Huaxin Securities·2025-05-12 06:34Investment Rating - The report maintains a "Recommended" rating for the electric power equipment sector [6][16]. Core Viewpoints - OpenAI plans to expand its $500 billion U.S. data center project, Stargate, and increase overseas investments, indicating a sustained positive outlook for the AIDC (AI Data Center) segment. The competition in AI is expected to intensify, and investments in AIDC will continue to show an upward trend regardless of future U.S. chip restrictions [5][15]. - The report highlights that the power generation sector remains the most logical area for growth, recommending attention to Weichai Heavy Machinery. It also suggests focusing on the gradually increasing penetration of the HVDC segment, with recommendations for Kehua Data and Tonghe Technology. Additionally, it points to opportunities in server power supplies and liquid cooling segments, recommending Invec and Shenling Environment [6][15]. Summary by Sections Investment Viewpoints - The report emphasizes the ongoing growth in the AIDC segment and suggests that investments will remain robust. It recommends specific companies within the electric power equipment sector, including Weichai Heavy Machinery, Kehua Data, Tonghe Technology, Invec, Shenling Environment, and Oulu Tong [6][15][17]. Industry Dynamics - OpenAI's expansion of its data center project and the announcement of new funding rounds for robotics companies indicate a strong investment trend in AI and robotics. The report notes that the demand for industrial robots is expected to grow, with a projected increase in demand for reducers used in these robots [18][19]. Market Performance - The electric power equipment sector experienced a 4.02% increase in the last week, outperforming the Shanghai Composite Index by 2.10 percentage points. The report ranks the sector third among 28 sub-industries [38][40]. Key Companies and Earnings Forecast - The report provides earnings forecasts for several companies, including: - Weichai Heavy Machinery (000880.SZ): EPS forecast of 0.56 in 2024, 0.98 in 2025, and 1.52 in 2026 [17]. - Kehua Data (002335.SZ): EPS forecast of 0.68 in 2024, 1.29 in 2025, and 1.66 in 2026 [17]. - Invec (002837.SZ): EPS forecast of 0.61 in 2024, 0.83 in 2025, and 1.09 in 2026, with a "Buy" rating [17]. - Tonghe Technology (300491.SZ): EPS forecast of 0.13 in 2024, 0.38 in 2025, and 0.69 in 2026, with an "Increase" rating [17]. - Shenling Environment (301018.SZ): EPS forecast of 0.43 in 2024, 1.05 in 2025, and 1.33 in 2026, with a "Buy" rating [17].