研报掘金丨国海证券：首予联德股份“买入”评级 制冷+发电成长加速

Group 1 - The core viewpoint of the article is that Linde Co. has a solid foundation in its traditional business, with accelerated growth in refrigeration and power generation [1] - The global engineering machinery industry is approaching a turning point, with Off-Highway Research predicting a year-on-year increase in global construction equipment sales from 2025 to 2027, particularly in the Chinese market [1] - The AI computing era is driving a dual growth in "cooling" and "power," creating new growth opportunities for the company [1] Group 2 - The company has successfully entered the supply chain of globally renowned energy equipment companies such as Caterpillar, which will significantly benefit its energy equipment business from the incremental market brought by AIDC expansion [1] - The traditional business foundation of the company remains strong, with accelerated growth in refrigeration and power generation, leading to an initial coverage with a "buy" rating [1]