证券研究报告：电力设备|点评报告 强于大市 |维持 行业基本情况 | 收盘点位 | | 7171.65 | | --- | --- | --- | | 52 | 周最高 | 8068.94 | | 52 | 周最低 | 5403.16 | 行业相对指数表现（相对值） 2024-02 2024-05 2024-07 2024-09 2024-12 2025-02 -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 30% 34% 电力设备 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 近期研究报告 《新能源入市加速，资产估值有望提 升》 - 2025.02.10 行业投资评级 江苏绿电直连试点，有望提升绿电溢价 l 投资要点 事件：近日，江苏发改委印发《关于创新开展绿电直连供电试点 项目建设工作的通知》，试点 5个绿电直供项目，首批试点覆盖常州、 苏州、盐城三市，重点支持新能源电池企业。 l 绿电直连是一种应对欧盟碳壁垒的有效工具 欧盟碳壁垒严苛，暂时不认可中 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the acceleration of new energy market entry and the potential for asset valuation enhancement [4] - The Jiangsu Development and Reform Commission has issued a notice to innovate and conduct pilot projects for direct green electricity supply, focusing on supporting new energy battery enterprises [5] - The European Union's stringent carbon barriers are expected to increase the premium for domestic green electricity, as the EU carbon price is over six times higher than China's carbon price [5] Summary by Sections Industry Overview - The closing index is at 7171.65, with a 52-week high of 8068.94 and a low of 5403.16 [1] Market Performance - The relative performance of the electricity equipment sector is projected to show a positive trend compared to the CSI 300 index, with potential increases of 10% to 34% from February 2024 to December 2025 [3] Investment Recommendations - Coastal green electricity assets are expected to see valuation increases, with specific recommendations to focus on companies like Jiangsu New Energy and JinkoSolar [6]

Investment Rating - The industry investment rating is "Strong Buy" which is maintained [1] Core Insights - The large language models (LLMs) empower on-device AI, with a global market expected to grow from $15.2 billion in 2022 to $143.6 billion by 2032, indicating a nearly tenfold increase [4][19] - The maturity of compute-in-memory (CIM) technology provides a technical foundation for the commercialization of on-device AI large models [4] - The NPU (Neural Processing Unit) enhances the capabilities of on-device large models, addressing the diverse computational needs of generative AI applications [4] - Heterogeneous computing architecture requires advanced packaging technology to support high-performance, energy-efficient, and multifunctional computing systems [4] Summary by Sections On-Device Large Models - The feasibility and importance of running LLMs on edge devices have been validated with the emergence of models with fewer than 10 billion parameters, such as Meta's LLaMA and Microsoft's Phi series [12] - New models are increasingly being launched, enhancing capabilities in text processing and multimodal inputs [12] Near-Memory Computing - Near-memory computing (PNM) integrates storage and computation to enhance efficiency, with applications in AI, big data, and edge computing [26] - PNM can be categorized into two approaches: moving storage closer to processors and offloading data processing to storage [28] DRAM Technology Development Path - The report discusses various DRAM technology routes, including SRAM, DRAM, and Flash, highlighting their advantages and limitations in the context of compute-in-memory solutions [27] Advanced Packaging - Advanced packaging technologies are essential for integrating different functional chips to achieve high performance and energy efficiency [4] Customized Storage: Winbond CUBE Introduction - The CUBE technology developed by Winbond is a customized high-bandwidth memory solution designed for edge AI computing, offering low power consumption and compact size [5] - CUBE architecture allows for efficient integration of SoC and DRAM, reducing costs and enhancing performance [5] Related Companies - Recommended companies to watch include: - Storage: GigaDevice - Digital: Rockchip, Cambricon, Guokai Micro, Beijing Junzheng, Allwinner Technology, and Juchip Technology - IP: Chipone - Packaging: JCET, Tongfu Microelectronics, Huatian Technology, Nexperia, and Jingfang Technology [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company, Angel Yeast, is positioned as a leader in the industry due to its technological barriers and global layout, being the largest YE supplier and the second-largest yeast supplier globally. The company has a significant market share in both domestic (55%) and global (over 19%) markets, supported by high R&D investment for high-value product development [4][5] - The industry is experiencing steady demand expansion, driven by health-conscious consumption trends that favor natural yeast over chemical additives. The global baking market has grown from $385.4 billion in 2018 to $492.9 billion in 2023, with a projected annual growth rate of 5%. The Chinese baking market is expected to grow at an annual rate of 6.2% by 2026 [5] - The company is expected to see earnings elasticity in 2025 due to a combination of long-term growth logic (industry growth and global expansion) and short-term catalysts (cost benefits and product upgrades) [4][8] Summary by Sections Company Overview - Latest closing price is ¥36.40, with a total market capitalization of ¥316 billion and a circulating market capitalization of ¥311 billion. The company has a debt-to-asset ratio of 45.0% and a price-to-earnings ratio of 24.76 [3] Financial Performance - For the first three quarters of 2024, the company achieved total revenue of ¥10.912 billion, representing a year-on-year growth of 13.05%. The projected revenues for 2024, 2025, and 2026 are ¥15.270 billion, ¥17.512 billion, and ¥19.609 billion, respectively, with growth rates of 12.43%, 14.69%, and 11.97% [5][9] - The forecasted net profit attributable to the parent company for 2024, 2025, and 2026 is expected to be ¥1.372 billion, ¥1.659 billion, and ¥1.994 billion, with growth rates of 8.04%, 20.89%, and 20.21% [9][11] Market Dynamics - The company is benefiting from a decline in molasses costs, which significantly impacts its gross margin. The molasses prices are expected to decrease further due to increased domestic sugarcane production and reduced downstream application scenarios [6][8] - The company is also focusing on product structure upgrades and strategic pricing adjustments to stimulate domestic market growth, while its overseas market continues to expand, with nearly 40% of revenue coming from international markets in the first three quarters of 2024, showing a year-on-year growth of 21.77% [8][9]

Investment Rating - The industry investment rating is "Outperform" [2] Core Views - The report emphasizes the significant potential in the integration of AI technologies within various sectors, particularly in manufacturing and logistics, which is expected to drive substantial growth and efficiency improvements [7][10][11][14][15][17][18] Industry Overview - The closing index for the industry is 1618.89, with a 52-week high of 1651.26 and a low of 1122.98 [2] - The relative performance of the machinery equipment sector shows a positive trend compared to the CSI 300 index, indicating a potential for growth [4] Key Areas of Focus - **AI in Warehouse Logistics**: The report highlights the low current automation levels in domestic and international manufacturing logistics, suggesting significant room for improvement through AI integration, which can enhance efficiency and reduce costs [7][9] - **AI in Automotive Manufacturing**: There is a notable opportunity for AI to improve welding processes in automotive manufacturing, particularly in reducing labor costs and enhancing efficiency through automated systems [10] - **AI in Visual Inspection Equipment**: The advancement of AI is expected to greatly enhance the capabilities of visual inspection systems, improving accuracy and processing speed [11] - **AI in Water Management**: AI technologies are projected to significantly improve operational efficiency in water treatment facilities, addressing issues like leakage and operational costs [13] - **Humanoid Robots**: The humanoid robot sector is anticipated to enter a phase of mass production, driven by advancements in AI and significant investments from leading companies [14] - **Low-altitude Economy**: The report notes the government's focus on the low-altitude economy, which is expected to grow rapidly due to supportive policies and infrastructure development [15] - **Solid-state Batteries**: The report discusses the advancements in solid-state battery technology, which is nearing commercialization and is expected to meet the growing demand from various sectors, including electric vehicles [17][18] Recommended Companies - The report suggests focusing on specific companies within the highlighted sectors, including but not limited to: - **Warehouse Logistics**: Anhui Helit, Beizhi Technology, Dongjie Intelligent, and others [9] - **Automotive Manufacturing**: Paislin, Jiangsu Beiren, Haosen Intelligent, and others [10] - **Visual Inspection**: Companies in semiconductor and consumer electronics sectors such as Jieput, Lingyun Light, and others [11] - **Water Management**: Weipai Ge, Huizhong Co., Hanwei Technology, and others [13] - **Humanoid Robots**: Zhongjian Technology, Yijiahe, and others [14] - **Low-altitude Economy**: Wanfu Aowei, Paislin, and others [15] - **Solid-state Batteries**: Manns Technology, Liyuanheng, and others [18]

Investment Rating - The industry investment rating is "Strong Outperform" and is maintained [1] Core Insights - The global market for "AI + Healthcare" solutions is expected to exceed $100 billion, entering a phase of accelerated commercialization. The market size is projected to grow from $13.7 billion in 2022 to $155.3 billion by 2030, with a CAGR of 35.5%, indicating explosive growth opportunities in the sector [5][13] - Domestic macro policies are favorable for AI drug development, with accelerated approval for medical AI Class III certifications. The "AI + Healthcare" sector has significant advantages over traditional pharmaceutical R&D, establishing a competitive moat through the integration of algorithms, data, and clinical scenarios [5][14] - The rapid development of large models in the healthcare industry has led major tech companies, pharmaceutical firms, and startups to increase their investments in AI applications. Key areas of focus include AI + Drug Development, AI + Imaging/Surgery, AI + Diagnostic Assistance, and AI + Healthcare Services [5][19] Summary by Sections Market Growth and Opportunities - The global AI solutions market is expected to grow from $43.3 billion in 2018 to $139.5 billion in 2022, with a CAGR of 34.0%. The healthcare segment is projected to grow from $13.7 billion in 2022 to $155.3 billion by 2030, with a CAGR of 35.5% [13][19] - The AI + Healthcare sector is anticipated to experience explosive growth in sub-sectors such as AI drug development, genetic sequencing, and surgical robots [13][19] Policy Support - The Chinese government has introduced several policies to promote the application of AI in healthcare, emphasizing the integration of AI technologies in drug development and healthcare services [14][15] Competitive Landscape - AI pharmaceutical companies are characterized by strong AI technology platforms and partnerships with large pharmaceutical firms, leading to rapid revenue growth. The companies are transitioning from AI-SaaS to AI-CRO models, with some evolving into AI-Biotech firms [5][26] - The report identifies key players in various segments, including AI + Drug Development (e.g., Crystal Holding, Hongbo Pharmaceutical), AI + Imaging (e.g., United Imaging, MicroPort), and AI + Diagnostic Assistance (e.g., BGI, RunDa Medical) [5][21] Investment Recommendations - The report suggests a prudent allocation strategy, focusing on sectors with clear commercialization models and significant technological replacement potential. Beneficiary stocks include Crystal Holding, Hongbo Pharmaceutical, BGI, and MicroPort [5][19] - For more speculative investments, areas such as AI + Wearables, AI + Brain-Computer Interfaces, and AI + Gene Editing are highlighted, with potential beneficiaries including Loxin Medical and Sanbo Brain Science [5][19]

Monetary Policy Insights - The overall tone of monetary policy remains moderately accommodative, with potential for rate cuts in April, contingent on the RMB/USD exchange rate reaching around 7.1[11] - The central bank's balance sheet contraction in 2024 is not indicative of tightening monetary policy, primarily due to a decrease in foreign exchange assets and claims on other deposit-taking institutions[2] - The report indicates a more proactive stance on reducing corporate financing and household credit costs, with a projected decline in weighted loan rates of at least 55 basis points in 2025[23] Real Estate and Risk Management - The focus of real estate policy has shifted towards managing existing assets, with a decreased likelihood of new incremental policies, emphasizing the revitalization of existing properties and land[25] - Risk prevention measures are being deepened, with expectations for continued recovery in social risk appetite, supported by enhanced macro-prudential measures and financial stability tools[29] - The central bank's support for government bonds increased by 1.35 trillion yuan in 2024, reflecting a coordinated monetary and fiscal policy approach to stabilize the economy[19] Economic Context and External Factors - The report highlights that external uncertainties, particularly from the U.S. trade policies, continue to exert depreciation pressure on the RMB, impacting the central bank's foreign exchange assets[18] - The anticipated stabilization of U.S. trade policies in April may alleviate some depreciation pressures on the RMB, potentially enhancing the conditions for a more accommodative monetary policy[12]

Industry Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Outperform the Market" [1] Core Viewpoints - The industry index for agriculture, forestry, animal husbandry, and fishery has shown a rebound, with a 1.06% increase, ranking 17th among 31 primary industries [2][11] - Pig prices have stopped declining and are showing signs of recovery, with prices rising from 14.37 CNY/kg to 14.69 CNY/kg during the week [3][17] - The supply of pigs remains ample, and the industry is cautiously expanding production capacity, with a slight year-on-year decrease of 1.60% in the breeding stock as of December [3][20] Summary by Sections 1. Market Performance - The agriculture sector has rebounded, with the industry index increasing by 1.06%, while the Shanghai and Shenzhen 300 indices rose by 1.19% and 1.30%, respectively [11][13] - The animal health sector experienced the most significant rebound within the agriculture sector [15] 2. Livestock Industry Chain Tracking 2.1 Pigs - Prices initially fell but then slightly rebounded, with the average price reaching 14.69 CNY/kg by the end of the week [3][17] - The average profit for self-bred pigs is approximately 22 CNY per head, while purchased piglets incur a loss of about 4 CNY per head [18] - The breeding stock as of December was reported at 40.78 million heads, reflecting a cautious approach to production expansion [20] 2.2 Broilers - The price of broiler chicks has significantly decreased to 2.25 CNY per chick, with average losses of 0.5-0.8 CNY per chick [5][26] - The average price for broiler meat has dropped by 19.42% to 2.93 CNY per jin, leading to expected losses of 3.5 CNY per chick [5][26] - The industry faces uncertainties due to severe diseases affecting poultry and the closure of overseas breeding channels [5][28] 3. Planting Industry Chain Tracking - Sugar prices have rebounded significantly, with the price of white sugar reaching 6070 CNY/ton, an increase of 85 CNY/ton from the previous week [31] - The price of Brazilian soybeans has slightly adjusted to 3557 CNY/ton, down 1.4% from the previous week [33] - Cotton prices have shown minor fluctuations, currently at 14889 CNY/ton, up 0.44% [33] - Corn prices have increased slightly to 2119 CNY/ton, with a rise of 17 CNY/ton [33]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [2] Core Viewpoints - The real estate market shows signs of recovery in new and second-hand home transactions in key first and second-tier cities following the Spring Festival holiday. The special bond storage policy is entering the implementation phase, with over 160 land acquisition announcements in Guangdong Province, covering more than 6.8 million square meters and a total proposed acquisition price exceeding 35 billion yuan. Approximately 70% of the land parcels have a proposed price-to-transaction price ratio between 0.8 and 1.0, indicating potential for increased investment and stabilization in real estate development [5][6] Summary by Relevant Sections 1. Industry Fundamentals Tracking - New home transaction area in 30 major cities last week was 124.47 million square meters, with a cumulative area of 1,138.72 million square meters this year, showing a year-on-year increase of 3.1%. The average transaction area over the past four weeks was 100.72 million square meters, down 21.3% year-on-year and 18% month-on-month [6][15] - The second-hand home transaction area in 12 key cities last week was 130.96 million square meters, with a cumulative area of 1,063.88 million square meters this year, reflecting a year-on-year increase of 35.6% [20][22] - In the land market, 21 residential land parcels were newly supplied in 100 major cities last week, with 20 parcels sold. The average floor price for residential land was 6,744.75 yuan per square meter, with a premium rate of 9.7% [24] 2. Market Review - The A-share real estate index rose by 2.02% last week, outperforming the CSI 300 index, which increased by 1.19%. The real estate index outperformed the CSI 300 index by 0.83 percentage points [27][28] - In the Hong Kong market, the Hang Seng Property Services and Management Index rose by 2.29%, while the Hang Seng Composite Index increased by 6.56%, indicating that the property services and management index underperformed the composite index by 4.28 percentage points [27]

Industry Investment Rating - The investment rating for the power equipment industry is "Outperform the Market" and is maintained [1] Core Insights - The report highlights the acceleration of NDC (Nationally Determined Contributions) updates, indicating a resilient global energy transition. As of February 16, 2025, 16 countries have updated their NDCs, with significant reduction targets set for 2030 and 2035 [4][5] - The report emphasizes the importance of carbon pricing mechanisms, such as carbon taxes and quotas, which are expected to increase in various countries, enhancing the investment landscape for green energy operators [5] - The report suggests focusing on green electricity operators, specifically recommending companies like Longyuan Power and JinkoSolar for investment opportunities [6] Summary by Sections Industry Overview - The closing index for the power equipment sector is 7144.09, with a 52-week high of 8068.94 and a low of 5403.16 [1] Relative Index Performance - The report includes a performance chart comparing the power equipment sector to the CSI 300 index, indicating potential growth trajectories from February 2024 to December 2025 [3] NDC Update Status - The report provides a detailed table of NDC updates from various countries, showcasing their emission reduction targets for 2030 and 2035, with notable commitments from countries like the UK and UAE [9]