证券研究报告 行业研究 / 行业深度 2025 年 12 月 30 日 联系人 汽车 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《首批 L3 级自动驾驶车型获准入——智能汽车 系列报告（七）》2025-12-23 《高阶智驾准入，Robotaxi 商业化提速—— Robotaxi 产业深度报告》2025-12-23 《特斯拉 Robotaxi 取消安全员，纯视觉方案商 业化提速——Robotaxi 系列报告（三）》 2025-12-12 《曹操出行提"十年百城千亿"战略目标—— Robotaxi 系列报告（二）》2025-12-12 《奔驰自动驾驶出租车于阿布扎比开启路测— —Robotaxi 系列报告（一）》2025-12-12 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 L3 准入落地，华为系景气度提升 ——智能汽车系列报告（八） 强于大市 投资要点： L3 准入落地，华为汽 ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 30 日 强于大市 投资要点： 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《爱建电子深度报告：半导体产业的发展复盘 与方向探索》2025-12-26 《爱建电子专题报告：存储芯片涨价将延续至 2026 年》2025-12-22 《电子行业周报：TPU 需求上涨带动 Google 产业链发展》2025-12-21 《人工智能月度跟踪：摩尔线程、沐曦股份 IPO 首发成功》2025-12-19 《电子行业周报：NVIDIA H200 芯片放松出口 限制》2025-12-16 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 联系人 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 电子 AI Glasses 发展或迎来苹果动能 ——电子行业周报（2025/12/22-12/26） 本周（2025/12/22-12/26）SW 电子行业指数（+4.96%），涨跌幅排名 4/31 位，沪 ...

Group 1 - The core view of the report emphasizes that the basic business of new energy is on the rise, and the empowerment of national strategy/security assets is expected to become the strongest main line in 2026 [2][11] - The report highlights that the electric power equipment sector has shown a cumulative increase of approximately 37.6% in 2025, significantly outperforming the CSI 300 index, which increased by 16.18% [11] - Key stocks in the electric power equipment sector, such as Haike Xinyuan and Feiwo Technology, have seen increases exceeding 300% due to their strong performance in the new energy market [12] Group 2 - The storage industry is expected to benefit from diverse global demand drivers, with a focus on overseas markets and AI integration, leading to rapid growth in user-side storage and large-scale storage [2][4] - The lithium battery sector is witnessing new demand growth driven by emerging applications such as robotics and low-altitude economy, with solid-state battery technology advancements leading to increased demand for high-performance materials [2][4] - The report identifies solid-state batteries as a key investment focus, particularly in sulfide electrolytes and solid-state battery equipment, with 2027 being a critical year for mass production planning [2][4] Group 3 - The AIDC electric power equipment sector is experiencing significant growth due to rising energy consumption and power demands in data centers, which is driving innovation in power supply architecture [2][5] - The report suggests that semiconductor power devices, magnetic cores, and system integration are critical areas of focus within the AIDC electric power equipment industry [2][5] - The demand for AIDC construction is expected to drive the growth of SST (Solid State Transformer) requirements, with green electricity connections being a key catalyst [2][5]

证券研究报告 行业研究 / 行业点评 2025 年 12 月 30 日 行业及产业 电力设备 一年内行业指数与沪深 300 指数对比走势： 资料来源：聚源数据，爱建证券研究所 相关研究 《锂电行业跟踪：动力电池和储能电池需求旺 盛，锂电材料价格回升》2025-12-23 《数据中心供配电设备行业跟踪：AI 与数据中 心景气延续，电力设备需求持续高企》 2025-12-22 《光储行业跟踪：11 月光伏组件出口额同比高 增，海外需求持续旺盛》2025-12-22 《SOFC 行业深度：北美数据中心电力短缺， SOFC 迎来快速增长》2025-12-19 《数据中心供配电设备行业跟踪：AI 及数据中 心维持高景气，电力设备需求旺盛》 2025-12-16 证券分析师 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 11 月国内光伏装机同比增长，双玻组件 价格小幅上涨 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——光储行业跟踪 强于大市 投资要点： 排产：1）光伏组件：据 SMM，2 ...

Investment Rating - The report assigns a "Buy" rating for the company, Mijue Group (2097.HK), marking its first coverage [4]. Core Insights - Mijue Group is positioned as the world's largest ready-to-drink beverage company, leveraging an end-to-end supply chain system and a network of 53,000 stores to establish a leading position in the ready-to-drink tea market. Revenue projections for 2025, 2026, and 2027 are estimated at RMB 335.5 billion, RMB 403.0 billion, and RMB 443.9 billion, respectively, with corresponding net profits of RMB 60.0 billion, RMB 74.0 billion, and RMB 84.1 billion, reflecting year-on-year growth rates of 35.1%, 20.1%, and 10.1% [4][6]. Company and Industry Analysis - The ready-to-drink beverage industry in China is experiencing rapid growth, with the ready-to-drink tea market size reaching approximately RMB 258.5 billion in 2023. The company focuses on the research, production, and sales of ready-to-drink tea and freshly brewed coffee, operating under the brands Mijue Ice City and Lucky Coffee, which target price points of RMB 6-8 and RMB 5-10, respectively. The company operates on a franchise model, generating revenue primarily from selling equipment and providing franchise services [4][6]. - Mijue Group's supply chain advantages include a comprehensive procurement network across 38 countries, five production bases ensuring 100% self-sourcing of core ingredients, and a logistics system that allows for rapid delivery to 90% of domestic county-level administrative regions within 12 hours. This infrastructure supports consistent product quality and cost efficiency, reinforcing the company's market leadership with a market share of approximately 49.6% in the ready-to-drink tea sector [4][5][6]. Key Assumptions - The company anticipates steady expansion in store numbers, particularly in lower-tier markets, with projected revenue from product and equipment sales of RMB 326.8 billion, RMB 392.2 billion, and RMB 431.4 billion for 2025, 2026, and 2027, respectively. The gross margin is expected to improve gradually, reaching 31.5% by 2027 [4][6]. - Revenue from franchise fees and related services is projected to grow significantly, with estimates of RMB 8.7 billion, RMB 10.9 billion, and RMB 12.5 billion for the same years, reflecting a robust growth trajectory supported by an expanding store network [4][6]. Financial Data and Profitability Forecast - The company forecasts total revenue of RMB 20.3 billion in 2023, increasing to RMB 44.4 billion by 2027, with a compound annual growth rate (CAGR) of 49.6% from 2023 to 2024 and 10.1% from 2026 to 2027. Net profit is expected to rise from RMB 3.1 billion in 2023 to RMB 8.4 billion in 2027, with corresponding net profit growth rates of 57.1% and 13.7% [6][21]. - The report highlights a projected gross margin improvement from 29.5% in 2023 to 33.0% in 2027, alongside a net margin increase from 15.7% to 19.0% over the same period [6][21].

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance [7]. Core Insights - The company is expected to benefit from domestic large-scale storage, overseas small-scale storage, and the demand for battery swapping in two-wheeled vehicles, leading to accelerated growth in shipment volumes [1]. - The company is positioned as the fourth largest in China's global household storage system shipments in 2024, with a competitive edge in vertical integration across the entire industry chain, global presence, and continuous R&D investment [7]. - The report highlights the significant growth potential in both domestic and international commercial storage products and lightweight power battery businesses, driven by global energy transformation and favorable policies in emerging markets [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 3,299 million CNY - 2024: 2,005 million CNY - 2025E: 2,722 million CNY - 2026E: 5,341 million CNY - 2027E: 9,036 million CNY - The expected year-on-year growth rates are: - 2023: -45.1% - 2024: -39.2% - 2025E: 35.8% - 2026E: 96.2% - 2027E: 69.2% [6]. - The projected net profit for the company is: - 2023: 516 million CNY - 2024: 41 million CNY - 2025E: 90 million CNY - 2026E: 334 million CNY - 2027E: 468 million CNY - The report anticipates a significant recovery in profitability, with net profit growth rates expected to be: - 2024: -92.0% - 2025E: 119.3% - 2026E: 270.9% - 2027E: 40.0% [6]. Industry and Company Situation - The company focuses on overseas household storage, domestic and international commercial storage, and lightweight power battery products, with future growth primarily driven by commercial storage and lightweight battery businesses [7]. - The report notes that the household storage industry is expected to recover due to global energy transformation and emerging market policy benefits, while commercial storage will benefit from global grid upgrades [7]. - The company has established a strong presence in approximately nine countries and regions, focusing on Southeast Asia, Africa, and the Middle East, effectively diversifying regional risks [7]. Key Assumptions - Domestic large-scale storage and commercial storage assumptions include shipment volumes of 1.5/2.0/9.0 GWh from 2025 to 2027, with a unit price of 0.4 CNY/Wh and expected gross margins of 9%/10%/10% [7]. - For overseas household storage and commercial storage, the assumptions are 1.5/4.0/5.0 GWh shipments with unit prices of 1.1/0.8/0.73 CNY/Wh and gross margins of 30%/29%/28% [7]. - Lightweight power battery assumptions include shipments of 1.0/3.5/4.8 GWh with a unit price of 0.4 CNY/Wh, with expected gross margins improving due to scale effects [7].

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [2][3]. Core Views - The company is expected to achieve revenues of 4.77 billion, 5.16 billion, and 5.73 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of -10.9%, 8.1%, and 11.0%. The net profit attributable to shareholders is projected to be 520 million, 598 million, and 742 million yuan for the same years, with growth rates of 50.3%, 15.0%, and 24.2% [3][5]. - The company maintains a long-term strategy focused on "strong sales, promoting opening bottles, and destocking," which is expected to yield benefits as policy pressures ease and industry demand recovers [3][4]. - The Chinese liquor industry is experiencing steady growth, with sales revenue from large-scale liquor enterprises reaching 756.3 billion yuan in 2023, and a compound annual growth rate (CAGR) of 9.8% from 2016 to 2023 [3][4]. Summary by Relevant Sections Financial Data and Profit Forecast - Total revenue for 2023 is reported at 7.08 billion yuan, with a year-on-year growth rate of 16.9%. However, a significant decline of 24.3% is expected in 2024, followed by a recovery in 2025 with a projected growth of -10.9% [5][18]. - The gross profit margin is expected to decrease from 74.5% in 2023 to 63.0% in 2025, before stabilizing around 65.0% by 2027 [5][18]. - The return on equity (ROE) is projected to improve from 5.1% in 2024 to 8.6% in 2027 [5][18]. Industry and Company Analysis - The company focuses on mid-to-high-end liquor and ordinary liquor, with a product matrix that includes the "Shede" series targeting the mid-to-high-end market and the "Tuopai" series catering to the mass market [3][4]. - In the first three quarters of 2025, the company reported revenues of 3.7 billion yuan, with mid-to-high-end liquor contributing 2.66 billion yuan, accounting for 71.9% of total revenue [3][4]. - The company has implemented proactive destocking measures, which have shown effectiveness in improving channel health and preparing for future growth [3][4]. Growth Catalysts - The report identifies several catalysts for growth, including the nearing end of proactive destocking, the trend towards lower alcohol consumption appealing to younger demographics, and ongoing cost reduction and efficiency improvement initiatives [4].

Investment Rating - The report rates the semiconductor industry as "Outperform" compared to the market [1] Core Insights - The global semiconductor market is projected to reach USD 659.1 billion in 2024, with a year-on-year growth of 20.0%, and is expected to grow to USD 789.3 billion in 2025 [2][13] - Integrated circuits will account for the largest share of the market at 73.9% in 2024, while artificial intelligence chips are anticipated to grow the fastest at 49.3% [2][13] - The report identifies four key future development directions for the semiconductor industry: third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth memory [2] Summary by Sections 1. Semiconductor Market Analysis - The global semiconductor market is expected to grow significantly, with integrated circuits leading the market share [13][15] - The Chinese semiconductor market is projected to reach USD 1,769 billion in 2024, with a year-on-year growth of 15.9% [15][17] 2. Historical Development of the Semiconductor Industry - The semiconductor industry has evolved through four major phases, driven by technological advancements and market demands [20][22] - The current phase is characterized by AI technology and data centers driving growth [22][23] 3. Semiconductor Industry Chain - The semiconductor industry chain consists of upstream (EDA/IP, semiconductor equipment, materials), midstream (design, wafer manufacturing, packaging), and downstream (packaging and testing) segments [64][73] - The report highlights the importance of domestic companies in advancing technology and achieving breakthroughs in core areas [2][64] 4. Future Development Directions - The report emphasizes the potential of third-generation semiconductor materials, computing chips, RF communication chips, and high-bandwidth memory as key growth areas [2][4]

Investment Rating - The report assigns a "Buy" rating for Anjuke Foods (603345.SH) as the initial coverage [2]. Core Views - The report highlights that Anjuke Foods, as a leading player in the frozen food sector, is expected to benefit from the recovery in dining consumption, the implementation of national standards for prepared dishes, and the expansion of new products, leading to performance growth [6][7]. - The frozen food industry in China is projected to maintain steady growth, with a market size of approximately 210 billion yuan in 2024 and a CAGR of about 6.5% from 2019 to 2024 [6]. - The company’s revenue for 2025, 2026, and 2027 is forecasted to be 157.3 billion yuan, 168.3 billion yuan, and 182.5 billion yuan, respectively, with year-on-year growth rates of 4.0%, 7.0%, and 8.5% [6]. Summary by Sections Market Data - Closing price: 81.52 yuan - Market capitalization: 23,909 million yuan - Price-to-earnings ratio (PE): 17.6X for 2025 [2]. Financial Performance - Revenue for 2023 is projected at 14,045 million yuan, with a year-on-year growth rate of 15.3% [8]. - The net profit for 2025 is expected to be 1,359 million yuan, reflecting a decline of 8.4% compared to the previous year [8]. - Gross profit margins for various product lines are forecasted to improve, with frozen prepared food margins expected to reach 27.5% by 2025 [6][7]. Product and Innovation Strategy - The company is focusing on innovation in frozen dishes, with significant revenue growth in this segment, which accounted for 32.0% of total revenue in the first three quarters of 2025 [6][7]. - The acquisition of Dingwei Tai is expected to enhance the company's capabilities in the frozen baking segment, which is one of the fastest-growing areas in the frozen food industry [7]. Competitive Positioning - Anjuke Foods is positioned to benefit from the increasing standardization and regulation in the prepared food industry, which is expected to raise entry barriers and favor leading companies [6][7]. - The company has established strategic partnerships with major retailers and restaurant chains, enhancing its market presence and customer loyalty through customized product offerings [7].

Investment Rating - The report assigns a "Buy" rating for Yili Co., Ltd. (600887.SH) as the initial coverage [2]. Core Insights - Yili Co., Ltd. is positioned as a leading player in the Chinese dairy industry, demonstrating strong operational resilience during industry adjustments. The company is expected to achieve revenue growth of 2.2%, 3.7%, and 3.6% for the years 2025, 2026, and 2027, respectively, with net profit growth of 27.9%, 14.8%, and 8.7% for the same years [5][9]. - The dairy industry in China is entering a mature phase, with a retail scale projected to reach approximately 560 billion yuan in 2024. Yili's product matrix includes liquid milk as a base, with milk powder and dairy products, as well as ice cream, driving growth [5][9]. Summary by Sections Financial Performance - Revenue projections for Yili Co., Ltd. are 118.37 billion yuan in 2025, 122.73 billion yuan in 2026, and 127.14 billion yuan in 2027, with corresponding net profits of 10.82 billion yuan, 12.42 billion yuan, and 13.50 billion yuan [7]. - The company’s gross margin is expected to improve from 34.4% in 2025 to 35.2% in 2027, indicating a positive trend in profitability [7]. Business Segments - Liquid milk revenue is projected to stabilize at 750.8 billion yuan in 2025, with a modest growth rate of 0.1% [5]. - The milk powder and dairy products segment is expected to grow significantly, with revenues of 326.4 billion yuan in 2025, reflecting a 10% year-on-year increase [5]. - The ice cream business is anticipated to recover with double-digit growth, reaching revenues of 96.8 billion yuan in 2025, a 11% increase [5]. Market Position and Strategy - Yili Co., Ltd. is transitioning from a "long-life milk leader" to a "platform dairy enterprise," actively expanding its product categories to mitigate risks associated with liquid milk demand [5][6]. - The company has established a robust national distribution network with over 5 million terminal points, enhancing its competitive edge across various product lines [6]. Growth Catalysts - The anticipated rebound in demand for infant formula due to increased birth rates in 2024 is expected to benefit Yili as a market leader in this segment [9]. - The adult nutrition market is expanding, driven by an aging population and increasing health awareness, providing further growth opportunities for Yili [9]. - The company's strategy in deep processing and high-margin B-end markets is expected to unlock additional revenue streams [9].