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新工业周报:第55届巴黎航展于勒布尔热机场正式开幕,欧盟委员会提出国防准备综合方案-20250620
Haitong Securities International· 2025-06-20 03:31
Investment Rating - The report suggests a positive outlook for the aerospace and defense sectors, recommending attention to high-performance structural component manufacturers and defense contractors [5]. Core Insights - The AI technology giants are adjusting their investment pace in data centers, with Microsoft delaying some early projects but expected to resume construction after the fiscal year ends, potentially driving demand in 2025 [2][15]. - The U.S. gas turbine price index increased by 5.3% year-on-year in April 2025, indicating a stable demand in the industrial sector [3][56]. - The 55th Paris Air Show highlighted a strong recovery in the commercial aviation market, with significant orders reflecting the industry's resilience [23][24]. Summary by Sections Data Centers - Major cloud service providers are adjusting their investment strategies, with Microsoft and Amazon accelerating procurement for large clients while Google increases its hosting expenditures [15]. Energy Construction - Michigan regulators are pushing for reliability improvements from Consumers Energy and DTE Electric, emphasizing the need for better vegetation management and equipment replacement [19][20]. - The UK government announced a £14.2 billion investment in a nuclear power plant to reduce reliance on fossil fuels, with a capacity of 3.2GW [21]. Aerospace - The Paris Air Show showcased advancements in military aircraft and green aviation technologies, with a focus on sustainable solutions [23][24]. - The U.S. aircraft engine manufacturing price index remained stable, reflecting consistent demand in the aerospace sector [25][28]. Defense - The report notes significant defense contracts, including the potential $175 billion "Golden Dome" missile defense system, which could become one of the largest defense contracts globally [33][34]. - The EU's new defense funding plan aims to streamline investment rules to enhance member states' defense capabilities by 2030 [33]. Robotics - The global installation of industrial robots in 2023 was 541,302 units, a slight decrease from the previous year, with the automotive sector regaining its position as the largest customer [36][42]. - The U.S. mechanical manufacturing price index showed a modest increase, indicating stable market conditions for industrial equipment [37]. Industrial Equipment - The price index for electric motors and generators in the U.S. rose by 2.5% month-on-month in May 2025, reflecting increased production costs [43]. - China's transformer exports reached 45.8 billion yuan in April 2025, marking a 34% year-on-year increase, indicating strong demand in international markets [65].
长城汽车(601633):坚守长期主义,领航生态出海
Haitong Securities International· 2025-06-20 01:24
Investment Rating - The report assigns an "Outperform" rating to Great Wall Motor, expecting a relative return exceeding 10% over the next 12-18 months [20]. Core Viewpoints - Great Wall Motor emphasizes a long-term strategy focused on building a high-value vehicle portfolio for global expansion, prioritizing product and service reliability over rapid growth [2][7]. - The company aims to deepen its multi-powertrain platform strategy, promoting "one vehicle, multiple powertrains" to cater to diverse market needs, especially in regions with limited electricity infrastructure [2][8]. - In 2024, Great Wall anticipates vehicle sales of 1.23 million units, a 0.4% year-on-year increase, with revenue projected at RMB 202.2 billion, reflecting a 16.7% growth, and net profit expected to reach RMB 12.69 billion, marking an 80.8% increase [2][7]. - The company's globalization strategy focuses on "ecological overseas expansion," with over 1,400 overseas sales channels and cumulative exports surpassing 1.9 million units, targeting over one million units in overseas sales by 2030 [2][8]. Summary by Sections Company Strategy - Great Wall Motor reaffirms its commitment to long-termism, aiming for high-quality market share and product reliability, even at the cost of slower growth [2][7]. - The company plans to launch several key models in 2025, including the Tank SUV for urban markets, alongside expanding its product matrix with WEY, Haval, ORA, and pickup series [2][8]. Performance Metrics - In 2024, Great Wall expects to achieve vehicle sales of 1.23 million units, a slight increase of 0.4% year-on-year, with revenue projected at RMB 202.2 billion, up 16.7%, and net profit anticipated at RMB 12.69 billion, an increase of 80.8% [2][7]. Brand Development - WEY, as a key brand in Great Wall's premium strategy, has shown significant growth, with May sales reaching 6,161 units, a 115.3% year-on-year increase, and cumulative deliveries of 24,297 units in the first five months, up 44% [3][9]. - The brand is enhancing its product and design competitiveness through increased R&D and marketing investments, and is expected to drive growth through product diversification and ecological globalization [3][10].
宝信软件(600845):AI赋能钢铁革新,工业机器人落地生根
Haitong Securities International· 2025-06-19 14:51
AI 赋能钢铁革新,工业机器人落地生根 宝信软件(600845) ——宝信软件(600845.SH)报告 股票研究/ [Table_Date] 2025.06.19 计算机 [Table_Industry] /信息科技 [Table_Invest] 评级 增持 本报告导读: 公司作为工业软件行业龙头,大力推动 AI 赋能钢铁产业革新,自研平台构建自主可 控工业软件体系,随着工业级机器人应用端落地生根,看好公司长期发展。 请务必阅读正文之后的免责条款部分 目标价格 33.64 [Table_CurPrice] 当前价格: 24.76 [Table_Market] 交易数据 投资要点: | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 12,916 | 13,644 | 14,738 | 16,347 | 18,368 | | (+/-)% | -1.8% | 5.6% | 8.0% | 10.9% | 12.4% | | 净利润( ...
深信服(300454):首次覆盖:重点投入AI和云计算,管理营销内外兼修提升长期价值
Haitong Securities International· 2025-06-19 13:44
Investment Rating - Rating: Outperform [1] - Target Price: RMB 114.94 [1] Core Insights - The company focuses on AI and cloud computing, with both sectors contributing nearly half of its revenue. The launch of the AICP platform and products like XaaS and security GPT are key developments [1][5] - The company is expected to maintain growth driven by increased demand for cloud services and a turning point in cybersecurity, with projected EPS for 2025-2027 at RMB 0.77, RMB 1.18, and RMB 1.54 respectively [5][15] - The report highlights a recovery in growth for Q1 2025, with significant year-on-year revenue increases and a focus on enhancing product quality and innovation [5][16] Financial Summary - Revenue projections show a slight decline in 2024 to RMB 7.52 billion, followed by growth to RMB 8.08 billion in 2025, and reaching RMB 10.07 billion by 2027 [3][6] - Net profit attributable to shareholders is forecasted to increase significantly from RMB 197 million in 2024 to RMB 649 million by 2027, reflecting a strong growth trajectory [3][6] - The company’s gross profit margins for security and cloud services are 79.31% and 44.24% respectively, indicating robust profitability in these segments [5][17] Strategic Focus - The company plans to enhance its product offerings in XaaS and AI, while also expanding its market reach to key industry clients and overseas markets [5][19] - Future strategies include focusing on key production lines, promoting innovation in AI and cybersecurity, and strengthening organizational capabilities [5][20] - The company aims to deepen its channel system and improve management efficiency to boost profitability over the next 3-5 years [5][20]
金桥信息(603918):首次覆盖报告:困境反转初显,AI调解多元解纷正放量
Haitong Securities International· 2025-06-19 13:44
首次覆盖: 困境反转初显,AI 调解多元解纷正放量 金桥信息(603918) ——金桥信息(603918.SH)首次覆盖报告 本报告导读: 公司作为国内数字化科技的行业领先者,前瞻性布局法律金融科技板块,随着基本 盘业务反弹+AI 调解提效+多元解纷放量+法院合作深化,未来业绩增速有望超预期。 投资要点: | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 932 | 699 | 941 | 1,153 | 1,377 | | (+/-)% | 7.9% | -25.0% | 34.6% | 22.5% | 19.4% | | 净利润(归母) | 26 | -61 | 26 | 99 | 169 | | (+/-)% | 42.8% | -337.5% | 142.9% | 279.2% | 70.7% | | 每股净收益(元) | 0.07 | -0.17 | 0.07 | 0.27 | 0.46 | | 净资产收益率(%) | ...
达梦数据(688692):业绩保持高增,分布式、AI、云原生推动公司产品迭代升级
Haitong Securities International· 2025-06-19 09:27
股票研究 /[Table_Date] 2025.06.12 2025-06-19 业绩保持高增,分布式、AI、云原生推 动公司产品迭代升级 公司跟踪报告 [Table_Balance] 本报告导读: 2024 年与 2025Q1 公司利润保持高增,能源、交通等领域出现较高增幅;分布式数 据库、AI 以及云原生推动公司产品升级。 投资要点: | [Table_Finance] 风险提示:信创推进不及预期;产品迭代不及预期;市场竞争加剧。 | | | | | | | --- | --- | --- | --- | --- | --- | | 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 794 | 1,044 | 1,315 | 1,650 | 2,064 | | (+/-)% | 15.4% | 31.5% | 25.9% | 25.5% | 25.1% | | 净利润(归母) | 296 | 362 | 490 | 607 | 751 | | (+/-)% | 10.1% | 22.2% | 35.3% | 23.9% | 23.8% ...
AI 产业跟踪报告:360发布纳米AI超级搜索智能体与两款AI硬件
Haitong Securities International· 2025-06-19 09:00
股票研究 /[Table_Date] 2025.06.14 2025-06-19 360 发布纳米 AI 超级搜索智能体与两款 [Table_Industry] 计算机 本报告导读: 6 月 11 日,360 发布了国内首个"超级搜索智能体"——纳米 AI 超级搜索智能体;同 时 360 发布两款智能硬件:纳米 AI Note 和 Rokid 联名 AI 眼镜。 投资要点: 研 究 报 告 请务必阅读正文之后的免责条款部分 AI 硬件 AI 产业跟踪报告 股 票 研 究 行 业 跟 踪 报 告 证 券 APPENDIX 1 Summary Investment Highlights: Investment Advice: The release of 360 Search Intelligent Agent marks a new phase in search technology, moving from simple model-assisted search to autonomous thinking and execution. The launch of two AI hardware devi ...
中控技术(688777):创新商业模式,剑指工业AI龙头
Haitong Securities International· 2025-06-19 08:58
Investment Rating - The report maintains an "Outperform" rating with a target price of RMB 72.75, reflecting the company's strong historical foundation and AI investment, alongside accelerating industrial AI applications and optimizing business models [4][26]. Core Insights - The company is positioned as a leader in the industrial AI sector, leveraging over 100EB of industrial data from 100,000 control systems to enhance real-time industrial data capabilities. It integrates AI and robotics to drive automation and has launched innovative products like the UCS control system and TPT foundation models [4][26]. - The company has a stable growth trajectory in key industries, with a market share of 40.4% in the domestic DCS market, and is expanding into emerging sectors such as oil, gas, and Chinese baijiu [4][26]. - Internationally, the company has seen significant growth, with overseas revenue reaching RMB 749 million in 2024, a year-on-year increase of 118.27%, indicating enhanced global operational capabilities [4][26]. Financial Summary - Revenue projections for 2025-2027 are RMB 103.14 billion, RMB 112.80 billion, and RMB 124.66 billion, respectively, with net profits of RMB 12.72 billion, RMB 14.72 billion, and RMB 17.38 billion [11][13]. - The company anticipates EPS of RMB 1.61, RMB 1.86, and RMB 2.20 for the years 2025-2027, reflecting a gradual increase in profitability [11][16]. - The report highlights a stable gross margin trend, with expected gross margins of approximately 36% to 38% across various business segments by 2027 [10][14].
天阳科技(300872):聚焦战略主业夯实壁垒,稳定币相关领域抢先布局
Haitong Securities International· 2025-06-19 08:57
[Table_PicQuote] 聚焦战略主业夯实壁垒,稳定币相关领域 抢先布局 [Table_Balance] 股票研究 /[Table_Date] 2025.06.13 2025-06-19 本报告导读: 公司坚持聚焦核心业务和战略客户,信贷和信用卡业务在银行 IT 领域持续领跑,同 时 AI+国际化构筑增长双引擎,在稳定币领域亦有抢先布局。 投资要点: | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 1,936 | 1,766 | 2,038 | 2,386 | 2,830 | | (+/-)% | -2.0% | -8.8% | 15.4% | 17.1% | 18.6% | | 净利润(归母) | 117 | 78 | 93 | 122 | 163 | | (+/-)% | 91.9% | -33.6% | 19.8% | 31.8% | 33.0% | | 每股净收益(元) | 0.25 | 0.17 | 0.20 ...
超越表象:发掘以色列冲突中的结构性价值
Haitong Securities International· 2025-06-19 08:18
[Table_Title] 研究报告 Research Report 19 Jun 2025 美国航空航天与国防 US Aerospace and National Defense 超越表象:发掘以色列冲突中的结构性价值 Beyond the Headlines: Uncovering Structural Value in the A&D Supply Chain 杨斌 Bin Yang bin.yang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 核心观点: 结构性投资机遇存在于这些订单的连锁反应之中:从实战消耗驱动的、确定性极高的弹药补库需求,到生产瓶颈 所凸显的上游供应商价值,再到被市场忽视的、代表未来战争形态的直接商业采购(DCS)。具体而言,短期最确 定的需求是价值超 10 亿美元的拦截弹补库;而 JDAM 等弹药长达 1-2 年的交付瓶颈,则为关键上游企业创造了超 越主承包商的投资弹性。最后,DCS 渠道的动向揭示了一条与传统国防 ...