近一周机构调研个股有380多只，杰瑞股份调研机构数最多。 杰瑞股份（002353）有193家机构调研，其中包括57家基金公司、48家证券公司、29家私募、13家保险公司以及16家 海外机构。 对于公司为何能在短时间内快速切入数据中心发电业务领域，杰瑞股份表示，公司的发电设备能够满足数据中心、石 油天然气开发、工业发电等领域对于发电设备可靠性、响应速度、运行灵活性以及稳定性等方面的高标准要求。 此外，公司深耕北美市场及燃气轮机发电业务领域多年，在此之前已成功实现燃气轮机发电机组设备在北美市场的销 售及租赁，建立了良好的品牌口碑。 同时，公司依托在燃气发电、智能控制与复杂系统集成领域多年的技术积累与工程实践，打造综合能源解决方案，所 提供的发电设备具备快速运输、现场拼装与灵活扩容的特点，能够有效应对项目周期紧、空间受限等现实挑战，为电 力业务开展提供坚实的技术保障。公司注重构建全球化供应链体系，与西门子、贝克休斯等燃气轮机厂商建立了稳定 的合作关系，为相关产品交付提供坚实保障。 在上述利好消息影响下，本周杰瑞股份股价频频创出历史新高，一周累计涨幅超26%。 怡合达、萤石网络、热景生物、乐鑫科技、中科创达等个股也获 ...

Group 1 - A total of 433 listed companies in the Shanghai and Shenzhen markets were investigated by various institutions in the recent ten trading days ending December 4 [1] - Securities companies conducted the most extensive research, covering 381 companies, followed by fund companies with 302 companies, and 88 A-share companies were investigated by overseas institutions [3] - Among the overseas institutions, Huichuan Technology and Luxshare Precision stood out, with Huichuan receiving attention from 68 overseas institutions and Luxshare from 48 [3] Group 2 - Huichuan Technology indicated that while competition in the electric vehicle sector remains fierce, long-term improvements may occur as market dynamics and technology evolve [3] - Luxshare Precision noted that its share in the global consumer electronics market is still below 6%, with module revenue at approximately 11%, suggesting significant growth potential in the non-overseas major customer segment over the next decade [3] - Stocks investigated by overseas institutions averaged a 0.36% increase over the past ten days, with Shenghui Integrated Circuit showing the highest increase of 32.47% [3] Group 3 - Thirteen stocks received ratings from at least 15 institutions, with a consensus predicting a net profit growth of over 20% by 2025, including companies like Kaiying Network, Luxshare Precision, and Huichuan Technology [4] - Jinli Permanent Magnet is projected to have the highest profit growth, with 18 institutions forecasting a 152.52% increase in net profit by 2025 [4] - The company has established a division for embodied robot motor rotors and set up a research and development center in Hong Kong, becoming a key partner for the Hong Kong government [4]

Group 1 - A total of 433 companies were investigated by institutions in the past 10 days, with 381 being securities firms and 302 being fund companies [1] - 88 listed companies were researched by overseas institutions, with 8 companies receiving attention from more than 20 overseas institutions, including Huichuan Technology, which was investigated by 68 overseas institutions [1] - Lixun Precision was the second most researched company, with 48 overseas institutions participating in the investigation, indicating significant growth potential in the non-overseas consumer electronics market over the next decade [1] Group 2 - Stocks that were investigated by overseas institutions saw an average increase of 0.36% in the past 10 days, with Shenghui Integration experiencing the highest increase of 32.47% [3] - 13 stocks received ratings from at least 15 institutions, with a consensus forecast of over 20% profit growth in 2025, including Kaiying Network, Lixun Precision, and Huichuan Technology [3] - Jinli Permanent Magnet is predicted to have the highest profit growth, with 18 institutions forecasting a net profit increase of 152.52% in 2025 [3][4]

Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. (referred to as "Mirui Technology") is set to go public on the Beijing Stock Exchange, marking a shift from the medical device sector to a focus on smart network cameras and IoT video products, integrating hardware, software, cloud services, and AI [1] Financial Performance - Mirui Technology's revenue for the past three years was 549 million yuan, 673 million yuan, and 743 million yuan, with net profits of 39.15 million yuan, 71.58 million yuan, and 81.66 million yuan respectively [2] - For the first half of 2025, the company reported a revenue of 356 million yuan and a net profit of 32 million yuan [6] Product Pricing - The average price of smart network cameras has shown a decline, with a price of 84.88 yuan in the first half of 2025, down from 89.8 yuan in 2024, indicating a decrease of 5.48% [2] Competitive Landscape - Compared to peers, Mirui Technology's gross profit margin remains competitive, although it has slightly decreased in 2025 compared to previous years [6][8] - The company has a lower bad debt provision ratio compared to smaller companies on the ChiNext board, indicating better financial stability [8] Management and Ownership - The actual controller of Mirui Technology, Yuan Haizhong, holds a direct stake of 65.66% and an indirect stake of 32.34%, totaling 98% control over the company [11] - Yuan has a history of involvement in other companies, including a previous attempt to list another company, Boling Electric, which faced regulatory issues [13][16] Regulatory Scrutiny - Mirui Technology has faced multiple rounds of inquiries from the Beijing Stock Exchange, focusing on revenue verification and compliance, reflecting heightened regulatory scrutiny in the IPO process [9][10]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 47 CNY, reflecting a 20x PE for 2026 [3][6]. Core Views - The company's main business is under short-term pressure, but new business initiatives are accelerating, opening up long-term growth potential. The company is expected to leverage its strong channel and brand barriers to replicate success in new markets and overseas [3][9]. Financial Performance Summary - For 2023, the company reported a revenue of 15,695 million CNY, with a year-on-year growth of 11.5%. The projected revenues for 2025 and 2026 are 16,837 million CNY and 17,614 million CNY, respectively, indicating a stagnation in growth for 2025 [5]. - The net profit attributable to the parent company for 2025 is forecasted to be 40.24 billion CNY, reflecting a decrease of 6% compared to the previous year, followed by a slight recovery in 2026 and 2027 [3][5]. - The gross margin is expected to decline from 43.2% in 2023 to 41.2% by 2027, while the net profit margin is projected to stabilize around 24% [5][11]. Business Development Summary - The company is focusing on new business areas, including international expansion and renewable energy, which are showing promising growth. The international strategy aims for comprehensive product offerings in developed markets, while the renewable energy segment is expected to see significant growth in 2026 [9][10]. - The data center business is also experiencing rapid growth, with partnerships established with major clients like ByteDance and Tencent, indicating a strong market position [9].

今日（11月27日）AI概念股继续活跃，重点布局国产AI产业链的科创人工智能ETF（589520）场内涨幅 盘中上探1.75%，现涨0.52%，冲击日线4连涨！ 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 细分方向来看，半导体显著领涨，芯原股份领涨超4%，澜起科技、寒武纪、安路科技、乐鑫科技涨逾 2%。此外，云天励飞 科技摩擦背景下，信息安全、产业安全重要性凸显。AI作为核心技术，实现自主可控至关重要。科创 人工智能ETF（589520）及其联接基金（联接A：024560，联接C：024561）重点布局国产AI产业链、 具备较强国产替代特点，前十大重仓股权重占比逾七成，第一大重仓行业半导体占比超一半，集中度 高，具备较强进攻性。 中原证券指出，2025年中国AI芯片市场规模将从210亿美元增长到380亿美元，其中英伟达的份额将从 66%降低到54%，此外中国芯片厂商销售额将从60亿美元增长到160亿美元，寒武纪4%，海光3%，平头 哥2%，昆仑1%，摩尔线程1%，沐曦1%，燧原1%，壁仞1%，国产AI芯片供给多元化趋势更加明显。 中信建投指出， 订单向国产芯片倾斜是必然趋势。伴随 ...

Core Viewpoint - Hangzhou Mirui Technology Co., Ltd. is pursuing an IPO on the Beijing Stock Exchange, facing scrutiny over revenue authenticity and reliance on external processing in its ODM business model [1][2] Group 1: Business Model - Mirui Technology primarily focuses on the research, design, production, and sales of smart network cameras and IoT video products, with a sales model mainly based on ODM and supplemented by its own brand [1] - The company's revenue from module products increased from 18.39% in 2021 to 34.73% in the first half of 2024, indicating a shift in sales strategy [1] - The company has a high customer concentration, with its top five module clients contributing approximately 80-90% of sales revenue, primarily located in Shenzhen [3] Group 2: Sales and Competition - Mirui Technology sells directly to both module clients and their downstream cross-border e-commerce clients, leading to potential competition between them [3][4] - The company has implemented a revenue-sharing and rebate mechanism for its value-added services, with a total sharing ratio of about 35%, where module clients receive 10% and cross-border e-commerce clients receive 25% [5] Group 3: Production Model - The production model of Mirui Technology relies heavily on external processing, with over 69% of production being outsourced, contrasting with peers who only outsource when capacity is insufficient [9][10] - The company claims that its high reliance on external processing aligns with industry norms, although this has raised questions regarding its operational independence and business integrity [8][12] Group 4: Regulatory Scrutiny - The company has faced multiple rounds of inquiries from regulators regarding the authenticity of its revenue, the rationale behind its high marketing expenses, and the nature of its external processing arrangements [7][13] - Discrepancies in disclosures regarding the transportation costs of raw materials to external processors have also been a point of concern for regulators [13]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [1] Core Views - The company achieved a record high adjusted net profit of 11.3 billion yuan in Q3 2025, with a year-on-year growth of 80.9% [8] - The automotive business delivered over 100,000 units in the quarter, marking the first operational profit in a single quarter [8] - The Xiaomi 17 series saw a significant increase in sales, with a 30% year-on-year growth compared to the previous generation [8] - The company is focusing on innovation, with R&D investment reaching 91 billion yuan in Q3 2025, and a total of 235 billion yuan for the first three quarters [8] Financial Performance - Revenue for Q3 2025 reached 113.1 billion yuan, a 22.3% year-on-year increase [8] - The company forecasts earnings per share of 1.69, 1.76, and 2.38 yuan for 2025, 2026, and 2027 respectively [9] - The projected revenue for 2025 is 473.24 billion yuan, with a year-on-year growth of 29% [7] - The gross margin is expected to improve to 22.5% in 2025 [7] Market Position - Xiaomi's smartphone revenue in Q3 2025 was 46 billion yuan, with a shipment of 43.3 million units, marking a 0.5% year-on-year increase [8] - The market share for smartphones priced between 4000-6000 yuan reached 18.9%, an increase of 5.6 percentage points year-on-year [8] - The company has expanded its automotive sales network, with 402 stores opened across 119 cities in mainland China by September 30, 2025 [8] Valuation - The target price for Xiaomi Group is set at 55.86 HKD, based on a 29x PE ratio for 2026 [6][9] - The current market capitalization of H shares is approximately 1,006.835 million HKD [1]

Market Performance - The US hotel sector increased by 2.8%, with Marriott and Hilton rising by 3.8% and 1.83% respectively, demonstrating resilience under pressure[6] - The overseas sportswear sector decreased by 0.2%, with Amer Sports surging by 12.2% due to strong Q3 performance, leading to a revenue increase of 30%[14] - The jewelry sector fell by 2.1%, influenced by AI bubble concerns and reduced expectations for a December rate cut, strengthening the dollar[14] Sector Analysis - The domestic sportswear sector dropped by 2.4%, with major OEMs like Shenzhou International and Crystal International declining by 6.7% and 2.6% respectively due to geopolitical tensions[14] - The retail sector saw a decline of 4.0%, with China Duty Free falling by 10.5% as investors took profits amid uncertain policy outlooks[14] - The pet sector decreased by 5.7%, with concerns over sustainability as sales expenses outpaced revenue growth[14] Valuation Insights - The expected PE for the overseas sportswear sector in 2025 is 29.0x, which is 54% of the past 5-year average[15] - The expected PE for the domestic cosmetics sector is 27.6x, representing 52% of the past 5-year average[15] - Most sectors are valued below their historical 5-year averages, indicating potential investment opportunities[15]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4]. Core Insights - The company is a leader in the home appliance composite materials sector, maintaining stable operations while strategically expanding into AI chips and servers, capitalizing on the domestic computing power wave, indicating significant future growth potential [4][10]. - Revenue projections for 2025-2027 are estimated at 30.06 billion, 35.22 billion, and 40.87 billion RMB, with corresponding EPS of 0.83, 1.19, and 1.68 RMB [10][14]. Financial Summary - Total revenue for 2023 is projected at 2,340 million RMB, with a year-on-year growth of 9.7%. This is expected to grow to 2,526 million RMB in 2024, 3,006 million RMB in 2025, 3,522 million RMB in 2026, and 4,087 million RMB in 2027, reflecting growth rates of 7.9%, 19.0%, 17.2%, and 16.0% respectively [3][10]. - Net profit attributable to the parent company is forecasted to be 83 million RMB in 2023, increasing to 98 million RMB in 2024, 207 million RMB in 2025, 296 million RMB in 2026, and 417 million RMB in 2027, with growth rates of 25.5%, 18.3%, 111.2%, 43.1%, and 41.0% respectively [3][10]. Business Overview - The company has over 20 years of experience in the home appliance composite materials sector, focusing on PCM (pre-coated metal sheets) and VCM (film-coated metal sheets) used in various home appliances [19][20]. - The company has established a subsidiary, Haixi Technology, to advance its AI transformation, focusing on AI servers and intelligent computing centers, which have already begun to generate significant orders and profits [4][9]. AI Business Expansion - The AI business is expected to see rapid growth, with revenue projections of 300 million RMB in 2025, 600 million RMB in 2026, and 960 million RMB in 2027, reflecting growth rates of 100% and 60% for the latter two years [9][11]. - The company is actively building a diversified product matrix in the AI sector, including hardware, software, and industry-specific solutions, to enhance its market presence [39][44]. Valuation Analysis - The report employs both PE and PS valuation methods, estimating a reasonable valuation of 147.90 billion RMB based on a 50x PE for 2026, corresponding to a target price of 59.61 RMB per share [4][16]. - The average PE of comparable companies is around 43.54x for 2026, indicating a strong growth trajectory for the company [14][15].