Investment Rating - The investment rating for the company is "Buy" (首次) [5] Core Viewpoints - The company is a leading manufacturer of high-end casting components, benefiting from trends in AIDC, aerospace technology, and nuclear fusion industries [1][9] - The company has established a complete high-end component production system and is a key member of the high-end equipment manufacturing industry chain in China [18][19] - The company plans to issue 1.5 billion convertible bonds to enhance its production capabilities in turbine blade processing and advanced nuclear materials [9][33] Summary by Relevant Sections Business Overview - The company focuses on aviation engines and gas turbine products, benefiting from the demand for domestic large aircraft and AIDC [18] - The company has a strong presence in the high-end parts, aerospace technology, and advanced materials sectors, serving various high-end equipment fields [18][22] Financial Summary - In 2024, the company expects revenue of 2,513 million yuan, a year-on-year increase of 4.2%, and a net profit of 286 million yuan, a year-on-year decrease of 5.6% [4][25] - The company's sales gross margin is projected to be 34.2%, with a net margin of 10% for 2024 [27][28] Gas Turbine Sector - The global gas turbine market is estimated to be 28.14 billion USD in 2024, with a compound annual growth rate (CAGR) of 7.4% from 2025 to 2034 [46] - The company is recognized as a domestic leader in gas turbine blades, with a significant increase in orders, achieving a 102.8% year-on-year growth in 2024 [2][61] Aerospace Sector - The global aerospace engine market was approximately 113.97 billion USD in 2023, expected to reach 151.20 billion USD by 2030, with a CAGR of 4.12% [67] - The company is positioned to benefit from the doubling of global aircraft numbers over the next 20 years, as predicted by Airbus [68] Nuclear Power Sector - The nuclear power industry is expected to grow, with a projected CAGR of 8.4% for installed capacity from 2023 to 2035 [3] - The company has established joint ventures to engage in nuclear fusion materials and components, enhancing its position in the nuclear energy sector [3][9]

智通财经APP获悉，中信建投发布研报称，从多角度对电力设备新能源行业的细分方向进行了对比，结 果发现大部分板块已经处于底部的位置，但若要迎来股价向上弹性，必须出现积极的变化，换言之目前 市值考量没有超跌修复的额外机会。策略上个股强于行业，考验投资者对行业及个股跟踪的细致程度， 下半年可能出现的积极变化包括：风电行业订单持续兑现;光伏供给侧积极变化;锂电需求可能超预期;电 力设备新的投资加码或机器人板块的事件性催化。主题仍可能继续活跃，若基本面出现积极变化，可能 引发大级别行情、关注固态、复合铜箔、光伏贱金属导入趋势等。 中信建投主要观点如下： 锂电：板块当前的核心矛盾在于，需求具有不确定性且供给出清漫长，行业处于缺乏积极信号的空窗期 需求端，政策对需求造成不确定性(国内以旧换新是否延续影响国内动力需求、国内531政策影响国内储 能需求、美国大而美法案影响美国储能需求)，以及电动化率节奏趋缓带来的对动力需求的担忧。 供给端，无序竞争已经基本结束，价格来到确定性底部，产业出清持续进行中，但对价格能够向上的时 间点暂时看不清，边际上今年Q1已有部分材料企业对电池厂的涨价落地，但涨价的幅度、可持续性以 及对盈利的改善 ...

Group 1 - The 3D printing industry in China is experiencing rapid growth, with equipment production increasing by 36%, 11%, and 45% year-on-year from 2023 to Q1 2025, and export volumes rising by 55%, 6%, and 24% during the same period [1] - The market applications of 3D printing have expanded from consumer goods in Europe and the US to include trendy toys in China, and are gradually penetrating functional items such as footwear and helmets [1] - 3D printing is recognized as a strategic emerging industry with strong domestic and international policy support, leading to sustained market growth [1] Group 2 - Tencent's WeGame Game Night is scheduled for June 16, showcasing important game releases and new titles, indicating a positive outlook for the gaming sector [2] - The gaming and media sectors are viewed as one of the best emerging consumer segments, with recent stock price increases in companies like Lehua, Juxing, Alibaba Pictures, Maoyan, and NetEase Music signaling a valuation recovery [2] - The cultural export of gaming and media is just beginning, supported by favorable policies, which presents further growth opportunities [2] Group 3 - The construction of new data centers is on the rise due to the AI wave, with liquid cooling technology becoming essential to address energy consumption challenges [3] - The power density of AIDC cabinets is increasing from traditional IDC levels of 5-15KW to several tens of KW, while traditional air cooling systems have a maximum cooling capacity of 25KW per cabinet [3] - Liquid cooling systems can significantly enhance energy efficiency and reduce overall costs, positioning them to become mainstream in the AIDC era [4] Group 4 - Major corporations like Amazon and Walmart are exploring the possibility of issuing their own stablecoins in the US, indicating a growing interest in digital currencies among large enterprises [5]

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 10.2 CNY per share based on a 25x PE for 2025 [4]. Core Views - The company is positioned as a leading player in the low-voltage electrical industry, focusing on the "Two Intelligence and One Innovation" strategy to drive transformation and growth. The operational efficiency is expected to improve with the commissioning of the Haiyan factory, and the company is well-prepared for the trends in the AIDC sector and the shift towards direct current (DC) products in data centers [4][16]. - The company anticipates a robust growth trajectory, with projected net profits of 459.2 million CNY, 601.7 million CNY, and 807.1 million CNY for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 47%, 31%, and 34% [4][31]. Summary by Sections 1. Company Overview - The company has transitioned from a traditional low-voltage electrical manufacturer to a provider of intelligent distribution solutions, focusing on high-growth areas such as renewable energy and data centers [16]. - The revenue structure is evolving, with a significant portion expected from the AIDC sector and international markets, particularly in North America and Southeast Asia [18]. 2. Market Dynamics - The report highlights a steady recovery in infrastructure investment and a narrowing decline in real estate demand, with expectations of 20-30% growth in infrastructure-related revenue by 2025 [3]. - The company is leveraging its strengths in the renewable energy sector, with anticipated revenue growth of 20-30% in this area by 2025, driven by increasing demand for energy storage and wind power installations [10][31]. 3. Financial Projections - The company forecasts total revenue of 42.38 billion CNY for 2024, with a slight decline from the previous year, primarily due to weak demand in the real estate sector [31]. - The projected earnings per share (EPS) for 2025 is 0.41 CNY, with a corresponding PE ratio of 20.4 based on the current price [4]. 4. Competitive Landscape - The low-voltage electrical market is characterized by a fragmented domestic landscape, with the company holding a 5% market share, ranking fifth among domestic competitors [54]. - The report notes that the global low-voltage electrical market is dominated by foreign brands, but there is significant potential for domestic brands to expand their international presence [52]. 5. Strategic Initiatives - The company is committed to high R&D investment to support its transition to intelligent distribution solutions, with a focus on enhancing product offerings and market share in the AIDC and renewable energy sectors [31][28]. - The management team, with a strong technical background, is well-equipped to drive the company's strategic transformation and long-term growth [28].

新元肇启-电新行业投资观点 长江证券研究所电力设备与新能源研究小组 2025-06-12 %% %% %% %% %% %% research.95579.com 1 证券研究报告 • 证券研究报告 • 评级 看好 维持 分析师及联系人 | 分析师 邬博华 分析师 曹海花 | 分析师 叶之楠 | 分析师 司鸿历 | | --- | --- | --- | | SAC执业证书编号：S0490522030001 | SAC执业证书编号：S0490520090003 | SAC执业证书编号：S0490520080002 | | | | SFC执业证书编号：BUD284 | | 分析师 王耀 | 分析师 任佳惠 | 分析师 周圣钧 | | SAC执业证书编号：S0490524120006 | SAC执业证书编号：S0490524070005 | SAC执业证书编号：S0490524120003 | | SAC执业证书编号：S0490514040001 SFC执业证书编号：BQK482 分析师 袁澎 SAC执业证书编号：S0490524010001 | | | %% %% research.95579.com 2 01 ...

证券研究报告 | 2025年06月12日 电力设备新能源 2025 年 6 月投资策略 优于大市 关注数据中心 HVDC 应用进展，固态电池行业进展催化不断 关注数据中心 HVDC 应用进展。5 月，维谛(VRT.N)、纳微半导体(NVTS.O) 等企业宣布与英伟达合作开发下一代 800V 高压直流(HVDC)架构，从而 为下一代 GPU 及 Kyber 机架提供电力支持。HVDC 预计将成为下一代 AI 数据中心供电系统的主流，提前布局 HVDC 领域以及与海外电源龙头达 成合作的企业有望受益。重点关注数据中心 HVDC 布局企业【禾望电气】、 【盛弘股份】；AIDC 产业链相关企业【金盘科技】、【明阳电气】、【伊 戈尔】、【宏发股份】、【麦格米特】。 固态电池产业化持续推进。5 月以来，固态电池行业进展催化不断：1） 国轩高科于 5 月 17 日宣布已建成全固态电池中试线，设计产能 0.2GWh。 中试样件参数显示，电芯能量密度为 350Wh/kg，单体容量 70Ah；2）中 国汽车工程学会 5 月 22 日发布《全固态电池判定方法》团体标准，首 次明确了全固态电池的定义，解决了行业界定模糊、测试方法缺失 ...

2025 年 06 月 08 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 海外算力催化利好 AIDC，欧洲电动车再超 预期 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 2025-06-02 《关税缓和需求小幅向上，固态新技 术如火如荼》 2025-06-02 东吴证券研究所 1 / 43 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 研究助理 许钧赫 执业证书：S0600123070121 xujunhe@dwzq.com.cn 行业走势 -14% -10% -6% -2% 2% 6% 10% 14% 18% 22% 26% 2024-6-11 2024-10-9 2025-2-6 2025-6-6 电力设备 沪深300 相关研究 《马斯克回归 Optimus 量产在即，汽 车反"内卷式"竞争》 ◼ 电气设备 6714 上涨 1.38%，表现强于大盘。本周 ...

Group 1: Industry Developments - The successful launch of the world's first "space computing constellation" by China last month has set a precedent for space-based data centers [1] - Starcloud plans to send a satellite equipped with NVIDIA H100 chips into space in August, aiming to establish a gigawatt-level data center powered by a large solar array [1] - The AI revolution is driving new infrastructure development, with supportive policies and active investments from internet cloud providers and operators, leading to a new growth cycle for data center service providers [1] Group 2: AI Model Advancements - Since 2025, domestic AI large models have accelerated technological leaps through algorithm and engineering innovations, with DeepSeek-R1's inference capabilities comparable to OpenAI's models [2] - Alibaba has released a trillion-level MoE architecture model Qwen2.5-Max, while Doubao leverages ByteDance's ecosystem to enhance model capabilities [2] - The demand for AI models is surging, prompting major cloud players to significantly increase their capital expenditures [2] Group 3: Company Insights - Xiechuang Data focuses on AIDC computing infrastructure, providing integrated services through "hardware manufacturing + cloud services + circular economy" [3] - Kehua Data leverages power electronics technology to offer a unique "hardware + service + energy" integrated solution in the AIDC sector [3] - Zhongji Xuchuang is driven by technology and plays a crucial role in global computing infrastructure construction, being a key player in the AIDC industry chain [3]

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [4][5][60]. Core Insights - The communication industry is experiencing a high demand for AI-related technologies, with companies like Broadcom and Credo reporting significant revenue growth driven by AI applications [1][12][18]. - Broadcom's new Tomahawk 6 switch chip, capable of 102.4 Tbps, is designed to support large-scale AI networks, indicating a strong focus on enhancing AI infrastructure [1][15][17]. - Credo's revenue for Q4 of FY2025 increased by 180% year-over-year, reflecting the growing demand for AI solutions in cloud services [1][18]. - Wistron reported record revenue in May 2025, driven by a surge in server shipments, highlighting the robust growth in the data center segment [1][23]. Summary by Sections Industry News Tracking - Broadcom's Q2 FY2025 revenue reached 150 billion CNY, a 20% year-over-year increase, with AI revenue exceeding 44 billion CNY, growing by 46% [1][12][14]. - Credo's Q4 FY2025 revenue was 1.70 billion USD, up 179.7% year-over-year, with a net profit margin of 38.4% [1][18][21]. - Wistron achieved a record revenue of 208.4 billion TWD in May 2025, marking a 162.14% increase year-over-year [1][23]. Market Performance - The communication sector index rose by 5.27% this week, outperforming the Shanghai Composite Index, which increased by 0.88% [2][47]. - Sub-sectors such as optical modules and enterprise communication showed strong performance, with increases of 13.37% and 6.35% respectively [2][51]. Investment Recommendations - Focus on AI development in both cloud and edge computing, with specific attention to companies involved in optical devices and modules [3][55]. - Long-term investment in major telecom operators is recommended due to their stable operations and increasing dividend payouts [3][55]. - Key recommended stocks include China Mobile, Tianfu Communication, and Runze Technology [3][55].

Investment Rating - The report maintains an "Outperform the Market" rating for the communication industry [4][5][59]. Core Insights - The communication industry is experiencing a high demand for AI-related technologies, with companies like Broadcom and Credo reporting significant revenue growth driven by AI applications [1][12][18]. - Broadcom's new Tomahawk 6 switch chip, capable of 102.4 Tbps, is designed to support large-scale AI networks, indicating a strong focus on enhancing AI infrastructure [1][15][17]. - Credo's revenue for Q4 of FY2025 increased by 180% year-over-year, reflecting the growing demand for AI solutions in cloud services [1][18]. - Wistron reported record revenue in May 2025, driven by a surge in server shipments, highlighting the robust growth in the data center segment [1][23]. Summary by Sections Industry News Tracking - Broadcom's Q2 FY2025 revenue grew by 20% year-over-year, with AI business revenue exceeding $4.4 billion, up 46% [1][14]. - Credo's Q4 FY2025 revenue reached $170 million, a 179.7% increase year-over-year, with plans for significant capital expenditure to support growth [1][18][21]. - Wistron achieved a record revenue of NT$208.4 billion in May 2025, a 162.14% increase year-over-year, with server shipments rising by 47% [1][23]. Market Performance - The communication sector index rose by 5.27% this week, outperforming the CSI 300 index, which increased by 0.88% [2][46]. - Sub-sectors such as optical modules, IDC, and enterprise communication showed strong performance, with optical modules increasing by 13.37% [2][50]. Investment Recommendations - Focus on AI development in both cloud and edge computing, with particular attention to optical devices and modules [3][54]. - Long-term investment in major telecom operators is recommended due to their stable operations and increasing dividend payouts [3][54]. - Key recommended stocks include China Mobile, Tianfu Communication, Guanghe Technology, and Runze Technology for the upcoming week [3][54].