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].

| 601688 | 华泰证 | 5 | 2.08 | 6.01 | 1.76 | | --- | --- | --- | --- | --- | --- | | | 券 | | | | | | 603005 | 晶方科 | 5 | 1.94 | 5.46 | 9.07 | | | 技 | | | | | | 000933 | 神火股 | 7 | 1.91 | 6.53 | 4.81 | | | 份 | | | | | | 300657 | 弘信电 | 5 | 1.79 | 4.55 | 11.37 | | | 子 | | | | | | 688158 | 优刻得 | 5 | 1.78 | 5.36 | 13.31 | | 000630 | 铜陵有 | 5 | 1.71 | 8.40 | 1.58 | | | 色 | | | | | | 300382 | 斯莱克 | 5 | 1.62 | 8.36 | 24.17 | | 688208 | 道通科 | 5 | 1.50 | 5.56 | 14.00 | | | 技 | | | | | | 002558 | 巨人网 | 5 | 1.37 | 5.25 | 11. ...

Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [6][16]. Core Viewpoints - The overseas cloud service providers (CSPs) reported better-than-expected Q1 earnings, indicating a clear rebound trend in AI investments. Notably, META revised its 2025 capital expenditure forecast from $60 billion to a range of $64 billion to $72 billion. Google plans to maintain its $75 billion capital expenditure for the year, while Amazon and Microsoft also exceeded revenue and profit expectations for Q1 2025, with Microsoft showing a 53% year-on-year increase in capital expenditure [5][14]. - The domestic AIDC (Artificial Intelligence Data Center) construction is accelerating, and with the upcoming major tenders from potential giants, there is optimism for a rebound in the domestic AIDC sector [5][14]. Summary by Sections Investment Insights - The report highlights that the power generation sector remains a strong area for growth, recommending attention to Weichai Heavy Machinery. It also suggests focusing on the HVDC segment, with recommendations for Kehua Data and Tonghe Technology. Additionally, it points to opportunities in server power supplies and liquid cooling, recommending Yinvike, Shenling Environment, and Oulu Tong [6][15]. Industry Dynamics - The report discusses the launch of the new IP series robot "Xinghangxia P01" by Digital Huaxia, which aims to disrupt the service robot market with its high aesthetics and emotional intelligence [20]. - It notes the release of a list of advanced technology demonstration projects by the National Development and Reform Commission, which includes 12 energy storage projects totaling over 2.455 GW/9.14 GWh [21]. - The report mentions the promotion of private sector development in the energy field by the National Energy Administration, aiming to enhance the role of private enterprises in the green energy transition [21]. Key Companies and Earnings Forecast - The report provides a table of key companies with their earnings per share (EPS) and price-to-earnings (PE) ratios, highlighting companies like Weichai Heavy Machinery, Kehua Data, Yinvike, Tonghe Technology, Oulu Tong, and Shenling Environment, with various investment ratings ranging from "Buy" to "Increase" [9][19].

Financial Performance - The company's operating revenue for Q1 2025 reached ¥1,066,642,503.89, representing a 21.43% increase compared to ¥878,424,002.91 in the same period last year[5] - Net profit attributable to shareholders was ¥31,804,553.23, up 33.18% from ¥23,880,441.97 year-on-year[5] - Basic and diluted earnings per share both increased to ¥0.10, reflecting a growth of 33.18% from ¥0.07 in the same period last year[5] - Total operating revenue for the current period reached ¥1,066,642,503.89, an increase of 21.4% compared to ¥878,424,002.91 in the previous period[24] - Net profit for the current period was ¥31,804,553.23, representing a 33.3% increase from ¥23,880,441.97 in the previous period[26] Cash Flow - The net cash flow from operating activities surged to ¥269,277,183.18, a significant increase of 326.92% compared to ¥63,074,266.67 in the previous year[5] - Cash generated from operating activities was ¥1,023,688,058.32, significantly higher than ¥549,687,803.06 in the previous period[27] - Total cash inflow from operating activities reached $1.04 billion, compared to $567.53 million previously, indicating a growth of about 83%[28] - Cash outflow from operating activities was $766.16 million, up from $504.45 million, representing an increase of around 52%[28] - The ending balance of cash and cash equivalents was $2.13 billion, up from $1.82 billion, reflecting an increase of approximately 17%[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,640,248,046.30, marking a 5.74% increase from ¥6,279,690,766.70 at the end of the previous year[5] - Total current assets at the end of the reporting period amount to ¥4,561,534,295.06, an increase from ¥4,450,750,785.62 at the beginning of the period[20] - Total liabilities increased to ¥4,547,614,816.26 from ¥4,219,482,752.43, marking a rise of 7.8%[22] - Total equity attributable to shareholders reached ¥2,092,633,230.04, up from ¥2,060,208,014.27, indicating a growth of 1.6%[22] Investments - The company's long-term equity investments rose by 35.50%, reaching ¥1,019,421,857.93, up from ¥752,334,366.80[10] - The company’s investment income increased by 49.97%, amounting to ¥10,653,067.64 compared to ¥7,103,620.64 in the previous year[11] - The company confirmed an increase in net profit from joint ventures during the reporting period[17] Shareholder Information - Total number of common shareholders at the end of the reporting period is 46,478[16] - The largest shareholder, Weichai Holding Group Co., Ltd., holds 30.59% of shares, totaling 101,358,600 shares[16] - The total number of preferred shareholders at the end of the reporting period is 0, indicating no preferred shares issued[19] Operating Costs and Expenses - Total operating costs amounted to ¥1,063,020,579.13, up from ¥866,502,016.45, reflecting a growth of 22.6%[24] - Research and development expenses were ¥64,206,141.69, an increase of 16.5% from ¥54,958,797.47[25] - The company paid $96.71 million in employee-related cash expenses, which increased from $89.36 million, showing a rise of about 8%[28] Other Income and Financials - The company reported a significant increase in other income, which rose by 86.52% to ¥22,149,243.55 from ¥11,874,957.46 year-on-year[11] - The company reported a financial expense of -¥8,157,154.53, an improvement compared to -¥8,979,916.77 in the previous period[25] - Deferred income tax liabilities decreased to ¥10,908,123.93 from ¥11,317,086.79, a decline of 3.6%[22] - The company received tax refunds amounting to $6.71 million during the reporting period[28] Audit and Strategy - The company has not disclosed any new strategies or significant market expansions in the current reporting period[19] - The company did not conduct an audit for the first quarter report[30]

潍柴重机（000880）公告，2025年第一季度营业收入10.67亿元，同比增长21.43%。净利润3180.46万 元，同比增长33.18%。 ...

Core Viewpoint - The report highlights the investment strategies and portfolio adjustments of Morgan Stanley fund manager Lei Zhiyong, focusing on the digital economy sector, particularly in intelligent computing infrastructure and AI applications [2][10]. Group 1: Fund Performance and Management - Lei Zhiyong's managed fund size increased by over 50% in Q1 2025, reaching a total management scale of 55.31 billion yuan, up from 36.09 billion yuan in the previous quarter [5]. - The fund "Damo Digital Economy Mixed" saw a net subscription of 763 million units during Q1, bringing its latest scale to 52.33 billion yuan, a nearly 55% increase from the end of last year [5]. - The fund maintained a high stock position, with stock holdings exceeding 90%, and made slight increases compared to the previous quarter [6]. Group 2: Investment Focus and Adjustments - The top ten holdings of the Damo Digital Economy Mixed fund remained stable, with structural adjustments made in individual stocks. New additions included KOTAI Power, Lens Technology, and Shenghong Technology, while stocks like Zhongji Xuchuang and Huadian were removed [7]. - The fund continues to focus on the digital economy sector, with a positive outlook on intelligent computing infrastructure and AI applications for future investment opportunities [9][10]. Group 3: Market Environment and Challenges - The market environment in 2025 has not been favorable for Lei Zhiyong, with only one of the three managed funds, Damo Wan Zhong Innovation, showing a profit, while the others reported negative returns [10]. - The strategy of focusing on the technology sector reflects Lei Zhiyong's long-term belief in AI, but the current market performance indicates that this approach may not yield leading returns compared to diversified investments [10].

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, leading to a significant increase in computing power demand, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential for data centers, accounting for approximately 23% of supporting infrastructure costs and 6%-7% of total data center construction costs. The market for diesel generators in data centers is projected to grow from 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, with a compound annual growth rate (CAGR) of 24% [3][31]. - Domestic brands are expected to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Drives Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, significantly enhancing domestic AI application scenarios and driving up computing power demand [3][6]. - Major tech companies like Tencent and Alibaba are increasing capital expenditures for computing power infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [3][14]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets are critical backup power sources for data centers, complementing UPS systems to ensure continuous operation during power outages [22][24]. - The construction of data centers requires diesel generator sets, which are mandated for A and B level data centers as per national standards [24][26]. - The market for diesel generator sets in data centers is expected to reach 13.16 billion yuan by 2028, driven by the rapid growth of intelligent computing power [31][32]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The core components of diesel generator sets, particularly diesel engines, are dominated by foreign brands, which hold a 90% market share in 2024. However, domestic brands are gaining market share due to supply chain challenges faced by foreign manufacturers [3][47]. - Recent bidding results show that domestic manufacturers like Weichai Heavy Machinery have significantly increased their market share in high-pressure diesel generator sets [66][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as KOTAI Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

Investment Rating - The report suggests a positive investment outlook for the diesel generator set industry, particularly for domestic OEM manufacturers and key players in the supply chain [2][5]. Core Insights - The domestic AI model Deepseek is accelerating the application of AI in China, significantly increasing the demand for computing power, which in turn benefits the diesel generator set market as it is a core component of data center infrastructure [3][5]. - Diesel generator sets are essential backup power sources for data centers, which are experiencing substantial capital expenditure growth due to rising computing power demands [3][5]. - Domestic brands are poised to benefit from the challenges faced by foreign manufacturers in expanding production capacity, leading to opportunities for volume and price increases for local suppliers [3][5]. Summary by Sections 1. Deepseek Accelerates Domestic AI Application and Boosts Computing Power Demand - Deepseek demonstrates performance comparable to leading international AI models, enhancing the domestic AI application landscape and driving up computing power needs [6][14]. - Major tech companies like Tencent and Alibaba are significantly increasing their capital expenditures for computing infrastructure, with Tencent's capital expenditure reaching 768 billion yuan in 2024, a 221% year-on-year increase [14][15]. 2. Diesel Generator Sets as Core CAPEX for Data Centers - Diesel generator sets account for 23% of the supporting infrastructure costs in data centers, which are projected to grow from a market size of 4.57 billion yuan in 2023 to 13.16 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 24% [3][31]. - The demand for high-capacity diesel generators is expected to rise significantly due to the increasing construction of AI-related data centers, which require robust power backup systems [24][26]. 3. Domestic Supply Chain Benefits from High Demand and Limited Foreign Expansion - The market for diesel engines in data centers is dominated by foreign brands, but domestic manufacturers are gaining market share due to supply chain challenges faced by foreign companies [3][47]. - Recent bidding results show that domestic brands like Weichai Heavy Machinery have significantly increased their market share, with Weichai's share rising to 40% in recent tenders [3][68]. 4. Investment Recommendations - The report recommends focusing on domestic OEM manufacturers such as Keta Power, Taihao Technology, and Sumida, as well as main engine manufacturers like Weichai Heavy Machinery and component manufacturers like Linde [3][5].

编号：20240418 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系 活动类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他（请文字说明其他活动内容） | | 参与单位名称 及人员姓名 | 参与公司 2024 年度业绩说明会的网上投资者 | | 时间 | 2025 年 4 月 18 日 15:00-16:00 | | 地点 | 价值在线平台（https://eseb.cn/1nj1JvIesdW） | | 上市公司接待人 | 公司董事长傅强先生，公司董事、总经理尹晓青先生，公司独 | | 员姓名 | 立董事张树明先生，公司财务总监、董事会秘书温涛先生。 | | 投资者关系活动 主要内容介绍 | 公司于 2025 年 4 月 18 日 15:00-16:00，通过价值在线平 台（https://eseb.cn/1nj1JvIesdW）采用网络远程形式召开 公司 2024 年度业绩说明会，投资者对公司生产经营、业绩情 况、市场情况、未来规划等方面进行了提问，公司就投资者的 相关提问进行了回复。 | | | 本 ...

Market Overview - On April 16, the Shanghai Composite Index rose by 0.26%, while the Shenzhen Component Index fell by 0.85%, and the ChiNext Index decreased by 1.21% [1] - The total market turnover reached 1.14 trillion yuan, an increase of 30.6 billion yuan compared to the previous day, with over 4,300 stocks declining [1] - Sectors such as precious metals, consumer goods, port shipping, and logistics showed significant gains [1] Stock Performance - Notable stocks included Guofang Group, Lianyungang, and Beingmate, which exhibited rebound trends, with Taimushi achieving a five-day limit-up streak [3] - The top gainers included: - Wo Technology: +20.02% at 28.24 yuan - Chuangke Technology: +20.00% at 24.18 yuan - Danfeng Information: +20.00% at 15.48 yuan [4] - Lianyungang's stock price increased by 9.95% to 6.52 yuan, with a turnover of 1.9 billion yuan [14] Institutional Trading - The top net buying stocks by institutions included: - Beingmate: 119 million yuan - Lianyungang: 55.8 million yuan - Hengfeng Information: 55.3 million yuan [5] - The top net selling stocks were: - Weichai Heavy Machinery: 181 million yuan - Huqin Technology: 122 million yuan - Southern Precision: 98.7 million yuan [6] Company Highlights - Beingmate focuses on infant formula, nutritional rice flour, and other infant food products, with plans to expand into adult nutrition products [13] - Lianyungang is positioned as a key transportation hub under the Jiangsu Coastal Development Plan, enhancing its role in international logistics [18][19] - Hengfeng Information specializes in smart governance and AI solutions, with a focus on enhancing public service efficiency [24] Trading Trends - The stock market saw significant volatility, with some stocks experiencing sharp declines, such as Weichai Heavy Machinery, which fell by 10.00% [9] - The trading activity indicated a mixed sentiment among investors, with some stocks like Beingmate and Lianyungang attracting substantial interest while others faced selling pressure [30][32]