Investment Rating - The investment rating for the company is "Buy," indicating an expected relative increase of over 15% in the next 6-12 months compared to relevant market indices [30]. Core Viewpoints - The company, Haibo Sichuang, is a leading provider of electrochemical energy storage system solutions and technical services in China, focusing on the research, production, and sales of energy storage systems [8][21]. - The company has achieved significant revenue growth, with revenues of 0.838 billion, 2.626 billion, and 6.982 billion yuan from 2021 to 2023, representing year-over-year growth rates of 126.25%, 213.40%, and 165.89% respectively [9][21]. - The company is actively pursuing international expansion, having established subsidiaries in Singapore, the United States, Australia, and Germany, and has secured multiple overseas orders [22][23]. Financial Performance - The company reported a net profit attributable to shareholders of 0.11 billion, 1.77 billion, and 5.78 billion yuan for the years 2021 to 2023, with year-over-year growth rates of 413.46%, 1474.23%, and 226.13% respectively [9][21]. - For the first nine months of 2024, the company achieved revenues of 5.198 billion yuan, a year-over-year increase of 20.40%, and a net profit of 0.313 billion yuan, up 77.36% [9][21]. - The company anticipates a revenue growth of 18.39% to 24.62% in 2024 compared to 2023, with net profit expected to grow by 6.25% to 11.84% [9][21]. Industry Overview - The global energy storage market has seen substantial growth, with a cumulative installed capacity of 289.2 GW by the end of 2023, reflecting a year-over-year growth rate of 21.9% [16]. - In China, the installed capacity of energy storage projects reached 103.3 GW by mid-2024, with new energy storage projects showing a significant increase in both power and energy scale [20]. - The competitive landscape in China's energy storage battery industry is concentrated, with leading companies like CATL and BYD dominating the market [20]. Company Highlights - The company has established strong partnerships with major state-owned enterprises and power grid companies, enhancing its market position [8][21]. - The core technical team is composed of highly educated professionals with extensive experience in the industry, which supports the company's innovation capabilities [21]. - The company ranks second in the shipment volume among energy storage system integrators in China as of 2023, according to CNESA statistics [21].

Investment Rating - The investment rating for the company is AAA/AAA as per the report [5][6]. Core Insights - The report highlights that the company is the largest integrated water supply and drainage enterprise in Chongqing, holding a monopoly position in the local market [10][12]. - The company has a bond issuance scale of 1.9 billion yuan with a maturity of 6 years and a conversion price set at 4.98 yuan, which is considered a high level of compensation interest at 6% [5][6]. - The report indicates that the company's stock price has decreased by 3.06% year-to-date as of January 7, 2025, outperforming the industry index which declined by 5.06% [37]. Summary by Sections 1. Convertible Bond Analysis - The convertible bond has a total issuance size of 1.9 billion yuan and a conversion price of 4.98 yuan, with a maturity of 6 years [5][6]. - The pure bond value is calculated at 99.89 yuan, corresponding to a yield to maturity (YTM) of 1.85%, indicating sufficient debt protection [5][6]. 2. Subscription Rate Analysis - The expected subscription rate is estimated at 0.0054% based on the assumption of 800 million households participating with a maximum subscription amount of 1 million yuan per household [8]. 3. Company Overview - The company is primarily engaged in sewage treatment and water supply services, with a significant portion of its revenue derived from these services [10][12]. - The company has been granted exclusive operating rights for water supply and sewage treatment in Chongqing, ensuring a stable revenue stream [10][12]. 4. Industry Analysis - The water industry is crucial for urban infrastructure and public utilities, with increasing demand driven by urbanization and environmental protection awareness [18][19]. - The report notes a steady growth in urban water supply and sewage treatment projects, with significant market opportunities arising from government policies aimed at improving infrastructure [21][22]. 5. Financial Analysis - For the first nine months of 2024, the company reported a revenue of 5.123 billion yuan, a year-on-year decrease of 11.65%, and a net profit of 729 million yuan, down 49.49% [28][35]. - The company's asset-liability ratio has been on the rise but remains at a relatively low level, indicating manageable financial health [29][35]. 6. Valuation Performance - As of January 7, 2025, the company's price-to-earnings (P/E) ratio is 60.96, which is higher than the average of comparable companies, indicating a general valuation pressure [36][39]. - The report anticipates a conversion premium of approximately 40% on the first day of trading for the convertible bond, with an expected price range of 128.46 to 141.98 yuan [42].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is positioned to benefit from the release of demand across multiple product lines, including fingerprint recognition chips, touch control chips, audio products, and wireless connectivity solutions, particularly in the context of the AI era [1][2] - The company has a strong market presence in the semiconductor solutions for smart terminals, IoT, and automotive electronics, with significant revenue contributions from its fingerprint recognition and touch control chip businesses [1] - The anticipated growth in revenue and profit margins is driven by technological upgrades, market expansion, and strategic acquisitions [1][7] Summary by Sections Business Overview - The company operates in four core business areas: sensing, computing, connectivity, and security, primarily targeting smart terminals, IoT, and automotive electronics [1] - In 2023, the revenue contribution from fingerprint recognition chips was 42.87%, while touch control chips accounted for 34.34% [1] Growth Drivers - The growth is attributed to the expansion of the OLED market, continuous upgrades in core product lines, and the maturation of other product lines such as audio products and wireless connectivity solutions [1] - The company is expected to see rapid growth in the shipment of ultrasonic fingerprint products starting in 2023, which will significantly enhance revenue and gross profit levels [1][7] Financial Projections - Revenue forecasts for 2025 and 2026 have been adjusted upwards to 62.69 billion and 74.68 billion respectively, with net profit estimates for the same years revised to 9.52 billion and 12.31 billion [7] - The projected P/E ratios for 2024 to 2026 are 46.4, 36.6, and 28.3 respectively, indicating a positive outlook for the company's financial performance [7][8] Market Position - The company is recognized as a leading supplier in the fingerprint and touch control chip markets, with a growing customer base among smartphone brands [1][2] - The strategic acquisition of Yunyinggu Technology is expected to enhance the company's market position and product offerings in the OLED display driver chip sector [7]

CPI and PPI Analysis - In December, the overall CPI decreased by 0.1 percentage points to 0.1%, significantly lower than previous expectations, primarily due to low food prices[1] - Core CPI, however, rose for the third consecutive month, increasing by 0.1 percentage points to 0.4%, the highest level since Q2[1] - The PPI's year-on-year decline narrowed by 0.2 percentage points to -2.3%, but it remains in a deep decline zone, influenced by stable international oil prices[1] Food Prices Impact - December's food CPI fell by 0.6% month-on-month, marking a significant drop of 1.5 percentage points year-on-year to -0.5%[1] - Contributing factors include favorable weather conditions and abundant pork supply, leading to a 2.4% and 1.0% decrease in fresh vegetable and fruit prices, respectively[1] Core CPI Drivers - Core CPI's increase is supported by stable service consumption growth and substantial fiscal subsidies for consumer goods[1] - Service prices rose by 0.1 percentage points year-on-year to 0.5%, with air ticket prices surging by 4.6% month-on-month due to increased travel demand[1] Fiscal Policy and Consumer Subsidies - The 2025 fiscal subsidy plan aims to continue the monthly average subsidy intensity from September 2024, with an estimated additional 500 billion CNY allocated for consumer subsidies[1] - The expected stimulus effect of the 2024 consumer subsidies is approximately 1:1.6, indicating a significant impact on durable goods consumption[1] Investment and PPI Outlook - The PPI's recovery is primarily driven by the stabilization of oil prices, while coal and metallurgy prices continue to decline, indicating ongoing pressure on domestic investment demand[1] - The report maintains a forecast of 0.6% year-on-year average core CPI for 2025, with a steady recovery in PPI expected[1]

Group 1 - The core viewpoint of the report emphasizes that the 2025 consumption stimulus policy is a key strategy to boost domestic demand, with a focus on expanding the scope and intensity of subsidies for various consumer goods, including automobiles, home appliances, and digital products [4][5] - The report outlines specific changes in the subsidy policy, such as the expansion of the vehicle scrappage subsidy and the inclusion of new categories like mobile phones and digital products, indicating a commitment to stimulate consumption amid external uncertainties [4][5] - The expected total scale of central government subsidies for 2025 is projected to be around 540 billion, with a monthly subsidy strength of approximately 450 billion, suggesting a sustained effort to maintain consumer demand throughout the year [4][5] Group 2 - The report estimates that the consumption subsidy in 2025 could stimulate an additional 900 billion in consumer spending, contributing approximately 1.0 percentage point to the year-on-year growth of total retail sales of consumer goods [4][5] - Data from the Ministry of Commerce indicates that the consumption subsidy has already shown significant effects, with the scrappage and replacement subsidies for automobiles and home appliances leading to increased sales and consumer demand [4][5] - The report maintains its forecast for the year-on-year growth of total retail sales of consumer goods at 4.6% for 2025, reflecting an increase of 1.1 percentage points compared to 2024, driven by the anticipated impact of the consumption stimulus [4][5]

Investment Rating - The industry investment rating is "Outperform the Market" with a projected relative performance exceeding 10% over the next 6-12 months [5][11]. Core Insights - The CES 2025 showcased AI as the central theme, highlighting advancements in AI chips to meet the rapidly growing demand for computing power [1]. - Major companies like NVIDIA, Intel, AMD, and Qualcomm are making significant strides in AI chip development, indicating a robust growth trajectory in the semiconductor sector driven by AI applications [2][3][4][5]. Summary by Relevant Sections NVIDIA - Introduced the Grace Blackwell NVLink 72 chip with 1.4 ExaFLOPS computing power and 14 TB memory [2]. - Launched the RTX 50 series graphics cards aimed at gamers and creators, with the RTX 5090 offering 3400 TOPS computing power [2]. - Announced Project Digits, a personal supercomputer capable of running AI models with up to 200 billion parameters [2]. - Developed the Cosmos foundational model for accelerating the development of physical AI systems [2]. - Released the Thor automotive chip, boasting 20 times the computing power of its predecessor, Orin [2]. Intel - Announced the Panther Lake processor, its first chip based on Intel 18A technology, set to launch in the second half of 2025 [3]. AMD - Launched new Ryzen 9 9950X3D and 9900X3D processors, featuring up to 16 cores and 5.7GHz boost frequency [4]. - Introduced the Fire Range series mobile processors, with flagship models also featuring 16 cores and advanced cache technology [4]. - Released Radeon RX 9070/60 graphics cards based on RDNA 4 architecture, supporting high-quality 4K resolution [4]. Qualcomm - Launched the Snapdragon X series for PCs, with over 100 models expected by 2026 [7]. - Focused on AI-enabled in-car experiences and advanced driver-assistance systems (ADAS) [7]. - Positioned 2025 as the "Smart Home 2.0" year, showcasing new AI-integrated home appliances and robots [7]. - Introduced the Qualcomm Aware platform to enhance IoT solutions across various industries [7]. Investment Opportunities - Suggested companies to watch include Haiguang Information, Longxin Zhongke, Cambricon, and others in the computing chip sector [8]. - Advanced packaging companies like Tongfu Microelectronics and Changjiang Electronics Technology are also highlighted as potential investment opportunities [9].

Investment Rating - The industry investment rating is "Leading the Market" which indicates an expected outperformance of over 10% relative to the benchmark index in the next 6-12 months [3][9]. Core Insights - The report highlights a significant supply-side upgrade in graphics cards with the launch of NVIDIA's RTX 50 series, which offers three times the performance of the previous generation, thus potentially transforming the gaming and graphics processing sectors [6]. - The Chinese government has announced a subsidy policy for consumer electronics, providing a 15% subsidy on the purchase of mobile devices, which is expected to stimulate demand in the smart entertainment sector [6]. - The mobile gaming market in China is projected to reach a sales revenue of 238.2 billion yuan in 2024, reflecting a year-on-year growth of 5.01%, driven by stable performance from leading games and the release of popular new mobile titles [6]. Summary by Sections Supply-Side Developments - The RTX 50 series includes four models priced at $549, $749, $999, and $1999, with performance enhancements that could lead to a new era in gaming and graphics processing [6]. - The new graphics cards are expected to significantly reduce costs while improving quality and efficiency, thereby accelerating the development of AI applications and gaming content [6]. Government Policies - The subsidy program allows consumers to receive up to 500 yuan for purchasing eligible digital products, which is anticipated to boost the sales of mobile devices and enhance the overall market for smart entertainment [6]. Market Performance - The report notes that the mobile gaming market's actual sales revenue is expected to reach 238.2 billion yuan in 2024, with a growth rate of 5.01%, while the client game market is projected to generate 67.98 billion yuan, growing by 2.56% year-on-year [6].

Investment Rating - The report assigns a rating of AA-/AA- to the company and its convertible bond issuance [5][6]. Core Viewpoints - The company is a leading player in the aluminum rolling materials industry, focusing on the research, production, and sales of aluminum-based products and composite materials [10][14]. - The company has a strong emphasis on innovation and green development, with a significant portion of its revenue derived from aluminum thermal transmission materials [10][11]. - The report highlights the company's financial performance, noting a 15.92% year-on-year increase in revenue for the first nine months of 2024, reaching 3.811 billion yuan, and a 58.59% increase in net profit [28]. Summary by Sections Convertible Bond Analysis - The issuance scale of the convertible bond is 785 million yuan, with a term of 6 years and a conversion price of 12.52 yuan [5][6]. - The bond features a high compensation interest rate of 10.7% and market-oriented adjustment clauses [5][6]. - The pure bond value is calculated at 95.41 yuan, with a corresponding yield to maturity (YTM) of 2.81% [5][6]. Company Overview - The company is primarily engaged in the development and production of aluminum-based series products and composite materials, with a focus on lightweight material solutions [10][11]. - The major products include aluminum-based series products, aluminum-steel composite materials, and multi-metal composite materials, with aluminum-based products accounting for over 92% of revenue in recent years [10][11][13]. Industry Analysis - The aluminum rolling processing industry is characterized by a high demand for high-end aluminum materials, which are still largely imported due to domestic production limitations [16][19]. - The report notes that the aluminum rolling materials market in China has been growing, with a compound annual growth rate of 6.17% from 2017 to 2022 [18][19]. Financial Analysis - The company's liquidity ratios improved significantly in 2023 and 2024, surpassing industry averages, indicating better financial health [29][30]. - The report indicates that the company has maintained a stable cash flow from operating activities, with net cash flow from operations exceeding net profit in previous years [30]. Valuation Performance - As of January 3, 2025, the company's price-to-earnings (P/E) ratio is 81.46, which is higher than the industry average, indicating a high valuation elasticity [33]. - The report also highlights a decline in the company's stock price by 6.47% year-to-date, underperforming the industry index [33]. Fundraising Project Analysis - The company plans to use the raised funds for a project to produce 350,000 tons of low-carbon aluminum thermal transmission materials annually, with an expected internal rate of return of 18.5% [36].

2025 年 01 月 06 日 行业研究●证券研究报告 从云到端/存算一体，AI 带动存力容量/技术双升 投资要点 容量：从云到端，AI 催生端侧存储容量增加。在云端，AI 依赖于大规模的数据 中心和高效庞大的存储系统来存储、传输并处理数据。数据中心有着大规模集群 式的存储硬件来应对海量数据，而在端侧，AI 需要在计算资源、存储资源受限 的设备上实现实时、低功耗的数据处理，这对存储芯片的容量、速度和能效提出 全新的要求，也推动存储技术革新。对端侧 AI 设备来说，算力和数据的加持实 现了各种智能功能，而数据存放及高效读写需要更强大的存储芯片为其提供助 力。（1）AI 手机：16G 的 DRAM 已是 AI 手机最低基本配置。根据电子发烧友 网统计，基于高通和联发科旗舰芯片的智能手机比较集中的是支持 70 亿的 AI 大模型参数，且 16GB+512GB 存储搭配最为集中。根据电子发烧友网数据，以 70 亿大模型压缩后需要 4GB 来算，再加上 6GB App 保活、4GB 安卓 OS，故 支持 70 亿参数大模型的智能手机，实现图像生成功能等，其内存至少需要 14GB。（2）AI PC：更快的数据传输速度、 ...

2025 年 01 月 05 日 公司研究●证券研究报告 兴福电子（688545.SH） 新股覆盖研究 下周三（1 月 8 日）有一家科创板上市公司"兴福电子"询价。 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 260.00 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 | | | daizhengzheng@huajinsc.cn | 相关报告 华金证券-新股- 新股专题覆盖报告（林泰新 材）-2024 年第 90 期-总第 517 期 2024.12.9 华金证券-新股- 新股专题覆盖报告（中力股 份）-2024 年第 89 期-总第 516 期 2024.12.7 华金证券-新股- 新股专题覆盖报告（博科测 试）-2024 年第 88 期-总第 515 期 2024.12.6 华金证券-新股- 新股专题覆盖报告（蓝宇股 ...