AIDC 压缩机行业近况更新及汉钟精机、冰轮环境深度汇报 20251208 摘要 冰轮环境通过合资并购等方式拓展业务，如收购东汉布什和华源泰盟， 分别进入中央空调和工业余热利用领域，显示出战略的前瞻性和持续性。 冰轮环境积极推进国际化，在全球多地设有销售网络，海外收入占比超 过 40%，且毛利率显著高于国内，未来海外收入增长将显著改善公司盈 利能力。 冰轮环境在数据中心领域，变频离心式冷水机组等产品已入选工信部名 录，并与超算中心、运营商等深度合作，积累了丰富的国内外项目经验。 冰轮环境作为混合所有制企业，成功融合国资与市场机制优势，抓住冷 链、农化和 AIDC 等市场机会，2021 年至 2023 上半年收入和利润实现 翻倍增长。 冰轮环境在核电领域已服务多个核电站，并研发创新技术，尽管短期核 电装机进度稍慢，但预计未来将加速发展，冷链装备订单环比改善，呈 现企稳趋势。 Q&A 请介绍一下冰轮环境的历史发展及其战略方向。 冰轮环境公司成立已有 70 年，作为冷热系统解决方案的龙头企业，其发展历 程和战略方向非常清晰。公司从核心零部件压缩机起步，通过自主研发、联合 研发、上市、并购和国际化等多种方式，不断拓展 ...

Group 1 - The article highlights a company that is actively engaging in the AI data center sector, collaborating with numerous well-known domestic and international clients in areas such as AIDC and humanoid robots [1] - The company has acquired multiple mining rights and possesses technology that can enhance metal recovery rates while reducing energy consumption, indicating that its non-ferrous business may become a second growth curve [1]

Core Viewpoint - The company has confirmed an initial turning point in its performance, with significant coverage in IDC and nuclear power sectors, showcasing strong technological advantages that are expected to accelerate future development [1] Investment Highlights - The company offers a complete set of heating and cooling system solutions, with anticipated accelerated growth in performance due to rapid developments in AIDC and nuclear power sectors. Projected EPS for 2025-2027 is 0.71, 0.84, and 0.94, with growth rates of 11.4%, 12.4%, and 12.6% respectively [2] - The company has a strong track record in the refrigeration industry, with main business areas including low-temperature freezing, central air conditioning, environmental heating, energy chemical equipment, precision casting, smart services, and hydrogen equipment. Revenue is projected to grow from 909 million yuan in 2005 to 6.635 billion yuan in 2024, a sixfold increase with a CAGR of 11.03%. Net profit is expected to grow from 44 million yuan to 628 million yuan, a thirteenfold increase with a CAGR of 15.02% [2] - For Q3 2025, the company reported revenue of 4.825 billion yuan, a year-on-year decrease of 2.45%, and a net profit of 428 million yuan, a year-on-year decrease of 9.68% [2] IDC Sector Coverage - The company has established a strong presence in the IDC sector, serving leading domestic and international clients. Its subsidiaries, Dunham-Bush and Icewheel Heat Exchange Technology, provide cooling equipment for data centers and liquid cooling systems. Successful domestic projects include the National Supercomputing Center in Guangzhou and various data centers for China Mobile and China Unicom [3] - The company collaborates with local integrators overseas, servicing projects in North America, Australia, Southeast Asia, and the Middle East [3] Industrial Heat Control Strategy - The company's industrial heat control strategy is accelerating, focusing on the main battlefield of industrial heat control. It leverages core heat pump technology with high temperature, large temperature differences, and wide temperature ranges, integrating multi-source and multi-level system technologies for comprehensive coverage and compatibility [3] Overseas Revenue Growth - The company has a well-established overseas presence, with revenue expected to reach 1.979 billion yuan in 2024, a year-on-year increase of 103.60%. The trend of rapid growth in overseas revenue is expected to continue, with 1.017 billion yuan in overseas revenue reported for H1 2025, a year-on-year increase of 100.99% [3]

Core Insights - The overall judgment indicates that both domestic and overseas AI-driven demand will continue to grow, leading to stock price performance in the AIDC industry. The overseas market, particularly in the U.S., is experiencing tight supply and demand for power equipment, which presents opportunities for domestic supply chains to expand internationally. Additionally, domestic capital expenditure on power grids is steadily increasing [3]. AIDC Power Supply: Continuous Beta and Clear Industry Trends - The capital expenditure of major overseas cloud service providers (CSPs) is expected to continue increasing, driving high demand for AIDC. The total capital expenditure of the four major overseas CSPs (Amazon, Google, Microsoft, Meta) is projected to grow at rates of 34% in 2021, 20% in 2022, -7% in 2023, and 55% in 2024, with a significant increase of 71% in the first three quarters of 2025 [11]. - Domestic CSPs have also seen a resurgence in capital expenditure, with a staggering 184% year-on-year growth in 2024 and 87% in the first three quarters of 2025 [13]. - The power consumption of AI servers is expected to rise significantly, with cabinet power levels projected to exceed 200kW in the near future, indicating a need for technological upgrades in both internal and external power supplies [20][25]. - The transition from three-level to two-level voltage reduction in internal power supplies is anticipated, which will streamline power supply processes [28]. - External power supplies are shifting from UPS to HVDC and SST solutions, reflecting a clear trend towards direct current and medium voltage systems [32]. Power Equipment Export: Continuous High Demand - The U.S. has seen a rapid increase in new power installations since 2020, with growth rates of 1.20%, 2.42%, 0.98%, 2.14%, and 3.47% from 2020 to 2024, indicating a robust demand for power equipment [59]. - China's transformer exports reached 46.5 billion yuan in the first nine months of 2025, marking a 40.20% year-on-year increase, with other power equipment exports also showing significant growth [77]. Domestic Power Grid: Continued Investment and Recovery - The approval of ultra-high voltage direct current projects is progressing steadily, with a rich pipeline of projects expected to drive growth during the 14th Five-Year Plan [81]. - The total bidding amount for power grid projects has reached 78.7 billion yuan, reflecting a nearly 20% year-on-year increase, significantly surpassing the 7.61% growth rate of 2024 [84]. - The domestic smart meter replacement cycle is expected to smooth out, with a projected increase in bidding quantities in 2026-2027 as new standards are introduced [90].

核心观点 公司2025Q3 单季度实现营业收入228.69 亿元，同比增加20. 83%，环比下降6.65%；归母净利润41.47 亿 元，同比增加57.04%，环比增加6.10%；扣非后归母净利润39.91 亿元，同比增加59. 76%，环比增加 4.50%。公司业绩屡创新高，主要系全球储能需求释放以及高毛利海外业务占比提升。展望未来，全球 储能需求有望持续共振，并推动公司储能出货快速增长；AIDC 配储订单及电源产品后续逐步落地，有 望为公司进一步带来利润增量。 事件 公司发布2025 年三季报 公司2025 年Q1-Q3 实现营业收入664.02 亿元，同比+32.95%；归母净利润118.81 亿元，同比+56.34%； 扣非后归母净利润114.86亿元，同比+55.63%。 Q3 单季度实现营业收入228.69 亿元，同比+20.83%，环比-6.65%；归母净利润41.47 亿元，同比 +57.04%，环比+6.10%；扣非后归母净利润39.91 亿元，同比+59.76%，环比+4.50%。 点评 增长规模再创新高，规模效应凸显 前三季度实现营业收入664.02 亿元，同比增长32.95%； 归母 ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Insights - The energy storage lithium battery sector is experiencing strong demand even in the off-season, with significant growth expected in 2025. The report highlights advancements in humanoid robotics and artificial intelligence-driven automation (AIDC) as key growth areas [1][3] Industry Trends - The electric equipment sector saw a slight increase of 0.22%, underperforming compared to the broader market. Wind power rose by 3.48%, while solar energy saw a decline of 1.61% [3] - The humanoid robot sector is gaining momentum, with significant developments such as the establishment of a national training base for humanoid robots in Beijing and the launch of emotional companion robots by companies like UBTECH [3] - In energy storage, there is a push for virtual power plant models in photovoltaic projects, and integrated "source-grid-load-storage" systems are being promoted in pilot areas [3] Market Data - In November, the wholesale sales of new energy vehicles in China reached 1.72 million units, a year-on-year increase of 20% [3] - The average price of cobalt increased by 2.6% to 413,500 CNY per ton, while lithium carbonate prices saw a slight decrease of 0.5% [3] - The report notes that the total investment in the power grid is projected to be 23.1 billion CNY, with the approval of a high-voltage AC project expected to commence next year [3] Investment Strategy - The report emphasizes the expected 60%+ growth in large-scale energy storage demand in China, driven by new pricing policies and robust market conditions. It forecasts a global energy storage installation growth of 50-60% in the coming year [3] - The report recommends several companies for investment, including CATL, Sungrow Power, and BYD, highlighting their strong market positions and growth potential [6]

Investment Rating - The report maintains a "Recommended" rating for the industry [1] Core Views - The report highlights that the European offshore wind catalysis continues to strengthen, and the supply-demand pattern of lithium batteries is improving [1] - The overall performance of the power equipment sector shows positive changes and potential catalysts, maintaining an overall "Recommended" rating for the sector [7] Summary by Sections Recent Trends - The power equipment sector has shown a performance of -5.4% over the last month, 10.2% over the last three months, and 33.1% over the last year, compared to the CSI 300 index [3] Key Events and Insights - In the photovoltaic sector, there is a continued decline in prices for silicon wafers, batteries, and modules, with a significant reduction in domestic polysilicon production by 15.9% month-on-month in November [4] - In the wind power sector, domestic offshore wind turbine bidding has reached 10.3GW, a 9% increase from the previous year, with significant developments in emerging markets [5] - The energy storage sector is seeing growth, with Trina Solar's energy storage shipments expected to exceed 5GWh in Q4, and a focus on overseas markets [5] - The lithium battery industry is experiencing high prosperity, with production expected to remain at a historical high of around 220GWh in December [5] Recommendations - The report suggests focusing on companies in the silicon material sector such as GCL-Poly and Tongwei, as well as battery technology firms like LONGi Green Energy and Aiko Solar [4] - For wind power, companies like Dongfang Cable and Goldwind Technology are recommended due to their involvement in significant projects [5] - In the energy storage space, leading integrators and cell manufacturers such as Sungrow Power and CATL are highlighted as key players [5] - The lithium battery sector is advised to focus on leading companies like CATL and Yiwei Lithium Energy, as the industry is moving towards a more rational growth phase [5]

行业点评：国内 AI 资本开支加速，AIDC 需求强化 [Table_Industry] 电力设备与新能源 [Table_ReportDat] 2025 年 12 月 5 日 证券研究报告 行业研究 [行Tabl 业点评报告 e_ReportType] [电Table_StockAndRank] 力设备与新能源 投资评级 看好 上次评级 看好 胡琎心 电新行业首席分析师 执业编号：S1500525080001 联系电话：010-83326711 姚云峰 电力设备与新能源行业联系人 联系电话：18840829584 邮 箱：yaoyunfeng@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 [国内Table_T AI 资本开支加速， itle] AIDC 需求强化 [Table_ReportDate] 2025 年 12 月 5 日 本期核心观点 事件：11 月 25 日，阿里巴巴集团发布 2026 财年第二季度业绩，在旺盛的 AI 需求推动下，阿里云整体收入同比强劲增长 34%，其中 ...

[Table_Summary] 公司 2025 前三季度营业收入 57.06 亿元，同比增加 5.79%；归母净利润 3.44 亿元，同比增加 44.71%；扣非净利润 3.00 亿元，同比增加 36.85%。单季度看，公司 2025Q3 营业收入 19.73 亿元，同比增加 18.65%，环比下降 21.59%；归母净利润 1.01 亿元，同比增加 711.41%，环 比下降 42.17%；扣非净利润 0.77 亿元，同比增加 423.44%，环比下降 52.86%。 丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨公司点评丨科华数据（002335.SZ） [Table_Title] 科华数据 2025Q3 业绩点评：新能源海外收 入高增，加大研发布局 AIDC 出海 报告要点 分析师及联系人 [Table_Author] 邬博华 于海宁 曹海花 司鸿历 SAC：S0490514040001 SAC：S0490517110002 SAC：S0490522030001 SAC：S0490520080002 SFC：BQK482 SFC：BUX641 SFC：BVD284 请阅读最后评级说明和重 ...

Core Viewpoint - Haiwei Co., Ltd. officially listed on the Hong Kong Stock Exchange on November 28, 2025, marking its entry into the international capital market while simultaneously committing to social responsibility by donating 1 million HKD for disaster relief efforts in Hong Kong [1][3][5] Group 1: Company Overview - Haiwei Co., Ltd. is the only domestic company with independent design and development capabilities for capacitor base film production lines, which has allowed it to build a diversified product system with significant advantages in delivery cycles and investment costs [3] - The company's products are widely used in key sectors such as new energy vehicles, renewable energy power systems, industrial equipment, and household appliances, supporting downstream industry upgrades and attracting strategic investments from well-known companies like BYD and Sungrow [3] Group 2: Social Responsibility - During the listing ceremony, the management expressed deep concern for the victims of the recent fire in Tai Po, Hong Kong, and announced a donation of 1 million HKD specifically for emergency relief and subsequent reconstruction efforts [3][5] - The donation reflects the company's commitment to social responsibility and its intention to integrate into Hong Kong society as it establishes itself in the capital market [3][5] Group 3: Future Plans - The chairman emphasized the importance of social support for the company's development and reiterated the commitment to giving back to society while pursuing growth in the capital market [5] - Moving forward, Haiwei Co., Ltd. plans to use its listing as an opportunity to expand production capacity and focus on innovations in new energy, AIDC, and embodied intelligence, aiming to create substantial returns for investors [5] - The company will adhere to Hong Kong Stock Exchange regulations, optimize corporate governance, and enhance information disclosure while actively participating in public welfare initiatives [5]