证券研究报告·行业点评报告 2024 年 12 月 30 日 江海证券研究发展部 OpenAI 宕机引发对电源关注，重视数 据中心产业链投资机会 事件： 近十二个月行业表现 12 月 27 日凌晨，OpenAI 宣布，聊天机器人 ChatGPT、视频生成模型 Sora 和 API 产生了重大错误，大部分已经宕机数小时。据媒体此前报道，OpenAI 并未 具体说明与该问题相关的"上游提供商"，但其独家云提供商微软报告称，其一 个数据中心出现了"电源问题"。 投资要点： 智能算力的增长预计将成为整体算力需求增长的主要驱动力，AI 服务器、尤其 面向生成式 AI 的高性能服务器，将成为服务器市场增长的亮点。大模型和生成 式人工智能的发展显著拉动了人工智能服务器市场的增长。IDC 预计，全球人 工智能硬件市场（服务器）规模将从 2022 年的 195 亿美元增长到 2026 年的 347 亿美元，五年年复合增长率达 17.3%；在中国，预计 2023 年中国人工智能服务 器市场规模将达到 91 亿美元，同比增长 82.5%，2027 年将达到 134 亿美元， 五年年复合增长率达 21.8%。从算力规模而言，预计到 ...

Investment Rating - The report assigns a "Hold" rating for the company, marking its initial coverage [66]. Core Insights - The company specializes in providing electric adjustment solutions for automotive seats and is recognized as a "little giant" enterprise focusing on specialized and innovative products [66]. - The automotive seat market is projected to grow significantly, with the domestic market expected to reach 150 billion yuan by 2025, driven by the increasing market share of domestic passenger vehicles and the development of new energy vehicle brands [23][66]. - The company has established a strong position within the supply chains of major seat manufacturers, benefiting from high customer retention and a stable ownership structure [66]. Summary by Sections 1. Company Overview - The company focuses on high-performance, high-strength, and high-precision components for automotive seat adjustment systems, with a product range that includes self-lubricating bearings, transmission rods, powder metallurgy parts, and metal injection molded parts [61][66]. 2. Industry Development - The automotive parts industry in China is experiencing robust growth, with a projected revenue of over 4.8 trillion yuan by 2028 [4]. - The automotive seat industry is characterized by high value and concentrated market share among leading suppliers, with the top three suppliers holding 58% of the domestic market [114][119]. 3. Financial Performance - The company reported a revenue of 2.09 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 17.18%, and a net profit of 0.60 billion yuan, up 34.01% year-on-year [29]. - The company’s revenue is expected to grow to 3.15 billion yuan in 2024, with a compound annual growth rate of 22.71% from 2024 to 2026 [176]. 4. Product Segmentation - The company’s revenue is primarily derived from metal powder metallurgy parts, which accounted for 42.79% of total revenue in the first half of 2024, followed by self-lubricating bearings at 24.27% [94]. - The company is actively developing new products to enhance the value per vehicle, with current product values ranging from 30 to 40 yuan per unit [145]. 5. Customer Base - The company’s top five customers accounted for 65.90% of its revenue in 2023, indicating a concentrated customer base [111][176]. - The company has established long-term relationships with major automotive manufacturers, ensuring stable demand for its products [121][124].

电子行业 执业证书编号：S1410523100001 联系人：刘瑜 近十二个月行业表现 国产厂商在存储领域技术有所突破，关 注相关投资机会 事件： % 1 个月 3 个月 12 个月 相对收益 5.73 31.74 10.07 绝对收益 9.35 48.97 29.19 | --- | --- | --- | --- | |--------------------------------------------------------------------------------------|----------|-------|----------------------------------------| | 投资建议的评级标准 | | 评级 | 说明 | | | | 买入 | 相对同期基准指数涨幅在 15% 以上 | | | | 增持 | 相对同期基准指数涨幅在 5% 到 15% 之间 | | 评级标准为发布报告日后的 6 个月内公司股价 （或行业指数）相对同期基准指数的相对市场 | 股票评级 | 持有 | 相对同期基准指数涨幅在 -5% 到 5%之间 | | 表现。其中沪深市场以沪深 300 为基 ...

Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage [10]. Core Viewpoints - The company specializes in a wide range of prepared cold dishes, including algae, fungi, wild vegetables, fish roe, vegetables, and seafood delicacies, offering over 300 product categories and more than 1000 SKUs [10][16]. - The company has established a strong market presence both domestically and internationally, exporting products to over 60 countries and regions, including Japan, the USA, and Europe [10]. - The prepared dish industry in China is experiencing rapid growth, driven by urbanization and the rise of chain restaurants, with increasing competition and regulatory developments [10][21]. - The company has a robust product development pipeline, with numerous new products launched recently that have gained consumer popularity [10][57]. - Financial forecasts indicate a revenue growth of 18.76%, 17.89%, and 16.10% for 2024-2026, with net profit growth of 26.94%, 19.33%, and 16.71% for the same period [10][11]. Summary by Sections Company Overview - The company was established in 2002 and successfully listed on the Beijing Stock Exchange in 2021, becoming the first stock in the prepared cold dish sector [15][24]. - The company has a concentrated shareholding structure, with the largest shareholder holding 48.32% of the shares [35][62]. Industry Overview - The prepared dish industry is in a growth phase, with increasing competition and regulatory measures being introduced to standardize the market [10][21]. - The market for prepared dishes is expected to continue expanding, with significant potential for both domestic and international sales [10][38]. Financial Analysis - The company has shown a compound annual growth rate (CAGR) of 23.79% in revenue and 30.38% in net profit over the past seven years [22]. - The projected financials for 2024-2026 include revenues of 5.82 billion, 6.86 billion, and 7.96 billion, with corresponding net profits of 0.44 billion, 0.53 billion, and 0.62 billion [10][11]. Product and Market Strategy - The company is focusing on expanding its online channels and enhancing its brand presence through social media platforms like Douyin [41]. - The company has established long-term partnerships with major restaurant chains and food producers, enhancing its market position [10][45].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [66][84]. Core Insights - The company has shown strong revenue growth of 29.44% year-on-year, reaching 183 million yuan in the first three quarters of 2024, driven by increased sales and improved production efficiency [103][66]. - The company is expanding its product lines, particularly in harmonic reducers, which are expected to open up significant growth opportunities [102][66]. - The company has established long-term strategic partnerships with leading manufacturers across various industries, enhancing its market position [150][66]. Summary by Sections Company Overview - The company, founded in 2001, specializes in precision machining and die-casting, and was one of the first to list on the Beijing Stock Exchange in 2021 [1][66]. - It has received multiple accolades, including being recognized as a national high-tech enterprise and a "little giant" enterprise [1][66]. Financial Performance - In the first three quarters of 2024, the company achieved a net profit of 22 million yuan, a year-on-year increase of 35.68% [103][66]. - The company expects revenue growth of 20.60%, 21.13%, and 17.86% for 2024, 2025, and 2026, respectively, with net profits projected to grow by 22.70%, 23.89%, and 22.34% in the same period [66][66]. Market Position and Strategy - The company has a competitive edge in precision machining due to its advanced technology and strong customer relationships, including partnerships with major brands like THK and Yaskawa [150][66]. - The company is actively expanding its global market presence and has plans to increase production capacity for harmonic reducers, which are in high demand due to the growth of humanoid robotics [59][66]. Industry Outlook - The report highlights a positive outlook for the automation and semiconductor industries, with expected growth in demand for the company's products [22][66]. - The company is well-positioned to benefit from government policies promoting economic growth and industrial automation [22][66].

Investment Rating - The industry investment rating is upgraded to "Overweight" [6] Core Viewpoints - The engineering machinery industry is entering an upward cycle driven by national infrastructure projects and supportive policies [6] - The overall performance of the engineering machinery sector has shown improvement, with significant growth in both domestic and export sales [6] - The central region of China has the highest comprehensive operating rate, indicating strong demand for engineering machinery [6] Summary by Relevant Sections Industry Performance - In November, the national engineering machinery operating rate was 51.72%, with 12 provinces showing month-on-month growth [6] - The central region's comprehensive operating rate reached 60.89%, leading all regions [6] Export and Sales Data - In November, China's engineering machinery export value was $4.485 billion, a year-on-year increase of 16.3% [6] - The sales of various excavators in November reached 17,590 units, up 17.9% year-on-year [6] Future Outlook - The engineering machinery sector is expected to benefit from the ongoing development strategies in the central and western regions, as well as from the Belt and Road Initiative [6] - The demand for engineering machinery is anticipated to continue growing due to favorable economic indicators and government policies [6]

执业证书编号：S1410523100001 联系人：刘瑜 执业证书编号：S1410123110011 近十二个月行业表现 | --- | --- | --- | |----------------|--------------------|-----------| | | | | | % | 3 个月 | 12 个月 | | 相对收益 | 23.2 | 3.25 | | 绝对收益 | 47.97 | 21.22 | | 数据来源：聚源 | 注：相对收益与沪深 | 300 相比 | | | 2024 年 12 月 | 18 日数据 | 相关研究报告 1. 江海证券-行业点评报告-电子行业：AI 眼镜产品百花齐放，行业奇点将至 – 2024.11.14 2. 江海证券-行业点评报告-电子行业：字 节跳动发布 AI 智能体耳机，关注 IoT 设备 相关投资机会 – 2024.10.23 | --- | --- | |------------------------------------|--------------------| | 2024 年 12 月 19 日 | 江海证券研究发展部 | | 电子行业 | ...

Investment Rating - The report assigns an "Accumulate" rating for the company, Wuxi Dingbang Heat Exchange Equipment Co., Ltd. [2] Core Viewpoints - Wuxi Dingbang specializes in heat exchange equipment for the petrochemical sector and has been recognized as a national-level "specialized and innovative" small giant enterprise. The company emphasizes technological innovation and has a strong market position in the heat exchange equipment industry [2][15]. - The domestic heat exchange equipment market is expected to grow steadily, with a projected compound annual growth rate (CAGR) of 3.29%, increasing from 90.02 billion yuan in 2023 to 99.21 billion yuan by 2026 [2][55]. - The company has a robust competitive edge due to its extensive experience, strong R&D capabilities, and a well-recognized product line that meets both domestic and international standards [2][3]. Summary by Sections Company Overview - Wuxi Dingbang was established in 2003 and focuses on manufacturing heat exchange equipment primarily for the petrochemical industry. The company has received accolades for its commitment to quality and innovation [15][18]. Industry Overview - The heat exchange equipment industry is crucial for energy efficiency in various sectors, including petrochemicals, power generation, and metallurgy. The demand for heat exchange equipment is particularly high in the petrochemical industry, which accounts for approximately 30% of the market demand [55][62]. Market Competitiveness - Wuxi Dingbang has maintained a strong market position through continuous technological advancements and a dedicated R&D team. The company’s products are recognized for their quality and reliability in high-temperature and toxic environments [2][3][35]. Financial Forecast and Valuation - The company’s revenue is projected to grow from 467.05 million yuan in 2024 to 525.64 million yuan in 2026, with net profit expected to increase from 46.31 million yuan to 61.56 million yuan during the same period. The report estimates a P/E ratio of 26.97 for 2024, decreasing to 20.29 by 2026 [3][4]. Investment Projects - The company plans to utilize the proceeds from its IPO for two main projects: expanding production capacity for heat exchangers and air coolers, and establishing a research and development center to enhance its technological capabilities [51][54].

Investment Rating - The industry rating is Neutral (maintained) [3] Core Insights - The report emphasizes that the standard enhancement in the raw materials industry will drive the upgrade of equipment in sectors such as petrochemicals, steel, non-ferrous metals, and building materials, which collectively account for nearly 30% of industrial added value [2][3] - The report highlights that the digital transformation standards will accelerate the development of intelligent manufacturing equipment in the raw materials sector, focusing on areas such as artificial intelligence integration and smart factory standards [2] - The establishment of advanced material standards is expected to broaden downstream demand for manufacturing equipment, particularly in high-performance and strategic materials [2] Summary by Sections - **Recent Industry Performance**: The report notes a relative return of 4.47% over one month, 14.18% over three months, and a decline of 7.55% over twelve months compared to the CSI 300 index [2] - **Investment Highlights**: The report suggests focusing on listed companies involved in the key areas mentioned, particularly those related to the equipment industry that aligns with the new standards and digital transformation initiatives [2] - **Policy Impact**: The report discusses the recent action plan released by various ministries aimed at optimizing the standard system in the raw materials industry, which is expected to lead to the elimination of outdated production capacity and promote high-end, intelligent, and green manufacturing equipment [2]

Investment Rating - The industry rating is upgraded to "Overweight" [3] Core Insights - The report highlights that the government is taking significant steps to boost consumption, with a focus on the social services sector, particularly in the context of the ice and snow economy [2][3] - The National Development and Reform Commission has set ambitious targets for the ice and snow economy, aiming for a total scale of 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030 [2] - November retail sales data showed a total of 4.38 trillion yuan, with a year-on-year growth of 3.0%, indicating a slight decline compared to October due to the early timing of the "Double Eleven" shopping festival [2] Summary by Sections Retail Sales Performance - In November, retail sales of consumer goods reached 4.38 trillion yuan, with a year-on-year increase of 3.0% [2] - Excluding automobiles, retail sales were 3.90 trillion yuan, growing by 2.5% year-on-year [2] - For the first eleven months, total retail sales amounted to 44.27 trillion yuan, reflecting a year-on-year growth of 3.5% [2] Consumption Trends - The report notes a decline in growth rates for certain consumer categories, with essential goods like food and daily necessities showing stable growth, while discretionary items like clothing and cosmetics experienced significant declines [2] - Notably, home appliances and automotive sales benefited from government policies, with growth rates of 22.2% and 6.6% respectively in November [2] Investment Recommendations - The report suggests focusing on traditional retail companies such as Hongqi Chain, Chongqing Department Store, and Bailian Group, as well as cosmetics firms like Proya, Shuyuan, and Marubi [2] - It also recommends investing in liquor companies including Kweichow Moutai, Wuliangye, and Luzhou Laojiao, along with home appliance manufacturers like Midea Group and Gree Electric [2]