CICC: Initiate China Post Securities with a "buy" rating, actively deploying businesses such as electric vehicles and AI.

The research report of Zhongyou Securities pointed out that Linyuan Information is a leading domestic distributor of electronic components, actively expanding into businesses such as electric vehicles and AI. The company has been deeply rooted in the industry for over 20 years, with the rights to represent the product lines of hundreds of well-known upstream chip manufacturers at home and abroad, continuously developing new high-quality product lines and categories to increase the coverage of agent products and provide customers with more choices. In addition, the company has jointly established a silicon carbide laboratory with upstream chip manufacturers, and has conducted numerous testing and technical cooperation with upstream chip manufacturers and downstream customers. Since 2024, the demand in some downstream application markets has picked up, the semiconductor market has gradually recovered, and the industry outlook has been slowly improving, with some market demand picking up. At the same time, the company has increased capital investment, enhanced the company's qualifications, actively participated in tenders for projects of the State Grid and Southern Grid, and won bids, laying a foundation for the subsequent business development. Initial coverage, with a "buy" rating.