ˇH~‹Åù~!"!#Uõúk ‹Åùî[V¤‹k‹ÅùT2mV@AEØñ‹Å·W⁄~Xc>Ó⁄ECµ™|⁄YZE[.Ì\ª]^t"^Y_ÁkI‹Å~w2m~`¿~ab~cÀ ¥µYghSoMKEww胩=µó~deYfab¤óELÀˆW`M©=~ YfÚgYèƒk PháÆ¤‹k%&ëáÆÃ‡~>i#P~>Ó‰~Ǭ_~„j~kj_~ lm~l‰Ï=¤‹ú…ªdeYng