[ T able_StockInfo] 2025 年 05 月 15 日 证券研究报告•2025 年一季报点评 当前价：46.50 元 麦格米特（002851）电力设备 目标价：——元（6 个月） 研发持续高投入，网络电源即将放量 [Table_Summary 事件：公司 2024] 年实现营收 81.72 亿元，同比增长 21.0%；实现归母净利润 4.36 亿元，同比变化-30.7%；扣非归母净利润 3.66亿元，同比增长 3.1%。Q4 单季度实现营收 22.69 亿元，同比增长 20.8%，环比增长 20.0%；实现归母净 利润 0.25 亿元，同比变化-83.0%，环比变化-74.1%；扣非归母净利润 0.04 亿 元，同比变化-92.5%，环比变化-95.6%。 公司 2025 年 Q1 实现营收 23.16 亿元，同比增长 26.5%，环比增长 2.1%；实 现归母净利润 1.07 亿元，同比变化-22.6%，环比增长 329.6%；扣非归母净利 润 0.92 亿元，同比变化-24.4%，环比增长 2447.1%。 | [Table_MainProfit] 指标/年度 | 2024A | 202 ...

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]

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].

深圳麦格米特电气股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日 召开第五届董事会第九次会议及第五届监事会第八次会议、于 2024 年 5 月 21 日 召开了 2023 年年度股东大会，审议通过了《关于公司 2024 年度为全资及控股子 公司提供担保额度预计的议案》，根据公司全资及控股子公司的生产经营资金需 求，于 2023 年年度股东大会通过之日起，至 2024 年年度股东大会召开之日期 间，公司计划为下属子公司提供总金额不超过人民币 27.5 亿元的担保，其中为 资产负债率低于 70%的子公司提供担保的额度不超过 23.5 亿元，为资产负债率 资及控股子公司提供担保额度预计的公告》（公告编号：2024-027）。 公司于 2024 年 12 月 20 日召开第五届董事会第十五次会议及第五届监事会 第十四次会议、于 2025 年 1 月 7 日召开 2025 年第一次临时股东大会，审议通过 了《关于增加公司 2024 年度为子公司担保额度预计的议案》，为满足公司下属 全资子公司深圳麦米电气供应链管理公司日常经营和发展的资金需求，公司将公 司为深圳麦米电气供应链管理公司提供的 2024 年 ...

证券代码：002851 证券简称：麦格米特 公告编号：2025-043 深圳麦格米特电气股份有限公司 关于公司为子公司及孙公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 深圳麦格米特电气股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日 召开第五届董事会第九次会议及第五届监事会第八次会议、于 2024 年 5 月 21 日 召开了 2023 年年度股东大会，审议通过了《关于公司 2024 年度为全资及控股子 公司提供担保额度预计的议案》，根据公司全资及控股子公司的生产经营资金需 求，于 2023 年年度股东大会通过之日起，至 2024 年年度股东大会召开之日期 间，公司计划为下属子公司提供总金额不超过人民币 27.5 亿元的担保，其中为 资产负债率低于 70%的子公司提供担保的额度不超过 23.5 亿元，为资产负债率 70%以上的子公司提供担保的额度不超过 4 亿元。具体内容详见公司于 2024 年 4 月 30 日披露于巨潮资讯网（www.cninfo.com.cn）的《关于公司 2024 年度为全 资及控 ...

深圳麦格米特电气股份有限公司 关于继续使用部分闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002851 证券简称：麦格米特 公告编号：2025-044 一、使用 2019 年公开发行可转换公司债券部分闲置募集资金进行现金管理 情况 深圳麦格米特电气股份有限公司（以下简称"公司"）于 2024 年 4 月 29 日 分别召开了第五届董事会第九次会议、第五届监事会第八次会议，并于 2024 年 5 月 21 日召开了 2023 年年度股东大会，会议审议通过了《关于使用暂时闲置的 募集资金进行现金管理的议案》，为提高募集资金使用效率，降低公司财务成本， 促进公司经营业务发展，在遵循股东利益最大化的原则并保证募集资金投资项目 建设资金需求的前提下，同意公司使用额度不超过 1 亿元 2019 年可转换公司债 券暂时闲置募集资金进行现金管理，期限不超过 12 个月且上述资金额度在 2023 年年度股东大会决议有效期内可滚动使用。具体内容详见公司 2024 年 4 月 30 日 公布在巨潮资讯网（www.cninfo.com.c ...

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].

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1] Core Viewpoints - The human-shaped robot sector is experiencing significant domestic and international resonance, indicating a strong growth potential. The valuation of leading lithium battery storage companies is currently low, presenting a potential investment opportunity [1][4] - The report highlights a robust demand for energy storage solutions, particularly in emerging markets, and anticipates a compound annual growth rate (CAGR) of 20-40% for global energy storage installations from 2025 to 2028 [4][5] Industry Trends - The electric equipment sector has shown varied performance, with specific segments like nuclear power and electric vehicles experiencing growth, while others like wind and photovoltaic sectors have faced declines [4] - The report notes significant developments in the human-shaped robot market, including strategic partnerships and product deliveries, which are expected to drive growth in this sector [4] - The electric vehicle market is witnessing a surge in sales, with major manufacturers reporting substantial year-on-year increases in production and sales figures [4] Company Performance - Notable companies such as Ningde Times, BYD, and Sunshine Power are highlighted for their strong market positions and growth potential, with specific revenue and profit forecasts provided for 2024 and 2025 [6][8] - The report emphasizes the financial performance of various companies, indicating a mix of growth and challenges, with some companies like Longi Green Energy facing significant declines in revenue and profit [4][6] Investment Strategy - The report recommends a focus on key sectors such as robotics, energy storage, and electric vehicles, identifying specific companies that are expected to benefit from market trends and technological advancements [6][10] - It suggests that the human-shaped robot market is at a pivotal point, akin to the early stages of the electric vehicle market, with substantial long-term growth potential [10]

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].

Core Viewpoint - The article discusses the impact of recent tariff policies on A-share companies, identifying "quality mispriced stocks" that are less affected by these tariffs and have defensive attributes [2][11]. Group 1: Market Impact - In April 2025, the Shanghai Composite Index fell by 1.7%, and the CSI 300 Index dropped by 3%, marking the highest monthly decline for the same period in nearly three years [3]. - On April 7, both indices experienced declines exceeding 7%, with over 3,000 stocks hitting their daily limit down [3]. - Stocks with significant overseas revenue were particularly affected, with those having over 70% of their revenue from abroad seeing an average decline of over 5% in April [3]. Group 2: Identification of Mispriced Stocks - Over 240 stocks reported limited or no impact from tariffs, with around 140 of these stocks experiencing declines of over 3% in April [7]. - The majority of these "mispriced stocks" are concentrated in the electronics, machinery, and power equipment sectors, with 28, 14, and 13 stocks respectively [7]. - Specific examples of stocks that were significantly affected include 麦格米特 (Maguimi), 淳中科技 (Chunzhong Technology), and 中科蓝讯 (Zhongke Lanyun), which saw declines exceeding 25% [9]. Group 3: Quality Mispriced Stocks - Among the identified "quality mispriced stocks," 17 stocks are noted for their potential growth, with a projected net profit increase of over 20% in 2025 [12]. - Notable stocks include 立讯精密 (Luxshare Precision), 歌尔股份 (GoerTek), and 天孚通信 (Tianfu Communication), which experienced declines of 24.55%, 18.97%, and 18.97% respectively in April [12]. - The article highlights that some of these stocks have consistently paid dividends and show growth potential, with 13 out of 17 stocks expected to see net profit increases of over 30% in 2025 [12][13].