Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first coverage [7][8]. Core Insights - The company is a key player in the research, development, manufacturing, and sales of equipment in China's oil and gas exploration, drilling, and refining sectors. It is expected to benefit from the deepening domestic replacement of marine engineering equipment and the expansion of AI-driven digital oilfield services overseas, leading to sustained improvement in profitability [7][8]. - The growth in China's oil and gas production is outpacing global rates, with a structural increase in demand for related equipment as development shifts towards marine and unconventional fields. The company is positioned to capitalize on this trend [7][8]. - The digital oilfield market is projected to grow significantly, providing opportunities for the company to expand its services internationally, particularly in the Middle East [7][8]. Financial Data and Profit Forecast - The company’s total revenue is projected to reach 859 million yuan in 2025, with a year-on-year growth rate of 17.1%. The net profit attributable to the parent company is expected to be 55 million yuan, reflecting an 81.5% increase [6][8]. - The company’s gross margin is forecasted to improve from 32.7% in 2023 to 38.9% in 2025, indicating a positive trend in profitability [6][8]. - The price-to-earnings (PE) ratio is expected to decrease from 75.7x in 2025 to 34.4x by 2027, suggesting a more attractive valuation as earnings grow [6][8]. Key Assumptions - The report assumes that capital expenditure in China's marine oil and gas development will increasingly focus on deepwater projects, with a significant portion of investment directed towards underwater production trees [9]. - The digital oilfield market in Kuwait is expected to expand, with the company projected to capture a growing share of this market, enhancing its revenue from digital services [9]. Market Position and Competitive Landscape - The company is recognized as one of the few suppliers in China capable of providing integrated equipment and services across the entire oil and gas industry chain, which positions it favorably against competitors [29]. - The competitive landscape in the oil service industry remains stable, with significant opportunities in emerging fields such as deepwater and unconventional oil and gas resources [7][8].

证券研究报告 行业研究 / 行业深度 2025 年 12 月 22 日 电子 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 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业及产业 存储芯片涨价将延续至 2026 年 相关研究 《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 《爱建电子专题报告：iPhone 折叠屏有望带来 产业发展拐点》2025-12-15 《电子行业周报：字节跳动发布豆包手机助手》 2025-12-08 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com ——爱建电子专题报告 | 1.1 | 三大存储巨头纷纷上调产品价格 | 5 | | --- | --- | --- | | 1.2 | 存储周期历史复盘 | 6 | | 1. ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 22 日 ABB 合资工厂产能持续爬坡，储能业务 快速增长 电力设备 报告原因： | 买入（首次评级） | | | | | --- | --- | --- | --- | | 市场数据： 2025 | 年 | 12 月 | 19 日 | | 收盘价（元） | | | 37.84 | | 一年内最高/最低（元） | 57.70/22.74 | | --- | --- | | 市净率 | 4.3 | | 股息率（分红/股价） | 0.40 | | 流通 A 股市值（百万元） | 7,143 | | 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 | 09 | 月 30 | | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资产（元） | | | | | | | 8.9 | | | 资产负债率% | | | | | | 64.95 | | | | 总股本/流通 | | ...

证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 22 日 有色金属 报告原因： 汽车业务加速放量，海外光伏产能投产 在即 | 实人(首次评级) | | --- | 证券分析师 朱攀 S0820525070001 021-32229888-25527 zhupan@ajzq.com 陆嘉怡 S0820124120008 021-32229888-25521 lujiayi@ajzq.com | 市场数据： | 2025 | 年 | 12 月 | 19 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | 15.25 | | 一年内最高/最低（元） | | | 23.04/14.66 | | | | 市净率 | | | | | 1.2 | | 股息率（分红/股价） | | | | | 1.28 | | 流通 A 股市值（百万元） | | | 2,524 | | | | 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： | | ...

证券研究报告 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 《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 《爱建电子专题报告：iPhone 折叠屏有望带来 产业发展拐点》2025-12-15 《电子行业周报：字节跳动发布豆包手机助手》 2025-12-08 《"朱雀三号"首飞在即，推动卫星通信行业 发展》2025-12-01 许亮 S0820525010002 0755-83562506 xuliang@ajzq.com 朱俊宇 S0820125040021 021-32229888-25520 zhujunyu@ajzq.com 行业研究 / 行业点评 2025 年 12 月 21 日 行业及产业 电子 TPU 需求上涨带动 Google 产业链发展 ——电子行业周报（2025/12/15-12/19） 本周（2025/12/15-12/19）本周 SW 电子行业指数（-3.28%），涨跌幅排名 31/31 位， 沪深 300 ...

| 市场数据： | 2025 | 年 | 12 月 | 18 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 22.06 | | | 一年内最高/最低（元） | | | | 27.52/20.6 | | | 市净率 | | | | 2.2 | | | 股息率（分红/股价） | | | | 2.80 | | | 流通 A 股市值（百万元） | | | | 136,976 | | | 上证指数/深证成指 | | | | 3,876/13,054 | | | 注："股息率"以最近一年已公布分红计算 | | | | | | 证券研究报告 公司研究 / 首次覆盖 2025 年 12 月 19 日 泛越野+生态出海，新品周期驰而不息 汽车 ——长城汽车(601633.SH)首次覆盖 报告原因： | 基础数据： | | | 日 | 月 | | 2025 | 年 | 09 | 30 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 每股净资 ...

Investment Rating - The report rates the electronic industry as "Outperform" compared to the market [1] Core Insights - The report highlights the successful IPOs of domestic GPU companies, Moore Threads and Muxi Co., indicating a growing focus on the domestic GPU sector [3][6] - It emphasizes the performance of NVIDIA's H200 chip, which has been allowed for export to China, and compares it with domestic AI chips, noting significant performance gaps [18][20] - The report expresses confidence in the future of domestic chips despite ongoing challenges from U.S. export policies [3] Summary by Sections 1. Company Developments - Moore Threads, established in 2020, focuses on providing comprehensive GPU solutions and reported a revenue of 438 million RMB in 2024, a year-on-year increase of 253.65% [7][10] - Muxi Co. also launched its IPO, focusing on heterogeneous computing and offering a range of GPU products [13] 2. Product Performance - The H200 chip features 141GB HBM3e memory and a bandwidth of 4.8TB/s, outperforming many domestic chips but still lagging behind higher-end models like the GB200 [18][19] - Domestic competitors like Huawei and Cambrian have released AI chips, but their performance metrics are significantly lower than the H200 [20][21] 3. Market Trends - The report notes an increase in activity within the domestic GPU sector, with companies like Suir Technology and Biran Technology accelerating product iterations and performance upgrades [23][24] - The report identifies a trend towards diversified product matrices among domestic GPU manufacturers, catering to various application scenarios [15][32]

补齐 CMP 关键拼图，平台化战略再进一步 半导体 证券研究报告 公司研究 / 公司点评 2025 年 12 月 19 日 | 报告原因： | | | | | --- | --- | --- | --- | | 买入（维持） | | | | | 市场数据： | 2025 年 | 12 | 月 18 日 | | 收盘价（元） | | | 272.72 | | 一年内最高/最低（元） | | | 319.11/164.88 | | 市净率 | | | 8.0 | | 股息率（分红/股价） | | | 0.11 | | 流通 A 股市值（百万元） | | | 170,762 | | 上证指数/深证成指 | | | 3,876/13,054 | | 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 | | 每股净资产（元） | | 34.3 | | --- | --- | --- | | 资产负债率% | | 28.02 | | 总股本/流通 | A 股（百万） | 626/626 | | 流通 B 股/H | 股（百万） | -/- | 资料来源： ...

证券研究报告 行业研究 / 行业深度 2025 年 12 月 19 日 行业及产业 北美数据中心电力短缺，SOFC 迎来快 速增长 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 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 《动力和储能锂电需求增长，锂电材料价格价 格趋于稳定》2025-12-09 | 1 | | 2 | | --- | --- | --- | | 1 | 1 | A | | | 1.1 | 数据中心：美国数据中心存量大，预计增量高 5 | | --- | --- | --- | | | 1.2 | 电力：数据中心耗电量持续提升，现场发电是有效方案 6 | | | 2.1 | 概念：通过电化学反应产出 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6] Core Views - The company is expected to benefit from the high demand in AIDC and energy storage sectors, with a projected improvement in performance [6] - The company focuses on three main businesses: lithium batteries, metal logistics, and LED, with a strategic emphasis on cylindrical lithium batteries and new applications like BBU and robotics [6][21] - The company has a strong competitive position in the global power tool battery market, with an expected market share exceeding 12% in 2024 [6][12] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 5,222 million - 2024: 6,756 million (29.4% YoY growth) - 2025: 8,239 million (21.9% YoY growth) - 2026: 9,853 million (19.6% YoY growth) - 2027: 11,708 million (18.8% YoY growth) [5][25] - Projected net profit for 2025-2027 is as follows: - 2025: 757 million - 2026: 982 million - 2027: 1,247 million [6][25] - The company’s gross margin is expected to improve from 12.8% in 2023 to 22.2% by 2027 [26] Business Segments - The lithium battery segment is projected to generate the highest revenue and gross profit, accounting for 42.8% of total revenue in 2025H1 [7] - The company is actively entering new application scenarios, including BBU cells and robotics, with confirmed collaborations with Molicel and other companies [6][21] Market Trends - The global power tool shipment is expected to grow nearly 25% to 570 million units in 2024, indicating a robust market for lithium batteries [12] - The overall lithium battery penetration rate in power tools is projected to reach 66% by 2025 [12]