Investment Rating - The industry investment rating is "Outperform" [10] Core Insights - The demand for global computing power is steadily increasing, driven by the long-term growth confidence of North American tech giants in AI computing needs and their strategic intent to consolidate competitive barriers through technological iteration [1][2] - In Q1 2025, the combined capital expenditure (CAPEX) guidance from Microsoft, Google, Amazon, and META exceeds $320 billion, representing a 43% increase compared to 2024, with Q1 CAPEX alone surpassing $70 billion, a year-on-year growth of over 60% [1][2] Summary by Sections North American Tech Giants' CAPEX - Microsoft plans to integrate ChatGPT deeply into its products, with Q1 2025 CAPEX reaching $16.7 billion (+53%) and an annual guidance exceeding $80 billion [2] - Google has achieved over 140 million downloads of its self-developed open-source model Gemma and has a TPU seventh-generation cluster with a computing density of 1 EFLOPS, with Q1 2025 CAPEX at $17.2 billion (+43%) and an annual guidance of $75 billion [2] - META is enhancing its advertising and metaverse business competitiveness through the Llama model and has launched an "AI social server" in collaboration with NVIDIA, with Q1 2025 CAPEX rising to $12.9 billion (+102%) and an annual guidance adjusted to $64-72 billion [2] - Amazon's Q1 2025 CAPEX is $24.2 billion (+74%), with an annual guidance of $100 billion [2] AI Applications and Infrastructure Demand - AI collaborative applications are boosting business and driving up computing power demand, with Microsoft Azure cloud service revenue growing rapidly, Google improving search ad click-through rates and CPM through AI, META upgrading its advertising system leading to ARPU increases, and Amazon reconstructing e-commerce scenarios with generative AI features [3] - The high growth in capital expenditure from North American CSPs is beneficial for the industry chain demand, with recommendations to focus on optical modules (e.g., Huagong Technology, Xinyi Technology, Bochuang Technology) and optical chips (e.g., Shijia Photon, Yuanjie Technology) [3]

Economic Outlook - The recent US-China trade talks resulted in a joint statement agreeing to significantly reduce bilateral tariffs, boosting market confidence[3] - In April, the total social financing (TSF) stock growth rate rebounded to 8.7% year-on-year, indicating an upward trend in fundamentals and A-share earnings[3] - The market may lack strong upward catalysts in the short term, but the risk of decline is limited due to ongoing fundamental recovery and policy expectations[3] Market Trends - The BOCIASI fast and slow line indicators reached highs of 58.4% and 33.6% respectively, indicating a weakening trend in the technology sector's stock price recovery[3] - Despite a noticeable decline in capital expenditure for Tencent and Alibaba in Q1 2025, their absolute spending remains significantly above historical averages, suggesting a temporary adjustment rather than a long-term trend[35] - The technology sector is expected to benefit from increased domestic demand for computing chips due to US export restrictions on Chinese companies[36] Investment Strategies - The automotive sector saw a net inflow of 96.70 billion yuan, while the TMT sectors (technology, media, telecommunications) experienced significant outflows, indicating a shift in investor sentiment[44] - The report suggests a focus on sectors like computing and AI, which are expected to gain traction as domestic chip manufacturers recover from supply constraints[39] - The potential for a new trend formation in growth stocks is anticipated, with investors advised to wait for incremental catalysts[3]

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The reduction of tariffs between China and the US is expected to benefit new energy exports, with optimistic growth in photovoltaic demand from the US and emerging economies [1]. - The report emphasizes the importance of cost reduction and efficiency improvement in photovoltaic manufacturing, focusing on the optimization of leading companies in silicon materials and battery cells [1]. - The wind power sector is anticipated to see steady progress in domestic and overseas demand, with a positive outlook for profitability recovery in the complete machine and component segments by 2025 [1]. - The government’s push for smart connected new energy vehicles is expected to sustain high sales growth throughout the year, driving demand for batteries and materials [1]. - The report highlights the ongoing industrialization of solid-state batteries, with mass production expected by 2027, benefiting companies involved in batteries, materials, and equipment [1]. - Continuous promotion of hydrogen energy development is noted, with recommendations to focus on companies with cost and technological advantages in electrolyzer production and hydrogen infrastructure [1]. Summary by Sections Industry Performance - The electric equipment and new energy sector rose by 1.39% this week, outperforming the Shanghai Composite Index, which increased by 0.76% [10]. - The photovoltaic sector saw a significant increase of 2.96%, while the wind power sector experienced a decline of 0.58% [13]. Key Industry Information - In April 2025, China's new energy vehicle sales reached 1.226 million units, a year-on-year increase of 44.2%, accounting for 47.3% of total new car sales [24]. - The battery alliance reported a total of 54.1 GWh of power batteries installed in April, with a month-on-month decrease of 4.3% [24]. - The US-China trade talks resulted in a significant reduction in bilateral tariffs, which is expected to positively impact exports in photovoltaic, lithium battery, and energy storage sectors [24]. Company Developments - CATL has set the final price for its H-share issuance at HKD 263 per share, with plans for listing on May 20, 2025 [27]. - Canadian Solar has adjusted its 2025 component shipment target to 25-30 GW, down from the previous estimate of 30-35 GW [27]. - Several companies, including Sanyuan Electric and Igor, are engaging in stock repurchase plans and other strategic financial maneuvers [27].

Group 1 - The report indicates that the recent US-China trade talks have led to a significant reduction in bilateral tariffs, boosting market confidence and suggesting a positive outlook for the fundamentals and A-share earnings trend [3][12]. - The April social financing stock growth rate has rebounded to 8.7% year-on-year, indicating that the upward trend in fundamentals and A-share earnings remains intact [3][12]. - The technology sector is expected to see a resurgence as market sentiment stabilizes, with potential for higher elasticity once risk appetite improves [29][39]. Group 2 - The report highlights that industries closely related to exports, such as e-commerce, chemical fibers, and shipping ports, have shown significant recovery following the positive outcomes of the US-China tariff negotiations [28]. - The capital expenditure of major cloud service providers like Tencent and Alibaba has decreased in Q1 2025 compared to Q4 2024, but remains significantly higher than the average levels of recent years, indicating a temporary adjustment rather than a long-term trend [35][36]. - The report notes that the domestic demand for Chinese-made computing chips is strengthening due to increased restrictions on chip exports to China, presenting opportunities for local chip manufacturers [36][39]. Group 3 - The report discusses the ongoing challenges faced by Chinese concept stocks in the US market, emphasizing the resilience of the Chinese economy and the potential for these companies to attract international investors through listings in Hong Kong [49]. - The report provides insights into the performance of various sectors, with automotive, non-bank financials, and transportation seeing significant inflows, while TMT sectors like computing and media experienced notable outflows [44][46]. - The report also mentions that the recent performance of the social financing structure indicates a shift in market dynamics, with government bonds becoming a primary driver of social financing [20][24].

机械设备 | 证券研究报告 — 行业专题 2025 年 5 月 18 日 强于大市 机械设备行业 2024 年年报和 2025 年一季报综述 行业展现弱复苏迹象，关注结构性机会 我们选取申万机械设备行业分类（2021）作为统计样本，对机械设备行业及其细分子 行业的营业收入、归母净利润等财务指标进行分析。2024 年机械设备行业在下游需求 和投资强度不足的情况下，导致利润端有所承压，但是 2025 年一季度呈现出弱复苏 迹象，行业整体和部分细分子行业的财务指标均有所好转，我们预计未来国内需求在 稳地产、财政、大规模设备更新等一系列政策的推动下，有望筑底回升，机械设备行 业不改长期向好趋势，建议关注周期性改善、内需复苏、新技术等相关机会，维持行 业 强大于市 评级。 支撑评级的要点 投资建议 评级面临的主要风险 ◼ 国内外经济复苏不及预期的风险；产业政策调整的风险；地缘政治和贸易战的风 险；竞争加剧的风险；原材料价格波动的风险；技术快速迭代的风险。 相关研究报告 《可控核聚变行业深度报告》20250410 《《2025 年政府工作报告》机械设备行业相关 要点及解读》20250320 《机械设备行业 2025 年度 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][4][6] Core Views - The company has shown significant improvement in profitability and sales growth in the energy storage inverter segment for Q1 2025, with a notable increase in net profit [4][10] - The report highlights a strong revenue growth forecast for the company, with expected revenue of RMB 7.91 billion in 2025, representing a 21% increase from 2024 [8][10] - The company’s earnings per share (EPS) estimates have been adjusted to RMB 2.63, RMB 2.98, and RMB 3.74 for 2025, 2026, and 2027 respectively, reflecting a positive outlook [6][8] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 6.54 billion, a year-on-year increase of 7.23%, but the net profit decreased by 11.32% to RMB 691 million [10][11] - For Q1 2025, the company reported a revenue of RMB 1.52 billion, an 8.65% increase year-on-year, and a net profit of RMB 194.7 million, marking a substantial growth of 859.78% [10][12] Sales and Margins - The company sold 912,900 photovoltaic inverters in 2024, a 22.26% increase year-on-year, although the revenue from grid-connected inverters decreased by 6.70% [10][11] - The gross margin for the energy storage inverter segment was reported at 27.48%, down 9.60 percentage points year-on-year [10][11] Future Projections - The company is projected to achieve a revenue of RMB 9.14 billion in 2026 and RMB 10.81 billion in 2027, with growth rates of 15.5% and 18.3% respectively [8][10] - The report anticipates a recovery in net profit to RMB 1.05 billion in 2025, with a growth rate of 51.9% [8][10] Valuation Metrics - The report provides a price-to-earnings (P/E) ratio forecast of 21.1, 18.6, and 14.9 for 2025, 2026, and 2027 respectively, indicating a favorable valuation outlook [6][8]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 55.51 and a sector rating of "Outperform" [2][4]. Core Insights - The company has shown significant improvement in profitability and sales growth in the energy storage inverter segment for Q1 2025, leading to a positive outlook [4][10]. - The forecasted earnings per share (EPS) for 2025-2027 have been adjusted to RMB 2.63, 2.98, and 3.74 respectively, reflecting a decrease from previous estimates due to market conditions [6][8]. - The company’s revenue is projected to grow significantly, with a 21% increase expected in 2025, driven by strong sales in the photovoltaic inverter and energy storage sectors [8][10]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of RMB 6,542 million, a year-on-year increase of 7.23%, but a decline in net profit to RMB 691 million, down 11.32% [10][11]. - For Q1 2025, the company achieved a revenue of RMB 1,518 million, up 8.65% year-on-year, with a remarkable net profit increase of 859.78% to RMB 195 million [10][12]. Sales and Growth - The sales volume of photovoltaic inverters reached 912,900 units in 2024, marking a 22.26% increase, while revenue from energy storage inverters grew by 30.37% to RMB 572 million [10][11]. - The household photovoltaic system segment saw a revenue increase of 22.65% to RMB 1,464 million, and the new energy power generation segment experienced a 110.99% revenue growth to RMB 617 million [10][11]. Valuation Metrics - The company’s projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 21.1, 18.6, and 14.9 respectively, indicating a favorable valuation compared to industry peers [6][8]. - The estimated EBITDA for 2025 is RMB 2,364 million, with a corresponding growth rate of 29.8% [8][10].

证券研究报告——晨会聚焦 2025 年 5 月 16 日 中银晨会聚焦-20250516 ■重点关注 【宏观经济】4 月金融数据点评*张晓娇 朱启兵。4 月新增社融和新增信贷 偏弱，主要是受美国关税政策冲击；但 4 月数据中仍反映出积极的财政政策 落地速度较快、居民购房需求仍在恢复趋势当中；5 月国内宏观政策加大宽 松力度、海外经贸形势出现较大变化，我们预计将提振二季度经济预期。 | 市场指数 | | | | --- | --- | --- | | 指数名称 | 收盘价 | 涨跌% | | 上证综指 | 3380.82 | (0.68) | | 深证成指 | 10186.45 | (1.62) | | 沪深 300 | 3907.20 | (0.91) | | 中小 100 | 6321.96 | (1.34) | | 创业板指 | 2043.25 | (1.92) | 行业表现（申万一级） | 指数名称 | 涨跌% | 指数名称 | 涨跌% | | --- | --- | --- | --- | | 美容护理 | 3.68 | 计算机 | (2.97) | | 煤炭 | 0.42 | 通信 | (2.45) ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][6]. Core Views - The company has faced challenges in its zeolite and pharmaceutical segments due to weak downstream demand, but there is optimism regarding the growth potential from its various new material developments [4][9]. - The financial performance for 2024 shows a total revenue of RMB 3.693 billion, a decrease of 14.22% year-on-year, and a net profit attributable to shareholders of RMB 246 million, down 67.72% year-on-year [4][10]. - The report highlights the company's ongoing research and development efforts and the successful progress in new materials, which are expected to drive long-term growth [9][12]. Financial Summary - For 2024, the company reported total revenue of RMB 36.93 billion, with a significant decline in net profit to RMB 2.46 billion, reflecting a 67.72% decrease compared to the previous year [4][10]. - The first quarter of 2025 saw a revenue drop of 8.17% to RMB 861.23 million, with a net profit decrease of 18.76% to RMB 79.87 million [12]. - The earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected to be RMB 0.39, RMB 0.48, and RMB 0.56 respectively, with corresponding price-to-earnings (PE) ratios of 28.4, 23.1, and 19.6 [6][8]. Business Segment Performance - The functional materials segment generated RMB 30.19 billion in revenue for 2024, down 10.30% year-on-year, with a gross margin of 39.96% [9]. - The company has maintained its leading position in high-end liquid crystal monomer materials and has seen good development in OLED materials, while also making progress in semiconductor manufacturing materials [9][12]. - The life sciences and pharmaceutical business experienced a revenue decline of 28.65% to RMB 6.29 billion in 2024, although the gross margin improved to 38.16% [9]. Future Outlook - The company is expected to expand its production capacity in functional materials, with the first phase of the Penglai project set to gradually come online in the first half of 2025 [9]. - The report emphasizes the potential for growth in various new materials, including applications in the petrochemical sector and advancements in OLED and semiconductor materials [9][12].

Investment Rating - The report maintains an "Accumulate" rating for the company [1][5] Core Views - The company has shown solid growth in its main relay business and steady development in its electrical products, with revenue and profit growth of 17.09% and 15.47% year-on-year for 2024 and Q1 2025 respectively [3][8] - The company is solidifying its market share and is actively advancing its overseas manufacturing capabilities, including the establishment of a factory in Germany and land acquisition in Indonesia [8] Financial Summary - The company’s revenue for 2024 is projected to be RMB 141.02 billion, with a year-on-year growth rate of 9.07% [9] - The net profit for 2024 is expected to reach RMB 16.31 billion, reflecting a growth of 17.09% [9] - For Q1 2025, the company achieved a revenue of RMB 39.83 billion, a year-on-year increase of 15.35% [10] - The earnings per share (EPS) for 2025 is adjusted to RMB 1.84, with corresponding price-to-earnings ratios of 18.2, 15.9, and 13.9 for 2025-2027 [5][11] Market Position - The company holds the largest market share in the relay product sector, with a 40% share in high-voltage direct current relays, and has seen a 1.7 percentage point increase in overall market share compared to 2023 [8] - The electrical products segment reported a revenue of RMB 7.92 billion in 2024, although it experienced a slight decline of 3.24% year-on-year [8] Future Outlook - The company is expected to continue its growth trajectory, with projected revenues of RMB 16.27 billion, RMB 18.79 billion, and RMB 21.71 billion for 2025, 2026, and 2027 respectively, indicating a compound annual growth rate of approximately 15.4% [7][11] - The overseas business is anticipated to grow, supported by the establishment of new manufacturing facilities [5][8]