2025 年 09 月 27 日 —阳光电源（300274.SZ）公司动态研究报告 储能强势增长，布局 AIDC 打开新成长空间 资料来源：Wind，华鑫证券研究 -50 0 50 100 150 (%) 阳光电源 沪深300 相关研究 ▌业绩稳定增长，盈利能力提升 2025H1，公司实现营业收入 435.3 亿元，同比增长 40%，归母 净利润 77.3 亿元，同比增长 56%；毛利率达 34.36%，同比提 升 1.94pct，净利率达 17.77%，同比提升 1.78pct，盈利能力 进一步提升。 ▌储能翻倍以上增长，逆变器稳步增长 市场表现 买入(首次) 投资要点 | 分析师：张涵 | S1050521110008 | | --- | --- | | zhanghan3@cfsc.com.cn | | | 分析师：罗笛箫 | S1050525070001 | | luodx@cfsc.com.cn | | | 基本数据 | 2 0 2 5-0 9-2 6 | | --- | --- | | 当前股价（元） | 157.5 | | 总市值（亿元） | 3265 | | 总股本（百万股） | 2073 | ...

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry, indicating an expected performance greater than 10% relative to the benchmark index [2]. Core Insights - CrowdStrike reported a total revenue of $1.169 billion for Q2 FY26, representing a year-over-year growth of 21%. The Ending Annual Recurring Revenue (ARR) reached $4.66 billion, up 20% year-over-year [5][6]. - The company achieved a net new ARR of $221 million, accelerating ahead of expectations by one quarter [5]. - Non-GAAP operating income was $255 million, with a record operating margin of 22%, exceeding company guidance [5]. - The Falcon Flex model has driven deeper platform strategy, with over 1,000 customers and a 75% utilization rate among Flex contracts [6][7]. - Emerging business platforms, including cloud security and Next-Gen SIEM, saw significant growth, with combined ARR exceeding $1.56 billion, up over 40% year-over-year [8]. Summary by Sections Financial Performance - Total revenue for Q2 FY26 was $1.169 billion, with subscription revenue at $1.103 billion. The Ending ARR was $4.66 billion, with a net new ARR of $221 million [5]. - Non-GAAP subscription gross margin was 80%, and total gross margin was 78%. The operating cash flow for Q2 was $333 million, with free cash flow at $284 million [5]. Business Model and Strategy - The Falcon Flex model has seen customer adoption with over 220 new Flex customers, and 60% of customers with ARR over $100,000 adopted 8 or more modules [6][7]. - The Next-Gen SIEM business achieved an ARR of over $430 million, growing more than 95% year-over-year, supported by the acquisition of Onum [8]. Growth Areas - Cloud security ARR exceeded $700 million, growing over 35%, while Next-Gen Identity ARR surpassed $435 million, up over 21% [8]. - The company's AI initiatives, including the Agentic AI security analyst, saw over 85% growth, integrating AI into the Falcon platform [8]. Investment Recommendations - The report suggests continued monitoring of the Falcon Flex model's renewal performance and the market expansion effectiveness of the Next-Gen SIEM business post-Onum integration [9].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [1]. Core Insights - The launch of Meta's AI glasses and accompanying handband indicates significant potential for edge computing business development [1]. - The AI glasses represent a crucial entry point for edge AI, with substantial market opportunities anticipated [5]. - Meta has a strong market position in the AI glasses sector, supported by years of research and development [7]. - The report suggests that investors should monitor Meta's advancements in AI technology and edge hardware promotion [8]. Summary by Sections Industry Performance - The computer industry has shown a performance of -3.8% over 1 month, 16.0% over 3 months, and 57.1% over 12 months [2]. Market Performance - The market performance graph indicates fluctuations in the computer sector compared to the CSI 300 index [3]. Product Launch - Meta introduced the Meta Ray-Ban Display, the first AI glasses integrating microphone, speaker, camera, and AI capabilities, along with the Meta Neural Band for control [5]. Market Growth Projections - Global smart glasses market shipments are projected to reach 14.518 million units in Q1 2025, a 42.5% increase year-on-year, with China expected to see shipments of 2.907 million units, a 121.1% increase [5]. AI Glasses Development - The report emphasizes that AI glasses align with the potential logic of AI applications, making them a focus for hardware manufacturers [5]. Competitive Landscape - Meta's extensive experience in AI glasses technology positions it favorably against competitors, including Xiaomi and Huawei in the domestic market [7]. Investment Recommendations - The report encourages investors to focus on Meta's ongoing developments in AI technology and edge hardware [8].

Investment Rating - The report maintains a "Recommendation" rating for the industry [7] Core Insights - Meta has updated its Meta AI APP, introducing the Vibes platform, which allows users to gain inspiration from AI-generated videos created by the community, enhancing the AI video application ecosystem [4][6] - The integration of social networks with AI is a significant trend, and Meta, as a social network giant, is well-positioned to leverage AI technology to innovate platform experiences and drive business growth [4][6] - Meta is focusing on the development and promotion of AI models, applications, and edge hardware, which is expected to revolutionize social network platforms and enhance user engagement [7] Summary by Sections Market Performance - The computer industry has shown a performance of -3.8% over 1 month, 16.0% over 3 months, and 57.1% over 12 months, while the CSI 300 index has performed at 3.7% over 1 month, 16.0% over 3 months, and 22.9% over 12 months [1] Investment Highlights - Vibes combines AI video generation with community interaction, creating a more personalized platform that enhances user experience and engagement [4] - The combination of social networks and AI is a crucial trend, with Meta's multiple platforms poised to innovate user experiences and drive business growth [6] Company Focus and Earnings Forecast - Meta's stock price is projected to be $743.75 with EPS estimates of 24.61, 27.49, and 30.0 for 2024, 2025E, and 2026E respectively [9]

Investment Rating - The report maintains a "Recommended" investment rating for the industry, indicating a positive outlook for future performance relative to the market [7]. Core Insights - Microsoft has launched the Microsoft Marketplace, integrating Azure Marketplace and Microsoft AppSource, to provide a wide range of cloud solutions and AI applications, enhancing its ecosystem [4][6]. - The comprehensive promotion of AI applications requires robust cloud computing and foundational solutions, which Microsoft is well-positioned to provide, thereby increasing customer loyalty to its cloud services [5][6]. - Microsoft is advancing its AI computing capabilities by constructing large-scale AI data centers, including a $3.3 billion investment in the Fairwater data center in Wisconsin, set to launch in early 2026 [6][7]. - The company is also expanding its AI application ecosystem, with over 3,000 new AI applications and intelligent agents available through the Microsoft Marketplace [4][5]. Summary by Sections Industry Performance - The computer industry has shown a performance of -1.9% over the last month, 19.5% over the last three months, and 75.0% over the last year, compared to the CSI 300 index which has performed at 3.2%, 16.4%, and 29.6% respectively [1]. Investment Recommendations - Investors are advised to focus on Microsoft's ongoing developments in AI data center construction and AI application promotion, as the global AI industry is still in a high-growth phase with significant upside potential [7].

Investment Rating - The report maintains a "Recommended" investment rating for the industry [10]. Core Insights - Figma's revenue for Q2 2025 reached $249.6 million, representing a 41% year-over-year growth, with a GAAP net profit of $28.2 million [3][4]. - The company is focusing on long-term value through strategic investments in AI products, which are expected to reshape its growth trajectory [3][8]. - Figma's Non-GAAP gross margin for Q2 2025 was 90%, a slight decrease of 2% quarter-over-quarter, attributed to increased costs from new AI products and seasonal marketing expenses [3][4]. Revenue and Profit Performance - The company achieved a quarterly revenue of $249.6 million, a 41% increase year-over-year [3]. - Non-GAAP operating profit for Q2 2025 was $11.5 million, with a gross margin of 5% [3]. - The adjusted free cash flow was $60.6 million, corresponding to a profit margin of 24% [3]. - For Q3 2025, Figma projects revenue between $263 million and $265 million, with an expected year-over-year growth rate of approximately 33% [3]. Customer Metrics and Platform Progress - Figma's annual recurring revenue (ARR) customers exceeding $100,000 grew to 1,119, a 42% increase year-over-year [3]. - The number of customers with ARR over $10,000 reached 11,906, indicating strong customer retention and expansion capabilities [3]. - The net revenue retention rate for customers with ARR greater than $10,000 was 129% [3]. Product Innovation and AI Strategy - Figma launched four new products during the annual Config conference, doubling its product matrix and expanding its platform capabilities [6][7]. - New products include Figma Make, Figma Draw, Figma Sites, and Figma Buzz, aimed at enhancing user experience and collaboration [6][7]. - The integration of AI into these products is expected to lower technical barriers and improve workflow efficiency [6][7]. Investment Recommendations - The report suggests that Figma's long-term growth logic is clear, driven by continuous product innovation and the integration of AI into workflows [8]. - It is recommended to monitor the user adoption rates of new AI products and the progress of the platform strategy in expanding new user groups [8].

2025 年 09 月 26 日 究 报 告 谷歌（ GOOGL.O）：发布强大图像模型，巩固 AI 技术领先地位 推荐(维持) 事件 分析师：任春阳 S1050521110006 rency@cfsc.com.cn 联系人：谢孟津 S1050123110012 xiemj@cfsc.com.cn 行业相对表现 | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | -5.1 | 15.6 | 69.3 | | 沪深 300 | 2.2 | 15.3 | 28.3 | 市场表现 -20 0 20 40 60 80 (%) 计算机 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《计算机行业点评报告：微软 （MSFT.O）：追加 40 亿美元投建 AI 数据中心，AI 算力投入持续上 修》2025-09-26 2、《计算机行业点评报告：特斯 拉：小规模试运营向多州扩展，AI5 聚焦推理能力，监管审查趋松》 2025-09-26 3、《计算机行业点评报告：英伟达 （NVDA.O）：与英特尔合作并投 资，巩固 AI 计算领域核心地位》 2 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [11] Core Views - The company has demonstrated strong growth momentum in H1 2025, achieving a revenue of 13.038 billion yuan, a year-on-year increase of 17.67%, and a net profit of 412 million yuan, up 27.72% year-on-year [1] - The growth is attributed to the company's ability to seize opportunities in domestic markets, particularly in mobile phones, home appliances, and automotive applications, while strengthening partnerships with key clients like AMD [2][8] - AMD's robust performance, with a revenue increase of 31.71% year-on-year in Q2 2025, significantly contributes to the company's growth, as it remains the largest packaging supplier for AMD, handling over 80% of its orders [3][8] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 6.946 billion yuan, a year-on-year increase of 19.8% and a quarter-on-quarter increase of 14.01%. The net profit for the same period was 311 million yuan, up 38.60% year-on-year and 206.45% quarter-on-quarter [2] - The gross profit margin for Q2 2025 was 16.12%, reflecting a slight increase from the previous year [2] Research and Development - The company invested 756 million yuan in R&D in H1 2025, a year-on-year increase of 12.43%, focusing on overcoming challenges in large-size products and achieving breakthroughs in CPO technology [2][9] Market Position and Strategy - The company has made significant advancements in advanced packaging technology, including the mass production of large-size FCBGA and breakthroughs in CPO technology, which positions it well in various sectors such as AI, automotive electronics, and consumer electronics [9][10] - The strategic partnership with AMD, including joint ventures in Suzhou and Penang, enhances the company's market position and provides a solid foundation for future growth [8] Earnings Forecast - The company is projected to achieve revenues of 27.261 billion yuan, 30.936 billion yuan, and 34.861 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.72 yuan, 0.93 yuan, and 1.12 yuan [11][13]

Investment Rating - The report maintains a "Recommended" investment rating for the industry [10] Core Insights - Microsoft is leading the AI data center construction wave, with significant investments in building large-scale AI data centers, including a recent announcement of an additional $4 billion investment for a second AI data center in Wisconsin [5][8] - The Fairwater AI data center in Wisconsin, with an investment of $3.3 billion, is nearing completion and is designed to support large-scale AI models and applications [5][6] - The report highlights the increasing capital expenditures in the AI computing sector, with Microsoft's Q2 2025 capital expenditure reaching $24.2 billion, a 27% year-on-year increase, indicating a strong outlook for AI computing investments [7][8] Summary by Sections Industry Performance - The computer industry has shown varied performance over different time frames, with a 1-month decline of 1.9%, a 3-month increase of 19.5%, and a 12-month increase of 75% [1] Investment Highlights - Microsoft has extensive experience in constructing large-scale data centers, which positions it favorably in the AI computing infrastructure sector [5][6] - Other leading companies in the overseas market are also increasing their capital expenditures for computing, indicating a clear mid-term visibility for global computing investments [7][8] Company Focus and Earnings Forecast - The report provides earnings forecasts for Microsoft, Google, and Nvidia, with Microsoft expected to have an EPS of $11.86 in 2024, increasing to $15.75 by 2026 [10]

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 67, suggesting a positive outlook for the market [5][9][21] - Key themes identified include robotics, medical devices, and liquid cooling technologies, with specific companies highlighted as potential investment opportunities [5][10][12] Robotics Sector - Tesla's "Master Plan 4" emphasizes the strategic importance of robotics, with Elon Musk stating that approximately 80% of Tesla's future value will come from the Optimus robot [5] - Related companies include Wolong Electric (600580) and Changsheng Bearing (300718) [5] Medical Devices Sector - The Shanghai government has launched an action plan to promote the high-end medical device industry, aiming for over 500 new third-class medical device registrations and over 100 products approved for overseas markets by 2027 [5] - Key companies in this sector include United Imaging Healthcare (688271) and Tsinghua Tongfang (300642) [5] Liquid Cooling Technology - Due to high power consumption from new AI platforms, NVIDIA is pushing suppliers to develop new microchannel liquid cooling technology, which is significantly more expensive than existing solutions [5] - Companies involved in this technology include Yinlun (002126) and Plutotech (688333) [5] Market Trends - The report notes that when market sentiment is below or close to 50, the market tends to find support, while sentiment above 90 may indicate resistance [9] - Recent trends show a shift towards an upward market trajectory supported by improved sentiment and policy backing [9] Capital Flow Insights - The report lists the top ten stocks with significant net inflows, including Inspur Information (000977) and Ningde Times (300750), indicating strong investor interest [10][12] - Conversely, the report also highlights stocks with notable net outflows, such as Shenghong Technology (300476) and Heertai (002402), suggesting caution in these areas [12][22]