Industry Investment Rating - Buy (Maintained Rating) [10] Core Viewpoints - Solid Oxide Cells (SOC) are expected to become an indispensable part of future energy systems due to their high energy conversion efficiency, fuel flexibility, and reversible reactions [10] - The global Solid Oxide Fuel Cell (SOFC) market is projected to grow at a CAGR of 36.8% from 2024 to 2030, reaching $4.054 billion by 2030 [10] - The commercialization of SOC depends on high reliability, long lifespan, and low cost, with system costs expected to drop significantly when annual production exceeds 100MW [10] - The US, Europe, and Japan have entered the initial stage of commercialization, while China is still in the industrial demonstration phase [10] Fixed Application Scenarios - SOFC is one of the fastest-growing alternative backup power options, with 81.49% of its market share in fixed applications in 2023 [10] - In 2023, 51.9% of SOFC applications were in the commercial sector (heating and power supply), while 40% were used in data center power supplies, accounting for approximately 1.1% of the total data center power market [10] - SOFC is increasingly being adopted in data centers due to its high energy conversion efficiency, large-scale power generation potential, and continuous power supply capabilities [10] Key Commercialization Factors - The core components of SOC, such as materials and manufacturing processes, are critical to achieving high reliability and long lifespan [10] - The cost of the stack accounts for about 40% of the total system cost, and it is expected to drop to 20%-30% of the current cost when production scales to over 100MW [10] - SOC is expected to become competitive when the lifespan reaches 50,000 hours and the system cost drops below ¥10,000/kW [10] Global Market Overview - The US leads in SOFC installations, primarily for medium and large-scale commercial and industrial power supply [2] - Japan focuses on distributed combined heat and power (CHP) systems for households, led by NEDO [3] - Europe emphasizes micro-CHP systems, with several companies achieving productization [4] - South Korea primarily applies SOFC in the utility sector, with mainstream technologies imported from abroad [5] - China is in the industrial demonstration stage, with limited commercialization due to technological gaps and policy constraints [6] Key Companies and Technologies - Major global SOFC companies include Bloom Energy, FuelCell Energy, Ceres Power, Sunfire, and Elcogen, with fewer than 10 companies globally capable of producing MW-level SOFC systems [10] - In China, companies like Sanhuan Group and Weichai Power are making progress in SOFC technology, with Sanhuan being a key supplier of electrolyte membranes and single cells to Bloom Energy [10] Future Trends - The development of metal-supported planar SOFCs is seen as a key path for future commercialization, with a focus on reducing operating temperatures to improve lifespan and reduce costs [109] - The transition from high-temperature (800-1000°C) to medium-temperature (600-800°C) and low-temperature (<600°C) SOFCs is expected to lower material costs and improve system reliability [114]

产品组 编辑 白晓琦（执业 S1130524080003) baixiaoqi@gjzq.com.cn 电新： 板块热度降温下再入布局窗口 晨讯 半导体： 2025 年 AI 应用和自主可控将持续驱动半导体周期上行； 行情回顾 图表1：12 月 24 日主要市场指数行情回顾 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|----------|------------------------|----------|-----------|----------|-----------|-------------------| | 2024/12/24 | | 上证指数 深证成指 北证 | 50 | 科创 50 | 创业板指 | | 中小综指 恒生指数 | | 收盘点数 | 3,393.53 | 10,671.43 | 1,149.78 | 1,014.02 | 2,213.55 | 11,362.36 | 20,098.29 | | 当日涨跌幅 | 1.26% | 1.27% | 0.78% | 1.54% | 1.17% ...

行业观点 敬请参阅最后一页特别声明 1 图表目录 | --- | --- | --- | |----------|---------------------------------------------|-------| | | | | | 图表 15: | 国内月度光伏新增装机(GW,%) . | | | 图表 16: | 国内组件&电池出口规模(MN, %） . | | | 图表 17: | 月废组件出口規模(MN) . | | | 图表 18: | 11月组件主要出口地区分布 ... .. .. | | | 图表 19: | 11 月组件前十大出口地区（MW）. | | | 图表 20: | 欧洲主要国家组件出口数据（MW，%） . | | | 图表 21: | 1-11 月组件主要出口国家分布 | | | 图表 22: | 1-11 月组件前十大出口国 (MW) | | | 图表 23: | 月度电池出口规模（MW） | | | 图表 24: | 11 月电池片主要出口国家分布. | | | 图表 25: | 11 月前五大电池片出口国（MW, %）. | | | 图表 26: | 1-11 月电池 ...

图表23：扫描全能王产品海外渗透率还有较大提升空间 说明：付费用户渗透率=付费用户数量/当地移动互联网用户总数；新增付费转化率=新增付费用户数/新增设备数 公司在智能文字识别领域技术优势明显，除"扫描全能王"产品外，公司还面向名片管理 细分赛道推出"名片全能王"产品、向 B 端用户提供技术服务和场景化解决方案。此外， 公司还合作第三方平台在 APP 上进行广告投放。 "名片全能王"于 2009 年末上线，17-18 年先后推出海内外付费版。目前该产品会 员价格为连续包月 63 元/月，连续包年 338 元/年，798 元/3 年，提供人脉搜索、查 看附近的人或公司、名片信息导出 Excel、备份手机通讯录等服务。该产品 23 年实 现营收 2,448.8 万元，2020-2023 年 CAGR 为 13.7%，23 年营收增速提升主要系经 济活动恢复、小程序端功能完善，付费用户数同比增长 31.2%所致。 扫码获取更多服务 图表24:名片全能王产品营收保持较高增速 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

公司面向 C 端提供"扫描全能王"、"名片全能王"及"启信宝"， 截至 24Q3，3 款产品月活量合计 1.7 亿。其中"扫描全能王"贡 献近 70%营收，受益于先发优势和技术优势，其在细分赛道具有 显著的标签效应，行业地位稳固。早在 21 年该产品全球月活量就 已超 1 亿人，高于 top2~6 总和；20~23 年营收 CAGR 达 34.4%， 月活量 CAGR 为 9.5%，23 年付费用户数达 677.6 万个，付费用 户数/月活量持续提升。此外，公司将 C 端成熟的技术向 B 端推广， 已服务 30 个场景、覆盖 130+世界 500 强公司。公司于 24 年 9 月 26 日登陆科创板，IPO 募资 13.8 亿元，将主要用于既有产品 服务的研发升级、人工智能及商业大数据核心技术研发、数据中 台建设等领域。 我们预测 2024-2026 年公司营业收入为 14.15/16.74/19.63 亿元， 分 别 同 比 增 长 19.2%/18.3%/17.3% ； 预 测 归 母 净 利 润 为 3.60/4.55/5.42 亿元，分别同比增长 11.44 %/26.23%/19.16%。采 用市销 ...

看好 AI 基础设施与 AI 应用相关主线，并持续看好半导体产业链自主可控的方向，重点看好：国产算力芯片、存储器 （HBM）、数字 Soc 芯片、半导体设备/零部件、材料等。 1.1 长周期 (8-10年): 看需求 . 三、当前的判断：需求-产能-库存三周期共振，Al 应用和自主可控将驱动半导体行业开启十年大周期 ...... 9 3.4 讯号四:2025 年晶圆代工产能利用率持续提升,12 吋成为主流 图表 1: 产品需求推动全球半导体经历十年大周期 . 全球半导体每 4-6 年经历一轮产能周期 . 图表 6: 图表 9: 安富利存货周转天数变化 图表 13: 2020-2027E AI 领域发展趋势. 图表 17: 全球 AI 智能手机渗透率持续抬升 ... 图表目录 图表 18： Apple Intelligence 五大定义........................................................... 12 投资逻辑： 投资建议 风险提示 敬请参阅最后一页特别声明 1 1.3 短周期（3-5个季度）: 看库存 . 3.2 讯号二：芯片厂商库存月数保持低水位. ...

来源：公司年报、国金证券研究所 事件 权将注销，注销完成后三个标的公司将成由锦江 100%控股。 点评 收购少数股权利于增厚业绩。公司于 16 年收购铂涛集团 81.0034% 股权，三次增持后于 2021 年 6 月完成对铂涛集团 100%控股。 Lavanda、Xana、Coffetel 三家标的公司分别运营铂涛旗下麗枫、 希岸、喆啡品牌，截至 1H24 在营酒店分别为 1269/566/659 家， 23 年净利润分别为 2.69 亿元/8179 万元/7719 万元、净利率 33.7%/28.9%/29.9%。我们认为三家标的公司运营酒店数量较多、 业绩表现较好，尤其是麗枫达到千店以上、净利率超过 30%，对公 司业绩将形成增厚，若按照 23 年备考净利水平计算，本次收购及 后续剩余 5%股权注销完成后，有望增厚公司业绩约 1.46 亿元。 利于提升对子公司控制力度，有助于锦江内部管理效率提升。过 去公司内部存在本部、铂涛、维也纳三大体系架构冗余问题，2020 年中国区改革以来不断优化，我们认为本次少数股权收购有利于 进一步整合公司资源、降低管理成本、提高内部决策效率。 本次交易 PE 估值低于行业均 ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected revenue growth and profitability improvements [22] Core Views - The company's gas turbine blade business is expected to benefit from the increasing demand for AI data centers, which drive higher electricity consumption globally [22] - The company has secured significant new orders in the gas turbine sector, with contract liabilities increasing by RMB 117 million in Q3 2024 [22] - The company plans to issue convertible bonds to raise up to RMB 1.5 billion for expanding production capacity and enhancing competitiveness in the aerospace and gas turbine sectors [22] Financial Projections - Revenue is projected to grow from RMB 2.71 billion in 2024E to RMB 4.075 billion in 2026E, with a CAGR of 22.6% [11][22] - Net profit attributable to shareholders is expected to increase from RMB 320 million in 2024E to RMB 554 million in 2026E, with a CAGR of 31.6% [11][22] - The company's ROE is forecasted to rise from 6.91% in 2024E to 10.66% in 2026E, reflecting improved profitability [11] Industry Analysis - Global AI server electricity consumption is projected to increase from 195 TWh in 2023 to 500 TWh by 2027, driven by the rapid growth of data centers [22] - The US electricity demand is expected to grow by 128GW (15.8%) over the next five years, primarily due to data centers and manufacturing growth [22] - Gas turbines are favored for their fast start-up, high efficiency, and strong peak-shaving capabilities, making them a key solution for stable power supply in data centers [22] Valuation - The company's PE ratio is expected to decline from 28X in 2024E to 16X in 2026E, indicating attractive valuation levels [11][22] - The PB ratio is projected to decrease from 1.93X in 2024E to 1.72X in 2026E, reflecting improved asset efficiency [11]

晨讯 产品组 编辑 白晓琦（执业 S1130524080003) baixiaoqi@gjzq.com.cn 策略:"春季躁动"有望进入加速，精选科技细分方向"进攻"; 基金量化观察：A 股电网设备 ETF 集中上市 行情回顾 图表1：12 月 23 日主要市场指数行情回顾 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|----------|------------------------|----------|-----------|----------|-----------|-------------------| | 2024/12/23 | | 上证指数 深证成指 北证 | 50 | 科创 50 | 创业板指 | | 中小综指 恒生指数 | | 收盘点数 | 3,351.26 | 10,537.40 | 1,140.88 | 998.61 | 2,187.94 | 11,230.36 | 19,883.13 | | 当日涨跌幅 | -0.50% | -1.03% | -2.64% | -1.25% | -0.9 ...

2024年12月23日 证券研究报告 2024 年 12 月 23 日，为深化综合交通运输体系改革，加快建设统一开放的交通运输市场，中共中央办公厅、国务院办 公厅发布《关于加快建设统一开放的交通运输市场的意见》（以下简称"《意见》"），要求充分发挥市场在资源配置中 的决定性作用，更好发挥政府作用，《意见》涉及铁路、公路、物流、快递、民航等多个细分领域。 扫码获取更多服务 买入：预期未来 3－6 个月内该行业上涨幅度超过大盘在 15%以上； 增持：预期未来 3－6 个月内该行业上涨幅度超过大盘在 5%－15%； 中性：预期未来 3－6 个月内该行业变动幅度相对大盘在 -5%－5%； 减持：预期未来 3－6 个月内该行业下跌幅度超过大盘在 5%以上。 电话：010-85950438 邮箱：researchbj@gjzq.com.cn 邮编：518000 买入(维持评级) 交通运输组 分析师：郑树明（执业 S1130521040001） 分析师：王凯婕（执业 S1130522070001） 联系人：霍泽嘉 zhengshuming@gizq.com.cn 投资逻辑： 铁路改革势在必行，支持多元化适度竞争。《意见》中 ...