Investment Rating - The industry investment rating is "Overweight" [8] Core Viewpoints - The recent reduction in tariffs between the US and China is expected to significantly benefit sectors such as energy storage, photovoltaics, and AIDC, leading to profit recovery and valuation restoration [1][6] - The report recommends key companies including CATL, Sungrow, Canadian Solar, Megmeet, and Huaneng Electric [1][6] Summary by Sections Tariff Adjustments - The recent negotiations resulted in a larger-than-expected reduction in tariffs, with the effective tax rates for various segments calculated as follows: 1. Energy storage batteries/systems: 40.9% (expected to rise to 58.4% by 2026) 2. Lithium battery materials: 56%-60.8% 3. Inverters: 57.5% [2] Energy Storage Sector - High tariffs previously led to order cancellations and a slowdown in new orders for energy storage companies. The recent tariff reductions are expected to restore profitability for companies heavily exposed to the US market, with recommendations for Sungrow and CATL [3][6] Photovoltaic Sector - The impact of tariff adjustments on photovoltaic companies is deemed limited, as most domestic companies export through overseas bases. The adjustment is expected to improve market sentiment and support valuation recovery, particularly benefiting Canadian Solar due to its US production capacity [4][6] AIDC Sector - Concerns regarding reduced overseas demand due to high tariffs have diminished. The recent tariff cuts are expected to restore valuations for AIDC-related companies, with recommendations for Megmeet and Huaneng Electric [5][6] Company Recommendations - CATL: Expected to maintain a strong market position with a projected net profit of 66.62 billion CNY in 2025 [13] - Sungrow: Anticipated revenue growth of 7.76% in 2024, with a strong outlook for its energy storage business [13] - Canadian Solar: Despite a projected decline in net profit due to tariffs, its US production capacity is expected to mitigate some impacts [13] - Megmeet: Expected to benefit from its diversified layout and strong demand in data center products [13] - Huaneng Electric: Anticipated growth in its wind and energy storage segments, maintaining a positive outlook [14]

证券代码：603063 证券简称：禾望电气 公告编号：2025-049 深圳市禾望电气股份有限公司 关于为子公司向银行申请综合授信提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称：深圳市禾望科技有限公司（以下简称"禾望科技"）、 苏州禾望电气有限公司（以下简称"苏州禾望"） 本次担保金额及已实际为其提供担保的余额：深圳市禾望电气股份有限 公司（以下简称"公司"）本次为全资子公司禾望科技担保人民币 10,000 万元、 为全资子公司苏州禾望担保人民币 20,000 万元。不包含本次担保金额公司已实 际为禾望科技提供担保人民币 133,220.93 万元、为苏州禾望提供担保人民币 47,785.69 万元。 特别风险提示：截至公告披露日，公司对外担保总额为 623,006.62 万元， 占公司最近一期经审计净资产的 144.83%，其中已签署担保协议的金额为 273,006.62 万元，占公司最近一期经审计净资产的 63.47%。公司对资产负债率 70%以上的全资子公司担保总额为 5 ...

Investment Rating - The investment rating for the electric power equipment industry is "Outperform the Market" [2][6]. Core Viewpoints - The recent US-China trade talks have resulted in significant tariff reductions, which are expected to positively impact the electric new energy sector's exports to the US. Key affected areas include the power battery supply chain, photovoltaic inverters, energy storage batteries, AIDC equipment, grid equipment, consumer lithium batteries, and wind power components. These sectors are anticipated to experience a recovery and acceleration in shipments to the US starting from May [4][5][6]. - The agreement reached during the talks includes the US committing to cancel 91% of tariffs imposed on Chinese goods and modifying 34% of reciprocal tariffs, with a 90-day suspension on 24% of these tariffs. Similarly, China will cancel 91% of its retaliatory tariffs on US goods and suspend 24% of the reciprocal tariffs for 90 days [3][6]. Summary by Relevant Sections - **Tariff Changes**: The US will cancel 91% of tariffs on Chinese goods and modify 34% of reciprocal tariffs, while China will cancel 91% of retaliatory tariffs and suspend 24% of reciprocal tariffs for 90 days [3][6]. - **Market Impact**: The agreement is expected to benefit companies in the electric new energy sector, particularly those involved in the power battery and energy storage battery supply chains, such as Ningde Times, Keda Li, and Xinjubang. Other companies to watch include Sunshine Power, Shenghong Co., and Megmeet [4][7]. - **Market Demand**: The US accounts for 10-15% of global power battery market demand, 30-40% of large energy storage market demand, and 10% of the global photovoltaic market demand. The successful conclusion of the trade talks is expected to enhance the short-term and long-term development prospects for various sectors [7].

证券代码：603063 证券简称：禾望电气 公告编号：2025-047 深圳市禾望电气股份有限公司 关于调整 2024 年年度利润分配总额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 ? 拟派发现金红利总额：由 53,958,046.56 元（含税）调整至 54,258,478.80 元（含税） ? 本次调整原因：在实施权益分派股权登记日前，深圳市禾望电气股份有 限公司（以下简称"公司"）因 2021 年、2023 年股票期权激励计划股权激励对 象自主行权，导致公司实际参与利润分配的股份总数发生变动，公司拟维持每股 分配比例不变，对 2024 年度利润分配方案的分配总额进行调整。 一、利润分配方案概述 公司于2025年3月13日召开第四届董事会第二次会议和第四届监事会第二次 会议，审议通过了《关于公司2024年度利润分配预案》。公司以未来实施2024 年度利润分配实施公告的股权登记日总股数扣除回购专用账户中的股份数量为 基数，向全体股东每10股派发现金1.2元（含税）。截至2025年3月12日，公司总 股本450,9 ...

中国广东省深圳市福田区金田路 4028 号荣超经贸中心 28、29 层 邮政编码: 518035 28&29 Floor, Landmark, No.4028 Jintian Road, Futian District, Shenzhen 518035, P.R.C. Tel: 0755-33988188 http://www.junzejun.com 北京市君泽君（深圳）律师事务所 关于深圳市禾望电气股份有限公司差异化分红事项的 法律意见书 致:深圳市禾望申气股份有限公司 北京市君泽君(深圳)律师事务所(以下简称本所)接受深圳市禾望电气股份 有限公司(以下简称公司或禾望电气)的委托,并根据《中华人民共和国公司法》 (以下简称《公司法》)、《中华人民共和国证券法》(以下简称《证券法》)、 《上海证券交易所上市公司自律监管指引第7号—回购股份》(以下简称《回购指引》) 等相关法律法规、规章及其他规范性文件和《深圳市禾望电气股份有限公司章程》 (以下简称《公司章程》)的规定,就不望电气2024年度利润分配所涉及的差异化 分红（以下简称本次差异化分红）相关事项出具本法律意见书。 为出具本法律意见书，本所律师声明如下 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-047 深圳市禾望电气股份有限公司 关于调整 2024 年年度利润分配总额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 拟派发现金红利总额：由 53,958,046.56 元（含税）调整至 54,258,478.80 元（含税） 本次调整原因：在实施权益分派股权登记日前，深圳市禾望电气股份有 限公司（以下简称"公司"）因 2021 年、2023 年股票期权激励计划股权激励对 象自主行权，导致公司实际参与利润分配的股份总数发生变动，公司拟维持每股 分配比例不变，对 2024 年度利润分配方案的分配总额进行调整。 一、利润分配方案概述 特此公告。 深圳市禾望电气股份有限公司董事会 2025年5月13日 公司于2025年3月13日召开第四届董事会第二次会议和第四届监事会第二次 会议，审议通过了《关于公司2024年度利润分配预案》。公司以未来实施2024 年度利润分配实施公告的股权登记日总股数扣除回购专用账户中的股份数量为 基数，向全体股东每10股派发现金1.2 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-048 深圳市禾望电气股份有限公司2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.12元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/16 | － | 2025/5/19 | 2025/5/19 | 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 21 日的2024年年度股东会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 （2）本次差异化分红除权除息方案的计算依据 根据《上海证券交易所交易规则》《上海证券交易所上市公司自律监管指南第 2 号—— 业务办理》之 ...

Investment Rating - The report maintains a "Buy" rating for several key companies in the semiconductor and AI sectors, including 中芯国际 (SMIC), 海光信息 (Haiguang), and others, indicating strong growth potential in the domestic AI and computing landscape [5][6]. Core Insights - The domestic AI landscape is witnessing significant advancements with the emergence of models like 豆包 (Doubao) and DeepSeek, which are leading the charge in multi-modal and lightweight AI model development, respectively [1][2]. - The report highlights a shift towards domestic computing power solutions, with chip manufacturers rapidly adapting to the evolving AI ecosystem, particularly through advancements in semiconductor processes and AI training capabilities [2][3]. - There is a notable increase in capital expenditure among cloud computing firms, driven by the rising demand for AI computing infrastructure, which is expected to lead to a "volume and price rise" scenario in the cloud computing market [3][4]. Summary by Sections Section 1: Breakthroughs in Domestic AI Models - 豆包 has emerged as a leading multi-modal model, enhancing capabilities in speech, image, and code processing, with a significant release of its visual understanding model in December 2024 [1][11]. - DeepSeek focuses on lightweight model upgrades, achieving a remarkable cost-performance ratio with its DeepSeek-V3 model, which has 671 billion total parameters and costs only 557.6 million USD, positioning it among the world's top models [1][12]. - The rapid iteration of domestic models, including updates from 通义千问 and others, reflects a competitive landscape that is accelerating the development of AI applications [1][34]. Section 2: Advancements in Domestic Computing Power - 中芯国际 is advancing its semiconductor processes, with N+1 and N+2 technologies being developed to support the growing demand for AI chips, achieving significant performance improvements [2][56]. - The report notes that the domestic chip industry is evolving, with companies like 昇腾 (Ascend) and others making strides in AI training and inference capabilities, thereby reducing reliance on international competitors [2][59]. - The cloud computing sector is experiencing a capital expenditure boom, with companies like 华勤 and 浪潮 rapidly deploying servers that are compatible with domestic computing power solutions [3][4]. Section 3: Infrastructure and Supply Chain Developments - The report emphasizes the need for enhanced computing infrastructure to meet the surging demand for AI applications, with significant investments being made in server and power supply innovations [3][4]. - Innovations in power supply and cooling systems, particularly the shift from traditional air cooling to liquid cooling, are becoming essential to support the increasing power density in data centers [4]. - The report identifies key players in the supply chain, including companies in power supply, cooling, and server manufacturing, that are poised to benefit from the growth of the AI and computing sectors [5].

Core Viewpoint - Shenzhen He望 Electric Co., Ltd. is involved in a lawsuit concerning a breach of commitment regarding the reduction of company shares by Ms. Ding Wenqing, with the case amounting to 128,617,570 yuan [2][3]. Group 1: Lawsuit Background - The company filed a lawsuit against Ms. Ding Wenqing for violating her commitment to reduce her shares, with the case accepted by the Nanshan District People's Court of Shenzhen on June 16, 2022 [3]. - The case was later reviewed by the Intermediate People's Court of Shenzhen, which issued a civil ruling on November 25, 2022 [4]. - The company corrected the amount involved in the lawsuit in a subsequent announcement on December 5, 2022 [3]. Group 2: Progress of the Lawsuit - On January 2, 2024, the Intermediate People's Court of Shenzhen issued a civil judgment, which was appealed by Ms. Ding Wenqing [4]. - The Guangdong Provincial High People's Court accepted the appeal on August 8, 2024 [4]. - On May 6, 2025, the High People's Court issued a final judgment, ordering Ms. Ding to pay 5,964,000 yuan to the company within ten days [6][7]. Group 3: Financial Impact - The company currently cannot estimate the impact of the lawsuit on its profits for the current or future periods, as the lawsuit has not yet been executed [2][8].

证券代码：603063 证券简称：禾望电气 公告编号：2025-046 是否会对上市公司损益产生负面影响：因本次诉讼尚未执行，目前暂无 法预计对本公司本期或期后利润的影响。 一、本次诉讼的基本情况 深圳市禾望电气股份有限公司（以下简称"公司"、"原告"或"被上诉人"） 已就丁文菁女士违反承诺减持公司股份事项向深圳市南山区人民法院提起诉讼， 法院已受理，公司于 2022 年 6 月 16 日取得受理案件通知书。具体内容详见公司 于 2022 年 6 月 17 日在上海证券交易所网站披露的《禾望电气关于涉及诉讼的公 告》（公告编号：2022-058）。 公司于 2022 年 11 月 25 日收到广东省深圳市中级人民法院出具的编号为 （2022）粤 03 民辖 375 号的《民事裁定书》，本案经广东省深圳市中级人民法院 提审，具体内容详见公司于 2022 年 11 月 29 日在上海证券交易所网站披露的《深 圳市禾望电气股份有限公司关于涉及诉讼进展的公告》（公告编号：2022-087）。 案件所处的诉讼阶段：二审判决 上市公司所处的当事人地位：被上诉人（一审原告） 涉案的金额：128,617,570 元 公司对诉 ...