Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 14.644 billion yuan for the first half of 2025, representing a year-on-year growth of 25.25%. The net profit attributable to shareholders was 1.223 billion yuan, with a year-on-year increase of 45.82%. The annualized sales from new project orders exceeded 18 billion yuan [4] - The company is accelerating its international layout and strategically entering new sectors, particularly in smart cockpit and smart driving technologies. The sales revenue from smart cockpits reached 9.459 billion yuan in the first half of 2025, growing by 18.76% year-on-year. The company has secured new project orders from major clients such as Li Auto, Xiaomi, and Geely [5] - The company is investing in AI technology and exploring new fields such as smart transportation, unmanned delivery, and robotics, aiming to create a new growth curve for sustainable development [5] Financial Forecasts and Valuation - The company is expected to achieve net profits of 2.802 billion yuan, 3.540 billion yuan, and 4.472 billion yuan for the years 2025, 2026, and 2027 respectively. The previous estimates for 2025 and 2026 were 2.817 billion yuan and 3.617 billion yuan [5] - The projected revenue for the company is 27.618 billion yuan for 2024, 34.599 billion yuan for 2025, 42.559 billion yuan for 2026, and 51.289 billion yuan for 2027, with corresponding growth rates of 26%, 25%, 23%, and 21% [3][7] - The company’s P/E ratio is projected to decrease from 34.3 in 2024 to 15.4 in 2027, indicating an improving valuation as earnings grow [3]

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 无人物流行业兴起，无人叉车企业或充分受益 —低速无人行业系列研究报告之二 2 0 2 5 . 9 . 9 Email：wangke03@zts.com.cn Email：kouhj@zts.com.cn 分析师：王可 分析师：寇鸿基 执业证书编号：S0740519080001 执业证书编号：S0740525060005 多元因素共振：无人物流开启 大规模商业化应用 1 目录 2 无人车规模化落地第一站，无 人物流车快速增长 3 仓储端：智能叉车进阶，技术融 合与场景拓展双轮驱动 4 对应标的：无人叉车方兴，上市 公司进一步打开增长极 3 核心观点 p 无人物流行业迈向全面商业化阶段：历经2010-2016的探索时期、2016-2023的商业化突破阶段、2024年以来， 无人驾驶物流车正在向全面商业化迈进。无人配送车的应用场景从特定区域扩展到完全开放道路，头部科技公 司/物流公司开始大规模量产，头部企业车队/产能规模直指万台级别。 p 关键部件成本降至商用阈值，驱动大规模订单落地。激光雷达、域控制器作为单一价 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is accelerating its intelligent transformation by integrating with Yili Technology, which is expected to enhance its operational capabilities and market position [6] - The company has a solid foundation in its core business, having secured multiple key projects, and is actively involved in the digital infrastructure sector [6] - The company is leveraging advanced technologies and AI applications to drive growth in various segments, including energy innovation services and digital applications [6] Financial Performance Summary - For the first half of 2025, the company reported revenue of 3.525 billion yuan, a year-on-year decrease of 4.55%. Excluding the impact of the acquisition of Yili Technology, revenue remained stable [6] - The net profit attributable to the parent company was 266 million yuan, down 11.01% year-on-year, primarily due to increased corporate income tax expenses [6] - The digital infrastructure business generated revenue of 1.749 billion yuan, reflecting a year-on-year growth of 25.01%, contributing 49.62% to total revenue [6] - The company achieved significant growth in its intelligent application segment, with revenue reaching 704 million yuan, a year-on-year increase of 340.63% [6] - The company forecasts net profits attributable to the parent company for 2025-2027 to be 837 million, 1.052 billion, and 1.267 billion yuan, respectively [6][8] Valuation Metrics - The company’s P/E ratio is projected to decrease from 31.2 in 2024 to 16.8 by 2027, indicating an improving valuation outlook [4] - The projected P/B ratio is expected to decline from 3.1 in 2024 to 2.5 in 2027, reflecting a strengthening financial position [4] - The net asset return rate is anticipated to stabilize around 13% by 2027, indicating consistent profitability [4]

Report Investment Rating - No investment rating for the industry is provided in the report. Core Viewpoints - Despite short - term market adjustments, the medium - term trend has not reversed, and neither the index nor the technology sector has reached a stage high. The market may experience a turning point due to potential policy and external event catalysts [5]. - In the short - term high - volatility stage, it is advisable to focus on the differences in capital flow between sectors. High - dividend sectors are becoming the main short - term safe - haven direction for funds [5]. - In September, the short - term strategy should focus on defense and stable returns. Consider high - dividend and cyclical sectors, and pay attention to the mid - term allocation opportunities of technology and brokerage sectors after their corrections [6]. Summary by Directory Market Review - **Market Performance**: Last week, most major market indices declined, with the ChiNext 50 having the largest increase of 3.42%. Among major industries, the healthcare and materials indices performed relatively well, while the information technology and financial indices performed weakly. Among the 30 Shenwan primary industries, 8 industries rose, with power equipment, non - ferrous metals, and pharmaceutical biology having larger increases, and national defense and military industry, computer, and non - bank finance having larger declines [7][8][13]. - **Trading Heat**: The average daily trading volume of the Wind All - A last week was 26032.01 billion yuan (previous value: 29831.31 billion yuan), at a historically extremely high level (98.60% of the three - year historical quantile) [7][18]. - **Valuation Tracking**: As of September 5, 2025, the valuation (PE_TTM) of the Wind All - A was 21.87, down 0.28 from the previous week, at the 88.80% quantile of the past 5 - year history. Thirteen out of 30 Shenwan primary industries saw a recovery in valuation (PE_TTM) [7][25]. Market Observation - **Analysis of Market Trends after Volatility and Adjustment**: Recently, the A - share market has adjusted, showing the fragility of the capital side. Leveraged funds have expanded rapidly, long - term funds have withdrawn, and industrial capital has cashed in on profits. However, the medium - term trend remains positive, with potential policy and external event catalysts expected to be key turning points. During the short - term high - volatility period, the capital flow differences between sectors are notable, and high - dividend sectors are favored by funds [5]. - **Investment Recommendations**: In September, the short - term strategy should focus on defense and stable returns. Consider sectors with cyclical and high - dividend characteristics, such as coal and non - ferrous metals. The high - dividend sector and the bond market can be included in the portfolio. For the previously high - flying technology and brokerage sectors, their corrections after a rebound could present mid - term buying opportunities, as potential events in October may improve market sentiment [6]. Economic Calendar - This week, important domestic economic data include August export and import data, social financing scale stock, and money supply data. Overseas economic data include August PPI, CPI, and the preliminary September Michigan Consumer Sentiment Index [27].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company has shown steady growth in performance, with significant contributions from its two-machine and nuclear energy businesses. In the first half of 2025, the company achieved total operating revenue of 1.384 billion yuan, a year-on-year increase of 9.11%, and a net profit attributable to shareholders of 188 million yuan, up 23.91% year-on-year [5][6] - The company is actively expanding its low-altitude economy layout, showcasing advantages in integrated development of aviation and propulsion systems. It has made progress in various projects, including the development of new engine series and drone applications [6][7] Summary by Sections Financial Performance - In the first half of 2025, the company reported operating revenue of 1.384 billion yuan, a 9.11% increase year-on-year, and a net profit of 188 million yuan, reflecting a 23.91% growth year-on-year. The gross profit margin was 36.33%, up 1.96 percentage points year-on-year, while the net profit margin was 12.24%, an increase of 1.13 percentage points year-on-year [5][6] - The company’s operating income is projected to reach 3.021 billion yuan in 2025, with a net profit of 401 million yuan, representing a 40% year-on-year growth [4][7] Business Development - The company has become the sole supplier of Siemens Energy's gas turbine hot-end blades in China and has established strategic partnerships with GE and other major players in the aerospace and nuclear sectors. It is also involved in various nuclear power projects and has made breakthroughs in new materials for nuclear energy [6][7] - The company is focusing on the development of new engine series and drone technology, with ongoing projects such as the ES1000 large unmanned transport aircraft, which is expected to complete its first flight in the third quarter of 2025 [6][7] Investment Outlook - The company is expected to benefit from strong overseas demand and the acceleration of domestic production in its two-machine business, as well as the rapid development of its nuclear energy materials and components business. The revenue forecast for 2025-2026 has been slightly adjusted to 3.021 billion yuan and 3.645 billion yuan, respectively, with net profits of 401 million yuan and 538 million yuan [7]

证券研究报告 日期：2025年9月8日 【中泰电子】电子三季度策略：AI主线引领产 业升级，国产替代加速 分析师： 王芳 S0740521120002，杨旭 S0740521120001，李雪峰 S0740522080004，康丽侠 S0740525040001，洪嘉琳S0740524090003，刘博文S0740524030001 1 目 录 一 、电子行业基本面持续向上 二、晶圆代工：先进制程关键时刻 三、光刻机：大国重器从0到1 四、设计板块：SoC&存储 五、数通PCB：受益算力需求爆发 六、果链：关税担忧落地，折叠屏+AI驱动成长 七、投资建议&风险提示 2 1.1 行业概述：Q2电子仓位环比略降，PCB板块涨幅亮眼 图表：电子（中信）涨跌幅 图表：年初以来电子各板块 累计涨跌幅 图表：年初以来半导体细分板块 累计涨跌幅 来源：Wind，中泰证券研究所 3 注：数据截至2025/9/4 n 电子行业涨跌幅：25Q2电子（中信）指数累计上涨1%，跑输沪深300指数0.3%；25年初至9月4日，电子（中信）指数累计上 涨24.8%，跑赢沪深300指数13.9%。 n 年初以来电子细分板块涨跌幅（基于自选 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported Q2 revenue and profit exceeding expectations, with significant growth potential in the liquid cooling business [1] - The company is positioned as a leading provider of precision temperature control energy-saving solutions and products, with the ability to mass-produce end-to-end liquid cooling solutions [5] - The company has established itself as a global partner of NVIDIA, benefiting from the increasing demand for liquid cooling technology in high-density computing scenarios [5] Financial Performance Summary - For 2023, the company expects revenue of 3,529 million yuan, with a year-over-year growth rate of 21% [2] - The projected revenue for 2024 is 4,589 million yuan, with a growth rate of 30% [2] - By 2025, the expected revenue is 6,117 million yuan, reflecting a growth rate of 33% [2] - The net profit for 2023 is projected at 344 million yuan, with a year-over-year growth of 23% [2] - The net profit for 2024 is expected to be 453 million yuan, with a growth rate of 32% [2] - The company anticipates a net profit of 601 million yuan in 2025, maintaining a growth rate of 33% [2] Business Segment Performance - The company's data center temperature control products have seen rapid growth, with revenue from data center temperature control reaching 1.351 billion yuan, a year-over-year increase of 57.91% [5] - Revenue from cabinet temperature control was 926 million yuan, reflecting a year-over-year growth of 32.02% [5] - The overall gross margin for the company is 26.15%, with a net margin of 8.78% [5] Future Outlook - The company is expected to release significant performance improvements over the next two years, driven by the ramp-up of the GB300 product and increased penetration of liquid cooling solutions in the domestic market [5] - The projected net profits for 2025, 2026, and 2027 are 601 million yuan, 1,030 million yuan, and 1,516 million yuan respectively [5] - The earnings per share (EPS) are expected to be 0.62 yuan in 2025, 1.12 yuan in 2026, and 1.65 yuan in 2027 [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8]. Core Views - The company's performance in the first half of 2025 met expectations, with revenue of 19.2 billion RMB (+33%) and net profit attributable to shareholders of 1.65 billion RMB (+60%) [4]. - The company is expected to achieve strong growth in volume, price, and profit in 2025, with a significant increase in net profit forecasted for 2025 and 2026 [8]. Revenue Summary - The company's revenue from electric bicycles, electric scooters, batteries, and chargers in the first half of 2025 was 9.3 billion RMB, 3.8 billion RMB, and 5.7 billion RMB respectively, showing growth rates of +49%, +7%, and +41% [5]. - The total sales volume of electric two-wheelers reached 8.79 million units (+38%) in the first half of 2025, driven by national subsidies and a higher proportion of mid-to-high-end models [5]. Profit Summary - The company's gross margin in the first half of 2025 was 19.6% (+1.6 percentage points), and the net profit margin was 8.6% (+1.4 percentage points), both reaching record highs [7]. - The net profit attributable to shareholders per unit sold was 188 RMB (+16%) [7]. Financial Forecast - The company’s revenue projections for 2025 and 2026 are 30 billion RMB and 33 billion RMB respectively, reflecting growth rates of +135% and +11% [8]. - The expected earnings per share (EPS) for 2025 and 2026 are 0.96 RMB and 1.07 RMB respectively [3][12].

Investment Rating - The report maintains an "Overweight" rating for the real estate sector [1] Core Views - The relaxation of purchase restrictions in Shenzhen has led to a month-on-month increase in new home transactions, while year-on-year sales remain lower [1][8] - The report highlights that the real estate market is in a recovery phase, with ongoing policy support expected to bolster demand [8] - Key companies with strong financials and performance are recommended for investment, including Yuexiu Property, China Merchants Shekou, Poly Developments, and others [8] Summary by Sections 1. Weekly Market Review - The Shenwan Real Estate Index fell by 1.48%, underperforming the CSI 300 Index, which declined by 0.81% [5][13] 2. Industry Fundamentals - For the week of August 29 to September 4, new home sales in 38 monitored cities totaled 25,688 units, a year-on-year decrease of 10.4% but a month-on-month increase of 5.3% [6][21] - The total transaction area for new homes was 2.425 million square meters, with a year-on-year decrease of 17.7% and a month-on-month increase of 5.3% [6][21] - In the same period, second-hand home sales in 16 monitored cities reached 15,607 units, showing a year-on-year increase of 5% but a month-on-month decrease of 13.3% [6][38] 3. Land Market Analysis - Land supply for the week was 36.101 million square meters, a year-on-year increase of 29.3%, with an average price of 1,808 yuan per square meter [7] - Land transactions totaled 23.902 million square meters, with a year-on-year increase of 43% and a transaction value of 30.78 billion yuan, up 61.7% year-on-year [7] 4. Investment Recommendations - The report suggests focusing on financially stable leading real estate companies that can effectively navigate market fluctuations, as well as property management firms that may see performance recovery [8]

Group 1 - The report highlights a significant rise in gold prices driven by increased expectations of interest rate cuts, concerns over debt, and worries regarding the independence of the Federal Reserve due to political pressures [2][15][16] - The market is currently pricing in a high likelihood of multiple interest rate cuts by the Federal Reserve within the year, with estimates suggesting 3-4 cuts totaling 75-100 basis points [2][15] - Concerns about fiscal discipline in developed countries, particularly with upcoming long-term bond issuances, have led to increased demand for gold as a "credit benchmark" [2][15][16] Group 2 - The report indicates that the domestic market may not experience the expected benefits from overseas interest rate cuts, as previous patterns of capital inflow have not been evident [25][26][29] - The divergence in monetary policy between domestic and overseas markets has persisted for nearly three years, suggesting that domestic interest rates may not follow the trend of international cuts [29][30] - The report notes that the current market environment may accelerate the reallocation of assets from bonds to equities, potentially putting further pressure on the bond market [31][35] Group 3 - The bond market has shown signs of weakness, with a notable "double kill" scenario where both stocks and bonds declined simultaneously, indicating fragile market sentiment [4][33] - Despite a brief recovery in the bond market, the overall performance remains lackluster compared to equities, which have shown resilience after recent corrections [5][32][35] - The report suggests adopting a "weak asset" mindset towards bonds, focusing on minimizing losses and seeking short-term trading opportunities rather than expecting sustained upward trends [6][36]