研发投入助力产品迭代升级，市场竞争力不断提升。2024 年，公司在汽车电子、AIPC、数据中心及服 务器等多个关键领域均取得了较大进展。在汽车电子领域，公司重点聚焦于自动驾驶等高端产品的研发 与生产，深度切入新能源汽车ECU、VCU 等核心产品线，为未来在智能电动化赛道的长远布局开辟全 新增长极，成功与多家国际知名汽车品牌及Tier1 供应商建立了长期稳定的合作关系。在AIPC 领域，依 托HDI 工艺的深度技术积淀与前瞻性产能布局，通过与行业内多家PC 厂商建立深度合作关系，公司产 品已实现稳定供货，且供货量呈现稳步增长的良好态势，进一步夯实公司在AIPC 市场的竞争优势。在 数据中心及服务器领域，实现关键平台的迭代供应，同步前瞻布局下一代技术研发与工艺储备，推出一 系列满足数据中心及服务器应用需求的高性能PCB 产品，有效提升公司在该领域的市场竞争力。 盈利预测与投资评级： 我们预测公司2025-2027 年归母净利润为4.43/5.53/6.72 亿元，当前股价对应PE 分别为17/14/11 倍，基于汽车智能化、AI 服务器等领域市场景气度持续提升，公司产品能力持续提 升，我们看好公司未来业绩稳健增长 ...

2025 年 04 月 30 日 "AI 服务器+AIPC"电源双轮驱动，AI 国产自主 可控中坚力量 买入(首次) 事件 | 分析师：高永豪 | S1050524120001 | | --- | --- | | gaoyh7@cfsc.com.cn | | | 分析师：吕卓阳 | S1050523060001 | | lvzy@cfsc.com.cn | | | 联系人：何鹏程 | S1050123080008 | | hepc@cfsc.com.cn | | | 基本数据 | 2025-04-29 | | --- | --- | | 当前股价（元） | 24.34 | | 总市值（亿元） | 62 | | 总股本（百万股） | 254 | | 流通股本（百万股） | 251 | | 52 周价格范围（元） | 11.19-31.16 | | 日均成交额（百万元） | 332.52 | 市场表现 资料来源：Wind，华鑫证券研究 -40 -20 0 20 40 60 80 100 (%) 泰嘉股份 沪深300 相关研究 —泰嘉股份（002843.SZ）公司事件点评报告 公司发布 2024 年年报以及 202 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [1]. Core Insights - The company is experiencing short-term performance pressure, with a focus on its power supply business showing potential for future growth. The dual business model of "saw cutting + power supply" is being established [5][9]. - The recent U.S. export restrictions on NVIDIA H20 and similar AI chips are expected to create opportunities for domestic AI chip manufacturers, which may benefit the company's server power module business [6][11]. - The AIPC (AI Personal Computer) penetration rate is gradually increasing, with expectations for both volume and price growth in AIPC power supply products [10]. Financial Performance Summary - In 2024, the company reported a total revenue of 1.731 billion yuan, a year-on-year decrease of 6.16%, and a net profit attributable to shareholders of 50 million yuan, down 62.11% [4][11]. - The forecast for 2025-2027 indicates revenues of 2.103 billion, 2.839 billion, and 4.003 billion yuan respectively, with corresponding EPS of 0.46, 0.88, and 1.49 yuan [11][13]. - The company is expected to see a significant recovery in net profit, with growth rates projected at 130.9% in 2025 and 93.2% in 2026 [13]. Market Position and Strategy - The company has established a strong foothold in the power supply sector, particularly in high-power applications such as smart photovoltaic/storage power and data center power solutions [5][9]. - The launch of the first commercial intelligent computing node in the Guangdong-Hong Kong-Macao Greater Bay Area signifies the company's commitment to enhancing its capabilities in the AI computing space [8]. - The company is recognized as a leading ODM manufacturer in the AIPC sector, with ongoing development of new power supply products tailored to customer demands [10].

Group 1: Financial Performance - In Q1 2025, the company achieved a total sales revenue of 4.839 billion CNY, representing a year-on-year growth of 20.56% [2] - The net profit attributable to shareholders was 640 million CNY, showing a year-on-year decline of 14.78% [2] - The gross profit margin has decreased compared to the same period last year due to three main factors: delayed defense business orders, a decline in the proportion of high-margin products, and rising raw material prices [3] Group 2: Business Segments and Growth - The defense sector is experiencing a recovery in order volume, with expectations of a significant narrowing of performance decline by mid-year [3] - The high-end manufacturing sector, particularly in the new energy vehicle and data center businesses, has seen rapid growth [4] - The company is focusing on expanding its customer base in solar energy storage, industrial, and medical sectors [4] Group 3: Operational Strategies - The company plans to enhance capacity layout and resource allocation to meet increasing demand and delivery pressures [3] - Strategic cost management and digital transformation initiatives are being implemented to improve efficiency and profitability [8] - The company is actively managing accounts receivable and inventory to enhance asset turnover and overall operational quality [9] Group 4: Future Outlook - The company anticipates significant improvements in scale and profitability in Q2 2025, with ongoing monitoring required for Q3 and Q4 [10] - The company aims to maintain a focus on growth, capability enhancement, and high-quality development throughout 2025 [10] - The data center business is expected to continue its rapid growth, driven by demand from AI servers and infrastructure development [11]

国外 1. 大摩：美元疲软将支撑美股跑赢全球其他市场 摩根士丹利分析师迈克尔·威尔逊表示，疲软的美元将支持美国公司的盈利，帮助美国股市超越世界其 他地区。在许多其他华尔街策略师都在高呼美国例外主义时代结束之际，威尔逊的观点引人注目。他认 为美股是一个相对更好的赌注，盈利增长波动较小，以及美国公司被认为质量更高，是他持上述观点的 原因。威尔逊预计标普500指数将维持在5000-5500点区间。更大幅度的增长将需要盈利预期出现明显反 弹，以及美联储放松货币政策。 2. 德银：美国资产仍面临海外买家的抵制 德意志银行表示，尽管过去一周市场出现复苏，但外国投资者仍然拒绝买入美国资产。为了"实时"观察 境外投资者近几周的动向，德银外汇策略主管George Saravelos研究了吸纳海外资金投入美国股票和债 券的各类基金的流动。Saravelos写道，数据显示海外对美国资产的购买在过去两个月出现了"急停"，而 且即使在笼罩市场的乌云似乎开始消散的上周也没有出现逆转的迹象。 3. 美银：市场关注日本央行本周给出6月或7月加息的线索 美银全球研究外汇/利率策略师Shusuke Yamada在研究报告中称，市场的焦点可能是日 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [7][22]. Core Views - The company demonstrates steady growth in performance, with revenue for 2024 projected at 1.828 billion yuan, reflecting a year-on-year increase of 23.83%. The gross margin is expected to improve by 5.67 percentage points to 36.42% [6][7]. - The company is diversifying its product offerings and optimizing its market structure, with significant contributions from high-end sectors such as automotive electronics and AI servers. The revenue composition for 2024 is expected to be 35% from industrial automation, 18% from automotive electronics, and 15% from photovoltaic storage [7][8]. - The company is investing in R&D, with an allocation of 1.04 billion yuan in 2024, representing 5.67% of revenue. This investment is aimed at advancing technology and developing new products, particularly in the IGBT and third-generation semiconductor sectors [7][8]. Financial Summary - **Revenue Projections**: - 2024: 1,828 million yuan - 2025: 2,243 million yuan (22.7% growth) - 2026: 2,719 million yuan (21.2% growth) - 2027: 3,224 million yuan (18.6% growth) [2][8] - **Net Profit Projections**: - 2024: 435 million yuan - 2025: 541 million yuan (24.4% growth) - 2026: 655 million yuan (21.2% growth) - 2027: 795 million yuan (21.4% growth) [2][8] - **Earnings Per Share (EPS)**: - 2024: 1.05 yuan - 2025: 1.30 yuan - 2026: 1.58 yuan - 2027: 1.92 yuan [2][8] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025 is projected at 30 times, with a target price of 39.1 yuan per share [3][7].

沪锡产业日报 2025-04-29 撑。当前需求旺季，下游市场采购氛围改善，近期国内外库存均下降，但畏高心态同样明显。技术面，持 免责声明 | | | 仓减量交投谨慎，测试MA60阻力，关注MA10支撑。操作上，轻仓多头思路，关注25.9-27。 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货主力合约收盘价:沪锡(日,元/吨) | 261560 | 990 5月-6月合约收盘价:沪锡(日,元/吨) | -170 | -150 | | | LME3个月锡(日,美元/吨) | 32 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.54 CNY [2][5][9] Core Views - The company demonstrates steady growth in performance, with Q1 2025 revenue reaching 1.16 billion CNY, a year-on-year increase of 10%, and a net profit of 150 million CNY, up 11% year-on-year [8] - The aluminum electrolytic capacitors are expanding their application scenarios, particularly in new energy, consumer electronics, electric vehicles, and charging piles, with the acquisition of Hitachi AIC contributing positively to performance [8] - Emerging business segments, particularly lithium-ion supercapacitors, are opening growth opportunities in AI server applications, with significant recognition from major enterprises in various fields [8] Financial Summary - The company's projected financials for 2025-2027 include: - Net profit attributable to the parent company: 838 million CNY in 2025, 1.014 billion CNY in 2026, and 1.182 billion CNY in 2027, reflecting growth rates of 28%, 21%, and 17% respectively [4][9] - Revenue is expected to grow from 5.771 billion CNY in 2025 to 7.695 billion CNY in 2027, with growth rates of 20%, 15.8%, and 15.2% [4][9] - Gross margin is projected to stabilize around 26.1% in 2025 and 26.4% in 2026 and 2027 [4][9] Market Performance - The company's stock price as of April 28, 2025, was 17.93 CNY, with a 52-week high of 28.85 CNY and a low of 10.98 CNY [5] - The report indicates a relative performance of -0.39% over the past week and -12.88% over the past month, while showing a positive annual performance of 19.99% [6]

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 5.611 billion RMB, a year-on-year growth of 26.86%, and net profit of 564 million RMB, up 43.76% year-on-year [2]. - The company's strong performance is attributed to robust demand in the electronics sector, with leading manufacturers maintaining full production capacity and stable pricing despite pressure on copper prices [3]. - Innovations in terminal products are expected to drive upgrades in copper-clad laminates, breaking existing monopolies and fostering growth opportunities for the company [4]. - The company is positioned to capitalize on the growing ASIC market, leveraging its technical strengths in high-layer products to achieve rapid growth alongside the overseas ASIC supply chain [4]. Summary by Sections Performance Review - In Q1 2025, the company achieved a gross margin of 24.60%, an increase of 3.3 percentage points year-on-year, and a net profit margin of 11.31%, up 2.2 percentage points year-on-year [2]. Operational Analysis - The company is expected to maintain strong performance in H1 2025, with Q2 likely to continue the positive trend seen in Q1, although the outlook for H2 depends on the overall electronics industry climate [3]. Market Position and Growth Opportunities - The company is set to disrupt the current market by entering high-end product segments dominated by South Korean and Taiwanese manufacturers, driven by advancements in AI server and switch technologies [4]. - The company is anticipated to benefit from the increasing demand for ASIC products, particularly in collaboration with major tech firms [4]. Profit Forecast and Valuation - The projected net profits for the company from 2025 to 2027 are 2.8 billion RMB, 3.84 billion RMB, and 4.36 billion RMB, respectively, with corresponding P/E ratios of 21x, 15x, and 13x [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.54 CNY [2][5][9]. Core Views - The company demonstrates steady growth in performance, with Q1 2025 revenue reaching 1.16 billion CNY, a year-on-year increase of 10%, and net profit attributable to the parent company at 150 million CNY, up 11% year-on-year [8]. - The aluminum electrolytic capacitor continues to expand its application scenarios, while film capacitors are entering a rapid growth phase [8]. - Emerging business segments, particularly lithium-ion supercapacitors, are opening growth opportunities in AI server applications [8]. Financial Performance Summary - **Revenue Forecast**: The company is projected to achieve revenues of 5.77 billion CNY in 2025, 6.68 billion CNY in 2026, and 7.70 billion CNY in 2027, reflecting growth rates of 20.0%, 15.8%, and 15.2% respectively [4][9]. - **Net Profit Forecast**: The net profit attributable to the parent company is expected to be 838 million CNY in 2025, 1.01 billion CNY in 2026, and 1.18 billion CNY in 2027, with growth rates of 28%, 21%, and 17% respectively [4][9]. - **Earnings Per Share**: The earnings per share are projected to be 0.98 CNY in 2025, 1.19 CNY in 2026, and 1.39 CNY in 2027 [4][9]. - **Profitability Ratios**: The gross margin is expected to stabilize around 26.1% in 2025 and 26.4% in 2026 and 2027, while the net margin is projected to be 14.5% in 2025 and improve to 15.4% by 2027 [4][9]. Market Performance - The company's stock price as of April 28, 2025, was 17.93 CNY, with a 52-week high of 28.85 CNY and a low of 10.98 CNY [5]. - The report indicates a relative performance of -0.39% over the past week and -12.88% over the past month, while showing a positive performance of 19.99% over the past year [6].