国海证券：首予联德股份“买入”评级 制冷+发电成长加速

Core Viewpoint - The report from Guohai Securities indicates that Linde's traditional business foundation is solid, with accelerated growth in refrigeration and power generation. The global construction 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. The company's engineering machinery segment is expected to improve significantly. The AI computing era is driving a dual growth in "cooling" and "power," opening up new growth opportunities. The company has successfully entered the supply chain of globally renowned energy equipment companies like Caterpillar, and its energy equipment business will significantly benefit from the market expansion brought by AIDC. The traditional business foundation remains strong, with accelerated growth in refrigeration and power generation, leading to an initial coverage with a "buy" rating [1]. Group 1 - The traditional business foundation of the company is solid [1] - Growth in refrigeration and power generation is accelerating [1] - The global construction machinery industry is approaching a turning point [1] Group 2 - Off-Highway Research forecasts a year-on-year increase in global construction equipment sales from 2025 to 2027 [1] - The Chinese market shows a significant upward trend [1] - The engineering machinery segment is expected to improve [1] Group 3 - The AI computing era is driving dual growth in "cooling" and "power" [1] - The company has successfully entered the supply chain of major energy equipment firms [1] - The energy equipment business will benefit from AIDC market expansion [1] Group 4 - The company maintains a strong traditional business foundation [1] - Initial coverage has been established with a "buy" rating [1]