维持增持评级 。考虑到新品布局推进，而同期研发费用增加，调整25-26 年EPS 为1.38（-0.27）元， 1.66（-0.29）元，新增27 年EPS为1.95 元，参考可比公司估值，给予25 年27.4 倍PE，对应目标价37.81 元，维持增持评级。 海外业务持续突破，工程传动业务保持高增速。工程传动业务，24年实现5.6 亿收入，同增16.7%，毛 利率44.5%，新能源电控保持高增速；海外收入，2 024 年实现2.59 亿元，同增122.7%，毛利率54.2%，目前公司已在海外多地建立起30+个服务基地，为海 外拓展做支撑，如荷兰、巴西、印度等地。 本报告导读： 国家能源局将构网技术列为七大试点方向之首，公司在风光储构网型产品布局深厚。风、光在能源系统 中渗透率不断提升，面临灵活调节弱、安全要求高等现实挑战。凭借短路电流支撑、宽频振荡抑制、惯 量响应、调频调峰、黑启动等功能，构网型储能被寄予厚望，将极大支撑电力系统安全稳定，公司历时 六年推出风光储构网型产品。在风电领域推出1.5-20MW 双馈变流器，具备3 倍1.3s 短路电流输出能 力，为低压/高压/连续故障穿越提供强大支撑；在光伏领域推 ...

Investment Rating - Industry investment rating: Positive (maintained) [1] Core Viewpoints - The report highlights the strong performance of computing-related companies and maintains a positive outlook on the global AIDC (AI Data Center) industry chain, driven by increasing demand for data center infrastructure and AI applications [5][19] - The release of Grok 4 by XAI and the introduction of AWS's GB200 UltraServers are significant advancements in AI computing capabilities, enhancing the competitive landscape [16][17] Summary by Sections 1. Investment Insights - The report emphasizes the impressive earnings forecasts from several companies in the computing sector, with Ruijie Networks expecting a net profit of 400 million to 510 million yuan for H1 2025, representing a year-on-year growth of 160.11% to 231.64% [5][13] - Industrial Fulian anticipates a net profit of 6.727 billion to 6.927 billion yuan for Q2 2025, reflecting a year-on-year increase of 47.72% to 52.11% [15] - The demand for high-speed optical modules in computing centers is rapidly increasing, contributing to significant revenue growth for companies like Huagong Technology, which expects a net profit of 890 million to 950 million yuan for H1 2025, up 42.43% to 52.03% year-on-year [14] 2. Market Trends - As of May 2025, China has established 4.486 million 5G base stations, with a net increase of 235,000 stations since the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, marking a year-on-year growth of 21.3% [29] - The report notes a decline in 5G mobile phone shipments, with 21.19 million units shipped in May 2025, down 17.0% year-on-year [29] 3. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include New Idea Network Group, Baoxin Software, and Runze Technology; Beneficiary stocks include Guanghuan New Network, Aofei Data, and Century Interconnect [20] - IT Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Cambrian and Inspur [21] - Network Equipment: Recommended stocks include Ziguang Co. and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and China Unicom [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26] - Satellite Internet & 6G: Beneficiary stocks include Haige Communication and Shenglu Communication [27]

Core Viewpoint - The article discusses the evolution of AIDC power architecture towards 800V HVDC and solid-state transformers (SST), highlighting a potential market explosion starting in 2026 as companies validate technologies and secure key customers [1] Group 1 - AIDC power architecture is gradually transitioning to 800V HVDC and SST, with a market explosion expected around 2026 [1] - SST heavily relies on key wide bandgap semiconductor devices (SiC, GaN) and specialized magnetic materials, with current production capacity concentrated among a few manufacturers [1] - High-frequency transformers are central to SST systems, and companies with traditional expertise in key subcomponents are likely to become indispensable partners for major players like Weidi and Delta [1]

证券研究报告 AIDC&机器人趋势不改，继续看好第二增长曲线 —电网&工控2025中期策略报告 证券分析师：曾朵红、谢哲栋、司鑫尧； 研究助理：许钧赫 执业证书编号：S0600516080001、S0600523060001、S0600524120002、 S0600123070121 联系邮箱：zengdh@dwzq.com.cn 联系电话：021-60199798 2025年7月9日 请务必阅读正文之后的免责声明部分 1 摘要 2 人形机器人：全球整机进入量产元年，重视供应链定点及零部件增量变化。1）整机：年初特斯拉Musk给予全年5000-10000台机器人 量的预期，供应链Tier1/2均陆续有小批量订单在下达，25Q2起贸易战、工程主管人事变动等导致量产节奏扰动，但不改产业大势。我 们认为H2重点是设计定型，关注Gen3产品发布及各零部件环节的增量变化，而后是量产节奏恢复和龙头定点。国内人形宇树、智元、 优必选量产走在前面，小鹏、小米、赛力斯等车企人形产品静待正式发布，华为目前或更关注下游垂类领域的落地。2）零部件：灵巧手 期待增量创新、方案变化斜率最陡（自由度提升，及微型丝杠、腱绳、电子皮肤、新型 ...

Core Viewpoint - The company, established in 2001, has evolved from high-frequency switch power supply to becoming a leader in HVDC for data centers, with significant milestones including acquiring Eaton's indoor communication power business in 2009 and entering the power informationization sector through the acquisition of Zhongheng Borui in 2012. The company has formed two main segments: power electronics manufacturing and power digitalization, with a projected net profit of 110 million yuan in 2024, representing a year-on-year increase of 178.5% [1] Group 1 - The rapid iteration of AIGC is accelerating capital expenditure among major global internet companies, with high-power AI chips driving the upgrade of data center power supply systems. HVDC is expected to become the preferred solution due to its efficiency, reliability, space optimization, and rapid deployment capabilities [2] - The company has established a strong position in the domestic market, with its HVDC power products widely applied in large cloud computing data centers represented by BAT and third-party colo data centers, leading in market share and conversion efficiency [2] - The company is actively expanding into overseas markets to capture growth opportunities in AIDC, with expectations of further strengthening its leading position as HVDC technology upgrades to 800V and penetration rates increase [2] Group 2 - As a leading player in the domestic HVDC sector, the company is well-positioned to benefit from new opportunities in AIDC construction, with projected net profits of 206 million, 337 million, and 490 million yuan for 2025-2027, corresponding to EPS of 0.37, 0.60, and 0.87 yuan per share [3] - The company is compared with peers such as Tonghe Technology, Oulutong, and Magmiter, with a target price of 16.47 yuan per share based on a 45x PE ratio for 2025, initiating coverage with a "buy" rating [3]

Summary of AIDC Industry Conference Call Industry Overview - The AIDC (Artificial Intelligence Data Center) industry is currently undervalued in the domestic market, with EV/EBITDA valuations typically ranging from 10 to 15 times, compared to 20 to 30 times for international leaders [1][2][7]. Key Points and Arguments - **Valuation Discrepancy**: Domestic AIDC companies are significantly undervalued compared to international counterparts, indicating potential for value reassessment in the domestic market [1][2][7]. - **REITS Performance**: Recent REITS issuances by companies like Runze Technology and GDS Holdings showed high subscription multiples of 167 times and 166 times, respectively, with EV/EBITDA ratios of approximately 14 times and 17 times, highlighting market recognition of AIDC assets [1][5]. - **EBITDA Growth Potential**: Domestic AIDC companies are expected to see sustained EBITDA growth due to large-scale AIDC tender projects scheduled for delivery in the second half of 2025, with significant growth anticipated in 2026 [1][4][10]. - **Impact of ASIC Chips**: The introduction of domestic ASIC chips, which have higher power consumption than advanced process chips, is expected to increase demand for AI DC resources, further driving EBITDA growth in the AIDC sector [1][6]. Additional Important Insights - **Investment Strategy**: Investors are advised to increase their positions in AIDC stocks at the current market bottom, as the industry is expected to experience positive changes driven by AI development and ongoing project tenders [3][11]. - **Market Recovery**: The industry faced a slowdown in Q2 due to H20 supply issues, but improvements are anticipated in Q3 and Q4 of 2025 as new domestic chips enter the market and companies adjust their guidance positively [10]. - **Valuation Calculation**: AIDC companies' market value can be estimated using short, medium, and long-term EBITDA projections, with a neutral benchmark of 20 times EV/EBITDA. For instance, Century Internet's projected EV for 2025 is estimated between 552 billion to 564 billion [8]. Future Outlook - The AIDC industry has a promising future, with continuous growth in AI applications expected to drive demand for AIDC services. The ongoing tender projects and the early-stage development of AI will likely lead to increased EBITDA for listed companies [9].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the strong market recognition of AIDC, with both WanGuo and RunZe REITs receiving over 100 times subscription rates, indicating high investor interest [5][6][14] - Century Internet has raised its performance guidance for the fiscal year 2025, suggesting accelerated development in the domestic AIDC industry chain [7][18] - The report emphasizes the potential of the AIDC computing power industry chain, satellite internet, and 6G as key investment directions [8][19] Summary by Sections 1. Investment Insights - WanGuo and RunZe REITs have achieved subscription multiples of 166.10 and 167.06 times respectively, with total fundraising expected to reach 24 billion and 45 billion yuan [5][6][15][16] - Century Internet has adjusted its revenue guidance for fiscal year 2025 from 9.1-9.3 billion yuan to 9.15-9.35 billion yuan, reflecting a year-on-year growth of 11-13% [7][18] 2. Market Review - The communication index decreased by 0.10% during the week of June 30 to July 4, 2025, ranking third among TMT sectors [27] 3. Communication Data Tracking - As of May 2025, the total number of 5G base stations in China reached 4.486 million, with a net increase of 235,000 stations compared to the end of 2024 [29] - The number of 5G mobile phone users reached 1.098 billion, showing a year-on-year growth of 21.3% [29] 4. Recommended Investment Targets - AIDC Infrastructure: Recommended stocks include YingweiKe, New Idea Network Group, and Baoxin Software; Beneficiary stocks include Guanghuan New Network and WanGuo Data [20] - IT Equipment: Recommended stocks include ZTE and Unisplendour; Beneficiary stocks include Inspur Information and Huakong Technology [21] - Network Equipment: Recommended stocks include Unisplendour and ZTE; Beneficiary stocks include Ruijie Networks and Yingtong Technology [22] - Cloud Computing: Beneficiary stocks include China Mobile, China Telecom, and Alibaba [25] - AI Applications: Beneficiary stocks include Guanghe Tong and Yiyuan Communication [26]

港股新股容大科技（09881.HK）的上市之旅，堪称一部跌跌不休的血泪史。 7月4日，港股的容大科技（09881.HK）再遭重创，开盘跳空低开，随后快速跳水，收盘大跌10.19%，目前报9.7港元/股，市值仅剩可怜的9.19亿港元。 然而，同样是新股的容大科技，却成了这场盛宴中的"异类"，其股价表现与其他新股形成鲜明对比，真可谓"冰火两重天"。投资者似乎不感兴趣，选择用脚 投票。 资料显示，容大科技是一家销售网络遍及全球的自动识别与数据收集(AIDC)装置及解决方案供应商，从事打印设备、衡器、POS终端机及PDA的设计、研 发、制造及营销。具体来看，打印设备是公司主营产品，2024年收入比重接近七成。 另外，公司的产品引入AIDC装置及物联网技术、云端打印及人工智能合成等功能，向客户提供超过100种标准产品，应用场景包括零售、教育、餐饮、物 流、仓储、制造、酒店、医疗及环境行业。 总的来看，容大科技所处赛道确实不够性感，公司面临的竞争异常激烈，业务缺乏亮点和想象空间，缺少题材热点的轮番刺激。 再者，容大科技业绩不算出彩，2022年至2024年，公司收入从3.93亿元（人民币，下同）降至3.50亿元，三年间公司 ...

Core Insights - The global computing power market is entering a new high prosperity cycle, with rapid expansion in the HVAC and cooling markets [1] - The supply and demand in the cooling source sector are gradually reaching a tight balance, with major overseas manufacturers leading the market [1] - The main solution for cabinet cooling is currently the cold plate liquid cooling, which is continuously upgraded due to the increasing power density of servers [1] Group 1: Industry Trends - The construction of AIDC infrastructure is accelerating, leading to an upturn in HVAC equipment demand [1] - The U.S. Energy Information Administration (EIA) predicts that by 2030, AI-driven data centers will account for 9% of the total electricity load in the U.S., resulting in a 14 GW installation gap [1] - Cooling systems represent the second-largest expenditure in new data centers, with the cooling source production side accounting for approximately 15% of AIDC construction investment [1] Group 2: Market Dynamics - The cooling machine compressor market is experiencing an upturn, with an increase in the penetration rate of liquid cooling technologies [2] - The mechanical refrigeration method is becoming more prevalent due to the rising power density of servers, leading to an increase in the demand for cooling water units [2] - The cold plate solution has become the mainstream application in cabinet cooling, consisting of four core components: cold plate, CDU, manifold, and quick connector [2] Group 3: Market Size and Growth - Major players in the cooling source sector include Johnson Controls, Carrier, Daikin, and Trane, which dominate the overseas market [3] - The market for cooling water units is projected to reach approximately 25.1 billion yuan by 2025, with compressors accounting for about 7.5 billion yuan [3] - The global liquid cooling market for data centers is estimated to be around 1.982 billion USD in 2023, with a year-on-year growth of 25.9% [3] - The market for cold plates, CDU, manifold, and quick connectors is expected to grow significantly, with a projected CAGR of 40% from 2025 to 2027 [3]

行业研究丨深度报告丨电气设备 [Table_Title] 破晓·新启 ——电新行业 2025 年度中期投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 2025H1 板块表现分化较大，各细分方向后续催化不一，其中，锂电池、风电、储能、电力设备 等方向行业基本面向好，景气度依旧持续。锂电材料和光伏板块位于底部，并且存在反转的可 能性。人形机器人、AIDC 是今年表现突出的新方向，未来成长空间依然较大。 分析师及联系人 [Table_Author] 邬博华 曹海花 叶之楠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 司鸿历 袁澎 王耀 SAC：S0490520080002 SAC：S0490524010001 SAC：S0490524120006 SFC：BVD284 任佳惠 周圣钧 SAC：S0490524070005 SAC：S0490524120003 请阅读最后评级说明和重要声明 2 / 49 %% %% %% %% resear ...