Investment Rating - The investment rating for the company is "Outperform the Market" [2][6]. Core Insights - The company is expected to maintain a strong performance with a projected revenue of 362 billion yuan in 2024, a year-on-year decrease of 9.7%, but a net profit of 50.7 billion yuan, reflecting a year-on-year increase of 15% [6]. - The company has a dominant market share in both power batteries and energy storage, with a global market share of 37.9% and 36.5% respectively, maintaining its leading position for eight and four consecutive years [6][7]. - The company plans to increase its production capacity and introduce new products, which is expected to enhance its revenue and profitability in the coming years [6][7]. Financial Data and Forecast - Revenue and profit forecasts indicate a recovery with expected revenues of 430 billion yuan in 2025, 502 billion yuan in 2026, and 582 billion yuan in 2027, with corresponding net profits of 64.5 billion yuan, 77.9 billion yuan, and 93.2 billion yuan respectively [5][6]. - The gross margin is projected to improve from 24.4% in 2024 to 26.2% in 2027, indicating a stable increase in profitability [5][6]. - The company’s earnings per share (EPS) are expected to rise from 11.52 yuan in 2024 to 21.18 yuan in 2027 [5][6]. Market Performance - The stock price closed at 256 yuan on March 17, 2025, with a 52-week price range of 166.8 to 301.5 yuan [2]. - The company’s stock has shown a relative performance decline of 6.2% over the past month, while the overall market index has also experienced fluctuations [3][4]. Product Segmentation and Profitability - The power battery system is expected to generate revenue of 291.3 billion yuan in 2025, with a gross margin of 24.39% [9]. - The energy storage system is projected to achieve revenue of 82.3 billion yuan in 2025, with a gross margin of 27.27% [9]. - The company anticipates a significant increase in the proportion of new products in its sales mix, particularly the Shenxing and Kirin batteries, which are expected to rise from 30-40% to 60-70% of total shipments by 2025 [6][7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to less than 35% from the current price [3][15]. Core Insights - The company reported a total revenue of RMB 362 billion and a net profit of RMB 50.7 billion for 2024, reflecting a year-on-year growth of 15%. The gross margin improved by 5.3 percentage points to 24.4% [7][14]. - The company maintains a leading market share in both power batteries and energy storage batteries, with a global market share of 37.9% and 36.5% respectively in 2024 [7][10]. - The company plans to expand its production capacity significantly, with over 200 GWh under construction and ongoing projects in various locations, including domestic and international sites [9][10]. Company Overview - The company operates in the electrical equipment industry, with a current stock price of RMB 262 as of March 14, 2025, and a target price of RMB 308 [2]. - Major shareholders include Xiamen Ruitian Investment Co., Ltd., holding 23.27% of shares [2]. - The company has a total market capitalization of RMB 102.25 billion [2]. Financial Performance - The company’s net profit is projected to grow to RMB 64.6 billion in 2025, with a year-on-year increase of 27.4% [14]. - Earnings per share (EPS) are expected to rise to RMB 14.7 in 2025, reflecting a 27.4% increase from the previous year [14]. - The company’s price-to-earnings (P/E) ratio is projected to be 18 for 2025, indicating a favorable valuation compared to future earnings [13][14]. Market Trends - The electric vehicle market is expected to see a penetration rate of 80% to 90% by 2030, with a global growth trend of approximately 25% in the coming years [10]. - The energy storage market is anticipated to grow at a rate of 25% to 30% over the next 3-5 years, outpacing the growth of power batteries [10]. - The company is not engaging in price competition but aims to reduce costs through technological innovation [10].

【笔记20250311— 东升西降，A债拉垮成了纳斯达克（-股市低开高走-基金赎回增加+资金面平衡宽松=大上)】 资金面均衡宽松，长债收益率大幅上行。 央行公开市场开展377亿元7天期逆回购操作，今日有382亿元逆回购到期。净回笼5亿元。 当自己与市场有预期差时，第一反应就应该意识到风险或机会，而不是先给自己找理由开脱。 ——笔记哥《应对》 债农默默流泪：不陌生，曾经的大A现在魂穿到A债身上了，每天主打一个"跌妈不认"。而30年国债期货——中国版的纳斯达克，也紧跟纳指暴跌步伐、 从一而终。 债农们一边抄写邹副行长1月份的预言家发言："投资国债并非没有风险，以30年期国债为例，收益率一旦上行30个BP，二级市场对应的国债价格下跌幅 度就会超过5%。"另一边祈祷妈妈再爱我一次，也不敢要求太高，从略显调戏的OMO净回笼5亿变成净投放5亿中不中？ 【今日盘面】 资金面均衡宽松，资金价格平稳，DR001小幅下行至1.77%附近。 | | | | 银行间资金 | (2025. 03. 11) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Recommended" rating for the electrical equipment industry, indicating a positive outlook for the sector in the next six months [4][28]. Core Insights - The report highlights that the global top five battery cell suppliers had a total shipment of 162.8 GW in 2024, a year-on-year decrease of 10.7%. The PERC battery cells accounted for approximately 53.5 GW, while TOPCon battery cells reached 109.3 GW, representing 67% of total shipments [3][14]. - The top ten global module companies shipped around 502 GW in 2024, reflecting a year-on-year increase of 22%, with domestic shipments at 289 GW, making up 58% of the total. The top four companies, Jinko, Longi, JA Solar, and Trina, contributed approximately 316 GW, accounting for 63% of the top ten shipments [3][14]. Summary by Sections Industry Performance Review - The photovoltaic index increased by 1.7% during the week of February 17-21, outperforming the CSI 300 index, which rose by 1.00%. The top five performers in the sector included Kehua Data (+24.25%) and Igor (+17.04%) [9]. Industry Perspective Update - Recent policies from the National Energy Administration emphasize the development of distributed photovoltaic power generation, encouraging various stakeholders to invest and operate in this sector. The report notes critical deadlines of April 30 and May 31, 2025, for existing projects to secure subsidies [10][11][12]. Industry Highlights - The report indicates that the competitive landscape among second-tier manufacturers is intensifying, with companies like Tongwei, Chint New Energy, and Canadian Solar vying for market share. The top five battery cell suppliers are expected to leverage technological advancements to maintain their leading positions [14][15][16].

Investment Rating - The report maintains a "Recommended" rating for the electrical equipment industry, indicating a positive outlook for the sector in the next six months [4][28]. Core Insights - The report highlights that the global top five battery cell suppliers had a total shipment of 162.8 GW in 2024, a year-on-year decrease of 10.7%. The PERC battery cells accounted for approximately 53.5 GW, while TOPCon battery cells reached 109.3 GW, making up 67% of the total shipments [3][14]. - The top ten global module companies shipped around 502 GW in 2024, reflecting a year-on-year increase of 22%, although the growth rate is slowing. Domestic shipments were 289 GW, representing 58% of the total, indicating stable domestic demand [3][14]. - Recent policies from the National Energy Administration are expected to guide the high-quality development of the renewable energy sector, emphasizing project quality and efficiency [4][10][12]. Summary by Sections Industry Performance Review - The photovoltaic index increased by 1.7% during the week of February 17-21, outperforming the CSI 300 index, which rose by 1.00%. The top five performers in the sector included Kehua Data (+24.25%) and Igor (+17.04%) [9]. Industry Perspective Update - The report discusses the significance of the policy deadlines on April 30 and May 31, 2025, which are expected to accelerate project completion to secure existing subsidies. The distributed order volume, particularly in commercial sectors, has seen a slight increase [10][12][13]. Key Industry Data - The report provides detailed statistics on the shipment volumes of battery cells and modules, noting that the top four module manufacturers contributed approximately 316 GW, accounting for 63% of the top ten's total shipments. The competitive landscape in the second tier of manufacturers is intensifying [14][15][16]. - The report also notes that the price of battery components continues to decline, with a 40% annual drop in TOPCon battery prices, leading to increased cost pressures on companies [16]. Data Tracking - The report includes various data points tracking the monthly installation capacity of photovoltaic and wind power in China from January 2020 to December 2024, providing insights into market trends and growth [18][19][20].

主要超配行业：半导体、消费电子、基础设施、电气设备、高端机械；主要低配行业：油气开采、水务 及环保、电商、医疗服务、综合。 人民财讯3月5日电，中金公司认为，结合当前宏观背景，A股全年市场整体表现有望好于2013年；科技 成长的结构性行情近期虽有波折但预计中短期（3—6个月）仍将延续，与整体指数的分化程度可能不会 像2013年那样显著。 ...

Core Viewpoint - The article analyzes the historical impact of tariff impositions on financial markets, focusing on the immediate effects observed in the first month following the implementation of tariffs on various goods from Canada, Mexico, and China [1][2]. Historical Tariff Impact on Specific Industries and Countries - The tariffs imposed in 2018 on solar panels and washing machines had minimal impact on broad market indices, with fluctuations attributed to other macroeconomic factors [2]. - The solar panel tariff led to a 9% decline in the Chinese semiconductor and electrical equipment stock index within the first month, with a 4% drop occurring in the first week [8]. - The washing machine tariff resulted in a 5%-7% drop in stock prices of leading manufacturers in the first month, with a 2%-5% decline in the first week [9]. - The steel and aluminum tariffs caused a 5% drop in the global industrial index in the first month, with further declines in specific country indices [10]. Currency Exchange Rate Effects - Following the implementation of tariffs, the Canadian dollar and euro depreciated by less than 1% against the US dollar, while the Mexican peso appreciated by approximately 6% [11]. US-China Trade War Analysis - During the heightened tariff threats between the US and China from January to June 2018, the US broad stock index fell by 4%, while the Chinese index dropped by 13% [12]. Hypothetical Analysis of Tariff Effects - Historical observations suggest that tariffs on key goods can lead to a 5% decline in related industry stocks within the first month, with leading companies experiencing a 10%-15% drop [13]. - A hypothetical scenario involving tariffs on Mexican automotive imports could result in a 9% drop in the Mexican automotive parts index and a 4% drop in the US automotive parts index [14]. Long-term Tariff and Retaliation Measures Analysis - A scenario involving mutual tariffs between the US and Canada could lead to a 5% decline in the US stock index and a 10% decline in the Canadian stock index, along with a 3% depreciation of the Canadian dollar [16].

美国总统特朗普已于2月1日签署行政令，宣布自2月4日起，对所有来自加拿大和墨西哥的进口商品加征 25%的关税，其中对加拿大石油征收10%的关税；同时，对来自中国的商品加征10%的关税。那么从历史 数据来看，加征关税对金融市场的影响究竟有多大呢？ 我们将基于历史关税事件的市场反应，深入分析金融市场及主要可投资指数的潜在波动。我们的分析基于 对以往关税在历史上所引发反应的观察。通过回顾过往关税政策实施首月对相关行业指数、国家可投资指 数及汇率的影响（若适用）。之所以选择分析首月的情况，是因为如果将时间延长到更长的时段，就很难 将当时由于宏观经济和政治决策所产生的其他影响因素单独分离出来。 探索历史关税对特定行业和国家的影响 以下两张历史图表显示，2018年1月美国针对进口太阳能组件和大型家用洗衣机征收的关税，以及2018年 3月对进口铝和钢铁征收的关税，对宽基股票、债券或波动性指数的价值影响微乎其微。任何一个指数的 下降似乎都与当时发生的其他宏观经济新闻或政治决策相关，比如2018年2月因劳动力市场利好和通胀数 据支持加息举措引发的市场波动。 | | 日期 | 中国宽基 股票指数 | 美国宽基 股票指数 | 教 ...

石家庄科林电气股份有限公司 审 计 报 告 大信审字[2025]第 37-00004 号 大信会计师事务所(特殊普通合伙) WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 此 提路1 里 WUYIGE Certified Public Accountants.LLP Room 2206 22/F,Xueyuan International Tower No.1 Zhichun Road,Haidian Dist. Beijing.China.100083 由话 Telephone· +86(10) 823 作自 Fay. +86 (10) 82327668 Rd Internet: www.daxincpa.com.cn 审计报告 大信审字[2025]第 37-00004 号 石家庄科林电气股份有限公司全体股东: 一、审计意见 我们审计了石家庄科林电气股份有限公司(以下简称"贵公司")的财务报表,包括 2024 年 12 月 31 日的合并及母公司资产负债表,2024 年度的合并及母公司利润表、合并及母公司现 金流量表、合并及母公司股东权益变动表,以及财务报表附注。 我们认为 ...

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].