招商证券发表研报称，汇聚科技业绩预告超预期主要因2025年阿里、字节等国产服务器需求带动公司服 务器业务营收实现大幅增长，同时下半年莱尼整合效果较佳亦带来业绩增厚。报告指，考虑到数据中心 及服务器市场需求高景气、莱尼盈利能力好于预期，上调盈利预测，维持"强烈推荐"评级。 消息面上，汇聚科技此前发布公告，预期2025年净利润同比增长约60%至70%。汇聚科技表示，该增长 主要源于两大因素：一是电线组件分部内数据中心及服务器分部的销售订单增加，带动整体收入上升； 二是本年度分占联营公司业绩净额增加。 汇聚科技(01729)午后涨超5%，截至发稿，涨4.67%，报17.04港元，成交额2.15亿港元。 ...

中国银河国际经济学家研报写道，新加坡2026年非石油国内出口增长预计将放缓。来自新加坡主要贸易 伙伴（包括美国和欧盟）的需求将会放缓。非石油国内出口表现也可能受到外部因素的拖累，例如全球 贸易放缓和潜在的供应链中断。不过，与人工智能、数据中心和半导体相关的出口可能保持韧性。中国 银河国际维持其对新加坡非石油国内出口增长2.9%的预测，低于2025年的4.8%。 ...

摘要 AI 和数据中心驱动存储行业转型，自 2025 年第四季度起，存储厂商重 心从 PC、Mobile 等消费电子转向 AI 数据中心，预计未来十年数据中心 将成为主要收入来源。 英伟达等 CSP 厂商对 NAND 闪存需求激增，主要用于长文本处理的 KV cache，相较于 HBM，NAND 能显著降低成本，英伟达一家的新增需 求或占总 NAND 容量的 10%。 HBM 需求旺盛，原厂加大 HBM 和 DRAM 投入，HBM 基于 2.5D 封装， 良率较低，消耗更多晶圆，预计未来五年 HBM 将占据三大客户 50%的 收入份额。 数据中心存储技术向更细分市场发展，传统冷热数据分类不再适用，微 秒级延迟影响巨大，HBM 等贴近 GPU 的存储解决方案被广泛应用。 存储行业供需失衡，2022 年需求激增后迅速下降，厂商资本支出处于 低位，新增产能需 3-5 年见效，短期内供需紧张难以缓解。 中美存储市场需求差异显著，美国数据中心因 AI 需求对高 IOPs 大容量 SSD 需求高，而中国互联网企业过去较少使用大容量 SSD。 存储行业定价逻辑转变，HBM 可能比照 GPU 行业的高利润率定价， HBM 优 ...

| 股票 | | | --- | --- | | 中国 | | | 电子元件与设备 | | | 12个月评级 | 买入 | | 12个月目标价 | Rmb60.10 | | 股价(2026年1月16日) | Rmb53.60 | | RIC: 002518.SZ BBG: 002518 CS | | | 交易数据和主要指标 | | | 52周股价波动范围 | Rmb53.60-21.10 | | 市值 | Rmb31.2b/US$4.48 | | 已发行股本 | 582m (ORD | | 流通股比例 | 38% | | 日均成交量(千股) | 15.43 | | 日均成交额(百万) | Rmb725. | | 普通股股东权益(12/25E) | Rmb4.90l | | 市净率(12/25E) | 6.4 | | 净债务/息税折旧摊销前利润(12/25E) | NN | | 每股收益(UBS 稀释后) (Rmb) | | | UBS | 市场预预测 | | 17/7EC 1×04 | 1 0 | | 12/25E | 1.04 | 1.07 | | --- | --- | --- | | 12/26E | ...

Investment Rating - The report maintains an "Accumulate" rating for the company [8] Core Views - The company is expected to achieve a net profit of 4.16 to 4.56 billion yuan for 2025, representing a year-on-year increase of 260.4% to 295.0% [8] - The company is positioned in key areas such as AI computing power, data centers, and high-performance computing, with several high-end products already in mass production, driving a significant upgrade in product structure towards higher value and technical complexity [8] - The Q4 performance is below market expectations, with a projected net profit of 0.92 to 1.32 billion yuan, which is a year-on-year increase of 186.1% [8] - The company is experiencing challenges due to new capacity ramp-up and increased labor costs, as well as rising expenses and supply chain dynamics [8] Financial Data Summary - Total revenue for 2023 is projected at 79.31 billion yuan, with a growth rate of 1% [10] - The company anticipates a revenue increase to 196.39 billion yuan by 2025, reflecting an 83% growth [10] - The net profit for 2023 is estimated at 6.71 billion yuan, with a projected increase to 43.57 billion yuan by 2025, indicating a 277% growth [10] - The company's return on equity (ROE) is expected to rise from 9.2% in 2023 to 36.6% in 2025 [16] - The asset-liability ratio is projected to decrease from 56.1% in 2023 to 42.3% in 2025, indicating improved financial stability [16]

在A股市场，一家市值仅64亿元左右的四川公司，吸引了四家顶级国际投行的目光。 高盛、瑞银、摩根士 丹利、摩根大通在2025年同步出现在了它的股东名单里。 高盛在2025年新进了这只股票，买入249.5万股。 瑞银集团在第三季度加仓了83.23万股，使其总持股数达 到217.85万股。 摩根士丹利在同期加仓101.29万股，总计持有212.2万股。 摩根大通也增持了49.09万股， 合计持股191.39万股。 这四家外资机构的行为，集中在同一时间段发生。 四大外资的"电力底牌"：盯上一 家64亿四川小巨头，电网独一份，已横盘半年，外资却越跌越买！ 这家公司是乐山电力。 它并非传统的发电集团，也不是国家电网、南方电网那样的巨无霸。 它的电网独 立存在于四川省内，覆盖了乐山、眉山两市共8个区县。 在这个区域内，它的电网运营是垄断性的。 截至 2023年末，这张网上并网运行的水电站有148座，装机容量38.25万千瓦。 除了电力业务，这家公司还经营天然气和自来水的供应。 在它的业务版图里，电力、燃气、供水是三大基 础网络。 这种模式在业内被称为"电、水、气"一体化运营。 2025年前三季度，公司营业收入为23.99亿 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [3] Core Insights - The company reported a revenue of 21.2 billion yuan for 2025, representing a year-on-year growth of 37%, and a net profit attributable to shareholders of 3.16 billion yuan, up 54% year-on-year, exceeding expectations [1][8] - The company's Q4 performance was particularly strong, with revenue and net profit reaching 7.38 billion yuan and 0.971 billion yuan respectively, marking a year-on-year increase of 46% and 74% [8] - The domestic business is expected to benefit from the growth in the 14th Five-Year Plan for power grid investment, with a projected annual compound growth rate of about 7% [8] - The company's overseas business is anticipated to grow significantly, with an estimated 39% of new orders in 2025 coming from international markets, up from approximately 24% in 2023 [8] - New business opportunities are emerging in the energy storage and data center markets, which could serve as new growth drivers for the company [8] - The company is well-positioned to capitalize on the upcoming cycles in the European and North American power systems, which may yield excellent returns [8] Financial Data and Valuation - The company is projected to achieve total revenue of 30 billion yuan in 2026, with a year-on-year growth rate of 42% [7][14] - The net profit attributable to shareholders is expected to reach 4.5 billion yuan in 2026, reflecting a growth rate of 42% [7][14] - The company's earnings per share (EPS) is forecasted to be 5.76 yuan in 2026, with a price-to-earnings (PE) ratio of 32.3 [7][15] - The return on equity (ROE) is projected to increase to 26.3% by 2026 [15]

Core Viewpoint - The A-share listed companies are gradually disclosing their performance forecasts for the year 2025, with a significant number of companies expecting substantial profit growth, driven by advancements in technology and market demand [1]. Group 1: Performance Forecasts - As of January 17, 2025, 365 listed companies have released their performance forecasts, with 138 companies expecting positive results [1]. - Longxin Bochuang (300548) anticipates a net profit of 320 million to 370 million yuan, representing a year-on-year growth of 344.01% to 413.39% [1]. - Shenghong Technology (300476) expects a net profit of 4.16 billion to 4.56 billion yuan, with a growth rate of 260.35% to 295.00% [4]. - Haitai Technology (301022) forecasts a net profit of 51.5 million to 66.8 million yuan, indicating a growth of 226.86% to 323.97% [8]. - Haineng Technology (920476) projects a net profit of 41 million to 44 million yuan, with a growth of 213.65% to 236.61% [16]. - Hongyuan Pharmaceutical (301246) expects a net profit of 113 million to 137 million yuan, reflecting a growth of 119.57% to 166.2% [17]. - Northern Rare Earth (600111) anticipates a net profit of 2.176 billion to 2.356 billion yuan, with an increase of 116.67% to 134.60% [20]. - Lishang Guochao (600738) forecasts a net profit of 14 million to 17 million yuan, indicating a growth of 92.96% to 134.31% [22]. - Cambridge Technology (603083) expects a net profit of 252 million to 278 million yuan, with a growth of 51.19% to 66.79% [25]. Group 2: Industry Trends - The demand for new generation information technologies such as cloud computing, artificial intelligence, and big data is driving the rapid growth of the data communication market, positively impacting companies' revenues and profits [1]. - Shenghong Technology is consolidating its technological leadership in the global PCB manufacturing sector, with high-end products achieving large-scale production, contributing to significant revenue growth [4]. - Haitai Technology benefits from a high industry boom and increasing orders due to the gradual release of production capacity from its initial public offering projects [8]. - Haineng Technology is experiencing growth in new materials, new energy, and pharmaceuticals, supported by overall market demand recovery [16]. - Northern Rare Earth has successfully increased its sales of lanthanum and cerium products, achieving significant inventory reduction and production growth [20].

市场分析师们或许对具体趋势和预测存在分歧，但他们通常对半导体市场持乐观态度。大多数评估显 示，预计到2030年将达到1万亿美元至1.1万亿美元，这主要得益于人工智能和数据中心的快速发展。 历史上，分析师通常通过衡量半导体器件从无晶圆厂运营商、代工厂和集成器件制造商（IDM，即既设 计又制造芯片的公司）向电子公司的销售额来确定市场规模。当无法获得直接销售数据时——例如，对 于非上市公司而言——分析师则会进行估算。 多年来，这种传统方法一直是衡量半导体市场价值的相当准确的晴雨表，因为它能够正确评估主导市场 的IDM厂商、无晶圆厂厂商和全集成厂商的芯片价值。但如今，大部分增长来自自研芯片厂商、拥有内 部设计的OEM厂商和无晶圆厂厂商，而主要基于销售额的分析并不能充分反映这些芯片的价值。中国 企业也在快速发展，因此评估它们对市场价值的贡献变得尤为重要，而传统的评估方法无法完全体现这 一点。 超越销售分析 我们的评估方法弥补了传统方法的一些不足。具体来说，我们的评估考虑了以下因素。 这种观点虽然积极，但可能严重低估了半导体行业的真实价值。这是因为传统的估值主要基于销量，可 能部分或完全忽略了拥有内部设计能力的原始设备制 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to return to a growth trajectory driven by its data center business and the recovery of the energy storage market in Europe and emerging markets [6][7] - The company forecasts a net profit attributable to shareholders of 600 million to 660 million yuan for 2025, representing a year-on-year growth of 52.21% to 67.43% [6] - The data center and energy storage segments are seeing continuous increases in orders and shipments, contributing to the company's growth [6] Financial Forecasts - Revenue projections for 2025, 2026, and 2027 are 5,173 million, 7,025 million, and 9,155 million yuan respectively, with growth rates of 24.4%, 35.8%, and 30.3% [6][7] - Net profit attributable to shareholders is projected to be 623 million, 1,002 million, and 1,358 million yuan for the same years, with growth rates of 57.9%, 60.9%, and 35.6% [6][7] - Earnings per share are expected to be 1.07, 1.72, and 2.33 yuan for 2025, 2026, and 2027 respectively [6][7] Business Segments - The data center business has established a comprehensive product system, including integrated power modules and high-performance cooling solutions, and has formed deep partnerships with major internet companies [6] - The energy storage business is positioned for rapid growth in 2025, supported by a complete layout of technology, products, and global channels [6]