Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to increase its investment in AI, with a potential turning point in performance anticipated in 2026 [1] - The company's revenue for 2025 is projected to be 8.68 billion yuan, with a year-on-year growth of 6.25% [1] - The net profit attributable to the parent company for 2025 is forecasted to be 133.47 million yuan, reflecting a significant decline of 69.40% year-on-year [1] - The company is positioned as the only supplier of AI server power supplies for Nvidia in mainland China, with expectations for increased orders and market share [7] Financial Projections - Total revenue projections for the company are as follows: - 2023: 6.75 billion yuan - 2024: 8.17 billion yuan - 2025: 8.68 billion yuan - 2026: 12.22 billion yuan - 2027: 16.61 billion yuan [1][8] - Net profit projections are: - 2023: 629.32 million yuan - 2024: 436.12 million yuan - 2025: 133.47 million yuan - 2026: 800.61 million yuan - 2027: 1.72 billion yuan [1][8] - The earnings per share (EPS) forecast is: - 2023: 1.14 yuan - 2024: 0.79 yuan - 2025: 0.24 yuan - 2026: 1.46 yuan - 2027: 3.12 yuan [1][8] Market Data - The closing price of the company's stock is 139.18 yuan, with a market capitalization of approximately 76.56 billion yuan [5] - The price-to-earnings (P/E) ratio is currently 121.65, projected to rise to 573.63 in 2025 before decreasing to 44.54 by 2027 [1][5]

证券研究报告·公司点评报告·电池 宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） ◼ 风险提示：政策不确定，需求低于预期。 证券分析师 曾朵红 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 ...

宁德时代（300750） 盈利韧性强，份额提升，龙头地位稳固 2026 年 01 月 29 日 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 400,917 | 362,013 | 428,249 | 578,071 | 708,193 | | 同比（%） | 22.01 | (9.70) | 18.30 | 34.98 | 22.51 | | 归母净利润（百万元） | 44,121 | 50,745 | 70,020 | 91,363 | 113,644 | | 同比（%） | 43.58 | 15.01 | 37.98 | 30.48 | 24.39 | | EPS-最新摊薄（元/股） | 9.67 | 11.12 | 15.34 | 20.02 | 24.90 | | P/E（现价&最新摊薄） | 35.17 | 30.58 | 22.16 | 16.98 | 13.65 | [Table_Tag] [T ...

宏观点评 20260129 1 月 FOMC：平安夜——2026 年 1 月 FOMC 会议点评 2026 年 01 月 29 日 证券分析师 芦哲 执业证书：S0600524110003 luzhe@dwzq.com.cn 证券分析师 张佳炜 执业证书：S0600524120013 zhangjw@dwzq.com.cn 证券分析师 韦祎 执业证书：S0600525040002 weiy@dwzq.com.cn 证券研究报告·宏观报告·宏观点评 证券分析师 王茁 执业证书：S0600526010001 wangzhuo@dwzq.com.cn 相关研究 《公积金改革可以撬动多少消费？》 2026-01-28 《"雨带北移"或推动 2026 年水利相 关投资录得较高增长》 2026-01-28 东吴证券研究所 1 / 5 请务必阅读正文之后的免责声明部分 [Table_Tag] [Table_Summary] ◼ 核心观点：1 月美联储 FOMC 会议以 10-2 投票维持利率水平不变，发 布会上 Powell 回避了所有的政治问题，其守口如瓶的行为弱化了市场 对美联储独立性的交易。由于此前市场已充分定价到 ...

证券研究报告·公司点评报告·通用设备 宏盛股份（603090） ◼ 板翅式换热器龙头，渠道优势叠加产品优势，确定液冷核心生态位 液冷技术是解决数据中心散热压力的必由之路，其具备低能耗、高散热、低 噪声和低 TCO 的优势，同时其能降低数据中心 PUE 值，满足国家要求。现阶 段液冷的主要方案中冷板式占据主流地位，浸没式有望成为未来的发展方向。 冷板式液冷系统由室内及室外侧组成，CDU 和分集液管成本占比最高。 2025 年业绩预告点评：订单增长叠加业务 结构优化，利润弹性显著释放 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 695.93 | 713.04 | 759.95 | 1,005.61 | 1,357.30 | | 同比（%） | (2.57) | 2.46 | 6.58 | 32.33 | 34.97 | | 归母净利润（百万元） | 53.78 | 49.36 | 79.67 | 198.35 | ...

证券研究报告·公司点评报告·通用设备 宏盛股份（603090） 2025 年业绩预告点评：订单增长叠加业务 结构优化，利润弹性显著释放 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 695.93 | 713.04 | 759.95 | 1,005.61 | 1,357.30 | | 同比（%） | (2.57) | 2.46 | 6.58 | 32.33 | 34.97 | | 归母净利润（百万元） | 53.78 | 49.36 | 79.67 | 198.35 | 320.07 | | 同比（%） | 0.73 | (8.22) | 61.40 | 148.97 | 61.37 | | EPS-最新摊薄（元/股） | 0.54 | 0.49 | 0.80 | 1.98 | 3.20 | | P/E（现价&最新摊薄） | 167.35 | 182.34 | 112.97 | 45.37 | 28.12 | [ ...

Investment Rating - The investment rating for the company is "Buy" with a maintained rating [1] Core Views - The company has released its earnings forecast for 2025, indicating a significant recovery in net profit due to the release of historical quality accident risks associated with wind turbines and the acquisition of Dehua Chip to enter the domestic satellite power market [1][4] - The company expects a substantial increase in revenue and net profit in the coming years, with a projected net profit of 897.66 million yuan in 2025, representing a year-on-year growth of 159% [1][4] Financial Forecasts - Total revenue is forecasted to reach 41.215 billion yuan in 2025, a year-on-year increase of 51.76% [1] - The net profit attributable to shareholders is expected to be 897.66 million yuan in 2025, with further growth projected to 2.114 billion yuan in 2026 and 3.174 billion yuan in 2027 [1][4] - The earnings per share (EPS) is projected to be 0.40 yuan in 2025, increasing to 0.93 yuan in 2026 and 1.40 yuan in 2027 [1][4] - The price-to-earnings (P/E) ratio is expected to decrease from 62.68 in 2025 to 17.73 in 2027, indicating improved valuation as earnings grow [1][4] Acquisition and Technological Advancements - The acquisition of Dehua Chip will enhance the company's capabilities in high-end compound semiconductor technology and energy systems, allowing for comprehensive solutions in the photovoltaic sector [3] - The company has achieved significant advancements in photovoltaic technology, including a certified efficiency of 22.4% for its perovskite modules and over 34% for its perovskite/HJT tandem cells [3]

证券研究报告·公司点评报告·风电设备 明阳智能（601615） 2025 年业绩预告点评：风机历史质量事故风 险释放，收购德华芯片进军国内卫星电源 Tier1 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 28,124 | 27,158 | 41,215 | 38,616 | 43,200 | | 同比（%） | (8.53) | (3.43) | 51.76 | (6.31) | 11.87 | | 归母净利润（百万元） | 376.72 | 346.11 | 897.66 | 2,113.61 | 3,173.78 | | 同比（%） | (89.06) | (8.12) | 159.35 | 135.46 | 50.16 | | EPS-最新摊薄（元/股） | 0.17 | 0.15 | 0.40 | 0.93 | 1.40 | | P/E（现价&最新摊薄） | 149.36 | 162.56 | 62. ...

Investment Rating - The report maintains an "Overweight" rating for the commercial aerospace industry, indicating a positive outlook for the sector in the coming months [1]. Core Insights - The commercial aerospace industry is expected to undergo a significant transformation by 2026, driven by advancements in launch capabilities and the successful deployment of domestic rockets, which will remove previous constraints on industry growth [8][9]. - The competition in commercial aerospace is fundamentally a "land grab" for space sovereignty and resource allocation, emphasizing the need for increased launch frequency to secure China's position in low Earth orbit [10]. - The report highlights the strategic importance of commercial aerospace in national defense and resource acquisition, particularly in the context of lunar resources like Helium-3, which could reshape global energy dynamics [12]. - Key catalysts for the industry include domestic policy support and capital market developments, with significant IPOs expected from leading aerospace companies in 2026 [13][15]. Summary by Sections 1. Why has the domestic commercial aerospace industry reached a qualitative change? - The industry has transitioned from a limited payload capacity to a robust launch capability, marked by the successful launch of the Zhuque-3 rocket, which signifies a shift from speculative themes to a narrative driven by operational capacity [8]. 2. How to understand the importance of commercial aerospace? - The scarcity of low Earth orbit resources has made the commercial aerospace race a critical national strategy, with the need to enhance launch frequency to secure space assets and maintain competitive advantages [10][11]. 3. What subsequent catalysts are worth paying attention to in commercial aerospace? 3.1. Domestic: Accelerated release of policy and capital dividends - The report anticipates significant policy support and capital market activity, with major aerospace companies expected to enter the IPO market in 2026, reflecting the strategic importance of the sector [13]. 3.2. International: Clear policy framework and tight planning timeline - The U.S. has shifted from a public to a private ownership model for space resources, establishing a legal framework that encourages commercial investment in space resource development [15][16]. 4. Investment Recommendations 4.1. SpaceX Concept - Companies that could potentially enter the SpaceX supply chain are highlighted, indicating a strong future in commercial aerospace [17]. 4.2. Rocket Sector: "Many Stars, Few Rockets" Expected to Breakthrough - The report suggests that advancements in large-capacity reusable rocket technology will lead to significant changes and valuation adjustments in the sector [19]. 4.3. Satellite Sector: Certainty in Implementation - The urgency to secure low Earth orbit resources is driving domestic satellite constellations from planning to large-scale deployment [20]. 4.4. Space Computing and Space Photovoltaics: Next-Generation Core Tracks - The report identifies space computing and space photovoltaics as critical future sectors, emphasizing their role in supporting lunar economies and global intelligence ecosystems [22].

证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2026-01-29 宏观策略 [Table_MacroStrategy] 宏观深度报告 20260128：公积金改革可以撬动多少消费？ 核心观点：公积金改革可以释放多少消费潜力？公积金改革释放消费潜 能的主要途径在于降低居住成本，节省更多资金用于消费。通过三条具体 路径降低居住成本。一是租房提取扩容，通过降低门槛和放松限额，我们 预计长期可增加提取 3214 亿元；二是拓展使用范围，比如允许提取公积 金用于装修、物业费及水电燃料费，我们预计可盘活存量资金 1803 亿元； 三是进一步降低贷款利率，假设下调 0.5 个百分点，可节省利息支出约 134 亿元。三项合计可释放约 5151 亿元资金，按 70%的消费倾向计算， 理论上可拉动 3606 亿元消费，提升居民消费增速 0.7 个百分点。 风险提 示：（1）改革内容和推进节奏不及预期，目前公积金更多用于住房消费， 要拓展到其他居住领域，如物业费、装修等，大多还是地区性政策。（2） 如果其他因素出现变化，改革对消费的实质影响可能没有那么大。（3）房 地产市场出现新的变化。 宏观深度报告 20260128："雨 ...