2025 年 5 月 7 日 行业研究/行业周报 电力设备及新能源行业近一年市场表现 投资要点 资料来源：最闻 | 首选股票 | | 评级 | | --- | --- | --- | | 600732.SH | 爱旭股份 | 买入-B | | 601012.SH | 隆基绿能 | 买入-B | | 601865.SH | 福莱特 | 买入-A | | 002056.SZ | 横店东磁 | 买入-A | | 300274.SZ | 阳光电源 | 买入-A | | 688472.SH | 阿特斯 | 买入-A | | 605117.SH | 德业股份 | 买入-A | 【山证太阳能】1-3 月全国太阳能发电量 同比增长 19.5%，产业链中下游价格下滑 2025.4.22 分析师： 肖索 执业登记编码：S0760522030006 邮箱：xiaosuo@sxzq.com 贾惠淋 执业登记编码：S0760523070001 邮箱：jiahuilin@sxzq.com 智元发布 AI 智能助行外骨骼机器人，光伏产业链价格下行 电力设备及新能源 行业周报（20250428-20250504） 同步大市-A(维持) 智元 ...

Investment Rating - The report maintains an investment rating of "Synchronize with the market - A" for the power equipment and new energy industry [1][2]. Core Viewpoints - The report highlights a 19.5% year-on-year increase in solar power generation in the first quarter of 2025, with a notable decline in prices across the solar industry chain [3][5]. - The introduction of AI-powered exoskeleton robots by Zhiyuan Research Institute is noted, showcasing advancements in technology within the industry [1][4]. Summary by Sections Market Performance - The solar power generation capacity added in Q1 2025 reached 59.71 GW, with distributed solar accounting for 60.8% of the new capacity [5]. - The report indicates a downward trend in prices for polysilicon, silicon wafers, battery cells, and modules due to weak terminal demand and high production levels in April [6][7][8]. Preferred Stocks - The report lists preferred stocks with ratings: - Aishuo Co., Ltd. (600732.SH) - Buy - B - Longi Green Energy (601012.SH) - Buy - B - Fulete (601865.SH) - Buy - A - Hengdian East Magnet (002056.SZ) - Buy - A - Sungrow Power Supply (300274.SZ) - Buy - A - Canadian Solar (688472.SH) - Buy - A - Deyang Co., Ltd. (605117.SH) - Buy - A [3][10]. Price Tracking - Polysilicon prices are reported at 40.0 CNY/kg, with a 5.3% decrease in granular silicon prices to 36.0 CNY/kg [6][7]. - The average price of 182mm monocrystalline silicon wafers remains stable at 1.15 CNY/piece, while N-type wafers have seen a decline of 8.7% [7]. - Battery cell prices have decreased, with M10 cells averaging 0.29 CNY/W, reflecting a 1.7% drop [8]. Investment Recommendations - The report recommends focusing on companies with new technology directions such as Aishuo Co., Ltd. and Longi Green Energy, as well as those improving supply-side conditions like Fulete [10]. - It also suggests monitoring companies involved in exoskeleton robotics, including Jinggong Technology and Zhenjiang Co., Ltd. [10].

Group 1: Industry Overview - The AI and IoT industry is expected to experience significant growth due to accelerated AI penetration, with the industrial internet's total value in China projected to reach 5.31 trillion yuan by 2025, a year-on-year increase of 6.0% [8] - The AI wearable market is anticipated to grow to $120.7 billion by 2028, with a CAGR of 30.3% over four years [8] - The global AI toy market is expected to reach $35.11 billion by 2030, with an 8-year CAGR exceeding 16% [8] - The Chinese IoT market is projected to reach $326.47 billion by 2028, with a 5-year CAGR of 13.3% [8] Group 2: Company Analysis - Linglong Tire - Linglong Tire reported a revenue of 22.058 billion yuan for 2024, a year-on-year increase of 9.39%, and a net profit of 1.752 billion yuan, up 26.01% [9] - The company plans to invest 8.71 billion yuan in a new facility in Brazil to enhance its global competitiveness, with expected annual revenue of 7.758 billion yuan upon completion [9] - Linglong Tire's production volume reached 89.1223 million tires in 2024, a year-on-year increase of 12.65% [9] Group 3: Company Analysis - Longxin Technology - Longxin Technology's Q1 2025 revenue was 1.09 billion yuan, a 4.52% increase, while net profit decreased by 8.06% [13] - The company is focusing on high-definition display and automotive electronics, with a significant increase in R&D investment [13] - Longxin plans to build a new R&D base in Hefei with an estimated investment of 343 million yuan, expected to enhance its research capabilities [13] Group 4: Company Analysis - Shennong Group - Shennong Group achieved a revenue of 5.584 billion yuan in 2024, a year-on-year increase of 43.51%, and a net profit of 687 million yuan, marking a turnaround from a loss [20] - The company sold 2.2715 million pigs in 2024, a 49.40% increase, with a revenue of 3.798 billion yuan from pig sales [20] - The average cost of pig production in Q1 2025 was approximately 12.4 yuan per kilogram, indicating stable cost management [20] Group 5: Company Analysis - Chaohongji - Chaohongji reported a revenue of 6.518 billion yuan in 2024, a 10.48% increase, but a net profit decline of 41.91% due to asset impairment losses [21] - The company’s gross margin decreased to 23.6% in 2024, attributed to changes in product and channel mix [21] - In Q1 2025, the company achieved a revenue of 2.252 billion yuan, a 25.36% increase, with a net profit growth of 44.38% [21]

Investment Rating - The report maintains an "A" rating for the communication industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The report highlights optimistic projections for AI computing power following Q1 earnings, with leading companies expected to benefit from ongoing investments in AI infrastructure and technology [1][3]. - It emphasizes the strong capital expenditure from cloud giants, with Google reporting a 28% year-on-year increase in cloud revenue and a 43% increase in capital expenditure for Q1, totaling $17.2 billion [3][11]. - Domestic computing power is anticipated to see stronger growth in the second half of the year, driven by increased capital expenditures and the introduction of new technologies [4][12]. - The report also notes a significant recovery in military information technology orders, with a focus on smart, low-cost, and collaborative combat solutions [4][13]. Summary by Sections 1. Weekly Viewpoints and Investment Recommendations - The report suggests focusing on companies in the optical communication sector, such as Zhongji Xuchuang and New Yisheng, which have shown substantial profit growth in Q1 [5][14]. - It also identifies key players in copper connections and domestic computing power, including Wolong Materials and Cambrian [5][14]. 2. Market Overview - The overall market performance for the week of April 21-27, 2025, showed mixed results, with the ChiNext Index up by 1.74% and the Shenzhen Component Index up by 1.38% [5][14]. - The top-performing sectors included wireless RF (+15.8%), optical modules (+12.7%), and industrial internet (+7.2%) [5][14]. 3. Company Performance - Notable stock performances included New Yisheng and Beishida, which saw increases of 22.22% and 16.16%, respectively [5][29]. - Conversely, companies like Invech and Kingsoft experienced declines, with drops of -8.93% and -7.23% [5][29]. 4. Overseas Developments - The report mentions Intel's Q1 earnings exceeding expectations, with revenue of $12.7 billion, although guidance for Q2 was below market expectations [35]. - It also discusses Samsung's ongoing challenges in attracting major clients for its advanced process technology, leading to delays in its Texas wafer fab [35]. 5. Industry News - The report notes that Quanta Computer has seen an increase in orders compared to last year, indicating a positive trend in demand for cloud services [42]. - TSMC's announcement of its new A14 process technology, expected to begin mass production in 2028, is highlighted as a significant advancement in semiconductor technology [42].

Investment Rating - The report maintains an "A" rating for the communication industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The outlook for AI computing power remains optimistic post-Q1 earnings, with leading companies expected to benefit from the trend of "removing the false and retaining the true" [1]. - Strong capital expenditure from cloud giants is expected to drive growth in core sectors such as optical modules and copper connections, with significant year-on-year profit increases reported by key companies [3][11]. - Domestic computing power is anticipated to see stronger growth in the second half of the year, driven by increased capital expenditures and the introduction of new technologies [4][12]. - The military information technology sector is experiencing a notable recovery in orders, with a focus on smart, low-cost, and collaborative combat solutions [13]. Summary by Sections 1. Weekly Viewpoints and Investment Recommendations - The report highlights the robust capital expenditure from cloud giants, with Google reporting a 28% year-on-year revenue growth in its cloud division and a projected annual capital expenditure of $75 billion, up 43% [11]. - Domestic computing power is expected to benefit from increased capital expenditures in the AI infrastructure sector, with companies like Huawei leading the development of unified supernode technology standards [12]. 2. Market Overview - The overall market performance for the week (April 21-27, 2025) showed mixed results, with the ChiNext Index up 1.74% and the Shenzhen Component Index up 1.38% [14]. - The top-performing sectors included wireless RF (+15.8%), optical modules (+12.7%), and industrial internet (+7.2%) [14]. 3. Key Companies to Watch - Recommended companies in the optical communication sector include Zhongji Xuchuang, New Yisheng, and Shijia Photon [5]. - In the copper connection sector, companies like Wolong Nuclear Materials and Ding Tong Technology are highlighted [5]. - For domestic computing power, companies such as Cambrian and Haiguang Information are suggested for investment consideration [5]. 4. Overseas Developments - Intel reported a Q1 revenue of $12.7 billion, exceeding market expectations, although its guidance for Q2 was below expectations, leading to a stock price drop [35]. - Samsung's advanced process foundry has faced challenges in attracting major clients, resulting in delays in the construction of its 4nm wafer fab in Texas [35]. 5. Industry News - The report notes that Quanta Computer has seen an increase in orders compared to last year, indicating a positive trend in demand from major cloud service providers [42]. - TSMC is set to unveil its new A14 process technology, expected to enhance AI capabilities and improve energy efficiency in applications [42].

Investment Rating - The report maintains an "A" rating for the electronic industry, indicating a leading performance compared to the market [1]. Core Insights - The report emphasizes the high-quality development of artificial intelligence and the importance of seizing opportunities in domestic substitution and self-control [1][8]. - The electronic industry is expected to benefit from structural opportunities despite challenges such as rising costs and supply chain restructuring [8]. Market Overview - The overall market saw an increase during the week of April 21-25, 2025, with the Shanghai Composite Index rising by 0.56%, Shenzhen Component Index by 1.38%, and the ChiNext Index by 1.74%. The semiconductor index, however, fell by 0.64% [4][14]. - The Philadelphia Semiconductor Index surged by 10.94%, and the Taiwan Semiconductor Index increased by 3.88% during the same period [4][14]. - Among the sub-sectors, consumer electronics led with a weekly increase of 3.86%, followed by other electronics at 2.74% and components at 2.43% [4][14]. Stock Performance - The top five stocks with the highest gains included Zhishang Technology (+44.76%), ST Yushun (+27.66%), *ST Tongzhou (+27.64%), Hanwei Technology (+22.97%), and Aobi Zhongguang-UW (+17.34%). Conversely, the largest declines were seen in Huilun Crystal (-21.26%), SIRUIPU (-19.25%), and Shengbang Co., Ltd. (-14.86%) [4][25]. Industry News - Major companies like Samsung, Micron, and SK Hynix are reducing DDR4 production, which may impact the supply chain dynamics [5][61]. - Alphabet's first-quarter earnings report showed a revenue of $90.23 billion, exceeding expectations, with a net profit of $34.5 billion, marking a 46% year-on-year increase [5][61]. - The Chinese government emphasizes the need for self-reliance and application-oriented development in artificial intelligence, which aligns with the industry's strategic direction [5][62]. Investment Recommendations - The report suggests focusing on sectors such as AI chips, lithography machines, and advanced packaging as long-term investment opportunities [8].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6] Core Views - The company is experiencing a rapid recovery in performance, driven by both domestic and foreign trade [1][5] - The revenue for Q1 2025 shows a year-on-year growth of 19.60%, indicating a strong recovery trend [4][5] Financial Performance Summary - For the year 2024, the company's revenue was 9.792 billion yuan, a decrease of 2.18% year-on-year, while the net profit attributable to shareholders was 500 million yuan, down 41.33% year-on-year [4] - In Q1 2025, the company reported a revenue of 2.731 billion yuan, up 19.60% year-on-year, and a net profit of 186 million yuan, an increase of 11.03% year-on-year [4][5] - The total liabilities decreased by 31.38% to 8.419 billion yuan in 2024, while cash and cash equivalents dropped by 49.25% to 2.551 billion yuan [4] Market Data - As of April 28, 2025, the closing price was 11.19 yuan, with a market capitalization of 19.043 billion yuan [3] - The stock has seen a yearly high of 13.40 yuan and a low of 6.39 yuan [3] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.42 yuan, 0.49 yuan, and 0.56 yuan respectively, with corresponding P/E ratios of 26.9, 22.9, and 19.9 [6][9]

Investment Rating - The report maintains a "Buy-A" rating for the company [6] Core Views - The company has shown signs of demand recovery, with a potential return to growth in performance [5] - The company experienced a significant decline in revenue in 2024, but the first quarter of 2025 shows a positive growth trend [5] - Ongoing capacity expansion projects are expected to support future growth as downstream demand gradually recovers [5] Financial Performance Summary - In 2024, the company's revenue was 922 million yuan, a year-on-year decrease of 37.16%, with a net loss of 501 million yuan, a decrease of 617.17% [4][5] - For Q1 2025, revenue was 233 million yuan, a year-on-year increase of 16.75%, with a net loss of 44 million yuan, a decrease of 13.42% [4][5] - The company’s total liabilities increased to 1.845 billion yuan in Q1 2025, a year-on-year increase of 34.38% [4][5] Earnings Forecast - The expected EPS for 2025, 2026, and 2027 are 0.19 yuan, 0.48 yuan, and 0.75 yuan respectively, with corresponding PE ratios of 73.4, 29.2, and 18.6 [6]

Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][7]. Core Views - The company has turned a profit, with its intelligent computing machine achieving commercial success [1]. - The cybersecurity demand has weakened, leading to revenue pressure, but cost control measures have helped the company return to profitability [4]. - The company is actively enhancing its AI product layout and has made significant progress in commercializing its intelligent computing machine [5]. Financial Performance Summary - In 2024, the company reported a revenue of 2.82 billion yuan, a year-on-year decrease of 9.73%, and a net profit of 0.83 billion yuan, recovering from a loss of 3.71 billion yuan in the previous year [3]. - The first quarter of 2025 is expected to see revenue between 320 million to 340 million yuan, a year-on-year decrease of 19.43% to 24.17%, with a projected net loss of 0.75 billion to 0.65 billion yuan, but showing growth compared to the previous year's loss [3]. - The company's gross margin reached 61.04% in 2024, an increase of 0.85 percentage points from the previous year, with expectations for further improvement in the first quarter of 2025 [4]. Business Segment Performance - The cybersecurity business generated 2.55 billion yuan in revenue in 2024, down 11.49% year-on-year, while the cloud computing business saw a revenue increase of 10.09% to 256 million yuan [4]. - The intelligent computing machine has generated over 2 million yuan in sales in the first quarter of 2025, with signed and upcoming orders exceeding 20 million yuan [5]. Future Outlook - The company is expected to benefit from macroeconomic recovery and industry policy implementation, with projected EPS for 2025-2027 at 0.14, 0.24, and 0.28 respectively [6][7]. - The company is focusing on quality improvement and efficiency enhancement strategies while actively exploring new business directions in cloud security and computing [6].

Investment Rating - The report maintains a "Synchronize with the market" rating for the solar industry [1][2]. Core Viewpoints - The solar industry is experiencing significant growth, with a 124.4% year-on-year increase in new installations in March 2025, totaling 20.2 GW [6][16]. - The cumulative new solar installations from January to March 2025 reached 59.7 GW, reflecting a 30.5% year-on-year increase [6][16]. - The report highlights a structural price increase in the industry chain, despite a 22.7% year-on-year decline in component exports in March [7][17]. - Inverter exports showed positive growth, with a 6.8% year-on-year increase in March, amounting to 45.4 billion yuan [8][33]. - Solar power generation in March 2025 increased by 8.9% year-on-year, contributing to 5.37% of the total national power generation [46]. Summary by Sections New Installations - March 2025 saw a new installation of 20.2 GW, a 124.4% increase year-on-year, but a 48.7% decrease compared to January-February [6][16]. - Cumulative installations for the first quarter of 2025 reached 59.7 GW, up 30.5% year-on-year [6][16]. Exports - Component exports in March totaled 176.6 billion yuan, down 22.7% year-on-year but up 47.7% month-on-month [7][17]. - Cumulative component exports for the first quarter were 460.8 billion yuan, a 28.5% year-on-year decline [7][17]. - Inverter exports in March reached 45.4 billion yuan, with a year-on-year increase of 6.8% and a month-on-month increase of 39.5% [8][33]. Power Generation - Solar power generation in March 2025 was 417.7 billion kWh, marking an 8.9% year-on-year increase and accounting for 5.37% of total national power generation [46]. - The total national power generation for March was 7780.2 billion kWh, with various energy sources showing different growth rates [46]. Investment Recommendations - The report recommends focusing on companies like Aikang Co., Longi Green Energy, and others for their technological advancements and overseas expansion strategies [9][49][51].