The Guangfa Securities Research Report pointed out that the performance of Ziguang Co., Ltd. exceeded expectations, and the synergy of ICT to increase profits was highlighted. Net profit due to mother for the first half of '26 is estimated to be 1.91 billion yuan to 2.32 billion yuan, an increase of 83.5%-122.9% over the previous year; the sharp increase in the company's performance reflects large-scale procurement of the company's server and switch products by Internet and other vendors. Subsidiaries' equity changes, and Xinhua's third consolidated statement increased profits. In the future, not only will the company's control over Xinhua 3 be effectively strengthened, but overall business collaboration and profitability will also be greatly strengthened. Under the trend of supernode deployment, the company's full-stack product synergy in the ICT field, such as computing, connectivity, and security, is expected to be highlighted. Combined with its ecological adaptation and cooperation with domestic chips, the pace of commercialization of the company's servers, switches, and supernodes is expected to accelerate, and the prospects are improving. Referring to comparable company valuations, the company was given 45 times PE in 26 years, with a corresponding reasonable value of 52.25 yuan/share, maintaining a “buy” rating.

The Guangfa Securities Research Report pointed out that the performance of Ziguang Co., Ltd. exceeded expectations, and the synergy of ICT to increase profits was highlighted. Net profit due to mother for the first half of '26 is estimated to be 1.91 billion yuan to 2.32 billion yuan, an increase of 83.5%-122.9% over the previous year; the sharp increase in the company's performance reflects large-scale procurement of the company's server and switch products by Internet and other vendors. Subsidiaries' equity changes, and Xinhua's third consolidated statement increased profits. In the future, not only will the company's control over Xinhua 3 be effectively strengthened, but overall business collaboration and profitability will also be greatly strengthened. Under the trend of supernode deployment, the company's full-stack product synergy in the ICT field, such as computing, connectivity, and security, is expected to be highlighted. Combined with its ecological adaptation and cooperation with domestic chips, the pace of commercialization of the company's servers, switches, and supernodes is expected to accelerate, and the prospects are improving. Referring to comparable company valuations, the company was given 45 times PE in 26 years, with a corresponding reasonable value of 52.25 yuan/share, maintaining a “buy” rating.