证券研究报告 行业研究 / 行业专题 2025 年 12 月 23 日 相关研究 《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 《车企年销量目标完成度分化——智能汽车数 据销量跟踪（二）》2025-12-03 《蔚来业绩创历史新高，25Q4 有望实现盈利 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 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 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 首批 L3 级自动驾驶车型获准入 ——智能汽车系列报告（七） 风险提示：高阶智驾技术发展不及预期；政策法规配套推进不及预期。 强于大市 投资要点： 事件概要：12 月 ...

证券研究报告 行业研究 / 行业深度 2025 年 12 月 23 日 资料来源：聚源数据，爱建证券研究所 相关研究 《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 《车企年销量目标完成度分化——智能汽车数 据销量跟踪（二）》2025-12-03 《蔚来业绩创历史新高，25Q4 有望实现盈利 ——智能汽车系列报告（五）》2025-12-03 证券分析师 汽车 一年内行业指数与沪深 300 指数对比走势： 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 联系人 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 高阶智驾准入，Robotaxi 商业化提速 ——Robotaxi 产业深度报告 强于大市 投资要点： 规模 ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 23 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 《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 《光储行业跟踪：11 月国内新型储能新增招标 规模环比大增，储能电芯持续高景气》 2025-12-16 动力电池和储能电池需求旺盛，锂电材 料价格回升 强于大市 投资要点： 排产：11 月份正极材料产量同比增长。2025 年 1-11 月，国内电池和磷酸铁锂正极材料产 量显著高于 2024 年同期。2025 年 11 月，国内电池产量 176.3GWh，同比增长 49.66%， 环比增长 3.34%；2025 年 11 月，国内磷酸铁锂正极材料产 ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 23 日 全球热管理平台龙头，机器人业务拓成长边界 家用电器 报告原因： | | | | 市场数据： | 2025 | 年 | 12 | | | | 月 | 23 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 44.88 | | | | | | 一年内最高/最低（元） | | | | | | 52.99/21.26 | | | | | 市净率 | | | | | 6.0 | | | | | | 股息率（分红/股价） | | | | | | | | | 0.55 | | 流通 A 股市值（百万元） | | | | 165,347 | | | | | | | 上证指数/深证成指 | | | | | | 3,920/13,369 | | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | | | | | 每股净资产（元） | | | | | | | | | | 7.5 | | | | --- | -- ...

证券研究报告 公司研究 / 公司深度 2025 年 12 月 23 日 受益 HVDC 渗透率提升，出海带动业绩 高增 电力设备 | 报告原因： | | --- | | 买入（首次评级） | | 市场数据： | 2025 | 年 | 月 | 22 | 日 | | | 12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | 24.65 | | | | 一年内最高/最低（元） | | | | | | 32.85/8.15 | | | | 市净率 | | | | | | 5.7 | | | | 股息率（分红/股价） | | | | | | 0.40 | | | | 流通 A 股市值（百万元） | | | | | | 13,757 | | | | 上证指数/深证成指 | | | | | | | 3,917/13,333 | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | | | | 基础数据： | | 2025 | 年 | 09 | 月 30 | 日 | | --- | --- | ...

Investment Rating - The report rates the industry as "Outperforming the Market" [3] Core Insights - The data center industry has become a core incremental application scenario for the power equipment sector, directly driving demand growth and technological iteration in power equipment [3][6] - The report emphasizes the need to incorporate multi-dimensional indicators from the AI industry to accurately assess the demand for power distribution equipment in data centers, given the capital expenditure scale and long investment return cycles in the data center sector [3][6] - The report outlines a three-part indicator system: 1. Demand side: Capital expenditure from leading cloud providers serves as a direct "weather vane" for short-term demand potential for power distribution equipment [3][6] 2. Supply chain: The investment rhythm in data centers is constrained by GPU supply, necessitating tracking of key supply chain data to validate demand progress [3][6] 3. AI application side: The development of AI applications directly impacts the strength and sustainability of capital expenditure cycles in data centers [3][6] Summary by Sections Demand Side: Sustained High Growth in Capital Expenditure - In Q3 2025, overseas cloud providers' capital expenditure reached $99.617 billion, a year-on-year increase of 80.39% and a quarter-on-quarter increase of 9.54% [8] - Alibaba's capital expenditure in Q3 2025 was 31,501 million yuan, a year-on-year increase of 80.10% but a quarter-on-quarter decrease of 18.55% [13] - Tencent's capital expenditure in Q3 2025 was 12,983 million yuan, a year-on-year decrease of 24.05% and a quarter-on-quarter decrease of 32.05% [13] Supply Chain: Revenue Growth for Key Players - NVIDIA's revenue in Q3 2025 reached 362.571 billion yuan, a historical peak with a quarter-on-quarter growth of 24.63% and a year-on-year growth of 62.49% [18] - TSMC's revenue in November 2025 was 343.614 billion New Taiwan dollars, a year-on-year increase of 24.5% [24] - The CPU price index in October 2025 was 98.20, showing a slight recovery from 96.15 in September, while DRAM spot prices surged over 200% from $12.85 to $38.76 [27] Application Side: Steady Growth in AI Models and Applications - The report notes a steady increase in the number of AI models and application deployments, which directly influence the capital expenditure cycles in data centers [29] - The token call volume on the OpenRouter platform reached 5.85 trillion from December 9 to December 15, reflecting a quarter-on-quarter growth of 1.21% [34] - The price of tokens for models scoring over 40 on the Artificial Analysis Intelligence Index dropped by over 50% in Q3 2025 [45]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook on its stock performance [5]. Core Insights - The company is well-positioned in the power supply sector, particularly benefiting from the demand for high-power server power supplies driven by the AIDC wave. The expected growth in net profit for 2025-2027 is projected at 326 million, 464 million, and 804 million CNY, respectively, with corresponding PE ratios of 69.4, 48.8, and 28.1 [5]. - The company has established itself as a leading supplier of high-power server power supplies in China, with products that meet international high-end standards. It is one of the few suppliers capable of large-scale sales of high-power server power supplies, which positions it to capitalize on opportunities in AI and domestic substitution [5][32]. - The report highlights the company's strategic partnerships with major domestic server manufacturers and its ongoing collaboration with leading internet companies, which enhances its market presence [5]. Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2,870 million CNY in 2023, 3,798 million CNY in 2024, 4,817 million CNY in 2025, 6,082 million CNY in 2026, and 7,448 million CNY in 2027, with year-on-year growth rates of 6.2%, 32.3%, 26.8%, 26.3%, and 22.5% respectively [4]. - The net profit forecast shows significant growth, with expected figures of 196 million CNY in 2023, 268 million CNY in 2024, 326 million CNY in 2025, 464 million CNY in 2026, and 804 million CNY in 2027, reflecting growth rates of 117.1%, 36.9%, 21.7%, 42.4%, and 73.2% respectively [4][36]. - The company's gross margin is projected to improve, with estimates of 19.7% in 2023, 21.4% in 2024, 21.3% in 2025, 24.0% in 2026, and 26.6% in 2027 [36]. Market Position and Competitive Landscape - The company ranks as the 12th largest power supply manufacturer globally in 2024, with sales of approximately 521 million USD, indicating a strong competitive position in the market [17]. - The report emphasizes the company's ability to meet the growing demand for high-power server power supplies, particularly in the context of the expanding global server market, which is expected to reach a scale of 282.35 billion CNY in China by 2025 [5][30]. - The company is strategically positioned to leverage its global production capabilities in Vietnam and Mexico to meet North American customer demands, enhancing its competitive edge [5].

一年内行业指数与沪深 300 指数对比走势： 证券研究报告 行业研究 / 行业点评 2025 年 12 月 22 日 行业及产业 医药生物 资料来源：聚源数据，爱建证券研究所 相关研究 《医药行业跟踪报告：全球减重疗法研究进展 丰富，三靶点激动剂和 siRNA 创新疗法数据亮 眼》2025-12-15 《医药行业跟踪报告：医保商保"双目录"落 地，关注支付端增量》2025-12-10 《【爱建医药】抗体偶联药物 ADC 产业投资框 架——"精准化疗"引爆千亿市场，中国创新 引领全球浪潮 20251121》2025-11-21 张智聪 S0820525020002 021-32229888-25524 zhangzhicong@ajzq.com ——医药行业跟踪报告 蚂蚁阿福 App 上线带动"AI+大健康" 图表 2：Rentosertib 的新药发现和临床开发过程 请仔细阅读在本报告尾部的重要法律声明 2 投资热情，关注英矽智能新股发售 强于大市 投资要点： 医药板块行情复盘：本周（12/15~12/21）市场宽幅震荡，沪深 300 指数-0.28%，商贸零 售（+6.27%）板块领涨，电子（-3.28%） ...

证券研究报告 行业研究 / 行业点评 2025 年 12 月 22 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 《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 《光储行业跟踪：11 月国内新型储能新增招标 规模环比大增，储能电芯持续高景气》 2025-12-16 《锂电行业跟踪：11 月国内动力电池装车量和 出口量同比增长，锂电材料价格趋于稳定》 2025-12-15 《数据中心及 AI 景气上行，电力设备需求持续 增长》2025-12-12 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 联系人 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com ——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 目录 | 1. 11 月国内光伏组件产量环比下降，储能需求旺盛 ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 22 日 AI 驱动 PCB 升级，平台型设备龙头放量可期 机械设备 | 报告原因： | | --- | | | | | 市场数据： | 2025 | 年 | 12 月 | 19 日 | | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 111.16 | | 一年内最高/最低（元） | | | 133.00/31.62 | | | | 市净率 | | | 8.4 | | | | 股息率（分红/股价） | | | 0.36 | | | | 流通 A 股市值（百万元） | | | 46,841 | | | | 上证指数/深证成指 | | | 3,890/13,140 | | | | 注："股息率"以最近一年已公布分红计算 | | | | | | | 基础数据： | | | 2025 | 年 | 日 | 09 | 月 30 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | 13 ...